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/raid1/www/Hosts/bankrupt/TCR_Public/100915.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, September 15, 2010, Vol. 14, No. 256 Headlines ABITIBIBOWATER INC: Creditors Approve CCAA Plan of Reorganization ABITIBIBOWATER INC: CIT Sues ACC to Affirm Deal Termination ABITIBIBOWATER INC: Noteholders Ask for Bankr. Assignment of BCFC ABITIBIBOWATER INC: Wants to Ask CCAA Court Advice on $620MM Claim ADMI ACQUISITIONS: Moody's Assigns 'B2' Corporate Family Rating ALI MUSHTAG: Case Summary & 17 Largest Unsecured Creditors ALL AMERICAN: HIG Waives Covenant Defaults Under Loan Deal ALL AMERICAN: Posts $7.59 Million Net Loss in June 30 Quarter AMERICAN INT'L: AIA Unit Names Marc de Cure as CFO AMERICAN INT'L: In Talks With Regulators to Expedite Bailout Exit ANDRE CHREKY: Sexual Harassment Plaintiffs Fight Over Settlement ARAM SAMUELIAN: Case Summary & 20 Largest Unsecured Creditors ASIMUTH AMZSSS: Voluntary Chapter 11 Case Summary AUSTIN FAMILIES: Case Summary & 20 Largest Unsecured Creditors BLACK BULL: Wants to Extend Improvement Deal From Gallatin County BBB ACQUISITION: Files Schedules of Assets & Liabilities BBB ACQUISITION: Section 341(a) Meeting Scheduled for Sept. 29 BBB ACQUISITION: Taps Rothgerber Johnson as Bankruptcy Counsel BE AEROSPACE: Moody's Assigns 'Ba3' Rating on $500 Mil. Notes BE AEROSPACE: S&P Assigns 'BB' Rating on $650 Mil. Senior Notes BEAR ISLAND: Seeks Plan Exclusivity Until January 3 BERNARD MADOFF: Trustee Hires 2nd U.K. Law Firm BINOD GAUTAM: Case Summary & 20 Largest Unsecured Creditors BORNENGINEERING INC: Case Summary & 20 Largest Unsecured Creditors BRIGHAM EXPLORATION: Moody's Assigns 'Caa2' Rating on Senior Notes BUSINESS ONE: Case Summary & 14 Largest Unsecured Creditors C&D TECH: Reaches Deal With Noteholders on Restructuring Plan CBMK INVESTMENTS: Bokros Expects Funds to Pay Off Community Bank CELANESE US: Moody's Assigns 'Ba3' Rating on $400 Mil. Notes CHEETAH INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors CHEM RX: Still Looking for Buyer, Asks for More Plan Exclusivity CONTINENTAL RESOURCES: Moody's Assigns 'B1' Rating on Senior Notes CONTINENTAL RESOURCES: S&P Assigns 'BB' Rating on $350 Mil. Notes CRESCENT ONE: Case Summary & Largest Unsecured Creditor CYNTHIA TURNER: Case Summary & 9 Largest Unsecured Creditors DENNY'S CORP: S&P Affirms Corporate Credit Rating at 'B+' DOLLAR THRIFTY: S&P Retains CreditWatch Positive on Ratings DONALD RYALS: Case Summary & 17 Largest Unsecured Creditors EDGE PETROLEUM: David Blake Claims Discharged Under Plan EMISPHERE TECHNOLOGIES: Reaches Deal to Raise $7 Million ENTRE NOUS: Case Summary & 7 Largest Unsecured Creditors EQUITAS LTD: Case Summary & 2 Largest Unsecured Creditors ERIC POOKRUM: Case Summary & 20 Largest Unsecured Creditors EXCHANGE PROPERTIES: Case Summary & 10 Largest Unsecured Creditors EXTENDED STAY: BofA, Line Trust Suits Move to State Court Affirmed EXTENDED STAY: Five Mile Suit to Stay in Bankruptcy Court FRANKLIN TADDEO: Case Summary & 20 Largest Unsecured Creditors FRAZIER WINERY: Case Summary & 20 Largest Unsecured Creditors FRESH HARVEST: Case Summary & 20 Largest Unsecured Creditors GARLOCK SEALING: Proposes Grant Thornton as Accountant GARLOCK SEALING: Proposes Jan. 17 Asbestos Claims Bar Date GERDAU AMERISTEEL: S&P Raises Corporate Credit Rating From 'BB+' GOLDEN EAGLE: Names Mark Baily & Company as New Auditor GOLDEN EAGLE: Settles Lawsuit Commenced by Yukon-Nevada Gold GORDON PROPERTIES: Vote Denial Didn't Violate Automatic Stay GRAHAM PACKAGING: Fitch Assigns Ratings on Two Senior Notes GREEKTOWN HOLDINGS: George Boyer Named Board Chair for Reorg. Co. GREEKTOWN HOLDINGS: Panel Okays Director Compensation Program GREEKTOWN HOLDINGS: Records $301.8MM Net Income for June 30 Qtr. GREENBRIER COS: Gets 1,000 Railcar Orders for $130 Million HARBOR REAL: Voluntary Chapter 11 Case Summary HARRINGTON WEST: Case Summary & 13 Largest Unsecured Creditors HENRY MARINE: Gets $25,000 for Aiding Ferry Seven Year Ago HERTZ CORPORATION: Moody's Reviews 'B1' Corporate Family Rating HERTZ GLOBAL: S&P Keeps 'B' Corporate Credit Rating HOLLIFIELD RANCHES: Case Summary & 20 Largest Unsecured Creditors HRAF HOLDINGS: Voluntary Chapter 11 Case Summary HUNTSMAN INTERNATIONAL: Moody's Puts B3 Rating on $350 Mil. Notes HUNTSMAN CORP: S&P Raises Corporate Credit Rating to 'B+' INERGY LP: Moody's Assigns 'Ba3' Rating on $600 Mil. Senior Notes INERGY LP: S&P Assigns 'B+' Rating on $600 Mil. Senior Notes INNKEEPERS USA: Failed to Show Good Faith in Lehman Deal INNKEEPERS USA: Proposes October 29 Claims Bar Date INNKEEPERS USA: Trimont Wants Lift Stay for Hotel Properties IOI FUNDING: Voluntary Chapter 11 Case Summary J & J CONSTRUCTION: Wants Case Converted to Chapter 7 Liquidation JARDEN CORP: S&P Assigns 'BB+' Rating on $358 Mil. Loan JAVA DETOUR: Voluntary Chapter 11 Case Summary JOHN KONECNIK: Section 341(a) Meeting Scheduled for Nov. 8 JUN HO LEE: Case Summary & 18 Largest Unsecured Creditors KENNETH MROZEK: Voluntary Chapter 11 Case Summary LAFAYETTE LEVER: Voluntary Chapter 11 Case Summary LENDER PROCESSING: Moody's Raises Speculative Liquidity Rating M&M QUALITY: Case Summary & 20 Largest Unsecured Creditors MAMMOTH RESOURCE: Case Summary & 20 Largest Unsecured Creditors MATTERHORN NURSERY: Voluntary Chapter 11 Case Summary MICHAEL HURLEY: Case Summary & 20 Largest Unsecured Creditors MAUREEN MURPHY: Case Summary & 14 Largest Unsecured Creditors NALCO COMPANY: Fitch Upgrades Issuer Default Rating to 'B+' NEWPORT BAY: Voluntary Chapter 11 Case Summary NORTHWEST 15TH: Judge Raslavich to Mediate Suit with Pa. Parking OMEGA HEALTHCARE: Moody's Upgrades Ratings on Senior Debt to 'Ba2' OOK INC: To Liquidate Oklahoma Exchange-Traded Fund PAUL MADISON: Reorganization Case Converted to Chapter 7 PENHALL HOLDING: Moody's Cuts Rating on Second Lien Notes to 'Ca' PETER POCKLINGTON: Feds Back Probation For Ex-NHL Owner PETTERS GROUP: Trustee Asks Ex-Employees to Return Bonuses PHILADELPHIA NEWSPAPERS: Teamster Local Rejects New Owner's Deal PHILADELPHIA NEWSPAPERS: New Auction Planned as Sale Fails POINT BLANK: Ex-Chief Found Guilty of Fraud POLYONE CORP: S&P Raises Corporate Credit Rating to 'B+' PORT BARRE: Moody's Withdraws 'B2' Corporate Family Rating PROJECT PLAYLIST: Owes About $28 Million to Unsecured Creditors PUSHPA PATEL: Case Summary & 7 Largest Unsecured Creditors QSGI INC: Hearing on Michael A. Kaufman Hiring Tomorrow QUEENS PLAZA: Case Summary & 15 Largest Unsecured Creditors RADLAX GATEWAY: Files Amended Disclosure Statement RADLAX GATEWAY: Bankruptcy Court Terminates Exclusive Periods RASCALS CASINOS: Files for Chapter 11 in Chicago ROBERT PRINCE: Case Summary & 19 Largest Unsecured Creditors ROBBIN JOHNSON: Case Summary & 15 Largest Unsecured Creditors ROBERT ANSON: Case Summary & 15 Largest Unsecured Creditors S & A RESTAURANT: Texas Court Dismisses Frontage Properties' Suit SAINT VINCENTS: PBGC Moves to Protect Pensions SCOTT BARNETT: Case Summary & 13 Largest Unsecured Creditors SCHUTT SPORTS: Gets OK to Hire Logan as Claims, Noticing Agent SCHUTT SPORTS: Taps Greenberg Traurig as Bankruptcy Counsel SCHUTT SPORTS: Wants to Hire Oppenheimer as Financial Advisor SEMGROUP LP: Court Approves $1.8 Billion Claims Estimate SERVICEMASTER COMPANY: Moody's Affirms 'B2' Corp. Family Rating SGD HOLDINGS: Tex. App. Ct. Affirms Ruling in Gordon Suit SHUBH HOTELS: Asks for Court OK to Use BlackRock's Cash Collateral SHUBH HOTELS: Taps Rudov & Stein & Scott Hare as Co-Counsel SKANDIA FAMILY: Case Summary & 20 Largest Unsecured Creditors ST. CROIX: Case Summary & 17 Largest Unsecured Creditors STANFORD REGENCY: Files Schedules of Assets & Liabilities STANFORD REGENCY: Section 341(a) Meeting Scheduled for Oct. 18 SUNCOAST SPINAL: Voluntary Chapter 11 Case Summary SUSAN CARLE: Case Summary & 4 Largest Unsecured Creditors SWB WACO: Files for Chapter 11 to Halt Foreclosure TITAN INT'L: $139MM Unsec. Notes Tendered for Cash Exchange TOMKINS FINANCE: S&P Downgrades Corporate Credit Rating to 'BB-' TRAUMA FLIGHT: Case Summary & 20 Largest Unsecured Creditors TRICO MARINE: Enters Into Employment Pact with COO TRICO MARINE: Gets NASDAQ Listing Qualification Notice TXF FUNDS: Liquidates Texas Large Companies Exchange-Traded Fund VAN CHASE: Section 341(a) Meeting Scheduled for Sept. 27 VAN CHASE: Taps John D. LaSalle as Bankruptcy Counsel WARNER MUSIC: Whalley Steps Down as CEO of Warner Bros. Records WESTERN POZZOLAN: Voluntary Chapter 11 Case Summary YOSHIFUMI HANZAKI: Case Summary & 16 Largest Unsecured Creditors ZAYO GROUP: Moody's Assigns 'B2' Rating on $100 Mil. Notes ZAYO GROUP: S&P Affirms 'B-' Rating on $350 Mil. Senior Notes * Jung Song Joins Donlin Recano as Managing Director * Kelley Drye's James Carr Among Law360's Most Admired Attorneys * Upcoming Meetings, Conferences and Seminars ********* ABITIBIBOWATER INC: Creditors Approve CCAA Plan of Reorganization ----------------------------------------------------------------- AbitibiBowater has received approval for its plan of reorganization from unsecured creditors under the Companies' Creditors Arrangement Act in Canada. The plan of reorganization received overwhelming support from its unsecured creditors both in dollar amount of claims and in number of claim holders who voted on the plan. Having obtained the requisite votes in each class, except with respect to Bowater Canada Finance Corporation (BCFC), a special purpose company subsidiary with no operating assets, AbitibiBowater will seek a sanction order in respect of its CCAA plan other than in respect of BCFC, which is excluded from the CCAA plan. The Company does not believe that the exclusion of BCFC will affect the timing of the Company's sanction hearing by the Canadian Court nor does the Company expect it will materially delay AbitibiBowater's emergence from creditor protection slated for this fall. Voting tabulations on the plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code are expected on September 20, 2010. The Company will provide further information when the results become available. "We appreciate the support given by the significant majority of our creditors under the CCAA process for our plan of reorganization," stated David J. Paterson, President and Chief Executive Officer. "We are confident our restructuring efforts have created a stronger foundation for a more sustainable and competitive company. We look forward to completing the restructuring process and emerging from creditor protection this fall." Details of the voting results including votes on a class-by-class basis will be available at http://www.abitibibowater.com/restructuring The sanction hearing under the CCAA process is scheduled to occur on September 20, 2010 in the Quebec Superior Court and the confirmation hearing under the Chapter 11 process is scheduled to start on September 24, 2010 in the U.S. Bankruptcy Court in Delaware. About AbitibiBowater Inc. AbitibiBowater (OTC: ABWTQ) produces newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 22 pulp and paper facilities and 26 wood products facilities located in the United States, Canada and South Korea. The Company also recycles old newspapers and magazines. The Company and several of its affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr. D. Del. Lead Case No. 09-11296). The Company and its Canadian affiliates commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Quebec Superior Court Commercial Division the next day. Alex F. Morrison at Ernst & Young, Inc., was appointed CCAA monitor. Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serves as the Debtors' co-counsel, while Troutman Sanders LLP in New York, serves as the Debtors' conflicts counsel in the Chapter 11 proceedings. The Debtors' financial advisors are Advisory Services LP, and their noticing and claims agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario. Abitibi-Consolidated Inc. and various Canadian subsidiaries filed for protection under Chapter 15 of the U.S. Bankruptcy Code on April 17, 2009 (Bankr. D. Del. 09-11348). Pauline K. Morgan, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, represent the Chapter 15 Debtors. U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15 case of ACI, et al. As of Sept. 30, 2008, the Company had $9,937,000,000 in total assets and $8,783,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings and parallel proceedings under the Companies' Creditors Arrangement Act in Canada undertaken by Abitibibowater Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). ABITIBIBOWATER INC: CIT Sues ACC to Affirm Deal Termination ----------------------------------------------------------- CIT Partners LLC filed an adversary complaint against Debtor Abitibi-Consolidated Corporation seeking a declaratory judgment that it appropriately terminated a certain purchase and sale agreement, among other things. CIT Partners and ACC entered into a Court-approved purchase and sale agreement in 2009, pursuant to which ACC agreed to sell to CIT Partners certain property, which included the Abitibi Lufkin Paper Mill Site at Highway 103 East, in Lufkin, Texas. Pursuant to the PSA, CIT Partners deposited into escrow with Land America/Partners Title Company a $500,000 "Earnest Money." The date of the closing of the sale and purchase of the Property under the PSA was extended from time to time by the parties, and was last scheduled for June 4, 2010. The Fourth Extension Agreement between CIT Partners and ACC, in part extending the Closing Date until June 4, 2010, provides in relevant part that: -- Until the Closing Date, ACC will continue to work with the Texas Commission on Environmental Quality to address comments received from the agency relating to the current Affected Property Assessment Report ACC submitted for the Property; and -- ACC will be responsible for any fees of Camp Dresser & McKee, Inc. incurred by ACC for services related to the AP Assessment Report. Kevin J. Mangan, Esq., at Womble, Carlyle Sandridge & Rice, PLLC, in Wilmington, Delaware, notes that ACC received a February 10, 2010 letter, by which the TCEQ asserted that certain land-based solid waste management units or SMUs on the Property had been abandoned and were required to be closed immediately. ACC contested the TCEQ's allegations on the SMUs. Mr. Mangan relates that the PSA provides that the ACC represents, among other things, that no pending action, proceeding, investigation or arbitration against ACC would affect CIT Partners as owner of the property for sale. ACC's dispute with the TCEQ is a reflection that ACC's representation of the PSA is untrue and thus, CIT Partners had the right to terminate the PSA, Mr. Mangan contends. Counsel for CIT Partners delivered a letter to ACC on June 4, 2010, notifying ACC that CIT Partners terminated the PSA. Moreover, CIT Partners relates that it demanded return of the Ernest Money from the escrow but ACC has refused to comply. Thus, CIT Partners also asks the Court to: (a) declare that it has no remaining obligations under the PSA; (b) declare that the Earnest Money is not property of ACC's estates and must be returned to CIT; (c) award it damages as a result of ACC's breach of the Fourth Extension Agreement, including the return of the Earnest Money; and (d) grant it legal fees and costs as permitted by law and equity. About AbitibiBowater Inc. AbitibiBowater (OTC: ABWTQ) produces newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 22 pulp and paper facilities and 26 wood products facilities located in the United States, Canada and South Korea. The Company also recycles old newspapers and magazines. The Company and several of its affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr. D. Del. Lead Case No. 09-11296). The Company and its Canadian affiliates commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Quebec Superior Court Commercial Division the next day. Alex F. Morrison at Ernst & Young, Inc., was appointed CCAA monitor. Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serves as the Debtors' co-counsel, while Troutman Sanders LLP in New York, serves as the Debtors' conflicts counsel in the Chapter 11 proceedings. The Debtors' financial advisors are Advisory Services LP, and their noticing and claims agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario. Abitibi-Consolidated Inc. and various Canadian subsidiaries filed for protection under Chapter 15 of the U.S. Bankruptcy Code on April 17, 2009 (Bankr. D. Del. 09-11348). Pauline K. Morgan, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, represent the Chapter 15 Debtors. U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15 case of ACI, et al. As of Sept. 30, 2008, the Company had $9,937,000,000 in total assets and $8,783,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings and parallel proceedings under the Companies' Creditors Arrangement Act in Canada undertaken by Abitibibowater Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). ABITIBIBOWATER INC: Noteholders Ask for Bankr. Assignment of BCFC ----------------------------------------------------------------- Noteholders Aurelius Capital Management LP and Contrarian Capital Management LP ask The Honorable Justice Clement Gascon, J.S.C., of the Superior Court Commercial Division for the District of Montreal in Quebec, Montreal, Canada, to: (a) require the officers and directors of Bowater Canada Finance Corporation to file an assignment in bankruptcy under the Bankruptcy and Insolvency Act of Canada and appoint a trustee in bankruptcy over the estate of BCFC as nominated by the Noteholders; (b) discharge Ernst & Young as monitor of BCFC; and (c) declare the interests of the officers and directors of BCFC, the lawyers of record of the CCAA Applicants and the Monitor conflict irreconcilably with the interests of the other Applicants. BCFC is a petitioner in the CCAA Proceedings and is also a U.S. Debtor in the Chapter 11 Proceedings. Aurelius and Contrarian stated that they collectively hold approximately $200 million in aggregate face amount of 7.95% unsecured notes due 2011 issued by BCFC under an October 2001 Indenture. The 7.95% notes are guaranteed by Bowater Inc. Wilmington Trust Company is the indenture trustee in respect of the 7.25% Notes and has filed unsecured claims on behalf of al of the holders of the Notes. The Noteholders aver that BCFC may have a claim against Bowater Inc. for contribution in respect of its obligations under the Notes from Bowater Inc. in the event of a winding-up or bankruptcy of BCFC. The Noteholders, however, allege that BCFC's officers and directors are conflicted as they are also officers and directors of the other CCAA Applicants, including Bowater Inc. The Noteholders also take issue with BCFC having the same counsel as the other Applicants and assert that there are no independent fiduciaries ensuring that the interest of BCFC are advocated for and protected in the CCAA Proceedings. The Noteholders further allege that as a result of its obligations under the Contribution Claim, Bowater Inc. is directly adverse in interest to BCFC. Thus, as alternative relief, the Noteholders seek the appointment of an independent third party, at the Applicants' costs, to investigate the assets and liabilities of BCFC, including intercompany claims and claims against the directors and officers of BCFC, and to report its findings to BCFC's creditors and to the Canadian Court. In its 48th Monitor Report, E&Y, however, tells the Canadian Court that: -- the U.S. Debtors have obtained orders from the U.S. Bankruptcy Court for the retention of (i) Jones Day as conflicts counsel; (ii) AP Services LC as BCFC's special advisor; and (iii) Togut Segal & Segal P as BCFC's conflicts counsel with respect to BCFC's intercompany claims against Bowater Inc.; -- it has conducted an independent investigation of the Intercompany Transactions, as requested by the CCAA Applicants; and -- the interests of the Noteholders are already represented by Wilmington Trust, as indenture trustee. The Monitor further emphasizes that it is an officer of the Court and is independent of the CCAA Applicants and of their stakeholders. The Monitor maintains that it has no economic stake in the outcome of the restructuring process. A full text copy of the 48th Monitor Report is available for free at http://bankrupt.com/misc/ABH_CCAA48thMonitorRpt.pdf Monitor Files Report on BCFC Transactions In a subsequent 49th Monitor Report, E&Y apprised the Canadian Court of: (a) a summary of transactions giving rise to issuance of the 7.95% unsecured notes issued on October 31, 2001 by BCFC; and (b) a summary of BCFC's intercompany transaction for the three year period prior to the date of the Initial Order and the financial impact of those transactions to BCFC. The Monitor subsequently amended its report to disclose balance sheets of BCFC as at December 31, 2008, and as at March 31, 2009; and to relay its observations of the transactions outlined. The Monitor notes that the indenture trustee for the holders of the 7.95% Notes has a direct claim against Bowater Inc. under Bowater Inc.'s guarantee of the 7.95% Notes. The BCFC Noteholders, through their trustee, also have a direct claim against BCFC as issuer of the 7.95% Notes. Certain of the BCFC creditors contend that, in the event of a winding up of BCFC, BCFC may have a contribution claim against Bowater Inc. pursuant to Section 135 of the Companies Act (Nova Scotia). In addition to the Contribution Claim, these creditors believe that BCFC may have other potential claims in connection with the use of the proceeds from the issuance of the 7.95% Notes. Upon analysis, the Monitor avers that a resolution of the Contribution Claim will affect the distributions to be made to unsecured creditors of Bowater Inc. under the U.S. Plan and to the unsecured creditors of BCFC under the CCAA Plan. The estimated recovery to creditors of Bowater Inc. if no Contribution Claim is allowed is 48.4% and, if the Contribution Claim is allowed, it is 39.1%. The estimated recovery to creditors of BCFC if no Contribution Claim is allowed is 0.9% and, if the Contribution Claim is allowed, it is 40.1%. Full-text copies of the Original and Amended 49th Monitor Report are available for free at: http://bankrupt.com/misc/ABH_CCAA49thMonitorRpt.pdf http://bankrupt.com/misc/ABH_CCAA49thMonitorRpt_Amended.pdf About AbitibiBowater Inc. AbitibiBowater (OTC: ABWTQ) produces newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 22 pulp and paper facilities and 26 wood products facilities located in the United States, Canada and South Korea. The Company also recycles old newspapers and magazines. The Company and several of its affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr. D. Del. Lead Case No. 09-11296). The Company and its Canadian affiliates commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Quebec Superior Court Commercial Division the next day. Alex F. Morrison at Ernst & Young, Inc., was appointed CCAA monitor. Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serves as the Debtors' co-counsel, while Troutman Sanders LLP in New York, serves as the Debtors' conflicts counsel in the Chapter 11 proceedings. The Debtors' financial advisors are Advisory Services LP, and their noticing and claims agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario. Abitibi-Consolidated Inc. and various Canadian subsidiaries filed for protection under Chapter 15 of the U.S. Bankruptcy Code on April 17, 2009 (Bankr. D. Del. 09-11348). Pauline K. Morgan, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, represent the Chapter 15 Debtors. U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15 case of ACI, et al. As of Sept. 30, 2008, the Company had $9,937,000,000 in total assets and $8,783,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings and parallel proceedings under the Companies' Creditors Arrangement Act in Canada undertaken by Abitibibowater Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). ABITIBIBOWATER INC: Wants to Ask CCAA Court Advice on $620MM Claim ------------------------------------------------------------------ Bowater Inc. seeks the entry of an order from the U.S. Bankruptcy Court for the District of Delaware pursuant to the court-to-court protocol authorizing it to seek "advice and direction" from the Superior Court Commercial Division for the District of Montreal in Quebec, Montreal, Canada, with respect to the nature and validity of a certain contribution claim under Canadian law. Paul D. Leake, Esq., at Jones Day, in New York, relates that one of the last remaining hurdles to successful resolution of the Debtors' Chapter 11 cases and the parallel Canadian proceedings is the determination of issues and claims that have been alleged by certain noteholders of Bowater Canada Finance Corporation. Aurelius Capital Management LP and Contrarian Capital Management L.L.C., referred to as "Minority Noteholders," have alleged that BCFC: (i) owns a $620,000,000 Contribution Claim against Bowater arising under a Nova Scotia statute; and (ii) could potentially be the beneficiary of claims against Bowater Canada Holdings Inc., Bowater Canada Forest Products Inc., and certain other Canadian affiliates in connection with certain "intercompany transactions" between Canadian entities that took place between 2001 and 2007, including against directors or officer of BCFC for alleged breaches of fiduciary duties. BCFC is a wholly owned subsidiary of Bowater organized as an unlimited liability company under Nova Scotia law. BCFC issued and Bowater guaranteed a series of 7.95% notes in the principal amount of $600 million pursuant to an October 2001 indenture. The Bankruptcy Court appointed independent advisors for BCFC in June 2010 to investigate the Contribution Claim and the Intercompany Claims. The advisors include Togut, Segal & Segal LLP as conflicts counsel to BCFC; AP Services LLC as special advisor to BCFC and Lisa Donahue as vice president for restructuring for BCFC. The BCFC Independent Advisors on September 1, 2010, filed, on behalf of BCFC, a proof of claim with respect to the Contribution Claim for "at least $620 million" against Bowater. Bowater has information that the BCFC Independent Advisors are in the process of conducting an investigation with respect to the Intercompany Claims. Bowater avers that it intends to begin the objection process with respect to the $620 million Claim in the Bankruptcy Court. Bowater seeks to demonstrate in its claim objection to be filed that any Contribution Claim that may exist under Canadian law, should, in any event, be disallowed under U.S. bankruptcy law. In this light, Bowater believes it is appropriate to seek advice and direction from the Canadian Court on the validity of the Contribution Claim under Canadian law. "The Contribution Claim, to the extent it exists, arises under a Canadian statue, and must, in the first instance, be proved as a matter of Canadian law," Mr. Leake says. Mr. Leake adds that the Debtors' Chapter 11 Plan is on its way to confirmation. The Plan can be confirmed without resolution of the Contribution Claim, however, that Claim as alleged is very large, he says. "Reserving for it will have a material impact on the distributions made to Bowater's other unsecured creditors on the effective date of the Chapter 11 Plan." The Debtors ask that the Bankruptcy Court shorten notice on their Motion so that it can be heard at the September 14, 2010 omnibus hearing. The Debtors also seek that the objection deadline for their Motion be set for September 9. ABH Files Advice Motion in Canadian Court In a related development, the AbitibiBowater Canadian Debtors filed a motion with the Canadian Court to seek advice and directions from that Court in relation to the intercompany claims raised by Aurelius and Contrarian. The Canadian Debtors believe that the Intercompany Claims have no foundation or merit. Aurelius & Contrarian Object to an Expedited Schedule on the Advice Motion Aurelius Capital Management and Contrarian Capital Management complain that Bowater's proposed timeline for objection to and hearing on the Canadian Advice Motion is wholly unjustified. It defies logic for Bowater to seek to have the Canadian Advice Motion heard at least less than two weeks after its filing and in the midst of the Plan confirmation process when resolution of the subject Claim will not affect Plan confirmation, asserts Dennis A. Meloro, Esq., at Greenberg Traurig LLP, in Wilmington, Delaware. Even assuming that determination of the Contribution Claim is necessary to make prompt distributions to Bowater's creditors, based on the terms of the Plan itself, those creditors would not receive any distributions for weeks or months following confirmation, Mr. Meloro avers. Thus, Bowater need not receive "advice and direction" from the Canadian Court prior to Plan confirmation, he maintains. Mr. Meloro asserts that Bowater has been aware for nearly a year that the Contribution Claim existed and that the Noteholders would seek to have that claim prosecuted by BCFC. "Bowater's delay in seeking to have the [Contribution] Claim adjudicated until now is a problem of Bowater's own making. The rights of BCFC and its creditors should not be infringed because Bowater waited until the eleventh hour to begin the process of having the [Contribution] Claim determined." Wilmington Trust Also Opposes Expedited Hearing Wilmington Trust Company, solely as successor indenture trustee for the 7.95% Notes due 2011 issued by BCFC, also objects to the expediting hearing schedule Bowater is seeking for its Advice Motion. Wilmington Trust maintains that the Advice Motion is largely irrelevant to any BCFC-related Intercompany Claims that might come before the Canadian Court. Moreover, BCFC and its creditors would be severely prejudiced by the proposed accelerated timing requested by Bowater, Wilmington Trust asserts. Wilmington Trust cites that: -- It is not even established yet who would prosecute BCFC's Claims. All that has occurred to date is the appointment of Lisa Donahue as BCFC vice president and the retention of Togut Segal to investigate BCFC claims; and -- The requested time line is unrealistic and unfair as it falls around Labor Day and Rosh Hashanah, a Jewish holiday. About AbitibiBowater Inc. AbitibiBowater (OTC: ABWTQ) produces newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 22 pulp and paper facilities and 26 wood products facilities located in the United States, Canada and South Korea. The Company also recycles old newspapers and magazines. The Company and several of its affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr. D. Del. Lead Case No. 09-11296). The Company and its Canadian affiliates commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Quebec Superior Court Commercial Division the next day. Alex F. Morrison at Ernst & Young, Inc., was appointed CCAA monitor. Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serves as the Debtors' co-counsel, while Troutman Sanders LLP in New York, serves as the Debtors' conflicts counsel in the Chapter 11 proceedings. The Debtors' financial advisors are Advisory Services LP, and their noticing and claims agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario. Abitibi-Consolidated Inc. and various Canadian subsidiaries filed for protection under Chapter 15 of the U.S. Bankruptcy Code on April 17, 2009 (Bankr. D. Del. 09-11348). Pauline K. Morgan, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, represent the Chapter 15 Debtors. U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15 case of ACI, et al. As of Sept. 30, 2008, the Company had $9,937,000,000 in total assets and $8,783,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings and parallel proceedings under the Companies' Creditors Arrangement Act in Canada undertaken by Abitibibowater Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). ADMI ACQUISITIONS: Moody's Assigns 'B2' Corporate Family Rating --------------------------------------------------------------- Moody's Investors Service assigned a B2 Corporate Family Rating to ADMI Acquisitions LLC, a newly formed entity to facilitate the acquisition of AA Dental Management Holdings, LLC. Upon consummation of the acquisition, Aspen Dental Management, Inc. will become the borrower of the new credit facility. Moody's assigned a B1 to the proposed $35 million revolving credit facility and to the $150 million First-Out portion of the first lien senior secured term loan. Moody's assigned a Caa1 rating to the $45 million Last-Out portion of the term loan. The outlook for the ratings is stable. The proposed credit facility will be used in part to finance the acquisition of Aspen by Leonard Green & Partners, L.P., from the current equity sponsor, Ares Management LLC for $547.5 million. LGP is contributing approximately $250 million of common equity and Ares and management are rolling over approximately $117 million of equity. All ratings are subject to review of final documentation. Ratings Assigned: * $35 million senior secured revolving credit facility, B1, LGD3, 34% * $150 million senior secured First-Out term loan, B1, LGD3, 34% * $45 million senior secured Last-Out term loan, Caa1, LGD5, 83% * Corporate Family Rating, B2 * Probability of Default Rating, B2 The outlook is stable. This is the first time Moody's have rated Aspen Dental. Ratings Rationale The B2 Corporate Family Rating reflects the company's limited absolute size, based on revenue and earnings, and the significant leverage that is being incurred as a result of the company's leveraged buyout. The company's aggressive de novo growth strategy is expected to continue to constrain profitability margins and free cash flow. However, the rating is supported by the company's flexibility to reduce de novo growth if necessary, and its ability to then generate solid free cash flow that could be used to deleverage. In addition, the rating is supported by the significant equity contribution (65% of total capitalization) by the financial sponsors and management. The credit profile benefits from the large population of people that are underserved in terms of access to dental care, which Moody's believe supports Aspen's growth prospects. A risk to the growth story is the high proportion of self-pay revenues, as Aspen's patients typically are responsible for a large portion of their bill and rely heavily on third party financing arrangements to pay for services. Aspen is therefore exposed to changes in consumer spending and credit availability trends. The ratings are also constrained by the risk of reputational damage of the Aspen brand, and regulatory and legal risks associated with the business model. If over time, the company were to demonstrate stable, positive same store sales growth and a more moderate growth strategy such that adjusted leverage were to be sustained below 4.0 times and free cash flow to debt exceeded 10%, Moody's could change the outlook to positive or upgrade the ratings. If Aspen, or the DPM industry in general, were to face an escalation in regulatory or legal risk, Moody's could change the outlook to negative or downgrade the ratings. The rating or outlook could also face downward pressure if adjusted debt to EBITDA were to rise above 6 times. Aspen, headquartered in East Syracuse, New York, provides general dentistry services to patients through its owned subsidiaries and affiliated professional corporations. The parent company is a dental practice management company that provides dental lab services and various business and management services to its dentists through long-term management services agreements. Aspen affiliates with its dentists through two models: the staffing model and the practice ownership program. Under the staffing model (~55% of offices), dentists are at-will employees of affiliated PCs, where the PCs own the medical records, patient lists, and operating records. Under the POP model (~45% of offices), dentists purchase the medical records from the PC to essentially own their own practice. The company's audited financials do not consolidate the POP practices. Audited revenues for the twelve months ended December 31, 2009 approximated $260 million. The consolidated (unaudited) revenues for all Aspen branded dental offices, including POP offices, approximated $322 million over the same period. ALI MUSHTAG: Case Summary & 17 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Ali M. Mushtaq aka Mohammed Ali Mushtaq 1699 Astor Farms Place Sanford, FL 32771 Bankruptcy Case No.: 10-16050 Chapter 11 Petition Date: September 9, 2010 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Judge: Arthur B. Briskman Debtor's Counsel: Robert B. Branson, Esq. LAW OFFICE OF ROBERT B. BRANSON PA 1501 E. Concord Street Orlando, FL 32803 Tel: (407) 894-6834 Fax: (407) 894-8559 E-mail: lawbankruptcy1@aol.com Scheduled Assets: $668,229 Scheduled Debts: $1,402,256 A list of the Debtor's 17 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/flmb10-16050.pdf Debtor-affiliate that filed separate Chapter 11 petition: Petition Debtor Case No. Date ------ -------- ---- CBR Advisers, LLC 10-12348 07/14/10 ALL AMERICAN: HIG Waives Covenant Defaults Under Loan Deal ---------------------------------------------------------- H.I.G. All American LLC agreed, effective Aug. 24, 2010, with All American Group Inc. to waive certain specified covenant defaults under the Loan Agreement dated Oct. 27, 2009. In connection with the waiver of defaults, All American and H.I.G. agreed that the Registrant would pay to H.I.G. a waiver fee and other expenses in the aggregate amount of $820,971. In lieu of paying the waiver fee and expenses in cash, the parties agreed to amend the Amended and Restated 20% Secured Subordinated Convertible Tranche B Note issued by All Americna to add to the principal amount of such note the waiver fee and expenses and the accrued but unpaid interest on the note for the period from April 1, 2010 to Aug. 24, 2010, in the amount of $838,589. A full-text copy of the Second Amended And Restated Agreement is available for free at http://ResearchArchives.com/t/s?6a32 A full-text copy of the Limited Waiver Of Specified Defaults is available for free at http://ResearchArchives.com/t/s?6a33 About All American Group Elkhart, Indiana-based All American Group, Inc., formerly Coachmen Industries, Inc., (OTC:COHM.PK) says it is one of America's premier systems-built construction companies under the ALL AMERICAN BUILDING SYSTEMS(R), ALL AMERICAN HOMES(R), and MOD-U- KRAF(R) brands, as well as a manufacturer of specialty vehicles. At June 30, 2010, the Company had total assets of $81.310 million, total liabilities of $48.104 million, and shareholders' equity of $33.206 million. During the first quarter of 2010, the Company failed to meet certain financial covenants of the credit agreement with H.I.G. All American LLC. H.I.G. did not declare the Company to be in default of any covenant and on April 5, 2010, the Company and H.I.G. entered into the First Amendment to the Loan Agreement. H.I.G. waived specified Events of Default that had occurred under the Loan Agreement dated October 27, 2009 between the Company and H.I.G. prior to April 5, 2010. The Company said in its Form 10-Q report for the second quarter of 2010, that operating results for the six month period ended June 30, 2010, failed to meet the revised debt covenants set with H.I.G. in the First Amendment to the Loan Agreement. H.I.G. has waived the covenant defaults through July 31, 2010 in exchange for a waiver fee and expenses of $800,000 representing the value of the penalties prescribed in the First Amendment, plus expenses, and the issuance on August 24, 2010 of the Second Amended and Restated Tranche B Note. The Second Amendment provides that the waiver fee and expenses, plus accrued interest on the convertible debt thru August 24, 2010 of $800,000, be added to the principal amount of the convertible note. As a result of the Second Amendment, the Tranche B Note has a face value of $12.5 million. The Board of Directors and H.I.G. are currently in discussions to work out mutually acceptable agreements for the long-term. Since the Company cannot be assured it will be in compliance with the existing covenants after July 31, 2010 and discussions with H.I.G. regarding revised covenants are continuing. * * * McGladrey & Pullen LLP, in Elkhart, Indiana, expressed