TCR_Public/100922.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

          Wednesday, September 22, 2010, Vol. 14, No. 263

                            Headlines

207 REDWOOD: Files Schedules of Assets and Liabilities
ABITIBIBOWATER INC: Reorganization Approved Except for BCFC
ABITIBIBOWATER INC: Prices $850-Mil. Sr. Secured Notes Offering
ALL AMERICAN: Gabelli Funds, GAMCO Report 7.73% Stake
ALL AMERICAN: Rick Bedell Reports Equity Stake

ALL AMERICAN: Special Shareholders' Meeting Next Week
ALL AMERICAN: Posts $7.6 Million Net Loss in June 30 Quarter
ALMA ENERGY: Third-Party Funder Waived Administrative Claim
AMERICAN AXLE: S&P Raises Corporate Credit Rating to 'B+'
AMERICAN HOSPITALITY: Chapter 11 Reorganization Case Dismissed

AMERICAN INT'L: Aborts Deal With Consortium Over Nan Shan Sale
AMERICAN INT'L: Has Deal to Sell 2 Japanese Units to Prudential
AMERICAN INT'L: Has HK Bourse's OK for AIA IPO
ANDREW YOUNG: Has Exclusive Right to File Plan Until January 19
ARMTEC HOLDINGS: DBRS Puts 'BB' Rating on Senior Unsecured Notes

ARYX THERAPEUTICS: Posts $3.6 Million Net Loss in June 30 Quarter
BEVERAGES & MORE: Moody's Assigns 'Caa1' Rating on $125 Mil. Notes
BIOFUEL ENERGY: May File for Bankruptcy If Loans Not Extended
BLOCKBUSTER INC: Bankruptcy Petition Expected This Week
BROADSTRIPE LLC: Judge Sontchi Narrows James Cable's Claims

CANON COMMUNICATIONS: UBM Deal Cues Moody's to Withdraw Ratings
CCO HOLDINGS: Moody's Assigns 'B2' Ratings on $750 Mil. Notes
CELL THERAPEUTICS: Wins OK to Issue More Shares to Raise Cash
CELLU TISSUE: Clearwater Deal Cues Moody's to Withdraw Ratings
CHANA TAUB: Husband's Involuntary Chapter 7 Case Dismissed

CINCINNATI BELL: Fitch Issues Recovery Rating Review
CIT GROUP: Will Redeem Outstanding 2013 and 2014 2nd Lien Notes
CONTINENTAL AIRLINES: Stockholders Approve Merger With UAL Corp
CONVERSION SERVICES: Posts $64,200 Net Loss in June 30 Quarter
CROSSTOWN STOR-N-MORE: Files Schedules of Assets and Liabilities

CUSTOM CABLE: Wins Fight to Stay Under Bankruptcy Protection
DAIS ANALYTIC: Posts $624,700 Net Loss in June 30 Quarter
E*TRADE FINANCIAL: DBRS Confirms 'B' Issuer & Senior Debt Ratings
EDWARD MARANDOLA: Has Until October 28 to File Chapter 11 Plan
EIGEN INC: Plan Confirmation Hearing Scheduled for October 13

EL PASO: Moody's Assigns 'Ba3' Rating on Senior Unsecured Notes
EMPIRE PETROLEUM: Posts $142,000 Net Loss in June 30 Quarter
ENTREMED INC: Posts $4.9 Million Net Loss in June 30 Quarter
FARMERS' MUTUAL: AM Best Cuts Financial Strength Rating to 'C++'
FORD MOTOR CREDIT: DBRS Puts 'BB' Rating on Senior Unsecured Notes

FRISIA FARMS: Debtor Can Employ Professional That is a Creditor
GEORGE PAGLIARO: Wants Reorganization Case Converted to Chapter 7
GEMS TV: Sees 100% Recovery for General Unsecured Creditors
GENERAL MOTORS: Contributes $90,500 to Political Campaigns
HABERSHAM BANCORP: Posts $2.6 Million Net Loss in June 30 Quarter

HEALTHSPRING INC: S&P Assigns 'B+' Senior Secured Debt Rating
HERTZ CORPORATION: DBRS Affirms 'BB' Issuer Rating
HINGHAM MUTUAL: AM Best Raises Financial Strength Rating From 'B'
HOLLIFIELD RANCHES: Asks for OK to Use KeyBank's Cash Collateral
HOLLIFIELD RANCHES: Section 341(a) Meeting Scheduled for Oct. 15

HOLLIFIELD RANCHES: Taps Robinson Anthon as Bankruptcy Counsel
HRAF HOLDINGS: Files List of Four Largest Unsecured Creditors
HRAF HOLDINGS: Files Schedules of Assets & Liabilities
HRAF HOLDINGS: Harbor Real Files Schedules of Assets & Debts
HRAF HOLDINGS: Taps Parsons Kinghorn as General Bankr. Counsel

