TCR_Public/100920.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Monday, September 20, 2010, Vol. 14, No. 261

                            Headlines

1802 53RD STREET: Case Summary & 7 Largest Unsecured Creditors
4MILES LLC: Case Summary & 15 Largest Unsecured Creditors
AA CONCEPTS: Voluntary Chapter 11 Case Summary
ACCREDITED HOME: Files Chapter 11 Plan; To Shutter Business
AEROTHRUST CORP: Air-Capital Wins Auction With $5-Mil. Bid

AFY INC: Reorganization Case Converted to Chapter 7 Liquidation
AMERICAN APPAREL: NYSE Amex Accepts of Plan of Compliance
ANTHONY ALSTON: Voluntary Chapter 11 Case Summary
ASARCO LLC: Voluntarily Dismisses Claims Against AMC
AUTOBACS STRAUSS: Settles with Autobacs, Plan Confirmed

BAKERS FOOTWEAR: Posts $2.1 Million Net Loss in July 31 Quarter
BANKATLANTIC BANCORP: Fitch Junks Issuer Default Ratings From 'B-'
BANK OF ELLIJAY: Closed; Community & Southern Assumes Deposits
BARRY KIRSCHNER: Case Summary & 20 Largest Unsecured Creditors
BEAZER HOMES: New Home Orders Slower Than Anticipated

BMS HOLDINGS: Extends Debt-for-Equity Swap Offer Until Sept. 28
BLOCKBUSTER INC: Icahn Acquires 1/3 of Senior Debt
BRAMBLE SAVINGS BANK: Closed; Foundation Bank Assumes All Deposits
BRECKENRIDGE EDISON: Files for Chapter 11 to Avert Foreclosure
BRECKENRIDGE EDISON: Case Summary & 20 Largest Unsecured Creditors

BULK PETROLEUM: Dist. Ct. Reviews Good Faith Purchaser Status
C&D TECHNOLOGIES: Posts $50.8 Million Net Loss in July 31 Quarter
CARIBE MEDIA: Moody'S Junks Corporate Family Rating From 'B3'
CHABAD-LUBAVITCH: Calls Lender's Foreclosure Bid a "Desecration"
CHEMTURA CORP: Resolves PMC Biogenix Dispute

CHEMTURA CORP: Closes $455-Mil. Senior Notes Offering
CHEMTURA CORP: Proposes "Conyers Fire" Class Settlement
CL PROPERTY: Case Summary & 20 Largest Unsecured Creditors
CLAIM JUMPER: Taps Pachulski Stang Ziehl as Local Counsel
CLAIM JUMPER: Wants Kurtzman Carson as Notice & Claims Agent

CLEARWATER PAPER: Moody's Reviews 'Ba2' Corporate Family Rating
CONLEE CONSTRUCTION: Case Summary & 9 Largest Unsecured Creditors
COUNTERPATH CORP: Posts $1.4 Million Net Loss in July 31 Quarter
CRYOPORT INC: Stockholders Elect Johnson, 3 Others as Directors
CULLIGAN INT'L: Bank Debt Trades at 20% Off in Secondary Market

DAMON PURSELL: Case Summary & 20 Largest Unsecured Creditors
DAVID MARCOE: Case Summary & 20 Largest Unsecured Creditors
DESIGNER HOMES: Voluntary Chapter 11 Case Summary
EDINBORO HOSPITALITY: Case Summary & 2 Largest Unsecured Creditors
EIGHTY WEST: Case Summary & 5 Largest Unsecured Creditors

EVERTEC INC: Moody's Assigns 'Caa1' Rating on $220 Mil. Notes
EXTERRA ENERGY: MaloneBailey LLP Raises Going Concern Doubt
FIRST COMMERCE: Closed; Community & Southern Bank Assumes Deposits
FIRST STATE BANCORPORATION: NASDAQ to Delist Common Stock
GAMETCH INT'L: Delays Filing of Form 10-Q for Aug. 1 Quarter
GLOBAL ENTERTAINMENT: Semple Marchal Raises Going Concern Doubt
GRAY TV: Bank Debt Trades at 4% Off in Secondary Market

GRUPO FERTINAL: Moody's Assigns 'B2' Corporate Family Rating
HARBOR BIOSCIENCES: Receives NASDAQ Notice of Delisting
HARRAH'S ENTERTAINMENT: CMBS Posts $12.6MM Profit in June 30 Qtr.
HENRY WILTON: Financial Woes Prompt Chapter 11 Bankruptcy Filing
HERBST GAMING: Bank Debt Trades at 44% Off in Secondary Market

HERTZ CORP: Fitch Expects to Rate $3002 Mil. Notes at 'BB-'
HERTZ CORP: Moody's Assigns 'B2' Rating on $300 Million Notes
HERTZ CORP: S&P Assigns 'CCC+' Rating on $300 Mil. Senior Notes
HEXION SPECIALTY: S&P Affirms 'B-' Corporate Credit Rating
HIREN LLP: Case Summary & 15 Largest Unsecured Creditors

INTELSAT JACKSON: Moody's Assigns 'B3' Rating on $900 Mil. Notes
INTELSAT JACKSON: S&P Assigns 'B+' Rating on $900 Mil. Notes
INTELSAT LTD: Panamsat Bank Debts Trade at 5% Off
ISN BANK: Closed; New Century Bank Assumes All Deposits
JOHN BORTOLI: Case Summary & 20 Largest Unsecured Creditors

JOSEPH GILCHRIST: Plan Outline Hearing Set for September 30
JT BAKER: Moody's Assigns 'Ba3' Corporate Family Rating
KRISPY KREME: To Refine "Small Shop" Format
LAKERIDGE CENTRE: Section 341(a) Meeting Scheduled for Oct. 18
LAS VEGAS SANDS: Bank Debt Trades at 8% Off in Secondary Market

LEONARD ROSS: Case Summary & 20 Largest Unsecured Creditors
LESLIE PATTERSON: Case Summary & Largest Unsecured Creditor
LEVEL 3 COMMS: Bank Debt Trades at 9% Off in Secondary Market
LIBERTY TIRE: S&P Assigns Initial 'B' Corporate Credit Rating
LOCAL INSIGHT: Moody's Downgrades Corporate Family Rating to 'Ca'

LOIS LITTMAN: Case Summary & 20 Largest Unsecured Creditors
LOWER BUCKS: Wants Plan Filing Exclusivity Until Jan. 9
MAM SOFTWARE: KMJ Corbin Raises Going Concern Doubt
MARITIME SAVINGS: Closed; North Shore Bank FSB Assumes Deposits
MARVKY CORP: Fannie Mae Tries to Block Use of Cash Collateral

MARVKY CORP: Section 341(a) Meeting Scheduled for Oct. 19
MERUELO MADDUX: Creditors Balk at Mgmt's "False Statements"
METRO-GOLDWYN-MAYER: Indian Firm in Exploratory Buyout Talks
MICHAEL THOMAS: Case Summary & 10 Largest Unsecured Creditors
MIDWEST BANC: Seeks to Retain Hinshaw & Culbertson as Counsel

MOMENTIVE PERFORMANCE: Moody's Raises Corp. Family Rating to 'B3'
MOMENTIVE PERFORMANCE: S&P Puts Junk Corp. Credit Rating on Watch
MOMENTIVE PERFORMANCE: Bank Debt Trades at 5% Off
NCO GROUP: S&P Downgrades Counterparty Credit Rating to 'B-'
NINE CENTS: Case Summary & Largest Unsecured Creditor

NUTRACEA: Sells Property of NutraPhoenix
ODYSSEY PETROLEUM: Iroquois to Take 80% Stake Under Plan
OMC INC: Case Summary & 20 Largest Unsecured Creditors
ON THE GRILL: Case Summary & 20 Largest Unsecured Creditors
OPEN SOLUTIONS: Bank Debt Trades at 16% Off in Secondary Market

ORLEANS HOMEBUILDERS: Potential Deal Could Alter Firm's Plan
OSI RESTAURANT: Bank Debt Trades at 11% Off in Secondary Market
PACIFIC AVENUE: Bankr. Administrator Wants Third-Party Probe
PC GROUP: NASDAQ Stock Market to Delist Firm's Common Stock
PENN TRAFFIC: Files Second Amended Chapter 11 Plan

PEOPLES BANK: Closed; Community & Southern Assumes Deposits
PHI INC: S&P Affirms Corporate Credit Rating at 'B+'
PHILADELPHIA NEWSPAPERS: New Auction to Take Place Sept. 23
PHILADELPHIA NEWSPAPERS: Court Bars Reporters From Auction
PHOENIX FOOTWEAR: Chief Executive Officer & President Resigns

PITCAIRN PROPERTIES: Judge Won't Prevent Bankruptcy Dismissal
RAINBOW MAULE: Case Summary & 9 Largest Unsecured Creditors
RAINBOW SUNSET: Section 341(a) Meeting Scheduled for Oct. 21
RAINBOW SUNSET: U.S. Bank Doesn't Consent to Cash Collateral Use
RANDOLPH PENTEL: Case Summary & 13 Largest Unsecured Creditors

RAY ANTHONY: Case Summary & 20 Largest Unsecured Creditors
RIALTO THEATRE: Wins Oct. 31 Forbearance From Rio Nuevo Board
ROBERTO VARGAS: Case Summary & 14 Largest Unsecured Creditors
RORY NAVIS: Voluntary Chapter 11 Case Summary
RUBATEX INTERNATIONAL: Case Summary & 11 Largest Unsec Creditors

SAINT VINCENTS: Challenges Sun Life Over Psych Unit's Sale
SCHUTT HOLDINGS: Case Summary & 41 Largest Unsecured Creditors
SCO GROUP: Pursuing Sale of UNIX Business
SEA ISLAND: 5 Execs. Received $500,000 in Bonuses Prior to Filing
SHUBH HOTELS: Wins Nod to Use Cash Collateral

SPEEDUS CORP: NASDAQ to Delists Firm's Common Stock
SUNCAL COS: Albuquerque Acquires Property for $148 Million
SWAMP PIKE: Voluntary Chapter 11 Case Summary
SWB WACO: Files List of 20 Largest Unsecured Creditors
SWB WACO: Files Schedules of Assets & Liabilities

SWB WACO: Section 341(a) Meeting Scheduled for Oct. 12
TAYLOR BEAN: Officers Get $3 Million From D&O Policy
TAYLOR BEAN: Settles $1-Bil. Mortgage Notes Dispute With FDIC
TEXAS REDS: Disclosure Problem Haunts Bidder's Lawyer
TOTAL HIGHWAY: Case Summary & 20 Largest Unsecured Creditors

TRICO MARINE: Taps Morris Nichols as Bankruptcy Co-Counsel
TRICO MARINE: Taps Evercore Group as Financial Advisor
TRICO MARINE: Wants to Hire Cahill Gordon as Special Counsel
TRIBUNE CO: Bank Debt Trades at 35% Off in Secondary Market
TRICO MARINE: NASDAQ to Delist Firm's Common Stock

UAL CORP: Bank Debt Trades at 9% Off in Secondary Market
US AEROSPACE: Divests Unprofitable Non-Aerospace Business Unit
VOXWARE INC: NASDAQ to Delists Firm's Common Stock
WEST CORP: Bank Debt Trades at 2% Off in Secondary Market
WEST SHORE: Disclosure Statement Hearing Scheduled for Tomorrow

WINDSTREAM CORPORATION: Moody's Retains Ba3 Rating on Senior Notes
WYNSTONE DEVELOPMENT: Voluntary Chapter 11 Case Summary
WYOMING MOUNTAIN: Voluntary Chapter 11 Case Summary

* Community & Southern Bank Acquires Three Banks
* Home Seizures Reach Record for Third Time in Five Months
* Leveraged-Loan Market Springs Back to Life Along with Risks

* House Panel Approves Bankruptcy Code Reform Bill

* BOND PRICING -- For Week From Sept. 13 to 17, 2010

                            *********

1802 53RD STREET: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: 1802 53rd Street Corp.
        P.O. Box 52 Kensington Station
        Brooklyn, NY 11218

Bankruptcy Case No.: 10-48732

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Elizabeth S. Stong

Debtor's Counsel: Edward E. Neiger, Esq.
                  NEIGER LLP
                  111 John Street, Suite 800
                  New York, NY 10038
                  Tel: (212) 267-7342
                  Fax: (212) 406-3677
                  E-mail: eneiger@neigerllp.com

Scheduled Assets: $3,000,000

Scheduled Debts: $2,866,200

A list of the Company's seven largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nyeb10-48732.pdf

The petition was signed by Isaac J. Rabinovich, president.


4MILES LLC: Case Summary & 15 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: 4Miles LLC
        9418 Odin Way
        Bothell, WA 98011

Bankruptcy Case No.: 10-20950

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Marc Barreca

Debtor's Counsel: Deirdre Glynn Levin, Esq.
                  LAW OFFICE OF DEIRDRE GLYNN LEVIN
                  1325 4th Ave. Suite 1500
                  Seattle, WA 98101
                  Tel: (206) 224-3700
                  E-mail: dee@seattlelegalcounsel.com

Scheduled Assets: $6,957,067

Scheduled Debts: $5,434,227

A list of the Company's 15 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/wawb10-20950.pdf

The petition was signed by Steven M. Moss, managing director.


AA CONCEPTS: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: AA Concepts, Inc.
        801 Richmond Avenue
        Houston, TX 77006

Bankruptcy Case No.: 10-38164

Chapter 11 Petition Date: September 14, 2010

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

Judge: Karen K. Brown

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

Scheduled Assets: $1,350,464

Scheduled Debts: $3,440,088

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

The petition was signed by William Shoemaker, manager.


ACCREDITED HOME: Files Chapter 11 Plan; To Shutter Business
-----------------------------------------------------------
Bankruptcy Law360 reports that Accredited Home Lenders Holding Co.
has filed a bankruptcy plan that would lump together remaining
interests into a consolidated holding company for the purposes of
liquidating the Debtors' remaining assets and shuttering the down-
and-out San Diego-based subprime lender.

According to Law360, the Plan also envisions raising some
$15.6 million in a settlement with a creditor group referred to as
the Lone Star Entities -- investment funds that bought the holding
company.

                         About Accredited Home

Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada.  Founded in 1990, the Company is headquartered in
San Diego.  The Company was acquired by Lone Star Funds for
$300 million in October 2007.  Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.

Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516).  Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, represent the Debtors as counsel.  Laura
Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as Delaware
counsel.  Kurtzman Carson Consultants is the Debtors' claims
agent.  Andrew I Silfen, Esq., Schuyler G. Carroll, Esq., Robert
M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey N.
Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent the
official committee of unsecured creditors as co-counsel.  Neil R.
Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.

According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.

Accredited sold the mortgage servicing business in July 2009.


AEROTHRUST CORP: Air-Capital Wins Auction With $5-Mil. Bid
----------------------------------------------------------
A group led by Air-Capital Group LLC beat out more than 500
parties vying for AeroThrust Corp.'s jet engine maintenance
business at an auction, Dow Jones' DBR Small Cap reports.

The Air-Capital group emerged the highest bidder with its
$5 million for the assets, which include equipment, tooling and
parts inventory, as well as a number of remanufactured engines.

Robert Levy, chief executive of Hilco Industrial, said that it was
initially believed that AeroThrust's assets would be sold in
individual lots.  However, "it became clear early on in the
auction process that there was more value to be recovered in a
bulk sale," he added.

David Weiss, vice president of sales at Heritage Global Partners,
added that selling AeroThrust intact was significant, according to
Dow Jones.

The auction was staged both on-site at AeroThrust's 140,000 square
foot Miami facility and simultaneously through an Internet
webcast.

                  About AeroThrust Corporation

Miami, Florida-based AeroThrust Corporation provides engine
repair, maintenance and overhaul of the CFM56 and JT8D engines.
The Company filed for Chapter 11 bankruptcy protection on
December 27, 2009 (Bankr. D. Del. Case No. 09-14541).  Its
affiliate, AeroThrust Engine Leasing Holding Company, LLC, also
filed a Chapter 11 bankruptcy petition.  Thomas F. Driscoll, III,
Esq., at Bifferato LLC, assists the Debtors in their restructuring
effort.  AeroThrust Corp. estimated $50 million to $100 million in
assets and $10 million to $50 million in debts in its Chapter 11
petition.


AFY INC: Reorganization Case Converted to Chapter 7 Liquidation
---------------------------------------------------------------
The Hon. Thomas L. Saladino of the U.S. Bankruptcy Court for the
District of Nebraska converted AFY, Inc.'s Chapter 11 case to one
under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on August 5, 2010,
Joseph H. Badami, the Chapter 11 trustee in the Debtor's
reorganization case explained that the estate of the Debtor is in
the process of liquidation.  To note, the Debtor's real estate
holdings have been sold and its feed yard operation has ceased.

Mr. Badami added that it would be efficient and appropriate to
liquidate the remaining assets of the estate pursuant to
Chapter 7.

                          About AFY Inc.

Ainsworth, Nebraska-based AFY, Inc., doing business as Ainsworth
Feed Yards Company, Inc., filed for Chapter 11 bankruptcy
protection on March 25, 2010 (Bankr. D. Neb. Case No. 10-40875.)
Jerrold L. Strasheim, Esq., who has an office in Omaha, Nebraska,
assists the Debtor in its restructuring effort.  The Debtor
estimated its assets and debts at $10 million to $50 million as of
the bankruptcy filing.

The Company's affiliate, Robert A. Sears/Korley B. Sears, filed
a separate Chapter 11 petition on February 12, 2010 (Case Nos.
10-40275/10-40277).


AMERICAN APPAREL: NYSE Amex Accepts of Plan of Compliance
---------------------------------------------------------
American Apparel, Inc. received a letter from the NYSE Amex LLC
that the Exchange accepted the company's updated plan of
compliance and, pursuant to such plan, has granted the company an
extension until November 15, 2010 to regain compliance with its
continued listing standards.

As previously disclosed on August 23, 2010, the company received a
letter from the Exchange stating that the company's timely filing
of its Quarterly Report on Form 10-Q for the quarter ended
June 30, 2010 is a condition for the company's continued listing
on the Exchange, as required by Sections 134 and 1101 of the
Exchange's Company Guide, and that the company's failure to timely
file the Form 10-Q is a material violation of the company's
listing agreement with the Exchange.  The letter from the Exchange
provided that the company must submit to the Exchange by August
31, 2010 any supplemental information addressing how the company
plans to regain compliance with Sections 134 and 1101 of the
Company Guide by no later than November 15, 2010.  On September
13, 2010, the company received a letter from the Exchange stating
that the Exchange completed its review of the company's updated
compliance plan and granted the company an extension until
November 15, 2010 for the company to file the Form 10-Q.

The company will be subject to periodic reviews by the Exchange
during the extension period.  Failure to make progress consistent
with the plan or to regain compliance with continued listing
standards by the end of the extension period could result in the
company being delisted from the Exchange.

Although no assurances may be given in this regard, the company
currently expects to complete the preparation and review of the
financial statements and related disclosures for the Form 10-Q,
and file the Form 10-Q as soon as practicable, but in any event by
no later than November 15, 2010.

                      About American Apparel

American Apparel, Inc. (NYSE Amex: APP) is a vertically integrated
manufacturer, distributor, and retailer of branded fashion basic
apparel based in downtown Los Angeles, California.  As of
August 15, 2010, American Apparel employed approximately 10,000
people and operated over 280 retail stores in 20 countries,
including the United States, Canada, Mexico, Brazil, United
Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, the
Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan,
South Korea, and China.  American Apparel also operates a leading
wholesale business that supplies high quality T-shirts and other
casual wear to distributors and screen printers.  In addition to
its retail stores and wholesale operations, American Apparel
operates an online retail e-commerce Web site at
http://www.americanapparel.com/

The Company's balance sheet as of March 31, 2010, showed
$295.74 million in total assets, $180.40 million in total
liabilities, and stockholders' equity of $115.34 million.

In August 2010, the Company said in a regulatory filing that it
believes that it may not have sufficient liquidity necessary to
sustain operations for the next 12 months, and that losses from
operations are expected to continue through at least the third
quarter of 2010.  The Company also believes that it is probable
that as of September 30, 2010, the Company will not be in
compliance with the minimum Consolidated EBITDA covenant under its
credit agreement with Wilmington Trust FSB, in its capacity as
administrative agent and collateral agent, Lion Capital (Americas)
Inc., as a lender, Lion/Hollywood L.L.C., as a lender, and other
lenders from time to time party thereto.


ANTHONY ALSTON: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Anthony Theotiss Alston
        111 Newport Lane
        North Wales, PA 19454

Bankruptcy Case No.: 10-17756

Chapter 11 Petition Date: September 13, 2010

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

Judge: Eric L. Frank

Debtor's Counsel: Charles M. McCuen, Esq.
                  OMINSKY & OMINSKY PC
                  Four Penn Center, Suite 1050
                  1600 John F. Kennedy Blvd
                  Philadelphia, PA 19103
                  Tel: (215) 568-4500
                  E-mail: cmmccuenlaw@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.


ASARCO LLC: Voluntarily Dismisses Claims Against AMC
----------------------------------------------------
Plaintiffs ASARCO LLC and Southern Peru Holdings LLC, and
Defendant Americas Mining Corporation agree to dismiss the
adversary proceeding under Rule 41(a)(1)(A)(ii) of the Federal
Rules of Civil Procedure, made applicable by Rule 7041 of the
Federal Rules of Bankruptcy Procedure.

By an order dated March 16, 2010, the U.S. Court of Appeals for
the Fifth Circuit dismissed AMC's appeal as moot and vacated the
judgment in favor of ASARCO on its claims for actual intent
fraudulent transfer.

In light of the conclusion of the litigation and to facilitate
the removal of the adversary proceeding from the active docket,
(i) ASARCO and SPHC agree to voluntarily dismiss their claims
against AMC with prejudice, and (ii) AMC agrees to voluntarily
dismiss its counterclaims against ASARCO with prejudice.

The lone remaining intervenor, Future Claims Representative
Robert C. Pate, states that he does not oppose the dismissal of
the proceeding.

Because all parties have signed the stipulation of dismissal, the
dismissal is effective on its September 7, 2010 filing without
the need for a Court order.

                     Equitable Subordination

Plaintiff ASARCO LLC also dismissed with prejudice all claims
brought in its complaint for equitable subordination.

Under Rule 7041 of the Federal Rules of Bankruptcy Procedure and
Rule 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure,
dismissal by notice is appropriate because the Defendants have
not filed an answer or a motion for summary judgment in response
to the complaint, Charles A. Beckham, Jr., Esq., at Haynes and
Boone, LLP, in Houston, Texas, tells Judge Schmidt.

                          About Asarco LLC

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

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

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

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


AUTOBACS STRAUSS: Settles with Autobacs, Plan Confirmed
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
Autobacs Strauss Inc. has clearance from a bankruptcy judge to
emerge from Chapter 11 for a third time.  The bankruptcy judge in
Delaware signed a confirmation order approving the newest Chapter
11 plan.  Confirmation was facilitated by a settlement reached
with the parent Autobacs Seven Co., the holder of a $44 million
unsecured claim.

According to the Bloomberg report, the settlement prohibits the
sale of the company's new stock until there's a resolution of the
validity of the Autobacs claim.  If the parent ends up being
entitled to receive a majority of the new stock, Autobacs will
have the right to replace the board of directors.

Bloomberg relates that the Plan gives all the new stock to
creditors along with a second-lien note for $8.5 million.
Unsecured creditors in two classes with approximately $18.7
million in claims are predicted to have a 45% recovery, assuming
complete victory in a lawsuit against Autobacs.  The suit is
designed to void the former owner's entire $44 million claim.  If
the suit fails, the disclosure statement said that the recovery by
unsecured creditors will be less than 14% plus the new stock.

                      About Autobacs Strauss

Headquartered in South River, New Jersey, Autobacs Strauss Inc. --
http://www.straussauto.com/-- sells after-market automotive parts
and accessories, and operate automotive service centers located in
New York, New Jersey, Philadelphia, Bethlehem and Pennsylvania.
The Company operates 86 retail store locations and has about 1,450
employees.  The Company filed for Chapter 11 protection on
February 4, 2009 (Bankr. D. Del. Case No. 09-10358).  Edward J.
Kosmowski, Esq., at Young Conaway Stargatt & Taylor, LLP,
represents the Debtor in its restructuring efforts.  As of
January 3, 2009, the Debtor had total assets of $75,000,000 and
total debts of $72,000,000.

The Chapter 11 case is Strauss's third.  The preceding Chapter 11
case ended with the confirmation of a Chapter 11 plan in April
2007.  The Company was then named R&S Parts & Service Inc.


BAKERS FOOTWEAR: Posts $2.1 Million Net Loss in July 31 Quarter
---------------------------------------------------------------
Bakers Footwear Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $2.1 million on $43.3 million
of revenue for the 13 weeks ended July 31, 2010, compared with a
net loss of $1.7 million on $43.7 million of revenue for the
13 weeks ended August 1, 2009.

As of July 31, 2010, the Company had negative working capital of
$13.2 million and an accumulated deficit of $42.7 million.

The Company's balance sheet as of July 31, 2010, showed
$47.1 million in total assets, $50.3 million in total liabilities,
and a stockholders' deficit of $3.2 million.

As reported in the Troubled Company Reporter on May 4, 2010,
Ernst & Young LLP, in St. Louis, Mo., expressed substantial doubt
about the Company's ability to continue as a going concern,
following its results for the fiscal year ended January 30, 2010.
The independent auditors noted that the Company has incurred
substantial losses from operations in recent years
and has a significant working capital deficiency.

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

               http://researcharchives.com/t/s?6b41

St. Louis, Mo.-based Bakers Footwear Group, Inc. (OTC Bulletin
Board: BKRS.OB) is a national, mall-based, specialty retailer of
distinctive footwear and accessories for young women.  The Company
currently operates 237 stores nationwide.


BANKATLANTIC BANCORP: Fitch Junks Issuer Default Ratings From 'B-'
------------------------------------------------------------------
Fitch Ratings has downgraded the long-term Issuer Default Ratings
of BankAtlantic Bancorp. to 'CC' from 'B-' and its primary
operating subsidiary, BankAtlantic FSB to 'CC' from 'B+.  The 'CC'
long-term IDR indicates a high default probability.

Fitch believes that BBX will likely require external capital
support given the high level of credit costs that continue to
impact BBX's financial performance and erode its existing weak
level of tangible common equity, which stood at just 1.39% at
June 30, 2010.  Although BFSB's regulatory capital levels remain
'well-capitalized', Fitch believes the company needs additional
capital in order to provide absorption for future losses,
particularly since earnings generation on a pre-provision net
revenue basis is weak.  Furthermore, Fitch incorporates the view
that with the passage of the Dodd-Frank Act, BBX will be subject
to holding company regulatory capital requirements in the future;
thus, given the very low level of capital at BBX and the ongoing
credit challenges at BSFB, the company may need to boost capital
levels more than anticipated.

To date, BBX has sought various ways to boost capital and shore-up
its balance sheet such as reducing its assets and repaying
borrowings, adding about $96 million in new equity from common
stock share and rights offerings, and unsuccessfully trying to
repurchase its trust-preferred securities through a cash tender
offer.  Most recently, BBX has also announced the sale of its 19
Tampa branches with about $400 million in deposits.  Fitch
believes the sale will have marginal benefits and incorporated
this potential transaction into its current rating action.
Further, BBX has also filed a shelf registration to raise
additional common equity through Class A common stock issuance.

Fitch recognizes that recently a few community banks that are
facing operating challenges have successfully executed equity
raises.  And although BBX has an attractive deposit franchise,
Fitch believes its capital raising efforts may be difficult to
execute, given the dual common stock ownership structure.
Presently, BFC Financial has 71% of total voting power through its
Class B shares with a 45% ownership interest.  Further, Alan Levan
is the Chairman of the Board and CEO for both BBX and BFF.  To the
extent the company seeks outside capital from third-party
investors, given this ownership structure, this may be more
challenging.  Fitch's ratings do not incorporate any additional
support coming from BFF or Mr.  Levan.

The bank level downgrade reflects the weak operating performance
due to continued credit deterioration given the severe decline in
collateral values in the Florida market.  Further, it reflects
Fitch's view that BBX will also experience asset quality
challenges stemming from its $1.4 billion residential book and its
$630 million home equity portfolio.  Given its geographic
concentration in Florida, credit trends have not stabilized.
Fitch also notes that BBX's CRE portfolio is concentrated with
large lending relationships.  BBX's Texas Ratio (defined as
NPL/Tangible Equity plus Loan loss reserves) hit a high of 203%
for June 30, 2010.  As part of Fitch's analysis, Fitch reviewed
BBX's CRE exposures and applied various stress scenarios.

Fitch assigns Recovery Ratings to individual security issues where
the IDR of the issuer is rated in the 'B' or below category.  As
such, Fitch has assigned a Recovery Rating (RR) of 'RR3' to the
uninsured long-term deposits, which implies a recovery between 51%
-70%.

Ratings could be downgraded further if BBX's is unable to raise
additional capital to address potential needs.  Conversely, BBX's
ratings could be positively affected if the company were to
successfully execute a meaningful equity raise.

Fitch has downgraded these ratings:

BankAtlantic Bancorp

  -- Long-term IDR to 'CC' from 'B-';
  -- Short-term IDR to 'C' from 'B';
  -- Individual Rating to 'E' from 'D/E'.

BankAtlantic FSB

  -- Long-term IDR to 'CC' from 'B+';
  -- Long-term deposits to 'CCC/RR3' from 'BB-';
  -- Short-term IDR to 'C' from 'B';
  -- Short-term deposits to 'C' from 'B';
  -- Individual to 'E' from 'D'.

Prior to the downgrades the Outlook for the above ratings was
Negative.  Fitch does not assign Rating Outlooks to classes rated
'CCC' or below.

Fitch has affirmed these ratings:

BankAtlantic Bancorp

  -- Support Rating at '5';
  -- Support Floor at 'NF'.

BankAtlantic FSB

  -- Support Rating at '5';
  -- Support Floor at 'NF'.


BANK OF ELLIJAY: Closed; Community & Southern Assumes Deposits
--------------------------------------------------------------
Community & Southern Bank of Carrollton, Ga., acquired the banking
operations, including all the deposits, of three Georgia-based
institutions.  The Bank of Ellijay, Ellijay, First Commerce
Community Bank, Douglasville, and The Peoples Bank, Winder, were
closed by the Georgia Department of Banking and Finance, and the
FDIC was named receiver for each institution.  The failed
institutions were not affiliated with one another.  To protect
depositors, the Federal Deposit Insurance Corporation entered into
a purchase and assumption agreement with Community & Southern
Bank.

All of the branches of the three closed institutions will reopen
as branches of Community & Southern Bank under their normal
business hours, including those with Saturday hours.  Depositors
will automatically become depositors of Community & Southern Bank.
Deposits will continue to be insured by the FDIC, so there is no
need for customers to change their banking relationship to retain
their deposit insurance coverage.  Bank of Ellijay has two
branches (including the branch called Bank of Canton, which is a
division of the Bank of Ellijay) in Georgia, First Commerce
Community Bank has two branches in Georgia, and The Peoples Bank
has 14 branches in Georgia.  Customers of the failed institutions
should continue to use their former branches until they receive
notice from Community & Southern Bank that it has completed
systems changes to allow other Community & Southern Bank branches
to process their accounts as well.  Over the weekend, depositors
can access their money by writing checks or using ATM or debit
cards. Loan customers should continue to make their payments as
usual.

As of June 30, 2010, Bank of Ellijay had total assets of
$168.8 million and total deposits of $160.7 million; First
Commerce Community Bank had total assets of $248.2 million and
total deposits of $242.8 million; and The Peoples Bank had total
assets of $447.2 million and total deposits of $398.2 million.
Community & Southern Bank will pay the FDIC a premium of 1.0
percent to acquire all of the deposits of the Bank of Ellijay and
First Commerce Community Bank.  They also will pay the FDIC a
premium of 1.25 percent to acquire all of the deposits of The
Peoples Bank. Besides assuming all the deposits from the three
Georgia institutions, Community & Southern Bank will purchase
virtually all the failed banks' assets.

The FDIC and Community & Southern Bank entered into a loss-share
transaction on around $602.5 million of the failed institutions'
assets. Community & Southern Bank and the FDIC will share in the
losses on the asset pools covered under the loss-share agreement.
The loss-share transaction is projected to maximize returns on the
assets covered by keeping them in the private sector.  The
transaction also is expected to minimize disruptions for loan
customers.  For more information on loss share, visit:

  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transactions can call
the FDIC toll free: for Bank of Ellijay customers, 1-800-930-1849;
for First Commerce Community Bank customers, 1-800-234-9027; and
for The Peoples Bank customers, 1-800-357-7599.  Interested
parties can also visit the FDIC's Web site:

for Bank of Ellijay:

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

for First Commerce Community Bank:

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

and for The Peoples Bank:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
for Bank of Ellijay will be $55.2 million; for First Commerce
Community Bank, $71.4 million; and for The Peoples Bank,
$98.9 million.  Community & Southern Bank's acquisition of all
the deposits the three institutions was the least costly option
for the FDIC's DIF compared to alternatives. These failures bring
the total number of failures to 123 for the nation and to 14 for
Georgia.  Prior to these failures, the last bank closed in the
state was Northwest Bank & Trust, Acworth, on July 31, 2010.


BARRY KIRSCHNER: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Joint Debtors: Barry Kirschner
                 aka Barry A. Kirschner
                 aka Barry Alex Kirschner
               Janice Kirschner
                 aka Janice Lubin
                 aka Janice Helene Lubin
                 aka Janice H. Kirschner
                 aka Janice Lubin Kirschner
                  aka Janice Helene Kirschner
               13 Country Club Lane
               Pleasantville, NY 10570

Bankruptcy Case No.: 10-23898

Chapter 11 Petition Date: September 13, 2010

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Robert D. Drain

Debtor's Counsel: Lawrence R. Reich, Esq.
                  REICH REICH & REICH, P.C.
                  235 Main Street, Suite 450
                  White Plains, NY 10601
                  Tel: (914) 949-2126
                  Fax: (914) 949-1604
                  E-mail: reichlaw@aol.com

Scheduled Assets: $731,518

Scheduled Debts: $1,572,664

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nysb10-23898.pdf


BEAZER HOMES: New Home Orders Slower Than Anticipated
-----------------------------------------------------
Beazer Homes USA Inc. announced updated expectations for certain
forward-looking statements pertaining to its fiscal 2010 results,
ending September 30, 2010.  The update was provided in advance of
investor conferences and meetings scheduled to occur in September
during which these matters may be discussed.

Updated Forward-Looking Statements:

* FY 2010 New Home Orders -- The Company previously has said
     that it expected new home orders for Fiscal 2010 to be higher
     than Fiscal 2009's level of 4,205 homes.  Through June 30,
     2010, the Company reported 3,438 orders for new homes,
     meaning the Company expected 4th quarter new home orders of
     at least 767 homes.  This compares to 1,012 new home orders
     in the 4th quarter of last year which reflected sales
     resulting from the initial term of the First Time Homebuyer
     Tax Credit which expired in October 2009.