substantial doubt about the Company's ability to continue as a going concern following the Company's 2009 results. The auditors noted that Coachmen has suffered recurring losses from operations and continues to operate in an industry where economic recovery has been very slow. ALL AMERICAN: Posts $7.59 Million Net Loss in June 30 Quarter ------------------------------------------------------------- All American Group Inc. reported its results for the year-to-date period and second quarter of 2010, ending June 30, 2010. Net sales from continuing operations for the six-month period ended June 30, 2010 were $41.1 million compared to $29.0 million reported for the same period in 2009, an increase of 41.7%. The Company's operating loss for the six months ended June 30, 2010 also improved by 41.7 % or $3.8 million to a loss of $5.2 million compared to a loss of $9.0 million for the comparable six-month period in 2009. Net sales from continuing operations for the second quarter of 2010 were $19.6 million compared to $17.7 million reported for the same period in 2009, an increase of 10.8%. Gross profits for the quarter were $0.8 million or 3.9% of revenues, compared to a gross profit of $0.9 or 4.8% of revenues for the second quarter of 2009. Net sales for the Company's Housing Group totaled $14.2 million for the second quarter of 2010, compared to $14.9 million reported for the same period in 2009, a decrease of 4.2%. Single family home sales are up 23% for the year over year quarter. Net sales of the Company's Specialty Vehicle Group totaled $5.4 million for the second quarter of 2010 compared to $2.9 million for the same period in 2009, an increase of 88.4%. The Company's balance sheet at June 39, 2010, showed $81.31 million in total assets, $48.10 million in total liabilities, and a $33.21 million stockholders' equity. "During a year when economists are predicting more foreclosures than new home sales, the overall increase in single family home sales during the quarter is extremely positive. However, in order to counter market trends, additional costs were incurred by the Housing Segment to obtain the second quarter sales volume. Housing Group customers continued to face financing constraints in both the single family home and commercial markets," said Richard M. Lavers, President and Chief Executive Officer. "Financing constraints have impacted the ability of certain customers to provide clearance to construct projects as scheduled, despite having a signed contract in place with All American," Mr. Lavers stated. "On the Specialty Vehicle side, we were again profitable, with the second quarter 2010 generating an operating profit for this segment of $0.6 million. In 2010, we have already shipped 88% of the buses we shipped in all of 2009. Although ARBOC bus shipments were lower than projected in the second quarter, based on the backlogs and the planned introduction of new vehicles in 2010, we still expect revenues for this segment to double in 2010 over 2009," Mr. Lavers stated. A full-text copy of the Earnings Release is available for free at http://ResearchArchives.com/t/s?6a2e A full-text copy of the quarterly report on Form 10-Q is available for free at http://ResearchArchives.com/t/s?6a2f About All American Group Elkhart, Indiana-based All American Group, Inc., formerly Coachmen Industries, Inc., (OTC:COHM.PK) says it is one of America's premier systems-built construction companies under the ALL AMERICAN BUILDING SYSTEMS(R), ALL AMERICAN HOMES(R), and MOD-U- KRAF(R) brands, as well as a manufacturer of specialty vehicles. At June 30, 2010, the Company had total assets of $81.310 million, total liabilities of $48.104 million, and shareholders' equity of $33.206 million. During the first quarter of 2010, the Company failed to meet certain financial covenants of the credit agreement with H.I.G. All American LLC. H.I.G. did not declare the Company to be in default of any covenant and on April 5, 2010, the Company and H.I.G. entered into the First Amendment to the Loan Agreement. H.I.G. waived specified Events of Default that had occurred under the Loan Agreement dated October 27, 2009 between the Company and H.I.G. prior to April 5, 2010. The Company said in its Form 10-Q report for the second quarter of 2010, that operating results for the six month period ended June 30, 2010, failed to meet the revised debt covenants set with H.I.G. in the First Amendment to the Loan Agreement. H.I.G. has waived the covenant defaults through July 31, 2010 in exchange for a waiver fee and expenses of $800,000 representing the value of the penalties prescribed in the First Amendment, plus expenses, and the issuance on August 24, 2010 of the Second Amended and Restated Tranche B Note. The Second Amendment provides that the waiver fee and expenses, plus accrued interest on the convertible debt thru August 24, 2010 of $800,000, be added to the principal amount of the convertible note. As a result of the Second Amendment, the Tranche B Note has a face value of $12.5 million. The Board of Directors and H.I.G. are currently in discussions to work out mutually acceptable agreements for the long-term. Since the Company cannot be assured it will be in compliance with the existing covenants after July 31, 2010 and discussions with H.I.G. regarding revised covenants are continuing. * * * McGladrey & Pullen LLP, in Elkhart, Indiana, expressed substantial doubt about the Company's ability to continue as a going concern following the Company's 2009 results. The auditors noted that Coachmen has suffered recurring losses from operations and continues to operate in an industry where economic recovery has been very slow. AMERICAN INT'L: AIA Unit Names Marc de Cure as CFO -------------------------------------------------- Alison Tudor at The Wall Street Journal reports that American International Group Inc.'s pan-Asian life-insurance unit AIA Group Ltd. named Marc de Cure as chief financial officer, a person familiar with the matter said, removing one of the questions hanging over plans for an October initial public offering. Mr. de Cure's appointment will take effect Sept. 27, subject to regulatory approval, the person said. According to the Journal, AIA's top team is now in place to meet potential investors in the Hong Kong offering, which is being closely watched as parent AIG seeks to pay back a U.S. bailout. AIG named Mark Tucker, a former chief executive of British insurer Prudential PLC, as AIA's chief executive in July. Mr. de Cure, an Australian national, will report to Mr. Tucker. Mr. de Cure couldn't be reached for comment Tuesday. Mr. de Cure, 52 years old, worked part time as an adviser to consultancy Bain & Co. in Australia. Before that he held executive positions at Australian wealth-management firm AMP Ltd. and helped navigate it through one of the most tumultuous shakeouts in Australian corporate history. About AIG American International Group, Inc. -- http://www.aig.com/-- is an international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. In September 2008, AIG experienced a liquidity crunch when its credit ratings were downgraded below "AA" levels by Standard & Poor's, Moody's Investors Service and Fitch Ratings. AIG almost collapsed under the weight of bad bets it made insuring mortgage- backed securities. The Company, however, was bailed out by the Federal Reserve, but even after an initial infusion of $85 billion, losses continued to grow. The later rescue packages brought the total to $182 billion, making it the biggest federal bailout in U.S. history. AIG has been working to protect and enhance the value of its key businesses, execute an orderly asset disposition plan, and position itself for the future. AIG has sold a number of its subsidiaries and other assets to pay down loans received from the U.S. government, and continues to seek buyers of its assets. AMERICAN INT'L: In Talks With Regulators to Expedite Bailout Exit ----------------------------------------------------------------- The Wall Street Journal's Serena Ng and Deborah Solomon report that American International Group Inc. and its government overseers are in talks to speed up a bailout-exit plan designed to repay U.S. taxpayers in full while enabling the insurer to regain independence, according to people familiar with the matter. According to the Journal, under the plan, which could commence as early as the first half of 2011, the Treasury Department is likely to convert $49 billion in AIG preferred shares it holds into common shares, a move that could bring the government's ownership stake in AIG to above 90%, from 79.8% currently, the people familiar said. The common shares would then be gradually sold off to private investors, a move that would reduce U.S. ownership and potentially earn the government a profit if the shares rise in value. About AIG American International Group, Inc. -- http://www.aig.com/-- is an international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. In September 2008, AIG experienced a liquidity crunch when its credit ratings were downgraded below "AA" levels by Standard & Poor's, Moody's Investors Service and Fitch Ratings. AIG almost collapsed under the weight of bad bets it made insuring mortgage- backed securities. The Company, however, was bailed out by the Federal Reserve, but even after an initial infusion of $85 billion, losses continued to grow. The later rescue packages brought the total to $182 billion, making it the biggest federal bailout in U.S. history. AIG has been working to protect and enhance the value of its key businesses, execute an orderly asset disposition plan, and position itself for the future. AIG has sold a number of its subsidiaries and other assets to pay down loans received from the U.S. government, and continues to seek buyers of its assets. ANDRE CHREKY: Sexual Harassment Plaintiffs Fight Over Settlement ---------------------------------------------------------------- Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review, reports that Jennifer Thong on Monday filed court papers defending the $7 million settlement she struck with Andre Chreky and his eponymous salon over sexual harassment lawsuits against Mr. Chreky. According to the report, fellow plaintiff Ronnie Barrett objected to the settlement, calling it unfair. The report says Ms. Barrett's objection concerns the settlement's declaration that $2 million of the payment owed to Ms. Thong can't be discharged in Mr. Chreky's personal bankruptcy case, ensuring that Mr. Chreky will be on the hook for at least that much. Mr. Barrett says this isn't fair because she's currently locked in litigation to ensure the $2.3 million in damages a Washington jury awarded her earlier this year isn't discharged. The deal with Ms. Thong is subject to the approval of the U.S. Bankruptcy Court in Washington D.C. According to the Journal, although Ms. Thong says she is "sympathetic" to Ms. Barrett's position, her lawyers argued that nothing is barring Ms. Barrett from striking her own deal with Mr. Chreky. Andre Chreky, Inc., filed for bankruptcy on March 19, 2010 (Bankr. D. D.C. Case No. 10-00267). Andre Chreky also filed a separate petition on the same day (Bankr. D. D.C. Case No. 10-00268). Richard Edwin Lear, Esq., at Holland & Knight LLP, in Washington, D.C., serves as bankruptcy counsel. The Company estimated $1 million to $10 million in assets and debts. ARAM SAMUELIAN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Aram Samuelian 16931 Tupper Street North Hills, CA 91343 Bankruptcy Case No.: 10-21410 Chapter 11 Petition Date: September 12, 2010 Court: U.S. Bankruptcy Court Central District of California (San Fernando Valley) Judge: Geraldine Mund Debtor's Counsel: Ovsanna Takvoryan, Esq. TAKVORYAN LAW GROUP, A PROFESSIONAL CORP 450 N. Brand Boulevard, Suite 600 Glendale, CA 91203 Tel: (818) 291-6272 Fax: (818) 484-2126 E-mail: ovsanna@takvoryanlawgroup.com Estimated Assets: $500,001 to $1,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/cacb10-21410.pdf ASIMUTH AMZSSS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Asimuth Amzsss LLC 3320 W. Sierra Drive Thousand Oaks, CA 91362 Bankruptcy Case No.: 10-48440 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court Central District of California (Los Angeles) Judge: Alan M. Ahart Debtor's Counsel: Edmond Nassirzadeh, Esq. NASS LAW FIRM 9454 Wilshire Boulevard, Suite 711 Bevery Hills, CA 90212 Tel: (310) 858-7755 Fax: (310) 858-2255 E-mail: ed@nasslawfirm.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The list of unsecured creditors filed together with its petition does not contain any entry. The petition was signed by Sy Bucci, manager. AUSTIN FAMILIES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Austin Families, Inc. dba Family Connections 825 E. 53-1/2 Street, Suite 101, Building E Austin, TX 78751 Bankruptcy Case No.: 10-12587 Chapter 11 Petition Date: September 8, 2010 Court: United States Bankruptcy Court Western District of Texas (Austin) Judge: Craig A. Gargotta Debtor's Counsel: Barbara M. Barron, Esq. Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 1212 Guadalupe, #104 Austin, TX 78701 Tel: (512) 476-9103 Fax: (512) 476-9253 E-mail: bbarron@bnpclaw.com ssather@bnpclaw.com Scheduled Assets: $259,308 Scheduled Debts: $9,595,854 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/txwb10-12587.pdf The petition was signed by Yasmin Wagner, treasurer. BLACK BULL: Wants to Extend Improvement Deal From Gallatin County ----------------------------------------------------------------- Bozeman Daily Chronicle reports that the Gallatin County Commission said it will consider a request to extend an improvement agreement from Black Bull Run to delay preliminary plat approval for the second phase of a subdivision by one year. Bozeman, Montana-based Black Bull Run Development LLC, filed for Chapter 11 bankruptcy protection on March 26, 2010 (Bankr. D. Mont. Case No. 10-60593). James A. Patten, Esq., who has an office in Billings, Montana, assists the Company in its restructuring effort. According to the schedules, the Company has assets of $16,317,641, and total debts of $42,764,571. In July 2010, the Court converted Black Bull's chapter 11 case to one under Chapter 7 of the Bankruptcy Code. BBB ACQUISITION: Files Schedules of Assets & Liabilities -------------------------------------------------------- BBB Acquisition, LLC, has filed with the U.S. Bankruptcy Court for the District of Wyoming its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ------ ----------- A. Real Property $54,500,000 B. Personal Property $2,739,218 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $21,333,604 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $14,279,897 ----------- ----------- TOTAL $57,239,218 $35,613,501 Cincinnati, Ohio-based BBB Acquisition, LLC, filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. D. Wyo. Case No. 10-21002). Brent R. Cohen, Esq., and Chad S. Caby, Esq., at Rothgerber Johnson & Lyons LLP, assist the Debtor in its restructuring effort. BBB ACQUISITION: Section 341(a) Meeting Scheduled for Sept. 29 -------------------------------------------------------------- The U.S. Trustee for Region 19 will convene a meeting of BBB Acquisition, LLC's creditors on September 29, 2010, at 10:00 a.m. The meeting will be held at 308 West 21st Street, 2nd Floor, Federal Building, Cheyenne, Wyoming. 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. Cincinnati, Ohio-based BBB Acquisition, LLC, filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. D. Wyo. Case No. 10-21002). Brent R. Cohen, Esq., and Chad S. Caby, Esq., at Rothgerber Johnson & Lyons LLP, assist the Debtor in its restructuring effort. The Debtor estimated its assets and debts at $10 million to $50 million. BBB ACQUISITION: Taps Rothgerber Johnson as Bankruptcy Counsel -------------------------------------------------------------- BBB Acquisition, LLC, asks for authorization from the U.S. Bankruptcy Court for the District of Wyoming to employ Rothgerber Johnson & Lyons LLP as general bankruptcy counsel. RJ&L will, among other things: (a) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of this Chapter 11 case, including all of the legal and administrative requirements of operating under Chapter 11; (b) assist the Debtor with the preparation of statements, schedules and reports required in these proceedings; (c) take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions and appeals on the Debtor's behalf in the Bankruptcy Court and elsewhere, the defense of any actions commenced against the Debtor, the negotiation of all litigation in which Debtor is involved, and objecting to claims filed against Debtor's estate; and (d) prepare applications, complaints, answers, motions, reports, and other legal papers, and represent the Debtor in negotiations and at all hearings in this case and related proceedings. The hourly rates of RJ&L's personnel are: Brent R. Cohen, Partner $410 Kristin M. Bronson, Partner $350 Chad S. Caby, Associate $285 Michael Francisco, Associate $225 Legal Assistant $182 Brent R. Cohen, Esq., a partner at RJ&L, assures the Court that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Cincinnati, Ohio-based BBB Acquisition, LLC, filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. D. Wyo. Case No. 10-21002). The Debtor estimated its assets and debts at $10 million to $50 million. BE AEROSPACE: Moody's Assigns 'Ba3' Rating on $500 Mil. Notes ------------------------------------------------------------- Moody's Investors Service has assigned a Ba3 rating to BE Aerospace, Inc's proposed $500 million senior unsecured notes due 2020, proceeds of which are largely to fund potential acquisitions. Concurrently, Moody's affirmed the company's Corporate Family and Probability of Default ratings at Ba2, the existing senior unsecured notes at Ba3, upgraded the senior secured credit facility rating to Baa3 from Ba1, and affirmed the Speculative Grade Liquidity rating at SGL-1. The rating outlook remains stable. These ratings/assessments have been assigned: * Senior unsecured shelf, (P) Ba3; * $500 million Senior Notes, Ba3 (LGD4, 68%). These ratings/assessments have been upgraded: * $343 million (current outstanding) Sr. Secured Term Loan, Baa3 (LGD2, 12%) from Ba1 (LGD2, 24%); * $350 million Sr. Secured Revolving Credit Facility, Baa3 (LGD2, 12%) from Ba1 (LGD2, 24%). These ratings/assessments have been affirmed: * Corporate Family, Ba2; * Probability of Default, Ba2; * $600 million 8.5% Senior Notes, Ba3 (LGD4, 68%) from Ba3 (LGD5, 78%); * Speculative Grade Liquidity, SGL-1. Ratings Rationale The upgrade of the company's senior secured revolver and term loan facility is driven by the company's recent debt pre-payments of the secured term loan, totaling $175 million since Q3 2009, resulting in the secured facilities representing a smaller portion of the capital structure. The $500 million increase in the more junior unsecured notes, bringing the total to $1.1 billion, positions the secured facility more strongly in the Baa3 category, consistent with Moody's Loss Given Default Methodology. The stable ratings outlook considers the near term increase in leverage as a result of the new note issuance. In addition it recognizes the company's recent margin improvement in both its consumables and commercial aerospace segments, driven by operating efficiencies and an improved operating environment. The outlook also recognizes the company's leading market position, very-good liquidity profile, the sizeable and growing backlog of $2.8 billion ($5.4 billion including unbooked backlog), as well as the return to growth in global revenue passenger miles and the likely release of pent up demand due to deferred maintenance, and the anticipated substantial commercial aircraft production and delivery growth over the near term. BE Aerospace's Ba2 Corporate Family Rating recognizes the company's scale and significant role in the commercial aircraft industry as the world's largest manufacturer of cabin interiors for commercial and business aircraft and the leading aftermarket distributor of aerospace fasteners. Moody's expect BE to generate strong cash flow going forward, with free cash flow in excess of $150 million (for full year 2010) because of this strong market niche and the record of successful execution. Good credit metrics aided by debt reduction and a track record of mid-teens operating margins could be characteristic of a somewhat higher rating, but the Ba2 is restrained by the inherent cyclicality of the aerospace industry with the cycle only recently turning more favorably. Moody's anticipate that the maintenance, repair, and overhaul (MRO) of aircraft, which has been slowed due to capacity cutbacks and inventory destocking, will pick up in the second half of 2010 into 2011, benefiting BE Aerospace. Finally, there is flexibility in the rating to accommodate likely additional acquisitions as BE further expands its product base. The outlook or ratings could be upgraded with more clarity on ultimate use of proceeds of the new issuance and if the company were able to achieve debt to EBITDA closer to 2.5 times, with EBITA to Interest approaching 5 times. While unlikely in the near term, the ratings or outlook could be lowered if the company's backlog were to substantially deteriorate or if the company were to take on additional debt such that debt/EBITDA leverage was over 4.0 time on a sustained basis, or if retained cash flow/debt was to fall below 15%. The last rating action for BE Aerospace was on June 24, 2008 when the company's unsecured notes and secured bank credit facility were rated Ba3 and Ba1, respectively. The company's Ba2 CFR, Ba2 PDR, and SGL-1 ratings were affirmed. BE Aerospace, Inc., is the world's largest manufacturer of commercial and general aviation cabin interior products and a major independent distributor of aerospace fasteners. BE's products include aircraft seats, equipment for food and beverage preparation and storage, oxygen delivery systems, a broad line of aerospace fasteners and certain engineering and design services. Revenue for the last twelve months through June 30, 2010 was approximately $1.9 billion. BE AEROSPACE: S&P Assigns 'BB' Rating on $650 Mil. Senior Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' issue-level rating, one notch below the corporate credit rating, and '5' recovery rating to Wellington, Fla.-based BE Aerospace Inc.'s offering of $650 million senior unsecured notes due 2020, indicating S&P's expectation of modest (10% to 30%) recovery in a payment default scenario. At the same time, S&P affirmed the 'BB+' corporate credit rating on the company and the 'BB' issue- level rating and '5' recovery rating on the company's senior unsecured debt. S&P also raised its issue-level rating on the company's senior secured debt to 'BBB' from 'BBB-', and revised the recovery rating to '1' from '2', indicating its expectation of very high (90% to 100%) recovery in a payment default scenario. The outlook is stable. S&P expects BE Aerospace to restore credit protection measures to levels more appropriate for the ratings, including total debt to EBITDA improving to below 3x and funds from operations (FFO) to total debt increasing to 20% to 30% over the next one to two years. "S&P could lower the ratings if weaker-than-anticipated market conditions, operating shortfalls, or problems with acquisitions reduce FFO to total debt below 20% and raise total debt to EBITDA consistently to 3.5x," said Standard & Poor's credit analyst Roman Szuper. "Although less likely, S&P could raise the ratings if earnings and cash flow generation, combined with debt reduction, consistently strengthen FFO to total debt to above 35% and decrease total debt to EBITDA below 2.5x," he continued. BEAR ISLAND: Seeks Plan Exclusivity Until January 3 --------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Bear Island Paper Co. LLC and its Canadian parent White Birch Paper Co. are seeking a January 3, 2011 extension of the exclusive right to propose a Chapter 11 plan. A hearing is scheduled for Sept. 22, 2010. Mr. Rochelle relates that the Debtors are seeking a second exclusivity extension to afford time to sell their business. Unless topped at auction, the business will be sold for $90 million cash to affiliates of Black Diamond Capital Management LLC, Credit Suisse Group AG, and Caspian Capital Advisors LLC, which collectively hold 65% of the first-lien debt. The hearing for approval of the sale is set for Sept. 30. About White Birch & Bear Island Canada-based White Birch Paper Company is the second-largest newsprint producer in North America. As of December 31, 2009, the White Birch Group held a 12% share of the North American newsprint market and employed roughly 1,300 individuals (the majority of which reside in Canada). Bear Island Paper Company, L.L.C., is a U.S.-based unit of White Birch. Bear Island filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on February 24, 2010. Bear Island estimated assets of $100 million to $500 million and debts of $500 million to $1 billion in its Chapter 11 petition. White Birch filed for bankruptcy protection under Canada's Companies' Creditors Arrangement Act, before the Superior Court for the Province of Quebec, Commercial Division, Judicial District of Montreal, Canada. White Birch and five other affiliates -- F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners, Limited Partnership; Papier Masson Ltee; Stadacona Limited Partnership; and Stadacona General Partner, Inc. -- also sought bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia Beach, Virginia; and Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as counsel to White Birch, as Foreign Representative. Kirkland & Ellis and Troutman Sanders also serve as Chapter 11 counsel to Bear Island. AlixPartners LLP serves as financial and restructuring advisors to Bear Island, and Lazard Freres & Co., serves as investment banker. Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and Chapter 15 cases. BERNARD MADOFF: Trustee Hires 2nd U.K. Law Firm ----------------------------------------------- Irving H. Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities Inc., is hiring Mishcon de Reya, a London-based law firm, to help collect assets in the U.K. Mishcon de Reya said on its Web site that it has secured an important role in the recovery of funds for victims of the Bernard Madoff Ponzi scheme, arguably the largest and most complex fraud case in history. It said that it has been appointed as Special Counsel to assist Mr. Picard to conduct the liquidation of the business of Bernard L. Madoff Investment Securities LLC, in gathering evidence pursuant to the various insolvency and bankruptcy laws of the United States and England as well as for the purposes of litigation seeking recovery from third parties of assets of the estate. Mishcon partner Dan Morrison, the head of its finance and banking group, will lead the work for the firm. Mr. Picard previously hired Hogan Lovells LLP, another U.K. law firm. Bloomberg News relates that Hogan represented Picard earlier this year in a London court case against FIM Advisers LLP, one of the largest feeder funds to Madoff, which funneled more than $1.7 billion to his business. FIM was ordered to hand over additional documents to Mr. Picard, who was seeking information on whether the London-based firm knew about the Ponzi scheme and how much money he could attempt to recover from them. According to Bloomberg News, in the U.S., Mr. Picard's law firm, Baker & Hostetler LLP, has recovered more than $1.5 billion for Madoff victims. His clawback lawsuits seek another $15 billion from funds that funneled money to the fraud, as well as Mr. Madoff's family and friends. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On December 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.) As of August 13, 2010, a total of US$5,578,441,409 in claims by investors has been allowed, with US$715,602,064 to be paid by the SIPC. Investors are expected to receive additional distributions from money recovered by Mr. Picard. Mr. Picard has recovered a number of assets and in liquidated some of those assets for the benefit of customers, totaling US$1,183,779,811 as of November 2009. BINOD GAUTAM: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Binod Gautam dba Arlington Wash & Dry Dry Clean Super Center of Terrell Dry Clean Super Center of Hampton Rd. 407 Mary Pat Dr. Grand Prairie, TX 75052 Bankruptcy Case No.: 10-36297 Chapter 11 Petition Date: September 6, 2010 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Stacey G. Jernigan Debtor's Counsel: Jesse Blanco, Esq. LAW OFFICES OF JESSE BLANCO & ASSOCIATES P.O. Box 680875 San Antonio, TX 78268 Tel: (210) 509-6925 Fax: (210) 509-6903 E-mail: blancolaw@gmail.com Scheduled Assets: $2,132,040 Scheduled Debts: $3,110,448 A list of the Debtor's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/txnb10-36297.pdf BORNENGINEERING INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Bornengineering, Inc. fka Gillans Incorporated c/o Fred Hoyt 42605 London Way Parker, CO 80138 Bankruptcy Case No.: 10-33011 Chapter 11 Petition Date: September 9, 2010 Court: United States Bankruptcy Court District of Colorado (Denver) Judge: Elizabeth E. Brown Debtor's Counsel: Cynthia T. Kennedy, Esq. KENNEDY & KENNEDY, P.C. 308 1/2 E. Simpson St. Lafayette, CO 80026 Tel: (303) 604-1600 E-mail: ctk@kandkatlaw.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/cob10-33011.pdf The petition was signed by Fred A. Hoyt, president. BRIGHAM EXPLORATION: Moody's Assigns 'Caa2' Rating on Senior Notes ------------------------------------------------------------------ Moody's Investors Service assigned a Caa2 rating to Brigham Exploration Company's proposed offering of $250 million senior unsecured notes due 2018. The Caa2 rating reflects the senior unsecured status of the notes, its position in the capital structure, and is consistent with the ratings on Brigham's other existing senior unsecured debt. Brigham's Caa1 Corporate Family Rating and SGL-1 Speculative Grade Liquidity Rating remain unchanged. The rating outlook is positive. Upgrades: Issuer: Brigham Exploration Company -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD4, 67% from LGD5, 73% Assignments: Issuer: Brigham Exploration Company -- Senior Unsecured Regular Bond/Debenture, Assigned Caa2 LGD4, 67% Ratings Rationale "The debt offering further improves liquidity and financial flexibility," commented Francis J. Messina, Moody's Vice President. "Brigham intends to use the net proceeds from this offering to tender for the $160 million principal amount of its existing 9.625% senior unsecured notes due 2014, to fund a portion of its 2010 capital budget, and for general corporate purposes." Brigham's Caa1 CFR reflects its portfolio transformation, strong expected production trends, strong liquidity and financial flexibility after issuing a cumulative $576 million in equity since May 2009 to fund accelerated drilling of the firm's promising properties in the Williston Basin of North Dakota and Montana. Brigham's holds 305,400 net acres in the Bakken/Three Forks oil shale play. As a result of its focused drilling, the company believes year-end 2010 production will rise over 40%. Nevertheless, while Brigham's recent results and 2010-11 drilling program are positive and provide strong cash flow visibility, the company remains very small measured by production and proven reserves. Also, future growth and full-cycle reinvestment costs are fairly undiversified, largely reliant on Bakken/Three Forks. Nevertheless, large proven undeveloped reserve bookings, which require heavy capital spending and face execution risk, helps reduce finding and development costs. Year-end 2010 results will illustrate production rates relative to capital invested and finding and development costs to better assess the capital intensity of reserve replacement and production growth. The positive outlook reflects Brigham's improved liquidity profile, the increasing proportion of liquids production. However, leverage levels, as measured by its reserve base and production levels, constrain the rating at the Caa1 level. While benefiting from Brigham's debt reduction and a rising production trend, leverage remains elevated. Debt to average daily production approaches $29,000 per boe, debt to proven developed reserves was $16.06 per boe and debt plus future development costs to total proven reserve was slightly lower at $15.55 per boe. While all three leverage metrics remain in the Caa range, rapid production growth this year will reduce leverage on production and leverage on reserves should decline significantly. Further positive rating actions await assessment of year-end 2010 reserve addition metrics and costs as well as continued sustained production growth at suitable capital costs. Higher ratings could result from substantial growth in proven developed reserves and reduced leverage on reserves and production. A negative rating action could occur if Brigham's finding and development costs were unsustainably high or production does not adequately respond proportionally to continued heavy capital spending. The last rating action on Brigham was June 15, 2010, at which time Moody's upgraded Brigham's CFR, PDR, SGL, and unsecured note ratings, and assigned a positive outlook. Brigham Exploration Company is headquartered in Austin, Texas. BUSINESS ONE: Case Summary & 14 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Business One, LLC 14117 Mariah Ct. Chantilly, VA 20151 Bankruptcy Case No.: 10-17649 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court Eastern District of Virginia (Alexandria) Judge: Robert G. Mayer Debtor's Counsel: John Paul Forest, II, Esq. STAHLZELLOE, P.C. 11350 Random Hill Rd., Suite 700 Fairfax, VA 22030 Tel: (703) 691-4940 E-mail: j.forest@stahlzelloe.com Estimated Assets: $500,001 to $1,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 14 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/vaeb10-17649.pdf The petition was signed by Richard Bartlett, manager. C&D TECH: Reaches Deal With Noteholders on Restructuring Plan ------------------------------------------------------------- C&D Technologies, Inc. has entered into a restructuring support agreement with two noteholders who together hold approximately 56% of the aggregate principal amount of the Company's outstanding 5.25% convertible senior notes due 2025 and 5.50% convertible senior notes due 2026. Pursuant to the RSA, which sets forth the terms of the Company's capital restructuring plan, the Company seeks to eliminate up to approximately $127 million in debt and related cash interest expense of more than $7 million annually through a registered exchange offer of its notes for up to 95% of the Company's common stock on a post-restructuring basis. Upon successful consummation of the exchange offer, the Company would reduce its total debt from approximately $170 million to less than $45 million. As an alternative to the exchange offer, the Company has also agreed in the RSA to solicit consents from its noteholders and stockholders to approve a prepackaged plan of reorganization. In the event certain conditions to the exchange offer are not satisfied, and if a sufficient number and amount of holders of notes vote to accept the prepackaged plan, the Company intends to pursue an in-court restructuring. If confirmed, the prepackaged plan would have principally the same effect as if 100% of the holders of notes had tendered their notes in the exchange offer; provided that if the stockholders do not approve the exchange offer, instead of receiving 5% of the Company's common stock on a post-restructuring basis, they will receive 2.5% of the Company's common stock and three-year warrants to purchase 5% of the Company's common stock having an aggregate strike price calculated based on a total enterprise value of $250.0 million. If all conditions to consummating the exchange offer, including the approval of the terms of the exchange offer by a majority of the Company's common stockholders and at least 95% participation by the noteholders in the exchange offer, are satisfied, the Company will cease seeking support for the prepackaged plan. "This plan is a positive resolution to address our capital structure and we believe it will put C&D in a stronger, financially healthier position for the future," said Dr. Jeffrey A. Graves, President and CEO. "The plan significantly reduces our debt level -- primarily accrued from past acquisitions and recent losses, which is unsustainable in the current economic climate -- and puts in place an appropriate capital structure for future growth and profitability. It preserves some value for current equity holders and enables both note and equity holders to have a stake in the Company's future success. With an appropriate capital structure and greater financial flexibility, along with our market leadership, we believe C&D will be in a strong position going forward to serve our highly valued customers, take advantage of the North American market recovery and capitalize on growth opportunities in Asia." The Company does not anticipate any business interruption in its operations during the restructuring regardless of whether the Company conducts its restructuring in or out of the Chapter 11 process. The Company expects to move quickly through the reorganization process with its same commitment to quality, consistency and customer service as has been its hallmark for more than 100 years. Under the proposed plan, the Company will continue to manufacture its products and service customers in the normal course. All vendors and suppliers will continue to be paid in full under normal terms in the ordinary course of business. The proposed plan provides for all creditor classes (other than the notes), including general unsecured creditors, to be "unimpaired" - i.e., to be paid in full for all valid, outstanding claims upon consummation of the plan to the extent they have not been paid previously. Implementation of the transactions contemplated by the RSA are dependent on a number of factors and approvals, however, and there can be no assurance that the treatment of creditors outlined above will not change significantly. Pursuant to the RSA, the supporting noteholders have agreed to, among other things, (1) support and use commercially reasonable efforts to complete the capital restructuring plan, including by tendering their notes into the exchange offer and voting in favor of the prepackaged plan; and (2) not exercise remedies or direct the trustee to exercise remedies under the indentures governing the notes for any default or event of default that has occurred or may occur thereunder. The RSA may be terminated by the Supporting Noteholders and the Company upon the occurrence of certain events enumerated in the RSA. Additional details related to the restructuring plan can be found in the restructuring support agreement, which is included as an exhibit to Form 10-Q filed with the Securities and Exchange Commission (the "SEC") today. The exchange offer is an out of court method of restructuring the Company's notes to address put-rights holders of the notes will have if the Company's common stock is delisted or suspended from trading for 60 days by the New York Stock Exchange. There exists a substantial risk that the Company's 30 day average market capitalization will fall below $15 million in the near term and, if it does, the New York Stock Exchange may initiate suspension and delisting proceedings in the Company's common stock. This press release does not constitute an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell securities. The Company has not yet commenced the exchange offer or prepackaged plan referred to above. In the event the capital restructuring plan is implemented pursuant to the prepackaged plan, such restructuring plan is dependent upon a number of factors, including: the filing of the prepackaged plan; the approval of a disclosure statement; and the confirmation and consummation of the prepackaged plan in accordance with the provisions of the Bankruptcy Code. When the exchange offer or prepackaged bankruptcy is commenced, the Company will provide holders of the notes and its common stockholders with materials explaining the full terms and conditions of the exchange offer and prepackaged plan, and will also