ICAGEN INC: Incurs $2.2 Million Net Loss in June 30 Quarter
ICON REINSURANCE: AM Best Assigns 'B' Financial Strength Rating
ILX RESORTS: Emerges from Chapter 11 After Closing of Asset Sale
INT'L ENERGY: AM Best Cuts Financial Strength Rating to 'C++'
INTELSAT SA: Unit Launches Tender Offers for 9.25% Senior Notes

INTELSAT SA: Jackson Unit Plans Offering for $900-Mil. Sr. Notes
INTELSAT SA: Prices $1 Billion of 7-1/4% Senior Notes Due 2010
INT'L TEXTILE: June 30 Balance Sheet Upside-Down by $81.9 Million
INVACARE CORP: S&P Raises Corporate Credit Rating to 'BB'
ISTAR FINANCIAL: Said to Weigh Pre-Packaged Bankruptcy Filing

JUMA TECHNOLOGY: Posts $2.2 Million Net Loss in June 30 Quarter
KENTUCKIANA MEDICAL: Files for Bankruptcy Protection
L-1 IDENTITY: S&P Retains CreditWatch Developing on 'B+' Rating
LEAP WIRELESS: MHR Funds Report 19.9% Equity Stake
LEVEL 4: Fitch Issues Recovery Rating Review

LIFEPOINT HOSPITALS: Fitch Assigns 'B+' Rating on $400 Mil. Notes
LIFEPOINT HOSPITALS: Moody's Puts 'Ba1' Rating on $400 Mil. Notes
LIFEPOINT HOSPITALS: S&P Affirms 'BB-' Corporate Credit Rating
LIVE CURRENT: Posts $386,300 Net Loss in June 30 Quarter
LODGENET INTERACTIVE: Moody's Puts 'B3' Rating on $435 Mil. Bonds

LODGENET INTERACTIVE: S&P Raises Corporate Credit Rating to 'B'
MACROSOLVE INC: Posts $462,300 Net Loss in June 30 Quarter
MEDIACOM COMMUNICATIONS: Fitch Issues Recovery Rating Review
NATIONAL PROCESSING: Fifth Third Deal Won't Affect Moody's Ratings
METALDYNE CORP: Michigan's Environmental Claim Disallowed

MGM RESORTS: Promotes Corey Sanders to Chief Operating Officer
MICHAEL STORES: Names Charles Sonsteby as CAO and CFO
MOONLIGHT BASIN: Poole Fails in Bid to Quash Lehman Claims
NEFF CORP: Receives Approval of Prearranged Chapter 11 Plan
NEWPORT BONDING: AM Best Cuts Financial Strength Rating to 'B-'

NORTHWEST 15TH: Parking Authority's Foreclosure Bid to Go to Trial
NOVELOS THERAPEUTICS: Posts $1.4MM Net Loss in June 30 Quarter
OPTELECOM-NKF INC: Posts $698,000 Net Loss in June 30 Quarter
PALMAS COUNTRY: Files Schedules of Assets and Liabilities
PGI INCORPORATED: Incurs $1.2 Million Net Loss in June 30 Quarter

PHOENIX FOOTWEAR: Russell Hall Resigns as CEO and President
PINAFORE HOLDINGS: Moody's Affirms 'Ba3' Corporate Family Rating
PURDYN FILTER: Records Level Single Sales in August 2010
QUEBECOR MEDIA: DBRS Confirms 'BB' Issuer Rating
RADIO ONE: Moody's Repositions Default Rating to 'Caa2/LD3'

REITTER CORPORATION: Files Schedules of Assets and Liabilities
ROTHSTEIN ROSENFELDT: Trustee Gains Court's Approval for $6.6MM
SGS INTERNATIONAL: Moody's Affirms 'B2' Corporate Family Rating
SINCLAIR BROADCAST: Moody's Raises Corporate Family Rating to Ba3
SINCLAIR TELEVISION: S&P Assigns 'B-' Rating on $2501 Mil. Notes

SMART ONLINE: Sells $300,000 Conv. Secured Subordinated Notes
SOLECO INC: Chapter 11 Reorganization Case Dismissed
SPHERIX INC: Posts $2.6 Million Net Loss in June 30 Quarter
SPOT MOBILE: Posts $972,000 Net Loss in July 31 Quarter
SPRINGBOK SERVICES: Fifth Third Acquires Certain Assets

STATES INDUSTRIES: DIP Loans Okayed on Interim; Sale Deadlines Set
STONERIDGE INC: S&P Gives Positive Outlook; Keeps 'B+' Rating
SUK HEE SUH: Creditors Have Until Oct. 15 to File Claims
SW BOSTON: Creditors Have Until Nov. 1 to File Proofs of Claim
TALON INTERNATIONAL: Earns $646,700 in June 30 Quarter