     Based on sales results through September 15, the Company
     now expects that new home orders will be between 700 and 800
     homes for the fourth quarter of Fiscal 2010, resulting in
     year-over-year new home orders that may be above or below
     Fiscal 2009 results.  This revised expectation reflects a
     slower-than-anticipated improvement in new home orders after
     the expiration of the First Time Homebuyer Tax
     Credit which ultimately expired in April 2010.

     Although housing affordability is at record levels,
     prospective home buyers continue to exercise caution in
     committing to a home purchase transaction.  Until general
     economic conditions improve, including improvements in
     employment and home foreclosure activity, the Company
     anticipates the new home sales environment will remain
     challenging.

* FY 2010 Land & Land Development Spending -- In August, the
     Company estimated that its 4th quarter land and land
     development spending would be between $70 and $90 million,
     resulting in full year Fiscal 2010 land and land development
     spending of between $200 and $220 million.  The Company now
     expects full year Fiscal 2010 land and land development
     spending will be below $200 million.  The Company owns or
     controls over 25,000 lots and is primarily pursuing land
     opportunities for Fiscal 2012 and beyond.  As such, the
     Company currently has significant discretion over the timing
     and magnitude of its land and land development spending.

Newly-Provided Forward-Looking Statements:

* FY 2010 Home Closings -- The Company estimates home closings
     from continuing operations for Fiscal 2010 will be
     approximately 4,600 homes, representing a modest improvement
     over the 4,330 homes closed in Fiscal 2009.
     Re-Confirmed Forward-Looking Statements:

* FY 2010 Gross Margins -- The Company expects Fiscal 2010 Gross
     Margins, excluding inventory impairments and abandonment
     charges, to be higher than comparable Fiscal 2009 Gross
     Margins which were 11.7%.

* Cash Balance at Sept. 30, 2010 -- The Company expects its cash
     balance at September 30, 2010 will be in excess of $500
     million.

                      About Beazer Homes

Beazer Homes USA, Inc. (NYSE: BZH) -- http://www.beazer.com/--
headquartered in Atlanta, is one of the country's 10 largest
single-family homebuilders with continuing operations in Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
New Jersey, New Mexico, North Carolina, Pennsylvania, South
Carolina, Tennessee, Texas, and Virginia.  Beazer Homes is listed
on the New York Stock Exchange under the ticker symbol "BZH."

The Company's balance sheet at June 30, 2010, showed $1.95 billion
in total assets, $1.50 billion in total liabilities, and
stockholders' equity of $454.73 million.

                         *     *     *

Beazer carries (i) a "B-" issuer credit rating, with "stable"
outlook, from Standard & Poor's, (ii) "Caa1" probability of
default and long term corporate family ratings from Moody's, and
(iii) 'B-' issuer default rating from Fitch Ratings.

In May 2010, when it upgraded the ratings from 'CCC' to 'B-',
Fitch noted that the Company has an improved capital structure as
a result of the completed $447.6 million equity and debt offering.
Net proceeds from the offering will be used to fund debt
repurchases.  Following these proposed debt redemptions, Beazer
will not have any major debt maturities until November 2013, when
$164 million of senior notes become due.  Nevertheless, the
company will continue to have a substantial debt position and
high leverage following these transactions.


BMS HOLDINGS: Extends Debt-for-Equity Swap Offer Until Sept. 28
---------------------------------------------------------------
BMS Holdings, Inc. has extended its offer to exchange the
currently outstanding Floating Rate Senior PIK Notes due 2012 for
Common Stock and Warrants of Bankruptcy Management Solutions, Inc.
to 5:00 P.M., New York City time, on September 28, 2010 as it
works to finalize the required documentation.

Holders with over 80% of BMS' Floating Rate Senior PIK Notes due
2012 indicated a willingness to support the consensual debt-for-
equity exchange on the material terms disclosed in the Private
Offer and Consent Solicitation, dated August 17, 2010.  As of
September 15, 2010, PIK Notes with a face value of approximately
$24 million have been deposited with the Exchange Agent pursuant
to the offer to exchange.

                           *     *     *

Bankruptcy Management Solutions, Inc., had 'Caa2' corporate family
and probability of default ratings from Moody's Investors Service
before the ratings were withdrawn by Moody's in August 2010 due to
lacks of adequate information to maintain the ratings.


BLOCKBUSTER INC: Icahn Acquires 1/3 of Senior Debt
--------------------------------------------------
The Wall Street Journal's Mike Spector reports that people
familiar with the situation said Carl Icahn is telling people
close to Blockbuster Inc. that he holds roughly a third of the
company's senior debt, enough for him to control the company's
restructuring.

The sources told the Journal Mr. Icahn emerged as a force in
Blockbuster's restructuring in recent weeks.  The sources said Mr.
Icahn is signaling he holds enough of Blockbuster's senior bonds
to block any restructuring plan not to his liking.  One source
said Mr. Icahn recently bought about $100 million in debt from
other hedge funds holding Blockbuster bonds, and has been adding
to his position.

Representatives for Blockbuster and Mr. Icahn didn't immediately
return messages seeking comment.  Bloomberg News reported Mr.
Icahn's move earlier Thursday.

The Journal notes Mr. Icahn's emergence could throw Blockbuster's
restructuring into a tailspin.  According to the Journal, Mr.
Icahn is known for buying up distressed debt of companies in an
effort to sway their restructurings -- an attempt he made most
recently with CIT Group Inc., the embattled small business lender.
Mr. Icahn was ultimately unsuccessful in blocking CIT's plans, and
the company exited a streamlined bankruptcy process last December.

Mr. Icahn resigned from Blockbuster's board earlier this year, but
now has re-emerged and told the company he should be taken
seriously, the people familiar with the situation said, according
to the Journal.  If Mr. Icahn holds about a third of Blockbuster's
senior debt, he could dictate the company's restructuring plans.
According to the Journal, the people familiar with the situation
said it remained unclear how much debt Mr. Icahn holds, but that
he signaled to Blockbuster's advisers and creditors that he holds
a so-called blocking position.

                      About Blockbuster Inc.

Blockbuster Inc. -- http://www.blockbuster.com/-- is a global
provider of rental and retail movie and game entertainment.  It
has a library of more than 125,000 movie and game titles.

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

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

In February 2010, Blockbuster hired law firm Weil, Gotshal &
Manges and investment bank, Rothschild Inc., to explore strategies
for cutting the Company's $1 billion debt load.

In March 2010, the Company said it was seeking to refinance its
debt and could be forced into bankruptcy.  Blockbuster has
received from bondholders a series of moratoriums on payment of
principal and interest, the latest of which expires September 30,
2010.  According to Bloomberg News, Blockbuster received the
latest one-month reprieve from creditors so it can prepare for a
possible bankruptcy filing in September.

On September 1, 2010, Blockbuster didn't make the $13.5 million
semi-annual interest payment on its $300 million in 9% senior
subordinated debt, issued in August 2004.  On July 1, 2010, the
Company failed to redeem a portion of its 11.75% Senior Secured
Notes due 2014 or to make its scheduled interest payment on the
Senior Notes.  As a result, the Company was prohibited from
making, and did not make, the scheduled interest payment on the
Junior Notes on Sept. 1, 2010.


BRAMBLE SAVINGS BANK: Closed; Foundation Bank Assumes All Deposits
------------------------------------------------------------------
Bramble Savings Bank of Milford, Ohio, was closed on Friday,
September 17, 2010, by the Ohio Division of Financial
Institutions, which appointed the Federal Deposit Insurance
Corporation as receiver.  To protect the depositors, the FDIC
entered into a purchase and assumption agreement with Foundation
Bank of Cincinnati, Ohio, to assume all of the deposits of Bramble
Savings Bank.
The sole branch of Bramble Savings Bank will reopen during normal
banking hours as a branch of Foundation Bank.  Depositors of
Bramble Savings Bank will automatically become depositors of
Foundation Bank.  Deposits will continue to be insured by the
FDIC, so there is no need for customers to change their banking
relationship in order to retain their deposit insurance coverage.
Customers of Bramble Savings Bank should continue to use their
existing branch until they receive notice from Foundation Bank
that it has completed systems changes to allow other Foundation
Bank branches to process their accounts as well.
As of June 30, 2010, Bramble Savings Bank had around $47.5 million
in total assets and $41.6 million in total deposits.  Foundation
Bank did not pay the FDIC a premium to assume all of the deposits
of Bramble Savings Bank.  In addition to assuming all of the
deposits of the failed bank, Foundation Bank agreed to purchase
essentially all of the failed bank's assets.

Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-355-0814.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $14.6 million.  Compared to other alternatives, Foundation
Bank's acquisition was the least costly resolution for the FDIC's
DIF.  Bramble Savings Bank is the 124th FDIC-insured institution
to fail in the nation this year, and the second in Ohio.  The last
FDIC-insured institution closed in the state was American National
Bank, Parma, on March 19, 2010.

                    Foundation Bank's Statement

Foundation Bank has acquired the banking operations of Bramble
Savings Bank through a purchase and assumption agreement with the
Federal Deposit Insurance Corporation.  The acquisition is
effective immediately.  Bramble Savings Bank was closed today by
the Ohio Division of Financial Institutions, and the FDIC was
appointed as receiver.

Bramble Savings Bank's location at 954 State Route 28 in Milford,
Ohio will open as one of Foundation Bank's branches on Saturday,
September 18, 2010.  Mr. Joseph Hughes, president of Foundation
Bank, noted that "the customers of Bramble Savings Bank will see
no interruption in service, and their deposits are safe, secure
and readily accessible."  Foundation Bank is assuming all deposits
of Bramble Savings Bank, thereby resulting in no loss to any
depositor.  Bramble Savings Bank customers will be able to access
their money using their existing checks, debit cards and ATM
cards.  Checks drawn on Bramble Savings Bank will continue to be
processed.  Bramble Savings Bank loan customers should continue to
make payments as usual.

Additionally, Mr. Hughes added, "Bramble Savings Bank customers
will see an enhanced menu of products and services and will have
four additional conveniently located Foundation Bank branches in
Cincinnati to serve them."  Foundation Bank is locally owned and
operated and has been serving the greater Cincinnati area since
1888.  The acquisition is a "strategic fit," remarked Mr. Hughes,
"which complements our existing branch network and customer base."
Foundation Bank is well- capitalized, profitable and, with this
acquisition, will report total assets of approximately $190
million.

Customers of Bramble Savings Bank that may have questions are
welcome to call or stop by the Milford branch or call Kathy
Gronefeld, Foundation Bank's Operations Manager, at 513-721-0120.


BRECKENRIDGE EDISON: Files for Chapter 11 to Avert Foreclosure
--------------------------------------------------------------
Breckenridge Edison Development, L.C., filed a Chapter 11 petition
on September 15, 2010 (Bankr. E.D. Mo. Case No. 10-50558).  The
Company estimated assets of less than $50,000 and debts of
$10 million to $50 million.

Breckenridge Edison Development LC owns the 288-room Sheraton St.
Louis City Center, in St. Louis, Missouri.  stltoday.com reports
that Breckenridge filed the petition shortly before a foreclosure
auction that was set by its creditors.  Citing real estate data
firm Trepp, stltoday said the Company was at least 90 days behind
on $26 million worth of mortgage-backed securities.


BRECKENRIDGE EDISON: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Breckenridge Edison Development, L.C.
        400 S. 14th Street, Suite 100
        Saint Louis, MO 63103

Bankruptcy Case No.: 10-50558

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Eastern District of Missouri (St. Louis)

Judge: Barry S. Schermer

Debtor's Counsel: Michael A. Becker, Esq.
                  WALTRIP & SCHMIDT
                  8151 Clayton Road, Suite 200
                  Clayton, MO 63117
                  Tel: (314) 721-9200
                  Fax: (314) 880-7755
                  E-mail: mab@mabeckerlaw.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/moeb10-50558.pdf

The petition was signed by Donald Breckenridge, Breckenridge
manager corporation (V.P).


BULK PETROLEUM: Dist. Ct. Reviews Good Faith Purchaser Status
-------------------------------------------------------------
WestLaw reports that a failure to obtain a stay pending appeal
from a bankruptcy court's order approving a sale of the debtor's
assets to a party that the bankruptcy court had certified as a
good faith purchaser did not render the appeal from the sales
order moot, given that the appellant was challenging the
bankruptcy court's certification as to the purchaser's good faith.
While a federal district court judge in Wisconsin questioned the
advisability of allowing the appellant to avoid the necessity of
seeking a stay simply by challenging the purchaser's good faith,
it felt itself bound by past precedent.  Petroleum & Franchise
Funding LLC v. Bulk Petroleum Corp., --- B.R. ----, 2010 WL
2605688 (E.D. Wis.) (Stadtmueller, J.).

As reported in the Troubled Company Reporter on July 16, 2010, the
Honorable Susan V. Kelley authorized Bulk Petroleum to sell 63
stores to Convenience Stores Leasing & Management LLC for $11
million and some other stores to other purchasers.  Following
court approval, but prior to the closing of the transaction,
Petroleum & Franchise Funding LLC filed a Notice of Appeal.  The
Honorable J.P. Stadtmueller says that while it is unnecessary at
this juncture to evaluate the merits of PFF's appeal, it is
sufficient to note that the appeal challenges whether CSLM was a
good-faith purchaser, and that PFF has proffered evidence in
support of its contention.

                     About Bulk Petroleum

Mequon, Wisonsin-based Bulk Petroleum Corp. supplies gasoline to
over 200 gas stations throughout the Midwest.  It buys gasoline
from oil companies and then sells it to individual gas stations.
The company sought Chapter 11 protection (Bankr. E.D. Wis. Case
No. 09-21782) on February 18, 2009.  Jerome R. Kerkman, Esq.,
at Kerkman & Dunn in Milwaukee, Wis., assists the company in its
restructuring effort.  The Company estimated $50 million to
$100 million in assets and $50 million to $100 million in debts
when it sought chapter 11 protection.

Bulk Petroleum's debtor-affiliates that filed separate Chapter 11
petitions include Charanjeet Illinois Stations No. 6, Inc.,
Darshan's Wisconsin Stations Eight, LLC, Gurpal Wisconsin
Stations, LLC, Interstate Petroleum Products, Inc., Rakhra
Wisconsin E-Z Go Stations Three, Inc., and Sartaj"s Illinois Nine,
LLC.


C&D TECHNOLOGIES: Posts $50.8 Million Net Loss in July 31 Quarter
-----------------------------------------------------------------
C&D Technologies, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $50.8 million on $83.8 million of revenue
for the three months ended July 31, 2010, compared with a net loss
of $5.7 million on $82.4 million of revenue for the same period
ended July 31, 2009.

The Company's balance sheet at July 31, 2010, showed
$239.4 million in assets, $251.1 million in total liabilities, and
a stockholders' deficit of $11.7 million.

The Company says that its cumulative losses, substantial
indebtedness and likely future inability to comply with certain
covenants in the agreements governing its indebtedness, including
among others, covenants related to continued listing on a national
automated stock exchange and future EBITDA requirements, and in
addition, its current current liquidity situation, raise
substantial doubt as to its ability to continue as a going concern
for a period longer than twelve months from July 31, 2010.

On September 14, 2010, the Company entered into a restructuring
support agreement with two convertible noteholders who together
hold approximately 56% of the aggregate principal amount of the
2005 Notes and the 2006 Notes.  The supporting noteholders have
agreed to a proposed restructuring of the 2005 Notes and the 2006
Notes which will be effected through (i) an offer to exchange the
outstanding 2005 Notes and 2006 Notes for up to 95% of the
Company's common stock, or (ii) a prepackaged plan of
reorganization under Chapter 11 of the U.S. Bankruptcy Code.  The
Company has agreed to solicit votes from the Company's
stockholders and the holders of the Notes to accept the
prepackaged plan concurrently with the exchange offer.

The Company also continues to be engaged in active discussions
with lenders under its Credit Facility regarding a restructuring
of its capital structure.

"There can be no assurance that the Company will be able to
consummate a restructuring pursuant to the terms of the
restructuring support agreement or at all.  Furthermore, the
Company may be unable to maintain adequate liquidity prior to the
restructuring contemplated under the restructuring support
agreement or otherwise, and, as a result, the Company may be
required to seek protection pursuant to a voluntary bankruptcy
filing under Chapter 11."

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

               http://researcharchives.com/t/s?6b44

                      About C&D Technologies

C&D Technologies, Inc. (NYSE: CHP) -- 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.


CARIBE MEDIA: Moody'S Junks Corporate Family Rating From 'B3'
-------------------------------------------------------------
Moody's Investors Service downgraded Caribe Media, Inc.'s ratings,
including its Corporate Family Rating to Caa2 from B3, Probability
of Default Rating to Caa3 from B3, and associated instrument
ratings as detailed below.  The rating actions follow the
September 8, 2010 announcement by the company that it had engaged
a financial advisor to evaluate the capital structure of its
parent holding company, Local Insight Media Holdings, Inc., and
broadly reflect Moody's view that the company is likely to default
on a more imminent basis given persistently difficult business
conditions and ensuing high financial leverage, as now exacerbated
by tightening financial covenants.  In a distress scenario,
Moody's estimate ultimate recovery prospects in the range of 60%-
70% of (principally) debt claims, with subordinated debt absorbing
most of the loss severity.  The one-notch downgrade of the senior
secured debt rating to B3 principally reflects the increased risk
of default, partially offset by the above-average anticipated
firm-wide recovery expectation and comparatively favorable
position of senior secured debt holders (note specifically the
reduced loss given default estimate) relative to more junior
subordinated debt holders.  This completes the review for possible
downgrade initiated on September 9, 2010.

Downgrades:

Issuer: Caribe Media, Inc.

* Corporate Family Rating, Downgraded to Caa2 from B3

* Probability of Default Rating, Downgraded to Caa3 from B3

* Senior Secured Revolver due 2012, Downgraded to B3, LGD2-16%
  from B2, LGD3-35%

* Senior Secured Term Loan due 2013, Downgraded to B3, LGD2-16%
  from B2, LGD3-35%

Outlook Actions:

Issuer: Caribe Media, Inc.

* Outlook, Negative

Moody's does not rate Caribe's $50.6 million (includes PIK
accretion) of subordinated notes due 2014, which are held entirely
by its primary shareholder Welsh, Carson, Anderson & Stowe.

                         Ratings Rationale

Caribe's Caa2 CFR reflects the company's small size and high
leverage in the face of declining demand for yellow pages
advertising from small and medium-sized businesses in Puerto Rico.
The ratings also reflect the company's high leverage with 5.2x
total debt-to-EBITDA as of June 30, 2010 (incorporating Moody's
standard adjustments).  Through the six months ended June 30,
2010, revenues declined 7% to $50 million while EBITDA fell 25% to
$17.1 million (34% margin) due to weak advertising demand in a
soft economy, primarily in Puerto Rico, and an increase in bad
debt expense.  In the same six months of 2009, Caribe generated
$22.7 million of EBITDA with 42% margins.  Moody's expect
continued weak demand for core yellow pages products and services
over the next twelve months.

Liquidity is expected to be constrained as Caribe reported
$1.8 million of cash at June 30, 2010 and, in a scenario in which
financial covenants are violated, it would no longer have access
to $7 million of availability on its $10 million revolver
(excludes $3 million of unfunded commitments from a subsidiary of
Lehman Commercial Bank).  In a default scenario, Caribe would
eliminate dividends and apply available cash to reduce debt
balances as leverage ratio covenants become more restrictive with
quarterly step-downs through March 2011.  Although the company had
built up cash balances through 1Q09, dividends totaling
$29.9 million by year end 2009 notably eliminated this liquidity
cushion.  In the absence of term loan prepayments, debt balances
would continue to increase as accruing subordinated PIK debt of
approximately $6 million per year more than offsets the
$1.5 million of scheduled annual amortization on the term loans.
In a restructuring, Moody's would expect a good portion of the
subordinated notes to be equitized.

Caribe is one of three operating groups under the LIMH parent
holding company.  The two other operating groups, Local Insight
Media Regatta Holdings, Inc. (Ca, as revised, also with a negative
rating outlook) and Local Insight Media Finance, LLC (Baa3, on
review for downgrade), are also highly leveraged entities with
declining revenue prospects, neither of which are in a position to
provide needed liquidity to Caribe.  Moody's estimate that total
debt for the consolidated entities exceeds $1.8 billion with
reported debt-to-reported EBITDA of more than 7.5x for the
consolidated entity.  Although debt facilities at Caribe are
legally separate from its affiliates and do not cross default to
debt instruments issued by affiliates, Moody's view is that
management, together with its advisors, may address its
refinancing strategy at a consolidated level given reliance on
intercompany dividends and affiliate management fees.

"The negative outlook reflects Moody's view that Caribe's capital
structure is unsustainable, liquidity is constrained, and demand
for the company's core yellow pages advertising products,
particularly in its Puerto Rico markets, is in decline, making it
increasingly likely that the company will default on its financial
covenants in the near term," stated Carl Salas, Vice President at
Moody's Investors Service.

A rating upgrade is deemed unlikely in the absence of an equity
injection to reduce debt levels to a more sustainable level and
more comfortably within compliance of financial maintenance
covenants.  Moody's would downgrade ratings if revenue or EBITDA
were to decline below Moody's expectations or if the company were
to exchange debt securities at sub-par values.

Moody's last rating on Caribe occurred on June 23, 2009, when it
downgraded the CFR and PDR, each to B3, and downgraded associated
instrument ratings in addition to changing the outlook to
negative.  On September 9, 2010, Moody's placed all ratings on
review for possible downgrade.

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

Caribe Media, Inc., based in Puerto Rico, owns directory
publishing operating subsidiaries in two Caribbean nations.  In
Puerto Rico, Caribe owns 60% of Axesa Servicios de Informacion S.
en C. and Axesa Servicios de Informacion Inc., and in the
Dominican Republic Caribe owns 100% of Caribe Servicios de
Informacion Dominicana S.A. The company reported revenues of
approximately $102 million for the LTM period ended June 30, 2010.
The company is an indirect, wholly-owned subsidiary of Local
Insight Media Holdings, Inc. whose primary owner is Welsh, Carson,
Anderson & Stowe.


CHABAD-LUBAVITCH: Calls Lender's Foreclosure Bid a "Desecration"
----------------------------------------------------------------
Melanie Cohen, writing for Dow Jones' Daily Bankruptcy Review,
reports that Congregation Chabad-Lubavitch of Greater Boynton
Beach Inc.'s lender is seeking to seize some of its property and
assets, including five Torahs, to help pay off a delinquent loan.

DBR reports that Stonegate Bank filed a motion for relief from
stay earlier this month in the West Palm Beach bankruptcy court,
arguing that it should get the property because "the bank is not
receiving adequate protection payments and there is no reasonable
possibility of a successful reorganization."  According to DBR,
the bank says that Congregation Chabad-Lubavitch now owes more
than $4.5 million plus attorneys' fees.  The Congregation
originally borrowed $3.8 million in October 2007 but failed to
make required payments and interest due last October, as well as
all subsequent payments, the report notes.

According to the Palm Beach Post, the synagogue's attorneys are
upset about the bank's timing because Chapter 11 bankruptcies
usually halt litigation.  Howard Dubosar, Esq., a lawyer for
Congregation Chabad-Lubavitch, said the threat to take their
Torahs is a "desecration" and that the bank is "playing hardball."

DBR reports that David Selenski, the bank's president, told the
Post that the bank isn't trying to attack the synagogue's
religion.  "We just want to get paid," he said.

DBR says a hearing on the bank's motion is set for September 24,
which happens to be the Sukkot, a Jewish holiday that celebrates
the harvest.

Chabad-Lubavitch of Boynton filed a Chapter 11 petition on
June 11, 2010 (Bankr. S.D. Fla. Case No. 10-26503).  Joel M.
Aresty, Esq., in Miami, Florida, serves as bankruptcy counsel.  In
its schedules, the Debtor disclosed assets of $9 million and debts
of $4.1 million.


CHEMTURA CORP: Resolves PMC Biogenix Dispute
--------------------------------------------
Prepetition, PMC Biogenix, Inc. and Chemtura Corp. executed an
asset purchase agreement pursuant to which Chemtura sold its
oleochemicals business and certain related assets to PMC.

As part of the purchase price under the APA, PMC issued to
Chemtura (i) a subordinated unsecured promissory note dated
February 29, 2008, for $10,000,000 and (ii) a subordinated
secured promissory note dated February 29, 2008, for $5,000,000.

In the Debtors' Chapter 11 cases, PMC alleges that there are
certain amounts due and owing to it by Debtors Chemtura Corp. and
Great Lakes Chemical Corporation in connection with certain
products sold and delivered on various dates prior to the
Petition Date.

PMC further alleges that a portion of the Chemtura Trade
Receivables was for products received by Chemtura Corp. within 20
days prior to the Petition Date.

In turn, Chemtura alleges that there are certain amounts due and
owing by PMC in connection with the Parties' ongoing business
relationship.

PMC filed a Claim No. 392 against Chemtura, which was amended by
Claim No. 2377 on account of, inter alia, (i) certain prepetition
amounts allegedly owed by Chemtura for the Chemtura Trade
Receivables; and (ii) certain alleged breaches  of
representations and warranties made by Chemtura under the APA.

In its Proof of Claim, PMC asserts claims against Chemtura,
aggregating $15,533,209, comprised of: (i) a claim, secured by a
right of setoff, for $10,683,835; (ii) an unsecured priority
claim for $79,388; and (iii) an unsecured non-priority claim for
$4,769,985.

Subsequently, the Parties engaged in numerous discussions and
negotiations in an attempt to resolve all disputes.  The Parties
ultimately reached an agreement on the resolution of all of their
disputes.

The Parties' Agreement was subsequently approved by the Court.

The salient terms of the Parties' agreement are:

  -- The APA and its ancillary agreements, other than the
     $5,000,000 Note and a certain Supply Agreement between the
     Parties dated March 1, 2008, as amended, will be deemed
     rejected.

  -- The Debtors are deemed to have assumed (i) all ordinary
     course agreements, contracts, purchase orders or other
     instruments by and between the Debtors and PMC, as well as
     PMC's affiliates, parent, subsidiaries, agents and
     representatives, and all ordinary course obligations due
     thereunder, if any, will be paid by the relevant the
     Debtor in the ordinary course of business affairs; and (ii)
     the Supply Agreement.

  -- These amounts are due and owing to each of the Parties:

        a. The value of the $10,000,000 Note is fixed at
           $8,099,921;

        b. The amount of the GLCC Trade Receivables due to PMC
           are fixed at $7,782;

        c. The amount of the Chemtura Trade Receivables due to
           PMC are fixed at $320,314, of which $79,388
           constitutes the 20 Day Trade Receivables;

        d. The amount of the Chemtura Trade Payables are fixed
           at $249,537; and

        e. To account for any and all claims or liabilities
           related to or arising from certain alleged breaches
           of representations and warranties made by Chemtura
           under the APA, rejection and prepetition and
           postpetition interest allegedly arising from the APA,
           the PMC's Claim is deemed an allowed secured claim
           for $5,500,000.

  -- These mutual obligations of the Parties will be set off:

        a. The amount of the Initial Allowed Chemtura Claim will
           be set off against the Note Value, resulting in an
           obligation of PMC to Chemtura amounting $3,209,810;
           and

        b. The amount of the Chemtura Trade Receivables due to
           PMC will be set off against the amount of the
           Chemtura Trade Payables due to Chemtura, resulting in
           $70,777 for Chemtura to PMC.

  -- On account of the PMC Net Obligation, PMC will issue to
     Chemtura a new subordinated unsecured promissory note in
     the original principal amount of $3,209,810, and the
     $10,000,000 Note will be cancelled and returned to PMC.
     The New Note will be subject to a subordination agreement
     between Chemtura Corporation and the CIT Group/Business
     Credit, Inc., as agent for certain lenders.

  -- The GLCC Trade Receivables will be allowed as a general
     unsecured claim against GLCC for $7,782, to be paid
     pursuant to the terms of the Debtors' Chapter 11 Plan of
     Reorganization.

  -- On account of the Chemtura Net Obligation, the Initial
     Allowed Chemtura Claim will be reduced to, and allowed
     against, Chemtura as an administrative expense priority
     claim for $70,777, to be paid pursuant to the terms of the
     Plan.

  -- Notwithstanding the Rejection of the APA, the Stipulation
     will have no effect on any of the terms or conditions of
     the $5,000,000 Note due from PMC to Chemtura, which will
     remain in full force and effect according to its terms,
     conditions and applicable law.

                       About Chemtura Corp.

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

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


CHEMTURA CORP: Closes $455-Mil. Senior Notes Offering
-----------------------------------------------------
Chemtura Corporation completed its previously announced private
placement offering of $455 million in principal amount of 7.875%
unsecured senior notes due 2018, the Company noted in a public
statement in late August 2010.  Chemtura also entered into its
previously announced senior secured term loan facility in the
principal amount of $295 million.  Chemtura issued the senior
notes and entered into the term loan to fund its anticipated exit
financing package required under its Chapter 11 plan of
reorganization, if the Plan is confirmed.  The net proceeds of
the senior notes and term loan have been funded into segregated
escrow accounts for release to Chemtura if the Plan is confirmed
by the Bankruptcy Court and certain other conditions are
satisfied.  Upon satisfaction of the escrow conditions, including
confirmation of the Plan, Chemtura intends to use the net
proceeds of the senior notes and the term loan, together with
cash on hand, to make payments contemplated under the Plan and to
fund Chemtura's emergence from Chapter 11.

                       About Chemtura Corp.

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

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


CHEMTURA CORP: Proposes "Conyers Fire" Class Settlement
-------------------------------------------------------
Chemtura Corp. and its units ask Judge Robert Gerber to:

  (a) approve Debtors Bio-Lab, Inc. and Great Lakes Chemical
      Corporation's entry into a class action settlement
      agreement, which resolves pending litigation relating to a
      prepetition fire at one of the Debtors' warehouses in
      Conyers, Georgia;

  (b) preliminarily approve the class action settlement and
      provisionally certify the settlement class;

  (c) appoint the proposed class representative and class
      counsel; and

  (d) direct that appropriate notice be sent to individual
      class members notifying them of preliminary approval of
      the class settlement, certification of the class, and of
      their rights in respect of the class and the class
      settlement.

The Debtors also ask the Court to schedule a final fairness
hearing with respect to the proposed class action settlement, at
which hearing the Debtors intend to seek the entry of an order
granting final approval to the class action settlement.

The Debtors' request all stems from a fire incident the occurred
in May 2004 at Bio-Lab's Plant 14, a 265,000-square foot finished
goods warehouse in Conyers, Georgia.

The fire incident was of an unknown cause.  It took firefighters
two days to contain the fire, during which time police issued
mandatory and recommended evacuation orders for certain areas in
and around Conyers.  No one was directly injured in the fire, and
at no time did the fire extend beyond the boundaries of Plant 14
or the Bio-Lab property.  However, smoke from the fire and water
used to contain the fire travelled outside of the Bio-Lab
property.

Due to the chemical composition of the finished goods present in
the warehouse at the time of the Conyers Fire and the combustion
by-products of those goods, the Environmental Protection Agency
and the Georgia Department of Natural Resources became involved.

Bio-Lab engaged an environmental clean-up company to assist in
containment efforts, and consultants were hired both by the EPA
and Bio-Lab to test the air and water during the course of the
fire and thereafter to determine the risk, if any, to the
firefighters and members of the community.  The cause of the
Conyers Fire was investigated by the Rockland County Fire
Marshal's Office, but remains undetermined.

Immediately following the Conyers Fire, Bio-Lab established a
claims center to process claims of those persons in the community
impacted by the smoke and water run-off resulting from the fire.
Through the facility, Bio-Lab compensated over 16,000 claimants
for claims like lost wages, property damage, personal injury,
additional living expense, and business interruption.

Moreover, numerous putative class actions related to the fire
were filed against certain Debtors, including Bio-Lab, Great
Lakes, and Chemtura, asserting a variety of alleged causes of
action and seeking damages for compensable injuries generally
consisting of claims for lost wages, additional living expenses,
business interruption, property damage, and in some instances,
personal injury.  None of the putative class actions has been
certified to date, and some have been dismissed or withdrawn.
The four surviving putative class actions are:

  * James and Carla Brown vs. Bio-Lab, Inc., et al., Superior
    Court of Rockdale County, Civil Action No. 2006-CV-2893-1
    (alleging personal injury and property damage);

  * Dan Chapman, et al. vs. Bio-Lab, Inc. et al., Superior
    Court of Rockdale County, Civil Action No. 2006-CV-2904-1
    (alleging business interruption);

  * Deborah Davis, et al. vs. Bio-Lab, Inc., et al., Superior
    Court of Rockdale County, Civil Action No. 04-CV-1728
    (alleging personal injury, property damage and business
    interruption); and

  * Bill Martin, et al. vs. Bio-Lab, Inc., et al., District
    Court, Northern District of Georgia, Atlanta Division,
    Civil Action No. 05-CV-0835 (alleging personal injury,
    property damage and business interruption) (dismissed
    without prejudice pending determination of the bankruptcy
    proceedings).

In addition, approximately 2,000 plaintiffs are represented in a
separate action captioned Billy R. Brown, et al. v. Bio-Lab,
Inc., et al., filed in the Superior Court of Rockdale County.

Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Putative Class Actions and the Billy Brown et
al. Litigation were the subject of a mediation conducted in
October 2008, which resulted in an agreement among the parties
concerning the key terms of a settlement.  He further reveals
that a settlement term sheet was drafted and signed, and drafts
of the formalized settlement agreement were exchanged between
counsel of the parties before the Petition Date.

Final negotiations pertaining to the Settlement Agreement were
interrupted by the Debtors' Chapter 11 filing in March 2009.
Since that time, however, the parties have successfully resumed
negotiations, resulting in a executed Settlement Agreement, a
copy of which is available for free at:

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

Mr. Cieri contends that through certification of a settlement
class, and subject to class members opting out of the class, the
Settlement Agreement will resolve all of the Debtors' current
liabilities to private parties arising from the Conyers Fire,
including the putative class actions, the Billy Brown et al.
Litigation, and more than 2,000 proofs of claim relating to the
Conyers Fire that were timely filed.

The salient terms of the Settlement Agreement are:

   (a) Settlement Class:  The Settlement Agreement provides for a
       proposed Settlement Class consisting of all persons who
       resided, were located, were present, were working or
       scheduled to work, or owned property or a place of
       business within a defined area near the Conyers Fire
       location on May 25 or May 26, 2004, as well as all
       persons or entities that have been plaintiffs in the
       actions named in the Settlement Agreement.  Certification
       of the class aggregates current claims related to the
       Conyers Fire for purposes of settlement, secures legal
       representation for the class members, and ultimately
       secures settlement benefits for that class.

   (b) Settlement Fund:  In consideration for the dismissal and
       release from the Settlement Class of all claims related
       to the Conyers Fire, Debtors Great Lakes and Bio-Lab will
       pay $7,000,000 to the Settlement Fund for the benefit of
       the Settlement Class.  The Settlement Fund will be held
       in escrow to be paid out on a claim-by-claim basis
       pursuant to certain procedures set in the Settlement
       Agreement, and all costs related to the administration
       of the Settlement Agreement will be deducted from the
       Settlement Fund.