file these materials with the SEC. When and if these materials become available, holders of the notes and common stockholders should read them carefully, as well as any amendments or supplements to those documents, because they will contain important information. Once the materials are filed with the SEC, they will be available free of charge at the SEC's website -- www.sec.gov. In addition, the Company will provide copies of these documents free of charge to holders of its outstanding notes upon request to Jane Sullivan, Epiq Systems, at 646-282-1800. Net Loss C&D Technologies on Tuesday reported financial results for the fiscal 2011 second quarter ended July 31, 2010. For the second quarter of fiscal 2011, the Company reported a net loss of $50.7 million. Revenues for the second quarter of fiscal 2011 were $83.8 million, compared to $82.4 million in the prior year's second quarter. At July 31, 2010, the Company had $239.403 million in total assets, $251.069 in total liabilities, $11.268 million in non- controlling interest, and $11.666 million in total deficit. A full-text copy of the Company's earnings release is available at no charge at http://ResearchArchives.com/t/s?6b29 About C&D Technologies C&D Technologies, Inc. -- http://www.cdtechno.com. -- provides solutions and services for the switchgear and control (utility), telecommunications, and uninterruptible power supply (UPS), as well as emerging markets such as solar power. C&D Technologies engineers, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies is headquartered in Blue Bell, PA. CBMK INVESTMENTS: Bokros Expects Funds to Pay Off Community Bank ---------------------------------------------------------------- Mirchael Braga at HeraldTribune.com reports that Csaba Bokros, managing member of CBMK Investments, LLC, expects to come up with enough money to pay off Community Bank of Manatee, finished a building and avoid losing his life's savings. Mr. Bokros fell $200,000 short of completing the work necessary to get a certificate of occupancy and the bank foreclosed on his loan in June 2010. Csaba Bokros owns a vacant office building on Lockwood Ridge Road in northern Sarasota County, Florida. CBMK Investments, LLC, filed a Chapter 11 petition on July 29, 2010 (Bankr. M.D. Fla. Case No. 10-18206). Benjamin G. Martin, Esq., serves as bankruptcy counsel. The Company estimated assets of $500,001 to $1 million and debts of up to $10 million in its Chapter 11 petition. Mr. Bokros signed the petition. CELANESE US: Moody's Assigns 'Ba3' Rating on $400 Mil. Notes ------------------------------------------------------------ Moody's Investors Service assigned a Ba3 rating to $400 million of senior unsecured notes due 2018 to be issued by Celanese U.S. Holdings LLC, a wholly owned subsidiary of Celanese Corporation. Moody's also assigned Ba2 ratings to CUSH's proposed extension of its revolver and term loan. Proceeds from the notes and roughly $200 million of cash will be used to reduce amounts outstanding under the term loans The proposed two and a half year extension which may reduce the existing term loan balance by up to $1 billion. The existing term loans mature in April 2014 could have less than $1.1 billion remaining outstanding after completion of these transactions. The outlook on Celanese's ratings is stable. Ratings assigned: Celanese U.S. Holdings LLC -- $400 million guaranteed senior unsecured notes due 2018 at Ba3 (LGD4, 60%) -- Extended guaranteed senior secured Term Loan due 2016 at Ba2 (LGD4,53%) Celanese Corporation -- Corporate family rating at Ba2 -- Probability of default rating at Ba2 -- Speculative grade liquidity rating at SGL-1 Ratings withdrawn: Crystal US Holdings 3 LLC -- Corporate family rating -- Probability of default rating -- Speculative grade liquidity rating Ratings affirmed: Celanese U.S. Holdings LLC -- Guaranteed senior secured revolver and letter of credit facility due 2013 at Ba2 (LGD4,53%) -- Guaranteed senior secured term loan due 2014 at Ba2 (LGD4,53%) (The rating on the revolver due 2013 will be withdrawn upon completion of the transaction) CNA Holdings Inc. -- Industrial revenue bonds supported on a senior unsecured basis rated B1 (LGD6, 95%) Ratings Rationale "These transactions should result in a reduction of roughly $200 million in debt. Given the dearth of meaningful acquisitions and continuing free cash flow generation, Celanese appears to be shifting to a more conservative financial policy;" stated John Rogers, Senior Vice President at Moody's, "Further meaningful debt reduction along with improving financial performance could result in a higher rating". In addition, Moody's assigned the Ba2 Corporate Family Rating, Ba2 Probably of Default Rating and SGL-1 speculative grade liquidity rating to Celanese Corporation in advance of a planned reorganization that would remove several intermediate holding companies from its corporate structure. Previously these rating were at Crystal US Holdings 3 LLC. Celanese Corporation will be a guarantor of the credit facility and the unsecured notes. Moody's also affirmed the existing Ba2 senior secured ratings at Celanese U.S. Holdings LLC and the B1 industrial revenue bonds supported by CNA Holdings Inc. The Ba3 rating on the unsecured notes reflects its size relative to the amount of debt in the capital structure, as well as the limited collateral provided to the secured revolver and term loans. Celanese's Ba2 CFR takes into account Celanese's strong competitive positions in the acetyl chain, acetate tow and engineered polymers. All of these businesses have meaningful competitive barriers, including process know-how and requirements for world scale production capabilities. The rating is tempered by its significant exposure to volatile petrochemical feedstocks and sizable debt-like liabilities that weaken its credit metrics. Despite Celanese's very large cash balance, Moody's does not utilize net debt metrics given prior statements by management that further debt reduction was not a priority. However, if management commits to further meaningful debt reduction (>$300 million) or completes acquisitions that add an additional $150-$200 million in EBITDA, and establishes financial targets that would be consistent with a higher rating, Moody's would consider an upgrade. The stable outlook reflects the absence of clear financial targets or credit metrics from management and a potential timeframe for further debt reduction. Additionally, adjusted gross debt credit metrics are not fully supportive of the Ba2 CFR at the current time but are expected to reach levels commensurate with the rating by year end 2010 (e.g.,<3.5x Debt/EBITDA and >15% Retained Cash Flow/Debt). A downgrade of the CFR is unlikely unless leverage (Total Debt/EBITDA) remains above 4x for an extended period. Moody's credit metrics include roughly $1 billion in pension liabilities and $900 million in operating leases as debt. Celanese's SGL-1 Speculative Grade Liquidity rating is supported by a large cash balance of over $800 million (subsequent to these transactions), expected free cash flow generation of over $300 million in the next four quarters and full availability under its $600 million revolving credit facility. Celanese Corporation, headquartered in Dallas, Texas, is a leading global producer of acetyls, vinyl acetate monomer, emulsions, acetate tow and engineered thermoplastics. Celanese reported sales of $5.6 billion for the LTM period ended June 30, 2010. Crystal US Holdings 3 LLC (Crystal) is a subsidiary of Celanese. Celanese US Holdings LLC and Celanese Americas Corporation (CAC) are subsidiaries of Crystal and co-borrowers under the credit facilities. CHEETAH INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Cheetah Investments, Inc. dba National Truck Stop 304 Roma Allen, TX 75013 Bankruptcy Case No.: 10-43041 Chapter 11 Petition Date: September 6, 2010 Court: United States Bankruptcy Court Eastern District of Texas (Sherman) Judge: Brenda T. Rhoades Debtor's Counsel: Eric A. Liepins, Esq. ERIC A. LIEPINS P.C. 12770 Coit Road, Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 E-mail: eric@ealpc.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/txeb10-43041.pdf The petition was signed by Imran Khan. CHEM RX: Still Looking for Buyer, Asks for More Plan Exclusivity ---------------------------------------------------------------- Chem RX Corporation, et al., 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 December 7, 2010, and February 6, 2011, respectively. The Debtors explain that they need additional time to complete the process to identify the stalking horse bidder and file a motion to approve bid procedures and a stalking horse asset purchase agreement for the sale of substantially all their assets. The Debtors are also in the process of developing proposals to discuss with the First Lien Lenders and the Official Committee of Unsecured Creditors for the resolution of these cases post sale. The Debtors propose a hearing on the requested exclusivity extension on October 4 at 11:30 a.m. Objections, if any, are due September 21 at 4:00 p.m. About Chem RX Corporation Long Beach, N.Y.-based Chem RX Corporation, aka Paramount Acquisition Corp. -- http://www.chemrx.net/-- is a major institutional pharmacy serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, Pennsylvania and Florida. Chem Rx's client base includes skilled nursing facilities and a wide range of other long-term care facilities. Chem Rx annually provides more than six million prescriptions to more than 69,000 residents of more than 400 institutional facilities. The Company and five affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 10-11567) on May 11, 2010. Dennis A. Meloro, Esq., and Scott D. Cousins, Esq., at Greenberg Traurig, LLP, represents the Company in its restructuring. Cypress Holdings, LLC, is the Company's financial advisor. RSR Consulting, LLC, is the Company's chief restructuring officer. Brunswick Group LLP is the Company's public relations consultant. Grant Thornton LLP is the Company's independent auditor. Lazard Middle Market LLC is the Company's investment banker. Eichen & Dimeglio PC is the Company's tax advisor. Kurtzman Carson Consultants is the Company's claims and notice agent. The Company disclosed $169,690,868 in assets and $178,281,128 in debts as of February 28, 2010. CONTINENTAL RESOURCES: Moody's Assigns 'B1' Rating on Senior Notes ------------------------------------------------------------------ Moody's Investors Service assigned a B1 rating to Continental Resources, Inc.'s proposed $350 million senior unsecured notes due 2021. The outlook remains stable. Ratings Rationale Continental will use the proceeds of the note offering to pre-fund a portion of its revised and increased 2010 capital expenditure program. Initially, $182 million will be used to repay the outstanding balance under its $750 million senior secured revolving credit facility. The note offering is driven by Continental's desire to maintain liquidity in the face of an accelerated pace of development of its acreage positions in the Bakken shale of North Dakota and Montana, the Anadarko Woodford shale in Oklahoma, and the Niobrara shale in Colorado and Wyoming. "We expect Continental to issue additional debt and/or equity over the next 24 months as internally generated cash flow plus availability under its revolving credit facility is not expected to be sufficient to fund the company's capital expenditure program and maintain a liquidity cushion," said Stuart Miller, Vice President. "However, Moody's do not expect a change in Continental's Ba3 Corporate Family Rating or its B1 senior unsecured note rating in the near term as the company is well- positioned at its current rating level relative to its peer group and given its credit metrics." To be considered for an upgrade, the company must grow in scale (production rates north of 70,000 Boe/day and proved developed reserves greater than 200 MMBoe). This growth must be accomplished without a significant deterioration in its leverage statistics or finding costs. A negative rating action could result from a protracted period of disappointing drilling results or a slowdown in the drilling and completion of wells. As a result, production rates would begin to decline and/or reserve revisions would follow. Neither of these scenarios appear likely due to the quality of Continental's drilling prospects, its track record of low finding costs using the drill bit, and its access to the capital markets when necessary. Continental Resources, Inc., is headquartered in Enid, Oklahoma. CONTINENTAL RESOURCES: S&P Assigns 'BB' Rating on $350 Mil. Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned issue-level and recovery ratings to Continental Resources Inc.'s proposed $350 million senior unsecured notes due 2021. The issue-level rating is 'BB' (the same as the corporate credit rating). The recovery rating on this debt is '3', indicating S&P's expectation of meaningful (50%-70%) recovery in the event of a payment default. "S&P's recovery analysis incorporates Continental's plans to use the proceeds from the proposed notes offering to repay outstanding balances under its secured revolving credit facility and pre-fund its accelerated capital program," said Standard & Poor's credit analyst Patrick Lee. Enid, Okla.-based Continental is an oil and gas company engaged in the exploration and production of crude oil and natural gas. S&P's corporate credit rating on Continental is 'BB', and the outlook is stable. Ratings List Continental Resources Inc. Corporate Credit Rating BB/Stable/-- New Ratings Assigned Continental Resources Inc. $350 Mil. Senior Unsecured Notes Due 2021 BB Recovery Rating 3 CRESCENT ONE: Case Summary & Largest Unsecured Creditor ------------------------------------------------------- Debtor: Crescent One, LLC 8680 Commodity Circle Orlando, FL 32819 Bankruptcy Case No.: 10-16179 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Judge: Karen S. Jennemann Debtor's Counsel: Elizabeth A. Green, Esq. BAKER & HOSTETLER LLP 200 S Orange Ave Suntrust Center, Suite 2300 Orlando, FL 32801 Tel: (407) 649-4000 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $10,000,001 to $50,000,000 In its list of 20 largest unsecured creditors, the Company placed only one entry: Entity Nature of Claim Claim Amount ------ --------------- ------------ The New York Law Publishing $2,100 Company Daily Business Rev. P.O. Box 862882 Orlando, FL 32886 The petition was signed by Deborah L. Linden, CEO. CYNTHIA TURNER: Case Summary & 9 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Cynthia J. Turner aka Cynthia Turner Hall 917 N. Idaho San Mateo, CA 94401 Bankruptcy Case No.: 10-33520 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court Northern District of California (San Francisco) Judge: Thomas E. Carlson Debtor's Counsel: James F. Beiden, Esq. LAW OFFICES OF JAMES F. BEIDEN 840 Hinckley Road, #245 Burlingame, CA 94010 Tel: (650) 697-6100 E-mail: attyjfb@yahoo.com Scheduled Assets: $2,555,038 Scheduled Debts: $3,467,079 A list of the Debtor's nine largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/canb10-33520.pdf DENNY'S CORP: S&P Affirms Corporate Credit Rating at 'B+' --------------------------------------------------------- Standard and Poor's has affirmed Denny's Corp.'s corporate credit rating at 'B+'. The proposed $300 mil. credit facility was rated at 'B+'; Recovery '4'. DOLLAR THRIFTY: S&P Retains CreditWatch Positive on Ratings ----------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Tulsa, Okla.-based auto renter Dollar Thrifty Automotive Group Inc. remain on CreditWatch with positive implications. This follows competitor Hertz Global Holdings Inc.'s increased bid to acquire DTAG. Hertz's bid counters Avis Budget Group Inc.'s revised $1.35 billion bid made on Sept. 2, 2010 (its initial bid of $1.33 billion was made on July 28, 2010). S&P initially placed the DTAG ratings on CreditWatch with positive implications on April 26, 2010, when the company announced that it had signed a definitive agreement to be acquired by Hertz. "In the proposed acquisition bids, DTAG's corporate debt would be retired, and either Hertz or Avis Budget--both rated higher than DTAG -- would assume its $1.4 billion of fleet debt," said Standard & Poor's credit analyst Betsy Snyder. The acquisition would result in an increase in market share for either Avis Budget or Hertz in the U.S. on-airport sector. 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 around a 30% market share. DTAG accounts for most of the balance. DTAG focuses on the leisure segment, which has been faster growing and has been more profitable in the past year, while Avis Budget and Hertz both serve a mixture of business and leisure travelers. The acquisition would result in increased penetration for Avis Budget and Hertz in the leisure segment. The current ratings on DTAG reflect a highly leveraged (albeit somewhat improved) financial profile, the price-competitive and cyclical nature of on-airport car rentals, and the company's relatively small size within the on-airport car rental segment. "S&P will evaluate the effect of the proposed acquisition by either Avis Budget or Hertz on DTAG's business risk and financial risk profiles to resolve the CreditWatch listing," Ms. Snyder added. DONALD RYALS: Case Summary & 17 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Donald S. Ryals aka Stacey Ryals P.O. Box 4088 Gulf Shores, AL 36547 Bankruptcy Case No.: 10-04196 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court Southern District of Alabama (Mobile) Debtor's Counsel: Robert M. Galloway, Esq. GALLOWAY WETTERMARK EVEREST RUTENS & GAILLARD P.O. Box 16629 Mobile, AL 36616-0629 Tel: (251) 476-4493 E-mail: bgalloway@gallowayllp.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's 17 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/alsb10-04196.pdf EDGE PETROLEUM: David Blake Claims Discharged Under Plan -------------------------------------------------------- Edge Petroleum Exploration Company, Edge Petroleum Operating Company, Inc., and Edge Petroleum Production Company filed a Motion for Summary Judgment against David Blake, David L. Blake, Trustee of the David and Nita Blake 1992 Children's Trust Future Royalties, Inc., Blakenergy, Ltd, Blakenergy, Inc., Blakenergy Operating, LLC, Future Exploration, Inc., and David Blake Family Partnership, Ltd. On August 26, 2005, Blake and the Trust -- Plaintiffs -- sued Edge in Goliad County, Texas District Court. The State Court Action was transferred to Harris County District Court on November 10, 2005. Blake alleges while he was employed by Edge Petroleum Corporation, EPC entered joint operating agreements with other industry participants which, among other things, defined their rights to share proportionately in future lease acquisitions made within an area of mutual interest and stated that as among those participants, any leases acquired within such AMI would be burdened with an overriding royalty interest payable to certain EPC employees, including Blake. After Blake left EPC and after the AMI terminated, EPC acquired leases in the vicinity of the former AMI. Blake alleged in the State Court Action that he was entitled to overriding royalty benefits on those leases, as a third party beneficiary of the joint operating agreements which EPC had entered with other industry participants. Blake claims that he assigned his rights to receive overriding royalty interests to the Trust. Blake later claimed he also assigned these rights to another entity he controlled, the David Blake Family Partnership, Ltd. -- FLP -- which later also filed claims in the State Court Action as a third party plaintiff, asserting that it is the assignee of Blake's rights as an alleged third party beneficiary. On September 10, 2010, Bankruptcy Judge Richard S. Schmidt held that the uncontroverted facts show that the all of the claims arose before the effective date of Edge Petroleum's First Amended Plan of Reorganization and before Edge Petroleum's Petition Date. Therefore, all of the Blake-Related Claims constitute claims or causes of action that are discharged under the Plan and Confirmation Order. The Court also held that no summary judgment evidence was presented to raise a fact question on Plaintiffs' contention that they were royalty interest owners, that they are beneficiaries of covenants running with the land, or that Reorganized Subsidiaries are estopped by any of their actions in the bankruptcy case. Moreover, neither FLP nor any of the third party defendants filed a proof of claim in this case. The only proof of claim was filed by Blake and the Trust against EPC. The case is David Blake v. Edge Petroleum Corporation, et al., Adversary No. 10-2007 (Bankr. S.D. Tex.). A copy of the decision is available at: http://www.leagle.com/unsecure/page.htm?shortname=inbco20100910480 About Edge Petroleum Edge Petroleum Corporation (Nasdaq:EPEX) (Nasdaq:EPEXP) is a Houston-based independent energy company that focuses its exploration, production and marketing activities in selected onshore basins of the United States. At September 30, 2009, the Company had total assets of $247.5 million, total liabilities of $244.2 million, and a stockholders' deficit of $3.3 million. Edge Petroleum filed for Chapter 11 on October 2, 2009 (Bankr. S.D. Tex. Case No. 09-20644). The Company retained Akin Gump Strauss Hauer and Feld as legal counsel, Jordan, Hyden, Womble, Culbreth & Holzer, P.C., as local counsel, and Parkman Whaling LLC as financial advisor. Kurtzman Carson Consultants LLC served as claims and notice agent. The Court entered an Order Confirming the Debtors' First Amended Plan of Reorganization on December 14, 2009. The Plan became effective and was deemed substantially consummated on December 31, 2009. Robert E. Ogle was approved as Liquidating Trustee of the Debtors as provided in the Plan. EMISPHERE TECHNOLOGIES: Reaches Deal to Raise $7 Million -------------------------------------------------------- Emisphere Technologies Inc. on Aug. 25, 2010 entered into a securities purchase agreement with certain institutional investors pursuant to which the Company has agreed to sell an aggregate of 3,497,528 shares of its common stock and warrants to purchase a total of 2,623,146 additional shares of its common stock for total gross proceeds of $3,532,503. Each unit, consisting of one share of common stock and a warrant to purchase 0.75 shares of common stock, will be sold at a purchase price of $1.01. The warrants to purchase additional shares will be exercisable at an exercise price of $1.26 per share beginning immediately after issuance and will expire 5 years from the date they are first exercisable. The Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, to the investors identified above in connection with their purchased securities. The Company will be required to file a registration statement within 20 days of the closing date and will use its reasonable best efforts to have such registration statement declared effective as soon as practicable, but in no event later than 50 days of the closing date. The Company also said, in connection with the above private placement, it has entered into a separate securities purchase agreement with MHR Fund Management LLC pursuant to which the Company has agreed to sell an aggregate of 3,497,528 shares of its common stock and warrants to purchase a total of 2,623,146 additional shares of its common stock for total gross proceeds of $3,532,503. Each unit, consisting of one share of common stock and a warrant to purchase 0.75 shares of common stock, will be sold at a purchase price of $1.01. The warrants to purchase additional shares will be exercisable at an exercise price of $1.26 per share beginning immediately after issuance and will expire 5 years from the date they are first exercisable. The Company expects to receive total net proceeds from both transactions of approximately $6.5 million after deducting fees and expenses and excluding the proceeds, if any, from the exercise of the warrants that will be issued in the transactions. Proceeds from these transactions will be used to fund the Company's operations, to satisfy certain debts of the Company, to settle certain outstanding litigation and to meet the Company's obligations as they may arise. In connection with the transactions described above, the Company entered into a Waiver Agreement with MHR, pursuant to which MHR waived certain anti-dilution adjustment rights under its 11% senior secured notes and certain warrants issued by the Company to MHR that would otherwise have been triggered by the private placement described above. As consideration for such waiver, the Company will issue to MHR a warrant to purchase 975,000 shares of common stock and agreed to reimburse MHR for 50% of its legal fees up to a maximum reimbursement of $50,000. The terms of such warrant are identical to the warrants issued to MHR in the transaction described above. The Company was advised in these transactions by an independent committee of the board of directors. Roth Capital Partners served as the placement agent for the offering. About Emisphere Technologies Based in Cedar Knolls, New Jersey, Emisphere Technologies, Inc. (OTC BB: EMIS) -- http://www.emisphere.com/-- is a biopharmaceutical company that focuses on a unique and improved delivery of pharmaceutical compounds and nutritional supplements using its Eligen(R) Technology. The Eligen(R) Technology can be applied to the oral route of administration as well other delivery pathways, such as buccal, rectal, inhalation, intra-vaginal or transdermal. * * * The Company's balance sheet at June 30, 2010, showed $3.11 million in total assets, $76.51 million in total liabilities, and a $73.41 million stockholders' deficit. ENTRE NOUS: Case Summary & 7 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Entre Nous, LLC 1640-1646 North Spring Street Los Angeles, CA 90012 Bankruptcy Case No.: 10-48308 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court Central District of California (Los Angeles) Judge: Peter Carroll Debtor's Counsel: Douglas M. Neistat, Esq. 16000 Ventura Boulevard, #1000 Encino, CA 91436 Tel: (818) 382-6200 Fax: (818) 986-6534 E-mail: twilliams@greenbass.com Scheduled Assets: $900,000 Scheduled Debts: $1,694,617 A list of the Company's seven largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/cacb10-48308.pdf The petition was signed by Juan Rodriguez, managing member. EQUITAS LTD: Case Summary & 2 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Equitas Ltd. 14603 Huebner Rd., Bldg. 2 San Antonio, TX 78230 Bankruptcy Case No.: 10-53505 Chapter 11 Petition Date: September 7, 2010 Court: United States Bankruptcy Court Western District of Texas (San Antonio) Judge: Leif M. Clark Debtor's Counsel: Morris E. "Trey" White, III, Esq. VILLA & WHITE LLP 1100 NW Loop 410, Suite 700 San Antonio, TX 78213 Tel: (210) 225-4500 Fax: (210) 212-4649 E-mail: treywhite@villawhite.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/txwb10-53505.pdf The petition was signed by Lyle M. Hotchkiss, manager LM Hotchkiss LLC, general partner. ERIC POOKRUM: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Eric Heywood Pookrum 3703 Woodsman Ct. Suitland, MD 20746-1376 Bankruptcy Case No.: 10-30909 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court District of Maryland (Greenbelt) Judge: Wendelin I. Lipp Debtor's Counsel: James Greenan, Esq. MCNAMEE, HOSEA, ET. AL. 6411 Ivy Lane, Suite 200 Greenbelt, MD 20770 Tel: (301) 441-2420 E-mail: jgreenan@mhlawyers.com Estimated Assets: $500,001 to $1,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/mdb10-30909.pdf EXCHANGE PROPERTIES: Case Summary & 10 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Exchange Properties, Inc. 265 East 8880 South #4 Sandy, UT 84070 Bankruptcy Case No.: 10-32278 Chapter 11 Petition Date: September 8, 2010 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Joel T. Marker Debtor's Counsel: Thomas Weber, Esq. WEBER & SCHWENDIMAN 75 E 7200 S. Suite 149 Midvale, UT 84047 Tel: (801) 676-6523 Fax: (801) 676-6800 E-mail: admin@weberschwendiman.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 10 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/utb10-32278.pdf The petition was signed by James Daniel Fox, president. EXTENDED STAY: BofA, Line Trust Suits Move to State Court Affirmed ------------------------------------------------------------------ The U.S. District Court for the Southern District of New York affirmed a bankruptcy judge's order to transfer to a state court the lawsuit filed by Bank of America N.A. In an order dated September 7, 2010, the District Court said it concurs with Judge James Peck's decision that Bank of America's claims do not "arise in" the bankruptcy cases of Extended Stay Inc. and its affiliated debtors. The District Court opined the claims are asserted in "state law terms only," adding that Bank of America seeks recovery pursuant to contracts in which Lightstone Holdings LLC and its chairman David Lichtenstein agreed to backstop a specific liability. "Bank of America does not seek to invoke common law or other extraneous doctrines to label wrongful or punish the exercise of rights under the Bankruptcy Code," the District Court held. It further noted that BofA does not question the legal validity or propriety of Extended Stay's bankruptcy filing. The District Court, however, held that the Bankruptcy Court erred in its determination that it lacked "related to" jurisdiction of Bank of America's claims because they could have no conceivable effect on the estates of Extended Stay and its affiliated debtors. Bank of America, along with Wachovia Bank N.A. and U.S. Bank National Association, sued the defendants after the latter allegedly did not pay $100 million pursuant to certain guaranty agreements. The lawsuit was initially filed in the Supreme Court but was eventually moved to the Bankruptcy Court following Extended Stay's bankruptcy filing. The plaintiffs then asked the Bankruptcy Court to transfer the case back to the Supreme Court on grounds that it is not related to the bankruptcy proceedings. In the same order, the District Court directed the Clerk of Court to close the civil actions filed by Mr. Lichtenstein and Extended Stay to appeal the Bankruptcy Court's decision. Mr. Lichtenstein and Extended Stay can take their appeal to the U.S. Court of Appeals for the Second Circuit within 30 days after entry of the District Court's order. The U.S. District Court for the Southern District of New York also affirmed a bankruptcy court ruling to remand the lawsuit filed by Line Trust Properties Ltd. and Deuce Properties Ltd. to a state court. About Extended Stay Extended Stay is the largest owner and operator of mid-price extended stay hotels in the United States, holding one of the most geographically diverse portfolios in the lodging sector with properties located across 44 states (including 11 hotels located in New York) and two provinces in Canada. As a result of acquisitions and mergers, Extended Stay's portfolio has expanded to encompass over 680 properties, consisting of hotels directly owned or leased by Extended Stay or one of its affiliates. Extended Stay currently operates five hotel brands: (i) Crossland Economy Studios, (ii) Extended Stay America, (iii) Extended Stay Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe Studios. Extended Stay Inc. and its affiliates filed for Chapter 11 on June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M. Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, in New York, represents the Debtors. Lazard Freres & Co. LLC is the Debtors' financial advisors. Kurtzman Carson Consultants LLC is the claims agent. Extended Stay had assets of $7.1 billion and debts of $7.6 billion as of the end of 2008. Bankruptcy Creditors' Service, Inc., publishes Extended Stay Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Extended Stay Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). EXTENDED STAY: Five Mile Suit to Stay in Bankruptcy Court --------------------------------------------------------- The U.S. District Court for the Southern District of New York affirmed a bankruptcy judge's ruling denying the transfer of a lawsuit filed by Five Mile Capital II SPE ESH LLC to the Supreme Court. Judge James Peck of the U.S. Bankruptcy Court for the Southern District of New York, who oversees the Chapter 11 cases of Extended Stay Inc. and its affiliated debtors, earlier denied the transfer of Five Mile's lawsuit after determining that there is "close interconnection between the issues raised by the action and the bankruptcy process." In a September 7, 2010 order, the District Court said that Five Mile's efforts to prevent Extended Stay from pursuing ongoing post-filing negotiations in its reorganization proceeding "clearly implicate the core bankruptcy function of estate administration particularly plan formulation." The District Court further said the resources spent by Extended Stay in negotiating with the defendants would go to waste if Five Mile won the lawsuit. Five Mile sued Cerberus Capital Management LP, Centerbridge Partners LP, The Blackstone Group Inc. and GEM Capital Management Inc. after the defendants allegedly negotiated with Extended Stay on the restructuring of its debt. It alleged that the negotiation led to an agreement on the terms of a restructuring that was detrimental to Extended Stay while beneficial to the defendants. The lawsuit was initially filed in the New York Supreme Court but was eventually moved to the Bankruptcy Court after Extended Stay filed for bankruptcy protection. Five Mile then asked the Bankruptcy Court to remand the lawsuit to the Supreme Court but its request was denied. District Judge Laura Taylor Swain directed the Clerk of Court to close the civil action filed by Five Mile to appeal the Bankruptcy Court's decision. Five Mile can take its appeal to the U.S. Court of Appeals for the Second Circuit within 30 days after entry of the District Court's order. About Extended Stay Extended Stay is the largest owner and operator of mid-price extended stay hotels in the United States, holding one of the most geographically diverse portfolios in the lodging sector with properties located across 44 states (including 11 hotels located in New York) and two provinces in Canada. As a result of acquisitions and mergers, Extended Stay's portfolio has expanded to encompass over 680 properties, consisting of hotels directly owned or leased by Extended Stay or one of its affiliates. Extended Stay currently operates five hotel brands: (i) Crossland Economy Studios, (ii) Extended Stay America, (iii) Extended Stay Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe Studios. Extended Stay Inc. and its affiliates filed for Chapter 11 on June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M. Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, in New York, represents the Debtors. Lazard Freres & Co. LLC is the Debtors' financial advisors. Kurtzman Carson Consultants LLC is the claims agent. Extended Stay had assets of $7.1 billion and debts of $7.6 billion as of the end of 2008. Bankruptcy Creditors' Service, Inc., publishes Extended Stay Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Extended Stay Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). FRANKLIN TADDEO: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Joint Debtors: Franklin A. Taddeo dba Pineview Manor Park Janet E. Taddeo 600 Pine View Drive Elizabeth, PA 15037 Bankruptcy Case No.: 10-26435 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court Western District of Pennsylvania (Pittsburgh) Judge: Thomas P. Agresti Debtors' Counsel: Dennis J. Spyra, Esq. 1711 Lincoln Way White Oak, PA 15131 Tel: (412) 471-7675 E-mail: dspyra@aol.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $100,001 to $500,000 A list of the Joint Debtors' 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/pawb10-26435.pdf FRAZIER WINERY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Frazier Winery LLC 40 Lupine Hill Road Napa, CA 945582010 Bankruptcy Case No.: 10-13509 Chapter 11 Petition Date: September 10, Court: U.S. Bankruptcy Court Northern District of California (Santa Rosa) Judge: Alan Jaroslovsky Debtor's Counsel: Michael C. Fallon, Esq. LAW OFFICES OF MICHAEL C. FALLON 100 E. Street, #219 Santa Rosa, CA 95404 Tel: (707) 546-6770 E-mail: mcfallon@fallonlaw.net Scheduled Assets: $2,614,282 Scheduled Debts: $789,251 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/canb10-13509.pdf The petition was signed by Willard H. Frazier, managing member. FRESH HARVEST: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Fresh Harvest River LLC 41 Madison Avenue New York, NY 10022 Bankruptcy Case No.: 10-14814 Chapter 11 Petition Date: September 12, 2010 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Debtor's Counsel: Joshua Joseph Angel, Esq. HERRICK, FEINSTEIN LLP 2 Park Avenue New York, NY 10016 Tel: (212) 592-5912 Fax: (212) 592-1500 E-mail: jangel@herrick.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/nysb10-14814.pdf The petition was signed by Jack Gray, manager. GARLOCK SEALING: Proposes Grant Thornton as Accountant ------------------------------------------------------ Garlock Sealing Technologies LLC and its units seek the Court's permission to employ Grant Thornton LLP as their audit accountant, effective as of August 8, 2010. As the Debtors' audit accountant, Grant Thornton will: (a) perform an audit of the balance sheet and related financial documents of the Debtors and their subsidiaries as of December 31, 2010, in accordance with auditing standards generally accepted in the U.S.; (b) prepare a report containing an opinion as to whether the financial statements, taken as a whole, are fairly presented based on accounting principles generally accepted in the U.S.; and (c) other services as might be reasonably sought by the Debtors. According to the Debtors, Grant Thornton intends to engage third- party service providers, which are member firms of Grant Thornton International, to perform audit procedures for the Debtors' subsidiaries: Third-Party Provider Garlock Entity -------------------- --------------- Salles Sainz Grant Thornton Garlock de Mexico, S.A. Grant Thornton Australia Garlock Pty Limited Raymond Chabot Grant Thornton LLP Garlock of Canada Ltd. The Debtors expect to pay Grant Thornton $327,500 for its professional services in connection with the auditing functions, exclusive of out-of-pocket expenses incurred during the course of representation. The Debtors will reimburse Grant Thornton for expenses incurred. Grant Thornton will be paid those fees in monthly increments of $55,000, subject to Court-approved compensation procedures. Janet Malzone, Esq., a partner at Grant Thornton LLP, discloses that her firm has represented, represents or may represent certain parties in the Debtors' Chapter 11 cases in matters unrelated to the bankruptcy cases. A list of these parties is available for free at: http://bankrupt.com/misc/Garlock_GrantThorntonClients.pdf Ms. Malzone also relates that certain Grant Thornton employees and their spouses own shares of Bank of America stock, or are hired by Bank of America, which is a creditor of the Debtors. Certain Grant Thornton employees own shares of the stock of Oracle Corporation, which is also a creditor of the Debtors, she adds. Ms. Malzone, however, assures the Court that despite these disclosures, Grant Thornton is a "disinterested person" as that term is defined under Section 101(14) of the Bankruptcy Code. About Garlock Sealing Headquartered in Palmyra, NY, Garlock Sealing Technologies LLC is an EnPro Industries, Inc. company (NYSE: NPO). For more than a century, Garlock has been helping customers efficiently seal the toughest process fluids in the most demanding applications. On June 5, Garlock filed a voluntary Chapter 11 petition (Bankr. W.D. N.C. Case No. 10-31607) in Charlotte, North Carolina, to establish a trust to resolve all current and future asbestos claims against Garlock under Section 524(g) of the U.S. Bankruptcy Code. The Debtor estimated $500 million to $1 billion in assets and up to $500 million in debts as of the Petition Date. Affiliates The Anchor Packing Company and Garrison Litigation Management Group, Ltd., also filed for bankruptcy. The filing covers only Garlock operations in Palmyra, New York and Houston, Texas. Garlock Rubber Technologies, Garlock Helicoflex, Pikotek, Technetics, Garlock Europe and Garlock operations in Canada, Mexico or Australia are not affected by the filing, nor is EnPro Industries or any other EnPro operating subsidiary. Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A., represents the Debtor in its Chapter 11 effort. Garland S. Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel for Asbestos matters. Bankruptcy Creditors' Service, Inc., publishes Garlock Sealing Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Garlock Sealing Technologies LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GARLOCK SEALING: Proposes Jan. 17 Asbestos Claims Bar Date ---------------------------------------------------------- Garlock Sealing Technologies LLC and its debtor affiliates ask Judge George R. Hodges of the U.S. Bankruptcy Court for the Western District of North Carolina to: (a) fix January 17, 2010, as the deadline for filing asbestos claims in the Debtors' Chapter 11 cases; (b) approve an asbestos proof of claim form; (c) approve the form and notice of the bar date; (d) order the estimation of asbestos claims against Garlock; and (e) approve an initial case management schedule to govern the estimation of asbestos claims and related matters. Rule 3003(c)(2) of the Federal Rules of Bankruptcy Procedure requires creditors with claims scheduled as "disputed, contingent or unliquidated" to file proofs of claim "within the time prescribed," and provides that any claimant who fails to file "shall not be treated as a creditor with respect to such claim for the purposes of voting and distribution." The Debtors note that the proposed Bar Date will apply to persons having Asbestos Claims against the Debtors, based on, arising from, or relating to an asbestos-related injury, disease or death that has manifested, become evident, or been diagnosed as of the Bar Date. About 124,000 asbestos claims are pending against Garlock in state and federal courts across the country. Those pending claims can be classified into four types of asbestos-related diseases or conditions: mesothelioma, lung cancer, other cancer and non- malignant conditions. The majority of pending asbestos actions against Garlock is stale and dormant -- almost 110,000 or 88% were filed more than four years ago and more than 44,000 or 35% were filed more than 10 years ago. A schedule of the pending asbestos actions is available for free at: http://bankrupt.com/misc/Garlock_PendingAsbestosActions.pdf Against this backdrop, a bar date for the Asbestos Claims is required in the Debtors' Chapter 11 cases because of the nature of the claims, Garland S. Cassada, Esq., at Robinson Bradshaw & Hinson, P.A., in Charlotte, North Carolina, tells the Court. The bar date will force the current asbestos claimants to assess their claims against the Debtors and decide whether they wish to assert those claims in the Debtors' bankruptcy cases. Absent a bar date that will force holders of these stale claims to decide whether they are able to assert a valid claim in this bankruptcy case -- followed by proceedings that will permit the Debtors to identify and eliminate claims not supported by evidence -- the vote on any proposed plan of reorganization will be swamped by tens of thousands of utterly meritless claims, he points out. Mr. Cassada further notes that the claims will provide information essential to determining the number and amount of the asbestos claims against the Debtors. From that information, the Court will be able to conduct the allowance process and estimation process necessary to determine the Debtors' responsibility for asbestos claims, he says. Procedures for Filing Proofs of Claim The Debtors propose these procedures for filing proofs of asbestos claim: (1) Holders of Asbestos Claims subject to the Bar Date must use a court-approved Asbestos Proof of Claim Form, which is composed of these parts: * Part I of the Form requires information that will allow the Debtors to correlate Asbestos Claims with any previous legal proceedings, demands, or purported settlements; * Part II of the Form requires each claimant to provide basic information necessary to support an asbestos claim against Garlock; and * Part III of the Form requires the fundamental medical evidence necessary to sustain an asbestos claim. (2) Any person who filed a Proof of Claim for an Asbestos Claim using Official Form 10 or any other Proof of Claim form must refile the claim on the court-approved Asbestos Proof of Claim form; (3) Holders of Asbestos Claims subject to the Bar Date who are represented by counsel must file their Asbestos Proof of Claim Form electronically. If Holders are not represented by counsel, they may file their Asbestos Proof of Claim Form electronically, or mail the Asbestos Proof of Claim; (4) Asbestos Proof of Claim Forms will be deemed filed only when electronically filed or when actually received by a claims processing agent; (5) Electronic submissions must be filed and paper submissions must be received by the Claims Processing Agent no later than 5:00 p.m., Eastern Time, on January 17, 2011; (6) An Asbestos Proof of Claim Form that is not complete or does not contain the required attachments will not be deemed properly filed; (7) Any lawyer or other person who acts as filing agent for an Asbestos Proof of Claim on behalf of any person holding that claim must certify that that agent has received certification under penalty of perjury from that holder of Asbestos Claim that information contained in that Asbestos Proof of Claim is true, accurate and complete; and (8) Upon receipt of the Proof of Claim Form, the Claims Processing Agent will send an acknowledgement, via electronic mail for those filing electronically and via mail to those filing by mail, identifying the claim number noted thereon. The Debtors will ask the Court to appoint a claims agent no later than October 1, 2011. Parties need not file a proof of claim on or before the Bar Date if they assert: (A) A claim that (i) is listed on the Debtors' Schedules of Assets and Liabilities or Schedules of Executory Contracts and Unexpired Leases; (ii) is not described in the Schedules as "disputed," "contingent," or "unliquidated;" and (iii) is in the same amount and of the same nature as set forth in the Schedules; (B) An administrative expense of any of the Debtors' Chapter 11 cases as defined in Section 503(b) or 507(a) of the Bankruptcy Code as including the actual, necessary costs and expenses of preserving the estate; (C) A claim of a Debtor or a subsidiary of a Debtor against another Debtor or another subsidiary of a Debtor; (D) A claim that has been allowed by an order of the Court entered on or before the Bar Date; (E) A claim of a present or former employee of the Debtors who is receiving, has the right to receive, or may have a right to elect to receive, benefits under a state-mandated workers' compensation system on account of any personal injury claims, but not claim based on any right to proceed against the Debtors for asbestos exposure outside of the workers' compensation system; and Any holder of an interest in the Debtors arising solely from its ownership of the common stock or other equity securities of the Debtors need not file a proof of interest. The Debtors further seek that any holder of an Asbestos Claim who fails to file a proof of claim on or before January 17, 2011, will be forever barred, estopped and enjoined from asserting those claims against the Debtors, and each of the Debtors will be forever discharged from all liabilities arising from those claims and the holders of those claims will not be permitted to vote on any plan of reorganization of the Debtors, or to receive further notices regarding those claims. Bar Date Notice To provide notice to known claimants, Garlock will mail a Bar Date Notice Package consisting of the Notice of Bar Date for Asbestos Claims, Bar Date Order, Asbestos Proof of Claim Form and instructions to the claimant's attorney of record. Unknown claimants may receive constructive or publication notice of the Bar Date. Garlock says it has developed a comprehensive program to provide constructive or publication notice, with a total budget of about $1.10 million. If an unknown claimant subject to the Bar Date will not become associated with a law firm in time to make a claim: (1) Garlock will provide Bar Date Notice Packages to unions known to contain workers and former workers who may have been exposed to asbestos; public health organizations that serve persons with cancer; and social media Web sites known to serve asbestos claimants; (2) Garlock will provide notice via the Internet in two ways. First, the Debtors' claims agent will establish a Web site that will contain the notice . Garlock will also purchase Internet advertisements to run for the entire length of the notice period, which will display when individuals search for terms like "asbestos" and "Garlock" on Google or Yahoo, and direct those persons to the bar date Web site. (3) Garlock will provide publication notice. Among other things, Garlock will send its Bar Date Notice Package along with a press release or letter to news organizations. Garlock will also publish its Summary Bar Date Notice in Parade, Time, Reader's Digest, American Legion, VFW Magazine, and several newspapers in U.S. territories and possessions. This Notice Plan, costing about $1.1 million, is reasonably calculated to apprise unknown potential claimants of the Bar Date, satisfies due process, and should be approved, Mr. Cassada tells the Court. The Debtors believe that the Court should estimate the number and value of present and future asbestos claims against Garlock. By moving for estimation now, the Debtors' have initiated a contested matter that triggers parties' discovery rights, Mr. Cassada explains. This discovery -- including discovery regarding the trust claiming process and regarding the process of generating exposure evidence in the tort system -- could be protracted and contentious, he stresses. In this way, the Court can ensure that the eventual estimation trial will take place in the most expeditious and efficient manner, he maintains. The Debtors ask the Court to set an initial case management schedule. The Debtors propose to submit a case management order governing further proceedings in their Chapter 11 cases on February 15, 2011. The Debtors also submitted copies of "Slip Opinions" cited in their request: (1) In re Babcock & Wilcox Co., No. 00-0558, Doc. No. 70 (E.D. La. Oct. 30, 2000), a copy of which is available for free at: http://bankrupt.com/misc/Garlock_Babcock2000Order.pdf (2) In re W.R. Grace & Co., No. 01-01139, Doc No. (Bankr. D. Del. Aug. 24, 2006), a copy of which is available for free at: http://bankrupt.com/misc/Garlock_WRGrace2006Order.pdf (3) In re Babcock & Wilcox Co., No 00-558 Doc No. 55 (Bankr. E.D. La. Aug. 25, 2000), a copy of which is available for free at: http://bankrupt.com/misc/Garlock_BabcockAug2000Ord.pdf The Court will consider the Debtors' request on September 30, 2010, instead of September 16 as initially set. Objections are due September 24. Cascino Vaughan Claimants React Richard L. Breeding, Robert Cooper and Daryl Kelly, creditors represented by Cascino Vaughan Law Offices, Ltd., complain that the proposed Bar Date is too short and is dependent on how easy or difficult it will be to file the required form of claim. Indeed, it would be physically impossible for the Cascino Vaughan Claimants to meet the proposed bar date using the Debtors' proposed proof of claim form, Michael P. Cascino, Esq., at Cascino Vaughan Law Offices, Ltd., in Chicago, Illinois, counsel to the Cascino Claimants, asserts. The Cascino Vaughan Claimants ask the Court to delay the determination of what will be required on the claim form until after, or at the same time a reorganization plan is proposed. Mr. Cascino contends that it is premature to set an early date for the Bar Date. He also asserts that it is not appropriate to argue over the claim form until the value of the Debtors' estates is determined. The Cascino Vaughan Claimants further object to the proposed asbestos proof of claim form, arguing that there is no reason for the claim form to seek more information than is dictated by the experiences of cases under Section 524(g) of the Bankruptcy Code. Thus, the Cascino Vaughan Claimants ask the Court to permit them to (i) use the official claim Form B10; or, (ii) in the alternative, strike the portion of the claim form seeking information on: (1) the identity of companies which a lawsuit or claim has been filed or may be filed against by the injured party; (2) product exposure; (3) non-debtor asbestos products which the claimant was exposed; and (4) earliest diagnosing physician and information about the physician. About Garlock Sealing Headquartered in Palmyra, NY, Garlock Sealing Technologies LLC is an EnPro Industries, Inc. company (NYSE: NPO). For more than a century, Garlock has been helping customers efficiently seal the toughest process fluids in the most demanding applications. On June 5, Garlock filed a voluntary Chapter 11 petition (Bankr. W.D. N.C. Case No. 10-31607) in Charlotte, North Carolina, to establish a trust to resolve all current and future asbestos claims against Garlock under Section 524(g) of the U.S. Bankruptcy Code. The Debtor estimated $500 million to $1 billion in assets and up to $500 million in debts as of the Petition Date. Affiliates The Anchor Packing Company and Garrison Litigation Management Group, Ltd., also filed for bankruptcy. The filing covers only Garlock operations in Palmyra, New York and Houston, Texas. Garlock Rubber Technologies, Garlock Helicoflex, Pikotek, Technetics, Garlock Europe and Garlock operations in Canada, Mexico or Australia are not affected by the filing, nor is EnPro Industries or any other EnPro operating subsidiary. Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A., represents the Debtor in its Chapter 11 effort. Garland S. Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel for Asbestos matters. Bankruptcy Creditors' Service, Inc., publishes Garlock Sealing Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Garlock Sealing Technologies LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GERDAU AMERISTEEL: S&P Raises Corporate Credit Rating From 'BB+' ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Tampa-based Gerdau Ameristeel Corp. to 'BBB-' from 'BB+'. S&P also removed the rating from CreditWatch with positive implications, where S&P placed it on June 3, 2010. The outlook is negative. "The rating actions follow Gerdau's Aug. 30, 2010 announcement that it had concluded its acquisition of the remaining shares of Gerdau Ameristeel that it hadn't previously owned, for about $1.6 billion," said Standard & Poor's credit analyst Marcelo Schwartz. "The upgrade on Gerdau Ameristeel reflects the support from owner Gerdau S.A., given the strategic importance of the U.S. subsidiary to the overall performance of the consolidated entity," he continued. S&P believes the conclusion of the transaction further enhances this relationship, and resulted in Standard & Poor's equalizing the ratings. The negative outlook reflects S&P's belief that despite Gerdau's stronger results in the first half 2010, further improvement in credit metrics may be difficult because of the still-volatile market environment, especially in its operations outside Brazil, and incremental debt incurred in acquiring the remaining Gerdau Ameristeel shares. S&P could lower the rating if recovery in the company's markets is slower than S&P expects, leading to ongoing weak credit metrics. Specifically, if total debt to EBITDA fails to improve and remains around 3.5x by the end of 2010. S&P could revise the outlook to stable if credit metrics continue to improve, particularly with stronger EBITDA and funds from operations, bringing the total debt to EBITDA ratio to less than 3x in the next few quarters. An upgrade is currently unlikely, given Gerdau's still-weak credit measures. GOLDEN EAGLE: Names Mark Baily & Company as New Auditor ------------------------------------------------------- Chisholm, Bierwolf, Nilson & Morrill LLC notified on Aug. 17, 2010, the Golden Eagle International Inc. that effective as of that date, the firm was not going to stand for re-election as its independent auditor. Effective the same date, the Company appointed Mark Bailey & Company, Ltd. as its new auditor and that decision to change the auditor was approved by the Company's Board of Directors. Chisholm Bierwolf issued its auditor's report on the Company's financial statements for the year ended Dec. 31, 2009 and 2008, which included an explanatory paragraph as to the Company's ability to continue as a going concern. Other than the going concern uncertainty described above, the firm's audit report on the Company's financial statements for the years ended Dec. 31, 2009 and 2008 did not contain an adverse opinion or disclaimer of opinion, or was qualified or modified as to uncertainty, audit scope or accounting principles. During the years ended December 31, 2009 and 2008 and any subsequent interim period through August 17, 2010, the date of resignation of the firm, there were no disagreements with the firm on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the firm's satisfaction, would have caused CBNM to make reference to the subject matter of the disagreements in connection with their report on the Company's consolidated financial statements for such years; and there were no reportable events, as listed in Item 304(a)(l)(v) of Regulation S-K. Going Concern Chisholm, Bierwolf, Nilson & Morrill, in Bountiful, Utah, expressed substantial doubt about the Company's ability to continue as a going concern following the Company's 2009 results. The independent auditors noted that the Company has a significant working capital deficit, has incurred significant losses since inception, and is dependent of financing to continue operations. About Golden Eagle Based in Salt Lake City, Golden Eagle International, Inc. Golden Eagle International, Inc. (OTC BB: MYNG) was previously focused on minerals exploration and mining and milling operations in Bolivia through its Bolivian-based wholly-owned subsidiary, Golden Eagle International, Inc. (Bolivia). However, in late 2008 the Company suspended these operations, and in March 2010 transferred control of its Bolivian assets and operations to an unaffiliated third party. The Company expects to transfer ownership of those assets and operations during the second quarter of 2010, although there can be no assurance that it will be able to complete the transactions with the purchaser. The Company's balance sheet at June 30, 2010, showed $5.16 million in total assets, $3.19 million in total liabilities, and $1.97 million in stockholders' equity. GOLDEN EAGLE: Settles Lawsuit Commenced by Yukon-Nevada Gold ------------------------------------------------------------ Golden Eagle International Inc. has settled its lawsuit with Yukon-Nevada Gold Corp. and its subsidiary, Queenstake Resources USA, Inc. As a result of the settlement, the parties have agreed that all claims in the lawsuit in the Fourth Judicial District Court of Nevada, Elko County (Queenstake Resources USA, Inc. v. Golden Eagle International, Inc. v. Yukon-Nevada Gold Corp, et al., CV-C- 09-544), may be dismissed, each party bearing its own costs and attorneys' fees. Pursuant to the settlement, Golden Eagle expects to receive $3,467,152 over the next four months. The settlement agreement also provides that Yukon-Nevada Gold Corp. will deliver 2 million shares of its issued and outstanding common stock to Golden Eagle on or before Oct. 20, 2010. Going Concern Chisholm, Bierwolf, Nilson & Morrill, in Bountiful, Utah, expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditors noted that the Company has a significant working capital deficit, has incurred significant losses since inception, and is dependent of financing to continue operations. About Golden Eagle Based in Salt Lake City, Golden Eagle International, Inc. Golden Eagle International, Inc. (OTC BB: MYNG) was previously focused on minerals exploration and mining and milling operations in Bolivia through its Bolivian-based wholly-owned subsidiary, Golden Eagle International, Inc. (Bolivia). However, in late 2008 the Company suspended these operations, and in March 2010 transferred control of its Bolivian assets and operations to an unaffiliated third party. The Company expects to transfer ownership of those assets and operations during the second quarter of 2010, although there can be no assurance that it will be able to complete the transactions with the purchaser. The Company's balance sheet at June 30, 2010, showed $5.16 million in total assets, $3.19 million in total liabilities, and $1.97 million in stockholders' equity. GORDON PROPERTIES: Vote Denial Didn't Violate Automatic Stay ------------------------------------------------------------ WestLaw reports that a condominium owners' association improperly denied a Chapter 11 debtor, as the owner of 40 condominium units, its right to vote at a meeting for the election of the association's board of directors, by granting a simple voice vote for adjournment of the meeting sine die without making any attempt to ascertain the identities of those opposing the motion, which included the debtor, as the holder of nearly 20% of the votes in the association, and other individuals holding proxies to vote multiple unit interests. Nonetheless, this conduct did not violate the automatic stay, as an attempt to collect unpaid prepetition assessments against the debtor. It was rather an attempt to improperly continue the incumbent board of directors in office for another year, until the next meeting of unit owners. In re Gordon Properties, LLC, --- B.R. ----, 2010 WL 2244898 (Bankr. E.D. Va.) (Mayer, J.). Based in Alexandria, Va., Gordon Properties LLC owns 40 condominium units in a high-rise apartment building with both residential and commercial units and two commercial units adjacent to the high-rise building. The Debtor's ownership of these condos represents about a 20% interest in the Forty Six Hundred Condominium -- http://foa4600.org/-- project in Alexandria, Va. One of the adjacent commercial units, a restaurant, is also owned by the debtor. Gordon Properties sought Chapter 11 protection on Oct. 2, 2009 (Bankr. E.D. Va. Case No. 09-18086), and is represented by Donald F. King, Esq., at Odin, Feldman & Pittleman PC in Fairfax, Va. The Debtor disclosed $11,149,458 in assets and $1,546,344 in liabilities in its Schedules of Assets and Liabilities. GRAHAM PACKAGING: Fitch Assigns Ratings on Two Senior Notes ----------------------------------------------------------- Fitch Ratings has assigned ratings to the proposed debt that will be issued by Graham Packaging Company, L.P.'s and its subsidiary, GPC Capital Corp.: -- $913 million senior secured term loan D at 'B+/RR3'; -- $250 million senior unsecured notes at 'CCC/RR6'. Proceeds from the proposed debt issuances will be used to fund the $568 million acquisition of Liquid Container, L.P., repay the $563 million term loan B and $33 million related to fees with the transaction. The ratings for the $563 million term loan B maturing in 2011 will be withdrawn at the time the term loan is repaid. Fitch has also affirmed these ratings for Graham Packaging Company, L.P. and subsidiary GPC Capital Corp. I: -- IDR at 'B'; -- Senior secured revolving credit facility at 'B+/RR3'; -- Senior secured term loan at 'B+/RR3'; -- Senior unsecured notes at 'CCC/RR6'; -- Senior subordinated notes at 'CCC/RR6'. The Outlook is Stable. Graham's rating incorporates Fitch's expectation that, on a long- term basis, the acquisition benefits the company's competitive position and that Graham has the financial flexibility to maintain leverage in a range appropriate for the current rating category. Shorter-term, the acquisition moderately weakens the company's credit profile with leverage increasing pro forma for the transaction to 5.3 times at the end of the second quarter 2010 (2Q'10). Graham's covenants provide material capacity for the transaction. Absent additional leveraging transactions, Fitch expects that EBITDA growth and debt reduction will strengthen Graham's credit-protection metrics back to its pre-acquisition range of less than 5x within the next year. Free cash flow is expected to be at least $130 million for 2010. The debt financing also addresses a key liquidity risk of refinancing the term loan B due in October 2011. Consequently, Graham does not have any sizeable maturities until 2014. Graham's liquidity at the end of 2Q'10 was approximately $386 million, which consisted of an undrawn $260 million revolving credit facility ($10.2 million of outstanding letters of credit at June 30, 2010) and $136 million of cash. The available liquidity is expected to decrease in the fourth quarter as Graham will not likely extend the $135 million in revolving commitments due October 2010. Amortization payments for the remainder of 2010 are minimal. Fitch expects Graham could be required to make an excess cash flow sweep payment in March 2011 for the 2010 period. In 2009, Graham made an excess cash flow payment of $63 million. The company remains in compliance with its credit agreement covenants and has considerable cushion under its covenants. Fitch believes that over the longer term, Graham's ratings have upward potential absent further leveraging transactions. Key rating drivers include: (1) longer-term expected improvements in credit metrics, especially debt-to- EBITDA leverage, (2) stable profitability, and (3) increased levels of free cash flow. GREEKTOWN HOLDINGS: George Boyer Named Board Chair for Reorg. Co. ----------------------------------------------------------------- Greektown Superholdings, Inc.'s Board of Directors appointed George Boyer to serve as the Company's Executive Chairman of the Board on August 10, 2010, the Company reported in its Form 10-Q filing for the quarter ended June 2010 with the U.S. Securities and Exchange Commission. Mr. Boyer will continue in his role as Chairman of the Company's Board of Directors. The responsibilities of the position of Executive Chairman of the Board include (i) leading the management of the Company in strategic, marketing and operational issues consistent with the direction of the Board, (ii) liaising between the management of the Company and the Board and providing a monthly update to the Board, and (iii) leading a search to supplement the existing management team. Mr. Boyer, who is 58 years of age, was appointed as a member of the Company's Board of Directors on March 17, 2010. He was President and Chief Operating Officer of MGM Grand Detroit from 2002 to 2008 and a member of the development team for the permanent casino, which opened in 2007. Previously, he served as President of another MGM Mirage subsidiary company and held other senior leadership positions in Las Vegas. MGM Mirage is an entertainment company headquartered in Las Vegas that owns resort-casinos, restaurants, residential living and retail departments in Nevada and Michigan. Before Mr. Boyer joined the gaming industry, he held various audit positions at the Philadelphia Stock Exchange and the United States General Accounting Office from 1976 through 1986. Currently, Mr. Boyer is also an audit committee member and director of First Mercury Financial Corporation (NYSE: FMR), a property and casualty insurance company based in Southfield, Michigan. In connection with Mr. Boyer's appointment as Executive Chairman of the Board, the Board of Directors has agreed to compensate him, effective as of July 12, 2010, at a rate of $50,000 per month. He will also be provided with medical benefits comparable to those afforded to senior management of the Company, continued indemnification as an officer and director of the Company, and reimbursement of expenses. The noted compensation is in addition to the previously approved compensation of the position of Chairman of the Board for Mr. Boyer. Hendrix to Join Greektown Board In a related development, the Detroit News reported that Freman Hendrix is resigning from the Detroit Charter Revision Commission to join the Greektown Casino board of directors. According to the report, Mr. Hendrix is set to step down from his current position in the Detroit Commission on September 14, 2010. The Michigan Gaming Control Board is set to vote on Mr. Hendrix's license to join the Board also on September 14. About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operate world- class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. Clark Hill PLC serves as counsel to the Official Committee of Unsecured Creditors. The Joint Plan of Reorganization for Greektown Holdings LLC and five of its debtor affiliates proposed by certain noteholder entities, the Official Committee of Unsecured Creditors of the Debtors, and Deutsche Bank Trust Company Americas, as indenture trustee, was declared effective on June 30, 2010. Greektown Casino Hotel clinched its way to the June 30 finish line when it obtained a unanimous approval from the Michigan Gaming Control Board on June 28, 2010, of the transfer of the Company's ownership from the Sault Ste. Marie Tribe of Chippewa Indian to new investors. GREEKTOWN HOLDINGS: Panel Okays Director Compensation Program ------------------------------------------------------------- Greektown Superholdings Inc.'s Compensation Committee approved a director compensation program for members of the Company's Board of Directors on August 11, 2010, the Company reported in its Form 10-Q filing for the quarter ended June 2010 with the U.S. Securities and Exchange Commission. Pursuant to the Program, the Chairman of the Board will receive an annual retainer of $225,000, and all other board members will receive an annual retainer of $75,000. In addition, the Chairmen of the Audit Committee, the Nominating, Corporate Governance and Regulatory Compliance Committee and the Compensation Committee will each receive an additional $25,000, and each member of the Board of Directors that serves on a committee in a non-chair capacity shall receive an additional $10,000. All annual retainers will be paid half in cash and half in restricted shares of Series A-1 Common Stock, vesting in quarterly increments over a one year period. Each director may elect annually to receive all or part of the equity portion of the award in cash. The cash payments will be made when the equity would have vested. No separate per-meeting fees will be paid to members of the Board of Directors. In addition, the director compensation program provides that each member of the Company's Board of Directors is entitled to receive restricted shares of the Company's Series A-1 Common Stock. Upon joining the Company's Board of Directors, the Chairman of the Board is entitled to $275,000 of such stock, the Vice Chairman of the Board is entitled to $150,000 of such stock, and all other directors are entitled to $125,000 of such stock. All restricted shares will vest in three equal annual installments. About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operate world- class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. Clark Hill PLC serves as counsel to the Official Committee of Unsecured Creditors. The Joint Plan of Reorganization for Greektown Holdings LLC and five of its debtor affiliates proposed by certain noteholder entities, the Official Committee of Unsecured Creditors of the Debtors, and Deutsche Bank Trust Company Americas, as indenture trustee, was declared effective on June 30, 2010. Greektown Casino Hotel clinched its way to the June 30 finish line when it obtained a unanimous approval from the Michigan Gaming Control Board on June 28, 2010, of the transfer of the Company's ownership from the Sault Ste. Marie Tribe of Chippewa Indian to new investors. GREEKTOWN HOLDINGS: Records $301.8MM Net Income for June 30 Qtr. ---------------------------------------------------------------- Greektown Superholdings, Inc., filed with the U.S. Securities and Exchange Commission on August 16, 2010, its second quarter financial results for the period ended June 30, 2010. Greektown Superholdings President Clifford J. Vallier relates that the Company's net revenues decreased by $2.6 million in the three months ended June 30, 2010, over the comparable period in the prior year driven by an increase in gross revenues of $0.7 million, which was more than offset by an increase in promotional expenses of $3.3 million. The increase in gross revenues reflects increases in casino revenue of $1.3 million, and decreases in food and beverage sales of $0.2 million, hotel revenue of $0.3 million and other revenue of $0.1 million, Mr. Vallier notes. The increase in casino revenue was primarily a result of growth in slot machine revenue (net of participation expense) of $2.1 million partially offset by a decrease in table game revenues of $0.7 million. The increase in promotional allowances resulted from enhanced promotional offers to the Company's patrons in order to retain market share in light of enhanced competitive conditions in the Detroit gaming market. Direct operating expenses increased by $0.9 million, and by 3.0% as a percentage of net revenues, in the three months ended June 30, 2010, over the comparable period in the prior year. Indirect operating expenses increased by $1.1 million, and by 2.0% of net revenues, during the three months ended June 30, 2010, compared to the same period in the prior year. The net gain (loss) on reorganization items and fresh start adjustments decreased by $313.9 million during the three month period ended June 30, 2010, compared to the comparable period in the prior year driven by aggregate non-cash adjustments of $321.0 million to recognize the net gain on the discharge of liabilities subject to compromise upon the effectiveness of the Plan and the revaluation of assets and liabilities under fresh start accounting, which was partially offset by an increase in bankruptcy-related professional fees of $7.0 million correlated with activities in the bankruptcy cases. A full-text copy of Greektown Superholdings' 2010 Second Quarter Results is available for free at the SEC at: http://researcharchives.com/t/s?6ad3 Greektown Superholdings, Inc. Consolidated Balance Sheet As of June 30, 2010 Assets Current Assets Cash and cash equivalents $13,596,000 Certificate of deposit 532,000 Accounts receivable - gaming 1,692,000 Accounts receivable - other 1,296,000 Notes receivable 2,000,000 Gaming tax receivable 5,743,000 Inventories 413,000 Prepaid expenses and other current assets 12,724,000 Current portion of financing fees 3,308,000 ------------ Total current assets 41,304,000 Property, building, and equipment 339,554,000 Other assets: Financing fees 12,894,000 Deposits and other assets 30,000 Casino development rights 117,800,000 Trade names 26,300,000 Rated player relationships 69,000,000 Goodwill 108,475,000 ------------ Total assets $715,357,000 ============ Liabilities and shareholders' equity Current Liabilities: DIP financing $- Secured debt in default - Accounts payable 11,569,000 City of Detroit settlement agreement accrual - Accrued interest - Accrued income taxes 7,230,000 Unsecured distribution liability 10,000,000 Notes payable 977,000 Accrued expenses and other liabilities 13,935,000 ------------ Total current liabilities 43,711,000 Liabilities subject to compromise - Long-term liabilities: Senior secured notes 362,605,000 Obligation under capital lease 2,522,000 Deferred Michigan business tax 3,720,000 ------------ Total long-term liabilities 368,847,000 Total liabilities $412,558,000 Shareholders' equity (members' deficit): Preferred stock: Series A-1 $185,396,000 Series A-2 20,551,000 Preferred warrants: Series A-1 25,651,000 Series A-2 58,342,000 Common stock: Series A-1 1,000 Series A-2 - Additional paid-in capital 12,858,000 Retained earnings - ------------ Total shareholders' equity (members' deficit) $302,799,000 ------------ Total liabilities and shareholders' equity $715,357,000 (members' deficit) ============ Greektown Superholdings, Inc. Consolidated Statement of Operations Three Months Ended June 30, 2010 Revenues: Casino $85,395,000 Food and beverage 5,695,000 Hotel 2,436,000 Other 1,249,000 ------------ Gross revenues 94,775,000 Less: promotional allowances 11,889,000 ------------ Net revenues 82,886,000 Operating expenses: Casino 21,012,000 Gaming taxes 18,851,000 Food and beverage 3,903,000 Hotel 2,310,000 Marketing, advertising, & entertainment 2,070,000 Facilities 4,903,000 Depreciation & amortization 5,271,000 General & administrative expenses 10,542,000 Other 53,000 Pre-opening expenses - Consulting company success fee - ------------ Operating expenses 68,915,000 ------------ Income from operations 13,971,000 Net gain(loss) on Chapter 11 related 309,465,000 reorganization items & fresh start adjustments ------------ Other income(expense): Interest income (expense) (18,682,000) Amortization of finance fees (1,039,000) Other - ------------ Total other expense (19,721,000) Income(loss) before provisions for 303,715,000 state income taxes Michigan business tax(expense) benefit Current (487,000) Deferred (1,387,000) ------------ Net income (loss) $301,841,000 ============ Greektown Superholdings, Inc. Consolidated Statement of Cash Flows Six Months Ended June 30, 2010 Operating Activities: Net income(loss) $290,921,000 Adjustments: Depreciation & amortization 10,488,000 Amortization of financing fees 2,079,000 Bad debts 1,500,000 Chapter 11 related reorganization items (301,354,000) Deferred Michigan business tax 1,350,000 Changes in current assets & liabilities: Accounts receivable 184,000 State of Michigan gaming tax refundable 6,585,000 Inventories 20,000 Prepaid expenses & other current assets 4,748,000 Notes receivable 460,000 Accounts payable (6,315,000) Accrued PIK interest (27,783,000) City of Detroit settlement agreement accrual (13,547,000) Accrued expenses interest & other liabilities 14,031,000 ------------ Net cash (used in)provided by operating (16,633,000) activities before reorganization costs Operating cash flows for reorganization costs (14,557,000) ------------ Net cash (used in)provided by operating (31,190,000) activities Investing Activities: Capital expenditures (5,566,000) Investment in certificate of deposit (2,000) ------------ Net cash used in investing activities (5,568,000) Financing Activities: Proceeds from borrowings on long-term debt 362,605,000 & notes payable Payments on long-term debt (516,328,000) Payments on notes payable (913,000) Financing fees paid (16,702,000) Proceeds from issuance of stockholders' equity 196,000,000 ------------ Net cash provided by financing activities 24,662,000 ------------ Net decrease in cash & cash equivalents (12,096,000) ------------ Cash & cash equivalents, beginning 25,692,000 ------------ Cash & cash equivalents, end $13,596,000 ============ Supplemental disclosure of cash flow information Cash paid during the year for interest $13,689,000 ============ About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operate world- class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. Clark Hill PLC serves as counsel to the Official Committee of Unsecured Creditors. The Joint Plan of Reorganization for Greektown Holdings LLC and five of its debtor affiliates proposed by certain noteholder entities, the Official Committee of Unsecured Creditors of the Debtors, and Deutsche Bank Trust Company Americas, as indenture trustee, was declared effective on June 30, 2010. Greektown Casino Hotel clinched its way to the June 30 finish line when it obtained a unanimous approval from the Michigan Gaming Control Board on June 28, 2010, of the transfer of the Company's ownership from the Sault Ste. Marie Tribe of Chippewa Indian to new investors. GREENBRIER COS: Gets 1,000 Railcar Orders for $130 Million ---------------------------------------------------------- The Greenbrier Companies has received orders for over 1,000 new double-stack intermodal platforms, along with orders for over 700 new covered hopper cars. In addition, Greenbrier will re-engineer and modify approximately 1,100 existing double-stack platforms to 53' from smaller dimensions. The