THOMPSON PUBLISHING: Seeks Bankruptcy to Sell Assets
TITAN INTERNATIONAL: Moody's Puts 'B1' Rating on $175 Mil. Notes
TITAN INTERNATIONAL: S&P Assigns 'B+' Rating on $175 Mil. Notes
TOUSA INC: Final Cash Collateral Hearing Set for September 29
TRANS-LUX CORP: Gets NYSE Amex Delist Notice for Non-Compliance

TRICO MARINE: Trico Shipping Reaches Deal for $22MM in Financing
TRIZETTO GROUP: S&P Puts 'B' Rating on CreditWatch Positive
UNIFI INC: Annual Shareholders Meeting Set for October 27
URBAN BRANDS: Seeks Chapter 11 Bankruptcy Protection
URBAN BRANDS: Case Summary & 20 Largest Unsecured Creditors

VICTOR VALLEY: Loan Increases After Lenders' Bidding War
WILD GAME: Files Schedules of Assets and Liabilities
WINALTA INC: Extends Forbearance Agreement Until Oct. 31
ZBB ENERGY: Baker Tilly Replaces PKF LLP as Independent Auditors

* Bankruptcy Haunts Political Candidates
* Fitch Issues Recovery Rating Review of US, Canada Telecom Sector
* Neal Gerber Named TMA Transaction of the Year Award Recipients

* Upcoming Meetings, Conferences and Seminars

                            *********

207 REDWOOD: Files Schedules of Assets and Liabilities
------------------------------------------------------
207 Redwood LLC filed with the U.S. Bankruptcy Court for the
District of Maryland its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $14,500,000
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $14,197,840
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $94,907
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $2,909,100
                                 -----------      -----------
        TOTAL                    $14,500,000      $17,201,847

Columbia, Maryland-based 207 Redwood LLC filed for Chapter 11
protection on August 6, 2010 (Bankr. D. Md. Case No. 10-27968).
James A. Vidmar, Jr., Esq., at Logan, Yumkas, Vidmar & Sweeney
LLC, 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.


ABITIBIBOWATER INC: Reorganization Approved Except for BCFC
-----------------------------------------------------------
AbitibiBowater Inc. has received the necessary creditor approval
for its plan of reorganization under chapter 11 of the U.S.
Bankruptcy Code, except with respect to Bowater Canada Finance
Corporation (BCFC), a special purpose company subsidiary with no
operating assets, which has been excluded from the chapter 11
plan.  The chapter 11 plan of reorganization received overwhelming
support from creditors, both in dollar amount of claims and in
number of claim holders who voted on the plan.

Having obtained the requisite votes from creditors, except with
respect to BCFC, the Company and its subsidiaries will exclude
BCFC from the process and proceed with plan confirmation.  The
Company does not believe that the exclusion of BCFC will affect
the timing of its confirmation hearing that is scheduled to start
on September 24, 2010, in the U.S. Bankruptcy Court in Delaware.

"We are pleased to have received approval by the vast majority of
creditors under the U.S. Bankruptcy Code for our chapter 11 plan
of reorganization," stated David J. Paterson, President and Chief
Executive Officer.  "We appreciate the support for our plans of
reorganization as we work to create a more sustainable and
competitive organization."

As previously announced, on September 14, 2010, the Company
received approval for its plan of reorganization from affected
creditors under the Canadian Companies' Creditors Arrangement Act
in Canada, except with respect to BCFC.

Subject to the satisfaction of certain conditions provided for in
the plans of reorganization, AbitibiBowater continues to expect
emergence from creditor protection this fall.

Details of the voting results under the chapter 11 plan of
reorganization, including votes on a class-by-class basis, will be
available through http://www.abitibibowater.com/restructuring/

                     About AbitibiBowater Inc.

AbitibiBowater (OTC: ABWTQ) produces newsprint, commercial
printing papers, market pulp and wood products.  It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea.  The Company also recycles old newspapers and
magazines.

The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296).  The Company and its
Canadian affiliates commenced parallel restructuring proceedings
under the Companies' Creditors Arrangement Act before the Quebec
Superior Court Commercial Division the next day.  Alex F. Morrison
at Ernst & Young, Inc., was appointed CCAA monitor.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel.  Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel.  Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings.  The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC.  The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348).  Pauline K. Morgan,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt &
Taylor, in Wilmington, represent the Chapter 15 Debtors.

U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of
AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15
case of ACI, et al.

As of Sept. 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.

Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


ABITIBIBOWATER INC: Prices $850-Mil. Sr. Secured Notes Offering
---------------------------------------------------------------
AbitibiBowater Inc. disclosed the pricing of $850 million of
10.25% senior secured notes due 2018 in a private placement under
Rule 144A and Regulation S of the Securities Act of 1933.  The
closing of the issuance of the Notes is expected to occur on or
about October 4, 2010 subject to the satisfaction of customary
closing conditions.