   (c) Compensation from the Settlement Fund:  To be compensated
       from the Settlement Fund, members of the Settlement Class
       must file a claim with a claims administrator.  The
       claims administrator will determine the amount payable to
       each claimant in accordance with a predetermined
       distribution formula.

   (d) Claims  Administration:  The Parties agree that Edgar C.
       Gentle, III of Gentle Pickens & Turner will serve as the
       Claims Administrator.  The general powers of the Claims
       Administrator will include, but not be limited to,
       determining the amount of money that each Claimant shall
       receive pursuant to the Settlement Fund distribution
       formula; negotiating with the United States government to
       resolve any claims that it might assert against the
       Settlement Fund on behalf of Medicare or Medicaid;
       applying to the Internal Revenue Service for rulings with
       respect to the Settlement Fund as he may consider
       appropriate; and directing the Escrow Agent to make all
       payments out of the Settlement Fund, subject to the
       Court's oversight and approval.

   (e) Settlement Payments:  The Settlement Fund will be
       allocated among claimants who may elect to claim either
       an Ordinary Settlement Award or an award for
       Extraordinary Damages.

         * If a Settlement Class member believes he or she has
           suffered actual damages in excess of the Ordinary
           Settlement Award, he or she may submit a claim for
           Extraordinary Damages under specific procedures
           outlined in the Settlement Agreement.  Extraordinary
           Damages are capped both with respect to individual
           claims and the total amount that may be paid out of
           the Settlement Fund for the damages, and they are
           available only if the claimant satisfies
           documentation requirements for the claim.  The total
           amount of Extraordinary Damages awarded to all
           Settlement Class Members may not exceed $400,000.

         * After payment of administrative expenses and
           Extraordinary Damages, all remaining funds will be
           paid out as Ordinary Settlement Awards, which are
           are based on the assumption that 50% of the estimated
           Settlement Class Member population will submit claims
           forms.  In the event that more than 50% of the
           Settlement Class Members submit valid claims forms,
           then the amounts of Ordinary Settlement Awards should
           decrease.  Likewise, in the event less than 50% of
           the Settlement Class Members submit valid Claim
           Forms, the amounts of Ordinary Settlement Awards
           should increase.  The Settlement Agreement provides
           that each Validated Claimant for an Ordinary
           Settlement Award will receive payment according to
           these steps, subject to the deduction of prior
           payments from the Bio-Lab claims center or any third
           party payor:

              -- Each Validated Individual Claimant who resided
                 or was working or present or scheduled to work
                 in the Evacuation Area at the time of the
                 Conyers Fire will receive $230;

              -- Each Validated Individual Claimant who resided
                 or was working or present or scheduled to work
                 in the Settlement Class Area, but was not
                 within the Evacuation Area, at the time of the
                 Conyers Fire, will receive $59;

              -- Each Validated Property Claimant who owned
                 residential property within the Evacuation Area
                 at the time of the Conyers Fire will receive
                 $245;

              -- Each Validated Property Claimant who owned
                 residential property within the Settlement
                 Class Area, but not within the Evacuation Area,
                 at the time of the Conyers Fire will receive
                 $70;

              -- Each Validated Business Claimant that operated
                 a business that was physically located within
                 the geographical boundaries of the Evacuation
                 Area at the time of the Conyers Fire will
                 receive an amount up to $4,000, upon the
                 submission of receipts of actual expenditures
                 or other documents that demonstrate an actual
                 expense or other cost or damage actually
                 incurred as a proximate result of the Conyers
                 Fire;

              -- Each Validated Business Claimant that operated
                 a business that was physically located within
                 the geographical boundaries of the Settlement
                 Class Area, but not within the Evacuation Area,
                 at the time of the Conyers Fire will receive an
                 amount up to $1,000, upon the submission of
                 receipts of actual expenditures or other
                 documents that demonstrate an actual expense or
                 other cost or damage actually incurred as a
                 proximate result of the Conyers Fire; and

              -- Each Validated Claimant who is a Named
                 Plaintiff in any Action but who does not meet
                 any of the criteria and definitions set in the
                 Settlement Agreement will receive $100.

   (f) Settlement Payment Dispute Resolution:  Should a
       Settlement Class member disagree with the claim
       administrator's disallowance or reduction of his or her
       claim, the class member may move for reconsideration in
       accordance with Rule 3008 of the Federal Rules of
       Bankruptcy Procedure and in accordance with these
       procedures:

         * The Claimant will have 15 days from the date the
           Disallowed Claim Notice is postmarked or otherwise
           received by the Claimant to file an appeal with the
           Court and serve the appeal upon counsel as listed in
           the Settlement Agreement;

         * Any appeal of the Claims Administrator's decision
           will set forth the Claimant's reasons for believing
           that the Claims Administrator's decision is incorrect
           and will include a copy of the Claim Form initially
           submitted, all other correspondence between the
           Claimant and the Claims Administrator, and any other
           information concerning the request for payment that
           the Claimant wishes the Court to consider.

         * The Court will determine whether the appealing
           Claimant is entitled to compensation under the
           Settlement Agreement.

   (g) Releases:  Each Claimant will execute a release, which
       provides that the claimants fully and forever release
       Bio-Lab, Great Lakes, and Chemtura, and each of their
       current or former affiliated corporations, their
       insurers, employees, officers, and directors, from any
       and all past, present, or future claims or demands
       related to the Conyers Fire.  In addition, the Debtors
       will ask the Court to enter the proposed Final Approval
       Order which provides that all Settlement Class Members,
       whether they submit a claim or not, will be deemed to
       have executed a similar release.  In sum, the release
       will provide total and complete resolution of every Class
       Member's claim or claims related to the Conyers Fire.

   (h) Notice of the Settlement:  Within 30 days after the date
       that the Court preliminarily approves the Agreement,
       Class Counsel will provide notice of the Class Settlement
       in accordance with the terms and conditions of the
       Agreement and the Court's order.  Notice will be given to
       the Settlement Class by (i) publication of a summary
       notice substantially in the form attached as Exhibit C to
       the Settlement Agreement, in the Rockdale Citizen, and
       the Atlanta Journal Constitution on two different days or
       on the other schedule as the Court may direct, and (ii)
       Class Counsel's mailing a Detailed Notice with the Claim
       Form Package by first class mail, postage prepaid, to all
       members of the Class whose names and addresses are known
       to Class Counsel or whose names and addresses are
       reasonably ascertainable.

   (i) Effective Date of Settlement:  In summary, the Settlement
       Agreement will become effective and binding on the last
       date of the satisfaction of each of these conditions:

          * The Court's entry of a final Order approving the
            Settlement Agreement;

          * Entry in each of the Actions that have been filed as
            putative class actions, of final judgments of
            dismissal with prejudice against the Named
            Plaintiffs and without costs to any Party, except
            that class representatives in the Actions reserve
            their rights to benefits as class members;

          * Entry in the action captioned Billy R. Brown, et al.
            v. BioLab Inc., Great Lakes Chemical Corp., Chemtura
            Corp., and Gallagher Bassett Services, Inc.,
            Superior Court of Rockdale County, Civil Action No.
            2006-CV-2905-I, of a final judgment of dismissal
            with prejudice against those Named Plaintiffs in
            that action who remain in the Settlement Class,
            without prejudice against those Named Plaintiffs in
            that action who request exclusion from the
            Settlement Class, and without costs to any Party;
            and

          * The final resolution of any appeals of the Orders
            and Judgment or the expiration of the time for
            appeal.

       Within 45 days of the Settlement Effective Date, Debtors
       Bio-Lab and Great Lakes will deposit the $7,000,000
       Settlement Fund into an Escrow Account from which the
       Claims Administrator can direct the payment of the
       settlement payments and the administrative expenses of
       the Settlement, subject to the approval of the Court.

   (j) Opt-Out:  A Class Member who does not wish to participate
       in the Settlement Class must opt out by submitting a
       signed request for exclusion to Class Counsel, which must
       be must be postmarked or personally delivered on the
       schedule as the Court may direct.  In seeking Preliminary
       Approval of the Settlement, the Parties ask that the
       deadline for submission of requests for exclusion will be
       set on a date no less than 30 days after notice is given
       and no less than 60 days before the date of the Final
       Fairness Hearing.

The Debtors note that they have comprehensive general liability
insurance coverage for indemnity and defense costs with respect
to the Conyers Fire, with a $5 million self-insured retention.
After satisfying the retention, they exhausted their coverage
under AIG's Policy No. 7410951 for $25 million.  The current
class settlement, including related defense costs, are within the
next layer of coverage provided by ACE INA USA (Illinois Union
Insurance Company).

Mr. Cieri notes that on August 25, 2010, ACE approved in writing
the Settlement Agreement in accordance with the ACE policy,
thereby agreeing to reimburse the Debtors for the $7 million to
be paid under the Settlement Agreement, if approved by the Court.

                      About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.  As of
December 31, 2008, the Debtors had total assets of $3.06 billion
and total debts of $1.02 billion.

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


CL PROPERTY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: CL Property, Inc.
          dba Supermercado y Carniceria Carrero
        P.O. Box 341
        Rincon, PR 00677

Bankruptcy Case No.: 10-08521

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jose F. Cardona Jimenez, Esq.
                  CARDONA JIMENEZ LAW OFFICE PSC
                  P.O. Box 9023593
                  San Juan, PR 00902-3593
                  Tel: (787) 724-1303
                  Fax: (787) 724-1369
                  E-mail: jf@cardonalaw.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/prb10-08521.pdf
The petition was signed by Cesar E. Carrero Martinez, president.


CLAIM JUMPER: Taps Pachulski Stang Ziehl as Local Counsel
---------------------------------------------------------
Claim Jumper Restaurants, LLC, et al., ask for authorization from
the U.S. Bankruptcy Court for the District of Delaware to employ
Pachulski Stang Ziehl & Jones LLP as local counsel, nunc pro tunc
to the Petition Date.

PSZ&J will, among other things:

     a. prepare applications, motions, answers, orders, repots,
        and other legal papers;

     b. appear in Court on behalf of the Debtors;

     c. represent the Debtors in connection with the proposed sale
        of substantially all of the Debtors' assets; and

     d. prepare and pursue confirmation of a plan and approval of
        a disclosure statement.

The hourly rates of PSZ&J's personnel are:

        Laura Davis Jones                 $855
        James E. O'Neill                  $625
        Curtis A. Hehn                    $555
        Karina Yee                        $225

Laura Davis Jones, Esq., a partner at PSZ&J, assures the Court
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

                        About Claim Jumper

Irvine, California-based Claim Jumper Restaurants, LLC --
http://www.claimjumper.com/-- operates a chain of casual dining
restaurants.  It was founded in 1977.  It has locations in
Arizona, California, Colorado, Illinois, Nevada, Oregon,
Washington, and Wisconsin.

Claim Jumper filed for Chapter 11 bankruptcy protection on
September 10, 2010 (Bankr. D. Del. Case No. 10-12819).  The Debtor
estimated its assets at $50 million to $100 million and debts at
$100 million to $500 million as of the Petition Date.

The Debtor's affiliate, Claim Jumper Management, LLC, filed a
separate Chapter 11 petition (Bankr. D. Del. Case No. 10-12820).

Piper Jaffray & Co. is the Debtors' financial advisors and
investment bankers.

Kurtzman Carson Consultants LLC is the Debtor's notice, claims and
solicitation agent.


CLAIM JUMPER: Wants Kurtzman Carson as Notice & Claims Agent
------------------------------------------------------------
Claim Jumper Restaurants, LLC, et al., ask for authorization from
the U.S. Bankruptcy Court for the District of Delaware to employ
Kurtzman Carson Consultants LLC as notice, claims and solicitation
agent, nunc pro tunc to the Petition Date.

KCC will, among other things:

     a. prepare and serve notices in the Debtors' Chapter 11
        cases;

     b. receive, examine, and maintain copies of proofs of claim
        and proofs of interest filed in the Chapter 11 cases;

     c. maintain official claims registers in the Debtors' Chapter
        11 cases by docketing proofs of claim and proofs of
        interest in a claims database; and

     d. monitor the Court's docket for any claims related pleading
        filed and making notations on the claims register.

The hourly rates of KCC's personnel are:

        Clerical                                     $40-$60
        Project Specialist                           $80-$140
        Technology/Programming Consultant           $140-$190
        Consultant                                  $165-$220
        Senior Consultant                           $225-$275
        Senior Managing Consultant                     $295

KCC will receive a retainer in the amount of $25,000 that may be
he4ld by KCC as security for the Company's payment obligations
under its services agreement with KCC.

Albert H. Kass, KCC's vice president of corporate restructuring
services, assures the Court that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                        About Claim Jumper

Irvine, California-based Claim Jumper Restaurants, LLC --
http://www.claimjumper.com/-- operates a chain of casual dining
restaurants.  It was founded in 1977.  It has locations in
Arizona, California, Colorado, Illinois, Nevada, Oregon,
Washington, and Wisconsin.

Claim Jumper filed for Chapter 11 bankruptcy protection on
September 10, 2010 (Bankr. D. Del. Case No. 10-12819).  The Debtor
estimated its assets at $50 million to $100 million and debts at
$100 million to $500 million as of the Petition Date.

The Debtor's affiliate, Claim Jumper Management, LLC, filed a
separate Chapter 11 petition (Bankr. D. Del. Case No. 10-12820).

Curtis A. Hehn, Esq., James E. O'Neill, Esq., and Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the
Debtors' local counsel.  Milbank, Tweed, Hadley & Mccloy LLP is
the Debtors' general bankruptcy counsel.

Piper Jaffray & Co. is the Debtors' financial advisors and
investment bankers.


CLEARWATER PAPER: Moody's Reviews 'Ba2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service placed all ratings of Clearwater Paper
Corporation on review for possible downgrade, including the
company's Corporate Family Rating, Probability of Default Rating
and individual instrument ratings, as outlined below.  The rating
action was prompted by Clearwater's announcement that it has
agreed to acquire Cellu Tissue Holdings Inc. (B1/Stable).

Moody's review will focus on the amount of acquisition debt
financing taken on to fund the transaction; the size and pace of
any cost synergies that can be realized; the likelihood that
Clearwater's credit metrics will remain supportive of the Ba2
rating level following the closing of this acquisition coupled
with the previously announced construction of its new $260 -
$280 million tissue machine and converting facilities in Shelby,
North Carolina; the company's greater exposure to market pulp;
and, the company's ability to maintain adequate liquidity.

The total cash consideration of the acquisition is approximately
$502 million and Clearwater intends to fund the acquisition using
a combination of existing cash on hand and $350 million of debt
financing.  Clearwater's financial leverage (as measured by
Moody's adjusted debt-to-EBITDA) of approximately 1.6x at June 30,
2010 is expected to increase one turn to 2.6x proforma for the
acquisition of Cellu Tissue.  Clearwater's liquidity will decline
as cash on hand is used to partially fund the acquisition and the
construction of the Shelby, North Carolina tissue mill.  In
addition, the acquisition is expected to significantly increase
the company's exposure to purchased market pulp.  The acquisition
should provide Clearwater the ability to decrease the company's
dependence on a few large customers and partially offset the
company's risks associated with operating a limited number of mill
sites.  It will further supplement Clearwater's national sales
footprint with a national manufacturing base that should provide
significant logistical improvements through shipping and
transportation synergies.  The acquisition is expected to close in
the fourth quarter of 2010 and is subject to regulatory clearances
and other customary closing conditions.  Assuming the transaction
closes as anticipated, Cellu Tissue's existing secured debt will
likely be repaid and all of Moody's ratings of that entity
withdrawn.

These ratings were placed on review:

On Review for Possible Downgrade:

Issuer: Clearwater Paper Corporation

  -- Probability of Default Rating, Placed on Review for Possible
     Downgrade, currently Ba2

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba3

Outlook Actions:

Issuer: Clearwater Paper Corporation

  -- Outlook, Changed To Rating Under Review From Stable

Moody's last rating action was on June 8, 2009, when the company
was assigned a Ba2 corporate family rating.

Headquartered in Spokane Washington, Clearwater is a producer of
bleached paperboard for the high-end segment of the packaging
industry and a leading producer of private label tissue products
sold in grocery stores in the United States.  The company had
revenues of approximately $1.3 billion (LTM June 30, 2010) of
which approximately 57% was from the company's pulp and paperboard
segment and 43% was from the consumer products segment.


CONLEE CONSTRUCTION: Case Summary & 9 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Conlee Construction, LLC
        406 West Third
        Dextor, NM 88230

Bankruptcy Case No.: 10-14685

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       New Mexico (Albuquerque)

Judge: Robert H. Jacobvitz

Debtor's Counsel: George D. Giddens, Jr., Esq.
                  10400 Academy Rd NE, Suite 350
                  Albuquerque, NM 87111-1229
                  Tel: (505) 271-1053
                  Fax: (505) 271-4848
                  E-mail: dave@giddenslaw.com

Scheduled Assets: $1,538,909

Scheduled Debts: $513,390

A list of the Company's nine largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nmb10-14685.pdf

The petition was signed by Thomas J. Conlee, president.


COUNTERPATH CORP: Posts $1.4 Million Net Loss in July 31 Quarter
----------------------------------------------------------------
CounterPath Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $1.43 million on $2.22 million of revenue
for the three months ended July 31, 2010, compared with a net loss
of $1.24 million on $2.05 million of revenue for the same period
ended July 31, 2009.

As at July 31, 2010, the Company has not yet achieved profitable
operations and had an accumulated deficit of $41.21 million since
incorporation.

The Company's balance sheet at July 31, 2010, showed
$15.20 million in total assets, $3.95 million in total
liabilities, and stockholders' equity of $11.26 million.

As reported in the Troubled Company Reporter on August 3, 2010,
BDO Canada LLP, in Vancouver, Canada, expressed substantial doubt
about the Company's ability to continue as a going concern,
following its results for the fiscal year ended April 30, 2010.
The independent auditors noted that the Company had an accumulated
deficit of $39.8 million at April 30, 2010, and incurred a net
loss for the year then ended of $5.5 million.

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

               http://researcharchives.com/t/s?6b42

Based in Vancouver, British Columbia, Canada, CounterPath
Corporation (OTC BB: CPAH; TSX-V: CCV) focuses on the design,
development, marketing and sales of desktop and mobile application
software, gateway server software and related professional
services, such as pre and post sales, technical support and
customization services.


CRYOPORT INC: Stockholders Elect Johnson, 3 Others as Directors
---------------------------------------------------------------
CryoPort Inc. reconvened and concluded its 2010 Annual Meeting of
the Stockholders, which was adjourned on Aug. 31, 2010, to allow
it more time to solicit proxies from stockholders in an effort to
obtain the required vote to approve the third proposal, which is
to amend and restate the Articles of Incorporation to Create a
Class of Undesignated Preferred Stock.

At the Annual Meeting, the Company's stockholders approved
election of directors: Carlton M. Johnson, Jr.; Adam M. Michelin;
Larry G. Stambaugh; and John H. Bonde.  The stockholders ratified
appointment of KMJ Corbin and Company LLP as its independent
registered public accounting firm.

                         Going Concern

KMJ Corbin & Company LLP expressed substantial doubt about the
CryoPort Inc.'s ability to continue as a going concern, following
the Company's 2009 results.  The firm noted that the Company has
incurred recurring losses and negative cash flows from operations
since inception.  Although the Company has working capital of
$1,994,934 and cash and cash equivalents balance of $3,629,886 at
March 31, 2010, management has estimated that cash on hand, which
include proceeds from the offering received in the fourth quarter
of fiscal 2010, will only be sufficient to allow the Company to
continue its operations only into the second quarter of fiscal
2011.

                       About CryoPort Inc.

Headquartered in Lake Forest, Calif., CryoPort, Inc. (OTC BB:
CYRXD) -- http://www.cryoport.com/-- provides innovative cold
chain frozen shipping system dedicated to providing superior,
affordable cryogenic shipping solutions that ensure the safety,
status and temperature of high value, temperature sensitive
materials.  The Company has developed a line of cost-effective
reusable cryogenic transport containers capable of transporting
biological, environmental and other temperature sensitive
materials at temperatures below 0 degrees Celsius.

The Company's balance sheet at June 30, 2010, showed $3.40 million
in total assets, $5.47 million in total liabilities, and a
$2.10 million stockholders' deficit.


CULLIGAN INT'L: Bank Debt Trades at 20% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Culligan
International Co. is a borrower traded in the secondary market at
79.79 cents-on-the-dollar during the week ended Friday, Sept. 17,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.58 percentage points from the previous week, The Journal
relates.  The Company pays 225 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Oct. 16, 2012, and
carries Moody's B3 rating and Standard & Poor's B- rating.  The
loan is one of the biggest gainers and losers among 219 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Culligan International Co. is a water services provider based in
Rosemont, Illinois.  The company distributes its products
primarily through an extensive dealer network.


DAMON PURSELL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Damon Pursell Construction Company
        9001 Hickman Mills Drive
        Kansas City, MO 64132

Bankruptcy Case No.: 10-44965

Chapter 11 Petition Date: September 15, 2010

Court: U.S. Bankruptcy Court
       Western District of Missouri (Kansas City)

Judge: Jerry W. Venters

Debtor's Counsel: Thomas G. Stoll, Esq.
                  DUNN & DAVISON, LLC
                  1100 Walnut, Suite 2900
                  Kansas City, MO 64106
                  Tel: (816) 292-7600
                  Fax: (816) 292-7601
                  E-mail: tstoll@dunndavison.com

Scheduled Assets: $18,458,000

Scheduled Debts: $11,981,801

The petition was signed by Michael Pursell, president.

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Citizen's Bank & Trust             Equipment            $2,186,576
515 Washington Street
Chillicothe, MO 64601

SG Equipment Finance               Equipment              $195,740
480 Washington Boulevard, 24th Floor
Jersey City, NJ 07310

Comm. Credit Group                 Equipment              $180,992
212 S. Tryon Street, Suite 1400
Charlotte, NC 28281

Missouri Division of Employment    --                     $168,000
Security

Quick Fuel                         Fuel                   $106,593

Operating Engineers Local 101      Union                  $128,821

Buckley Powder Co.                 Materials               $85,878

Holliday Sand & Gravel Company     Materials               $85,362

Missouri Sales Tax Return          Sales Tax               $71,588

MO-KAN Teamsters Benefit Office    Union                   $70,036

Graves Machinery L.L.C.            Equipment               $59,480

Mayer Hoffman McCann PC            Audit Services          $52,504

Hays Companies                     Insurance               $52,226

Hercules Trommels USA, LLC         Equipment Lease         $46,880
                                   Commission

White Goss Bowers                  Legal                   $44,523

BKD, LLP                           Services                $41,957

Dean Machinery                     Parts                   $22,723

Universal Lubricants, Inc.         Supplies                $18,121

Laborers Fringe Benefits           Union Fringes           $16,673

Cross-Midwest Tire, Inc.           Parts                   $16,652


DAVID MARCOE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: David Brian Marcoe
               Lori Lucille Marcoe
               P.O. Box 17934
               Seattle, WA 98127

Bankruptcy Case No.: 10-20975

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Karen A. Overstreet

Debtor's Counsel: Cynthia A. Kuno, Esq.
                  HANSON BAKER LUDLOW DRUMHELLER PS
                  2229 112th Ave NE, Suite 200
                  Bellevue, WA 98008
                  Tel: (425) 454-3374
                  E-mail: ckuno@hansonbaker.com

Scheduled Assets: $10,339,221

Scheduled Debts: $10,573,203

Joint Debtors' List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
First Horizon Home Loans  Residential            $396,000
P.O. Box 809              Duplex
Memphis, TN 38101-0809

First Horizon Home Loans  Residential            $324,000
P.O. Box 809              Single
Memphis, TN 38101-0809

American Express          Credit card            $26,436
P.O. Box 650448           purchases
Dallas, TX 75265-0448

Bank of America           credit card            $24,162
                          purchases

Bank of America           credit card            $20,571
                          purchases

Bank of America           credit card            $14,233
                          purchases

Chase                     credit card            $10,664
                          purchases

Bank of America           credit card            $6,319
                          purchases

King County Treasury      Residential            $5,237
                          Townhouse

King County Treasury      Residential            $5,034
                          Townhouse

King County Treasury      Residential            $3,320
                          Duplex

Chase                     credit card            $2,063
                          purchases

King County Treasury      Condominium            $1,685
                          A & B

King County Treasury      Residential            $1,660
                          Duplex

King County Treasury      Residential            $1,483
                          Single

King County Treasury      Residential            $1,483
                          Rental

King County Treasury      Condominium            $1,432
                          A & B

King County Treasury      Residential            $1,202
                          Rental

King County Treasury      Residential            $1,121

King County Treasury      Residential            $1,100
                          Rental


DESIGNER HOMES: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Designer Homes, Inc.
        P.O. Box 309
        Analomink, PA 18320

Bankruptcy Case No.: 10-07514

Chapter 11 Petition Date: September 14, 2010

Court: United States Bankruptcy Court
       Middle District of Pennsylvania (Wilkes-Barre)

Judge: John J. Thomas

Debtor's Counsel: John J. Martin, Esq.
                  LAW OFFICES JOHN J. MARTIN
                  1022 Court Street
                  Honesdale, PA 18431
                  Tel: (570) 253-6899
                  Fax: (570) 253-6988
                  E-mail: jmartin@martin-law.net

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 Charles A. Poalillo, president.


EDINBORO HOSPITALITY: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Edinboro Hospitality Group, Inc.
        P. Vakharia
        4708 Amhurst Avenue
        Vestal, NY 13850

Bankruptcy Case No.: 10-11670

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Erie)

Judge: Thomas P. Agresti

Debtor's Counsel: Jeffrey G. Herman, Esq.
                  HERMAN & HERMAN
                  412 High Street
                  Waterford, PA 16441
                  Tel: (814) 796-1987
                  Fax: (814) 796-0726
                  E-mail: JeffreyHerman@Live.com

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

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

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/pawb10-11670.pdf

The petition was signed by Prakash (Paul) Vakharia, vice
president.


EIGHTY WEST: Case Summary & 5 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Eighty West, LLC
        3019 Judson St., Suite E
        Gig Harbor, WA 98335

Bankruptcy Case No.: 10-47608

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Western District of Washington (Tacoma)

Judge: Brian D. Lynch

Debtor's Counsel: Bruce G. MacIntyre, Esq.
                  PERKINS COIE LLP
                  1201 3rd Ave Ste 4800
                  Seattle, WA 98101-3099
                  Tel: (206) 359-8000
                  E-mail: macib@perkinscoie.com

Scheduled Assets: $1,200,055

Scheduled Debts: $2,722,158

A list of the Company's five largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/wawb10-47608.pdf

The petition was signed by Christopher E. Unger, member and
manager.


EVERTEC INC: Moody's Assigns 'Caa1' Rating on $220 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to EVERTEC,
Inc.'s proposed $220 million senior unsecured notes offering.  On
August 13, 2010, Moody's assigned a first-time Corporate Family
Rating and Probability of Default Rating of B2 and a Ba3 rating to
EVERTEC's proposed $50 million senior secured revolving credit
facility and $350 million senior secured term loan (upsized to
$355 million).  The rating outlook is stable.

                         Ratings Rationale

EVERTEC is the payment processing and merchant acquiring
subsidiary of Popular, Inc. (the parent company of Banco Popular
de Puerto Rico, the largest bank in Puerto Rico).  On July 1,
2010, private equity firm, Apollo Management VII, L.P. signed an
agreement to acquire 51% in EVERTEC.  Popular, Inc. will retain
49% ownership interest.  The ratings were assigned in connection
with EVERTEC's proposed debt issuance, which will be used to
finance a portion of the transaction.  The assigned ratings are
subject to review of final documentation and no material change in
the terms and conditions of the transaction as advised to Moody's.

EVERTEC's B2 CFR reflects the company's high financial leverage,
concentrated business profile, and small scale relative to larger
and financially stronger transaction processors outside of Puerto
Rico.  The company is heavily reliant on Popular, Inc. and Puerto
Rico's economy, which has remained in a prolonged recession since
March 2006.  While there have been some signs of economic
stabilization, the commonwealth remains mired with high
unemployment, low workforce participation, and high poverty levels
as compared to the U.S.

At the same time, the B2 rating reflects the company's leading
position in the electronic payment processing and merchant
acquiring businesses in Puerto Rico, highly-scaleable ATH network
platform, and a 15 year services agreement with Banco Popular
whereby EVERTEC will serve as the exclusive transaction processor
for the bank.  The company's stable and recurring transaction-
based revenue stream and solid free cash flow is also supported by
multi-year contracts with merchants.  The rating also considers
the generally favorable macro environment for electronic payment
processing industry as the secular shift from cash/checks to
electronic payments continues as well as the potential for further
growth in Latin America due to the company's scalable processing
network.

The stable outlook is supported by Moody's expectation that
EVERTEC will generate low single digit revenue growth and steady
cash flow over the next year and a half even if the economy in
Puerto Rico remains stagnant due its entrenched position as the
commonwealth's leading payment processor.

This rating/assessment was assigned:

* $220 million Senior Unsecured Notes due 2017 -- Caa1 (LGD5 --
  84%)

This rating/assessment remain unchanged:

* Corporate Family Rating -- B2

* Probability of Default Rating -- B2

* $50 million Senior Secured Revolving Credit Facility -- Ba3
  (LGD-3, 30%)

* $355 million Senior Secured Term Loan B -- Ba3 (LGD-3, 30%)

The last rating action was on August 13, 2010 when Moody's
assigned a first-time Corporate Family Rating and Probability of
Default Rating of B2 and a Ba3 rating to EVERTEC's proposed
$50 million senior secured revolving credit facility and
$350 million senior secured term loan.

Based in San Juan, Puerto Rico, EVERTEC, Inc., with about
$287 million of revenue for the twelve months ended June 30, 2010,
is a provider of credit and debit card-based payment processing
services for merchants in Latin America, as well as community
banks, financial institutions and municipal governments.


EXTERRA ENERGY: MaloneBailey LLP Raises Going Concern Doubt
-----------------------------------------------------------
Exterra Energy, Inc., filed on September 16, 2010, its annual
report on Form 10-K for the fiscal year ended May 31, 2010.

MaloneBailey LLP, in Houston, Tex., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred losses
since inception.

The Company reported a net loss of $3.37 million on $305,505 of
revenue for fiscal 2010, compared to a net loss of $5.17 million
on $437,968 of revenue for fiscal 2009.

As of May 31, 2010, the Company had cash of $5,341 and negative
working capital of $3.26 million.  This compares to $7,505 and
negative working capital of $2.05 million for the year ending
May 31, 2009.

The Company's balance sheet at May 31, 2010, showed $2.62 million
in total assets, $3.79 million in total liabilities, and a
stockholders' equity deficit of $1.17 million.

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

               http://researcharchives.com/t/s?6b46

                       About Exterra Energy

Amarillo, Tex.-based Exterra Energy, Inc., is an independent oil
and gas exploration and development company focused on building
and revitalizing a diversified portfolio of oil and gas assets
located in the State of Texas.  In addition to exploration, the
Company seeks to acquire existing production, as well as
underperforming oil and gas assets that it believes it can
revitalize in a short period of time.


FIRST COMMERCE: Closed; Community & Southern Bank Assumes Deposits
------------------------------------------------------------------
Community & Southern Bank of Carrollton, Ga., acquired the banking
operations, including all the deposits, of three Georgia-based
institutions.  The Bank of Ellijay, Ellijay, First Commerce
Community Bank, Douglasville, and The Peoples Bank, Winder, were
closed by the Georgia Department of Banking and Finance, and the
FDIC was named receiver for each institution.  The failed
institutions were not affiliated with one another.  To protect
depositors, the Federal Deposit Insurance Corporation entered into
a purchase and assumption agreement with Community & Southern
Bank.

All of the branches of the three closed institutions will reopen
as branches of Community & Southern Bank under their normal
business hours, including those with Saturday hours.  Depositors
will automatically become depositors of Community & Southern Bank.
Deposits will continue to be insured by the FDIC, so there is no
need for customers to change their banking relationship to retain
their deposit insurance coverage.  Bank of Ellijay has two
branches (including the branch called Bank of Canton, which is a
division of the Bank of Ellijay) in Georgia, First Commerce
Community Bank has two branches in Georgia, and The Peoples Bank
has 14 branches in Georgia.  Customers of the failed institutions
should continue to use their former branches until they receive
notice from Community & Southern Bank that it has completed
systems changes to allow other Community & Southern Bank branches
to process their accounts as well.  Over the weekend, depositors
can access their money by writing checks or using ATM or debit
cards. Loan customers should continue to make their payments as
usual.

As of June 30, 2010, Bank of Ellijay had total assets of $168.8
million and total deposits of $160.7 million; First Commerce
Community Bank had total assets of $248.2 million and total
deposits of $242.8 million; and The Peoples Bank had total assets
of $447.2 million and total deposits of $398.2 million.  Community
& Southern Bank will pay the FDIC a premium of 1.0 percent to
acquire all of the deposits of the Bank of Ellijay and First
Commerce Community Bank.  They also will pay the FDIC a premium of
1.25 percent to acquire all of the deposits of The Peoples Bank.
Besides assuming all the deposits from the three Georgia
institutions, Community & Southern Bank will purchase virtually
all the failed banks' assets.

The FDIC and Community & Southern Bank entered into a loss-share
transaction on around $602.5 million of the failed institutions'
assets. Community & Southern Bank and the FDIC will share in the
losses on the asset pools covered under the loss-share agreement.
The loss-share transaction is projected to maximize returns on the
assets covered by keeping them in the private sector.  The
transaction also is expected to minimize disruptions for loan
customers.  For more information on loss share, visit:

  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transactions can call
the FDIC toll free: for Bank of Ellijay customers, 1-800-930-1849;
for First Commerce Community Bank customers, 1-800-234-9027; and
for The Peoples Bank customers, 1-800-357-7599.  Interested
parties can also visit the FDIC's Web site:

for Bank of Ellijay:

  http://www.fdic.gov/bank/individual/failed/ellijay.html;

for First Commerce Community Bank:

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

and for The Peoples Bank:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
for Bank of Ellijay will be $55.2 million; for First Commerce
Community Bank, $71.4 million; and for The Peoples Bank,
$98.9 million.  Community & Southern Bank's acquisition of all
the deposits the three institutions was the least costly option
for the FDIC's DIF compared to alternatives. These failures bring
the total number of failures to 123 for the nation and to 14 for
Georgia.  Prior to these failures, the last bank closed in the
state was Northwest Bank & Trust, Acworth, on July 31, 2010.


FIRST STATE BANCORPORATION: NASDAQ to Delist Common Stock
---------------------------------------------------------
NASDAQ also announced that it will delist the common stock of
First State Bancorporation.  First State Bancorporation's stock
was suspended on July 28, 2010 and has not traded on NASDAQ since
that time.

NASDAQ will file a Form 25 with the Securities and Exchange
Commission to complete the delisting for the company. The
delisting become effective ten days after the Form 25 is filed.