aggregate value of the new railcar orders and refurbishment work is approximately $130 million. The new double-stack railcar orders and refurbishment work will be carried out at the Company's Gunderson and Greenbrier Rail Services facilities in calendar 2010 and 2011. The orders are from five separate customers, and are subject to final documentation, but are considered to be firm commitments. The customers, who were not disclosed, represent major railroad and leasing companies in North America. To support these orders, Greenbrier will increase its workforce by 260 workers at its Gunderson facility in Portland, Oregon, bringing total employment to over 900 employees. These additions will be carried out by calling back workers previously furloughed during the industry downturn or by new hires. Also, the Company will divert approximately 175 workers from its ocean-going marine barge construction at Gunderson to new railcar production in support of the new orders, and as a result of current softness in the marine market. The new and refurbished railcars will support a growing need for 53' double-stack well capacity in North America, despite a continued surplus of 40' and 48' equipment. Double-stack freight cars transport various sizes of containers stacked two high. The majority of such railcars are constructed to haul 40' international ocean-going containers. The recent strong growth in 53' domestic containerization allows railroad shippers to compete effectively with longer and heavier trucks on the nation's highways. Greenbrier is adjusting its production to fulfill this growing demand. The Company is in discussions with its largest marine customer about contracts in backlog due to an industry-wide slowdown in marine demand. This customer represents over 85% of the Company's marine backlog -- approximately $75 million as of May 31, 2010. These discussions may result in cancellation, modification or postponement of the orders. Such an event is likely to occur, and any compensation or alternative production the Company receives may not be adequate to replace the lost revenue and margin. In May 2010 the Company slowed its marine production rates, and has reduced those rates further during the current fiscal quarter. Beginning in the Company's first fiscal quarter of 2011, marine production rates will be reduced again due to the greater need for a rail workforce, uncertainty surrounding production of the current backlog, overall softness in the marine market and continued concern about the City of Portland's River Plan, which Greenbrier believes is a long-term threat to marine jobs on the Portland waterfront. Greenbrier anticipates that revenues and margin from its marine operations will be lower in its fourth fiscal quarter than in previous fiscal 2010 quarters, and that fiscal 2011 marine revenues and margin will be lower than 2010 revenues and margin. Greenbrier president and CEO, William A. Furman said, "The recent orders for double-stack equipment represent the early signs of a restoration in demand for this car type. Greenbrier has built over 80,000 double-stack platforms, more than 60% of all double- stack platforms ever built in North America, and has modified over 3,000 double-stack platforms over the past four years. We believe that our superior designs and engineering reduce the life cycle cost of this equipment for our customers and provides a better, more reliable and safer transportation vehicle for service with customers in the North American markets. Year-over-year growth in North American intermodal container traffic, a key indicator of Greenbrier's new railcar outlook, has been 16.8%. Intermodal loadings have outpaced the 10.1% increase in overall rail traffic, as intermodal recovers significantly from its 2009 levels. We continue to see requests for proposals for new 53' double-stack cars from other major customers, and demand for this product continues to build momentum into 2011." Mr. Furman continued, "These recent developments show the value of our flexible workforce and the importance of our diversification efforts in recent years. Our integrated business model is creating value for our customers, shareholders, and other stakeholders. In the current environment, we were able to adjust resources quickly across multiple disciplines. For example, we were able to divert experienced marine labor when faced with uncertainties in marine demand to support new rail demand. Finally, the combination of our leasing and refurbishment businesses allowed us to address the need for immediate delivery of a specific car type and enabled us to respond quickly and decisively." About Greenbrier Cos. Based in Lake Oswego, Oregon, The Greenbrier Companies Inc. operates in three primary business segments: manufacturing, refurbishment and parts, and leasing and services. The manufacturing segment, operating from four facilities in the United States, Mexico and Poland, produces double-stack intermodal railcars, conventional railcars, tank cars and marine vessels. The refurbishment & parts segment performs railcar repair, refurbishment and maintenance activities in the United States and Mexico. The leasing & services segment owns roughly 8,000 railcars and provides management services for roughly 225,000 railcars. * * * As reported by the Troubled Company Reporter on August 19, 2010, Moody's Investors Service raised its Speculative Grade Liquidity Rating for The Greenbrier Companies to SGL-3 from SGL-4. At the same time, Moody's affirmed the company's existing ratings, including the corporate family rating of Caa1. Greenbrier's rating outlook is negative in consideration of the continued sluggish demand for new railcars and the company's need to address certain refinancing needs. HARBOR REAL: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Harbor Real Asset Fund L.P. 7659 South 700 West Midvale, UT 84047 Bankruptcy Case No.: 10-32436 Chapter 11 Petition Date: September 9, 2010 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: R. Kimball Mosier Debtor's Counsel: George B. Hofmann, Esq. PARSONS KINGHORN & HARRIS 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 Fax: (801) 363-4378 E-mail: gbh@pkhlawyers.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Ryan Relyea, managing director. The Debtor did not file its list of largest unsecured creditors when it filed its petition. Debtor-affiliate that filed separate Chapter 11 petition: Petition Debtor Case No. Date ------ -------- ---- HRAF Holdings, LLC 10-32433 09/09/10 HARRINGTON WEST: Case Summary & 13 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Harrington West Financial Group, Inc. P.O. Box 442 Solvang, CA 93464 Bankruptcy Case No.: 10-14677 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court Central District of California (Santa Barbara) Judge: Robin Riblet Debtor's Counsel: Sharon M. Kopman, Esq. LANDAU GOTTFRIED & BERGER LLP 1801 Century Park East, Suite 1460 Los Angeles, CA 90067 Tel: (310) 557-0050 Ext.120 Fax: (310) 557-0056 E-mail: skopman@lgbfirm.com Scheduled Assets: $579,282 Scheduled Debts: $26,004,000 A list of the Company's 13 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/cacb10-14677.pdf The petition was signed by William W. Phillips, Jr., president. HENRY MARINE: Gets $25,000 for Aiding Ferry Seven Year Ago ---------------------------------------------------------- SILive.com reports that a federal bankruptcy judge awarded $25,000 to Henry Marine Services Inc. for aiding the Staten Island Ferry that crashed seven years ago. Henry Marine originally asked for $6 million in claim. The report relates the judge gave salvage awards to two crewmen of the Company -- $16,257 to mate Robert Seckers and $4,946 to deckhand Paul Flecker -- based on their actions and salaries. Mr. Seckers had sought $2 million for his efforts and post-traumatic stress. Henry Marine Service Inc. made a voluntary filing under Chapter 11 in the U.S. Bankruptcy Court in Brooklyn, New York, to prevent the Internal Revenue Service from seizing the Company's three tugboats. The Company estimated assets of less than $50,000 and liabilities of between $1 million and $10 million. HERTZ CORPORATION: Moody's Reviews 'B1' Corporate Family Rating --------------------------------------------------------------- Moody's Investors Service is reviewing all ratings, including the B1 Corporate Family Rating, of The Hertz Corporation for possible downgrade following the announcement that the company has agreed to increase its acquisition price for Dollar Thrifty Automotive Group to $50 per share ($1.6 billion) from $41 per share ($1.3 billion). Although Moody's expects that the acquisition of DTG would result in considerable strategic and financial benefits for Hertz over time, there is an increased possibility that the funding of the transaction could strain its credit metrics at the current rating level. This risk is increased by the bidding competition for DTG between Hertz and Avis which has made an offer of $46.50 per share for the company. The B3 CFR and positive outlook of DTG are unchanged. Should this offer, or any future offer, by Hertz for DTG be successful Moody's review will focus on: the level of debt taken on to fund the transaction; the size and pace of any cost synergies that can be obtained; the likelihood that Hertz's credit metrics will remain supportive of the B1 rating level subsequent to closing; and, the company's ability to maintain adequate liquidity given the significant fleet funding requirements within the sector. Moody's will also assess the likely pace of recovery of Hertz's large equipment rental operations. The acquisition of DTG, with its strong position in the leisure and value segment of the car rental sector, would afford Hertz considerable strategic, competitive and cost-saving opportunities. Moreover, industry fundamentals within the car rental sector are improving as a result of much lower fleet size, a stronger used car market, and an improved pricing environment. These favorable industry fundamentals, along with successful cost reducing initiatives by both Hertz and DTG, are also contributing to improving operating performance and credit metrics of each company. These conditions bode well for the longer-term prospects of a Hertz/DTG merger. Nevertheless, Hertz already has a considerable amount of non-fleet corporate debt in its capital structure, and there may be risks and challenges associated with realizing all of the expected synergies in the transaction. The review will thoroughly assess Hertz's ability to maintain a credit profile consistent with the B1 rating level in the event that it is the ultimate acquirer of DTG. The last rating action on Hertz was a downgrade of the company's CFR to B1 and change in its outlook to negative on July 14, 2009. The last rating action on Dollar Thrifty was a change in the company's outlook to positive on April 28, 2010. Hertz Corporation, headquartered in Park Ridge, NJ, is a leading automobile and equipment rental company. HERTZ GLOBAL: S&P Keeps 'B' Corporate Credit Rating --------------------------------------------------- On Sept. 12, 2010, Hertz Global Holdings Inc. raised its bid to acquire competitor Dollar Thrifty Automotive Group Inc. to $1.43 billion, which DTAG has accepted. This compares with Hertz's previous $1.2 billion bid and counters the $1.35 billion bid made by Avis Budget Group Inc. on Sept. 2, 2010 (also raised from its earlier bid). Standard & Poor's Ratings Services initially placed the ratings on Hertz Global Holdings Inc. on CreditWatch with positive implications on April 26, 2010, when it announced that it had signed a definitive agreement to acquire DTAG for $1.2 billion. S&P is keeping the ratings, including the 'B' corporate credit rating, on Hertz Global Holdings Inc. and its major operating subsidiary Hertz Corp. on CreditWatch with positive implications. S&P said that its ratings on Park Ridge, N.J.-based auto and equipment renter Hertz Global Holdings Inc. and its major operating subsidiary, Hertz Corp., remain on CreditWatch with positive implications. "The ratings on Hertz Global Holdings Inc. and Hertz Corp. reflect their aggressive financial profile and the price-competitive and cyclical nature of on-airport car rentals and equipment rentals. The company has addressed previous material refinancing risk through several financings it completed over the past year," said Standard & Poor's credit analyst Betsy Snyder. "The ratings also incorporate the company's position as the largest global car rental company and the strong cash flow its businesses generate." If Hertz's proposed acquisition of DTAG under the revised terms is successful, S&P believes it will aid Hertz's business profile without substantially hurting its financial risk profile. However, even if Avis Budget revises its bid again and is successful in acquiring DTAG, S&P believes Hertz's improved operating and financial performance could result in higher ratings, even without acquiring DTAG. Hertz's revised bid -- an increase of around $200 million in cash -- would be offset somewhat from proceeds from the sale of its Advantage Rent-A-Car leisure car rental brand. The DTAG acquisition would increase Hertz's market share in the U.S. airport market segment. There currently are three major on- airport car rental companies: Hertz, Avis Budget (parent of the Avis and Budget brands), and Enterprise Rent-A-Car Co. (parent of the Enterprise, Alamo, and National brands), each with around a 30% market share. DTAG accounts for most of the balance. DTAG focuses on the leisure segment, which has been faster growing and more profitable in the past year, while Hertz serves both business and leisure travelers. The acquisition would result in increased penetration for Hertz in the leisure segment. "If Hertz's revised bid for DTAG as proposed is successful, or if it raises its bid to counter a potential revised Avis Budget bid, S&P will evaluate its expectations for the Hertz business risk and financial risk profiles, pro forma for the acquisition. If Hertz's bid is unsuccessful, S&P will evaluate its improved operating and financial performance. S&P will address these outcomes in resolving the CreditWatch listing," Ms. Snyder added. HOLLIFIELD RANCHES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Hollifield Ranches, Inc. 4076 East 3400 North Hansen, ID 83334-5018 Bankruptcy Case No.: 10-41613 Chapter 11 Petition Date: September 9, 2010 Court: United States Bankruptcy Court District of Idaho (Twin Falls) Judge: Jim D. Pappas Debtor's Counsel: Brent T. Robinson, Esq. P.O. Box 396 Rupert, ID 83350 Tel: (208) 436-4717 E-mail: btr@idlawfirm.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Terry G. Hollifield, president. Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Peavey Co. Other bill dairy $378,752 P.O. Box 1089 and cattle Burley, ID 83318-1089 Valley Agronomics, LLC Other bill farm $249,460 P.O. Box 190 Kimberly, ID 83341-0190 Simplot Grower Solutions Other bill farm $196,429 797 Eastland Drive South Twin Falls, ID 83301 UBS AgriVest Rent-Land Lease $160,000 Valley Wide Cooperative Other bill farm $157,581 Carne I Corp. Other bill dairy $140,659 and cattle Walco Other bill dairy $119,192 Western Stockmen's Other bill dairy $95,376 Supply and cattle WSI Western Stockmen's Other bill dairy $80,823 and cattle Thomas Petroleum, LLC Other bill dairy $71,652 and farm Westway Feed Products, Other bill dairy $62,368 Inc. and cattle Bailey's Garage & Other bill machine $61,860 Construction hire for dairy farms and cattle Farm Plan Other bill farm $52,786 Black Oil Co. Other bill dairy $50,945 and farm fuel John Brennan Trust Rent-Land Lease $47,525 Lansing Trade Group, LLC Other bill cattle $39,521 Agri-Service Other bill dairy, $38,177 cattle and farm Jack and Beverly Boyd Rent-Land Lease $37,716 Robert Harris Other bill dairy $37,400 Wilbur-Ellis Company Other bill dairy $36,631 HRAF HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: HRAF Holdings, LLC 7659 South 700 West Midvale, UT 84047 Bankruptcy Case No.: 10-32433 Chapter 11 Petition Date: September 9, 2010 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: R. Kimball Mosier Debtor's Counsel: George B. Hofmann, Esq. PARSONS KINGHORN & HARRIS 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 Fax: (801) 363-4378 E-mail: gbh@pkhlawyers.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Ryan A. Relyea, manager. The Debtor did not file its list of largest unsecured creditors when it filed its petition. HUNTSMAN INTERNATIONAL: Moody's Puts B3 Rating on $350 Mil. Notes ----------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to Huntsman International LLC's proposed new $350 million senior unsecured subordinated note issue. The proceeds of the new subordinated debt are expected to be used to pay down a portion of HI's existing senior unsecured subordinated debt and possibly for general corporate purposes. HI is a subsidiary of Huntsman Corporation (B1 Corporate Family Rating). The outlook is stable. Rating Assigned: Issuer: Huntsman International LLC * Senior Subordinated Notes, B3, LGD6, 91% Ratings Rationale "The rating and stable outlook reflects Huntsman's strong liquidity profile evidenced, in part, by the lack of sizeable near term debt maturities until 2013, said Moody's analyst Bill Reed. The use of proposed note proceeds may reduce the level of debt maturing in 2013. However, if cash balances combined with unused credit facilities become depleted before sales volumes recover, on a sustainable basis, there would be negative pressure on the ratings." The ratings take into account Huntsman's strong competitive position in key businesses and significant competitive barriers, including process know-how and the benefits of world scale production capabilities. The ratings are nevertheless tempered by high leverage at this point in the chemical cycle, exposure to rising prices in some feedstocks, and possible future weakness in many key end markets, notably automotive and housing. Huntsman's B1 CFR also reflects the decline in business performance in 2009 and the expectation of a recovery in several of Huntsman's key end markets. The 2009 decline is evidenced by a 19% drop in adjusted EBITDA to $517 million. This level of EBITDA results in debt/EBITDA of 9.4X; however, on an LTM basis for the period ending June 30, 2010 adjusted EBITDA grew to $784 million resulting in a leverage ratio of 6.0X. The B1 rating also reflects Huntsman's announced plan to use the cash proceeds of 2008 and 2009 legal settlements, net of reductions in debt, including the committed revolver, to maintain an initial liquidity balance of between $800 million to $1 billion. Huntsman's cash balances at the end of June 2010 were some $766 million versUS$1.7 billion at the end of 2009. Liquidity is also provided by a $225 million revolver due in 2014 and an accounts receivable program. Concurrent with the bond offering, HI is seeking to increase its revolver from $225 million to up to $300 million. The B1 CFR is also supported by evidence of quarter over quarter improvement in the generation of EBITDA since the extremely weak quarters at the end of 2008 and the beginning of 2009. At the end of March 31, 2009 adjusted EBITDA was about $50 million. For the last two quarters of 2010 adjusted EBITDA was $136 million and $271 million, respectively. The stable outlook reflects Moody's expectation that Huntsman's substantial liquidity will enable the company to manage through the current downturn. Furthermore it incorporates Moody's current expectation that improving EBITDA combined with excess cash on the balance sheet will enable Huntsman to meet financial covenants as demand returns to more normal volumes in 2010 and 2011. Huntsman Corporation is a global manufacturer of differentiated and commodity chemical products. Huntsman's products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non- durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining and synthetic fiber industries. Huntsman had revenues of $8.7 billion, down from $10.2 billion in 2008, for the LTM period ending June 30, 2010. HUNTSMAN CORP: S&P Raises Corporate Credit Rating to 'B+' --------------------------------------------------------- Standard & Poor's Ratings Services said that it raised its ratings including its corporate credit ratings on Huntsman Corp. and its subsidiary Huntsman International LLC to 'B+' from 'B'. The outlook is stable. At the same time, S&P assigned its '6' recovery rating and 'B-' issue-level rating to the company's proposed $350 million senior subordinated notes, maturing 2021. Proceeds from the proposed notes are expected to be utilized to pay approximately $165 million each of senior subordinated notes due 2013 and senior subordinated notes due 2014. The 'B-' issue level rating and '6' recovery rating indicate S&P's expectation for negligible recovery (0%-10%) in the event of a payment default. "The upgrade reflects S&P's expectation that the recent faster- than-expected improvement in operating performance and in the company's leverage-related metrics will be sustained," said Standard & Poor's credit analyst Paul Kurias. The key ratio of funds from operations to total debt improved to 13% as of June 30, 2010, from 9% at the same date of last year. Strengthened EBITDA and a decline in debt levels over the past 12 months have contributed to the improvement of this ratio. At the same time, the company has maintained adequate liquidity levels and has gradually improved its debt maturity profile through several refinancing actions. Total adjusted debt levels as of June 30, 2010, were $4.5 billion, a decline from $5.8 billion as of June 30, 2009. During this period, EBITDA has improved to $812 million from $367 million. S&P expects that the company will gradually improve EBITDA somewhat further as economic growth and end market demand remain in a trend of gradual recovery. The ratings on Salt Lake City-based Huntsman Corp. and Huntsman International LLC reflect the company's aggressive financial profile, and its satisfactory business profile. INERGY LP: Moody's Assigns 'Ba3' Rating on $600 Mil. Senior Notes ----------------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to Inergy, L.P.'s proposed $600 million senior unsecured notes offering. The outlook is stable. Downgrades: Issuer: Inergy, L.P. -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD4, 66% from LGD4, 65% Assignments: Issuer: Inergy, L.P. -- Senior Unsecured Regular Bond/Debenture, Assigned Ba3, LGD4, 66% Ratings Rationale Proceeds from the new notes offering will be used to partially fund the acquisition of Tres Palacios. The $725 million total consideration for Tres Palacios is also being funded by approximately $400 million of new common units issued by Inergy. The issuance of these notes was contemplated by Moody's when Inergy announced its acquisition of Tres Palacios on September 7, 2010. The Tres Palacios acquisition is in-line with Inergy's strategic plans to grow its midstream business, with a focus on the higher margin, less volatile natural gas storage business. This acquisition will enhance Inergy's overall cash flow stability and position Inergy as one of the largest independent natural gas storage operator in the United States. Given the amount of equity being raised to fund the acquisition, Inergy's overall leverage profile will remain in-line with current levels with the expectation it will improve into 2011. The outlook and ratings would be pressured if leverage rises from current levels and remains above 4.0x for an extended period. Conversely, a positive outlook or upgrade would be considered if the company continues to improve its business profile and brings leverage to well under 3.5x on a sustainable basis. The last rating action on NRGY was on August 24, 2010, when Moody's upgraded Inergy's ratings. NRGY, headquartered in Kansas City, MO, is a publicly traded master limited partnership that owns and operates one of the largest geographically diverse retail and wholesale propane supply, marketing, and distribution businesses in the United States. NRGY also owns and operates a natural gas storage facility located approximately 150 miles northwest of New York City and a natural gas liquids business located near Bakersfield, California. INERGY LP: S&P Assigns 'B+' Rating on $600 Mil. Senior Notes ------------------------------------------------------------ Standard & Poor's Ratings Services said that it assigned its issue-level and recovery rating to Inergy L.P.'s and Inergy Finance Corp.'s proposed $600 million senior unsecured notes due 2018. The issue-level rating is 'B+' (one notch below the corporate credit rating). At the same time, S&P assigned a recovery rating of '5', indicating S&P's expectation of modest (10%-30%) recovery in the event of a payment default. The company intends to use the note proceeds to fund a portion of the announced $725 million acquisition of Tres Palacios Gas Storage LLC. As of June 30, 2010, Inergy had total debt, adjusted for operating leases and self-insurance reserves, of $1.3 billion. Kansas City-based Inergy is a midstream energy company that specializes in natural gas storage and propane distribution. S&P's corporate credit rating on Inergy is 'BB-', and the outlook is stable. Ratings List Inergy L.P. Corporate Credit Rating BB-/Stable/-- New Rating $600 mil senior unsecured notes B+ Recovery rating 5 INNKEEPERS USA: Failed to Show Good Faith in Lehman Deal -------------------------------------------------------- In denying approval and authority for Innkeepers USA Trust and its units to assume the Plan Support Agreement with Lehman ALI, Inc., Judge Shelley Chapman held during the hearing that the Debtors "didn't properly carry out their duties to creditors," Bloomberg News reported. Judge Chapman, according to Bloomberg, noted that: -- the PSA precluded Innkeepers USA Trust from "negotiating in good faith with their numerous constituents" and because of this, the PSA "created contempt" rather than "fostering negotiations;" -- the PSA "lacks support from nearly the entire capital structure;" -- it was "troubling" that Innkeepers didn't disclose to the largest creditor that it was working on a parallel agreement where Lehman would sell half the stock for $107.5 million to the current owner, Apollo Investment Corp.; and -- the PSA was not a "disinterested business transaction." Judge Chapman said "the debtors have not shown that they acted in good faith," Bloomberg related citing transcripts from that hearing. In the Plan Support Agreement, Lehman ALI will, among other things, receive, in full and final satisfaction of its approximately $220 million secured claim with respect to a mortgage loan, 100% of the new shares of common stock issued by reorganized Innkeepers pursuant to its Chapter 11 plan, subject to dilution by a management equity incentive program. The Plan Support Agreement also permits Lehman ALI to sell 50% of the equity of reorganized Innkeepers. On July 16, 2010, Lehman ALI disclosed that it entered into a letter agreement with Apollo Investment Corporation evidencing the sale of the 50% equity to Apollo. The Plan Support Agreement further provides that it will be terminated if, among others, Lehman ALI has not executed definitive agreements with respect to the sale of 50% of the Lehman Shares for a purchase price of at least $107.5 million no later than 45 days after the Petition Date; and Lehman has not consummated the New Equity Sale Transaction no later than 270 days after the Petition Date. About Innkeepers USA Trust Innkeepers USA Trust is a self-administered Maryland real estate investment trust with a primary business focus on acquiring premium-branded upscale extended-stay, mid-priced limited service, and select-service hotels. Innkeepers, through its indirect subsidiaries, owns and operates an expansive portfolio of 72 upscale and mid-priced extended-stay and select-service hotels, consisting of approximately 10,000 rooms, located in 20 states across the United States. Apollo Investment Corporation acquired Innkeepers in June 2007. Innkeepers USA Trust and a number of affilaites filed for Chapter 11 on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800). Attorneys at Kirkland & Ellis LLP, serve as counsel to the Debtors. AlixPartners is the restructuring advisor and Marc A. Beilinson is the chief restructuring officer. Moelis & Company is the financial advisor. Omni Management Group, LLC, is the claims and notice agent. The petition estimated assets and debts of more than $1 billion as of the bankruptcy filing. In 2009, Innkeepers' consolidated revenues were approximately $292 million and adjusted EBITDA were approximately $85 million. The Company's consolidated assets for 2009 totaled approximately $1.5 billion. As of July 19, 2010, the Company and its affiliates have incurred approximately $1.29 billion of secured debt. Bankruptcy Creditors' Service, Inc., publishes Innkeepers USA Bankruptcy News. The newsletter tracks the chapter 11 restructuring proceedings commenced by Innkeepers USA Trust and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). INNKEEPERS USA: Proposes October 29 Claims Bar Date --------------------------------------------------- Innkeepers USA Trust and its 91 Debtor affiliates ask Judge Shelley Chapman of the United States Bankruptcy Court for the Southern District of New York authority to approve deadlines and procedures for filing proofs of claims. To expedite the claims analysis and reconciliation process while giving persons and entities ample time and notice to file proofs of claim, the Debtors propose these bar dates and claim filing procedures: (a) All persons and entities, except for certain parties, holding or wishing to assert a claim against any of the Debtors that arose prior to the Petition Date, including any claim arising under Section 503(b)(9) of the Bankruptcy Code, must file proof of claim by October 29, 2010; (b) All governmental units holding or wishing to assert a Claim against any of the Debtors that arose prior to the Petition Date must file proof of claim by January 18, 2011; (c) Except as otherwise set forth in any order authorizing rejection of an executory contract or unexpired lease, all Entities holding or wishing to assert a Claim relating to the Debtors' rejection of an executory contract or unexpired lease must file proof of claim on or before 30 days after the date of the entry of the Rejection Order, or be barred from doing so; and (d) If the Debtors amend or supplement their schedules of assets and liabilities, the Debtors will give notice of any amendment or supplement to Entities holding Claims directly affected by the amendment, and those affected Entities holding or wishing to assert a Claim that arose prior to the Petition Date must file proof of claim on or before 30 days from the date of service of the notice, or be barred from doing so. James H.M. Sprayregen, P.C., Esq., at Kirkland & Ellis LLP, in New York, relates that the Debtors propose that Entities with these types of Claims will be subject to the applicable Bar Dates if the Entity holding the Claim desires to participate in any of the Chapter 11 Cases or share in any distribution in the Cases on account of: -- any Claim that is listed in the Schedules as "contingent," "unliquidated," "disputed," or any combination; -- any Claim that is improperly classified in the Schedules or is listed in an incorrect amount if the Entity holding the Claim desires to have the Claim allowed in a classification or amount other than as set forth in the Schedules; -- any Claim against a Debtor that is not listed in the applicable Schedules; and -- any Claim arising under Section 503(b)(9) for goods received by the Debtors within 20 days before the Petition Date. The Entities not required to file proofs of claim include those holding any Claim for which a proof of Claim in a form substantially similar to Official Bankruptcy Form No. 10 has already been filed against the Debtors and those holding any Claim listed in the Schedules. The Debtors intend to send Bar Date Notices to parties-in- interest. The Debtors also intend to supplement the notice by publishing a form of the Bar Date Notice in the national edition of The USA Today and other trade or local publications. Mr. Sprayregen contends that any Entity that is required to file a proof of Claim but that fails to do so by the applicable Bar Date should be forever barred, estopped, and enjoined from asserting any Claim against any of the Debtors and voting upon, or receiving distributions under, any Chapter 11 plan confirmed in the bankruptcy cases. About Innkeepers USA Trust Innkeepers USA Trust is a self-administered Maryland real estate investment trust with a primary business focus on acquiring premium-branded upscale extended-stay, mid-priced limited service, and select-service hotels. Innkeepers, through its indirect subsidiaries, owns and operates an expansive portfolio of 72 upscale and mid-priced extended-stay and select-service hotels, consisting of approximately 10,000 rooms, located in 20 states across the United States. Apollo Investment Corporation acquired Innkeepers in June 2007. Innkeepers USA Trust and a number of affilaites filed for Chapter 11 on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800). Attorneys at Kirkland & Ellis LLP, serve as counsel to the Debtors. AlixPartners is the restructuring advisor and Marc A. Beilinson is the chief restructuring officer. Moelis & Company is the financial advisor. Omni Management Group, LLC, is the claims and notice agent. The petition estimated assets and debts of more than $1 billion as of the bankruptcy filing. In 2009, Innkeepers' consolidated revenues were approximately $292 million and adjusted EBITDA were approximately $85 million. The Company's consolidated assets for 2009 totaled approximately $1.5 billion. As of July 19, 2010, the Company and its affiliates have incurred approximately $1.29 billion of secured debt. Bankruptcy Creditors' Service, Inc., publishes Innkeepers USA Bankruptcy News. The newsletter tracks the chapter 11 restructuring proceedings commenced by Innkeepers USA Trust and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). INNKEEPERS USA: Trimont Wants Lift Stay for Hotel Properties ------------------------------------------------------------ TriMont Real Estate Advisors, Inc., asks the Court to terminate the automatic stay to permit it to exercise rights and remedies with respect to the hotel properties the Debtors Grand Prix Mezz Borrower Floating 2 LLC and Grand Prix Mezz Borrower Term LLC pledged as collaterals to their mezzanine loans. TriMont is the special servicer for the benefit of SASCO 2008-C2 LLC, as owner of all the economic and beneficial interests in certain mezzanine loans of the Debtors. Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, in Atlanta, Georgia -- tmeyers@kilpatrickstockton.com -- relates that under the Plan Support Agreement entered into by the Debtors with Lehman ALI, the debts owing under the Mezzanine Loans are to be deemed "cancelled" and the Mezzanine Lender will not retain any property or interest on account of the debts. In short, he asserts, the membership interests that secure the Mezzanine Loans will cease to exist. The Debtors' position is that there is no equity in the hotel properties in the Floating Rate Pool. Though TriMont strongly disagrees with this position, it acknowledges that the value of these properties in excess of the Floating Rate Mortgage Loan is insufficient to cover fully the approximately $112.2 million in principal owed on the Floating Rate Mezzanine Loan. Thus, the parties are in agreement that there is no equity in the collateral that secures the Floating Rate Mezzanine Loan, namely, the membership interests in the property level debtors in the Floating Rate Pool, Mr. Meyers tells the Court. Though not reflected in the PSA, the Debtors appear to acknowledge now that there is value in the Hilton Suites in Anaheim, California, above the Anaheim Mortgage Loan entered into by Grand Prix Mezz Borrower Term LLC, Mr. Meyers alleges. Nevertheless, he asserts, the parties agree that there is insufficient value above the Anaheim Mortgage Loan to cover fully the $21.3 million Anaheim Mezzanine Loan. Thus, he points out, there is no equity in the collateral that secures the Anaheim Mezzanine Loan, namely, the 100% membership interest in KPA HS Anaheim owned by the Anaheim Mezzanine Borrower. Because the hotel properties in the Floating Rate Pool are of insufficient value to cover fully both the Floating Rate Mortgage Loan and the Floating Rate Mezzanine Loan, there is no equity in the membership interests that secure the Floating Rate Mezzanine Loan, Mr. Meyers contends. Similarly, he notes, because the value of the Anaheim Hotel is insufficient to cover fully both the Anaheim Mortgage Loan and the Anaheim Mezzanine Loan, there is no equity in the membership interest that secures the Anaheim Mezzanine Loan. He adds that these membership interests, which will not survive confirmation of the contemplated plan, are not necessary to an effective reorganization of the Mezzanine Borrowers. Accordingly, Mr. Meyers insists, the stay should be terminated pursuant to Section 362(d)(2) to permit TriMont, on behalf of SASCO, to exercise the rights and remedies afforded the Mezzanine Lender under the Mezzanine Loan Agreements, the pledge and security agreements, and applicable law with respect to the membership interests that serve as collateral for the Mezzanine Loans. Travis Shelhorse, an authorized representative of TriMont, submitted a declaration in support of the request. About Innkeepers USA Trust Innkeepers USA Trust is a self-administered Maryland real estate investment trust with a primary business focus on acquiring premium-branded upscale extended-stay, mid-priced limited service, and select-service hotels. Innkeepers, through its indirect subsidiaries, owns and operates an expansive portfolio of 72 upscale and mid-priced extended-stay and select-service hotels, consisting of approximately 10,000 rooms, located in 20 states across the United States. Apollo Investment Corporation acquired Innkeepers in June 2007. Innkeepers USA Trust and a number of affilaites filed for Chapter 11 on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800). Attorneys at Kirkland & Ellis LLP, serve as counsel to the Debtors. AlixPartners is the restructuring advisor and Marc A. Beilinson is the chief restructuring officer. Moelis & Company is the financial advisor. Omni Management Group, LLC, is the claims and notice agent. The petition estimated assets and debts of more than $1 billion as of the bankruptcy filing. In 2009, Innkeepers' consolidated revenues were approximately $292 million and adjusted EBITDA were approximately $85 million. The Company's consolidated assets for 2009 totaled approximately $1.5 billion. As of July 19, 2010, the Company and its affiliates have incurred approximately $1.29 billion of secured debt. Bankruptcy Creditors' Service, Inc., publishes Innkeepers USA Bankruptcy News. The newsletter tracks the chapter 11 restructuring proceedings commenced by Innkeepers USA Trust and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). IOI FUNDING: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: IOI Funding I, LLC 8680 Commodity Circle Orlando, FL 32819 Bankruptcy Case No.: 10-16189 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Judge: Karen S. Jennemann Debtor's Counsel: Elizabeth A. Green, Esq. BAKER & HOSTETLER LLP 200 S Orange Ave. Suntrust Center, Suite 2300 Orlando, FL 32801 Tel: (407) 649-4000 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $100,000,001 to $500,000,000 The Debtor did not file a list of its largest unsecured creditors together with its petition. The petition was signed by Deborah L. Linden, CEO. J & J CONSTRUCTION: Wants Case Converted to Chapter 7 Liquidation ----------------------------------------------------------------- J & J Construction Group, Inc., asks the U.S. Bankruptcy Court for the Northern District of Georgia to conditionally convert its Chapter 11 case to one under Chapter 7 of the Bankruptcy Code. The Debtor says that secured creditor Habersham Bank represented that it would prefer to be bought out and further represented that it would accept $2.5 million for 100% of its secured interest in a 46,800 sq. ft retail/medical building development and a 0.52 acre outparcel located at Powder Springs Road and Milford Church Road in Marietta Georgia. The Debtor obtained an offer to purchase from a qualified cash purchaser that provided for Habersham to receive $2.5 million. The offer also provided for the bankruptcy estate to receive $200,000 to cover the claims its remaining creditors, trustee fees, administrative fees, etc. Once the Debtor presented the commitment to purchase to Habersham Bank, the bank declined to accept the same. The Debtor requested that the Court grant 30 days to attempt to generate renewed interest in postpetition financing. If the Debtor is successful, it will file the appropriate motion under 364 of the Bankruptcy Code. If Debtor is not successful, it will proceed with the hearing on this motion to convert the case. About J & J Construction Group Roswell, Georgia-based J & J Construction Group, Inc., is in the business of acquiring, developing and managing commercial property. The Company developed commercial retail and office building projects and acquired raw land for future speculation and development since its inception in 2001. The Company filed for Chapter 11 bankruptcy protection on May 31, 2010 (Bankr. N.D. Ga. Case No. 10-76169). Rodney L. Eason, Esq., at The Eason Law Firm, assists the Debtor in its restructuring effort. The Company estimated assets at $10 million to $50 million and liabilities at $1 million to $10 million. JARDEN CORP: S&P Assigns 'BB+' Rating on $358 Mil. Loan ------------------------------------------------------- Standard & Poor's Ratings Services said that it is assigning a 'BB+' issue-level rating to the new $358 million term loan B5 tranche, due 2015, under Jarden Corp.'s (BB-/Stable/--) recently completed amend and extend transaction for its senior secured credit facility. S&P assigned a recovery rating of '1' to this tranche, indicating S&P's expectation of very high (90% to 100%) recovery in the event of a payment default. Amendments completed under this transaction include an increase in the size of the company's existing revolving credit facility commitment and extensions of the maturities of its existing revolving credit and portions of its existing term loan B1, term loan B2, and term loan B3 facilities. S&P believes these modifications enhance Jarden's liquidity profile. S&P's ratings on Jarden reflect the highly competitive and difficult operating environment in several of the company's businesses, its active acquisition strategy and its leveraged financial profile. The company's diversified business portfolio, increased scale following a series of large acquisitions, and good market positions in numerous product categories somewhat offset these risk factors. Rating List Jarden Corp. Corporate Credit Rating BB-/Stable/-- New Rating Jarden Corp. Senior Secured Term Loan B5 BB+ Recovery Rating 1 JAVA DETOUR: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Java Detour, Inc. aka Java Detour fka Media USA.com, Inc. 1550 Bryant Street, Suite 725 San Francisco, CA 94103 Bankruptcy Case No.: 10-33530 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court Northern District of California (San Francisco) Judge: Dennis Montali Debtor's Counsel: Gregory A. Rougeau, Esq. LAW OFFICES OF MANASIAN AND ROUGEAU 400 Montgomery Street, #1000 San Francisco, CA 94104 Tel: (415) 291-8425 E-mail: rougeau@mrlawsf.