The Notes will be issued by ABI Escrow Corporation, a wholly owned
subsidiary of AbitibiBowater.  ABI Escrow Corporation will merge
with and into AbitibiBowater in connection with AbitibiBowater's
emergence from creditor protection proceedings, which is expected
to occur in the fall of 2010, subject to confirmation of U.S. and
Canadian plans of reorganization.

Proceeds of the Notes Offering will be placed in escrow until the
effectiveness of the plans of reorganization and will be used upon
emergence to repay certain existing debt.

Following emergence, the Notes will be senior secured obligations
of AbitibiBowater, will be guaranteed by AbitibiBowater's material
U.S. wholly owned subsidiaries and will be secured by
substantially all the assets of AbitibiBowater.

The Notes have not been and will not be registered under the
Securities Act or any state securities laws.  Further, the Notes
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements and, therefore, will be subject to substantial
restrictions on transfer.  The Offering is being made only to
qualified institutional buyers inside the United States and to
certain non-U.S. investors located outside the United States.

                    About AbitibiBowater Inc.

AbitibiBowater (OTC: ABWTQ) produces newsprint, commercial
printing papers, market pulp and wood products.  It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea.  The Company also recycles old newspapers and
magazines.

The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296).  The Company and its
Canadian affiliates commenced parallel restructuring proceedings
under the Companies' Creditors Arrangement Act before the Quebec
Superior Court Commercial Division the next day.  Alex F. Morrison
at Ernst & Young, Inc., was appointed CCAA monitor.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel.  Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel.  Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings.  The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC.  The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348).  Pauline K. Morgan,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt &
Taylor, in Wilmington, represent the Chapter 15 Debtors.

U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of
AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15
case of ACI, et al.

As of Sept. 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.

Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


ALL AMERICAN: Gabelli Funds, GAMCO Report 7.73% Stake
-----------------------------------------------------
Mario J. Gabelli's GAMCO Investors, Inc., Gabelli Funds and Teton
Advisors disclosed that they may be deemed to hold in the
aggregate 2,840,900 shares, representing 7.73% of the 36,745,230
shares outstanding of All American Group, Inc. (formerly known as
Coachmen Industries, Inc.).

                     About All American Group

Elkhart, Indiana-based All American Group, Inc., formerly Coachmen
Industries, Inc., (OTC:COHM.PK) says it is one of America's
premier systems-built construction companies under the ALL
AMERICAN BUILDING SYSTEMS(R), ALL AMERICAN HOMES(R), and MOD-U-
KRAF(R) brands, as well as a manufacturer of specialty vehicles.

At June 30, 2010, the Company had total assets of $81.310 million,
total liabilities of $48.104 million, and shareholders' equity of
$33.206 million.

During the first quarter of 2010, the Company failed to meet
certain financial covenants of the credit agreement with H.I.G.
All American LLC.  H.I.G. did not declare the Company to be in
default of any covenant and on April 5, 2010, the Company and
H.I.G. entered into the First Amendment to the Loan Agreement.
H.I.G. waived specified Events of Default that had occurred under
the Loan Agreement dated October 27, 2009 between the Company and
H.I.G. prior to April 5, 2010.

The Company said in its Form 10-Q report for the second quarter of
2010, that operating results for the six month period ended June
30, 2010, failed to meet the revised debt covenants set with
H.I.G. in the First Amendment to the Loan Agreement.  H.I.G. has
waived the covenant defaults through July 31, 2010 in exchange for
a waiver fee and expenses of $800,000 representing the value of
the penalties prescribed in the First Amendment, plus expenses,
and the issuance on August 24, 2010 of the Second Amended and
Restated Tranche B Note.  The Second Amendment provides that the
waiver fee and expenses, plus accrued interest on the convertible
debt thru August 24, 2010 of $800,000, be added to the principal
amount of the convertible note.  As a result of the Second
Amendment, the Tranche B Note has a face value of $12.5 million.

As reported by the TCR on September 15, 2010, H.I.G. LLC agreed,
effective Aug. 24, 2010, with All American Group to waive certain
specified covenant defaults under the Loan Agreement dated
Oct. 27, 2009.

                           *     *     *

McGladrey & Pullen LLP, in Elkhart, Indiana, expressed substantial
doubt about the Company's ability to continue as a going concern
following the Company's 2009 results.  The auditors noted that
Coachmen has suffered recurring losses from operations and
continues to operate in an industry where economic recovery has
been very slow.


ALL AMERICAN: Rick Bedell Reports Equity Stake
----------------------------------------------
Rick J. Bedell, President, Housing & Building at All American
Group Inc., disclosed that he may be deemed to acquire 25,286.2361
company shares for $0.248 a share on September 10 and another
25,315.3707 shares for $0.208 a share in a separate transaction on
the same day.  According to Mr. Bedell's Form 4 filing, the shares
are held in the 401(k) plan and Mr. Bedell indirectly holds those
shares.

Mr. Bedell says he directly holds 21,621.3065 shares.