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


GAMETCH INT'L: Delays Filing of Form 10-Q for Aug. 1 Quarter
------------------------------------------------------------
GameTech International Inc. said it could not timely file its
quarterly report on Form 10-Q for the period ended Aug. 1, 2010,
with the Securities and Exchange Commission

According to the Company, it could not file the requirements due
to the efforts required to complete its assessment of an expected
non-cash impairment of goodwill and long-lived assets relating to
its bingo reporting unit and an expected non-cash impairment of
intangible assets relating to both its bingo and VLT/Slot
reporting units.  The Company said it requires additional time to
file the Report to appropriately review the valuation of its
goodwill, long-lived assets, and intangible assets pursuant to ASC
350 -- "Intangibles-Goodwill and Other" and ASC 360 -- "Property,
Plant, and Equipment."

The Company said it will not complete the required analysis to
determine the amount of the goodwill, long-lived asset, and
intangible asset impairment charges prior to the prescribed filing
date.  The Company hopes to complete the analysis, record the
goodwill, long-lived asset, and intangible asset impairment
charges within the thirteen weeks ended Aug. 1, 2010 and file its
Form 10-Q no later than Sept. 20, 2010, as prescribed in Rule 12b-
25.

                       Day-to-Day Forbearance

According to the Troubled Company Reporter on Sept. 14, 2010, the
company entered into a loan agreement with Bank of the West on
April 9, 2010 which provides for a $1.8 million revolving credit
facility.  On September 3, 2010, the Company received a notice of
default from the Lender in accordance with the terms of the Line
of Credit.  The event of default is a result of the Company's non-
compliance with certain financial covenants and failure to make
scheduled payments under its loan agreement with the Lender and
U.S. Bank National Association dated August 22, 2008.  To date,
these financial covenants remain uncured and the payments due on
August 31, 2010 remain unpaid.

Bank of the West states in the Notice that it will forbear on a
day to day basis from exercising its rights under the Line of
Credit including the acceleration of all amounts outstanding or
the right to increase the interest rate to the default rate
provided in the Line of Credit; until a more definitive
forbearance agreement is executed.  As of September 10, 2010, the
Company had approximately $1.3 million outstanding under its Line
of Credit.  The Company continues to actively engage in
discussions with the Lender and U.S. Bank and is optimistic that a
resolution can be reached.

                          About GameTech

Based in Reno, Nevada, GameTech develops and manufactures gaming
entertainment products and systems.  GameTech holds a significant
position in the North American bingo market with its interactive
electronic bingo systems, portable and fixed-based gaming units,
and complete hall management modules.  It also holds a significant
position in select North American VLT markets, primarily Montana,
Louisiana, and South Dakota, where it offers video lottery
terminals and related gaming equipment and software.  It also
offers Class III slot machines and server-based gaming systems.


GLOBAL ENTERTAINMENT: Semple Marchal Raises Going Concern Doubt
---------------------------------------------------------------
Global Entertainment Corporation filed on September 14, 2010, its
annual report on Form 10-K for the fiscal year ended May 31, 2010.

Semple, Marchal & Cooper, LLP, in Phoenix, Ariz., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has experienced a significant decline in operations, cash flows
and liquidity.

The Company reported a net loss, attributable to Global, of
$2.6 million on $11.3 million of revenue for fiscal 2010, compared
to net income, attributable to Global, of $27,000 on $13.2 million
of revenue for fiscal 2009.

Total operating costs increased by $1.2 million, or 9.5%, to
$13.8 million for fiscal 2010, from $12.6 million in the prior
fiscal year.

As of May 31, 2010, the Company had $193,000 in cash and cash
equivalents, as compared to $1.1 million as of May 31, 2009.

The Company's balance sheet at May 31, 2010, showed $2.5 million
in total assets, $1.9 million in total liabilities, and
stockholders' equity of $596,000.

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

               http://researcharchives.com/t/s?6b45

Tempe, Ariz.-based Global Entertainment Corporation (OTC BB: GNTP)
-- http:www.globalentertainment2000.com/ -- is an integrated
events and entertainment company focused on mid-size communities
that is engaged, through its seven wholly owned subsidiaries, in
sports management, multi-purpose events and entertainment centers
and related real estate development, facility and venue management
and marketing and venue ticketing.


GRAY TV: Bank Debt Trades at 4% Off in Secondary Market
-------------------------------------------------------
Participations in a syndicated loan under which Gray
Communications System, presently known as Gray Television, Inc.,
is a borrower traded in the secondary market at 95.61 cents-on-
the-dollar during the week ended Friday, Sept. 17, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 0.79 percentage
points from the previous week, The Journal relates.  The Company
pays 150 basis points above LIBOR to borrow under the facility.
The bank loan matures on December 21, 2014, and carries Moody's B2
rating and Standard & Poor's B rating.  The loan is one of the
biggest gainers and losers among 219 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

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

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


GRUPO FERTINAL: Moody's Assigns 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family
Rating to Grupo Fertinal, S.A. de C.V., as well as a B2 rating on
its $200 million of senior secured notes due 2015.  Proceeds from
the transaction will be used to repay a $180 million bridge loan
and partially finance capital expenditures and support working
capital needs.  The bridge loan is being used to reacquire assets
from its former creditors and satisfy all other obligations
associated with its bankruptcy.  The rating outlook is stable.

Ratings assigned:

Grupo Fertinal, S.A. de C.V.

* Corporate Family Rating -- B2
* $200 million senior secured notes due 2015 -- B2

                         Ratings Rationale

Fertinal's B2 CFR reflects the narrow and commodity nature of its
product line, single site production capabilities and a limited
operating history since restarting operations in 2007 after filing
for bankruptcy.  The ratings are supported by the company's
vertical integration into phosphate rock production and Moody's
positive view of the agricultural sector due to the anticipated
strong global demand for food and focus on crop yields.  The
ratings are further constrained by Moody's concerns over the
company's short-term liquidity given Fertinal's current absence of
committed or uncommitted bank credit lines.  The ratings also take
into consideration the assumption that the company will execute
all of the transactions necessary to reacquire all of its assets
and satisfy all the claims related to it's the bankruptcy
proceedings.

Following the placement of the senior secured notes, the company
is expected to have strong financial metrics for the rating
category if it is successful in executing its business plan.  The
strong projected credit metrics are mitigated by the fact that the
company still faces operational issues as it attempts to ramp up
its production to full capacity and by the lack of a sustained
track record with customers and expanding sales into new markets
since it restarted operations in 2007.  The company expects to
reach full capacity by the second half of 2011.  In addition, the
company appears to be a higher cost producer due to the nature of
their phosphate ore deposits (narrow ore seam mined underground)
versus other lower cost mines that are surface mined.  Fertinal's
vertical integration into phosphate is a positive as it allows the
company to secure a steady supply of phosphate rock while having
the ability to capture greater profit margins and weather global
commodity price swings.

The stable outlook reflects Moody's positive view of the
fertilizer industry, but is tempered by Moody's concerns over the
company's limited operating history, potential operating hurdles
to achieving its business plan goals and liquidity.  New low cost
phosphate capacity in the Middle East (starting in late 2011) and
Peru could also pressure industry margins.  There could be
negative pressure on the ratings if Fertinal is unable to put in
place bank lines to support its liquidity position or if it does
not successfully execute its business plan.

This is Moody's initial rating action for Grupo Fertinal, S.A. de
C.V.

Grupo Fertinal, S.A. de C.V. produces various phosphate and
nitrogen-based fertilizers and related industrial products (LDAN,
phosphoric acid, sulfuric acid, nitric acid).  The company has a
fertilizer production complex in an industrial complex at the port
of Lazaro Cardenas, Michoacan (west coast of Mexico) and a
phosphate mine in San Juan de la Costa, Baja California Sur that
supplies all of its needs.  Fertinal restarted its operations in
2007 after Hurricane Juliette flooded the mine in 2001 and led the
company to file for bankruptcy protection.  Fertinal had revenues
of approximately MXN5.1 billion (almost US$400 million) for the
twelve months ended June 30, 2010.


HARBOR BIOSCIENCES: Receives NASDAQ Notice of Delisting
-------------------------------------------------------
Harbor BioSciences, Inc. has not complied with NASDAQ Listing Rule
5550(a)(2) and, unless the Company appeals, trading of the
Company's common stock will be suspended and the Company's
securities will be delisted from the NASDAQ Stock Market.

Harbor BioSciences does not intend to appeal the delisting
determination.  We anticipate that the Company's common stock will
be suspended and delisted from the NASDAQ Stock Market at the
opening of business on September 23, 2010.

The Company is working with Chardan Capital Markets, LLC, which
will serve as the initial market maker for the Company's shares on
the OTC Bulletin Board.  Management anticipates that following its
NASDAQ delisting, the Company's shares will be quoted on the OTC
Bulletin Board(R).  Chardan has made an application to register in
and quote the security in accordance with SEC Rule 15c2-11.  We
anticipate approval from the OTCBB prior to the delisting date.

The Company expects that its common stock will continue to trade
on the OTCBB so long as market makers demonstrate an interest in
trading the common stock.  The Company will continue to file
periodic reports with the SEC pursuant to the requirements of
Section 12(g) of the Securities Exchange Act of 1934, as amended.

                   About Harbor BioSciences

Harbor BioSciences is a development-stage company with two product
candidates in clinical trials: Apoptone(R) in the cohort expansion
portion of a Phase I/IIa trial of patients with late-stage
prostate cancer, and Triolex(R) (HE3286), in a Phase IIa trial in
obese type 2 diabetes mellitus patients.  Apoptone and Triolex
represent the lead candidates from Harbor BioSciences' small
molecule platform based on metabolites or synthetic analogs of
endogenous steroid hormones.


HARRAH'S ENTERTAINMENT: CMBS Posts $12.6MM Profit in June 30 Qtr.
-----------------------------------------------------------------
CMBS Properties' sheet at June 30, 2010, showed $8.08 billion in
total assets, $7.39 billion in total liabilities, and stockholders
equity of $689.9 million.

CMBs's reported net income of $12.6 million on $522.9 million of
net revenues for the quarter ended June 30, 2010, compared with a
net loss of $236.8 million on $559.5 million of net revenues for
the same period a year ago.

CMBS Properties is a wholly-owned subsidiaries of Harrah's
Entertainment Inc. that owns properties that secured about $5.5
billion of commercial mortgage-backed securities.  The CMBS
Financing is neither secured nor guaranteed by Harrah's other
wholly-owned subsidiaries, including Harrah's Operating Company,
Inc. and its subsidiaries.

A full-text copy of the unaudited financial results is available
for free at http://ResearchArchives.com/t/s?6b4a

                  About Harrah's Entertainment

Las Vegas, Nevada-based Harrah's Entertainment, Inc. --
http://www.harrahs.com/-- through its wholly owned subsidiary,
Harrah's Operating Company, Inc., operates nearly 40 casinos
across the United States, primarily under the Harrah's(R),
Caesars(R) and Horseshoe(R) brand names; Harrah's also owns the
London Clubs International family of casinos and the World Series
of Poker(R).  Private equity firms Apollo Global Management and
TPG Capital LP acquired Harrah's in January for $31 billion.

Harrah's carries 'Caa3' corporate family and probability of
default ratings, with "positive outlook", from Moody's Investors
Service.  It has 'B-' issuer credit ratings, with "stable"
outlook, from Standard & Poor's.


HENRY WILTON: Financial Woes Prompt Chapter 11 Bankruptcy Filing
----------------------------------------------------------------
Henry L. Wilton filed a Chapter 11 petition September 16, 2010 in
Richmond, Virginia (Bankr. E.D. Va. Case No. 10-36398).  The
Company estimated assets between $10 million and $50 million, and
liabilities between $50 million and $100 million.

Carol Hazard at Richmond Times-Dispatch reports that Mr. Wilton, a
shareholder and board member of Wilton Cos., sought personal
bankruptcy as his financial problems could stem from a resort
development that he was doing near Steamboat Springs in Colorado.

According to Times-Dispatch, Mr. Wilton owes about $16.5 million
to Wilton Development Corp.  The bank accelerated the terms of the
loans on three high-end properties there, including a ranch with
an outstanding balance of $1.58 million.

Wilton Cos. is not including in the bankruptcy filing.


HERBST GAMING: Bank Debt Trades at 44% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Herbst Gaming,
Inc., is a borrower traded in the secondary market at 56.25 cents-
on-the-dollar during the week ended Friday, Sept. 17, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.92
percentage points from the previous week, The Journal relates.
The Company pays 187.5 basis points above LIBOR to borrow under
the facility.  Moody's has withdrawn its rating, while Standard &
Poor's does not assigned a rating, on the bank debt.  The loan is
one of the biggest gainers and losers among 219 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

As reported by the Troubled Company Reporter on April 12, 2010,
Standard & Poor's withdrew its ratings on Las Vegas-based Herbst
Gaming Inc. at the company's request.

Herbst filed for bankruptcy protection under Chapter 11 of the
U.S. Bankruptcy Code in Nevada on March 22, 2009.  The Bankruptcy
Court issued an order on January 22, 2010, confirming the
company's amended joint plan of reorganization.  Although the plan
became effective February 5, 2010, it will not be fully
implemented until the substantial consummation date; this will not
occur until certain conditions, including approval of gaming
authorities in Nevada, Missouri, and Iowa have been satisfied.

                        About Herbst Gaming

Headquartered in Reno, Nevada, Herbst Gaming, Inc. --
http://www.herbstgaming.com/-- is a diversified gaming company.
The Company and its subsidiaries focus on two business lines, slot
route operations and casino operations.  The Company's route
operations involves the exclusive installation and, as of
September 30, 2009, operation of approximately 6,300 slot machines
in non-casino locations, such as grocery stores, drug stores,
convenience stores, bars and restaurants.  The casino operations
consist of 16 casinos located in Nevada, Iowa and Missouri.

The Company and 17 of its affiliates filed for Chapter 11
protection on March 22, 2009 (Bankr. D. Nev. Lead Case No. 09-
50752).  Thomas H. Fell, Esq., and Gerald M. Gordon, Esq., at
Gordon Silver, represent the Debtors in their restructuring
efforts.  Herbst Gaming had $919.1 million in total assets; and
$33.5 million in total liabilities not subject to compromise and
$1.24 billion in liabilities subject to compromise, resulting in
$361.0 million in stockholders' deficiency as of March 31, 2009.

At December 31, 2009, Herbst Gaming, Inc., had $612.8 million in
total assets and $1.232 billion in total liabilities.  Cash and
cash equivalents were $32.6 million at December 31, 2009.


HERTZ CORP: Fitch Expects to Rate $3002 Mil. Notes at 'BB-'
-----------------------------------------------------------
Fitch expects to rate the Hertz Corporation's $300 million
issuance of senior unsecured notes 'BB-.' Proceeds from the
issuance will be used in connection with the proposed acquisition
of Dollar Thrifty and for general corporate purposes.

Hertz's 'BB-' Issuer Default Rating and Stable Rating Outlook are
unaffected by the assignment of these ratings.

Fitch expects to assign this rating:

Hertz Corporation

  -- $300 million senior unsecured notes 'BB-';


HERTZ CORP: Moody's Assigns 'B2' Rating on $300 Million Notes
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to The Hertz
Corporation's issuance of $300 million of senior unsecured notes.

                         Ratings Rationale

This rating, as well as Hertz's other long-term ratings (
including the B1 Corporate Family Rating are on review for
possible downgrade as a result of the company increased offer for
the shares of Dollar Thrifty Automotive Group (Dollar Thrifty) to
$50 per share ($1.6 billion) from $41 per share ($1.3 billion).
The review is focusing on: the level of debt that many ultimately
be taken on to fund the acquisition; 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 CFR 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 review of the company's
ratings for possible downgrade on September 12.


HERTZ CORP: S&P Assigns 'CCC+' Rating on $300 Mil. Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'CCC+' rating to Hertz Corp.'s $300 million senior notes due 2018.
A '6' recovery rating was also assigned, indicating negligible
(0%-10%) recovery of principal in the event of a payment default.
The notes are being offered through a Rule 144a transaction with
registration rights.

S&P also placed the 'CCC+' rating on CreditWatch with positive
implications.  S&P's ratings on Hertz were placed on CreditWatch
on April 26, 2010, when the company announced it had signed a
definitive agreement to acquire competitor Dollar Thrifty
Automotive Group Inc. for around $1.2 billion in cash and stock.
On Sept. 12, 2010, Hertz raised its bid to $1.43 billion, which
has been accepted by DTAG, to counter a $1.35 billion bid made by
Avis Budget Group Inc. on Sept. 2, 2010.  Proceeds from Hertz's
notes will be used for general corporate purposes, including debt
repayment or a portion of the cash consideration for the DTAG
acquisition.

The ratings on Park Ridge, N.J.-based Hertz Global Holdings Inc.,
and its primary operating subsidiary Hertz Corp., reflect an
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.
The ratings also incorporate its position as the largest global
car rental company and the strong cash flow its businesses
generate.

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.

                           Ratings List

                            Hertz Corp.
      Corporate Credit Rating                B/Watch Pos/--

                  New Rating/CreditWatch Action

                            Hertz Corp.

       $300 mil sr notes due 2018            CCC+/Watch Pos
        Recovery rating                      6


HEXION SPECIALTY: S&P Affirms 'B-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed all its
ratings on Hexion Specialty Chemicals Inc., including the 'B-'
corporate credit rating.  The outlook is stable.

At the same time, S&P placed all its ratings on Momentive,
including the 'CCC+' corporate credit rating, on CreditWatch with
positive implications.

"The affirmation of S&P's ratings on Hexion incorporates its
expectation that the transaction will have a mildly positive
impact on that company's credit quality, but probably not enough
to warrant a change in the ratings or outlook," said Standard &
Poor's credit analyst Cynthia Werneth.

As of June 30, 2010, Hexion had total adjusted debt of
$4.1 billion and total adjusted debt to EBITDA of about 8.4x.  S&P
adjusts Hexion's debt to include parent holding company debt,
$145 million of tax-effected postretirement obligations, and
$90 million of capitalized operating leases.

"The placement of Momentive's ratings on CreditWatch with positive
implications reflects steadily improving operating results since
being hit by the full force of the recession in the first quarter
of 2009 and the likely modest benefit of the planned merger," said
Ms. Werneth.

As of June 30, 2010, Momentive had total adjusted debt of
$3.6 billion, and total adjusted debt to EBITDA of 7.9x.  S&P
adjusts Momentive's debt to include about $590 million of seller
payment-in-kind notes at its holding company parent, $130 million
of tax-effected postretirement obligations, and $40 million of
capitalized operating leases.

Management anticipates that the merger, which is expected to close
on Oct. 1, 2010 (subject to customary conditions), will result in
$100 million of annual operating cost reductions, to be split
about equally between the two companies.  Management expects to
lower costs via better purchasing terms, site rationalization, and
shared services optimization.  The capital structure of each
company will remain separate and unchanged, and each will continue
to report its results separately.

The stable outlook on Hexion reflects S&P's expectation that
operating results will continue to strengthen, resulting in
improved debt leverage metrics, and that the company will maintain
adequate liquidity levels.  S&P's ratings also reflect its
expectation for gradual improvement in demand from key end
markets, such as housing, construction, and automobiles, which is
consistent with S&P's base case economic forecast for 2010 and
2011.  S&P assumes that debt levels will remain relatively stable
in 2010, and S&P does not factor any meaningful increase in debt
on account of working capital increases or capital spending.
S&P's ratings do not factor in aggressive management actions
related to meaningful shareholder rewards or acquisitions.

S&P could lower its ratings on Hexion if unexpected developments,
including a slowdown or reversal of the current economic recovery,
forestall the improvement in operating performance and credit
metrics, so that the ratio of funds from operations to total debt
does not improve to the upper-single-digit percentage area as S&P
expect.  This could happen if the growth in demand slows or
reverses, or if raw material volatility results in a decline in
operating margins to 7% on a sustained basis.  S&P could also
lower ratings if liquidity declines meaningfully with no prospects
for improvement or if EBITDA cushion under the company's covenant
declines from current comfortable levels.

S&P could raise the ratings on Hexion if leverage declines
meaningfully below S&P's expectations in 2010 because of faster-
than-expected earnings improvement.  Earnings could potentially
improve beyond S&P's expectations if revenue increases above the
single-digit percentage level S&P factor in its ratings, or if
operating margin expands to levels in the midteens or higher so
that the ratio of funds from operations to total debt exceeds 12%
on a sustainable basis.

S&P expects to resolve the CreditWatch on Momentive within the
next few weeks after evaluating prospective operating performance
and merger benefits, including prospects for achieving targeted
synergies from the combination.


HIREN LLP: Case Summary & 15 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Hiren, LLP
          dba Holiday Inn
        1220 Brookville Way
        Indianapolis, IN 46239

Bankruptcy Case No.: 10-13944

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Southern District of Indiana (Indianapolis)

Judge: Anthony J. Metz III

Debtor's Counsel: David R. Krebs, Esq.
                  HOSTETLER & KOWALIK P.C.
                  101 W. Ohio St. Suite 2100
                  Indianapolis, IN 46204
                  Tel: (317) 262-1001
                  Fax: (317) 262-1010
                  E-mail: dkrebs@hklawfirm.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 15 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/insb10-13944.pdf

The petition was signed by Sanjay Patel, partner.


INTELSAT JACKSON: Moody's Assigns 'B3' Rating on $900 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Intelsat Jackson
Holdings, S.A. new $900 million 10-year note issue.  The new notes
are guaranteed by Intelsat Jackson's indirect, wholly-owned
subsidiary, Intelsat Subsidiary Holding Company, S.A., and rank
equally with other senior notes issued by Intelsat Jackson and
guaranteed by Intelsat Subholdco.  Intelsat Jackson is an
indirect, wholly-owned subsidiary of Intelsat, S.A., the senior
most company in the Intelsat group of companies for which Moody's
maintain ratings; per usual practice, the corporate family rating
(Caa1) and ratings outlook (Stable) are in the name of Intelsat.

Assignments:

Issuer: Intelsat Jackson Holdings S.A. (formerly Intelsat Jackson
Holdings, Ltd.)

  -- Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD3,
     33%)

Other Ratings and Outlook Actions:

Issuer: Intelsat S.A. (formerly Intelsat, Ltd.)

  -- Corporate Family Rating, Affirmed at Caa1

  -- Probability of Default Rating, Affirmed at Caa1

  -- Outlook, Affirmed at Stable

  -- Speculative Grade Liquidity Rating, Affirmed at SGL-3

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa3
     (LGD6, 95%)

Issuer: Intelsat (Luxembourg) S.A. (formerly Intelsat (Bermuda),
Ltd.)

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa3
     (LGD5, 84%)

Issuer: Intelsat Jackson Holdings S.A. (formerly Intelsat Jackson
Holdings, Ltd.)

  -- Senior Secured Bank Credit Facility, Affirmed at B3 with the
     LGD Assessment Revised to LGD3, 33% from LGD3, 34%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at B3 with
     the LGD Assessment Revised to LGD3, 33% from LGD3, 34%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa2
     LGD4, 65%

Issuer: Intelsat Intermediate Holding Company S.A. (formerly
Intelsat Intermediate Holding Company, Ltd.)

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa2
     with the LGD Assessment Revised to LGD4, 59% from LGD4, 58%

Issuer: Intelsat Subsidiary Holding Company S.A. (formerly
Intelsat Subsidiary Holding Company, Ltd.)

  -- Senior Secured Bank Credit Facility, Affirmed at B1 with the
     LGD Assessment Revised to LGD1, 4% from LGD1, 5%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at B3 with
     the LGD Assessment Revised to LGD3, 33% from LGD3, 34%

Issuer: Intelsat Corporation

  -- Senior Secured Bank Credit Facility, Affirmed at B1 with the
     LGD Assessment Revised to LGD1, 4% from LGD1, 5%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at B3 with
     the LGD Assessment to Revised LGD3, 33% from LGD3, 34%

                         Rating Rationale

Intelsat's corporate family and probability of default ratings are
Caa1 and the ratings outlook is stable.  Most of the new issue
proceeds, $830 million, will be used to retire existing debt in
the name of Intelsat Corporation ($658 million of senior notes due
2014 and $125 million of senior notes dues 2028; applicable
ratings will be withdrawn in due course).  The balance will fund
accrued interest, pay fees and expenses, and bolster consolidated
liquidity.  In aggregate, as the company's consolidated GAAP debt
increases by less than 1%, the transaction does not have a
material impact on Intelsat's consolidated credit profile and,
accordingly, its Caa1 CFR and PDR and stable ratings outlook
remain unchanged.  Moody's do, however, view the transaction as
being positive step, continuing recent actions to extend
maturities, harmonize terms and conditions, and simplify the debt
structure.

Moody's notes that Intelsat Corporation's debt load is decreasing
while that at Intelsat Subholdco (by way of guarantee) is
increasing.  However, Moody's continue to apply Moody's loss given
default methodology in a manner that, despite differences in
leverage, treats the two companies as having equivalent credit
profiles.  Moody's think that operational matters, capital
expenditure planning, and transfer pricing mechanisms suggest
that, despite apparent differences in leverage, the two quasi-
operating companies have similar credit profiles.  Consequently,
the exercise of relocating debt from Intelsat Corporation to
Intelsat Subholdco has no impact on ratings for individual
instruments.  Lastly, while the refinance transaction augments
Intelsat's consolidated liquidity position, as Moody's expect the
company's capital expenditure program to continue to leave a
somewhat limited liquidity cushion, Intelsat's SGL-3 speculative
grade liquidity rating (adequate) remains unchanged.

Intelsat's defining ratings factor is elevated financial leverage
(LTM Debt-to-EBITDA incorporating Moody's standard adjustments is
8.5x) resulting from debt-financed ownership changes and risks
that the company will not be able to grow its cash flow stream in
order that all of its substantial interest burden, capital
expenditures and periodic cash income tax obligations can be met
from operating cash flow.  Longer term, this equation will also,
presumably, expand to include returns being provided to equity
holders.  The company's financing thesis is predicated upon top-
line growth and margin expansion as broadband demand continues to
grow.  Together with permanent reductions in capital expenditures
as the company's very large satellite constellation is
rationalized over time, this will facilitate improvements in
capacity utilization and profit margins.  In the interim, the Caa1
rating is driven by the gap between the cash flow negative status
quo and the execution risks and uncertainty related to the company
becoming comfortably cash flow self-sustaining.  These matters
also serve to highlight the very important role that the company's
liquidity arrangements play.  The ability to address temporary FCF
shortfalls without jeopardizing overall financing arrangements is
crucial.

                          Rating Outlook

As noted above, the ratings outlook is stable.  With growing
EBITDA and liquidity sufficient to fund the next several quarters,
downwards rating pressure is manageable.  However, until positive
free cash flow can be anticipated to be sustained, upwards ratings
momentum is limited.

                What Could Change the Rating -- Up

A ratings upgrade is not expected until Intelsat can substantiate
the ability to be cash flow self-sustaining.  Given the current
debt load, this should be observed when EBITDA approaches
$2.4 billion and Debt/EBITDA approaches and then falls below 6.5x.
Upon this milestone being observed/anticipated and supported by
trends that are expected to be sustained, and presuming solid
liquidity arrangements, upwards rating pressure would result.

              What Could Change the Rating -- Down

In the near term, Intelsat's rating is tied to its liquidity
arrangements; they will provide the initial warnings of the
company's plan coming under stress.  In this regard financial
covenants (and restricted payment baskets) will be key.  Should
applicable cushions be permanently eroded, downwards ratings
actions may be required.

                        Corporate Profile

Headquartered in Luxembourg, Intelsat is the largest fixed
satellite service operator in the world and is privately held by
financial investors.


INTELSAT JACKSON: S&P Assigns 'B+' Rating on $900 Mil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
and '2' recovery ratings to Intelsat Jackson Holdings S.A.'s
proposed $900 million of senior notes due 2020.  The '2' recovery
rating indicates expectations for substantial (70%-90%) recovery
in the event of a payment default.  The proposed notes are
guaranteed by Intelsat Subsidiary Holding Co. S.A.

The company intends to use the issue proceeds to refinance the
9.25% senior notes due 2014 and the 6.875% senior secured notes
due 2028, both of which reside at Intelsat Corp. ($658 million and
$125 million outstanding, respectively, as of June 30, 2010) and
for general corporate purposes.  Ratings are based on preliminary
documentation and are subject to review of final documents.

In addition, S&P affirmed the 'B' corporate credit rating on
Luxembourg-based parent Intelsat Global S.A.  The outlook is
stable.

"The ratings on Intelsat its highly leveraged financial profile
and S&P's expectations for modestly negative free operating cash
flow which overshadows its attractive business characteristics,"
said Standard & Poor's credit analyst Naveen Sarma.  S&P considers
the business risk profile to be "strong," reflecting the company's
high profit margins, global scale, strong geographic
diversification, and a revenue backlog that provides for
significant revenue visibility.

"This fundamentally sound business profile allows the company to
support such high levels of leverage at this rating," added Mr.
Sarma.  Pro forma for the proposed transaction, Intelsat has over
$15 billion in debt.


INTELSAT LTD: Panamsat Bank Debts Trade at 5% Off
-------------------------------------------------
Participations in three syndicated loan under which PanAmSat
Corporation is a borrower traded in the secondary market at 94.97
cents-on-the-dollar for each loan during the week ended Friday,
Sept. 17, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.86 percentage points for each loan from the previous
week, The Journal relates.  PanAmSat pays 250 basis points above
LIBOR to borrow under each facility, which mature simultaneously
on Jan. 3, 2014.  The bank debts are not rated by Moody's and
Standard & Poor's.  The loan is one of the biggest gainers and
losers among 219 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

Intelsat Corporation, -- http://www.intelsat.com/-- formerly
known as PanAmSat Corporation, is a global provider of video,
corporate, Internet, voice and government communications services
with a fleet of 25 satellites in-orbit.

Intelsat S.A., formerly Intelsat, Ltd., carries a 'Caa1' corporate
family rating from Standard & Poor's.


ISN BANK: Closed; New Century Bank Assumes All Deposits
-------------------------------------------------------
ISN Bank of Cherry Hill, N.J., was closed on Friday, September 17,
2010, by the New Jersey Department of Banking and Insurance, which
appointed the Federal Deposit Insurance Corporation as receiver.
To protect the depositors, the FDIC entered into a purchase and
assumption agreement with New Century Bank (doing business as
Customers Bank) of Phoenixville, Pa., to assume all of the
deposits of ISN Bank.

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

As of June 30, 2010, ISN Bank had around $81.6 million in total
assets and $79.7 million in total deposits.  New Century Bank did
not pay the FDIC a premium to assume all of the deposits of ISN
Bank.  In addition to assuming all of the deposits of the failed
bank, New Century Bank agreed to purchase essentially all of the
failed bank's assets.

The FDIC and New Century Bank entered into a loss-share
transaction on around  $64.8 million of ISN Bank's assets.  New
Century Bank will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers.  For more information on
loss share, visit:

   http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-913-3067.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be approximately $23.9 million.  Compared to other
alternatives, New Century Bank's acquisition was the least costly
resolution for the FDIC's DIF.  ISN Bank is the 120th FDIC-insured
institution to fail in the nation this year, and the first in New
Jersey.  The last FDIC-insured institution closed in the state was
First BankAmericano, Elizabeth, on July 31, 2009.


JOHN BORTOLI: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: John E. Bortoli
               Anna Marie Bortoli
               1130 Confer Avenue
               Johnstown, PA 15905

Bankruptcy Case No.: 10-71090

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Johnstown)

Debtor's Counsel: James R. Walsh, Esq.
                  SPENCE CUSTER SAYLOR WOLFE & ROSE
                  400 U.S. Bank Building
                  P.O. Box 280
                  Johnstown, PA 15907
                  Tel: (814) 536-0735
                  Fax: (814) 539-1423
                  E-mail: jwalsh@spencecuster.com

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

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/pawb10-71090.pdf


JOSEPH GILCHRIST: Plan Outline Hearing Set for September 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida
will convene a hearing on September 30, 2010 at 2:30 p.m. CDT., to
consider adequacy of the Disclosure Statement explaining Joseph
Robert Gilchrist's Plan of Reorganization.  Objections, if any,
are due September 23.

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

According to the Disclosure Statement, the Plan intends to treat
unsecured claims as:

   Classes 18, 19 and 20 - Unsecured Claims - will be paid pro
    rata with other Allowed Claims.

   Classes 21 and 22 - holders of Allowed Claims in these Classes
    will be paid on an annual basis for each year during the term
    of this Plan until paid in full.  Holders will be paid pro
    rata among all holders with Allowed Claims.

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

The Debtor is represented by:

     John E. Venn, Jr., Esq.
     JOHN E. VENN, JR., P.A.
     220 West Garden Street, Suite 603
     Pensacola, FL 32502
     Tel: (850) 438-0005
     Fax: (850) 438-1881
     E-mail: johnevennjrpa@aol.com

                   About Joseph Robert Gilchrist

Pensacola, Florida-based Joseph Robert Gilchrist -- aka Joseph R.
Gilchrist and Joe Gilchrist -- filed for Chapter 11 bankruptcy
protection on December 14, 2009 (Bankr. N.D. Fla. Case No. 09-
32501).  John E. Venn, Esq., who has an office in Pensacola,
Florida, assists the Debtor in his restructuring effort.  The
Debtor disclosed $11,000,367 in assets and $37,893,674 in
liabilities.


JT BAKER: Moody's Assigns 'Ba3' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned first time ratings to J.T.
Baker Holdings, S.A., a specialty chemical manufacturer, for its
proposed credit facilities to recapitalize the recent acquisition
of Mallinckrodt Baker, Inc.  The rating outlook is stable.

Ratings Assigned:

J.T. Baker Holdings, S.A.

* Corporate Family Rating -- Ba3
* Probability of Default Rating -- Ba3

J.T. Baker Holdings, Inc,.

* $30 million Sr Sec Gtd Revolver due 2015 -- Ba3 (LGD4, 51%)
* $125 million Sr Sec Gtd Term Loan due 2016 -- Ba3 (LGD4, 51%)

                         Ratings Rationale

Under the terms of the recapitalization JTB put into place a
$155 million credit facility composed of a $30 million revolver
and a $125 million first lien term loan which will be used to
refinance a $110 million interim bridge facility.  The sponsor an
affiliate of New Mountain Capital, LLC funded its initial
acquisition of JTB with $200 million of cash equity.  JTB's
ratings and outlook are subject to review of the final
documentation of the financing and closing of the transaction as
described.

JTB's Ba3 CFR reflects a relatively small revenue base (relative
to much larger competitors with better credit profiles), a
relatively small amount of tangible net worth under $60 million
and since 2000 a limited history operating as an independent
company.  Debt, when adjusted for Moody's standard adjustments,
(including unfunded pensions of $6 million and capitalized rents
of $7 million) is about $137 million, assuming no borrowings under
JTB's revolver.  At this level of debt proforma leverage for the
LTM period ending June 30, 2010 would be about 2.5 times in a year
with record adjusted EBITDA generation approaching $55 million.
Despite its small size relative to competitors, JTB benefits from
a favorable brand image, long lived customer relationships, and
relatively small but stable order sizes.  Many customer orders are
not subject to corporate approvals in the relatively steady
laboratory and pharmaceutical markets.

While JTB has a small business profile, the Ba3 rating benefits
from the less cyclical nature of the company's specialty chemical
revenue base, stable financial performance in recent years, and
the prospect of free cash flow generation.  In addition, the
rating recognizes the potential benefits of reduced levels of
capital spending, running typically near 3% of sales that should
aid in the generation of free cash flow which will provide greater
financial flexibility.