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 Debtor-affiliate that filed a separate Chapter 11 petition: Debtor Case No. Petition Date ------ -------- ------------- JDCO, Inc. 10-33531 9/09/10 Assets: $1,000,001 to $10,000,000 Debts: $1,000,001 to $10,000,000 The petitions were signed by Harry R. Kraatz, chairman The Debtors did not file a list of creditors together with their petitions. JOHN KONECNIK: Section 341(a) Meeting Scheduled for Nov. 8 ---------------------------------------------------------- The U.S. Trustee for Region 21 will convene a meeting of John P. Konecnik Jr.'s creditors on November 8, 2010, at 1:30 p.m. The meeting will be held at Room 100-B, 501 East Polk Street, (Timberlake Annex), Tampa, FL 33602. This is the first meeting of creditors required under Section 341(a) of the U.S. Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Nokomis, Florida-based John P. Konecnik, Jr., filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. M.D. Fla. Case No. 10-20279). Lynn V. H. Ramey, Esq., at The Law Offices of Lynn Ramey, assists the Debtor in his restructuring effort. According to his schedules, the Debtor disclosed $24,958,072 in total assets and $14,129,383 in total liabilities as of the petition date. Affiliate Fisherman's Warf of Venice, Inc, filed a separate Chapter 11 petition on May 4, 2010 (Bankr. M.D. Fla. Case No. 10- 10694). JUN HO LEE: Case Summary & 18 Largest Unsecured Creditors --------------------------------------------------------- Joint Debtors: Jun Ho Lee Hye Jin Lee 1615 S. Wilton Place Los Angeles, CA 90019 Bankruptcy Case No.: 10-48568 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court Central District of California (Los Angeles) Judge: Ernest M. Robles Debtors' Counsel: Gary A. Laff, Esq. LAW OFFICE OF GARY A. LAFF 3345 Wilshire Boulevard, Suite 911 Los Angeles, CA 90010 Tel: (213) 380-3808 Fax: (213) 380-1963 Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Joint Debtors' 18 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/cacb10-48568.pdf KENNETH MROZEK: Voluntary Chapter 11 Case Summary ------------------------------------------------- Joint Debtors: Kenneth J. Mrozek Carole A. Mrozek 2219 Langhorne-Yardley Road Langhorne, Pa 19047 Bankruptcy Case No.: 10-17635 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court Eastern District of Pennsylvania (Philadelphia) Judge: Bruce I. Fox Debtors' Counsel: Michael H. Kaliner, Esq. JACKSON, COOK, CARACAPPA & BLOOM 312 Oxford Valley Road Fairless Hills, PA 19030 Tel: (215) 946-4342 E-mail: michaelkaliner@7trustee.net Scheduled Assets: $2,517,656 Scheduled Debts: $2,310,120 The Joint Debtors did not file a list of creditors together with its petition. LAFAYETTE LEVER: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Lafayette Lever 2001 Club Center Drive, #3111 Sacramento, CA 95835 Bankruptcy Case No.: 10-28822 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court District of Arizona (Phoenix) Judge: Charles G. Case II Debtor's Counsel: Eric Slocum Sparks, Esq. ERIC SLOCUM SPARKS PC 110 S. Church Avenue, #2270 Tucson, AZ 85701 Tel: (520) 623-8330 Fax: (520) 623-9157 E-mail: eric@ericslocumsparkspc.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of creditors together with its petition. LENDER PROCESSING: Moody's Raises Speculative Liquidity Rating -------------------------------------------------------------- Moody's Investors Service raised Lender Processing Services speculative grade liquidity rating to SGL-1 from SGL-2 reflecting the company's very good liquidity profile. The revision of the liquidity rating reflects the company's continued strong cash flow generation through the economic recession as the company benefited from the spike in U.S. mortgage foreclosure activity, refinancing activity resulting from lower interest rates, and increased demand for analytical services related to loss mitigation and loan modifications. During the first half of 2010, revenue growth has slowed to 4% compared to the prior year (versus 29% revenue growth during 2009) due to the sharp decline in industry foreclosure starts and mortgage originations. However, while default services revenues has declined 2% for the first six months on a year over year basis, Loan Facilitation Services revenues increased by 7% due to market share gains as mortgage lenders continue to outsource their processing activities. The SGL-1 rating considers both the internal and external sources of liquidity. The company had a cash balance of $109 million at June 30, 2010, and full availability on its $140 million revolving credit facility, which expires in July 2013. For LTM June 30, 2010, LPS' free cash flow was approximately $294 million on a Moody's adjusted basis. Moody's expects the company's free cash flow to be about the same level for the next twelve months, which will allow the company to fund its capital expenditures and working capital needs for at least the next twelve months. Although LPS has no near-term debt maturities, with the earliest being the Term Loan A due July 2013, the company is required to service quarterly principal amortization payments on its term loans. During LTM June 30, 2010, the company has paid down debt of more than $120 million. The company also pays a quarterly dividend of $0.10 per common share, which totals approximately $10 million per quarter. Rating revised: * Speculative Grade Liquidity Rating to SGL-1 from SGL-2 The last rating action was on June 2, 2008, when Moody's assigned a first time corporate family rating and probability of default rating of Ba1 to LPS along with a stable rating outlook. Concurrently, Moody's assigned Baa3 ratings to LPS' $700 million Term Loan A, $485 million Term Loan B, and $140 million revolving credit facility, and also assigned a Ba2 rating to its $375 million of senior unsecured notes. With over $2.4 billion in revenues for the twelve months ended June 30, 2010, Lender Processing Services, Inc., headquartered in Jacksonville, Florida, provides mortgage loan processing services, including mortgage origination and default management services to financial institutions. M&M QUALITY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: M&M Quality Printing, Inc. aka Canyon Car Wash 8285 E. Monte Vista Road Anaheim, CA 92808 Bankruptcy Case No.: 10-22759 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court Central District of California (Santa Ana) Judge: Theodor Albert Debtor's Counsel: Jiyoung Kym, Esq. LAW OFFICES OF JIYOUNG KYM 3435 Wilshire Boulevard, #2600 Los Angeles, CA 90010 Tel: (213) 386-0800 Fax: (213) 995-9898 E-mail: jkym@yahoo.com Estimated Assets: $500,001 to $1,000,000 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/cacb10-22759.pdf The petition was signed by Moon Young Lee, president. MAMMOTH RESOURCE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Mammoth Resource Partners, Inc. P.O. Box 430 Cave City, KY 42127 Bankruptcy Case No.: 10-11377 Chapter 11 Petition Date: September 8, 2010 Court: United States Bankruptcy Court Western District of Kentucky (Bowling Green) Judge: Joan A. Lloyd Debtor's Counsel: David M. Cantor, Esq. SEILLER WATERMAN LLC 462 S. 4th Street, Suite 2200 Louisville, KY 40202 Tel: (502) 584-7400 Fax: (502) 583-2100 E-mail: cantor@derbycitylaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $100,001 to $500,000 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/kywb10-11377.pdf The petition was signed by Roger L. Cory, CEO. MATTERHORN NURSERY: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Matterhorn Nursery, Inc. 227 Summit Park Road Spring Valley, NY 10977-1219 Bankruptcy Case No.: 10-23887 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Robert D. Drain Debtor's Counsel: Dana Patricia Brescia, Esq. ALTER, GOLDMAN & BRESCIA, LLP 550 Mamaroneck Avenue Harrison, NY 10528 Tel: (914) 670-0030 Fax: (914) 670-0031 E-mail: altergold@aol.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its largest unsecured creditors together with its petition. The petition was signed by Matt Horn, president. MICHAEL HURLEY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Joint Debtors: Michael A. Hurley dba Dirtstripper fdba CMC Enterprises, Ltd. dba Dirtstripper Touchless fdba Hurley Properties, LLC dba Dirt Stripper Car Wash fdba CMC Laundry, Ltd. fdba CMC Enterprises of Princeton, Ltd. dba Oshkosh Maytag Coin Laundry Carol J Hurley dba Hurley Properties, LLC dba CMC Laundry, LTD dba CMC Enterprises of Princeton, LTD dba CMC Enterprises of Berlin, LTD dba CMC Enterprises LTD dba CMC Laundry of Berlin, LTD fdba CMC Enterprises of Beaver Dam, LTD 13370 West Maple Ridge Road New Berlin, WI 53151 Bankruptcy Case No.: 10-34556 Chapter 11 Petition Date: September 5, 2010 Court: United States Bankruptcy Court Eastern District of Wisconsin (Milwaukee) Debtor's Counsel: John W. Menn, Esq. STEINHILBER, SWANSON, MARES 107 Church Ave. P.O. Box 617 Oshkosh, WI 54903 Tel: (920) 426-0456 Fax: (920) 426-5530 E-mail: jmenn@oshkoshlawyers.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Joint Debtors' 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/wieb10-34556.pdf MAUREEN MURPHY: Case Summary & 14 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Maureen Murphy fka Maureen McKeown 100 Judges Hollow Road Fairfield, CT 06824 Bankruptcy Case No.: 10-52143 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court District of Connecticut (Bridgeport) Judge: Alan H.W. Shiff Debtor's Counsel: Peter L. Ressler, Esq. GROOB RESSLER & MULQUEEN 123 York Street, Ste 1B New Haven, CT 06511-0001 Tel: (203) 777-5741 Fax: (203) 777-4206 E-mail: ressmul@yahoo.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's 14 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/ctb10-52143.pdf NALCO COMPANY: Fitch Upgrades Issuer Default Rating to 'B+' ----------------------------------------------------------- Fitch Ratings has upgraded its Issuer Default Rating on Nalco Company to 'B+' from 'B', along with the outstanding debt. While Fitch believes the recovery prospects for securities in a distressed scenario are good, maintaining a notch differential between secured, unsecured and subordinated is appropriate to reflect priority. In addition, Fitch has upgraded the IDR for Nalco Finance Holdings LLC and Nalco Finance Holdings Inc. (co-borrowers of the senior discount notes) to 'B+' from 'B' and upgraded the rating on the senior discount notes to 'B+/RR4' from 'B/RR4'. The Ratings Outlook for the ratings of Nalco, Nalco Finance Holdings LLC and Nalco Finance Holdings Inc. has been revised to Stable from Positive. The ratings reflect resilient margins, solid liquidity, stable free cash flow generation and expectation for modest growth and debt repayment over the next 12-18 months. Nalco's operations benefit from its dominant market share, broad product offerings, geographic reach, and strong customer retention. Diversification across products, geography and customers and low capital spending requirements have resulted in solid free cash flow generation. Liquidity at June 30, 2010, was solid with $149 million of cash on hand and $231.7 million available under the $250 million revolver maturing May 2014, after utilization of $18.3 million for letters of credit, and availability under the $150 million accounts receivable facility maturing June 2013 of $86 million after borrowings of $64 million. Fitch believes management will achieve its revised guidance of $735 million in adjusted EBITDA and $150 million in free cash flow given that there should be sufficient visibility into costs and revenues. Fitch expects total debt/operating EBITDA to show a steady decline from 3.9 times as of June 30, 2010 over the next 12-18 months. Near-term maturities are $105.7 million due in 2010, $10.6 million in 2011, $10.6 million in 2012, $784.5 million in 2013 and $471.5 million in 2014. Fitch expects Nalco to call the $752.7 million senior subordinated notes due 2013 at par in 2011 and refinance a portion thereof with new unsecured debt. If more than 10% of the notes remain outstanding six months prior to maturity, term loans, in the amount of $985 million in May 2013 or $982.1 million in August 2013, will come due. The bank facilities have a maximum consolidated net debt to EBITDA ratio that is currently 4.75x but steps down to 4.5x under the existing agreement beginning Oct. 1, 2010. Fitch expects that the company will remain well within compliance with its covenants. Secured debt at quarter end was $1.2 billion representing about 40% of total debt. In February 2007 the company initiated a dividend amounting to about $20 million annually and, in July 2007, the company instituted a $300 million share repurchase program. Through Dec. 31, 2008, $211.3 million was spent to repurchase shares; no shares were repurchased in 2009 or in 2010. Fitch does not expect shareholder-friendly transactions in advance of refinancing the 2013 and 2014 maturities. The Stable Rating Outlook reflects the company's stable business model and the ability to repay debt through free cash generation. Fitch has upgraded these -- Senior secured revolving credit facility to 'BB+/RR1' from 'BB/RR1'; -- Senior secured term Loans to 'BB+/RR1' from 'BB/RR1'. In addition, Fitch revised the recovery ratings on these debts: -- Senior unsecured notes to 'BB/RR2'from 'BB/RR1' -- Senior subordinated notes to 'BB-/RR3' from 'BB-/RR2'. NEWPORT BAY: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Newport Bay, LLC 3315 East Russell Road A-4, Suite 434 Las Vegas, NV 89120 Bankruptcy Case No.: 10-27186 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court District of Nevada (Las Vegas) Judge: Mike K. Nakagawa Debtor's Counsel: Edward S. Coleman, Esq. COLEMAN LAW ASSOCIATES 6615 South Eastern Avenue, Suite 108 Las Vegas, NV 89119 Tel: (702) 699-9000 Fax: (702) 699-9006 E-mail: ldeflyer@coleman4law.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The list of unsecured creditors filed together with its petition does not contain any entry. The petition was signed by Steven R. Rosenberg, authorized signer. NORTHWEST 15TH: Judge Raslavich to Mediate Suit with Pa. Parking ---------------------------------------------------------------- Amaris Elliot-Engel of GlobeSt.com, citing reporting from the Legal Intelligencer, said the Hon. Stephen Raslavich of the U.S. Bankruptcy for the Eastern District of Pennsylvania has been assigned to conduct mediation to resolve a lawsuit between Philadelphia Parking Authority and Northwest 15th Street Associates over the ownership of the air rights at the proposed Philadelphia family courthouse site. According to Mr. Elliot-Engel, the lawsuit was removed to bankruptcy court after Northwest's June 23 Chapter 11 filing. Northwest had mortgaged the air rights to the site at 15th and Arch Streets in Philadelphia from the parking authority in exchange for building a parking garage below ground for the parking authority and building a courthouse aboveground. 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. OMEGA HEALTHCARE: Moody's Upgrades Ratings on Senior Debt to 'Ba2' ------------------------------------------------------------------ Moody's Investors Service has upgraded the senior unsecured debt rating of Omega Healthcare Investors, Inc., to Ba2, from Ba3. Moody's has also upgraded Omega's preferred stock rating to Ba3, from B2, consistent with Moody's notching practices for REITs and REOCs. The rating outlook is stable. These ratings were raised with a stable outlook: * Omega Healthcare Investors, Inc. -- senior unsecured debt to Ba2, from Ba3; preferred stock to Ba3, from B2. Ratings Rationale This rating upgrade reflects Omega's increased size, improved tenant diversification, and maintenance of a conservative capital structure. Moody's notes that over the past year Omega has increased its size by 60% following the acquisition of a portfolio of skilled nursing facilities from CapitalSource for approximately $860 million. Moody's believes that this transaction offers positive strategic benefits for Omega and could lead to stronger and more stable earnings over the longer term, with improved tenant diversification and asset specific risk. In addition, the larger pool of tenants could present Omega with a greater scope of investment opportunities over the longer term. Moody's also notes that Omega has executed its growth while maintaining sound liquidity and conservative credit metrics. Net Debt/EBITDA was 6.0x for 1H10, but is expected to decline pro forma for the $588 million of assets acquired in June 2010. Fixed charge coverage remains solid (2.7x for 1H10) and liquidity is adequate as Omega effectively has no debt maturities prior to December 2013. However, the REIT will have sizable refinancing needs in 2013-2014 when more than $600 million of debt (including its secured revolver) matures. Omega had $221 million drawn on its $320 million secured revolver as of 2Q10, and will need to access external capital in order to further its growth and diversification objectives. These credit strengths are counterbalanced by Omega's property type concentration in SNFs, which remains a key credit challenge. The SNF sub-segment is highly regulated and reliant on government reimbursement through the Medicare and Medicaid programs. Moody's remains concerned about the longer-term outlook for reimbursement due to strained federal and state budgets and cost pressures arising from healthcare reform. Moody's does note, however, that Omega's property level coverage ratios are generally good with cushion to absorb modest deterioration in cash flows. Omega also still has some tenant concentrations, with the top three tenants comprising about 33% of its property investments as of 2Q10. Moody's also notes that Omega's secured leverage levels have increased (to 20% of gross assets as of 2Q10) as a result of HUD debt assumed in the CapitalSource transaction, but remain at manageable levels for the current rating category. The stable rating outlook reflects Omega's good property level coverage ratios and Moody's expectation that the REIT will retain its conservative capital structure as it continues to grow and diversify its property portfolio. Moody's indicated that a rating upgrade would likely reflect establishing size in a second property sub-type, as measured by at least 20% of Omega's revenues. Alternatively, Omega would need to substantially increase the size of its SNF portfolio (above $4 billion in gross assets), while reducing tenant concentration (top three operators closer to 20% of investment). Maintenance of Net Debt/EBITDA below 5x, secured debt below 10% of gross assets, and stable tenant operating performance would also be necessary for any ratings upgrade. Negative rating pressure would likely reflect a shift in capital structure resulting in higher overall leverage (Net Debt/EBITDA above 6x) and lower fixed charge coverage (below 2.5x) on a consistent basis. Sustained deterioration in property level coverage ratios from major tenants would also result in a ratings downgrade. Moody's last rating action with respect to Omega Healthcare Investors, Inc., was on November 20, 2009, when its Ba3 senior unsecured debt rating was affirmed with a positive outlook. Omega Healthcare Investors, Inc., headquartered in Hunt Valley, Maryland, is a real estate investment trust investing in and providing financing to the long-term care industry. At June 30, 2010, Omega owned or held mortgages on 395 skilled nursing facilities, assisted living facilities and other specialty hospitals located in 34 states and operated by 46 third-party healthcare operating companies. OOK INC: To Liquidate Oklahoma Exchange-Traded Fund --------------------------------------------------- OOK, Inc. disclosed that its sole remaining director and Chief Executive Officer has determined to liquidate the Company's underlying investment portfolio effective September 30, 2010 and subsequently dissolve the Company. The Fund offers shares known as OOK, the Oklahoma Exchange-Traded Fund that are listed on NYSE Arca, Inc. The decision was made after consultation with Geary Advisors, LLC, investment advisor of the Fund. Consideration was given to current market conditions, the inability of the Fund to attract significant market interest since its inception and the continued expenses of operating the Fund, and therefore determined that is was advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. Since Inception, the following Directors, stating no unfavorable reason, resigned: John Shelley (9-30-09), Mike Braun (3-9-10) and Boe Parrish (6-18-10). Geary Advisors, LLC has agreed to pay all fees and expenses of the Fund. Any and all unpaid liabilities of the Advisor will be paid by the parent company, Geary Companies, Inc. September 24, 2010, will be the last day of trading for the Shares on NYSE Arca, and the last day on which creation unit aggregations of the Shares may be purchased or redeemed. The Fund and its ticker symbol is: NYSE Arca will halt trading in the Shares of the Fund before the open of trading on September 27, 2010 and the Fund will be closed to new investment on that date. Shareholders may sell their Shares on or prior to September 24, 2010. From September 27, 2010 through September 30, 2010, shareholders may be able to sell their Shares to certain broker-dealers who may determine to continue to purchase such Shares, but there can be no assurance that any broker-dealer will be willing to purchase such Shares or that there will be a market for the Shares of the Fund. All sales of Shares to a broker-dealer, whether made before or after September 24, 2010, will be subject to typical transaction fees and charges. All shareholders remaining on September 30, 2010 will receive cash equal to the amount of the net asset value of their Shares as of September 30, 2010 including dividends into the cash portion of their brokerage accounts. Fund shareholders remaining September 30, 2010 will not incur transaction fees to sell their Shares. All other costs of closing the Fund will be borne by the Advisor. Effective immediately, the Fund will be in the process of liquidating its portfolio. As a result, the fund will no longer pursue its investment objective of seeking to track the performance of its underlying index. The Fund acknowledges non-compliance with the NYSE Arca's audit committee requirements. For additional information about the liquidation, shareholders of the Fund may call the Advisor at 1-405-235-5757. An investor should carefully consider a Fund's investment objective, risks, charges and expenses before investing. For this and more complete information about the Fund call 405-235-5757 or visit the website http://www.ooketf.com/ for a prospectus. There are risks involved with investing in exchange-traded funds, including possible loss of money. The fund is subject to increased risks associated with investing in a geographic sector compared to a more diversified investment. The prospectus is not an offer to buy or sell the portfolio shares, nor is the Fund soliciting an offer to buy their shares in any jurisdiction where the offer or sale is not permitted. OOK ETF faces additional risks attributable to its investment in companies that are headquartered within the state of Oklahoma. The fund may be impacted more by events and conditions affecting Oklahoma to a greater extent than a fund that did not focus its investments in that manner. In addition, a large percentage of the Fund's assets may be invested in companies in the energy sector. The energy sector consists of oil and gas drilling and production companies, pipeline companies, transmission companies and other business that are dependent on the exploration for and production of oil, gas, and coal. Companies in the energy sector may also be adversely affected by changes in worldwide energy price fluctuations, currency exchange rates, declining capital expenditures, government regulation, extreme weather conditions, and catastrophic equipment failures or accidents. PAUL MADISON: Reorganization Case Converted to Chapter 7 -------------------------------------------------------- The Hon. Pamela S. Hollis of the U.S. Bankruptcy Court for the Northern District of Illinois converted the Chapter 11 case of Paul C. Madison to one under Chapter 7 of the Bankruptcy Code. Chicago, Illinois-based Paul C. Madison filed for Chapter 11 bankruptcy protection on July 28, 2010 (Bankr. N.D. Ill. Case No. 10-33558). Ernesto D. Borges, Esq., at Law Offices of Ernesto Borges, served as counsel to the Debtor. The Debtor estimated its assets and debts at $10 million to $50 million in its Chapter 11 petition. PENHALL HOLDING: Moody's Cuts Rating on Second Lien Notes to 'Ca' ----------------------------------------------------------------- Moody's Investors Service has added a limited default designation to Penhall Holding Company's Caa3 probability of default rating and lowered the second lien note rating to Ca from Caa3. Penhall's other ratings, including the Ca corporate family, are unaffected. The rating outlook remains negative. Ratings: Penhall Holding Company * Probability of default, to Caa3 LD from Caa3 * Corporate family, Ca * $60 million unsecured term loan due 2012, Ca LGD6, 93% Penhall International Corp. * $175 million 12% second lien notes due 2014, to Ca LGD4, 54% from Caa3 LGD4, 54% Ratings Rationale The LD designation added to the probability of default rating reflects Moody's view that Penhall did not make the August 1, 2010 interest payment on its $175 million 12% second lien notes within the 30-day grace period. Moody's deems a default to have occurred on an instrument when an interest payment is not made by the end of a grace period, regardless of whether an Event of Default has been declared by holders. Moody's expects the LD designation to remain until the limited default concludes. The negative outlook remains, reflecting pronounced creditor downside risk. A ratings upgrade could follow a successful restructuring (debt or business). A ratings downgrade would follow a bankruptcy filing, or a materially lower creditor recovery estimate (current estimate 40%). Penhall Holding Company is a concrete cutting, breaking and highway grinding services company in North America. Penhall's services include equipment rental with experienced operators who can operate equipment, and project managers for more complex requirements. PETER POCKLINGTON: Feds Back Probation For Ex-NHL Owner ------------------------------------------------------- Bankruptcy Law360 reports that the U.S. government has recommended that Peter H. Pocklington, the one-time owner of the Edmonton Oilers NHL hockey team, serve two years of probation, with six months under house arrest, for concealing assets in a 2008 personal bankruptcy filing. According to Law360, prosecutors backed a more lenient sentence for the Canadian businessman based on evidence that he has complied with his plea agreement and is cooperating with a court- appointed bankruptcy trustee. PETTERS GROUP: Trustee Asks Ex-Employees to Return Bonuses ---------------------------------------------------------- Melanie Cohen, writing for Dow Jones' Daily Bankruptcy News, reports that Doug Kelley, the court-appointed trustee for Ponzi- scheme operator Tom Petters, is asking former Petters employees and executives to return their bonuses. According to the St. Paul Pioneer Press, Mr. Kelley recently sent out about 70 letters asking for amounts of $5,000 to more than $2 million to help repay Mr. Petters's victims. The recipients worked for Minnesota-based Petters Group Worldwide, one of Tom Petters's several companies to collapse into bankruptcy after the Ponzi scheme came to light. Earlier this year, Mr. Petters was sentenced to 50 years in prison for orchestrating the $3.7 billion scam, which was second only to Bernard Madoff's as the largest in U.S. history. Petters associate Michael Catain has been sentenced to 7-1/2 years in prison for his role. About Petters Group Worldwide LLC Based in Minnetonka, Minnesota, 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 October 11, 2008. James A. Lodoen, Esq., at Lindquist & Vennum P.L.L.P., serves as the Debtors' counsel. In its petition, Petters Company, Inc., estimated debts of between $500 million and $1 billion, while its parent, Petters Group Worldwide, LLC, estimated debts of not more than $50,000. 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 (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on October 6, 2008 . Petters Aviation, LLC is a wholly owned unit of Thomas Petters Inc. and owner of MN Airline Holdings, Inc., Sun Country's parent company. PHILADELPHIA NEWSPAPERS: Teamster Local Rejects New Owner's Deal ---------------------------------------------------------------- Christopher K. Hepp, staff writer at the Philadelphia Inquirer, reports that Teamster Local 628 voted 191-4 to reject a contract offered by Philadelphia Media Network Inc., the prospective new owners of the local papers and website, Philly.com, of Philadelphia Newspapers LLC. The 191-4 vote by Teamsters Local casts into doubt whether the new prospective owner will be able to close on its purchase of the assets by Tuesday's noon deadline. The deadline had been extended 14 days by a federal bankruptcy judge to gave the Company time to settle with its unions, according to the Philadelphia Inquirer. Mr. Hepp relates, if an agreement is not reached with the drivers, Philadelphia Media has the right to walk away from its $139 million offer for the company. Teamsters Local 628 is only one of 16 unions not to have reached a deal with Philadelphia Media, notes Mr. Hepp. The Associated Press reported at the end of August that the Newspaper Guild voted to accept wage concessions totaling about 6%. The package is need to put the Philadelphia Inquirer and Philadelphia Daily News on sound financial footing coming out of bankruptcy, AP quotes the lead negotiator for the new owners as stating. The three-year contract would protect unionized reporters, editors and advertising staff from layoffs for the next year but includes a 2% cut in base pay and two weeks of unpaid furlough. The AP relates that leaders of other unions tentatively agreed to similar wage reductions. About Philadelphia Newspapers Philadelphia Newspapers -- http://www.philly.com/-- owns and operates numerous print and online publications in the Philadelphia market, including the Philadelphia Inquirer, the Philadelphia Daily News, several community newspapers, the region's number one local Web site, philly.com, and a number of related online products. The Company's flagship publications are the Inquirer, the third oldest newspaper in the country and the winner of numerous Pulitzer Prizes and other journalistic recognitions, and the Daily News. Philadelphia Newspapers and its debtor-affiliates filed for Chapter 11 bankruptcy protection on February 22, 2008 (Bankr. E.D. Pa. Case No. 09-11204). Mark K. Thomas, Esq., and Paul V. Possinger, Esq., at Proskauer Rose LLP in Chicago, Illinois; and Lawrence G. McMichael, Esq., Christie Callahan Comerford, Esq., and Anne M. Aaronson, Esq., at Dilworth Paxson LLP, in Philadelphia, Pennsylvania, serve as bankruptcy counsel. The Debtors' financial advisor is Jefferies & Company Inc. The Garden City Group, Inc., serves as claims and notice agent. Ben Logan, Esq., at O'Melveny & Myers LLP in Los Angeles, California; and Gary Schildhorn, Esq., at Eckert Seamans Cherin & Mellott, LLC in Philadelphia, represent the Official Committee of Unsecured Creditors. Fred S. Hodara, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP in New York, represent the Steering Group of Prepetition Secured Lenders. Philadelphia Newspapers estimated $100 million to $500 million in both assets and debts its bankruptcy petition. PHILADELPHIA NEWSPAPERS: New Auction Planned as Sale Fails ---------------------------------------------------------- Steven Church and Dawn McCarty at Bloomberg News report that a deal to sell the Philadelphia Newspapers LLC's newspaper business fell apart, prompting the Debtor to organize a new auction at which Raymond Perelman, father of billionaire Ronald Perelman, may bid. "We will have another auction," U.S. Bankruptcy Judge Stephen Raslavich in Philadelphia said September 14. "The auction will be all cash, as is, where is, and it contemplates a rapid closing." Judge Raslavich said that assuming he approves the auction rules this week, public bidding will take place on Sept. 23. According to the report, lenders backed out of a contract to buy Philadelphia Newspapers. The sale failed after the Teamsters Union voted down a proposal to replace their pension with a new retirement plan, John P. Laigaie, head of union Local 628 said in an interview. Bloomberg relates that the lenders and the Debtor will return to court Sept. 16 seeking approval of auction rules designed to prevent a new buyer from pulling out. Among the proposals will be a requirement that the winner post a deposit worth 15% of the winning bid, and the elimination of any conditions to closing, said Lawrence G. McMichael, a lawyer for the company. J. Gregory Milmoe, a lawyer for Mr. Perelman, said in an interview that his client is still interested in buying Philadelphia Newspapers, according to the Bloomberg report. Botched Sale Philadelphia Media Network, a collection of 16 financial institutions that hold majority of the secured debt of the Debtor, won an auction in April for Philadelphia Newspapers' assets with its $139 million offer. The deal includes: $39.2 million in debt; and $69 million in cash equity, plus $30 million, as the estimated value for the purposes of the bankruptcy auction, of the Company's real estate The reorganized company was to be led by publisher and Chief Executive Greg Osberg, a former president and publisher of Newsweek, and chief operating chief Bob Hall, who was once publisher of the Inquirer and Daily News. Bruce Meier, an executive with restructuring firm Alvarez & Marsal, who had served as a consultant for Philadelphia Newspapers, was to serve as its chief financial officer. About Philadelphia Newspapers Philadelphia Newspapers -- http://www.philly.com/-- owns and operates numerous print and online publications in the Philadelphia market, including the Philadelphia Inquirer, the Philadelphia Daily News, several community newspapers, the region's number one local Web site, philly.com, and a number of related online products. The Company's flagship publications are the Inquirer, the third oldest newspaper in the country and the winner of numerous Pulitzer Prizes and other journalistic recognitions, and the Daily News. Philadelphia Newspapers and its debtor-affiliates filed for Chapter 11 bankruptcy protection on February 22, 2008 (Bankr. E.D. Pa. Case No. 09-11204). Mark K. Thomas, Esq., and Paul V. Possinger, Esq., at Proskauer Rose LLP in Chicago, Illinois; and Lawrence G. McMichael, Esq., Christie Callahan Comerford, Esq., and Anne M. Aaronson, Esq., at Dilworth Paxson LLP, in Philadelphia, Pennsylvania, serve as bankruptcy counsel. The Debtors' financial advisor is Jefferies & Company Inc. The Garden City Group, Inc., serves as claims and notice agent. Ben Logan, Esq., at O'Melveny & Myers LLP in Los Angeles, California; and Gary Schildhorn, Esq., at Eckert Seamans Cherin & Mellott, LLC in Philadelphia, represent the Official Committee of Unsecured Creditors. Fred S. Hodara, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP in New York, represent the Steering Group of Prepetition Secured Lenders. Philadelphia Newspapers listed assets and debts of $100 million to $500 million in its bankruptcy petition. POINT BLANK: Ex-Chief Found Guilty of Fraud ------------------------------------------- Thom Weidlich at Bloomberg News reports that David Brooks, a founder and former chief executive officer of military contractor DHB Industries Inc., was found guilty of committing a $185 million fraud and looting the company to pay for personal expenses. According to the report, Mr. Brooks, 55, and former Chief Operating Officer Sandra Hatfield, 56, were convicted in Central Islip, New York, of insider trading, fraud and obstruction of justice in manipulating financial records to increase DHB's reported earnings, said Robert Nardoza, a spokesman for U.S. Attorney Loretta Lynch. Mr. Brooks was also convicted of lying to auditors. "Corporate executives who lie to and steal from their employers -- the shareholders -- put the investing public at grave financial risk," Ms. Lynch said in a statement. About Point Blank Headquartered in Pompano Beach, Florida, Point Blank Solutions, Inc. -- http://www.pointblanksolutionsinc.com/-- designs and produces body armor systems for the U.S. Military, Government and law enforcement agencies, well as select international markets. The Company is recognized as the largest producer of soft body armor in the U.S. The Company maintains facilities in Pompano Beach, Florida and Jacksboro, Tennessee. Point Blank Solutions, formerly DHB Industries, filed for Chapter 11 protection on April 14, 2010 (Bankr. D. Del. Case No. 10- 11255). Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves as corporate counsel. T. Scott Avila of CRG Partners Group LLC is the restructuring officer. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Equity Security Holders in the case. The Equity Committee has tapped Morrison Cohen LLP, and The Bayard, P.A., as counsel. POLYONE CORP: S&P Raises Corporate Credit Rating to 'B+' -------------------------------------------------------- Standard & Poor's Ratings Services said that it raised its ratings on Avon Lake, Ohio-based PolyOne Corp., including its corporate credit rating to 'B+' from 'B'. The outlook is stable. At the same time, S&P raised the issue-level ratings on PolyOne's existing $280 million 8.875% senior notes due 2012 and $50 million 7.75% debentures due 2015 to 'B+' (same as the corporate credit rating on PolyOne) from 'B'. The recovery ratings remain '4'. S&P also assigned issue-level and recovery ratings to PolyOne's proposed $320 million senior unsecured notes due 2020. The issue- level rating is 'B+' (same as the corporate credit rating) and the recovery rating is '4', indicating the expectation of average recovery (30% to 50%) in the event of a payment default. The assigned ratings are based on preliminary terms and conditions. The proceeds from the proposed senior unsecured notes will be used to refinance existing 8.875% senior notes, for which PolyOne recently announced a tender offer. "The upgrade follows PolyOne's sustained improvement in operating performance and liquidity and reflects S&P's expectation that management will maintain financial policies that support the ratings," said Standard & Poor's credit analyst Ket Gondha. Demand in PolyOne's end markets has resulted in volume gains across many product lines, particularly as automotive sales have regained footing and the chlor-alkali market has performed better than expectations. This has been supported by generally improving economic conditions combined with efficiencies gained from cost cutting and working capital management. S&P expects management to prudently manage the capital structure while pursuing growth objectives, including acquisitions, which should support credit metrics that are appropriate for the rating. PORT BARRE: Moody's Withdraws 'B2' Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service has withdrawn all the ratings for Port Barre Investments, LLC's (d/b/a Bobcat Gas Storage) following the company's sale to Spectra Energy Corporation and full repayment of all debt. Moody's does not rate any other debt for Bobcat. The ratings withdrawn are the B2 corporate family rating, B2 probability of default rating, and the B2 senior secured Term Loan A and Term Loan B ratings. Located in St. Landry Parish, LA, 100 miles northwest of Baton Rouge and 45 miles from the Henry Hub, Bobcat is a FERC-regulated multi-cavern natural gas salt dome storage facility. Port Barre Investments, LLC is headquartered in Houston, Texas. PROJECT PLAYLIST: Owes About $28 Million to Unsecured Creditors --------------------------------------------------------------- Project Playlist Inc. filed with the U.S. Bankruptcy Court for the Central District of California a list of creditors holding unsecured claims. The creditors are: Creditors Nature of Claim Claim Amount --------- --------------- ------------ Universal Music Group Promissory Note $16,544,267 Recording Inc. 2220 Colorado Avenue Santa Monica, CA 90404 Tel: (310) 866-5000 (310) 866-0560 Atlantic Recording Corp. Promissory Note 4,143,093 75 Rockefeller Plaza New York, NY 10019 Tel: (212) 275-2000 Sony Music Entertainment Licensing 3,150,000 550 Madison Avenue New York, NY 10011 Tel: (212) 833-8000 EMI Music North America Promissory Note 2,100,080 Music and Entertainment Promissory Note 1,680,000 Rights Limelight Networks Purchased Services 803,470 American Society of Licensing fees 377,323 Composers et. Project Playlist Inc. provides an online service that allows users to create and share music playlists. Project Playlist, doing business as Playlist.com, filed for Chapter 11 on Aug. 6, 2010 (Bankr. C.D. Calif. Case No. 10-42927). The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million in its Chapter 11 petition. PUSHPA PATEL: Case Summary & 7 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Pushpa Lata Patel dba Super 8 Motel 251 East 29 Avenue Apache Junction, AZ 85119 Bankruptcy Case No.: 10-29008 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court District of Arizona (Tucson) Judge: James M. Marlar Debtor's Counsel: Lawrence D. Hirsch, Esq. DECONCINI MCDONALD YETWIN & LACY, PC 7310 N. 16th Street, #330 Phoenix, AZ 85020 Tel: (602) 282-0472 Fax: (602) 282-0520 E-mail: lhirsch@dmylphx.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's seven largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/azb10-29008.pdf QSGI INC: Hearing on Michael A. Kaufman Hiring Tomorrow ------------------------------------------------------- The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida will consider at a hearing tomorrow, September 16, 2010, at 1:30 p.m., the request of QSGI, Inc., et al., to substitute Michael A. Kaufman, P.A., for Shraiberg, Ferrara & Landau, P.A. as general bankruptcy counsel. The Debtors relate that on July 7, the Court entered an interim order approving the employment of SFL. MAK will, among other things: -- represent the Debtors in all proceedings; -- prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in the Chapter 11 cases; and -- negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtors with implementation of any plan. The hourly rates of MAK's personnel are: Legal assistants $110 Attorneys $350 Michael A. Kaufman, Esq. $350 The Debtors added that MAK is not receiving a general retainer, but if the plan confirmed, MAK will allow the Company to pay its fees 12 months after the plan confirmation. In consideration of the payment terms, MAK, at its option, will receive either 1.5% of the common stock in the Reorganized Company or 115% of the value of MAK's services. The Debtors currently have $64,382 in the trust at SFL. The Debtors also request that SFL transfer: -- the $50,000 to the MAK's trust account which funds must be earmarked for unsecured creditors; and -- the 3,000 to the MAK's trust for professional carveout. The Debtors further request authorization to transfer $7,000 from its DIP account to MAK's trust for actual cost. About QSGI, Inc. Palm Beach, Florida-based QSGI, Inc., and its affiliates provide technology services and maintenance geared towards both uses of enterprise class hardware as well as the uses of business - competing hardware. The Debtors filed for Chapter 11 on July 2, 2009 (Bankr. S.D. Fla. Lead Case No. 09-23658). Bradley S. Shraiberg, Esq., at Shraiberg, Ferrara, Landau P.A., represented the Debtors in their restructuring effort. The Debtors estimated assets and debs at $10 million and $50 million. QUEENS PLAZA: Case Summary & 15 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Queens Plaza Development, LLC c/o REI LLC 100 Quentin Roosevelt Boulevard, Suite 303 Garden City, NY 11530 Bankruptcy Case No.: 10-77035 Chapter 11 Petition Date: September 8, 2010 Court: United States Bankruptcy Court Eastern District of New York (Central Islip) Judge: Robert E. Grossman Debtor's Counsel: Thomas A. Draghi, Esq. WESTERMAN BALL EDERER MILLER & SHARFSTEIN, LLP 1201 RXR Plaza Uniondale, NY 11556 Tel: (516) 622-9200 Fax: (516) 622-9212 E-mail: tdraghi@westermanllp.com Estimated Assets: $10,000,001 to $50,000,000 Estimated Debts: $10,000,001 to $50,000,000 The petition was signed by Yoram Shemesh, authorized signatory. Debtor's List of 15 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ U.S. Bank National $15,066,181 Association 800 Nicollet Mall, 22 Fl. Attn.: Mr. Gregg Gehrke Minneapolis, MN 55402 Centra/CRI $349,038 Architecture LLC 584 Broadway New York, NY 10007 Herrick, Feinstein LLP $200,000 2 Park Avenue New York, NY 10016 MG Engineering P.C. $124,186 WSP Cantor Seinuk $50,000 Structural Engineers HDLC Architectural $30,000 Lighting Design Metropolis Group, Inc $16,200 Rockledge Scaffold Corp. $15,883 FNA Associates, Inc. $15,000 Jenkins and Huntington Inc. $15,000 Houghton Associates LLC $10,000 CSC-Corporation Service $5,000 Company Environmental Control $5,000 Board Mirage Contracting Corp. $5,000 Clevenger Frable & $4,500 Lavvale RADLAX GATEWAY: Files Amended Disclosure Statement -------------------------------------------------- RadLAX Gateway Hotel, LLC, and RadLAX Gateway Deck, LLC, submitted to the U.S. Bankruptcy Court for the Northern District of Illinois an amended Disclosure Statement explaining their Chapter 11 Plan. As reported in the Troubled Company Reporter on June 23, 2010, the Plan provides for the sale of certain or substantially all of the Debtors' assets. The confirmation order will authorize: (a) the dissolution of the Debtors, effective as of the effective date; and (b) the filing of certificates of dissolution with the Delaware Secretary of State. On the effective date, each of the manager and officers of the Debtors will be deemed to have resigned from all of their respective positions with the Debtors. Under the Plan, the liquidating trust will be established to receive the effective date cash, the sale proceeds, the applicable creditor profit sharing income, if any, and all other property of the Debtors not conveyed to the purchaser and to distribute the property and the proceeds to holders of allowed claims and interests. Treatment of Claims Class 3 - Prepetition Senior Secured Claim - will receive (x) the sale proceeds in cash after satisfaction in full of any allowed administrative claim of FBR Capital Markets & Co., and (y) the balance of any effective date cash after satisfaction, in full, of other claims. Class 4 - Los Angeles County Tax Collector Claim - will receive the amount of unpaid allowed claim without interest in cash from the real estate tax escrow reserve. Class 5 - General Unsecured Claims - will receive cash equal to its pro rata share of: (a) 15% of the creditor profit sharing income, if any, for each of the first three operating years immediately after the effective date. The cumulative aggregate amount of cash available to be distributed to holders of allowed general unsecured claims will not be less than $150,000. Class 6 - Prepetition Senior Deficiency Claim - will receive cash equal to: (a) (5%) of the creditor profit sharing income, if any, for each of the first three operating years immediately after the effective date. Class 7 - Interests - will not receive or retain any property under the Plan on account of its interests. On the effective date, all interests will be cancelled. Class 8 - Insider Claims - will not receive or retain any property under the Plan on account of the insider claims. On the effective date, all insider claims will be extinguished. A full-text copy of the amended Disclosure Statement is available for free at http://bankrupt.com/misc/RADLAXGATEWAY_AmendedDS.pdf About RadLAX Gateway Hotel Oak Brook, Illinois-based RadLAX Gateway Hotel, LLC, operates a hotel. The Company and its affiliates filed for Chapter 11 on Aug. 17, 2009 (Bankr. N.D. Ill. Case Nos. 09-30047 - 09-30032). David M. Neff, Esq., at Perkins Coie LLP represents the Debtors in their restructuring efforts. In their petition, the Debtors estimated its assets at $50 million to $100 million and debts at $100 million to $500 million. RADLAX GATEWAY: Bankruptcy Court Terminates Exclusive Periods ------------------------------------------------------------- The Hon. Bruce W. Black of the U.S. Bankruptcy Court for the Northern District of Illinois terminated RadLAX Gateway Hotel, LLC, and RadLAX Gateway Deck, LLC's exclusive rights to file and solicit acceptances for their proposed Chapter 11 Plan. Amalgamated Bank sought for the termination of the Debtors' exclusivity. Amalgamated Bank is trustee of Longview Ultra Consttruction Loan Investment Fund, fka Longview Ultra I Construction Loan investment Fund, in its capacity as administrative agent for itself and its co-lender, San Diego National Bank, now part of U.S. Bank National Association, About RadLAX Gateway Hotel Oak Brook, Illinois-based RadLAX Gateway Hotel, LLC, operates a hotel. The Company and its affiliates filed for Chapter 11 on Aug. 17, 2009 (Bankr. N.D. Ill. Case Nos. 09-30047 - 09-30032). David M. Neff, Esq., at Perkins Coie LLP represents the Debtors in their restructuring efforts. In their petition, the Debtors estimated its assets at $50 million to $100 million and debts at $100 million to $500 million. RASCALS CASINOS: Files for Chapter 11 in Chicago ------------------------------------------------ Rascals Casinos LLC sought Chapter 11 protection in Chicago, Illinois. Burr Ridge, Illinois-based Rascals Casinos operates four Hooters restaurants in Washington state. One of the restaurants has a bowling alley. Two locations previously had public gaming rooms. Rascals Casinos filed its Chapter 11 petition on September 7 (Bankr. N.D. Ill. Case No. 10-40083). William J Factor, Esq., in Northbrook, Illinois, serves as bankruptcy counsel. The Debtor estimated assets and debts of $1 million to $10 million in its petition. The case summary for Rascals Casinos was published in the September 13, 2010 edition of the Troubled Company Reporter. ROBERT PRINCE: Case Summary & 19 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Robert B. Prince 35300 N. Northstar Lane Bayview, ID 83803 Bankruptcy Case No.: 10-21199 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court District of Idaho (Coeur dAlene) Judge: Terry L. Myers Debtor's Counsel: Bruce A. Anderson, Esq. 1400 Northwood Center Court, #C Coeur d'Alene, ID 83814 Tel: (208) 667-2900 Fax: (208) 667-2150 E-mail: baafiling@ejame.com Scheduled Assets: $3,615,597 Scheduled Debts: $2,293,473 A list of the Debtor's 19 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/idb10-21199.pdf ROBBIN JOHNSON: Case Summary & 15 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Robbin Camille Johnson 3703 Woodsman Ct. Suitland, MD 20746-1376 Bankruptcy Case No.: 10-30910 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court District of Maryland (Greenbelt) Judge: Paul Mannes Debtor's Counsel: James Greenan, Esq. MCNAMEE, HOSEA, ET. AL. 6411 Ivy Lane, Suite 200 Greenbelt, MD 20770 Tel: (301) 441-2420 E-mail: jgreenan@mhlawyers.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's 15 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/mdb10-30910.pdf ROBERT ANSON: Case Summary & 15 Largest Unsecured Creditors ----------------------------------------------------------- Joint Debtors: Robert E. Anson Barbara J. Anson 40451 S.R. 70 East Myakka City, FL 34251 Bankruptcy Case No.: 10-21924 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Howard E. Mentzer, Esq. MENTZER AND MYGRANT LTD Delaware Building - Suite 302 137 South Main Street Akron, OH 44308 Tel: (330) 376-7500 Fax: (330) 376-8018 E-mail: mvmlaw@earthlink.net Scheduled Assets: $3,263,821 Scheduled Debts: $4,476,559 A list of the Joint Debtors' 15 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/flmb10-21924.pdf S & A RESTAURANT: Texas Court Dismisses Frontage Properties' Suit ----------------------------------------------------------------- Frontage Properties seeks a declaration, pursuant to 28 U.S.C. Sec. 2201 et seq., that an addendum to a lease of commercial property may be enforced despite the Chapter 7 trustee's rejection of the lease. The plaintiff also seeks an award of its attorneys' fees. The Chapter 7 trustee sought dismissal of the adversary proceeding in accordance with 28 U.S.C. Sec. 1334 and 157(b)(2)(A) and (O). On September 10, 2010, Bankruptcy Judge Brenda T. Rhoades held that the plaintiff's amended complaint fails to state claims upon which relief can be granted. The plaintiff has had several opportunities to amend its complaint, and further amendment would be futile. Accordingly, the judge said, the Chapter 7 trustee's motion to dismiss is granted, and the adversary proceeding will be dismissed with prejudice and without leave to amend the amended complaint further. The Court will enter a separate dismissal order consistent with its opinion. The case is Frontage Properties v. Michelle H. Chow, as Chapter 7 Trustee of Steak and Ale of New Jersey, Inc., Adv. Proc. No. 09-4039 (Bankr. E.D. Tex.). A copy of the decision is available at: http://www.leagle.com/unsecure/page.htm?shortname=inbco20100910479 About S & A Restaurant Headquartered in Plano, Texas, S & A Restaurant Corp. -- http://www.metrogroup.com,http://www.steakandale.com, http://www.steakandalerestaurants.com,http://www.bennigans.com/ -- and other affiliated entities operated the Bennigan's Grill & Tavern, and the Steak & Ale restaurant chains under the Metromedia Restaurant Group. Bennigan's Grill & Tavern is a chain of more than 310 pub-themed restaurants offering sandwiches and burgers, as well as ribs, steaks, and seafood. The Steak & Ale chain offers a broader menu set in the atmosphere of an 18th century English country inn. The Metromedia Restaurant Group, a unit of closely held conglomerate Metromedia Company, is one of the world's leading multi-concept table-service restaurant groups, with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse restaurants in the United States and abroad. S & A Restaurant and 38 of its affiliates filed Chapter 7 petition under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex. Case No. 08-41898). J. Michael Sutherland, Esq., at Carrington Coleman Sloman & Blumenthal, is the Debtors' counsel. The Debtors disclosed total scheduled assets of $2,302,057 and total scheduled liabilities of $159,432,691. Michelle H. Chow is the Debtors' Chapter 7 bankruptcy trustee. The lead counsel for the trustee is Kane Russell Coleman & Logan P.C. Mark Ian Agee, Esq., of the law firm Mark Ian Agee, Attorney at Law, is co-counsel. SAINT VINCENTS: PBGC Moves to Protect Pensions ---------------------------------------------- The Pension Benefit Guaranty Corporation is moving to assume responsibility for the pension plan covering more than 9,500 workers and retirees of St. Vincent Catholic Medical Centers, the hospital and healthcare system based in New York City's Greenwich Village section on the West Side of Manhattan. Shortly after filing for bankruptcy on April 14, 2010, SVCMC received N.Y. State Dept. of Health approval of its plan to close the hospital. By the end of May, all patients had been discharged or transferred to other facilities and debtors began selling off SVCMC's assets and on-going businesses. The pension insurer is stepping in because the underfunded retirement plan will be unable to make benefit payments and be abandoned after SVCMC's assets are liquidated, its activities cease and there is no one left to administer the plan. No asset buyer has agreed to assume responsibility for the plan. By taking action now, the PBGC prevents further deterioration of the plan's condition. The Saint Vincent Catholic Medical Centers Retirement Plan is 55% funded, with assets of $345 million to cover benefit liabilities of $622 million, according to PBGC estimates. The agency expects to cover about $267 million of the $277 million shortfall. The PBGC will take over the assets and use insurance funds to pay guaranteed benefits earned under the plan, which ended as of Sept. 14, 2010. Retirees and beneficiaries will continue to receive their monthly benefit checks without interruption, and other workers will receive their pensions when they are eligible to retire. Until the PBGC becomes trustee, the plan remains ongoing under SVCMC sponsorship. Under federal pension law, the maximum guaranteed pension at age 65 for participants in plans that terminate in 2010 is $54,000 per year. The maximum guaranteed amount is lower for those who retire earlier or elect survivor benefits. In addition, certain early retirement subsidies and benefit increases made within the past five years may not be fully guaranteed. The PBGC will not have specific information about SVCMC pension benefits until the agency becomes trustee of the plan. At that time, the agency will send notification letters to all plan participants. Workers and retirees with general questions about the PBGC and its benefit guarantees may consult the PBGC Web site, http://www.pbgc.gov/ SVCMC retirees who draw a benefit from the PBGC may be eligible for the federal Health Coverage Tax Credit. Further information may be found on the PBGC Web site at http://www.pbgc.gov/workers- retirees/benefits-information/content/page13692.html Assumption of the plan's unfunded liabilities will increase the PBGC's claims by $266.9 million and was not previously included in the agency's fiscal year 2009 financial statements. SVCMC previously filed for bankruptcy in 2005 and emerged in 2007. As part of the plan of reorganization in that bankruptcy, PBGC negotiated an additional contribution of $75 million to the Retirement Plan upon emergence and additional payments in later years. The PBGC is a federal corporation created under ERISA. It currently insures the basic pension benefits of about 44 million American workers and retirees in more than 29,000 private-sector defined benefit pension plans. The Corporation receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by PBGC's investment returns. About SVCMC Saint Vincents Catholic Medical Centers -- http://www.svcmc.org/ -- was anchored by St. Vincent's Hospital Manhattan, an academic medical center located in Greenwich Village and the only emergency room on the Westside of Manhattan from Midtown to Tribeca, St. Vincent's Westchester, a behavioral health hospital in Westchester County, and continuing care services that include two skilled nursing facilities in Brooklyn, another on Staten Island, a hospice, and a home health agency serving the Metropolitan New York area. Saint Vincent Catholic Medical Centers of New York and six of its affiliates first filed for Chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). St. Vincents Catholic Medical Centers returned to bankruptcy court by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No. 10-11963) on April 14, 2010. The Debtor estimated assets of $348 million against debts totaling $1.09 billion in the new petition. Although the hospitals emerged from the prior reorganization in July 2007 with a Chapter 11 plan said to have "a realistic chance" of paying all creditors in full, the bankruptcy left the medical center with more than $1 billion in debt. The new filing occurred after a $64 million operating loss in 2009 and the last potential buyer terminated discussions for taking over the flagship hospital. Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, represent the Debtor in its Chapter 11 effort. SCOTT BARNETT: Case Summary & 13 Largest Unsecured Creditors ------------------------------------------------------------ Joint Debtors: Scott Corey Barnett Amanda Kay Barnett 4770 North Supai Tucson, AZ 85749 Bankruptcy Case No.: 10-29020 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court District of Arizona (Tucson) Judge: Eileen W. Hollowell Debtors' Counsel: Eric Slocum Sparks, Esq. ERIC SLOCUM SPARKS PC 110 S. Church Avenue, #2270 Tucson, AZ 85701 Tel: (520) 623-8330 Fax: (520) 623-9157 E-mail: eric@ericslocumsparkspc.com Scheduled Assets: $490,479 Scheduled Debts: $2,589,097 A list of the Joint Debtors' 13 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/azb10-29020.pdf SCHUTT SPORTS: Gets OK to Hire Logan as Claims, Noticing Agent -------------------------------------------------------------- Schutt Sports, Inc., et al., sought and obtained authorization from the Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to employ Logan & Company, Inc., as claims, noticing and balloting agent, nunc pro tunc to the petition date. Logan will, among other things: a. prepare and serve notices in the Debtors' bankruptcy cases; b. maintain copies of proofs of claim and proofs of interest filed; c. maintain the official claims register; and d. provide access to the public for examination of copies of the proofs of claim or interest without charge during regular business hours. Logan will be paid on these rates: * Monthly Data Storage -- license fee and data storage per creditor $0.10 per creditor on file name per month -- document archival storage $1.50 per box * Web site Setup & Hosting -- public Web site design, Development and maintenance $185 per hour -- public website hosting $650 per month -- private intranet hosting and reporting $150 per month -- virtual data room available upon Request * Online Claims Imaging & Storage -- per scanned image $0.27 per page -- annual storage fee is calculated $0.04 per image for at a rate of the 1st year; $0.02 per image for the 2nd yr $0.01 per image for the 3rd year $0.01 per image for the 4th year or a CD -- proof of claims CD $50 per CD plus the cost of creation -- clerical and quality review $45 per hour * Non Debtor Requests -- per Debtor $100 each CD -- per schedule $100 each CD -- per SOFA $100 each CD * Standard Court Notices Notice Production -- Initial Set-Up $75-$450 -- envelope, fold, stuff, meter, mail, and printing of first Image: 1-4 pges $0.35 per package 5-7 pages $0.50 per package 8-15 pages $0.75 per package 16-20 pages $1 per package 21 plus pages $1.50 per package -- notice duplication $0.10 per image -- business reply envelope $0.08 per envelope -- legal publications available upon request -- postage at cost - payment in advance * Standard Court Reporting -- claims registers, service lists $0.10 per page -- PDF report waived -- PDF printed report $0.10 per page * Internal Reconciliation Reporting -- claim variance reports, claims workbooks, etc. $0.10 per page * Consulting -- Kate Logan, Principal $270 per hour -- Court Testimony $300 per hour -- statement & schedule preparation $200 -- account executive support $185 per hour -- public website design & maintenance $185 per hour -- programming support $150 per hour -- project coordinator $125 per hour -- data prep analysis $100 per hour -- data entry $70 per hour -- clerical $45 per hour * Other Services -- copies and miscellaneous printing $0.10 per page -- fax $0.15 per page -- blast fax $0.05 per page -- telephone, FedEx, delivery at cost (includes PACER as necessary) Kathleen M. Logan, president of Logan, assured the Court that the firm is "disinterested" as that term is defined in Section 101(14) of the Bankruptcy Code. About Schutt Sports Litchfield, Illinois-based Schutt Sports, Inc. -- fka Schutt Manufacturing Company; aka Schutt Sports Manufacturing Co., Schutt Sports Distribution Company, and Schutt Athletic Sales Company -- designs, manufactures, distributes and markets team sporting goods equipment, offering an extensive line of football, baseball and softball protective gear and complementary accessories. Schutt Sports filed for Chapter 11 bankruptcy protection on September 6, 2010 (Bankr. D. Del. Case No. 10-12795). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, assists the Debtor in its restructuring effort. Ernst & Young is the Debtor's financial advisor. Oppenheimer & Co., Inc., is the Debtor's investment banker. The Debtor estimated its assets and debts at $50 million to $100 million. Affiliates Circle System Group, Inc. (Bankr. D. Del. Case No. 10- 12796), Melas, Inc. (Bankr. D. Del. Case No. 10-12797), Mountain View Investment Co. of Illinois (Bankr. D. Del. Case No. 10- 12794), R.D.H. Enterprises, Inc. (Bankr. D. Del. Case No. 10- 12798), and Triangle Sports, Inc. (Bankr. D. Del. Case No. 10- 12799) filed separate Chapter 11 petitions on September 6, 2010. SCHUTT SPORTS: Taps Greenberg Traurig as Bankruptcy Counsel ----------------------------------------------------------- Schutt Sports, Inc., et al., ask for authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Greenberg, Traurig, LLP, as bankruptcy counsel, nunc pro tunc to the petition date. Greenberg Traurig will, among other things: a. negotiate, draft, and pursue documentation necessary in the Debtors' Chapter 11 cases; b. prepare applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; c. appear in court and protect the interests of the Debtors before the Court; and d. assist with any disposition of the Debtors' assets, by sale or otherwise. The hourly rates of Greenberg Traurig's personnel are: Keith Shapiro $900 Nancy A. Peterman $765 Victoria W. Counihan $615 Sandra Selzer $495 Sohyoung Choo $380 Elizabeth Thomas $220 Shareholders $340-$1090 Of Counsel $360-$935 Associates $175-$610 Legal Assistants/Paralegals $60-$310 Victoria W. Counihan, Esq., a shareholder at Greenberg Traurig, assures the Court that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Litchfield, Illinois-based Schutt Sports, Inc. -- fka Schutt Manufacturing Company; aka Schutt Sports Manufacturing Co., Schutt Sports Distribution Company, and Schutt Athletic Sales Company -- designs, manufactures, distributes and markets team sporting goods equipment, offering an extensive line of football, baseball and softball protective gear and complementary accessories. Schutt Sports filed for Chapter 11 bankruptcy protection on September 6, 2010 (Bankr. D. Del. Case No. 10-12795). Ernst & Young is the Debtor's financial advisor. Oppenheimer & Co., Inc., is the Debtor's investment banker. The Debtor estimated its assets and debts at $50 million to $100 million. Affiliates Circle System Group, Inc. (Bankr. D. Del. Case No. 10- 12796), Melas, Inc. (Bankr. D. Del. Case No. 10-12797), Mountain View Investment Co. of Illinois (Bankr. D. Del. Case No. 10- 12794), R.D.H. Enterprises, Inc. (Bankr. D. Del. Case No. 10- 12798), and Triangle Sports, Inc. (Bankr. D. Del. Case No. 10- 12799) filed separate Chapter 11 petitions on September 6, 2010. SCHUTT SPORTS: Wants to Hire Oppenheimer as Financial Advisor ------------------------------------------------------------- Schutt Sports, Inc., et al., ask for authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Oppenheimer & Co. Inc. as financial advisor and investment banker, nunc pro tunc to the petition date. Oppenheimer will, among other things: a. identify and evaluate potential parties to a sale and solicit potential parties; b. assist in the preparation of marketing materials describing the Debtors, working with the management of and assembling information provided by the Debtors and prepare an offering memorandum describing the Debtors, for distribution to the parties; c. review financial information; and d. prepare materials and assist management in preparing for presentations regarding a sale. Oppenheimer will be paid under these terms: a. a monthly financial advisory fee of $75,000, which will be due and paid by the Debtors beginning on the date of their agreement and continuing thereafter on the monthly anniversary of the date during the term of Oppenheimer's engagement, provided that 50% of the monthly fees, each to the extent previously paid to Oppenheimer, will be credited against the transaction fee payable under the agreement, and provided further that a minimum of four monthly advisory fees will be paid by the Debtors, regardless of the prior termination date of the agreement, plus b. a transaction fee in connection with a Sale only, equal to 1.75% of Transaction Value, payable in cash on the closing date of the related Sale or within 30 days of the effective date of the plan if the sale is implemented through a plan if, during Oppenheimer's engagement or within 12 months thereafter, sale is consummated or an agreement is entered into that subsequently results in the sale being consummated. For purposes of clarification, Oppenheimer will only be entitled to a transaction fee in the event of a sale in accordance with the circumstances provided above. F. John Stark, III, managing director of Oppenheimer, assured the Court that the firm is "disinterested" as that term is defined in Section 101(14) of the Bankruptcy Code. Litchfield, Illinois-based Schutt Sports, Inc. -- fka Schutt Manufacturing Company; aka Schutt Sports Manufacturing Co., Schutt Sports Distribution Company, and Schutt Athletic Sales Company -- designs, manufactures, distributes and markets team sporting goods equipment, offering an extensive line of football, baseball and softball protective gear and complementary accessories. Schutt Sports filed for Chapter 11 bankruptcy protection on September 6, 2010 (Bankr. D. Del. Case No. 10-12795). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, assists the Debtor in its restructuring effort. Ernst & Young is the Debtor's financial advisor. Oppenheimer & Co., Inc., is the Debtor's investment banker. Logan & Company, Inc., is the Debtor's claims, noticing and balloting agent. The Debtor estimated its assets and debts at $50 million to $100 million. Affiliates Circle System Group, Inc. (Bankr. D. Del. Case No. 10- 12796), Melas, Inc. (Bankr. D. Del. Case No. 10-12797), Mountain View Investment Co. of Illinois (Bankr. D. Del. Case No. 10- 12794), R.D.H. Enterprises, Inc. (Bankr. D. Del. Case No. 10- 12798), and Triangle Sports, Inc. (Bankr. D. Del. Case No. 10- 12799) filed separate Chapter 11 petitions on September 6, 2010. SEMGROUP LP: Court Approves $1.8 Billion Claims Estimate -------------------------------------------------------- Bankruptcy Law360 reports that the reorganized SemCrude LP cleared a major hurdle to listing its stock on the New York Stock Exchange on Monday after winning bankruptcy court approval to estimate the maximum value of unsecured claims against the company at $1.8 billion, thereby allowing the debtors to start making distributions to unsecured creditors. Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware signed off on a motion that will allow SemCrude to dispense stock toward unsecured claims, Law360 says. About SemGroup, L.P. SemGroup, L.P. -- http://www.semgrouplp.com/-- is a midstream service company that provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids and refined products. Services include purchasing, selling, processing, transporting, terminalling and storing energy. SemGroup serves customers in the United States, Canada, Mexico and Wales. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-11525). John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A. Mayer, Esq., at Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on November 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. SemGroup, LP, won confirmation from the Bankruptcy Court of its Fourth Amended Plan of Reorganization on October 28, 2008. The Plan, which distributes more than $2.5 billion in value to its stakeholders, was declared effective November 30. SERVICEMASTER COMPANY: Moody's Affirms 'B2' Corp. Family Rating --------------------------------------------------------------- Moody's Investors Service affirmed the B2 Corporate Family Rating and debt instrument ratings of The ServiceMaster Company and changed the rating outlook to stable from negative. These ratings were affirmed: * $2.6 billion senior secured term loan B due 2014, B1 (LGD 3, 34%) * $500 million senior secured revolving credit facility due 2013, B1 (LGD 3, 34%) * $150 million senior secured synthetic letter of credit facility due 2014, B1 (LGD 3, 34%) * $1.1 billion 10.75%/11.50% Senior Toggle Notes due 2015, B3 (LGD 5, 73%) * $79 million senior unsecured notes due 2018, Caa1 (LGD 6, 94%) * $195 million senior unsecured notes due 2027, Caa1 (LGD 6, 94%) * $83 million senior unsecured notes due 2038, to Caa1 (LGD 6, 94%) * Corporate Family Rating, B2 * Probability of Default Rating, B2 * Speculative Grade Liquidity Rating, SGL-2 Ratings Rationale "The revision of the outlook to stable reflects solid improvements in retention rates and new account growth in key service lines and Moody's expectation for moderate adjusted EBITDA growth during 2011," stated Lenny Ajzenman, Senior Vice President. The B2 Corporate Family Rating is constrained by a highly leveraged capital structure, relatively flat top line performance and concern that consumer spending on the company's more discretionary service offerings, such as lawn care, could weaken in an environment of continued high unemployment and weak income growth. The ratings are supported by steady financial performance during the recession, a broad geographic footprint in the US and a good liquidity profile. The stable outlook anticipates that Adjusted EBITDA will remain relatively flat in 2010 and grow moderately in 2011. The improvement in 2011 will be driven by modest revenue growth and Moody's assumption of more normalized weather conditions. Moody's expect financial leverage to moderately improve in 2011. The ratings could be pressured if the company fails to materially reduce financial leverage either through profit growth or debt repayments by the end of 2011. Positive rating momentum could develop if the company grows profitability or improves credit metrics such that Debt to EBITDA and free cash flow to debt are sustained at under 5.5 times and above 5%, respectively. The last rating action on ServiceMaster was on February 6, 2009 when Moody's affirmed the B2 Corporate Family Rating and changed the rating outlook to negative from stable. Based in Memphis, Tennessee, ServiceMaster is a national provider of products and services to residential and commercial customers. Its products and services include lawn care, landscape maintenance, termite and pest control, home service contracts, cleaning and disaster restoration, house cleaning, furniture repair and home inspection. Reported revenues were $3.3 billion in the twelve month period ended June 30, 2010. SGD HOLDINGS: Tex. App. Ct. Affirms Ruling in Gordon Suit --------------------------------------------------------- James G. Gordon appeals the summary judgment granted in favor of Steven H. Clemons, Jenny L. Martinez, Whitney Bowling, Leggett & Clemons, P.L.L.C. -- collectively "L&C" -- Godwin Pappas Ronquillo, L.L.P., and Phillip W. Offill, Jr. The appellees are the lawyers and law firms that represented Greg Gordon's opponents in separate lawsuits concerning disputes over ownership, control, and corporate governance of SGD Holdings, Ltd. Greg Gordon and his wife have sued his brother George David Gordon, Jr., and SGD for damages arising out of the merger of Greg's and Lisa's family business, Con-Tex Silver Imports, Inc., with the publicly traded SGD, and Greg Gordon's subsequent expulsion from SGD following a dispute concerning SEC filings. A bench trial resulted in a take nothing judgment. On appeal, the Court of Appeals of Texas, Ninth District, Beaumont, held that factually sufficient evidence supported the trial court's findings that the Gordons failed to prove the existence of an attorney- client relationship or formal fiduciary relationship between the Gordons and David Gordon as SGD's corporate and securities counsel. The Court of Appeals also held that the overwhelming weight and preponderance of the evidence supported the Gordons' claim of a confidential relationship giving rise to an informal fiduciary duty owed to them by David Gordon, and the Court of Appeals reversed the judgment and remanded the case to the trial court on that ground. In the suit against the law firms, Greg Gordon asserted claims against L&C for breach of fiduciary duty, fraud, fraudulent concealment, and civil conspiracy. Greg Gordon alleged that L&C acted as general counsel for SGD while Greg Gordon was the majority shareholder and sole legitimate director of SGD. Greg Gordon further alleged that beginning in 2002, L&C engaged in a continuing scheme with David Gordon to wrest control and ownership of SGD from Greg Gordon. According to Greg Gordon, the defendants were aware that he was the only legitimate director of SGD but, while acting as general counsel for SGD, L&C acted to remove Greg Gordon as President of SGD and filed lawsuits against him. Greg Gordon argues that his cause of action accrued when the judge presiding in SGD's bankruptcy proceedings ruled that Greg Gordon was the legal owner of 75 million shares of stock in SGD. He also argues that SGD's bankruptcy tolled limitations on his claims against L&C. Thus, he contends, limitations began to run in May 2005. No authority is cited to support this argument. The filing of a bankruptcy automatically stays actions against the debtor. The Court of