                     About All American Group

Elkhart, Indiana-based All American Group, Inc., formerly Coachmen
Industries, Inc., (OTC:COHM.PK) says it is one of America's
premier systems-built construction companies under the ALL
AMERICAN BUILDING SYSTEMS(R), ALL AMERICAN HOMES(R), and MOD-U-
KRAF(R) brands, as well as a manufacturer of specialty vehicles.

At June 30, 2010, the Company had total assets of $81.310 million,
total liabilities of $48.104 million, and shareholders' equity of
$33.206 million.

During the first quarter of 2010, the Company failed to meet
certain financial covenants of the credit agreement with H.I.G.
All American LLC.  H.I.G. did not declare the Company to be in
default of any covenant and on April 5, 2010, the Company and
H.I.G. entered into the First Amendment to the Loan Agreement.
H.I.G. waived specified Events of Default that had occurred under
the Loan Agreement dated October 27, 2009 between the Company and
H.I.G. prior to April 5, 2010.

The Company said in its Form 10-Q report for the second quarter of
2010, that operating results for the six month period ended June
30, 2010, failed to meet the revised debt covenants set with
H.I.G. in the First Amendment to the Loan Agreement.  H.I.G. has
waived the covenant defaults through July 31, 2010 in exchange for
a waiver fee and expenses of $800,000 representing the value of
the penalties prescribed in the First Amendment, plus expenses,
and the issuance on August 24, 2010 of the Second Amended and
Restated Tranche B Note.  The Second Amendment provides that the
waiver fee and expenses, plus accrued interest on the convertible
debt thru August 24, 2010 of $800,000, be added to the principal
amount of the convertible note.  As a result of the Second
Amendment, the Tranche B Note has a face value of $12.5 million.

As reported by the TCR on September 15, 2010, H.I.G. LLC agreed,
effective Aug. 24, 2010, with All American Group to waive certain
specified covenant defaults under the Loan Agreement dated
Oct. 27, 2009.

                           *     *     *

McGladrey & Pullen LLP, in Elkhart, Indiana, expressed substantial
doubt about the Company's ability to continue as a going concern
following the Company's 2009 results.  The auditors noted that
Coachmen has suffered recurring losses from operations and
continues to operate in an industry where economic recovery has
been very slow.


ALL AMERICAN: Special Shareholders' Meeting Next Week
-----------------------------------------------------
A special meeting of shareholders of All American Group, Inc.,
will be held at the Hilton Rosemont located at 5550 North River
Road, Rosemont, Illinois, on September 28, 2010 at 11:00 A.M., for
these purposes:

     -- To elect three directors of the Company to hold office for
        the terms indicated in the proxy statement;

     -- To amend the Company's Articles of Incorporation to
        increase the number of authorized common shares; and

     -- To transact such other business as may properly come
        before the meeting or any adjournment thereof.

Only shareholders of record at the close of business on August 31,
2010, are entitled to notice of and to vote at the meeting.  Each
such shareholder is entitled to one vote per share on all matters
to be voted on at the meeting.

A full-text copy of the Company's proxy statement is available at
no charge at http://ResearchArchives.com/t/s?6b6f

                     About All American Group

Elkhart, Indiana-based All American Group, Inc., formerly Coachmen
Industries, Inc., (OTC:COHM.PK) says it is one of America's
premier systems-built construction companies under the ALL
AMERICAN BUILDING SYSTEMS(R), ALL AMERICAN HOMES(R), and MOD-U-
KRAF(R) brands, as well as a manufacturer of specialty vehicles.

At June 30, 2010, the Company had total assets of $81.310 million,
total liabilities of $48.104 million, and shareholders' equity of
$33.206 million.

During the first quarter of 2010, the Company failed to meet
certain financial covenants of the credit agreement with H.I.G.
All American LLC.  H.I.G. did not declare the Company to be in
default of any covenant and on April 5, 2010, the Company and
H.I.G. entered into the First Amendment to the Loan Agreement.
H.I.G. waived specified Events of Default that had occurred under
the Loan Agreement dated October 27, 2009 between the Company and
H.I.G. prior to April 5, 2010.

The Company said in its Form 10-Q report for the second quarter of
2010, that operating results for the six month period ended June
30, 2010, failed to meet the revised debt covenants set with
H.I.G. in the First Amendment to the Loan Agreement.  H.I.G. has
waived the covenant defaults through July 31, 2010 in exchange for
a waiver fee and expenses of $800,000 representing the value of
the penalties prescribed in the First Amendment, plus expenses,
and the issuance on August 24, 2010 of the Second Amended and
Restated Tranche B Note.  The Second Amendment provides that the
waiver fee and expenses, plus accrued interest on the convertible
debt thru August 24, 2010 of $800,000, be added to the principal
amount of the convertible note.  As a result of the Second
Amendment, the Tranche B Note has a face value of $12.5 million.