The rating outlook for JTB is stable.  Factors that could have
negative rating implications include a failure to maintain
historical margins and steadily improve sales over time.  While
the company is subject to significant customer concentration this
will not be a significant business risk unless there is
deterioration in customer service excellence which would drive
clients to competitors.  The presence of favorable environmental
protection for both on-site and off-site claims is viewed
positively.  However the need for such support and its relative
complexity combined with the inherent uncertainty and surprises
surrounding environmental remediation could cause pressure on
JTB's credit profile.  However as time passes and the
environmental issues are successfully executed concerns over
unexpected outcomes would be mitigated.  The 100 year operating
history of JTB at one of its largest sites provides fodder for the
possibility of unexpected environmental outcomes.

Factors that could have positive rating implications include
successful substantial improvement in financial performance and a
sustainable track record of operating with a conservative
financial profile specifically with regard to financing
acquisitions.

JTB is a focused specialty chemical company that operates in three
business segments providing high purity chemicals to laboratories,
pharmaceutical companies and microelectronic industries.  For the
LTM period ending June 30, 2010, business segment revenues
totaling $438 million were split into thirds.  Gross profit
margins on a combined basis are near 25% but there is variation
between the gross margins of the three segments.  The
microelectronics business has the weakest margins and
pharmaceutical the strongest.

The Ba3 rating on the senior secured revolver and term loan
reflects their dominance as the sole debt in the company's capital
structure and the limited recovery prospects in a default
situation where service and product quality would likely be
compromised.  The facility will be secured by a first priority
lien on the capital stock as well as all domestic assets of the
company and its subsidiaries, and will be guaranteed on a senior
secured basis by all current and future domestic subsidiaries.


KRISPY KREME: To Refine "Small Shop" Format
-------------------------------------------
Krispy Kreme Doughnuts Inc. said it will deliver a presentation at
the 8th Annual C.L. King Best Ideas Conference 2010 at The Omni
Berkshire Place Hotel in New York City.  A full-text copy of the
presentation materials is available for free at:

               http://ResearchArchives.com/t/s?6b49

According to the presentation materials, the Company's strategic
initiatives now include:

  * Refine "small shop" format;

  * Focus on improving shop operations and execution;

  * Continue renovation of older locations; and

  * Develop and deploy new products.

The Company aims to refine its "small shop" format by, among other
things, stimulating an increase in on-premises sales though
greater convenience for current and future guests and reducing
operating costs and investment.

                        About Krispy Kreme

Based in Winston-Salem, North Carolina, Krispy Kreme Doughnuts
Inc. (NYSE: KKD) -- http://www.KrispyKreme.com/-- is a retailer
and wholesaler of doughnuts.  The company's principal business,
which began in 1937, is owning and franchising Krispy Kreme
doughnut stores where over 20 varieties of doughnuts are made,
sold and distributed and where a broad array of coffees and other
beverages are offered.

Kremeworks, LLC, which is 25%-owned by KKDI, has failed to comply
with certain financial covenants related to its indebtedness, a
portion of which matured, by its terms, in January 2009.
Kremeworks has requested that the lender waive the loan defaults
resulting from the covenant violations and refinance the maturing
indebtedness.  In the event the lender is unwilling to do so and
declares the entire indebtedness immediately due and payable, the
Company could be required to perform under its guarantee.

Krispy Kreme Doughnuts said Kremeworks could have insufficient
cash flows from its business to service the indebtedness even if
it is refinanced, which might require capital contributions to
Kremeworks by the Company and the majority owner of Kremeworks --
which has guarantees of the Kremeworks indebtedness roughly
proportionate to those of the Company -- for Kremeworks to comply
with the terms of the any new loan agreement.

                          *     *     *

Krispy Kreme carries a 'B-' corporate credit rating from Standard
& Poor's.  In September 2009, S&P said, "While the sales pressure
will continue, S&P expects the declines to decelerate and
profitability to somewhat stabilize or, at the very least, allow
the company to remain covenant compliant in the current and next
fiscal year."


LAKERIDGE CENTRE: Section 341(a) Meeting Scheduled for Oct. 18
--------------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of Lakeridge
Centre Office Complex, LP's creditors on October 18, 2010, at
2:00 p.m.  The meeting will be held at 300 Booth Street, Room
3024, Reno, NV 89509.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Reno, Nevada-based Lakeridge Centre Office Complex, LP, filed for
Chapter 11 bankruptcy protection on September 8, 2010 (Bankr. D.
Nev. Case No. 10-53612).  Alan R. Smith, Esq., who has an office
in Reno, Nevada, 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.

Affiliates West Shore Resort Properties III, LLC (Bankr. D. Nev.
Case No. 10-51101) and West Shore Resort Properties, LLC (Bankr.
D. Nev. Case No. 10-50506).


LAS VEGAS SANDS: Bank Debt Trades at 8% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 91.52 cents-
on-the-dollar during the week ended Friday, Sept. 17, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.64
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 1, 2014.  Moody's has
withdrawn its rating on the bank debt while it carries Standard &
Poor's B rating.  The loan is one of the biggest gainers and
losers among 219 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

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

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


LEONARD ROSS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Leonard M. Ross
          aka Trustee of Leonard M. Ross Revocable Trust
        1011 N. Beverly Drive
        Beverly Hills, CA 90210

Bankruptcy Case No.: 10-49358

Chapter 11 Petition Date: September 15, 2010

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

Judge: Vincent P. Zurzolo

Debtor's Counsel: Robert M. Yaspan, Esq.
                  LAW OFFICES OF ROBERT M. YASPAN
                  21700 Oxnard Street, Suite 1750
                  Woodland Hills, CA 91367
                  Tel: (818) 905-7711
                  Fax: (818) 501-7711
                  E-mail: court@yaspanlaw.com

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

Estimated Debts: $50,000,001 to $100,000,000

Debtor-affiliates that filed separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Colony Lodging, Inc.                  10-60909            07/27/10
Rossco Plaza, Inc.                    10-60917            07/28/10
LJR Properties, Ltd.                  10-60919            07/28/10
Monte Nido Estates, LLC               10-60920            07/28/10
WM Properties, Ltd.                   10-60918            07/28/10
Rossco Holdings, Inc.                 10-60953            08/02/10

Leonard Ross's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Pacific Mercantile Bank            --                   $6,164,153
9720 Wilshire Boulevard
Beverly Hills, CA 90212

Chase Home Finance                 --                   $5,940,000
P.O. Box 78420
Phoenix, AZ 85056-8420

Pacific Mercantile Bank            --                   $5,000,000
Beverly Hills, California

National Guardian Life Insurance   --                   $4,866,778
Co.
Two East Gilman Street
Madison, WI 53703

Chase Home Finance                 --                   $4,615,000
P.O. Box 78420
Phoenix, AZ 85056-8420

National Guardian Life Insurance   --                   $4,223,917
Co.
Two East Gilman Street
Madison, WI 53703

RFF Family Partnership, LP         --                   $4,160,000
226 Twenty-Third Street
Santa Monica, CA 90402

Pacific Mercantile Bank            --                   $3,999,000
9720 Wilshire Boulevard
Beverly Hills, CA 90212

Merri Jean Ross                    --                   $3,012,500
1023 N. Roxbury Drive
Beverly Hills, CA 90210

Rossco MP Properties Co. LLC       --                   $2,601,400
1011 N. Beverly Drive
Beverly Hills, CA 90210

Bank of America                    --                   $1,997,794
201 East Washington Street
Phoenix, AZ 85004

One West Bank FSB                  --                   $1,922,155
390 West Valley Parkway
Escondido, CA 92025

One West Bank FSB                  --                   $1,612,800
390 West Valley Parkway
Escondido, CA 92025

One West Bank FSB                  --                     $881,934
390 West Valley Parkway
Escondido, CA 92025

Prosperity Bank                    --                     $832,627
2202 Longmire Drive
College Station, Texas 77845

One West Bank FSB                  --                     $691,200
390 West Valley Parkway
Escondido, CA 92025

JP Morgan Private Bank             --                     $470,207
P.O. Box 94014
Palatine, IL 60094-4014

Bellagio Hotel                     --                     $350,000
3600 Las Vega Boulevard South
Las Vegas, NV 89109

Citizen's Bank                     --                     $296,654
P.O. Box 42115
Providence, RI 02940-2115

Amer. Express                      --                     $185,870


LESLIE PATTERSON: Case Summary & Largest Unsecured Creditor
-----------------------------------------------------------
Debtor: Leslie Patterson, Jr.
        13030 Chaddsford Terrace
        Manassas, VA 20112

Bankruptcy Case No.: 10-17767

Chapter 11 Petition Date: September 14, 2010

Court: United States Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Robert G. Mayer

Debtor's Counsel: Raymond Pring, Jr., Esq.
                  GROSS, PRING & ASSOCIATES, P.C.
                  9431 Main Street
                  Manassas, VA 20110
                  Tel: (703) 361-7717
                  Fax: (703) 330-1361
                  E-mail: rpring@grosspringlaw.com

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

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

In its list of 20 largest unsecured creditors, the Debtor placed
only one entry:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Virginia Department of Tax                       $1,516
C/O United Consumers
P.O. Box 4466
Woodbridge, VA 22193


LEVEL 3 COMMS: Bank Debt Trades at 9% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Level 3
Communications Inc. is a borrower traded in the secondary market
at 90.56 cents-on-the-dollar during the week ended Friday,
Sept. 17, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.84 percentage points from the previous week, The
Journal relates.  The Company pays 225 basis points above LIBOR to
borrow under the facility.  The bank loan matures on March 1,
2014, and carries Moody's B1 rating and Standard & Poor's B+
rating.  The loan is one of the biggest gainers and losers among
219 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

As reported by the Troubled Company Reporter on Sept. 16, 2010,
Standard & Poor's assigned its 'CCC' issue-level rating and '6'
recovery rating to Level 3 Communications Inc.'s proposed
aggregate $175 million of convertible senior notes due 2016.

The company intends to use the proceeds from the new notes for
general corporate purposes, including the potential repurchase or
redemption of its 5.25% convertible senior notes due in 2011. This
facilities-based provider of communications services and transport
reported just under $6.3 billion of consolidated debt at June 30,
2010.

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and nternet
backbones.

Level 3 Communications carries a 'Caa1' corporate family rating,
and 'Caa2' probability of default rating, with negative outlook
from Moody's, a 'B-' issuer default rating from Fitch, and 'B-'
long term issuer credit ratings from Standard & Poor's.


LIBERTY TIRE: S&P Assigns Initial 'B' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B' corporate credit rating to Liberty Tire Recycling
Holdco LLC.  The outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue rating
and preliminary '4' recovery rating to the company's proposed $200
million senior unsecured notes due 2016.  The preliminary '4'
recovery rating indicates S&P's expectation for average recovery
(30%-50%) in the event of a payment default.  The ratings are
subject to preliminary terms and conditions of the proposed
financing.

"Liberty operates under a leveraged capital structure and may
continue to incur debt from time to time to fund acquisitions,"
said Standard & Poor's credit analyst James Siahaan.
"Nevertheless, S&P believes that the company's earnings and cash
flow are such that the risk of meaningful deterioration to credit
metrics is unlikely in the current business environment."

Liberty expects to use proceeds from the proposed note offering to
refinance debt under its existing credit facilities and second-
lien agreement, as well as for general corporate purposes.  Pro
forma for the financing and use of proceeds, the company's total
adjusted debt at June 30, 2010, was roughly $254 million.  S&P
adjusts debt to include accrued interest, the present value of
operating leases, tax-adjusted environmental liabilities, and
asset retirement obligations.

Pittsburgh, Pa.?headquartered Liberty Tire Recycling Holdco is the
leading integrated recycler of scrap tires and a manufacturer of
end products from scrap tires in the U.S. and Canada.  It had
approximately $204 million in trailing-12-month sales on June 30,
2010.


LOCAL INSIGHT: Moody's Downgrades Corporate Family Rating to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service downgraded Local Insight Regatta
Holdings, Inc.'s Corporate Family Rating and its Probability of
Default Rating, each to Ca from Caa1, and associated instrument
ratings detailed below.  The multi-notch downgrades reflect
Moody's view that the company is likely to violate financial
covenants for the September 30, 2010 reporting period and will
need to restructure its balance sheet in the near term.  Moody's
estimate recovery prospects to be average for a Ca rating with
subordinated debt taking most of the loss.  As announced on
September 8, 2010, management engaged a financial advisor to
evaluate the capital structure of its parent holding company,
Local Insight Media Holdings, Inc.  These downgrades complete
Moody's review initiated on September 9, 2010.

Downgrades:

Issuer: Local Insight Regatta Holdings, Inc.

* Corporate Family Rating, Downgraded to Ca from Caa1

* Probability of Default Rating, Downgraded to Ca from Caa1

* Senior Secured Revolving Credit Facility due 2014, Downgraded to
  Caa2, LGD2-28% from B2, LGD3-30%

* Senior Secured Term Loan due 2015, Downgraded to Caa2, LGD2, 28%
  from B2, LGD3-30%

* Senior Subordinated Notes due 2017, Downgraded to C, LGD5, 83%
  from Caa3, LGD5-84%

Outlook Actions:

Issuer: Local Insight Regatta Holdings, Inc.

* Outlook, Negative

                         Ratings Rationale

Local Insight Regatta's Ca Corporate Family rating reflects weak
recovery prospects facing debt holders in a distress scenario
given the company's reliance on the thin-margined sales and
marketing business within the yellow pages sector and its
dependence on successfully renewing contracts with independently-
owned directory publishers.  The ratings also reflect the
company's high leverage with 6.3x total debt-to- EBITDA as of June
30, 2010 (incorporating Moody's standard adjustments).

The yellow pages industry suffers from secular declines in demand
for print-based publishing as competition from established
Internet-based local search providers erodes the need for
traditional directories.  Through the six months ended June 30,
2010, revenues declined 8.3% to $266 million as customers cut back
or discontinued their advertising contracts.  Over this period,
EBITDA declined 19.7% to $37.8 million (14.2% margin) compared to
EBITDA of $47.1 million (15.8% margin) for the same six months in
2009.  Moody's expect continued declines in demand for core yellow
pages products and services over the next twelve months will more
than offset the benefits of Local Insight Regatta's diversified
customer and geographic market base.  Moody's also expect free
cash flow to be modest over the next 12 months.

Liquidity is strained and, as of June 30, 2010, Local Insight
Regatta reported $7 million of cash and $10.2 million of
availability on its $30 million revolver (effectively
$26.2 million given that it does not have access to an unfunded
$3.8 million commitment from a Lehman Brothers Commercial Bank
subsidiary).  In July, the company drew down the remaining
availability bringing total revolver advances to $26.2 million.

Local Insight Regatta is one of three operating groups under the
LIMH parent holding company.  The two other operating groups,
Caribe Media, Inc (Caa2, as revised, also with a negative rating
outlook) and Local Insight Media Finance, LLC (Baa3, on review for
downgrade), are highly leveraged entities with declining revenue
prospects, neither of which are in a position to provide much
needed liquidity to Local Insight Regatta.  Moody's estimate that
total debt for the consolidated entities exceeds $1.8 billion with
reported debt-to-reported EBITDA of more than 7.5x for the
consolidated entity.  Although debt facilities at Local Insight
Regatta are legally separate from its affiliates and do not cross
default to debt instruments issued by affiliates, Moody's view is
that management, together with its advisors, may address its
refinancing strategy at a consolidated level given reliance on
intercompany dividends and affiliate management fees.

"The negative rating outlook reflects Moody's view that the
capital structure of Local Insight Regatta is unsustainable,
liquidity is constrained, and demand for the company's core yellow
pages advertising products is in decline, making it likely that
the company will need to restructure its balance sheet," stated
Carl Salas, Vice President of Moody's Investors Service.

A rating upgrade is unlikely in the near term given the negative
outlook.  Moody's would downgrade the PDR (and likely the bank
debt ratings, as well, albeit not the subordinated debt rating or
the CFR) to "D" to signal a default event if the company were to
exchange debt securities for less than par value on a Moody's-
deemed distressed basis, and/or if the company files a voluntary
petition for reorganization under Chapter 11 of the U.S.
Bankruptcy Code.

Moody's last rating action on Local Insight Regatta occurred on
March 13, 2009 when it downgraded the CFR and PDR each to Caa1,
downgraded associated instrument ratings, and affirmed the
negative outlook.  On September 9, 2010, Moody's placed all
ratings under review for downgrade.

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

Headquartered in Englewood, Colorado, Local Insight Regatta
Holdings, Inc. is a leading provider of local search advertising
products and services, targeting small and medium-sized
businesses, with a range of lead-generating solutions that enable
consumers to find products and services they need.  The company's
integrated suite of local advertising solutions includes print
Yellow Pages as well as a range of digital advertising products
and services designed to establish, maintain and optimize an
advertiser's online presence.  For the 12 months ended June 30,
2010, the company reported revenues of approximately $554 million.
The company is an indirect, wholly-owned subsidiary of Local
Insight Media Holdings, Inc. whose primary owner is Welsh, Carson,
Anderson & Stowe.


LOIS LITTMAN: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Lois A. Littman
               11685 Montana Avenue #307
               Los Angeles, CA 90049

               Evan H. David Cooper
               12335 Santa Monica Blvd., #104
               Los Angeles, CA 90025

Bankruptcy Case No.: 10-27528

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Bruce A. Markell

Debtor's Counsel: Samuel A. Schwartz, Esq.
                  THE SCHWARTZ LAW FIRM
                  701 E. Bridger Avenue, Ste 120
                  Las Vegas, NV 89101
                  Tel: (702) 385-5544
                  Fax: (702) 385-2741
                  E-mail: sam@schwartzlawyers.com

Scheduled Assets: $1,169,287

Scheduled Debts: $2,317,213

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nvb10-27528.pdf


LOWER BUCKS: Wants Plan Filing Exclusivity Until Jan. 9
-------------------------------------------------------
Jo Ciavaglia at Bucks County Courier Times reports that Lower
Bucks Hospital is asking the bankruptcy court to further extend
its exclusive plan filing and solicitation periods until Jan. 9,
2011, and March 10, 2010, respectively.  This is the Company's
third extension request.  A hearing is set for Oct. 4, 2010, to
consider the Company's request.

According to Courier Times, in justifying the requested extension,
the Company said it significantly improved its cash position,
nearly doubling it from $4.5 million to about $9 million in
roughly eight months since it filed for bankruptcy.  The Company
added that earnings before interest, taxes, depreciation and
amortization has been "positive on an overall basis" since
February and has "markedly" improved over last year's results.

The Company's initial plan filing deadline is on Oct. 11, 2010.

                   About Lower Bucks Hospital

Bristol, Pennsylvania-based Lower Bucks Hospital is a nonprofit
hospital based in Bristol, Pennsylvania.  The Hospital is
currently licensed to operate 183 beds.  Together with affiliates
Advanced Primary Care Physicians and Lower Bucks Health
Enterprises, Inc., Lower Bucks owns a 36-acre campus with several
medical facilities.  The Hospital's emergency room serves
approximately 30,000 patients annually.  For the fiscal year
ending June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.

The Hospital filed for Chapter 11 bankruptcy protection on
January 13, 2010 (Bankr. E.D. Pa. Case No. 10-10239).  The
Hospital's affiliates -- Lower Bucks Health Enterprises, Inc, and
Advanced Primary Care Physicians also filed Chapter 11 petitions.
Jeffrey C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP,
assist the Hospital in its restructuring effort.  Donlin, Recano &
Company, Inc., is the Hospital's claims and notice agent.  The
Hospital listed $50,000,001 to $100,000,000 in assets and
$50,000,001 to $100,000,000 in liabilities.


MAM SOFTWARE: KMJ Corbin Raises Going Concern Doubt
---------------------------------------------------
MAM Software Group, Inc., formerly Aftersoft Group, Inc., filed on
September 16, 2010, its annual report on Form 10-K for the fiscal
year ended June 30, 2010.

KMJ Corbin & Company LLP, in Costa Mesa, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has an accumulated deficit of $23.4 million and a working capital
deficit of $6.7 million as of June 30, 2010, and has $5.0 million
in borrowings from a credit agreement that matures in
November 2010, which the Company will need additional financing to
repay.

The Company reported a net loss of $627,000 on $24.2 million of
revenue for fiscal 2010, compared with a net loss of $7.6 million
on $21.1 million of revenue for fiscal 2009.  Operating income was
$1.1 million for fiscal 2010, as compared to an operating loss of
$1.0 million for fiscal 2009.

The results for 2009 included a write down of $4.7 million in
available-for-sale securities, absent in 2010.

The Company expects to generate positive cash flow from operations
for 2011, but it will not be sufficient to repay the ComVest debt
in November 2010.  The Company is currently seeking equity
financing and a new debt facility to repay the ComVest Loans in
November 2010.

The Company's balance sheet as of June 30, 2010, showed
$18.5 million in total assets, $13.2 million in total liabilities,
and stockholders' equity of $5.3 million.

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

               http://researcharchives.com/t/s?6b47

                        About MAM Software

Barnsley, U.K.-based Software Group, Inc., formerly Aftersoft
Group, Inc., provides software, information and related services
to businesses engaged in the automotive aftermarket in the US,
Canada, UK and Ireland.  On April 21, 2010, shareholders approved
the change of the Company's name to MAM Software Group, Inc.


MARITIME SAVINGS: Closed; North Shore Bank FSB Assumes Deposits
---------------------------------------------------------------
Maritime Savings Bank of West Allis, Wis., was closed on Friday,
September 17, 2010, by Office of Thrift Supervision, which
appointed the Federal Deposit Insurance Corporation as receiver.
To protect the depositors, the FDIC entered into a purchase and
assumption agreement with North Shore Bank, FSB, of Brookfield,
Wis., to assume all of the deposits of Maritime Savings Bank.

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

As of June 30, 2010, Maritime Savings Bank had around
$350.5 million in total assets and $248.1 million in total
deposits.  North Shore Bank, FSB did not pay the FDIC a
premium to assume all of the deposits of Maritime Savings Bank.
In addition to assuming all of the deposits of the failed bank,
North Shore Bank, FSB, agreed to purchase around $177.6 million
of the failed bank's assets.

Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-355-0650.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $83.6 million.  Compared to other alternatives, North
Shore Bank, FSB's acquisition was the least costly resolution for
the FDIC's DIF.  Maritime Savings Bank is the 125th FDIC-insured
institution to fail in the nation this year, and the first in
Wisconsin.  The last FDIC-insured institution closed in the state
was Bank of Elmwood, Racine, on October 23, 2009.


MARVKY CORP: Fannie Mae Tries to Block Use of Cash Collateral
-------------------------------------------------------------
Fannie Mae has filed with the U.S. Bankruptcy Court for the
Southern District of Texas a notice stating that it doesn't
consent to Marvky Corporation's use of cash collateral.

Fannie Mae holds a valid, perfected, first priority claim against
the Debtor that is secured by, among other things, the apartment
buildings commonly known as the Hammerly Walk Apartment in
Houston, Texas, as well as the apartment buildings commonly known
as the Maryland Lakes Apartments in Glendale, Arizona.

Shortly after the Debtor filed its bankruptcy petition, Fannie Mae
requested a proposed cash collateral budget from the Debtor.
According to Fannie Mae, no budget has been received and that the
Debtor hasn't yet filed a motion for use of cash collateral with
the Court.  Fannie Mae says that it is unlikely that the Debtor is
able to operate the properties for eight days without incurring
some expense that requires use of cash.

The Debtor has absolutely assigned all rents from the properties
to Fannie Mae.  Under the assignment-of-rents provisions in the
loan documents, title to the rents passed to Fannie Mae pre-
petition when the Debtor defaulted.

Fannie Mae requests that the Debtor immediately segregate and
account for all of Fannie Mae's cash and cash collateral.

Fannie Mae is represented by Winstead PC.

Houston, Texas-based Marvky Corporation filed for Chapter 11
bankruptcy protection on September 6, 2010 (Bankr. S.D. Tex. Case
No. 10-37786).  John Akard, Jr., Esq., at John Akard Jr. P.C.,
assists the Debtor in its restructuring effort.  The Debtor
estimated its assets at $10 million to $50 million and debts at
$1 million to $10 million as of the petition date.


MARVKY CORP: Section 341(a) Meeting Scheduled for Oct. 19
---------------------------------------------------------
The U.S. Trustee for Region 7 will convene a meeting of Marvky
Corporation's creditors on October 19, 2010, at 1:00 p.m.  The
meeting will be held at Suite 3401, 515 Rusk Avenue, Houston, TX
77002.

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.

Houston, Texas-based Marvky Corporation filed for Chapter 11
bankruptcy protection on September 6, 2010 (Bankr. S.D. Tex. Case
No. 10-37786).  John Akard, Jr., Esq., at John Akard Jr. P.C.,
assists the Debtor in its restructuring effort.  The Debtor
estimated its assets at $10 million to $50 million and debts at
$1 million to $10 million as of the petition date.


MERUELO MADDUX: Creditors Balk at Mgmt's "False Statements"
-----------------------------------------------------------
Meruelo Maddux Properties, Inc., on September 9, 2010, issued a
press release entitled "East West Bank Hostile Takeover Plan of
Meruelo Maddux Properties Rebuffed by Bankruptcy Court".

The press release said, "The disclosure statement explaining a
proposed competing plan by East West Bancorp (EWBC), effectively
amounting to a hostile takeover of Meruelo Maddux Properties, was
not approved by presiding Judge Kathleen Thompson, determining the
EWBC Disclosure Statement to be insufficient.  EWBC's filing is
another in a string of delays caused by the community bank."

In a letter to creditors entitled to vote on three competing
plans, the Official Committee of Unsecured Creditors said, "To the
extent you have read the Press Release, it should be disregarded.
The Press Release contained false statements.  For example, the
Press Release stated that '[t]he reorganization plan submitted by
MMPI has already been approved. . . .'"

"This is not true.  No reorganization plan in these cases has been
approved yet.  The Court urges all parties considering and voting
on the enclosed chapter 11 plans of reorganization to do so
without regard to any of the statements contained in the Press
Release," the Creditors Committee said.

The Committee has filed a motion asking the bankruptcy judge to
prohibit the Company from making public statements or soliciting
acceptances or rejections of the plan.

Three parties have filed competing plans for Meruelo Maddux:

  (1) The Company.

       -- The plan provides for the payment in full of all claims
          over time with interest.  The secured claims will be
          paid interest only over the term of the Plan and the
          principal balance will be paid either through the sale
          of the property securing the claim or the refinance of
          the secured debt.  PI shareholders will retain their
          shares in MMPI.  General unsecured creditors will be
          paid within 30 days after the effective date with
          interest from the Petition Date at 5% per annum.
          Holders of unsecured claims will be paid in the full
          amount of their claims over 5 years from the effective
          date.

          See http://bankrupt.com/misc/MMP_MgtPlan_091510.pdf

  (2) Lenders Legendary Investors Group No. 1 LLC and East West
      Bank.

       -- The plan's foundation is an $80 million
          recapitalization via a $5 million cash infusion by
          Legendary, conversion of about $65 million of debt to
          equity and a $10 million rights offering to holders of
          Meruelo Maddux existing common stock.  East West will
          receive 70% to 80% of the stock of the reorganized
          company.  Holders of unsecured claims will receive a
          cash payment equal to 100% of the amount of their
          allowed claims on the effective date, plus simple
          interest at 5% per annum for the period from the
          petition date through the date each allowed claim is
          paid.  Interest will be at the Federal Judgment Rate if
          the creditors vote to reject the plan.  Holders of the
          existing stock will receive 20% of the stock in the
          reorganized company.

          See http://bankrupt.com/misc/MMP_LendersPlan_091010.pdf

  (3) Existing shareholders Charlestown Capital Advisors LLC and
      Hartland Asset Management Corp.

       -- Under the plan, MMPI will receive a $31 million cash
          investment from Charleston and Hartland-led investors
          and from a rights offering made available to existing
          MMPI shareholders.  Non-insider general unsecured
          creditors will be paid in full with interest as soon as
          the plan becomes effective.  Holders of secured claims
          will receive monthly interest payments at 5.25% for four
          years with full payment on the principal balance four
          years after the effective date.  Reorganized MMPI will
          issue to existing holders of MMPI interests, if they
          elect to receive stock instead of cash, will receive
          up to 26% of the total stock of the reorganized company.
          Stockholders can also purchase up to 19% of the stock in
          an $8 million rights offering.

          See http://bankrupt.com/misc/MMP_ShareholdersPlan_091510.pdf

The Creditors Committee is recommending that creditors turn down
the management plan.  The Committee supports the lenders' plan.
The Committee noted that the lenders' plan will pay creditors in
full with interest shortly after plan confirmation while the
company plan would pay creditors in full over five years.

The Company has said that East West is taking a predatory action
by converting real estate debt into a controlling interest in a
company.  East West also appears to be proposing it use TARP money
obtained by the federal government as a part of its effort to
complete its hostile takeover of Meruelo Maddux.

Charleston and Hartland are represented by:

      Christopher E. Prince, Esq.
      Matthew A. Lesnick, Esq.
      Andrew R. Cahill, Esq.
      LESNICK PRINCE LLP
      185 Pier Avenue, Suite 103
      Santa Monica, CA 90405
      Tel: (213) 291-8984
      Fax: (310) 396-0963
      E-mail: cprince@lesnickprince.com
              matt@lesnickprince.com
              acahill@lesnickprince.com

Legendary Investors is represented by:

      Jeremy V. Richards, Esq.
      Jeffrey W. Dulberg, Esq.
      PACHULSKI STANG ZIEHL & JONES LLP
      10100 Santa Monica Blvd., 11th Floor
      Los Angeles, CA 90067-4100
      Tel: (310) 277-6910
      Fax: (310) 201-0760
      E-mail: jrichards@pszjlaw.com
              jdulberg@pszjlaw.com

           - and -

      Surjit P. Soni, Esq.
      THE SONI LAW FIRM
      35 N. Lake Ave., Suite 720
      Pasadena, CA 91101
      Tel: (626) 683-7600
      Fax: (626) 683-1199
      E-mail: surj@sonilaw.com

East West Bank is represented by:

      Curtis C. Jung, Esq.
      Monica H. Lin, Esq.
      JUNG & YUEN, LLP
      888 South Figueroa Street, Suite 720
      Los Angeles, CA 90017
      Tel: (213) 689-8880
      Fax: (213) 689-8887
      E-mail: curtis@jyllp.com

           - and -

      Elmer Dean Martin III, Esq.
      22632 Golden Springs Dr., Suite 190
      Diamond Bar, CA 91765
      Tel: (909) 861-6700
      Fax: (909) 860-3801
      E-mail: elmer@bankruptcytax.net

The Creditors Committee is represented by;

      Victor A. Sahn, Esq.
      Dean G. Rallis Jr., Esq.
      Asa S. Hami, Esq.
      Tamar Kouyoumjian, Esq.
      SULMEYERKUPETZ
      333 South Hope Street, 35th Floor
      Los Angeles, CA 90071-1406
      Tel: (213) 626-2311
      Fax: (213) 629-4520
      E-mail: vsahn@sulmeyerlaw.com
              drallis@sulmeyerlaw.com
              ahami@sulmeyerlaw.com
              tkouyoumjian@sulmeyerlaw.com

                       About Meruelo Maddux

Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring effort.  The Debtors' financial
condition as of December 31, 2008, showed $681,769,000 in assets
and $342,022,000 of debts.


METRO-GOLDWYN-MAYER: Indian Firm in Exploratory Buyout Talks
------------------------------------------------------------
The Wall Street Journal's Mike Spector reports a person familiar
with the matter said Indian conglomerate Sahara India Pariwar is
in exploratory talks on acquiring Metro-Goldwyn-Mayer Inc. for
more than $2 billion.  This person cautioned that the talks were
at an early stage, and that MGM and its stakeholders haven't yet
shown substantial interest in doing a deal with Sahara, a Lucknow-
based company whose businesses, according to its Web site, include
TV and film.

The Journal says MGM declined to comment.  According to the
Journal, a Sahara representative said: "On mutual interest
discussions are on but it's too early to comment on the issue."

As reported by the Troubled Company Reporter on September 16,
2010, Carl DiOrio, writing for The Hollywood Reporter, said MGM
received another needed postponement of more than $450 million in
debt payments.  According to Mr. DiOrio, more than 100 holders of
almost $4 billion in MGM have agreed to a seventh debt forbearance
agreement with the studio.  MGM now has until Oct. 29 to pay
lenders $250 million in principal and more than $450 million in
owed interest.

As reported by the TCR on September 10, 2010, Claudia Eller and
Ben Fritz, writing for The Los Angeles Times, reported that
Spyglass Entertainment founders Gary Barber and Roger Birnbaum
have signed a nonbinding letter of intent to take over the
management of MGM as co-chairmen and co-chief executives,
according to people familiar with the deal.  Lenders to MGM, which
owes more than $3.7 billion, have endorsed the plan, said the
person, who asked not to be identified because the agreement isn't
public, according to Bloomberg.

Spyglass, a Los Angeles-based film production company, presented
its restructuring proposal to more than 100 lenders on a
conference call in August 2010.  According to the LA Times, the
proposal calls for:

     -- Spyglass chiefs Gary Barber and Roger Birnbaum to take
        over a significantly slimmed down MGM following a
        pre-packaged bankruptcy;

     -- MGM would produce several movies per year, including a
        "James Bond" movie and two planned pictures based on "The
        Hobbit," and outsource theatrical distribution to one of
        the six major studios per year;

     -- Messrs. Barber and Birnbaum would get an ownership stake
        of 4% to 5% in the new MGM;

     -- About 15 movie titles owned by Messrs. Barber and
        Birnbaum, such as "The Sixth Sense" and "Seabiscuit,"
        would be folded into MGM's catalog of 4,000 movies; and

     -- Spyglass would remain a separate company producing its own
        films.

LA Times noted that independent studio Lions Gate Entertainment
Corp. still has an alternative proposal on the table to merge with
MGM.  Warner Bros. parent Time Warner Inc. is also in the wings
with a long-standing $1.5-billion acquisition offer.

                    About Metro-Goldwyn-Mayer

Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and Distribution Company.  The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming.  An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.

MGM is grappling with $3.7 billion in debt.  In July 2010, MGM
received a sixth forbearance from its bondholders and lenders,
wherein the lenders extended the period during which MGM won't
have to pay principal and interest on its bank debt, including a
revolving credit facility, until September 15.

As reported by the Troubled Company Reporter on August 12, 2010,
sources told The Wall Street Journal that MGM hopes to file a
"prepackaged" bankruptcy sometime in mid-September, when the
latest waiver on debt payments expires.  J.P. Morgan Chase & Co.,
a major MGM creditor, is working on providing between $150 million
and $200 million in debtor-in-possession financing to steer the
studio through bankruptcy, one of the sources told the Journal.

MGM tried to sell itself in March 2010 but received low bids.  MGM
has hired investment bank Moelis & Company and the law firm
Skadden, Arps, Slate, Meagher & Flom.  In August 2009, it hired
the restructuring expert Stephen F. Cooper to help lead the
company.