Appeals held that an automatic stay tolls limitations for a civil action in a nonbankruptcy court on a claim against the bankruptcy debtor. The claims being brought in this suit are not against the bankruptcy debtor, SGD; therefore, the bankruptcy code does not operate to toll limitations on Greg Gordon's claims against L&C. Moreover, Greg Gordon does not explain why the occurrence of a legal injury in this case required a prior judicial determination of stock ownership. The trial court did not err in granting summary judgment for L&C on the limitations defense. The Court of Appeals overruled this issue. The Court of Appeals also held that Greg Gordon's pleadings and the summary judgment record establish a limitations bar for all claims against one group of lawyers and their firm. Greg Gordon failed to raise a fact issue regarding his claims against the other lawyer and his firm. Accordingly, the Court of Appeals affirmed the trial court's judgment. A copy of the decision is available at: http://www.leagle.com/unsecure/page.htm?shortname=intxco20100909545 Headquartered in Addison, Texas, SGD Holdings, Ltd. -- http://www.sgdholdings.com/-- was a holding company engaged in acquiring and developing jewelry businesses. SGD Holdings' principal operating subsidiary, HMS Jewelry Company, Inc., was a national jewelry wholesaler, specializing in 18K, 14K and 10K gold and platinum jewelry. The Company filed for chapter 11 protection on January 20, 2005 (Bankr. D. Del. Case No. 05-10182, transferred March 8, 2005, to Bankr. N.D. Tex. Case No. 05-42392). When the Debtor filed for protection from its creditors, it estimated $10 million in assets and $50 million in debts. The Debtor was represented by Donna L. Harris, Esq., at Cross & Simon, LLC, in Wilmington, Delaware. In October 2006, the Bankruptcy Court confirmed the Second Amended Plan of Reorganization proposed by creditors Terry Washburn and Jules Slim for SGD Holdings. SGD Holdings' subsidiary Con-Tex Silver Imports, Ltd., filed for Chapter 7 bankruptcy (Bankr. N.D. Tex. Case No. 03-43783). SHUBH HOTELS: Asks for Court OK to Use BlackRock's Cash Collateral ------------------------------------------------------------------ Shubh Hotels Pittsburgh, LLC, asks for authorization from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use through September 30, 2010, the cash collateral in which BlackRock Financial Management, Inc., claims an interest. The Debtor obtained financing from BlackRock's predecessor in interest for the acquisition of Pittsburgh Hilton Hotel from Hilton Hotels International. As part of the acquisition and financing, BlackRock became the Debtor's principal secured creditor, and as of the Petition Date was owed a total of $49,600,000. As of the Petition Date, the cash collateral totaled approximately $400,000 comprised of both cash and credit card receivables representing revenue obtained for recent hotel room stays of the transient guests. David K. Rudov, Esq., at Rudov & Stein, P.C., explains that the Debtor needs the money to fund its Chapter 11 case, pay suppliers and other parties. In exchange for using the cash collateral, BlackRock will be granted a post-petition security interest in, and a lien upon, all of the categories and types of collateral in which it held a security interest as of the petition date, but the postpetition security interest will only be to the same extent, and have the same priority, as its security interest as of the petition date. In the event that the adequate protection to be granted fails to protect the interest of BlackRock in the cash collateral, BlackRock will be granted a superpriority administrative claim. The Debtor will pay to BlackRock on a monthly basis all postpetition interest that will accrue under the term loan, the revolver and the L/C facility. The Debtor will use the collateral pursuant to a budget, a copy of which is available for free at: http://bankrupt.com/misc/SHUBH_HOTELS_budget.pdf In the event that the Debtor fails to obtain authorization to use of cash collateral, the Debtor has received an offer from Dr. Kiran Patel to provide a senior debtor in possession lending facility in the amount of $1 million. This Senior Lending Facility has agreed to provide immediately available cash funds contingent only upon providing the replacement lender with a post- petition, super-priority lien senior to all existing liens or claims of any creditor or party interest. The terms of this lending facility are yet being negotiated but will be presented at the hearing on the Debtor's request to use cash collateral and filed of record as soon as it becomes available. About Shubh Hotels Boca Raton, Florida-based Shubh Hotels Pittsburgh, LLC, owns and operates the Pittsburgh Hilton Hotel. It filed for Chapter 11 bankruptcy protection on September 7, 2010 (Bankr. W.D. Pa. Case No. 10-26337). Scott M. Hare, Esq., in Pittsburgh, Pennsylvania, and attorneys at Rudov & Stein, P.C., serve as co-counsel. The Debtor estimated its assets at $10 million to $50 million and debts at $50 million to $100 million. SHUBH HOTELS: Taps Rudov & Stein & Scott Hare as Co-Counsel ----------------------------------------------------------- Shubh Hotels Pittsburgh, LLC, asks for authorization from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Rudov & Stein, P.C., and Scott M. Hare, Esq., as co- counsel. R&S and Mr. Hare will divide and assign all tasks in this case between them in a manner to provide the Debtor with competent counsel yet not overlap nor provide duplicative services. In a case of this size, the Debtor, R&S and Mr. Hare are cognizant of the fact that there will significant legal assignments that will require experienced counsel. R&S and Mr. Hare will, among other things: a. provide the Debtor with advice, representing the Debtor, and preparing all necessary documents on behalf of the Debtor, in the areas of business and commercial litigation, tax, debt restructuring, reorganization and, if requested, asset dispositions; b. take necessary actions to protect and preserve the Debtor's estate during the pendency of its Chapter 11 case including the prosecution of actions by the Debtor, the defense of actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved and objecting to claims filed against the estate; c. prepare motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 cases; and d. counsel the Debtor with regard to their rights and obligations as debtor in possession. R&S charges these hourly rates to their clients in matters involving bankruptcy matter: David K. Rudov, Partner $350 Robert B. Stein, Partner $350 Laurent Fertelmes, Associate $250 Paralegal Staff $100 Mr. Hare, Esq., will be paid $350 per hour for his services. David K. Rudov, Esq., as a partner at R&S, assures the Court that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Hare assures the Court that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Boca Raton, Florida-based Shubh Hotels Pittsburgh, LLC, owns and operates the Pittsburgh Hilton Hotel. It filed for Chapter 11 bankruptcy protection on September 7, 2010 (Bankr. W.D. Pa. Case No. 10-26337). The Debtor estimated its assets at $10 million to $50 million and debts at $50 million to $100 million. SKANDIA FAMILY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Skandia Family Center, Inc. dba Scandia Family Fun Center 4300 Central Place Fairfield, CA 94534 Bankruptcy Case No.: 10-43991 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court Eastern District of California (Sacramento) Judge: Robert S. Bardwil Debtor's Counsel: Matthew R. Eason, Esq. 1819 K. Street, #200 Sacramento, CA 95811 Tel: (916) 438-1819 Scheduled Assets: $5,820,047 Scheduled Debts: $4,015,378 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/caeb10-43991.pdf The petition was signed by Finn Jensen, vice president. ST. CROIX: Case Summary & 17 Largest Unsecured Creditors -------------------------------------------------------- Debtor: St. Croix One, LLC 5000 Estate Chenay Bay Route 82, East End Quarter Christiansted, VI 00820 Bankruptcy Case No.: 10-16180 Chapter 11 Petition Date: September 10, 2010 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Judge: Karen S. Jennemann Debtor's Counsel: Elizabeth A. Green, Esq. BAKER & HOSTETLER LLP 200 S Orange Ave Suntrust Center, Suite 2300 Orlando, FL 32801 Tel: (407) 649-4000 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.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 17 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/flmb10-16180.pdf The petition was signed by Deborah L. Linden, CEO. STANFORD REGENCY: Files Schedules of Assets & Liabilities --------------------------------------------------------- Stanford Regency Plaza LLC has filed with the U.S. Bankruptcy Court for the Central District of California its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ------ ----------- A. Real Property $45,000,000 B. Personal Property $0 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $42,000,000 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $4,222,751 ----------- ----------- TOTAL $45,000,000 $46,222,751 Los Angeles, California-based Stanford Regency Plaza LLC filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. C.D. Calif. Case No. 10-45729). Michael Jay Berger, Esq., who has an office in Beverly Hills, California, assists the Debtor in its restructuring effort. STANFORD REGENCY: Section 341(a) Meeting Scheduled for Oct. 18 -------------------------------------------------------------- The U.S. Trustee for Region 16 will convene a meeting of Stanford Regency Plaza LLC's creditors on Oct. 18, 2010, at 11:00 a.m. The meeting will be held at 725 S Figueroa Street, Room 2610, Los Angeles, CA 90017. 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. Los Angeles, California-based Stanford Regency Plaza LLC filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. C.D. Calif. Case No. 10-45729). Michael Jay Berger, Esq., in Beverly Hills, California, assists the Debtor in its restructuring effort. The Debtor estimated its assets and debts at $10 million to $50 million as of the petition date. SUNCOAST SPINAL: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Suncoast Spinal Centers I, Inc. fka Suncoast Spinal, Medical & Rehab fka Centers, Inc. 24945 U.S. Highway 19 North Clearwater, FL 33763 Bankruptcy Case No.: 10-21760 Chapter 11 Petition Date: September 9, 2010 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Judge: K. Rodney May Debtor's Counsel: Marshall G. Reissman, Esq. REISSMAN & BLANCHARD, P.A. 5150 Central Ave St. Petersburg, FL 33707 Tel: (727) 322-1999 Fax: (727) 327-7999 E-mail: marshall@reissmanlaw.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Debtor did not file a list of its largest unsecured creditors together with its petition. The petition was signed by Brian Wolstein, president. SUSAN CARLE: Case Summary & 4 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Susan Carle 3719 Emerson Street P.O. Box 27326 Oakland, CA 94610 Bankruptcy Case No.: 10-70341 Chapter 11 Petition Date: September 9, 2010 Court: United States Bankruptcy Court Northern District of California (Oakland) Judge: Randall J. Newsome Debtor's Counsel: Michael R. Germain, Esq. THE BANKRUPTCY CENTER 945 Morning Star Dr. Sonora, CA 95370 Tel: (209) 588-1500 E-mail: info@bankruptcycenterhelp.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's four largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/canb10-70341.pdf SWB WACO: Files for Chapter 11 to Halt Foreclosure -------------------------------------------------- SWB Waco SH LP filed a Chapter 11 petition on Sept. 7 in Houston (Bankr. S.D. Tex. Case No. 10-38001). The Debtor estimated assets and debts of $10 million to $50 million. Bill Rochelle, the bankruptcy columnist at Bloomberg News, related that SWB Waco is the owner of a 375-bed apartment project near the Baylor University campus in Waco, Texas. The facility, which court papers say was "recently constructed," is part of a re-development of downtown Waco. It serves as off-campus student housing. The Chapter 11 filing was intended to halt foreclosure, Mr. Rochelle said, citing a story in the Waco Tribune. The case summary for SWB Waco was published in the September 13, 2010 edition of the Troubled Company Reporter. TITAN INT'L: $139MM Unsec. Notes Tendered for Cash Exchange ----------------------------------------------------------- Titan International, Inc. disclosed that as of 5:00 p.m. New York City time, on September 14, 2010, $138,867,000 aggregate principal amount of its outstanding 8% Senior Unsecured Notes due 2012 had been tendered, pursuant to the previously announced cash tender offer for any and all of the Senior Notes and solicitation of consents, as described in the Offer to Purchase and Consent Solicitation Statement, dated August 31, 2010. The Tender Offer will expire at 12 midnight New York City time, on Tuesday, September 28, 2010, unless extended or earlier terminated. Titan has received consents from holders of approximately 99.2% of the outstanding Senior Notes. The consents received are sufficient to execute the proposed amendments to the indenture governing the Senior Notes. Accordingly, Titan and the trustee under the indenture governing the Senior Notes have entered into a supplemental indenture that will, once operative, eliminate from the indenture substantially all of the restrictive covenants, certain affirmative covenants and certain events of default. The supplemental indenture will not become operative unless and until the Senior Notes validly tendered on or prior to the Consent Deadline are accepted for purchase and paid for by the Company pursuant to the Tender Offer. The Tender Offer is subject to the satisfaction or waiver of certain conditions, including the receipt by Titan of proceeds from new financings, generating net proceeds sufficient to repurchase the Senior Notes tendered, including the payment of all consent payments, accrued interest and costs and expenses incurred in connection therewith, as described in more detail in the Offer to Purchase. Subject to these conditions, Titan reserves the right to accept for purchase all Senior Notes validly tendered on or prior to the Consent Deadline and to pay the total consideration on an early settlement date following the Consent Deadline. If Titan does not exercise the option to settle on the early settlement date, holders of Senior Notes validly tendered and accepted for payment will receive the total consideration or the tender offer consideration, as applicable, on the final settlement date promptly following the Expiration Time. The total consideration for each $1,000 US Dollars principal amount of Senior Notes validly tendered and accepted for purchase pursuant to the Tender Offer will be an amount equal to $1,075 US Dollars, payable in cash to holders that validly tender their Senior Notes at or prior to the Consent Deadline, plus accrued interest. The total consideration set forth above includes a consent payment of $30 US Dollars per $1,000 US Dollars principal amount of Senior Notes, payable only to holders that validly tender their Senior Notes and validly deliver their consents at or prior to the Consent Deadline. Holders of Senior Notes who validly tender their Senior Notes after the Consent Deadline but at or prior to the Expiration Time, will not receive a consent payment. Titan has engaged Goldman, Sachs & Co. as Dealer Manager and Solicitation Agent for the tender offer and consent solicitation. Persons with questions regarding the tender offer or the consent solicitations should contact Goldman, Sachs & Co. at (800) 828- 3182 or collect at (212) 902-5128. The complete terms and conditions of the tender offer and consent solicitation are described in the Offer to Purchase and related Letter of Transmittal, copies of which may be obtained from Global Bondholder Services Corporation, the Information Agent and Depositary for the tender offer and consent solicitation, at (212) 430-3774 (for banks and brokers) or (866) 873-7700 (for noteholders). About Titan Titan, headquartered in Quincy, IL is a leading manufacturer of wheels, tires and assemblies for off-highway vehicles serving the agricultural, earthmoving/construction and consumer end markets. Last twelve months ended September 30, 2009 revenues were $840 million. * * * As reported in the Dec 18, 2009, Moody's Investors Service has changed the rating outlook of Titan International, Inc., to negative from stable and upgraded the $194 million 8% senior unsecured notes due 2012 to B2 from Caa1. All other ratings, including the corporate family and probability of default rating of B2 and the speculative grade liquidity rating of SGL-2, have been affirmed. TOMKINS FINANCE: S&P Downgrades Corporate Credit Rating to 'BB-' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it has lowered its 'BBB' long-term CCR on U.K.-based Tomkins Finance PLC to 'BB-' from 'BBB' and withdrew its 'A-2' short-term CCR. The ratings were removed from CreditWatch, where they were placed on July 28, 2010, with negative implications. In addition, S&P assigned a preliminary 'BB' issue rating to the company's proposed $1.6 billion senior secured credit facility with a preliminary recovery rating of '2', a preliminary 'BB' issue rating to its proposed $600 million first-lien secured notes with and a preliminary recovery rating of '2', and a preliminary 'B+' issue rating to its proposed $1 billion second-lien secured notes. The 'BBB' debt ratings on Tomkins' medium-term unsecured notes due 2011 and 2015 remain on CreditWatch Negative. The downgrade of the corporate credit rating reflects S&P's view of Tomkins' financial profile as "aggressive" following completion of the LBO by the private equity consortium of Onex Group and CPPIB. Pinafore Acquisitions Ltd., the entity acquiring the Tomkins group, will be financed with $3.0 billion of debt and $2.275 billion of equity. S&P's view of the company's business profile risk as "satisfactory," remains unchanged from its assessment of the company's business risk before the LBO, reflecting S&P's expectation that the company's strategic policy and combination of operating assets will remain largely unchanged by Onex and CPPIB. "S&P believes Tomkin's double-digit EBITDA margins will continue; its opinion is supported by the company's track record of margins and relative lack of volatility in results over the past several years," said Standard & Poor's credit analyst Nancy Messer. The notes are being tendered in conjunction with the LBO, and S&P will withdraw the rating when the notes are repaid in full. The company has announced a tender offer for all of this debt. The stable outlook reflects S&P's view that Tomkins' intermediate- term financial prospects can support the 'BB-' rating even if the North American auto, industrial, and construction markets remain sluggish, as S&P expects. For the rating, S&P assumes debt to EBITDA will remain under 5.0x S&P considers an upgrade unlikely in the next year because this would require us to reassess the financial risk profile to "significant" from the current "aggressive". "On the other hand, S&P could lower the ratings if the economic recovery falters, and FFO is less than 10%, debt to EBITDA totals more than 5x, and the company generates negative cash flow. S&P could also lower the ratings if S&P believed cash generation would become negative through a spike in commodity or other costs.," Ms. Messer added. TRAUMA FLIGHT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Trauma Flight, Inc. 12251 N. 74th Street Scottsdale, AZ 85260 Bankruptcy Case No.: 10-28955 Chapter 11 Petition Date: September 10, 2010 Court: U.S. Bankruptcy Court District of Arizona (Phoenix) Judge: Eileen W. Hollowell Debtor's Counsel: Kelly G. Black, Esq. JACKSON WHITE 40 North Center, Suite 200 Mesa, AZ 85201 Tel: (480) 559-8131 Fax: (480) 464-5692 E-mail: kblack@jacksonwhitelaw.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/azb10-28955.pdf The petition was signed by Michael J. Helenic, III, chairman. TRICO MARINE: Enters Into Employment Pact with COO -------------------------------------------------- Trico Marine Group Inc.'s Board of Directors appointed on Aug. 6, 2010, D. Michael Wallace as interim Chief Operating Officer of the Company. On Aug. 19, 2010, the Company and Mr. Wallace entered into the First Amendment to the Second Amended and Restated Employment Agreement in connection with Mr. Wallace's appointment as the Company's interim Chief Operating Officer. Pursuant to the Employment Agreement Amendment, Mr. Wallace's annual base salary has been set at $300,000. A full-text copy of the Second Amended and Restated Employment Agreement is available for free at: http://ResearchArchives.com/t/s?6a2c About Trico Marine Services 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: Gets NASDAQ Listing Qualification Notice ------------------------------------------------------ Trico Marine Services Inc. said it received on Aug. 19, 2010, notice from The NASDAQ Listing Qualifications Staff that the Company has not maintained a minimum of $10.0 million in stockholders' equity. The notice states that, under the NASDAQ's rules, the Company has 45 calendar days to submit a plan to regain compliance. If the plan is accepted, the NASDAQ can grant the Company an extension of up to 180 calendar days from the date of the notice to regain compliance. Alternatively, the notice states that the Company may consider applying to transfer the Company's securities to The Nasdaq Capital Market. About Trico Marine Services 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. TXF FUNDS: Liquidates Texas Large Companies Exchange-Traded Fund ---------------------------------------------------------------- TXF Funds, Inc. disclosed that its sole remaining director and Chief Executive Officer has determined to liquidate the Company's underlying investment portfolio effective September 30, 2010 and subsequently dissolve the Company. The Fund offers shares known as TXF, the Texas Large Companies Exchange-Traded Fund ("Shares") that are listed on NYSE Arca, Inc. The decision was made after consultation with Geary Advisors, LLC, the investment advisor of the Fund. Consideration was given to current market conditions, the inability of the Fund to attract significant market interest since its inception and the continued expenses of operating the Fund and therefore determined that it was advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. Since Inception, the following Directors, stating no unfavorable reason, resigned: John Shelley (9-30-09), Mike Braun (3-9-10) and Boe Parrish (6-18-10). Geary Advisors, LLC has agreed to pay all fees and expenses of the Fund. Any and all unpaid liabilities of the Advisor will be paid by the parent company, Geary Companies, Inc. September 24, 2010, will be the last day of trading for the Shares on NYSE Arca, and the last day on which creation unit aggregations of the Shares may be purchased or redeemed. The Fund and its ticker symbol is: TXF Large Companies Exchange-Traded Fund (TXF) NYSE Arca will halt trading in the Shares of the Fund before the open of trading on September 27, 2010 and the Fund will be closed to new investment on that date. Shareholders may sell their Shares on or prior to September 24, 2010. From September 27, 2010 through September 30, 2010, shareholders may be able to sell their Shares to certain broker-dealers who may determine to continue to purchase such Shares, but there can be no assurance that any broker-dealer will be willing to purchase such Shares or that there will be a market for the Shares of the Fund. All sales of Shares to a broker-dealer, whether made before or after September 24, 2010, will be subject to typical transaction fees and charges. All shareholders remaining on September 30, 2010 will receive cash equal to the amount of the net asset value of their Shares as of September 30, 2010 including dividends into the cash portion of their brokerage accounts. Fund shareholders remaining September 30, 2010 will not incur transaction fees to sell their Shares. All other costs of closing the Fund will be borne by the Advisor. Effective immediately, the Fund will be in the process of liquidating its portfolio. As a result, the fund will no longer pursue its investment objective of seeking to track the performance of its underlying index. The Fund acknowledges non-compliance with the NYSE Arca's audit committee requirements. For additional information about the liquidation, shareholders of the Fund may call the Advisor at 1-405-235-5757. VAN CHASE: Section 341(a) Meeting Scheduled for Sept. 27 -------------------------------------------------------- The U.S. Trustee for Region 19 will convene a meeting of Van Chase, LLC's creditors on Sept. 27, 2010, at 1:30 p.m. The meeting will be held at U.S. Custom House, 721 19th Street, Room 106, Denver, CO 80202. 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. Aspen, Colorado-based Van Chase, LLC, filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. D. Colo. Case No. 10-31555). John D. LaSalle, Esq., who has an office in Aspen, Colorado, assists the Debtor in its restructuring effort. According to its schedules, the Debtor disclosed $26,528,200 in total assets and $15,150,964 in total liabilities as of the petition date. VAN CHASE: Taps John D. LaSalle as Bankruptcy Counsel ----------------------------------------------------- Van Chase, LLC, asks for authorization from the U.S. Bankruptcy Court for the District of Colorado to employ John D. LaSalle, Wright & LaSalle, LLP, as bankruptcy counsel. The Firm will, among other things: a. analyze the Debtor's financial situation and render advice concerning a plan of reorganization; b. prepare and file any petition, schedules, statement of affairs and any other required documents; c. represent the Debtor in the meeting of creditors and all hearings related to the bankruptcy case; and d. represent the Debtor in any adversary proceeding or contested matter arising from the bankruptcy case. The hourly rates of the Firm's personnel are: John D. LaSalle $350 Associates $150 Paralegal or Legal Assistants $120 John D. LaSalle, an attorney at the Firm, is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Aspen, Colorado-based Van Chase, LLC, filed for Chapter 11 bankruptcy protection on August 24, 2010 (Bankr. D. Colo. Case No. 10-31555). According to its schedules, the Debtor disclosed $26,528,200 in total assets and $15,150,964 in total liabilities as of the petition date. WARNER MUSIC: Whalley Steps Down as CEO of Warner Bros. Records --------------------------------------------------------------- The Wall Street Journal's Ethan Smith reports that Tom Whalley, chairman and chief executive of Warner Bros. Records, is departing after nine years on the job. The Journal relates parent company Warner Music Group Corp. said Tuesday that Mr. Whalley will be succeeded by Rob Cavallo, a music producer-turned-executive who has helped create many of the label's biggest hits in recent years, including albums by Green Day and others. Mr. Cavallo until Tuesday served as Warner Bros. Records' chief creative officer. According to the Journal, Mr. Whalley was frequently at odds with his boss, Lyor Cohen, the vice chairman of Warner Music Group. The Journal relates speculation had been rampant for years within the industry over how long the two men could continue to work together. Such talk began more than five years ago, after Jason Flom, who was Mr. Whalley's counterpart at sister label Atlantic Records, resigned soon after being summoned from a vacation to a meeting with Mr. Cohen at Los Angeles International Airport. The Journal also reports that as part of the realignment, Warner Bros. Chief Operating Officer Diarmuid Quinn is also stepping down. The Journal says Warner Bros. Executive Vice President Todd Moscowitz was named CEO and co-president of the label. Livia Tortella joins Warner Bros. as co-president and COO, moving from another Warner sister label, Atlantic Records, where she has been general manager. About Warner Music Group Based in New York, Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- was formed by a private equity consortium of investors on November 21, 2003. The Company is the direct parent of WMG Holdings Corp., which is the direct parent of WMG Acquisition Corp. WMG Acquisition Corp. is one of the world's major music-based content companies and the successor to substantially all of the interests of the recorded music and music publishing businesses of Time Warner Inc. The Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing. The Company's Recorded Music business primarily consists of the discovery and development of artists and the related marketing, distribution and licensing of recorded music produced by such artists. The Company's Music Publishing operations include Warner/Chappell, its global Music Publishing company, headquartered in New York with operations in over 50 countries through various subsidiaries, affiliates and non-affiliated licensees. The Company's balance sheet at June 30, 2010, showed $3.65 billion in total assets, $3.82 billion in total liabilities, and stockholders' deficit of $174 million. * * * As reported by the Troubled Company Reporter, Standard & Poor's Ratings Services on Aug. 13, 2010, revised its rating outlook on Warner Music Group Corp. to negative from stable. Ratings on the company, including the 'BB-' corporate credit rating, were affirmed. "The revised outlook reflects continued revenue and EBITDA declines amid a light album release schedule and ongoing challenges in maintaining profitability levels due to the digital transition taking place within the industry, notwithstanding vigilant cost management," said Standard & Poor's credit analyst Michael Altberg. WESTERN POZZOLAN: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Western Pozzolan Corp. 8290 West Sahara Avenue, Suite 186 Las Vegas, NV 89117 Bankruptcy Case No.: 10-27096 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court District of Nevada (Las Vegas) Judge: Mike K. Nakagawa Debtor's Counsel: Gerry G. Zobrist, Esq. 5440 West Sahara Avenue, Suite 105 Las Vegas, NV 89146 Tel: (702) 656-5156 Fax: (702) 656-5157 E-mail: gerry@zobristlaw.com Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 The Company did not file a list of creditors together with its petition. The petition was signed by Jim Scott, manager. YOSHIFUMI HANZAKI: Case Summary & 16 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Yoshifumi Hanzaki aka Sean Y. Hanzaki Yoshi Hanzaki 20 Topiary Irvine, CA 92603 Bankruptcy Case No.: 10-22714 Chapter 11 Petition Date: September 9, 2010 Court: U.S. Bankruptcy Court Central District of California (Santa Ana) Judge: Robert N. Kwan Debtor's Counsel: Myava R. Escamilla, Esq. LAW OFFICES OF MYAVA ESCAMILLA 27281 Las Ramblas, Suite 200 Mission Viejo, CA 92691 Tel: (949) 413-7565 Fax: (949) 276-5450 E-mail: escamillalaw@live.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Debtor's 16 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/cacb10-22714.pdf ZAYO GROUP: Moody's Assigns 'B2' Rating on $100 Mil. Notes ---------------------------------------------------------- Moody's Investors Service assigned a B2 (LGD3-49%) rating to the $100 million upsize of Zayo Group, LLC's existing $250 million senior secured notes. The company plans to use the incremental borrowings to fund a portion of the acquisition of American Fiber Systems, which it agreed to buy for about $118 million, and to repay the revolver outstandings that were used to fund the recently closed acquisition of Atlanta Gas & Light fiber assets. The balance of the acquisition will be funded through cash on hand and about $40 million in new equity contributions. In addition, the company also has a $75 million senior secured revolving credit facility, which Moody's does not rate. The company will also seek to upsize the revolver by $25 million to give it additional liquidity capacity. As part of the rating action, Moody's affirmed Zayo's B2 corporate family rating and B2 probability of default rating. The rating outlook is stable. Zayo's B2 corporate family rating reflects the company's deep fiber network in its markets that have helped drive strong revenue growth in a difficult operating and liquidity-strapped environment for traditional competitive telecommunications carriers. The company has delivered quarter-over-quarter revenue growth since 2007, at a time when many CLECs were witnessing revenue declines. In Moody's view, the resurging demand for the company's wholesale and enterprise bandwidth services and the stability of the recurring revenue stream from the company's colocation business supports the rating. However, the large number of acquisitions that have primarily been funded with debt have increased the company's leverage levels. Proforma for the recent acquisition of AGL Networks for about $72 million, and the pending purchase of American Fiber Systems for about $116 million, Moody's adjusted Debt/EBITDA leverage would be about 4.6x, as of June 30, 2010. As such, Moody's is concerned about Zayo's ability to quickly delever and generate free cash flow in light of the company's need to continue investing in new fiber builds and network augmentations. Moody's expects the company to incur negative free cash flow over the next several years due to ongoing expansion capital expenditures. In addition, ratings are tempered by high customer concentration and small scale in a highly competitive environment. A large portion of the company's footprint is in the northeastern USA, which is the most competitive telecommunications market in the country, while the company's Midwest operations may be impacted by regional macroeconomic forces. The stable outlook is based on Moody's view that the company has weathered the worst of the macroeconomic pressures in its markets, and, with adequate liquidity to fund growth, should be able to capitalize on favorable near-term wholesale bandwidth capacity trends. Moody's believes that the company has very good liquidity, as cash on-hand from the new financing, coupled with full access to its $75 million revolver (which is expected to be increased to $100 million), are expected to cover the expected negative free cash flow over the next four quarters. Moody's most recent rating action on Zayo was on March 1, 2010, when the rating agency assigned first time B2 ratings to the company's notes and corporate family. Zayo Group is a US-based broadband infrastructure and collocation provider. The company's headquarters are located in Louisville, CO. ZAYO GROUP: S&P Affirms 'B-' Rating on $350 Mil. Senior Notes ------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'B-' issue-level rating on Louisville, Colo.-based Zayo Group LLC's $350 million 10.25% senior secured first-priority notes due 2017 following a $100 million tack-on. At the same time, S&P affirmed the 'B' corporate credit rating. The outlook is stable. "The ratings on Zayo reflect a highly leveraged capital structure and expansion risk as S&P expects the company to remain an aggressive consolidator of regional fiber-based telecom networks," said Standard & Poor's credit analyst Naveen Sarma. Other factors include significant capital expenditure requirements to grow the fiber-to-the-tower business, which will likely delay free cash flow generation for the near term, and the company's small scale. Tempering factors include its niche position within the regional- based telecom network sector serving smaller, less competitive markets and predictable revenue stream with sizable contractual revenue backlog. * Jung Song Joins Donlin Recano as Managing Director ---------------------------------------------------- Jung Song, Esq., has joined Donlin, Recano & Company, Inc., as managing director of its balloting and distribution group. Mr. Song brings both industry knowledge and a legal background to his new position. Fluent in several languages and experienced in international and domestic law, Mr. Song brings to DRC a combination of practical know-how and cross-border expertise. With that knowledge in hand, JW will deploy cutting edge technology for distributions, a critical aspect of complex Chapter 11 cases, DRC said. "JW's background, knowledge and experience in all aspects of bankruptcy management makes him ideal to head up DRC's Balloting and Distribution group," said DRC Chief Executive Officer Lou Recano. "His skill set and detail oriented style will give our clients comfort when working through sophisticated balloting and distribution issues." A member of the American Bankruptcy Institute, Mr. earned law degrees from the Meiji School of Law in Tokyo, with an emphasis on international law and from Fordham Law School in New York. Donlin Recano & Company, Inc. -- http://www.donlinrecano.com-- is a division of King Worldwide (http://www.king-worldwide.com),a financial communications, proxy solicitation and stakeholder management company, serving over 1,000 public company, mutual fund family and private equity firm clients domiciled in North America, Europe and Asia. DRC provides claims, noticing and balloting services. It also provides bondholder identification services, pre-pack bankruptcy solicitation and balloting, crisis communications, financial printing services and call center services. * Kelley Drye's James Carr Among Law360's Most Admired Attorneys ---------------------------------------------------------------- Whether representing creditors committees, major commercial landlords or energy industry heavyweights, Kelley Drye & Warren LLP's James Carr has a knack for getting creditors their share while dovetailing the diverse interests that make corporate reorganizations so problematic, making him one of Law360's 10 Most Admired Bankruptcy Attorneys. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Sept. 14, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/NYIC Golf and Tennis Fundraiser Maplewood Golf Club, Maplewood, N.J. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 20, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Fordham Law School, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 22-23, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE ABI/NYU Bankruptcy and Business Reorganization Workshop New York University School of Law, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 23-25, 2010 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute Kansas City Marriott Downtown, Kansas City, Kan. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Chicago Consumer Bankruptcy Conference Standard Club, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 15, 2010 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Hilton New Orleans Riverside, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 28, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Level Professional Development Program Weil, Gotshal & Manges LLP, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium The Savoy, London, England Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. __, 2010 AMERICAN BANKRUPTCY INSTITUTE Delaware Views from the Bench and Bankruptcy Bar Hotel du Pont, Wilmington, Del. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Hyatt Regency Dearborn, Dearborn, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29, 2010 RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC. 17th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York City Contact: 1-903-595-3800; http://www.renaissanceamerican.com/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Jan. 27-28, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 3-5, 2011 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casuarina Resort & Spa, Grand Cayman Island Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 24-25, 2011 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 4, 2011 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Hyatt Regency Century Plaza, Los Angeles, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 7-9, 2011 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition Duberstein U.S. Courthouse, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. Last Updated: August 16, 2010 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors" Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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