As reported by the TCR on September 15, 2010, H.I.G. LLC agreed,
effective Aug. 24, 2010, with All American Group to waive certain
specified covenant defaults under the Loan Agreement dated
Oct. 27, 2009.

                           *     *     *

McGladrey & Pullen LLP, in Elkhart, Indiana, expressed substantial
doubt about the Company's ability to continue as a going concern
following the Company's 2009 results.  The auditors noted that
Coachmen has suffered recurring losses from operations and
continues to operate in an industry where economic recovery has
been very slow.


ALL AMERICAN: Posts $7.6 Million Net Loss in June 30 Quarter
------------------------------------------------------------
All American Group, Inc., formerly Coachmen Industries, Inc.,
filed its quarterly report on Form 10-Q, reporting a net loss of
$7.6 million on $19.6 million of revenue for the three months
ended June 30, 2010, compared with a net loss of $3.2 million on
$17.7 million of revenue for the same period of 2009.

The Company's balance sheet at June 30, 2010, showed $81.3 million
in total assets, $48.1 million in total liabilities, and
stockholders' equity of $33.2 million.

As reported in the Troubled Company Reporter on April 5, 2010,
McGladrey & Pullen LLP, in Elkhart, Ind., expressed substantial
doubt about Coachmen Industries, Inc.'s ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted that the Company has suffered recurring losses from
operations and continues to operate in an industry where economic
recovery has been very slow.

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

               http://researcharchives.com/t/s?6a2f

                     About All American Group

Elkhart, Ind.-based All American Group, Inc. (formerly Coachmen
Industries, Inc) is a manufacturer and distributor of system-built
modules for residential buildings, as well as a manufacturer of
specialty vehicles.  All American Group, Inc., is a publicly held
company with stock quoted and traded on the over-the-counter
markets under the ticker COHM.PK.


ALMA ENERGY: Third-Party Funder Waived Administrative Claim
-----------------------------------------------------------
WestLaw reports that a third party that had agreed to fund a
Chapter 11 debtor's resumption of its coal mining operation in
exchange for having a source of coal, and that, despite being
represented by counsel at hearings in bankruptcy court, never
contradicted or sought to qualify representations by the Debtor
that the third party had no expectation of repayment from the
Debtor and would not assert an administrative expense claim, was
judicially estopped, when the Debtor's reorganization failed and
the case was converted to one under Chapter 7, from belatedly
asserting an administrative expense claim.  The court rejected a
contention that, because prior hearings were concerned with the
disclosure statement and the proposed reorganization plan, and
because conversion of the case was not at issue, any prior
statements about its not asserting an administrative expense claim
were made solely in the context of the Chapter 11 case.
Conversion and liquidation are possibilities in every chapter 11
case.  In re Alma Energy, Inc., ---B.R.----, 2010 WL 3467682 (6th
Cir. BAP).

A copy of the Opinion dated Sept. 7, 2010, from the Sixth Circuit
Bankruptcy Appellate Panel is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100907656

Alma Energy, LLC, owned rights to mine coal on two tracts of land
located in Pike County, Ky.  Out of cash, the Debtor suspended its
mining operation and sought chapter 11 protection (Bankr. E.D. Ky.
Case No. 07-70370) on August 13, 2007.  The mining operation was
restarted in 2008 with funding by Pikeville Energy Group, LLC, but
halted again during the chapter 11 proceeding.  On April 17, 2009,
the United States Trustee moved to dismiss the case or convert it
to a Chapter 7 liquidation proceeding.  On May 20, 2009, the
bankruptcy court entered an order converting the Debtor's case to
one under Chapter 7, and the U.S. Trustee appointed Phaedra
Spradlin as the Chapter 7 trustee.


AMERICAN AXLE: S&P Raises Corporate Credit Rating to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its
corporate credit rating on American Axle & Manufacturing Holdings
Inc. to 'B+' from 'B-'.  The outlook is stable.

At the same time, S&P raised its issue-level ratings on the
company's senior secured debt to 'BB-' and on the unsecured debt
to 'B-'.

"The upgrade reflects S&P's opinion that American Axle's credit
measures will improve further in 2011 under the gradual recovery
in North American auto demand, and that the company's gross
margins will expand more than S&P previously expected," said
Standard & Poor's credit analyst Larry Orlowski.  The company's
second-quarter results improved significantly over those of 2009.
Revenue was $559.6 million, more than twice as much as second-
quarter sales a year ago, reflecting improving light-vehicle
demand and extended shutdowns of GM and Chrysler in 2009.

S&P believes U.S. light-vehicle sales will rise this year by about
10%, to 11.4 million units, from the 10.4 million units sold in
2009.  S&P assume the pace of economic recovery will be gradual
and that consumer confidence, a measure of light-vehicle sales, is
fragile.  Although S&P has trimmed its estimate of 2011 sales
(12.8 million units versus 13.3 million), S&P believes American
Axle will achieve rising profitability and generate a significant
amount of positive free cash flow in 2010 because it has improved
its cost structure by 50% in the past two years.