MICHAEL THOMAS: Case Summary & 10 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Michael Richard Thomas
          dba Cabin Wisconsin
          dba Winning Promotions
        460 Waldeck Drive
        Twin Lakes, WI 53181

Bankruptcy Case No.: 10-34929

Chapter 11 Petition Date: September 13, 2010

Court: United States Bankruptcy Court
       Eastern District of Wisconsin (Milwaukee)

Judge: Margaret Dee McGarity

Debtor's Counsel: James W. McNeilly, Jr., Esq.
                  LAW OFFICE OF JAMES W. MCNEILLY, JR. LLC
                  P.O. Box 89
                  24414 75th St
                  Salem, WI 53168-0089
                  Tel: (262) 843-3400
                  Fax: (262) 843-3147
                  E-mail: jmcneilly@mcneillylawoffices.com

Scheduled Assets: $380,101

Scheduled Debts: $1,088,138

A list of the Debtor's 10 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/wieb10-34929.pdf


MIDWEST BANC: Seeks to Retain Hinshaw & Culbertson as Counsel
-------------------------------------------------------------
BankruptcyData.com reports that Midwest Banc Holdings, Inc. filed
with the U.S. Bankruptcy Court a motion seeking to retain Hinshaw
& Culbertson (Contact: Thomas G. Wallrich) as bankruptcy counsel
at these hourly rates:

        Partner                         $450 to $475
        Of Counsel                      $300 to $400
        Associate at                    $225 to $375
        Paraprofessional                    $110

Midwest Banc Holdings is the holding company for Midwest Bank and
Trust Company.  The bank, however, became subject to FDIC
receivership this May.

Midwest Banc Holdings, Inc. filed for chapter 11 protection in
Chicago on August 20 (Bankr. N.D. Ill. Case No. 10-37319).
Midwest Banc disclosed assets of $9,690,937 and debts of
$144,746,169 as of the bankruptcy filing.


MOMENTIVE PERFORMANCE: Moody's Raises Corp. Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service raised the Corporate Family Rating of
Momentive Performance Materials Inc. to B3 from Caa1 following the
announcement that it plans to merge with Hexion Specialty
Chemicals Inc. Moody's also raised Momentive's Speculative Grade
Liquidity rating to SGL-2 from SGL-3 reflecting stronger free cash
flow generation.  While the merger is expected to have a moderate
positive financial impact on both companies, the upgrade is
primarily driven by improved financial performance at Momentive
over the past year along with the additional financial flexibility
that will likely be available to Momentive as part of a larger,
more diversified company.  The outlook is stable.

                         Ratings Rationale

"Our main concern with Momentive has been, and continues to be,
refinancing risk.  While both companies are highly levered,
Momentive should have more options to refinance its debt and fix
its maturity profile as part of a larger company," stated John
Rogers, Senior Vice President at Moody's.

Moody's also raised the ratings on Momentive's senior secured
credit facility and term loan to Ba3 from B1, its second lien
secured notes to B2 from B3, its senior unsecured notes to Caa1
from Caa2 and its subordinated notes to Caa2 from Caa3.
Additionally, Moody's affirmed all of Hexion's ratings (CFR at
B3).

The merger of the companies will take place at the holding company
level and therefore will not trigger a change of control at either
rated issuer.  Both companies will continue to operate as separate
entities with regard to servicing their existing debt.  The
companies expect to generate roughly $100 million in savings with
roughly half coming from improved raw material purchasing power
and roughly 40% from combining administrative functions (finance,
human resources, regulatory, etc.).  These savings will be
realized over the next 12-24 months and constitute roughly 10% of
the combined company's projected EBITDA for 2010.  In their merger
announcement conference call, management stated that the potential
for sharing best practices and cross selling synergies will be
just as important as the synergies that have already been
quantified.  However, Moody's believes that these qualitative
synergies will not have a meaningful impact on credit metrics over
the current rating horizon (2-3 years).

The B3 CFRs on Hexion and Momentive reflect their improving credit
profiles (albeit from very weak levels in 2009), the expectation
for further increases in EBITDA and cash flow over the next year,
and continued debt reduction.  Moody's expects credit metrics to
improve toward 7x Net Debt/EBITDA and 6% Retained Cash Flow/Net
Debt by the end of 2010, with further moderate improvements over
the next two years causing Net Debt/EBITDA to decline toward 6x,
Retained Cash Flow/Net Debt of 8-10% and Free Cash Flow/Net Debt
of 4-6%.  The aforementioned ratios reflect Moody's Global
Standard Adjustments which include the capitalization of pensions
and operating leases.

Both companies have very heavy debt loads that will require
refinancing of over $4.5 billion of debt in the 2013-2015
timeframe (roughly $2 billion at Hexion and $2.5 billion at
Momentive).  Despite the merger, Moody's believes that future
financings will just address maturities at each of the respective
companies.  For Momentive this will include the 11% PIK seller
note due 2017 held by General Electric (roughly $600 million
current accreted value), which is of particular concern as it will
accrete to over $1.2 billion by maturity if not refinanced sooner.
It is likely that the combined company will be in a better
position to refinance this debt (i.e., through an IPO or more
comprehensive refinancing) before Momentive would on a standalone
basis.

The stable outlook for Momentive reflects its weak financial
metrics offset by better than anticipated free cash flow
generation and expectation that the company will make significant
headway in refinancing upcoming maturities over the next 6-12
months.  There is very limited potential upside to the ratings at
the current time due to the company's weak credit metrics and
limited free cash flow generation (less than 5% of total debt
annually).  The ratings could be downgraded if the company fails
to address upcoming maturities over the next year, or if the
company fails to sustain a EBITDA of over $450 million.

Momentive's Speculative Grade Liquidity rating was raised to SGL-2
from SGL-3 due to better than expected free cash flow generation
in the first half of 2010, the expectation that it will continue
to generate meaningful free cash flow over the next four quarters,
a sizable cash balance and over $230 million of availability under
its revolving credit facility.

Ratings raised:

Momentive Performance Material Inc.

* Corporate family rating to B3 from Caa1

* Probability of default rating to B3 from Caa1

* Speculative grade liquidity rating to SGL-2 from SGL-3

* Guaranteed senior secured revolver due 2012 to Ba3 (LGD2, 13%)
  from B1 (LGD2, 13%)

* Guaranteed senior secured term loan due 2013 to Ba3 (LGD2, 13%)
  from B1 (LGD2, 13%)

* Guaranteed senior secured 2nd lien notes due 2014 to B2 (LGD3,
  37%) from B3 (LGD3, 35%)

* Senior unsecured notes due 2014 to Caa1 (LGD4, 60%) from Caa2
  (LGD4, 63%)

* Senior subordinated notes due 2016 to Caa2 (LGD5,85%) from Caa3
  (LGD5, 89%)

Ratings affirmed:

Hexion Specialty Chemicals, Inc.

* Corporate Family Rating at B3

* Probability of Default Rating at B3

* Speculative grade liquidity rating at SGL-3

* Guaranteed senior secured credit facilities at Ba3 (LGD2, 18%)

* Guaranteed senior secured term loans at Ba3 (LGD3, 18%)

* Guaranteed 1.5 Lien Sr. Secured Notes due 2018 at B3 (LGD4,
  52%)

* Guaranteed 2nd Priority Sr. Secured Notes due 2014 at Caa1
  (LGD5, 74%)

* Senior Unsecured Notes due 2016, 2021 & 2023 at Caa2 (LGD6, 91%)

Momentive Performance Materials Inc., headquartered in Albany, New
York, is the second largest producer of silicones and silicone
derivatives worldwide.  The company has two divisions: silicones
(which accounted for roughly 90% of revenues) and quartz.
Revenues were roughly $2.4 billion for the LTM ending June 30,
2010.

Hexion Specialty Chemicals, Inc., headquartered in Columbus, Ohio
is a leading producer of commodities such as formaldehyde,
bisphenol A and epichlorhydrin, as well as formaldehyde-based
thermoset resins, epoxy resins, and versatic acid and its
derivatives.  The company is also a supplier of specialty resins
for inks and specialty coatings sold to a very diverse customer
base.  The company reported sales of $4.6 billion for the LTM
ending June 30, 2010.


MOMENTIVE PERFORMANCE: S&P Puts Junk Corp. Credit Rating on Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed all its
ratings on Hexion Specialty Chemicals Inc., including the 'B-'
corporate credit rating.  The outlook is stable.

At the same time, S&P placed all its ratings on Momentive
Performance Materials Inc., including the 'CCC+' corporate credit
rating, on CreditWatch with positive implications.

"The affirmation of S&P's ratings on Hexion incorporates its
expectation that the transaction will have a mildly positive
impact on that company's credit quality, but probably not enough
to warrant a change in the ratings or outlook," said Standard &
Poor's credit analyst Cynthia Werneth.

As of June 30, 2010, Hexion had total adjusted debt of
$4.1 billion and total adjusted debt to EBITDA of about 8.4x.  S&P
adjusts Hexion's debt to include parent holding company debt,
$145 million of tax-effected postretirement obligations, and
$90 million of capitalized operating leases.

"The placement of Momentive's ratings on CreditWatch with positive
implications reflects steadily improving operating results since
being hit by the full force of the recession in the first quarter
of 2009 and the likely modest benefit of the planned merger," said
Ms. Werneth.

As of June 30, 2010, Momentive had total adjusted debt of
$3.6 billion, and total adjusted debt to EBITDA of 7.9x.  S&P
adjusts Momentive's debt to include about $590 million of seller
payment-in-kind notes at its holding company parent, $130 million
of tax-effected postretirement obligations, and $40 million of
capitalized operating leases.

Management anticipates that the merger, which is expected to close
on Oct. 1, 2010 (subject to customary conditions), will result in
$100 million of annual operating cost reductions, to be split
about equally between the two companies.  Management expects to
lower costs via better purchasing terms, site rationalization, and
shared services optimization.  The capital structure of each
company will remain separate and unchanged, and each will continue
to report its results separately.

The stable outlook on Hexion reflects S&P's expectation that
operating results will continue to strengthen, resulting in
improved debt leverage metrics, and that the company will maintain
adequate liquidity levels.  S&P's ratings also reflect its
expectation for gradual improvement in demand from key end
markets, such as housing, construction, and automobiles, which is
consistent with S&P's base case economic forecast for 2010 and
2011.  S&P assumes that debt levels will remain relatively stable
in 2010, and S&P does not factor any meaningful increase in debt
on account of working capital increases or capital spending.
S&P's ratings do not factor in aggressive management actions
related to meaningful shareholder rewards or acquisitions.

S&P could lower its ratings on Hexion if unexpected developments,
including a slowdown or reversal of the current economic recovery,
forestall the improvement in operating performance and credit
metrics, so that the ratio of funds from operations to total debt
does not improve to the upper-single-digit percentage area as S&P
expect.  This could happen if the growth in demand slows or
reverses, or if raw material volatility results in a decline in
operating margins to 7% on a sustained basis.  S&P could also
lower ratings if liquidity declines meaningfully with no prospects
for improvement or if EBITDA cushion under the company's covenant
declines from current comfortable levels.

S&P could raise the ratings on Hexion if leverage declines
meaningfully below S&P's expectations in 2010 because of faster-
than-expected earnings improvement.  Earnings could potentially
improve beyond S&P's expectations if revenue increases above the
single-digit percentage level S&P factor in its ratings, or if
operating margin expands to levels in the midteens or higher so
that the ratio of funds from operations to total debt exceeds 12%
on a sustainable basis.

S&P expects to resolve the CreditWatch on Momentive within the
next few weeks after evaluating prospective operating performance
and merger benefits, including prospects for achieving targeted
synergies from the combination.


MOMENTIVE PERFORMANCE: Bank Debt Trades at 5% Off
-------------------------------------------------
Participations in a syndicated loan under which Momentive
Performance Materials, Inc., is a borrower traded in the secondary
market at 94.94 cents-on-the-dollar during the week ended Friday,
Sept. 17, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal.  This represents an
increase of 0.60 percentage points from the previous week, The
Journal relates.  The Company pays 250 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Dec. 5, 2013,
and carries Moody's B1 rating and Standard & Poor's CCC+ rating.
The loan is one of the biggest gainers and losers among 219 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

                    About Momentive Performance

Momentive Performance Materials, Inc., is a producer of silicones
and silicone derivatives, and is engaged in the development and
manufacture of products derived from quartz and specialty
ceramics.  As of Dec. 31, 2008, the Company had 25 production
sites located worldwide, which allows it to produce the majority
of its products locally in the Americas, Europe and Asia.
Momentive's customers include companies in industries, such as
Procter & Gamble, 3M, Goodyear, Unilever, Saint Gobain, Motorola,
L'Oreal, BASF, The Home Depot and Lowe's.

As of March 30, 2010, Momentive had $3.22 billion in total assets,
$3.79 billion in total liabilities, and stockholders' deficit of
$565.8 million.

Momentive carries a 'CCC-' corporate credit rating from Standard &
Poor's Ratings Services.


NCO GROUP: S&P Downgrades Counterparty Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on NCO Group Inc. to 'B-' from
'B'.  S&P also lowered S&P's senior secured and unsecured debt
ratings on NCO to 'B-' and 'CCC', respectively, from 'B' and
'CCC+'.  The outlook is negative.

"The downgrades reflect questions surrounding NCO's ability to
meet its interest-coverage covenant through the end of 2010 due to
significant declines in EBITDA generation," said Standard & Poor's
credit analyst Kevin Cole, CFA.

S&P calculate that EBITDA levels fell roughly 25% year-over-year
in the first half of 2010.  EBITDA levels will need to grow in the
second half of 2010 if NCO expects to maintain its interest-
coverage ratio above the covenant-specified minimum of 1.8x.  In
light of a difficult collections environment, S&P believes NCO's
near-term results may continue to suffer, despite the company's
efforts to lower expenditures and earn additional incremental
business from existing clients.

The negative outlook reflects the potential for continued pressure
on debt covenants and overall financial results because of the
difficult collections environment.  If this or other circumstances
cause NCO to underperform further, relative to S&P's expectations,
S&P will lower the rating.  If results show sustained improvement,
S&P could change the outlook to stable.


NINE CENTS: Case Summary & Largest Unsecured Creditor
-----------------------------------------------------
Debtor: Nine Cents, LLC
        7530 Cedargulf Ave.
        Las Vegas, NV 89131

Bankruptcy Case No.: 10-27512

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Debtor's Counsel: Ambrish S. Sidhu, Esq.
                  SIDHU LAW FIRM
                  810 S. Casino Center Blvd., Suite 104
                  Las Vegas, NV 89101
                  Tel: (702) 384-4436
                  Fax: (702) 384-4437
                  E-mail: asidhu@sidhulawfirm.com

Scheduled Assets: $4,500,539

Scheduled Debts: $355,000

In its list of 20 largest unsecured creditors, the Company placed
only one entry:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Deaner, Deaner, Scann,    Legal Fees        $25,000
Malan & Larsen
Attn: Helen P.
Towlerton, Esq.
720 S. Fourth Street,
Ste. 300
Las Vegas, NV 89101

The petition was signed by Dave Fedel, manager.


NUTRACEA: Sells Property of NutraPhoenix
----------------------------------------
NutraCea disclosed that NutraPhoenix, LLC, a wholly owned
subsidiary of NutraCea, sold its real property with all
improvements thereon located at 4502 W. Monterosa Street in
Phoenix, Arizona to David Turner International, LLC for
$4,500,000.

W. John Short, Chairman and Chief Executive Officer of NutraCea,
stated, "We are extremely pleased to have completed the sale of
this non-core property.  The Phoenix Facility was the last major
asset related to the infant cereal business sold to Kerry
Ingredients earlier this year.  Its sale represents another
important step in our plan to monetize non-core assets in order to
pay secured and unsecured creditor obligations as part of
NutraCea's efforts to exit bankruptcy on or before the November
30, 2010 target date set out in our pending Plan of Reorganization
as amended and filed with the bankruptcy court on August 10, 2010
(the "Amended Plan").

"Consistent with the 100% creditor pay out commitment described in
our Amended Plan, the proceeds from this sale have allowed
NutraCea to pay in full the remaining balance due to our secured
lender of approximately $1.8 million, bringing total payments to
Wells Fargo Capital Finance to over $4.8 million since filing our
Chapter 11 bankruptcy petition on November 11, 2009.  I want to
personally thank the Wells Fargo Capital Finance team in Phoenix
for not only providing financing to NutraCea during this
challenging period, but also for their advice and support as we
have worked through our reorganization.

"In addition to paying Wells Fargo Capital Finance, proceeds of
approximately $1.4 million from the sale have been used to repay
all principal, interest and legal expenses related to a number of
mechanics' liens attached to the Phoenix Facility, along with
property taxes and closing costs related to this transaction.
Resolving these matters has eliminated ongoing debt service and
maintenance costs related to the property and will free up a
significant amount of management time that can now be directed
towards our core businesses.

"The remaining net sale proceeds will be used to provide funding
for our exit from bankruptcy on or before November 30 and reduce
unsecured creditor obligations, collectively totaling
$1.3 million.

"The sale of the Phoenix Facility is another major milestone on
the road to successful emergence from bankruptcy.  I want to offer
special thanks to our employees who have continuously done double
and triple duty to complete this transaction and reposition
NutraCea for success as we prepare for operations in a post-
bankruptcy environment."

                          About NutraCea

NutraCea is a world leader in production and utilization of
stabilized rice bran.  NutraCea holds many patents for stabilized
rice bran (SRB) production technology and proprietary products
derived from SRB.  NutraCea's proprietary technology enables the
creation of food and nutrition products to be unlocked from rice
bran, normally a waste by-product of standard rice processing.

Phoenix, Arizona-based Nutracea, a California corporation, filed
for Chapter 11 bankruptcy protection on November 10, 2009 (Bankr.
D. Ariz. Case No. 09-28817).  S. Cary Forrester, Esq., at
Forrester & Worth, PLLC, assists the Company in its restructuring
effort.  The Company estimated assets of $50 million to
$100 million and debts of $10 million to $50 million in its
Chapter 11 petition.


ODYSSEY PETROLEUM: Iroquois to Take 80% Stake Under Plan
--------------------------------------------------------
Canada-based Odyssey Petroleum Corp. has agreed to a proposed plan
of reorganization under the Bankruptcy Code, pursuant to which it
will exchange all its right, title and interest in its wholly-
owned Mississippi subsidiary, Odyssey Petroleum Corp. (U.S.), and
all other assets of the Company and Odyssey US located in
Mississippi or related to its assets located in Mississippi in
consideration of US$8,200,000 funding for the Plan.

Iroquois Capital Opportunity Fund will invest US$6,700,000 in
equity and will receive 800 shares of new common stock in a
reorganized Odyssey US as of the effective date.  IOC will also
provide a US$1,500,000 convertible debenture bearing interest at
12% per annum, convertible into 333 shares of the authorized
common stock of the reorganized Odyssey US.  In addition, the
reorganized Odyssey US will assume approximately US$5,835,000 in
debt for contracts and unexpired leases, and will pay the Company
US$900,000.

The Company will receive 200 shares of new common stock in the
reorganized Odyssey US, such that the Company's holdings in the
reorganized Odyssey US will constitute 20% of such issued common
stock in the reorganized Odyssey US as of the effective date.

The implementation of the Plan will effectively result in the
disposition of 80% of the Company's interest in Odyssey US.  The
provisions of Section 301 of the Business Corporations Act require
a company to obtain shareholder approval by special resolution in
the event it sells, leases or otherwise disposes of all or
substantially all of its undertaking.  A special resolution is a
resolution passed by shareholders owning at least two-thirds of
the votes cast on the resolution.  The Company has scheduled an
Annual and Special General Meeting to be held on October 15, 2010.

The Company has signed a lock up agreement with IOC in support of
the proposed Plan, subject to: (a) the shareholders of the Company
approving the Plan at the AGM; (b) the Bankruptcy Court confirming
the Plan; and (c) the receipt by the Company of all required
Canadian regulatory and stock exchange approvals.

              Proposed Consolidation and Name Change

The Company further announces that it intends to seek shareholder
approval at the AGM to a proposed consolidation of its share
capital on 20 old shares for one new share basis, or such lesser
whole number of pre-consolidated shares that the directors in
their discretion may determine, to be implemented by the Company's
Board of Directors in its discretion.  The Company also proposes
changing its name to Petrichor Energy Inc., or such other name as
may be approved by the regulatory authorities.  The Company
intends to disseminate a further News Release in regard to the
consolidation and name change prior to effecting the same.

                 Update Default Status Report

ODE also announces further to its Default Status Report of June
21, 2010, that on July 13, 2010, the Company filed its annual
audited financial statements for the year ended December 31, 2009,
and on July 14, 2010, ODE filed its first quarter interim
financials for the period ended March 31, 2010.  However, the
management cease trade order received from the B.C.  Securities
Commission on June 18, 2010 remains in effect until ODE is able to
file its NI 51-101 oil and gas forms disclosing information as at
December 31, 2009, which were required to be filed at the same
time as the year end audited financial statements.  The Company
anticipates filing this report by October 15, 2010.

                      About Odyssey Petroleum

Odyssey Petroleum Corp. -- http://www.odysseypetroleum.com/--
is an oil and gas exploration company focused on developing
significant oil and natural gas reserves in the southern United
States.

Odyssey Petroleum U.S. filed under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Miss. Case No. 10-01482) on April 23, 2010, to
seek protection from its creditors while it works through its
present financial difficulties.  The Company said it is now in
negotiations with several parties to obtain funding to move the
Company forward, as well as deal with its present liabilities.

John D. Moore, Esq., in Ridgeland, Missouri, serves as counsel.

The Debtor estimated assets of up to $50,000 and debts of up to
$10,000,000 in its Chapter 11 petition.


OMC INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: OMC, Inc.
        4010 Park Avenue
        Bronx, NY 10457

Bankruptcy Case No.: 10-14864

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Martin Glenn

Debtor's Counsel: Jonathan S. Pasternak, Esq.
                  RATTET, PASTERNAK & GORDON OLIVER, LLP
                  550 Mamaroneck Avenue, Suite 510
                  Harrison, NY 10528
                  Tel: (914) 381-7400
                  Fax: (914) 381-7406
                  E-mail: jsp@rattetlaw.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nysb10-14864.pdf

The petition was signed by Michael Checchi, president.


ON THE GRILL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: On The Grill Food Corporation
        5A Calle Tabonuco
        Guaynabo, PR 00968

Bankruptcy Case No.: 10-08442

Chapter 11 Petition Date: September 13, 2010

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOCIATES
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

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

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/prb10-08442.pdf

The petition was signed by Javier Juelle, president.


OPEN SOLUTIONS: Bank Debt Trades at 16% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Open Solutions
Inc. is a borrower traded in the secondary market at 84.20 cents-
on-the-dollar during the week ended Friday, Sept. 17, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents a drop of 0.74
percentage points from the previous week, The Journal relates.
The Company pays 212.50 basis points above LIBOR to borrow under
the facility.  The bank loan matures on January 18, 2014, and
carries Moody's B1 rating and Standard & Poor's BB- rating.  The
loan is one of the biggest gainers and losers among 219 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Headquartered in Glastonbury, Connecticut, Open Solutions Inc. is
a privately-held provider of core data processing and information
management software solutions for financial institutions including
community banks / thrifts and credit unions.  In January 2007, the
company was acquired by The Carlyle Group and Providence Equity
Partners in a leveraged transaction of roughly $1.4 billion
including the assumption of debt.  Revenues for the last twelve
month period ended September 2008 was $438 million.


ORLEANS HOMEBUILDERS: Potential Deal Could Alter Firm's Plan
------------------------------------------------------------
Wilmington Trust Co., the trustee for nearly $31 million in notes
issued by Orleans affiliate OHI Financing Inc., is looking to
delay an upcoming hearing on Orleans Homebuilders Inc.'s
reorganization proposal, insisting that it's pointless for the
company to seek approval of its plan outline when a potential
settlement in the case could change everything, Dow Jones' DBR
Small Cap reports.

According to the report, Wilmington Trust said in court papers
that it's "premature" for Orleans to proceed with a disclosure-
statement hearing set for Thursday.  The report relates
Wilmington Trust said that ongoing discussions between various
parties involved in the case could lead to a settlement that would
"provide a substantial benefit to the Debtors' unsecured
creditors.  But none of that has been memorialized in the plan
outline that's up for approval, it added.

                     About Orleans Homebuilders

Orleans Homebuilders, Inc. -- aka FPA Corporation, OHB, Parker &
Lancaster, Masterpiece Homes, Realen Homes and Orleans --
develops, builds and markets high-quality single-family homes,
townhouses and condominiums.  From its headquarters in suburban
Philadelphia, the Company serves a broad customer base including
first-time, move-up, luxury, empty-nester and active adult
homebuyers.  The Company currently operates in these 11 distinct
markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida.  The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina.  Orleans Homebuilders employs approximately 300 people.

The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Del. Case No. 10-10684).  Cahill Gordon & Reindell
LLP is the Debtor's bankruptcy and restructuring counsel.  Curtis
S. Miller, Esq., and Robert J. Dehney, Esq., at Morris, Nichols,
Arsht & Tunnell, are the Debtor's Delaware and restructuring
counsel.  Blank Rome LLP is the Debtor's special corporate
counsel.  Garden City Group Inc. is the Debtor's claims and notice
agent.  The Company estimated assets and debts at $100 million to
$500 million.


OSI RESTAURANT: Bank Debt Trades at 11% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which OSI Restaurant
Partners, Inc., is a borrower traded in the secondary market at
89.25 cents-on-the-dollar during the week ended Friday, Sept. 17,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.86 percentage points from the previous week, The Journal
relates.  The Company pays 225 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 9, 2014, and
carries Moody's B3 rating and Standard & Poor's B+ rating.  The
loan is one of the biggest gainers and losers among 219 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

OSI Restaurant Partners, Inc., is the #3 operator of casual-dining
spots (behind Darden Restaurants and Brinker International), with
more than 1,400 locations in the U.S. and 20 other countries.  Its
flagship Outback Steakhouse chain boasts more than 950 locations
that serve steak, chicken, and seafood in Australian-themed
surroundings.  OSI also operates the Carrabba's Italian Grill
chain, with about 240 locations.  Other concepts include Bonefish
Grill, Fleming's Prime Steakhouse, and Cheeseburger In Paradise.
Most of the restaurants are company owned.  A group led by
Chairman Chris Sullivan took the company private in 2007.

The Company's balance sheet at June 30, 2010, showed $2.34 billion
in total assets, $2.450 billion in total liabilities, and a total
deficit of $106.2 million.


PACIFIC AVENUE: Bankr. Administrator Wants Third-Party Probe
------------------------------------------------------------
Susan Stabley, staff writer at Charlotte Business Journal, reports
that the U.S. Bankruptcy Administrator Lind Simpson wants a third-
party investigation into the financial affairs of Pacific Avenue
and Pacific Avenue II in support of Regions Bank's plea to appoint
an examiner or a trustee.  The Bankruptcy Administrator said an
examiner could determine whether EpiCentre's finance have been
handled property.  The bank accused the Companies of financial
mismanagement of a property that appears to be successful.

                         About Pacific Avenue

Pacific Avenue, LLC, is a North Carolina limited liability company
whose principal place of business is located in Charlotte, North
Carolina.  Together with Pacific Avenue II, LLC, the Company owns
and operates the EpiCentre, a mixed-use commercial development
consisting of approximately 302,000 rentable square feet of office
and retail/entertainment space, plus an underground parking deck,
located at 210 E. Trade St. in the city block surrounded by the
light rail line, Fourth Street, College Street, and Trade Street
in uptown Charlotte, North Carolina.

Pacific Avenue, LLC, filed for Chapter 11 bankruptcy protection on
July 22, 2010 (Bankr. W.D. N.C. Case No. 10-32093).  Joseph W.
Grier, III, Esq., at Grier, Furr & Crisp, P.A., assists the
Company in its restructuring effort.  The Company estimated up to
$50,000 in assets and $50 million to $100 million in debts in its
bankruptcy petition.

The Company's affiliate, Pacific Avenue II, filed a separate
Chapter 11 petition.


PC GROUP: NASDAQ Stock Market to Delist Firm's Common Stock
-----------------------------------------------------------
The NASDAQ Stock Market will delist the common stock of PC Group,
Inc. PC Group, Inc.'s stock was suspended on July 22, 2010 and has
not traded on NASDAQ since that time.

NASDAQ will file a Form 25 with the Securities and Exchange
Commission to complete the delisting for the company.  The
delisting become effective ten days after the Form 25 is filed.

PC Group, Inc., formerly Langer, Inc., --
http://www.langercorporate.com/-- designs, manufactures and
distributes medical products and services targeting the long-term
care, orthopedic, orthotic and prosthetic markets.  Through its
wholly owned subsidiaries, Twincraft, Inc. and Silipos, Inc., the
Company also offers a line of personal care products for the
private label retail, medical and therapeutic markets.  The
Company sells its medical products primarily in the United States
and Canada, as well as in more than 30 other countries, to
national, regional, and international distributors.  It sells
personal care products primarily in North America to branded
marketers of such products, specialty retailers, direct marketing
companies, and companies that service various amenities markets.
On January 18, 2008, the Company sold its wholly owned subsidiary,
Langer (UK) Limited (Langer UK) to an affiliate of Sole Solutions,
a retailer of specialty footwear based in the United Kingdom.


PENN TRAFFIC: Files Second Amended Chapter 11 Plan
--------------------------------------------------
BankruptcyData.com reports that Penn Traffic Company filed a
Second Amended Chapter 11 Plan and related Disclosure Statement
with the U.S. Bankruptcy Court.

BData says the Disclosure Statement asserts, "The Plan provides a
means by which the Debtors' Estates will be liquidated under
chapter 11 of the Bankruptcy Code, and sets forth the treatment of
all claims against and equity interests in the Debtors..the
Debtors have consummated the sale of substantially all of their
assets, pursuant to a comprehensive sale transaction with Tops PT,
LLC ('Tops') as assignee of Tops Markets, LLC, including
settlements and other arrangements with other significant
creditors (collectively, the 'Sale Transaction'). The Plan
implements the distribution of the remaining sale proceeds in
accordance with the priorities set forth in the Bankruptcy Code
and the substantive consolidation of the Debtors' Estates."

The Court subsequently approved the Disclosure Statement and
scheduled an October 27, 2010 hearing to consider the Plan.

                          About Penn Traffic

Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names.  The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Del. Case No. 09-14078).  Ann C. Cordo, Esq., and Gregory W.
Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the
Company in its restructuring effort.  Donlin Recano is the
Company's claims agent.  The Company listed $150,347,730 in assets
and $136,874,394 in liabilities as of May 4, 2009.

The Company's affiliates also filed separate Chapter 11 petitions
-- Sunrise Properties, Inc.; Pennway Express, Inc.; Penny Curtiss
Baking Company, Inc.; Big M Supermarkets, Inc.; Commander Foods
Inc.; P and C Food Markets, Inc. of Vermont; and P.T. Development,
LLC.

Following a bankruptcy court-sanctioned auction, Tops Markets LLC
purchased almost all of Penn Traffic's stores as a going concern
by paying $85 million cash.  The sale was structured so Penn
Traffic avoided a $72 million claim for pension plan termination
and a $27 million claim by the principal supplier.


PEOPLES BANK: Closed; Community & Southern Assumes Deposits
-----------------------------------------------------------
Community & Southern Bank of Carrollton, Ga., acquired the banking
operations, including all the deposits, of three Georgia-based
institutions.  The Bank of Ellijay, Ellijay, First Commerce
Community Bank, Douglasville, and The Peoples Bank, Winder, were
closed by the Georgia Department of Banking and Finance, and the
FDIC was named receiver for each institution.  The failed
institutions were not affiliated with one another.  To protect
depositors, the Federal Deposit Insurance Corporation entered into
a purchase and assumption agreement with Community & Southern
Bank.

All of the branches of the three closed institutions will reopen
as branches of Community & Southern Bank under their normal
business hours, including those with Saturday hours.  Depositors
will automatically become depositors of Community & Southern Bank.
Deposits will continue to be insured by the FDIC, so there is no
need for customers to change their banking relationship to retain
their deposit insurance coverage.  Bank of Ellijay has two
branches (including the branch called Bank of Canton, which is a
division of the Bank of Ellijay) in Georgia, First Commerce
Community Bank has two branches in Georgia, and The Peoples Bank
has 14 branches in Georgia.  Customers of the failed institutions
should continue to use their former branches until they receive
notice from Community & Southern Bank that it has completed
systems changes to allow other Community & Southern Bank branches
to process their accounts as well.  Over the weekend, depositors
can access their money by writing checks or using ATM or debit
cards. Loan customers should continue to make their payments as
usual.

As of June 30, 2010, Bank of Ellijay had total assets of $168.8
million and total deposits of $160.7 million; First Commerce
Community Bank had total assets of $248.2 million and total
deposits of $242.8 million; and The Peoples Bank had total assets
of $447.2 million and total deposits of $398.2 million.  Community
& Southern Bank will pay the FDIC a premium of 1.0 percent to
acquire all of the deposits of the Bank of Ellijay and First
Commerce Community Bank.  They also will pay the FDIC a premium of
1.25 percent to acquire all of the deposits of The Peoples Bank.
Besides assuming all the deposits from the three Georgia
institutions, Community & Southern Bank will purchase virtually
all the failed banks' assets.

The FDIC and Community & Southern Bank entered into a loss-share
transaction on around $602.5 million of the failed institutions'
assets. Community & Southern Bank and the FDIC will share in the
losses on the asset pools covered under the loss-share agreement.
The loss-share transaction is projected to maximize returns on the
assets covered by keeping them in the private sector.  The
transaction also is expected to minimize disruptions for loan
customers.  For more information on loss share, visit:

  http://www.fdic.gov/bank/individual/failed/lossshare/index.html

Customers who have questions about today's transactions can call
the FDIC toll free: for Bank of Ellijay customers, 1-800-930-1849;
for First Commerce Community Bank customers, 1-800-234-9027; and
for The Peoples Bank customers, 1-800-357-7599.  Interested
parties can also visit the FDIC's Web site:

for Bank of Ellijay,

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

for First Commerce Community Bank:

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

and for The Peoples Bank:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
for Bank of Ellijay will be $55.2 million; for First Commerce
Community Bank, $71.4 million; and for The Peoples Bank,
$98.9 million.  Community & Southern Bank's acquisition of all
the deposits the three institutions was the least costly option
for the FDIC's DIF compared to alternatives. These failures bring
the total number of failures to 123 for the nation and to 14 for
Georgia.  Prior to these failures, the last bank closed in the
state was Northwest Bank & Trust, Acworth, on July 31, 2010.


PHI INC: S&P Affirms Corporate Credit Rating at 'B+'
----------------------------------------------------
Standard & Poor's Ratings Services removed all of the ratings on
PHI Inc. from CreditWatch, where they were placed with negative
implications on June 8, 2010, and affirmed the 'B+' corporate
credit rating.  The outlook is negative.  At the same time, S&P
assigned a 'B+' issue-level rating (the same as the corporate
credit rating) to PHI's proposed $300 million senior unsecured
notes due 2018, with a recovery rating of '4' (indicating
expectations of average recovery (30% to 50%) in the event of a
payment default).

PHI plans to use the proceeds from the notes offering to refinance
its existing 7.125% senior notes due 2013 and to purchase
aircraft.