Still, the ratings reflect the company's weak business risk
profile and aggressive financial risk profile.  American Axle's
revenue is heavily dependent on sales of General Motors Co.'s SUVs
and pickup trucks, and demand for these products in North America
is far below what it was prior to 2008.  GM's long-term prospects
will remain a major factor in determining American Axle's future
credit quality until it achieves greater diversification in
customer revenue.  A key variable will be how GM's and Chrysler
Group LLC's market shares and production volumes will affect
American Axle's cash flow and earnings.  Even if production next
year improves less than S&P expect, S&P estimates that leverage
would still be sufficiently near 4.0x to support the current
rating.

American Axle's manufacturing facilities in Mexico, Brazil,
Poland, and China diversify its customer base and enhance low-cost
production capacity.  However, substantial customer
diversification will take a number of years.  The company's
backlog stands at $1 billion, almost 45% of which is dependent on
new-product development for all-wheel- and rear-wheel-drive
passenger cars and crossover vehicles.  In addition, American Axle
has outsourced 70% of this backlog to non-U.S. facilities,
expanding its global presence.  The company expects to launch
about $700 million of its new-business backlog in 2010 through
2012.

American Axle's liquidity is adequate under S&P's criteria.  As of
June 30, 2010, total liquidity stood at $541 million, excluding a
second-lien loan from General Motors Co.

The outlook is stable.  S&P could raise its rating if light-
vehicle demand continues to increase and GM's share in the full-
size pickup and large SUV markets at least remains intact, leading
to a sustainable expansion in American Axle's gross margins.  For
example, S&P believes American Axle could benefit if GM's share of
the full-size pickup segment exceeded 40% (it was 38.7% for the
first eight months of 2010) and if sales of full-size pickups
continued to exceed 11% of the overall U.S. light-vehicle market
(they were 11.1% for the first eight months).  Under such
scenarios, S&P could raise the rating if leverage fell below 3.5x
on a sustainable basis.  This could occur if, for example, revenue
growth rose more than 20% and gross margins were greater than
18.5% in 2011.

S&P could revise its outlook to negative or lower the rating if
the current increase in North American light-vehicle demand
weakens, perhaps to less than 11 million units per year for
example, or if GM's share of the light-truck market declines and
it appears that leverage would not fall to about 4x or less on a
sustained basis into 2011.  This could occur if, for instance,
revenue grew less than 10% in 2011 and gross margins were below
18%.


AMERICAN HOSPITALITY: Chapter 11 Reorganization Case Dismissed
--------------------------------------------------------------
The Hon. Carl L. Bucki of the U.S. Bankruptcy Court for the
Western District of New York dismissed the Chapter 11 case of
American Hospitality Group, LLC.

The Court also approved the stipulation entered by the Debtor with
its secured creditor Royal Bank of Canada, which provided for the
settlement of the pending motions and the dismissal of the case.

Grand Island, New York-based American Hospitality Group, LLC, dba
Grand Island Holiday Inn, filed for Chapter 11 bankruptcy
protection on May 6, 2010 (Bankr. W.D.N.Y. Case No. 10-11887).
Arthur G. Baumeister Jr., Esq., at Amigone, Sanchez, et al.,
assists the Debtor in its restructuring effort.  The Company
disclosed $52,000 in assets and $9,463,720 in liabilities in its
schedules.


AMERICAN INT'L: Aborts Deal With Consortium Over Nan Shan Sale
--------------------------------------------------------------
Early this month, a regulator in Taiwan rejected a $2.15 billion
sale of American International Group's Taiwanese life-insurance
business to a group of Hong Kong investors, forcing AIG to
reassess its options for the unit.

The Wall Street Journal's Leslie Scism and Anupreeta Das report
that this week, the investors and AIG said they agreed to abort
the consortium's attempt to purchase the unit.

As reported by the Troubled Company Reporter on September 2, 2010,
Ting-I Tsai and Aries Poon, writing for The Wall Street Journal,
said Taiwan's Financial Supervisory Commission decided to reject
the deal because it had doubts about China Strategic Holdings
Ltd.'s financial strength and commitment to AIG's Nan Shan Life
Insurance Co., which controls more than a 30% share of Taiwan's
life-insurance market.

The Journal had reported that the consortium set up by China
Strategic and Primus Financial Holdings Ltd. can file an appeal
within 30 days.  The report also said Taiwan's insurance regulator
said it hoped AIG could continue to operate the insurance unit in
Taiwan.  But if not, the regulator hoped AIG could find a buyer
that "fits everybody's interests," said Thomas Huang, director of
the FSC's Insurance Bureau.

The TCR, citing Dow Jones Newswires, reported August 26, 2010,
that AIG said it is committed to selling its stake in Nan Shan to
the China Strategic consortium, and it won't entertain any other
offers.  According to Dow Jones, AIG explicitly said for the first
time that it "has no intention of selling its stake to any other
party, and for example, will not entertain an offer from
Chinatrust."