"The negative outlook reflects S&P's view that PHI's recent
improvement in financial performance may not be sustainable, said
Standard & Poor's credit analyst Kenneth Cox.  PHI has experienced
an increase in flight activity in relation to the clean-up efforts
for the BP oil spill.  This increase, however, is somewhat offset
by a decline in flight hours due to the deepwater drilling
moratorium in the deepwater Gulf of Mexico.  Given PHI's
significant exposure to the region, an inability to replace lost
flight hours could hurt the company's operations.

S&P's ratings on helicopter services provider PHI Inc. reflect the
company's participation in the highly cyclical and volatile oil
and gas industry, exposure to weather and seasonal fluctuations
that may limit flight hours, limited geographic diversity, and a
highly leveraged financial risk profile.  The ratings also reflect
the company's large market share in the Gulf of Mexico and the
industry's oligopolistic structure.  As of June 30, 2010, PHI had
$421.3 million of debt outstanding, adjusted mainly for operating
leases.

Lafayette, La.-based PHI has a weak business profile.  The company
is one of the largest operators in the U.S. oil and natural gas
helicopter services industry and is subject to the inherent
cyclicality in the offshore exploration and production industry.
Flight hours correlate with changes in the offshore rig count and
in offshore oil and gas production.  Although PHI's flight hours
related to production have held steady, its flight hours
correlating with the rig count have declined due to the
moratorium.  The company has recently increased its focus on the
deepwater Gulf of Mexico, which comprises approximately 67% of
PHI's flight hours in that region.  PHI derives approximately 65%
of its annual revenue from customers in the oil and gas industry.

Another hindrance to credit quality is PHI's geographic
concentration.  Of the company's total fleet of 253 aircraft, 164
serve domestic oil and gas operations in the volatile Gulf of
Mexico.  PHI derives at least of 80% of operating income and
generates about 60% of revenue from its Gulf of Mexico services.
A significant portion of PHI's revenues is subject to actual
flight hours, which weather and seasonal fluctuations could limit.
Tropical storms in the Gulf of Mexico and reduced daylight hours
during the winter can therefore affect earnings.

PHI is the leader in regional market share, controlling together
with its three largest competitors, about 90% of total helicopter
capacity.  This oligopolistic industry structure and PHI's
significant market share result in a more stable customer base,
which helps limit volatility, compared with other oilfield service
providers.

S&P expects that the deepwater drilling moratorium may cause E&P
companies operating in the Gulf of Mexico to cut back their
activities.  When the increase in flight hours related to the oil
spill clean up efforts roll off, PHI could find it difficult to
replace flight hours lost due to the moratorium.  Ultimately, the
extent of the impact of the deepwater drilling moratorium on PHI
is still uncertain, but a negative ratings action could occur if
PHI is unable to successfully replace expected deepwater Gulf of
Mexico revenue and EBITDA, such that leverage increases to more
than 5.5x.  Conversely, should debt leverage improve to less than
4.5x, S&P would consider a positive ratings action.


PHILADELPHIA NEWSPAPERS: New Auction to Take Place Sept. 23
-----------------------------------------------------------
Christopher K. Hepp at the Inquirer reports that an auction for
the The Inquirer and Daily News of Philadelphia Newspapers LLC
will take place on Sept. 23, 2010, in Raslavich's Center City
courtroom.

Interested buyers must submit their initial bids by noon time on
Sept. 22, 2010.  Buyers are require to submit a minimum offer of
$50 million and a 15% cash deposit for the assets.  All offers
must be in cash.  Lenders will not be allowed to use their
$318 million debt that they are owed by the Company.

                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.


PHILADELPHIA NEWSPAPERS: Court Bars Reporters From Auction
----------------------------------------------------------
Rachel Feintzeig, writing for Dow Jones' Daily Bankruptcy Review,
reports that Judge Stephen Raslavich of the U.S. Bankruptcy Court
in Philadelphia is barring members of the media from attending the
auction for two of the city's media institutions: the Philadelphia
Inquirer and Daily News.  He said crowding the courtroom this
Thursday with reporters could be "disruptive" and potentially
delay the bidding.

"It could lead to just pandemonium," Judge Raslavich said at a
court hearing on September 16.

According to DBR, an attorney for the company's lenders agreed
with the judge, adding that the presence of the press could hinder
participants' ability to speak openly and could possibly chill
bidding for the assets.  An attorney for Philadelphia Newspapers
seemed more open to the idea of including the media, but suggested
that perhaps they could just be restricted from "Twittering and
blogging" at certain times.

DBR also relates Mark Thomas, Esq., at Proskauer Rose also pointed
out a potential snafu in the plan to exclude members of the media:
the Newspaper Guild, the union representing Philadelphia
Newspapers' reporters, has a seat on the unsecured creditors
committee, and thus a reporter would automatically be present
during the auction.

According to DBR, Judge Raslavich acknowledged that a
representative for the guild could still attend, but should
consider himself to be there in his "capacity as a committee
member."

As reported by the Troubled Company Reporter on September 15,
2010, Steven Church and Dawn McCarty at Bloomberg News said a deal
to sell the Philadelphia Newspapers' newspaper business fell
apart, prompting the Debtor to organize a new auction.

"We will have another auction," Judge Raslavich said September 14,
according to Bloomberg.  "The auction will be all cash, as is,
where is, and it contemplates a rapid closing."

According to Bloomberg, 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.

J. Gregory Milmoe, a lawyer for Raymond Perelman, father of
billionaire Ronald 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.

As reported by the TCR, three groups vied for the Company in the
April auction:

     (A) Local investor group that includes philanthropist David
         Haas, home builder Bruce Toll, insurance company owner
         William Graham, the Carpenters Union pension fund, and
         Raymond G. Perelman and his son, Ronald O. Perelman.  The
         group had the backing of Brian P. Tierney, chief
         executive officer of Philadelphia Newspapers.

     (B) Senior lender group, consisting of Angelo, Gordon & Co.,
         Credit Suisse, Halbis Distressed Opportunities Master
         Fund Ltd., McDonnell Investment Management L.L.C., Venor
         Capital Master Fund L.L.C., and Alden Global Capital.

     (C) Stern Partners Inc., a Vancouver, British Columbia,
         company that owns two Canadian daily newspapers and an
         array of other ventures.

                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.


PHOENIX FOOTWEAR: Chief Executive Officer & President Resigns
-------------------------------------------------------------
Phoenix Footwear Group, Inc. disclosed the resignation of its
Chief Executive Officer and President, Russell Hall, effective
September 10, 2010.  James R. Riedman has been elected Chief
Executive Officer and President, effective immediately.  Mr.
Riedman, age 51, has served on our Board of Directors since 1993
and has been Chairman of our Board of Directors since 1996.  He
served as our Chief Executive Officer from 1996 to 2004 and as
interim Chief Executive Officer from May 2006 to April 2007.  Mr.
Riedman is also a director of Harris Interactive Inc., a leading
market research firm.

James Riedman, President and Chief Executive Officer, commented,
"I want to personally thank Rusty for his dedication and
contributions over these last 10 years.  He leaves the business
with strong momentum upon which we can build.  We remain confident
in our ability to deliver high quality footwear as we have an
experienced team of professionals in place led by Robb Carter,
Jose Lenhard and Mike Weinstein, all industry veterans.  I am also
pleased to announce that Kevin Wulff has joined the management
team as a Director.  He recently became the Chief Operating
Officer for ASICS America Corporation after years of experience
with companies such as Adidas and Nike."

"To support our growth and financial health we are in the process
of executing on several important initiatives.  We are working
towards expanding our working capital so that we are able to
support the growth in demand that we have seen for our products.
For Trotters and SoftWalk, we are experiencing 46% and 29%
increases in orders, respectively.  This increase positions us
well for sales growth in 2011.  We have opened over 75 new or
former accounts in the past 12 months and our shoes are performing
well at retail. Our investment in new products has also
contributed to our momentum as we've expanded our casual offering
in Trotters and introduced exciting new Toner footwear in SoftWalk
named "HealthGlide."

"We continue to aggressively pursue reductions to the costs of
operating our business.  We expect to achieve a savings in our
General and Administrative costs by over 20% in the upcoming year
without any reduction in the resources dedicated to product
development or customer facing activities.  To achieve a portion
of the savings we are considering moving away from our listing as
a publically traded company on the NYSE Amex and the associated
Securities and Exchange Commission requirements."

Alternatively, Phoenix Footwear Group, Inc. stock would be listed
and tradable on the over-the-counter market.

                        About Phoenix Footwear

Based in Carlsbad, California, Phoenix Footwear Group, Inc. (NYSE
Amex: PXG) specializes in quality comfort women's and men's
footwear with a design focus on fitting features.  Phoenix
Footwear designs, develops, markets and sells footwear in a wide
range of sizes and widths under the brands Trotters(R),
SoftWalk(R), and H.S. Trask(R).  The brands are primarily sold
through department stores, leading specialty and independent
retail stores, mail order catalogues and internet retailers and
are carried by approximately 650 customers in more than 900 retail
locations throughout the U.S.  Phoenix Footwear has been engaged
in the manufacture or importation and sale of quality footwear
since 1882.

The Company's balance sheet at July 3, 2010, showed $12.03 million
in total assets, $6.88 million in total liabilities, and a total
stockholders' equity of $5.15 million.

                           *     *     *

According to the Troubled Company Reporter on May 17, 2010,
Phoenix Footwear Group, Inc., warned in a regulatory filing with
the Securities and Exchange Commission that it does not expect it
will be in compliance with a covenant under an agreement with
First Community Financial as of the end of May 2010.  First
Community Financial is a division of Pacific Western Bank.


PITCAIRN PROPERTIES: Judge Won't Prevent Bankruptcy Dismissal
-------------------------------------------------------------
Chief Judge Gregory M. Sleet of the U.S. District Court for the
District of Delaware has decided not to prevent Pitcairn
Properties Holdings Inc. from getting kicked out of bankruptcy,
for now, Dow Jones' DBR Small Cap reports.

According to the report, Judge Sleet signed an order denying
Pitcairn's request for the district judge to stop a bankruptcy-
court order dismissing the company's bankruptcy case from taking
effect while the company appeals the decision.  The report relates
that the district judge signed the order after Pitcairn's
preferred shareholder objected to the company's request, arguing
that a bankruptcy court already concluded that Pitcairn launched
the bankruptcy case as a way to obtain leverage over the
shareholder in a fight for control of the company.

                     About Pitcairn Properties

Based in Jenkintown, Pennsylvania, Pitcairn Properties Holdings
Inc. -- http://www.pitcairnproperties.com/-- offers high-rise
offices, residences, and suburban office centers that are
distinctive, efficient, and accommodating.  PPH Investments LLC
owns 100% of the preferred stock.  Ventry Industries, MWS Group LP
and Regency Capital LLC own 100% of the common stock.

The Company estimated assets of $100 million to $500 million and
debts of $10 million to $50 million in its Chapter 11 petition.

James L. Patton, Esq., and Robert F. Poppiti, Jr., at Young
Conaway Stargatt & Taylor, LLP, serves as counsel.


RAINBOW MAULE: Case Summary & 9 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Rainbow Maule, LLC
        3824 S. Jones, Suite F
        Las Vegas, NV 89103

Bankruptcy Case No.: 10-27509

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Debtor's Counsel: Ambrish S. Sidhu, Esq.
                  SIDHU LAW FIRM
                  810 S. Casino Center Blvd., Suite 104
                  Las Vegas, NV 89101
                  Tel: (702) 384-4436
                  Fax: (702) 384-4437
                  E-mail: asidhu@sidhulawfirm.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 nine largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nvb10-27509.pdf
The petition was signed by Alireza Kaveh, manager.

Debtor-affiliate that filed a separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Rainbow 215, LLC                       09-23414    07/27/09


RAINBOW SUNSET: Section 341(a) Meeting Scheduled for Oct. 21
------------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of Rainbow
Sunset Pavilion Building A, LLC's creditors on October 21, 2010,
at 3:00 p.m.  The meeting will be held at 300 Las Vegas Boulevard,
South, Room 1500, Las Vegas, NV 89101.

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.

Las Vegas, Nevada-based Rainbow Sunset Pavilion Building A, LLC,
filed for Chapter 11 bankruptcy protection on September 7, 2010
(Bankr. D. Nev. Case No. 10-26963).  Jon E. Field, Esq., at Field
Law Group, 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.


RAINBOW SUNSET: U.S. Bank Doesn't Consent to Cash Collateral Use
----------------------------------------------------------------
U.S. Bank National Association has filed a notice with the U.S.
Bankruptcy Court for the District of Nevada, stating its non-
consent to Rainbow Sunset Pavilion Building A, LLC's use of cash
collateral.

U.S. Bank claims that it maintains a first priority, properly
perfected lien in certain property of the Debtor.

U.S. Bank is represented by Snell & Wilmer L.L.P.

Las Vegas, Nevada-based Rainbow Sunset Pavilion Building A, LLC,
filed for Chapter 11 bankruptcy protection on September 7, 2010
(Bankr. D. Nev. Case No. 10-26963).  Jon E. Field, Esq., at Field
Law Group, 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.


RANDOLPH PENTEL: Case Summary & 13 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Randolph Mark Pentel
        815 Deer Trail Court
        Mendota Heights, MN 55118

Bankruptcy Case No.: 10-36747

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       District of Minnesota (St Paul)

Judge: Dennis D O'Brien

Debtor's Counsel: Thomas Flynn, Esq.
                  LARKIN HOFFMAN DALY & LINDGREN
                  7900 Xerxes Ave South, Suite 1500
                  Bloomington, MN 55431
                  Tel: (952) 896-3362
                  E-mail: tflynn@larkinhoffman.com

Estimated Assets: $0 to $50,000

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

A list of the Debtor's 13 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/mnb10-36747.pdf



RAY ANTHONY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Ray Anthony International, Inc.
        2 Allegheny County Airport
        West Mifflin, PA 15122

Bankruptcy Case No.: 10-26576

Chapter 11 Petition Date: September 15, 2010

Court: U.S. Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Debtor's Counsel: Robert O. Lampl, Esq.
                  960 Penn Avenue, Suite 1200
                  Pittsburgh, PA 15222
                  Tel: (412) 392-0330
                  Fax: (412) 392-0335
                  E-mail: rol@lampllaw.com

Estimated Assets: $50,000,001 to $100,000,000

Estimated Debts: $50,000,001 to $100,000,000

The petition was signed by Ray G. Anthony, managing member.

Debtor-affiliate that filed separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Ray G. Anthony                        10-26552            09/14/10

Ray Anthony International's List of 20 Largest Unsecured
Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Holt Crane & Equipment             Business Debt          $137,100
P.O. Box 911975
Dallas, TX 75391-1975

Hunter Heavy Equipment             Business Debt           $45,351
2829 Texas Avenue
Texas City, TX 77590

Southern Tire Mart, LLC            Business Debt           $39,211
P.O. Box 1000
Department 143
Memphis, TN 38148-0143

Apache Oil Co, Inc.                Business Debt           $35,985

Wells Fargo Insurance              Business Debt           $28,904

IndustrialInfo.com                 Business Debt           $27,508

Libery International Underwriters  Business Debt           $24,405

Zurich North America               Business Debt           $24,011

Ritter Forest Products             Business Debt           $23,982

Able Machinery Movers, Inc.        Business Debt           $21,768

Gnagey Gas and Oil                 Business Debt           $20,756

Summit Mountain Tire               Business Debt           $17,662

Sun Coast Resources, Inc.          Business Debt           $15,506

Reeder & Shuman                    Business Debt           $15,455

Mont Levine, Inc.                  Business Debt           $15,335

H&E Equipment Services             Business Debt           $15,049

Pennsylvania Sling Company         Business Debt           $14,929

Liebherr Cranes, Inc.              Business Debt           $14,859

Northeast Crane Sales & Service,   Business Debt           $14,500
LLC

GCR Truck Tire Center              Business Debt           $13,598


RIALTO THEATRE: Wins Oct. 31 Forbearance From Rio Nuevo Board
-------------------------------------------------------------
Rob O'Dell, writing for Arizona Daily Star, reports that the new
Rio Nuevo board agreed Wednesday night to grant the Rialto Theatre
Foundation a forbearance in its dispute over rent with the Rio
Nuevo District.  The board directed in its executive session to
give the two sides until Oct. 7 to resolve the dispute, said Rio
Nuevo lawyer Bob Gugino.  The dispute focuses on back rent Rio
Nuevo contends is owed by the Rialto.

The Rialto Theatre Foundation has said it may file for bankruptcy
protection as soon as last week as a way to head off eviction by
Rio Nuevo.

According to Daily Star, the new board, which took over the Rialto
and all Rio Nuevo projects in March, put the Rialto on notice
nearly two months ago that it was in default of the
intergovernmental agreement between the Rialto, Rio Nuevo and the
city of Tucson for not paying its bills.

Daily Star relates the Rialto had 60 days to remedy the default,
which Rio Nuevo says is about $200,000 in back rent and another
$60,000 in facility restoration it says the Rialto has failed to
do.  The notice included the threat of eviction, which could have
occurred as soon as Saturday.


ROBERTO VARGAS: Case Summary & 14 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Roberto Barreto Vargas
        HC-08, Box 44488
        Aguadilla, PR 00603

Bankruptcy Case No.: 10-08436

Chapter 11 Petition Date: September 13, 2010

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis A. Medina Torres, Esq.
                  MEDINA TORRES LAW OFFICE
                  Box 191191
                  San Juan, PR 00919-1191
                  Tel: (787) 765-3795
                  E-mail: lumedina@coqui.net

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/prb10-08436.pdf


RORY NAVIS: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Rory S Navis
        1307 Ocean Shores Blvd. #33
        Ocean Shores, WA 98569

Bankruptcy Case No.: 10-47525

Chapter 11 Petition Date: September 13, 2010

Court: United States Bankruptcy Court
       Western District of Washington (Tacoma)

Judge: Paul B. Snyder

Debtor's Counsel: Jerome Shulkin, Esq.
                  SHULKIN HUTTON INC PS
                  7525 SE 24th St., Suite 330
                  Mercer Island, WA 98040
                  Tel: (206) 623-3515
                  E-mail: mepelbaum@shulkin.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.


RUBATEX INTERNATIONAL: Case Summary & 11 Largest Unsec Creditors
----------------------------------------------------------------
Debtor: Rubatex International, LLC
        906 Adams Street
        Bedford, VA 24523

Bankruptcy Case No.: 10-62642

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       Western District of Virginia (Lynchburg)

Judge: William E. Anderson

Debtor's Counsel: William J. Charboneau, Esq.
                  MAGEE GOLDSTEIN LASKY & SAYERS PC
                  P.O. Box 404
                  Roanoke,, VA 24003
                  Tel: (540) 343-9800
                  Fax: (540) 343-9898
                  E-mail: jcharboneau@mglspc.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 11 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/vawb10-62642.pdf

The petition was signed by Dominik Menakker, manager.


SAINT VINCENTS: Challenges Sun Life Over Psych Unit's Sale
----------------------------------------------------------
Crain's New York Business reports that Saint Vincent Catholic
Medical Centers and the unionized workers at St. Vincent's
Westchester refuted Sun Life Assurance Co. of Canada's objection
to the sale of the psychiatric hospital to St. Joseph's Hospital.

Sun Life, a senior secured creditor of SVCMC, objected to the sale
on the basis that the Westchester property wasn't properly
marketed and that it could fetch more money.

In a joint motion, Crain's reports, the New York State Nurses
Association and 1199 SEIU blasted Sun Life for trying to file its
objection to the sale under seal.  The unions also argue that the
objection makes no economic sense: Preserving the psych hospital
keeps open an essential facility, maintains jobs, lets St.
Joseph's assume the unions' claims and means "immense savings to
the estate, estimated in the millions of dollars."

Crain's also reports that SVCMC's legal team argued that the
objection made no sense, given that Sun Life's own expert put a
value of $22 million on the property.  "Incredibly, it appears to
be Sun Life's position that the debtors should have instead closed
the hospital (at great cost to patients and employees), turned
down $18 million in guaranteed cash payments and at least $5
million in assumed liabilities, and pursued an entirely
speculative and risk-soaked residential real estate development
strategy," the Debtor's attorneys wrote.

As reported by the Troubled Company Reporter, the Debtor has a
deal to sell its inpatient and outpatient behavioral health
services operations in Westchester County, New York, to St.
Joseph's Medical Center.  The price is $18 million cash and the
assumption of $5 million in debt.

                            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.


SCHUTT HOLDINGS: Case Summary & 41 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Schutt Holdings, Inc.
        710 South Industrial Drive
        Litchfield, IL 62056

Bankruptcy Case No.: 10-12886

Chapter 11 Petition Date: September 15, 2010

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

Judge: Kevin J. Carey

Debtor's Counsel: Sandra G.M. Selzer, Esq.
                  Victoria Watson Counihan, Esq.
                  GREENBERG TRAURIG, LLP
                  1007 North Orange Street, Suite 1200
                  Wilmington, DE 19801
                  Tel: (302) 661-7000
                  Fax: (302) 661-7360
                  E-mail: selzers@gtlaw.com
                          bankruptcydel@gtlaw.com


Debtor's
Financial
Advisor:          Ernst & Young

Debtor's
Investment
Banker:           Oppenheimer & Co., Inc.

Estimated Assets: $0 to $50,000

Estimated Debts: $50,000,001 to $100,000,000

The petition was signed by Rollen Jones, chief financial officer.

Debtor-affiliates that filed separate Chapter 11 petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Mountain View Investment Company of   10-12794           9/06/10
Schutt Sports, Inc.                   10-12795           9/06/10
  Assets: $50,000,001 to $100,000,000
  Debts: $50,000,001 to $100,000,000
Circle System Group, Inc.             10-12796           9/06/10
Melas, Inc.                           10-12797           9/06/10
R.D.H. Enterprises, Inc.              10-12798           9/06/10
Triangle Sports, Inc.                 10-12799           9/06/10

Schutt Holdings' List of 41 Largest Unsecured Creditors:

        Entity                      Nature of Claim   Claim Amount
        ------                      ---------------   ------------
Riddell Inc.                        Litigation         $29,000,000
669 Sugar Lane
Elyria, Ohio 44035

Windjammer Capital Investors        Subordinated Debt  $17,400,000
890 Winter Street, Suite 201
Madison, WI 53703

Ponderosa INTL LTD                  Trade Debt          $2,603,225
3F, 126, Ming Tsu W. Road
Taipei, Taiwan

Genn Shang Ind. CO., LTD            Trade Debt          $2,147,011
#1-14, Ma Tous Kow, Ma Kow Li,
Ma Tou Chen
Tainan Hsien, Taiwan

Ropes & Gray, LLP                   Professional        $1,989,647
P.O. Box 414265                     Service
Boston, MA 02241-4265

Kirkland & Ellis LLP                Professional          $589,681
300 North LaSalle                   Service
Chicago, IL 60654

Alan Abeshaus                       Subordinated Note     $560,013
459 Wedgewood Drive
Easton, PA 18045

Mitchell Kurlander                  Subordinated Note     $479,996
3717 Barrington Drive
Allenton, PA 18104

Eric Abeshaus                       Subordinated Note     $479,996
32 Old Mine Road
Lebanon, NY 08833

David Drill                         Subordinated Note     $479,996
3762 Tiffany Drive
Easton, PA 18045

Unique Personnel Consultants, Inc.  Temporary             $472,197
39018 Treasury Center               Staffing Agency
Chicago, IL 60694-9000

All American Sports Corp            Trade Debt            $409,808
4230 Paysphere Circle
Chicago, IL 60674

United Parcel Service               Trade Debt            $349,092
Lockbox 577
Carol Stream, IL 60132-0577

Gridiron Capital Partners, LLC      Management Fee        $300,000
200 Elm Street
New Canaan, CT 06840

Sabic IP US LLC                     Trade Debt            $286,530
24481 Network Place
Chicago, IL 60673-1244

NOCSAE                              Trade Debt            $257,038
10111 W. 87th Street
P.O. Box 12290
Overland Park, KS 66282-2290

Der-Tex Corporation                 Trade Debt            $246,747

Scarbrough                          Trade Debt            $232,786

Zhuhai Putuo Corner & Trading Co.   Trade Debt            $207,392
LTD

Kline's                             Trade Debt            $158,443

Roto Plastics                       Trade Debt            $157,841

Akzo Nobel Coatings, Inc.           Trade Debt            $140,367

Marine Fasteners                    Trade Debt            $132,929

Arrow Box Company                   Trade Debt            $107,092

Denology Design, Technology &       Trade Debt            $104,033
Manufacturing Solutions

St. Louis Business Forms            Trade Debt             $96,233

YRC                                 Trade Debt             $93,008

Manufacturing Solutions, Co, Ltd    Trade Debt             $80,512

The Manning Passing Academy         Sponsorship            $75,000

ABF Freight System, Inc             Trade Debt             $68,289

David & Hosfield Consulting LLC     Professional           $51,439
                                    Service

LMC Industries                      Trade Debt             $50,385

Innotek Powder Coatings, LLC        Trade Debt             $49,020

Alan Abeshaus, Sandra Abeshaus and  Lease Payment          $43,750
the Sandra Abeshaus Grantor
Retained Annuity Trust

Scovill Fasteners, Inc.             Trade Debt             $43,365

Keystone Steel and Wire             Trade Debt             $42,852

Thorp Reed & Armstrong, LLP         Professional           $40,658

Perryman Company                    Trade Debt             $37,562

A.M. Logistics, Inc.                Trade Debt             $33,720

McGladrey & Pullen                  Professional           $31,410
                                    Service

American Football Coaches Assoc.    Marketing Service      $30,000


SCO GROUP: Pursuing Sale of UNIX Business
-----------------------------------------
The SCO Group, Inc. is pursuing a sale of substantially all of the
assets of its UNIX(R) business, including certain UNIX system V
software products and related services.  The asset sale will be
free and clear of liens and encumbrances pursuant to Section 363
of the U.S. Bankruptcy Code.  Interested parties must submit a bid
by close of business, October 5, 2010. For information on the
company or the sale, please contact Ocean Park Advisors, LLC, 6033
West Century Blvd., Suite 1290, Los Angeles, CA 90045, Attn: Bruce
Comer, Managing Director, (310) 670-2721; Mark Fisler, Managing
Director, (310) 670-2704.

"This asset sale is an important step forward in ensuring business
continuity for our customers around the world," said Ken Nielsen,
chief financial officer, The SCO Group.  "Our goal is to ensure
continued viability for SCO, its customers, employees and the UNIX
technology," said Nielsen.

The purchase price for the UNIX software assets will be determined
in connection with the auction sale.  Any party wishing to submit
an offer for the Software Business Assets must submit a non-
contingent offer, marked Asset Purchase Agreement to show any
revisions, and evidence of financial wherewithal to close on the
transaction on or before October 5, 2010 at 5:00 p.m. (prevailing
Eastern Time) to: (i) The SCO Group, Inc., 333 South 520 West,
Suite. 170, Lindon, Utah 84042, Attn: Ryan Tibbitts; (ii) Blank
Rome LLP, 1201 N. Market Street, Suite 800, Wilmington, DE 19801,
Attn: Bonnie Glantz Fatell, Esq.; (iii) Ocean Park Advisors, LLC,
6033 West Century Blvd. Suite 1290, Los Angeles, CA 90045, Attn:
Bruce Comer.

                            About SCO Group

The SCO Group (SCOXQ.PK) -- http://www.sco.com/-- is a provider
of UNIX software technology.  Headquartered in Lindon, Utah, SCO
has a worldwide network of resellers and developers.

The Company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on September 14, 2007 (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq., and Arthur
Spector, Esq., at Berger Singerman P.A., represent the Debtors in
their restructuring efforts.  James O'Neill, Esq., and Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the
Debtors' Delaware and conflicts counsel.  Epiq Bankruptcy
Solutions LLC acts as the Debtors' claims and noticing agent.

As of January 31, 2009, the Company had $8.78 million in total
Assets, $13.30 million in total liabilities, and $4.52 million in
stockholders' deficit.


SEA ISLAND: 5 Execs. Received $500,000 in Bonuses Prior to Filing
-----------------------------------------------------------------
Orlando Montoya GPB News reports that five top executive of Sea
Island Company received bonuses totaling about $500,000 before the
company filed for Chapter 11 bankruptcy protection.  The Company
president David Bansmer got about $125,000 in bonuses.

                         About Sea Island

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

Sea Island filed for Chapter 11 protection on August 10, 2010
(Bankr. S.D. Ga. Case No. 10-21034).  Sarah R. Borders, Esq.;
Harris Winsberg, Esq.; Sarah L. Taub, Esq.; and Jeffrey R. Dutson,
Esq., at King & Spalding LLP, assists the Debtor in its
restructuring effort.  Robert M. Cunningham, Esq., at Gilbert,
Harrell, Sumerford & Martin PC, is the Debtor's co-counsel.  FTI
Consulting, Inc., is the Debtor's restructuring advisor.  Donald
F. Walton, the U.S. Trustee for Region 21, appointed seven members
to the official committee of unsecured creditors in the Chapter 11
cases of Sea Island Company, et al.  EPIQ Bankruptcy Solutions,
LLC, is the Debtor's claims and notice agent.  The official
committee of unsecured creditors has retained Jordi Guso, Esq. and
Berger Singerman, P.A. as its counsel.  The Debtor estimated its
assets and debts at $500 million to $1 billion as of the Petition
Date.

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


SHUBH HOTELS: Wins Nod to Use Cash Collateral
---------------------------------------------
With the cash it needs to operate in hand, Shubh Hotels Pittsburgh
LLC now will seek to fend off a foreclosure attempt by BlackRock
Financial Management Inc., American Bankruptcy Institute reports.

                        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.


SPEEDUS CORP: NASDAQ to Delists Firm's Common Stock
---------------------------------------------------
NASDAQ also announced that it will delist the common stock of
Speedus Corp. Speedus Corp.'s stock was suspended on July 30, 2010
and has not traded on NASDAQ since that time.

NASDAQ will file a Form 25 with the Securities and Exchange
Commission to complete the delisting for the company.  The
delisting become effective ten days after the Form 25 is filed.

Freehold, N.J.-based Speedus Corp. (Nasdaq: SPDE) --
http://www.speedus.com/-- operates primarily through its two
majority-owned subsidiaries Zargis Medical Corp. and Density
Dynamics Corp.  Zargis is a medical device company focused on
improving health outcomes and cost effectiveness through the
development of computer-aided medical devices and telemedicine
based delivery systems.  DDC is a newly formed company that was
created to acquire the technology, assets and some of the
operations of a developer and marketer of ultra-high speed storage
systems for server networks and other applications.  DDC is
continuing development of its line of environmentally friendly
DRAM based solid-state storage and I/O acceleration technology.


SUNCAL COS: Albuquerque Acquires Property for $148 Million
----------------------------------------------------------
Marjorie Childress at the New Mexico Independent reports that
Albuquerque Land Holding LLC has acquired a portion of the assets
of SunCal Corporation on Albuquerque's west side that is enough to
hold a mid-sized city for $148 million.  SunCal acquired that
property for $250 million in 2007.

                      About SunCal Companies

SunCal Companies -- http://www.suncal.com/-- has more than
250,000 residential lots and 10 million square feet of commercial
space in various stages of development throughout California,
Arizona, Nevada and New Mexico.  Some of SunCal's communities
include Amerige Heights in Fullerton, Lincoln Crossing near
Sacramento and Terra Lago and Fairway Canyon near Palm Springs.
SunCal Companies recently added an active-adult, commercial,
homebuilding, multifamily and urban divisions; and expanded to
Florida, Texas and Washington, D.C.

Irvine, California-based Palmdale Hills Property, LLC, develops
real estate property.  It filed for Chapter 11 protection on
Nov. 6, 2008 (Bankr. C. D. Calif. Case No. 08-17206).  Affiliates
who also filed separate Chapter 11 petitions include: SunCal
Beaumont Heights, LLC; SunCal Johannson Ranch, LLC; SunCal Summit
Valley, LLC; SunCal Emerald Meadows LLC; SunCal Bickford Ranch,
LLC; SunCal Communities I, LLC; SunCal Communities III, LLC; and
SJD Development Corp.

Paul J. Couchot, Esq., at Winthrop Couchot P.C., represents
Palmdale Hills in its restructuring effort.  The Company estimated
assets and debts of $100 million to $500 million in its Chapter 11
petition.


SWAMP PIKE: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Swamp Pike, LP
        345 Main Street
        Harleysville, PA 19438

Bankruptcy Case No.: 10-17865

Chapter 11 Petition Date: September 14, 2010

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

Judge: Magdeline D. Coleman

Debtor's Counsel: Laurie A. Krepto, Esq.
                  MONTGOMERY MCCRACKEN WALKER & RHOADS LLP
                  123 South Broad Street
                  Philadelphia, PA 19109
                  Tel: (215) 772-1500
                  E-mail: lkrepto@mmwr.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 W. Todd Hendricks, member.

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
TH Properties of NJ, LP                09-13201    04/30/09
Northgate Development Company, LP      09-13201    04/30/09
Morgan Hill Drive, LP                  09-13201    04/30/09
T.H. Properties, Inc.                  09-13201    04/30/09
TH Properties, LP                      09-13201    04/30/09
TH Properties, LLC                     10-13157    __/__/10
Wynstone Development Group, LP         10-17863    09/14/10


SWB WACO: Files List of 20 Largest Unsecured Creditors
------------------------------------------------------
SWB Waco SH, L.P., has filed with the U.S. Bankruptcy Court for
the Southern District of Texas a list of its 20 largest unsecured
creditors:

   Entity                                             Claim Amount
   ------                                             ------------
Aguilar Forming Rebar
P.O. Box 360086
Dallas, TX 75336                                         $85,946

HPA Design Group, LP
Suite 270
5339 Alpha Rd.
Dallas, TX 75240                                         $54,920

First Home Improvement, Inc.
9272 Lyndon B. Johnson Fwy
Dallas, TX 75243                                         $35,398

Unlimited Sprinkler Fire Protection, Inc                 $35,306

Schindler Elevator Corporation                           $32,272

LS Decker, Inc.                                          $28,145

Whirlpool Corporation                                    $19,330

Fun N Sun Pools, Inc                                     $17,200

StarTex Power                                            $16,389

HLU Services, Inc                                        $14,721

Soloman Moore                                            $14,503

Bullseye Glass, LLC                                      $13,924

Arbor Contract Carpet, Inc                               $13,691

Humphreys & Partners                                     $13,520

McLennan County Tile Co., Inc.                           $12,643

Jerry Lankford                                           $12,390

Associated Interiors, Inc                                $10,539

The Rock Painting & Remodeling                            $8,269

Hardware Resources                                        $7,021

Overhead Door Co. of Waco                                 $6,230

Sugar Land, Texas-based SWB Waco SH, L.P., filed for Chapter 11
bankruptcy protection on September 7, 2010 (Bankr. S.D. Tex. Case
No. 10-38001).  David Ronald Jones, Esq., at Porter And Hedges
LLP, and the law firm of Walker & Patterson, P.C., assist the
Debtor in its restructuring effort.  The Debtor estimated its
assets and debts at $10 million to $50 million as of the petition
date.


SWB WACO: Files Schedules of Assets & Liabilities
-------------------------------------------------
SWB Waco SH, L.P., has filed with the U.S. Bankruptcy Court for
the Southern District of Texas its schedules of assets and
liabilities, disclosing:

  Name of Schedule                      Assets         Liabilities
  ----------------                      ------         -----------
A. Real Property                     $19,500,000
B. Personal Property                    $142,118
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $18,375,490
E. Creditors Holding
   Unsecured Priority
   Claims                                                       $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                                 $517,880
                                     -----------       -----------
      TOTAL                          $19,642,118       $18,893,370

Sugar Land, Texas-based SWB Waco SH, L.P., filed for Chapter 11
bankruptcy protection on September 7, 2010 (Bankr. S.D. Tex. Case
No. 10-38001).  David Ronald Jones, Esq., at Porter And Hedges
LLP, and the law firm of Walker & Patterson, P.C., assist the
Debtor in its restructuring effort.


SWB WACO: Section 341(a) Meeting Scheduled for Oct. 12
------------------------------------------------------
The U.S. Trustee for Region 7 will convene a meeting of SWB Waco
SH, L.P.'s creditors on October 12, 2010, at 1:00 p.m.  The
meeting will be held at Suite 3401, 515 Rusk Ave, Houston, TX
77002.

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.

Sugar Land, Texas-based SWB Waco SH, L.P., filed for Chapter 11
bankruptcy protection on September 7, 2010 (Bankr. S.D. Tex. Case
No. 10-38001).  David Ronald Jones, Esq., at Porter And Hedges
LLP, and the law firm of Walker & Patterson, P.C., assist the
Debtor in its restructuring effort.  The Debtor estimated its
assets and debts at $10 million to $50 million as of the petition
date.


TAYLOR BEAN: Officers Get $3 Million From D&O Policy
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Lee Farkas, former chairman of Taylor Bean & Whitaker
Mortgage Corp., has $1 million to help pay for his criminal
defense, thanks to a Sept. 14 ruling by the bankruptcy judge in
the company's Chapter 11 case.

National Union Fire Insurance Co. of Pittsburgh, PA, the provider
of $5 million in insurance for directors' and officers' liability,
was willing to reimburse Mr. Farkas and two other former officers
for cost incurred in defending themselves in criminal and civil
matters.  The Creditors Committee objected, contending the Company
also has claims on the policy.

According to Mr. Rochelle, U.S. Bankruptcy Judge Jerry A. Funk
wrote a seven-page opinion in which he concluded that the proceeds
of the policy aren't property of Taylor Bean, even though the
policy itself is.  Judge Funk also noted how the company has "no
current viable claims under the terms of the policy."

                         About Taylor Bean

Taylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-
based mortgage broker to become one of the largest mortgage
bankers in the United States.  In 2009, Taylor Bean was the
country's third largest direct-endorsement lender of FHA-insured
loans of the largest wholesale mortgage lenders and issuer of
mortgage backed securities.  It also managed a combined mortgage
servicing portfolio of approximately $80 billion.  The company
employed more that 2,000 people in offices located throughout the
United States.

Taylor Bean filed for Chapter 11 bankruptcy protection August 24
(Bankr. M.D. Fla. Case No. 09-07047).  Taylor Bean filed the
Chapter 11 petition three weeks after federal investigators
searched its offices.  The day following the search, the Federal
Housing Administration, Ginnie Mae and Freddie Mac prohibited the
company from issuing new mortgages and terminated servicing
rights.  Taylor Bean estimated more than $1 billion in both assets
and liabilities in its bankruptcy petition.

Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &
Prosser, PA, in Tampa, Florida, represents the Debtor.  Troutman
Sanders LLP is special counsel.  BMC Group, Inc., serves as claims
agent.


TAYLOR BEAN: Settles $1-Bil. Mortgage Notes Dispute With FDIC
-------------------------------------------------------------
Jon Prior at Housingwire reports that a federal bankruptcy court
approved a settlement between Federal Deposit Insurance corp. and
Taylor Bean & Whitaker, settling a dispute over $1 billion in
mortgage notes.

FDIC was awarded a 99% interest in 3,839 loans that the Company
sold to its lender Colonial Bank.  The loans have $696 million in
unpaid principal balance.  The Company got $3,285 loans worth $464
million in unpaid principal balance.

                         About Taylor Bean

Taylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-
based mortgage broker to become one of the largest mortgage
bankers in the United States.  In 2009, Taylor Bean was the
country's third largest direct-endorsement lender of FHA-insured
loans of the largest wholesale mortgage lenders and issuer of
mortgage backed securities.  It also managed a combined mortgage
servicing portfolio of approximately $80 billion.  The company
employed more that 2,000 people in offices located throughout the
United States.

Taylor Bean filed for Chapter 11 bankruptcy protection August 24
(Bankr. M.D. Fla. Case No. 09-07047).  Taylor Bean filed the
Chapter 11 petition three weeks after federal investigators
searched its offices.  The day following the search, the Federal
Housing Administration, Ginnie Mae and Freddie Mac prohibited the
company from issuing new mortgages and terminated servicing
rights.  Taylor Bean estimated more than $1 billion in both assets
and liabilities in its bankruptcy petition.

Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &
Prosser, PA, in Tampa, Florida, represents the Debtor.  Troutman
Sanders LLP is special counsel.  BMC Group, Inc., serves as claims
agent.


TEXAS REDS: Disclosure Problem Haunts Bidder's Lawyer
-----------------------------------------------------
WestLaw reports that allegations that an attorney had held himself
out as representing the daughter of a corporate Chapter 11
debtor's principal in submitting an offer for the purchase of the
debtor's restaurant assets and had failed to disclose that the
party seeking to purchase these assets was, in fact, the debtor's
principal were sufficient to state a claim against the attorney
under governing New Mexico law to hold him personally liable on
the purchase agreement as the agent for an unidentified principal.
A bankruptcy judge in New Mexico held that, under New Mexico law,
an agent can be held contractually liable when acting on behalf of
an unidentified principal, even when the other party to the
contract knows that the agent is acting on behalf of another.  In
re Texas Reds, Inc., --- B.R. ----, 2010 WL 3037504 (Bankr. D.
N.M.) (Jacobvitz, J.).

Texas Reds operated a restaurant in Red River, N.M., and filed a
voluntary chapter 11 petition (Bankr. D. N.M. Case No. 04-15995)
on Aug. 16, 2004.  Richard Parmley was appointed as a Chapter 11
Trustee in Texas Reds' chapter 11 case, and the case converted to
a Chapter 7 liquidation proceeding.  Yvette Gonzales serves as the
Chapter 7 Trustee.

While the restaurant was operating under chapter 11, the Debtor's
principal's daughter signed a letter of intent to purchase the
restaurant's assets for $50,000, and her lawyer presented that
offer to the Chapter 11 Trustee.  The Chapter 11 Trustee never
acted on the offer.  Following the chapter 7 conversion, the
Debtor's principal's daughter's lawyer presented that offer to the
Chapter 7 Trustee.  The Chapter 7 Trustee accepted the offer and
the Bankruptcy Court approved the sale transaction on Aug. 26,
2008.  The sale transaction never closed, and the Chapter 7
Trustee eventually sold the restaurant assets to another buyer for
$20,000.  The Chapter 7 Trustee, in turn, sued (Bankr. D. N.M.
Adv. Pro. No. 09-1132) the Debtor's principal's daughter for the
$30,000 difference and levied breach of contract and civil
conspiracy charges against her lawyer to hold him personally
liable as an agent for his named-client's father.  The lawyer
moved to dismiss the Chapter 7 Trustee's Complaint for failure to
state claim.  The Honorable Robert H. Jacobvitz denied the
lawyer's motion to dismiss and, accordingly, the dispute will
proceed to trial.


TOTAL HIGHWAY: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Total Highway Maintenance, LLC
          fdba Texas Highway Markins, LLC
        6616 N. Hwy 6
        Waco, TX 76712

Bankruptcy Case No.: 10-61144

Chapter 11 Petition Date: September 14, 2010

Court: United States Bankruptcy Court
       Western District of Texas (Waco)

Judge: Ronald B. King

Debtor's Counsel: John A. Montez, Esq.
                  MONTEZ & WILLIAMS, P.C.
                  3809 W. Waco Dr
                  Waco, TX 76710
                  Tel: (254) 759-8600
                  Fax: (254) 759-8700
                  E-mail: jamontez@mwbatty.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/txwb10-61144.pdf
The petition was signed by Jeff Rainwater, manager.


TRICO MARINE: Taps Morris Nichols as Bankruptcy Co-Counsel
----------------------------------------------------------
Trico Marine Services, Inc., et al., ask the U.S. Bankruptcy Court
for the District of Delaware for permission to employ Morris,
Nichols, Arsht & Tunnel LLP as co-counsel.

Morris Nichols will, among other things:

   -- assist Vinson & Elkins LLP with representing the Debtors;

   -- perform all necessary services as the Debtors' Delaware co-
      counsel, including without limitation, providing the Debtors
      with advice and preparing necessary documents on behalf of
      the Debtors in the areas of restructuring and bankruptcy;
      and

   -- perform certain other necessary legal services.

The Debtors relate that Morris Nichols' services will not be
duplicative with the services of V&E as lead bankruptcy counsel,
and Cahill Gordon & Reindel LLP as special counsel and conflicts
counsel.

Morris Nichols received payments totaling $259,961 for prepetition
services.  Morris Nichols holds a balance of $112,289 as an
advance payment for services to be rendered and expenses to be
incurred.

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

The Debtors proposed a hearing on Morris Nichols' employment on
October 6, 2010, at 11:30 a.m. (ET).  Objections, if any, are due
September 23 at 4:00 p.m.

                        About Trico Marine

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

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: Taps Evercore Group as Financial Advisor
------------------------------------------------------
Trico Marine Services, Inc., et al., ask the U.S. Bankruptcy Court
for the District of Delaware for permission to employ Evercore
Group L.L.C. as investment banker and financial advisor.

Evercore will, among other things:

   -- review and analyze the Debtors' business, operations and
      financial projections;

   -- provide financial advice in developing and implementing a
      restructuring, which includes assisting the Debtors in
      developing a restructuring plan, and advising the Debtors on
      tactics and strategies for negotiating with various
      stakeholders regarding the plan; and

   -- structure and effect a sale, if the Debtors elect to pursue
      a sale.

Evercore's compensation includes:

   a) a non-refundable $35,000 retainer;

   b) a monthly fee of $150,000;

   c) a restructuring fee of $2,647,500, payable upon the
      consummation of a restructuring;

   d) a company sale fee equal to the product of the aggregate
      consideration multiplied by 1%;

   e) other sale fee equal to a percentage of the aggregate
      consideration that varies depending on the total aggregate
      consideration for all sale (1.5% for the initial
      $100 million of the aggregate consideration, and 1% for the
      amount of aggregate consideration above 100 million;

   f) an initial DIP financing fee equal to 1% of the aggregate
      amount of the commitment, less any amounts funded under the
      initial DIP financing used to retire prepetition debt
      obligations;

   g) financing fees equal to 1% of the gross proceeds of
      indebtedness secured by a first lien, 2% of indebtedness
      secured by a second lien, 3% of unsecured or subordinated
      indebtedness, and 5% of equity financing; and

   h) credits amounting to 100% of the aggregate monthly fees
      payable for periods after September 1 will be credited
      against a restructuring fee, company sale or financing fee,
      but not to the extent a credit has been granted for a
      particular monthly fee, no further credit will be granted
      with respect that same monthly fee.

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

The Debtors proposed a hearing on Evercore's employment on
October 6, 2010, at 11:30 a.m. (ET).  Objections, if any, are due
September 23 at 4:00 p.m.

                        About Trico Marine

Texas-based Trico Marine Services, Inc. --
http://www.tricomarine.com-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed $30,562,681 in assets and $353,606,467 in 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: Wants to Hire Cahill Gordon as Special Counsel
------------------------------------------------------------
Trico Marine Services, Inc., et al., ask the U.S. Bankruptcy Court
for the District of Delaware for permission to employ Cahill
Gordon & Reindel LLP as special counsel.

Cahill will provide the Debtors legal services relating to, among
other things:

   -- pending litigation or litigation that may arise in the
      Chapter 11 cases;

   -- general corporate and transactional work in connection with
      the Debtors' restructuring and reorganization; and

   -- any additional matters requested by the Debtors.

Cahill will also serve as conflicts counsel on matters that the
Debtors' other retained professionals cannot perform, but that
Cahill does not have a conflict.

The Debtors relate that Cahill's services will not be duplicative
of any work performed by Vinson & Elkins L.L.P. as general
bankruptcy counsel, and Morris, Nichols, Arsht & Tunnel LLP as
Delaware co-counsel.

Cahill received payments amounting to $693,812 for prepetition
services.  The Debtors do not believe that they owe Cahill any
amount on account of prepetition services.  The hourly rates of
Cahill's personnel are:

     Attorneys                      $368 - $888
     Paralegals                     $175 - $296

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

The Debtors proposed a hearing on Cahill's employment on
October 6, 2010, at 11:30 a.m. (ET).  Objections, if any, are due
September 23 at 4:00 p.m.

                        About Trico Marine

Headquartered in Texas, 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 assets and $353,606,467 in 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.  Alix Partners Services, LLC, is
the Debtors' chief restructuring officer.  Epiq Bankruptcy
Solutions is the Debtors' claims and notice agent.


TRIBUNE CO: Bank Debt Trades at 35% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Tribune Co. is a
borrower traded in the secondary market at 64.78 cents-on-the-
dollar during the week ended Friday, Sept. 17, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.28 percentage
points from the previous week, The Journal relates.  The Company
pays 300 basis points above LIBOR to borrow under the facility,
which matures on May 17, 2014.  Moody's has withdrawn its rating
while Standard & Poor's does not rate the bank debt.  The loan is
one of the biggest gainers and losers among 219 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

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

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

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


TRICO MARINE: NASDAQ to Delist Firm's Common Stock
--------------------------------------------------
NASDAQ will delist the common stock of Trico Marine Services, Inc.
Trico Marine Services, Inc.'s stock was suspended on September 8,
2010 and has not traded on NASDAQ since that time.

NASDAQ will file a Form 25 with the Securities and Exchange
Commission to complete the delisting for the company.  The
delisting become effective ten days after the Form 25 is filed.

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).  The Debtor disclosed $30,562,681 in
total assets and $353,606,467 in total liabilities as of the
Petition Date.

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

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


UAL CORP: Bank Debt Trades at 9% Off in Secondary Market
--------------------------------------------------------
Participations in a syndicated loan under which United Air Lines,
Inc., is a borrower traded in the secondary market at 91.33 cents-
on-the-dollar during the week ended Friday, Sept. 17, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.81
percentage points from the previous week, The Journal relates.
The Company pays 200 basis points above LIBOR to borrow under the
facility.  The bank loan matures on February 1, 2014, and carries
Moody's B1 rating and Standard & Poor's B+ rating.  The loan is
one of the biggest gainers and losers among 219 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

                        About UAL Corporation

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

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

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

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


US AEROSPACE: Divests Unprofitable Non-Aerospace Business Unit
--------------------------------------------------------------
U.S. Aerospace Inc. has divested the Company's machine tool
manufacturing business unit, New Century Remanufacturing Inc.
David Duquette and Josef Czikmantori will remain with NCR, and
have resigned all positions with the Company.

"The divesture of this unprofitable business unit is the next step
in the transformation of U.S. Aerospace, Inc. into a modern
aerospace defense firm, whose growth will be fueled by exploiting
our own advanced engineering abilities as well as the
manufacturing capabilities and cost advantages of our
international partners," commented Randall D. Humphreys, Director
and member of the Company's Audit Committee.  "Subject to
contingencies we anticipate booking an estimated gain of over $1
million this quarter as a result of the sale, and more importantly
will eliminate any drain on our financial resources and senior
management's focus on growing our aerospace business."

Duquette has resigned as CEO of U.S. Aerospace, Inc. and as a
member on the Board of Directors.  Czikmantori has resigned as
Secretary of the Company; he had previously resigned from the
Board.  "We thank Messrs. Duquette and Czikmantori for their
service, and wish them the best of luck with NCR," said Mr.
Humphreys.

U.S. Aerospace, Inc. -- http://www.USAerospace.com/-- is a
publicly traded aerospace and defense contractor based in Southern
California.  The Company supplies aircraft assemblies, structural
components and highly-engineered, precision-machined details for
commercial and military aircraft.

The Company's balance sheet at June 30, 2010, showed $5.67 million
in total assets, $14.00 million in total liabilities, and a
$8.31 million stockholders' deficit.


VOXWARE INC: NASDAQ to Delists Firm's Common Stock
--------------------------------------------------
NASDAQ will delist the common stock of Voxware, Inc. Voxware,
Inc.'s stock was suspended on September 13, 2010 and has not
traded on NASDAQ since that time.

NASDAQ will file a Form 25 with the Securities and Exchange
Commission to complete the delisting for the company.  The
delisting become effective ten days after the Form 25 is filed.


WEST CORP: Bank Debt Trades at 2% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which West Corporation
is a borrower traded in the secondary market at 97.65 cents-on-
the-dollar during the week ended Friday, Sept. 17, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.89 percentage
points from the previous week, The Journal relates.  The Company
pays 237.5 basis points above LIBOR to borrow under the facility.
The bank loan matures on May 11, 2013, and carries Moody's B1
rating and Standard & Poor's BB- rating.  The loan is one of the
biggest gainers and losers among 219 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

As reported by the Troubled Company Reporter on September 17,
2010, Moody's investors Service assigned a Ba3 rating to West
Corporation's proposed extension of $500 million of its senior
secured term loan B, a Ba3 to its proposed extension of its
$250 million amended revolving credit facility, and a B3 rating to
the proposed offering of $500 million of senior unsecured notes.
Concurrently, Moody's affirmed the B2 Corporate Family Rating, the
B2 Probability of Default Rating and the SGL-2 Speculative Grade
Liquidity Rating.  The rating outlook is stable.

The TCR also reported Standard & Poor's assigned West Corp.'s
proposed $500 million senior unsecured notes due 2018 its issue-
level rating of 'B' (one notch lower than the 'B+' corporate
credit rating on the company).  S&P also assigned this debt a
recovery rating of '5', indicating S&P's expectation of modest
(10%-30%) recovery for noteholders in the event of a payment
default.  The company plans to use note proceeds to reduce its
term loan balance.

At the same time, S&P revised its recovery rating on the company's
existing senior unsecured debt to '5' from '6'.  S&P raised the
issue-level rating to 'B' from 'B-', in accordance with S&P's
notching criteria for a recovery rating of '5'.

Existing ratings on the company, including the 'B+' corporate
credit rating, were affirmed.  The rating outlook is stable.

Founded in 1986 and headquartered in Omaha, Nebraska, West
Corporation --http://www.west.com/-- provides outsourced
communication solutions to many of the world's largest companies,
organizations and government agencies.  West Corporation has a
team of 41,000 employees based in North America, Europe and Asia.

West Corporation had total assets of $3,008,762,000, total
liabilities of $4,068,914,000, Class L Common Stock of
$1,413,958,000, and stockholders' deficit of $2,474,110,000 as of
June 30, 2010.

West Corp. carries a 'B2' corporate rating from Moody's and 'B+'
corporate rating from Standard & Poor's.


WEST SHORE: Disclosure Statement Hearing Scheduled for Tomorrow
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada will convene
a hearing tomorrow, September 21, 2010, at 2:00 p.m., to consider
adequacy of the Disclosure Statement explaining West Shore Resort
Properties III, LLC's proposed Plan of Reorganization.

As reported in the Troubled Company Reporter on August 10,
according to the Disclosure Statement, the Debtor will operate the
property located at West Lake Boulevard, Homewood, California post
confirmation, as part of a greater resort concept in conjunction
with some or all of the other property.  The net income form the
property and voluntary contributions from the other property will
be used to fund the Plan.

Under the Plan, the property, along with the other property, will
informally combine to create a destination resort with amenities
and accommodations, well as multiple venue options for any type of
private gatherings.  The Debtor will also complete the remaining
units in the Development Plan.  The property will be sold or
refinanced, provided the sales or refinance is in sufficient
amount to pay all AMCal in full.

                        Treatment of Claims

Class 1. Secured claim of American California Bank will bear
         interest at the rate of 2.25% over the prime rate of
         interest from and after the effective date until the
         AMCal note becomes fully due and payable eight years
         after the effective date.

Class 2. The holder of the secured claim of Placer County will
         receive three yearly disbursements equal to 1/3 of the
         outstanding balance of the amount due.

Class 3. Holders of unsecured claims will receive three yearly
         disbursements equal to 1/3 of the outstanding balance of
         the allowed unsecured claims.

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

                About West Shore Resort Properties

Reno, Nevada-based West Shore Resort Properties III, LLC, owns and
operates certain property located at 5110, 5130, and 5140 West
Lake Boulevard, Homewood, California.  The Company filed for
Chapter 11 bankruptcy protection on March 30, 2010 (Bankr. D.
Nev. Case No. 10-51101).  Sallie B. Armstrong, Esq., in Reno,
Nevada, represents the Debtor.  The Debtor disclosed $28,000,000
in assets, and $15,830,906 in liabilities.


WINDSTREAM CORPORATION: Moody's Retains Ba3 Rating on Senior Notes
------------------------------------------------------------------
On September 7, 2010, Windstream Corporation announced that it is
seeking lender consent to amend its senior secured credit
facilities to allow it to participate in the receipt of recently
announced awards of $150 million of rural broadband stimulus
grants from the U.S. Department of Agriculture's Rural Utilities
Service.  The company is also seeking to increase the allowable
senior secured leverage capacity.  In Moody's view, the amendment
request does not impact the company's ratings.

The last rating action on Windstream Corporation was an assignment
of Ba3 ratings to the company's senior unsecured notes due 2018.

Windstream, headquartered in Little Rock, AR, is an ILEC providing
telecommunications services in 21 states and generated about
$3.3 billion in annual revenues in the twelve months ended
June 30, 2010.


WYNSTONE DEVELOPMENT: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Wynstone Development Group, LP
        345 Main Street
        Harleysville, PA 19438

Bankruptcy Case No.: 10-17863

Chapter 11 Petition Date: September 14, 2010

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

Judge: Jean K. FitzSimon

Debtor's Counsel: Laurie A. Krepto, Esq.
                  MONTGOMERY MCCRACKEN WALKER & RHOADS LLP
                  123 South Broad Street
                  Philadelphia, PA 19109
                  Tel: (215) 772-1500
                  E-mail: lkrepto@mmwr.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 W. Todd Hendricks, member.

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
TH Properties of NJ, LP                09-13201   04/30/09
Northgate Development Company, LP      09-13201   04/30/09
Morgan Hill Drive, LP                  09-13201   04/30/09
T.H. Properties, Inc.                  09-13201   04/30/09
TH Properties, LP                      09-13201   04/30/09
TH Properties, LLC                     10-13157    __/__/10
Swamp Pike, LP                         10-17865    09/14/10


WYOMING MOUNTAIN: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Wyoming Mountain Resorts, LLC
        c/o Frontier Registered Agents, LLC
        2120 Carey Avenue, Suite 300
        Cheyenne, WY 82001

Bankruptcy Case No.: 10-21095

Chapter 11 Petition Date: September 15, 2010

Court: United States Bankruptcy Court
       District of Wyoming (Cheyenne)

Judge: Peter J. McNiff

Debtor's Counsel: Ken McCartney, Esq.
                  THE LAW OFFICES OF KEN MCCARTNEY, P.C.
                  P.O. Box 1364
                  Cheyenne, WY 82003
                  Tel: (307) 635-0555
                  Fax: (307) 635-0585
                  E-mail: bnkrpcyrep@aol.com

Scheduled Assets: $2,132,500

Scheduled Debts: $637,610

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

The petition was signed by Scott Covalt, managing member.


* Community & Southern Bank Acquires Three Banks
------------------------------------------------
Community & Southern Bank has acquired certain assets and deposit
accounts and other liabilities of Bank of Ellijay, Ellijay,
Georgia, First Commerce Community Bank, Douglasville, Georgia and
The Peoples Bank, Winder, Georgia, from the Federal Deposit
Insurance Corporation, as receiver for Bank of Ellijay, First
Commerce Community Bank, and The Peoples Bank.   Bank of Ellijay,
First Commerce Community Bank, and The Peoples Bank were closed by
the Georgia Department of Banking and Finance at the close of
business on Friday, September 17, 2010, and the FDIC was appointed
receiver.

Community & Southern Bank will begin operating Bank of Ellijay,
First Commerce Community Bank, and The Peoples Bank branch offices
as Community & Southern Bank offices immediately.

These are the third, fourth, and fifth acquisitions that Community
& Southern has completed.  On January 29, 2010, Community &
Southern acquired certain assets and deposits of First National
Bank of Georgia, Carrollton, Georgia.  That acquisition
established Community & Southern Bank as one of the market leaders
in West Georgia.  On March 19, 2010, Community & Southern
completed its acquisition of Appalachian Community Bank, Ellijay,
Georgia, making Community & Southern the 6th largest Georgia-based
bank.


* Home Seizures Reach Record for Third Time in Five Months
----------------------------------------------------------
According to Bloomberg News, RealtyTrac Inc. said that U.S. home
seizures reached a record for the third time in five months in
August as lenders completed the foreclosure process for thousands
of delinquent owners, according to

RealtyTrac said bank repossessions climbed 25% from a year earlier
to 95,364, the most since the Irvine, California-based data
provider began keeping records in 2005.  Foreclosure filings,
including default and auction notices, fell 5% to 338,836.  One
out of every 381 U.S. households received a filing.

"We're on track for a record year for homes in foreclosure and
repossessions," Rick Sharga, RealtyTrac's senior vice president,
said in a telephone interview with Bloomberg.  "There is no
improvement in the underlying economic conditions."

Foreclosures are contributing to a growing housing supply that may
add as many as 12 million homes to the U.S. market.


* Leveraged-Loan Market Springs Back to Life Along with Risks
-------------------------------------------------------------
One of the markets at the heart of the credit bubble has surged
back with surprising speed as investors chasing yield are
increasingly willing to finance riskier companies, Dow Jones' DBR
Small Cap reports.


* House Panel Approves Bankruptcy Code Reform Bill
--------------------------------------------------
Bankruptcy Law360 reports that a U.S. House of Representatives
subcommittee on Wednesday passed the Protecting Employees and
Retirees in Business Bankruptcies Act of 2010, which aims to alter
the Bankruptcy Code to encourage transparency and prevent
corporate abuses against workers during restructuring.

Law360 says the bill, H.R. 4677, was co-sponsored by Rep. John
Conyers, D-Mich., and Sen. Dick Durbin, D-Ill., and passed through
the House Judiciary Committee's subcommittee on commercial and
administrative law.


* BOND PRICING -- For Week From Sept. 13 to 17, 2010
----------------------------------------------------

  Company           Coupon      Maturity Bid Price
  -------           ------      -------- ---------
155 E TROPICANA       8.750%     4/1/2012     5.375
ABITIBI-CONS FIN      7.875%     8/1/2009     8.000
ADVANTA CAP TR        8.990%   12/17/2026    11.000
AFFINITY GROUP       10.875%    2/15/2012    47.250
AHERN RENTALS         9.250%    8/15/2013    40.500
AMBAC INC             9.375%     8/1/2011    33.938
AMBASSADORS INTL      3.750%    4/15/2027    50.000
AT HOME CORP          0.525%   12/28/2018     0.016
BANK NEW ENGLAND      8.750%     4/1/1999    12.813
BANK NEW ENGLAND      9.875%    9/15/1999    10.000
BANKUNITED FINL       6.370%    5/17/2012     5.000
BLOCKBUSTER INC       9.000%     9/1/2012     6.691
BOWATER INC           6.500%    6/15/2013    28.375
BOWATER INC           9.000%     8/1/2009    29.000
BOWATER INC           9.375%   12/15/2021    30.000
BOWATER INC           9.500%   10/15/2012    23.000
BRODER BROS CO       11.250%   10/15/2010    98.000
CAPMARK FINL GRP      5.875%    5/10/2012    33.000
CHENIERE ENERGY       2.250%     8/1/2012    43.250
EDDIE BAUER HLDG      5.250%     4/1/2014     5.000
ELEC DATA SYSTEM      3.875%    7/15/2023    96.500
EOP OPERATING LP      4.650%    10/1/2010    98.500
EVERGREEN SOLAR       4.000%    7/15/2013    39.100
FAIRPOINT COMMUN     13.125%     4/1/2018     8.000
FAIRPOINT COMMUN     13.125%     4/2/2018     8.000
FEDDERS NORTH AM      9.875%     3/1/2014     0.500
GENERAL MOTORS        7.125%    7/15/2013    31.000
GENERAL MOTORS        7.700%    4/15/2016    29.000
GENERAL MOTORS        9.450%    11/1/2011    29.000
GREAT ATLA & PAC      5.125%    6/15/2011    79.000
GREAT ATLA & PAC      6.750%   12/15/2012    57.000
INDALEX HOLD         11.500%     2/1/2014     0.550
INTL LEASE FIN        4.850%   10/15/2010    96.875
KEYSTONE AUTO OP      9.750%    11/1/2013    40.000
LEHMAN BROS HLDG      0.250%    2/16/2012    18.500
LEHMAN BROS HLDG      4.500%     8/3/2011    18.760
LEHMAN BROS HLDG      4.700%     3/6/2013    19.750
LEHMAN BROS HLDG      4.800%    2/27/2013    18.250
LEHMAN BROS HLDG      4.800%    3/13/2014    22.500
LEHMAN BROS HLDG      5.000%    1/22/2013    18.750
LEHMAN BROS HLDG      5.000%    2/11/2013    19.500
LEHMAN BROS HLDG      5.000%    3/27/2013    19.200
LEHMAN BROS HLDG      5.000%     8/3/2014    19.250
LEHMAN BROS HLDG      5.000%     8/5/2015    19.000
LEHMAN BROS HLDG      5.100%    1/28/2013    18.250
LEHMAN BROS HLDG      5.150%     2/4/2015    19.200
LEHMAN BROS HLDG      5.250%     2/6/2012    21.500
LEHMAN BROS HLDG      5.250%    1/30/2014    19.000
LEHMAN BROS HLDG      5.250%    2/11/2015    19.000
LEHMAN BROS HLDG      5.500%     4/4/2016    21.750
LEHMAN BROS HLDG      5.500%     2/4/2018    19.200
LEHMAN BROS HLDG      5.500%    2/19/2018    19.500
LEHMAN BROS HLDG      5.500%    11/4/2018    14.550
LEHMAN BROS HLDG      5.550%    2/11/2018    19.000
LEHMAN BROS HLDG      5.600%    1/22/2018    19.250
LEHMAN BROS HLDG      5.625%    1/24/2013    21.300
LEHMAN BROS HLDG      5.700%    1/28/2018    19.200
LEHMAN BROS HLDG      5.750%    4/25/2011    20.750
LEHMAN BROS HLDG      5.750%    7/18/2011    21.500
LEHMAN BROS HLDG      5.750%    5/17/2013    20.750
LEHMAN BROS HLDG      5.875%   11/15/2017    18.850
LEHMAN BROS HLDG      6.000%     4/1/2011    18.500
LEHMAN BROS HLDG      6.000%    7/19/2012    20.125
LEHMAN BROS HLDG      6.000%   12/18/2015    19.000
LEHMAN BROS HLDG      6.000%    2/12/2018    18.000
LEHMAN BROS HLDG      6.200%    9/26/2014    21.750
LEHMAN BROS HLDG      6.600%    10/3/2022    18.000
LEHMAN BROS HLDG      6.625%    1/18/2012    21.000
LEHMAN BROS HLDG      6.875%     5/2/2018    23.000
LEHMAN BROS HLDG      6.875%    7/17/2037     0.010
LEHMAN BROS HLDG      7.000%    4/16/2019    17.900
LEHMAN BROS HLDG      7.000%    10/4/2032    18.250
LEHMAN BROS HLDG      7.000%    9/28/2037    18.570
LEHMAN BROS HLDG      7.100%    3/25/2038    17.900
LEHMAN BROS HLDG      7.350%     5/6/2038    19.000
LEHMAN BROS HLDG      7.730%   10/15/2023    17.375
LEHMAN BROS HLDG      7.875%    11/1/2009    20.000
LEHMAN BROS HLDG      7.875%    8/15/2010    20.000
LEHMAN BROS HLDG      8.000%     3/5/2022    19.375
LEHMAN BROS HLDG      8.050%    1/15/2019    18.000
LEHMAN BROS HLDG      8.400%    2/22/2023    18.625
LEHMAN BROS HLDG      8.500%     8/1/2015    19.000
LEHMAN BROS HLDG      8.500%    6/15/2022    19.000
LEHMAN BROS HLDG      8.750%   12/21/2021    18.500
LEHMAN BROS HLDG      8.800%     3/1/2015    19.000
LEHMAN BROS HLDG      8.920%    2/16/2017    19.000
LEHMAN BROS HLDG      9.000%     3/7/2023    19.000
LEHMAN BROS HLDG      9.500%   12/28/2022    18.950
LEHMAN BROS HLDG      9.500%    1/30/2023    18.750
LEHMAN BROS HLDG      9.500%    2/27/2023    17.510
LEHMAN BROS HLDG     10.000%    3/13/2023    18.950
LEHMAN BROS HLDG     10.375%    5/24/2024    16.000
LEHMAN BROS HLDG     11.000%    6/22/2022    19.000
LEHMAN BROS HLDG     11.000%    3/17/2028    18.500
LEHMAN BROS HLDG     11.500%    9/26/2022    18.750
LEHMAN BROS HLDG     18.000%    7/14/2023    18.735
LEHMAN BROS INC       7.500%     8/1/2026    11.000
LOCAL INSIGHT        11.000%    12/1/2017    31.500
MAGNA ENTERTAINM      8.550%    6/15/2010    17.000
MERRILL LYNCH         1.580%     3/9/2011    99.500
NETWORK COMMUNIC     10.750%    12/1/2013    35.013
NEWPAGE CORP         10.000%     5/1/2012    53.820
NEWPAGE CORP         12.000%     5/1/2013    27.000
NORTH ATL TRADNG      9.250%     3/1/2012    63.250
PALM HARBOR           3.250%    5/15/2024    64.275
RASER TECH INC        8.000%     4/1/2013    37.000
RESTAURANT CO        10.000%    10/1/2013    29.375
RESTAURANT CO        10.000%    10/1/2013    27.500
SPHERIS INC          11.000%   12/15/2012    24.750
STATION CASINOS       6.875%     3/1/2016     0.500
STATION CASINOS       7.750%    8/15/2016     0.500
THORNBURG MTG         8.000%    5/15/2013     3.500
TIMES MIRROR CO       7.250%     3/1/2013    49.000
TOUSA INC             7.500%    1/15/2015     0.250
TRANS-LUX CORP        8.250%     3/1/2012    10.200
TRICO MARINE          3.000%    1/15/2027    10.000
TRICO MARINE SER      8.125%     2/1/2013    17.000
WASH MUT BANK FA      5.125%    1/15/2015     0.200
WASH MUT BANK NV      5.500%    1/15/2013     0.375
WCI COMMUNITIES       4.000%     8/5/2023     1.000



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

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