Dow Jones said China Strategic has denied links to China, and AIG
has said it received "legally binding representations" from the
consortium that no Chinese money is being used to fund the deal.
The consortium and AIG recently extended the deal's deadline to
Oct. 12.

                             About AIG

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

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

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


AMERICAN INT'L: Has Deal to Sell 2 Japanese Units to Prudential
---------------------------------------------------------------
The Wall Street Journal's Leslie Scism and Anupreeta Das report
that Prudential Financial Inc. is nearing a deal to buy two
Japanese life-insurance companies -- AIG Star Life Insurance Co.
and AIG Edison Life Insurance Co. -- from American International
Group  Inc., for a combined $4 billion to $5 billion, according to
people familiar with the matter.

The Journal says Newark, N.J.-based Prudential -- not related to
the U.K.'s Prudential PLC -- has significant operations in Japan,
and it has publicly stated its interest in expanding there.

A pact is believed to be a few days away from completion, the
people told the Journal.  They added that discussions are fluid
and last-minute snags could derail any deal.

                             About AIG

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

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

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


AMERICAN INT'L: Has HK Bourse's OK for AIA IPO
----------------------------------------------
The Wall Street Journal's Nisha Gopalan reports that American
International Group Inc. received approval Tuesday in Hong Kong
for a US$10 billion to US$15 billion initial public offering of
its pan-Asian life insurer AIA Group Ltd., a person familiar with
the matter said, paving the way for what could be the world's
second-biggest IPO this year.

According to the Journal, with the approval in place, AIA is
slated to list in Hong Kong on Oct. 29, the people said Monday,
adding that pre-marketing of the IPO will start Sept. 27, and the
roadshow will begin Oct. 6.

According to the Journal, one person familiar with the deal said
Tuesday that AIG was considering selling as much as 50% of AIA,
but no decision had been made.  The deal will be priced Oct. 21,
one of the people said.

AIA's IPO has 11 bookrunners, people familiar with the matter have
said, according to the Journal.  That is a record, according to
Dealogic, and indicates AIG is determined to raise as much money
as possible.  Agricultural Bank of China had 10 bookrunners for
its offering.

According to the Journal, the bookrunners on AIA's IPO are:
Barclays Capital, the investment-banking arm of Barclays PLC; J.P.
Morgan Chase & Co.; Malaysian financial-services firm CIMB Group
Holdings Bhd.; Citigroup Inc.; Goldman Sachs Group Inc.; Morgan
Stanley; Deutsche Bank AG; Bank of America Corp.'s Bank of America
Merrill Lynch; Credit Suisse Group; UBS AG; and the investment-
banking arm of ICBC, ICBC International Holdings Ltd. Bookrunners
help banks in charge of the sale, known as global coordinators, to
sell the shares to investors.

Citigroup, Goldman, Morgan Stanley and Deutsche Bank are the
global coordinators, people familiar with the matter previously
said, according to the Journal.

                             About AIG

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

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

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


ANDREW YOUNG: Has Exclusive Right to File Plan Until January 19
---------------------------------------------------------------
The Hon. Eugene R. Wedoff of the U.S. Bankruptcy Court for the
Northern District of Illinois extended Andrew L. Young's exclusive
period to file a proposed Chapter 11 Plan until January 19, 2011.

Wadsworth, Illinois-based Andrew L. Young filed for Chapter 11
bankruptcy protection on November 23, 2009 (Bankr. N.D. Ill. Case
No. 09-44322).  Gregory K. Stern, Esq., at Gregory K. Stern, P.C.,
assists the Company in its restructuring effort.  The Company
estimated assets at $10 million to $50 million in assets and
liabilities at $1 million to $10 million in its Chapter 11
petition.


ARMTEC HOLDINGS: DBRS Puts 'BB' Rating on Senior Unsecured Notes
----------------------------------------------------------------
DBRS has assigned a BB rating with a Stable trend to the Senior
Unsecured Notes (Notes) issued by Armtec Holdings Limited (Armtec
or the Company).  The $150 million 8.875% Notes mature in 2017,
will be direct senior unsecured obligations of Armtec, and will
rank pari passu with all of the Company's other present and future
senior unsecured indebtedness.


ARYX THERAPEUTICS: Posts $3.6 Million Net Loss in June 30 Quarter
-----------------------------------------------------------------
ARYx Therapeutics, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $3.6 million for the three months ended
June 30, 2010, compared with a net loss of $9.4 million for the
same period of 2009.

As of June 30, 2010, the Company had an accumulated deficit of
$197.1 million.  The Company has generated no revenue from product
sales to date, and it has funded operations principally from the
sale of its convertible preferred and common stock and payments
received under its collaboration agreements.

The Company does not anticipate that its cash on hand as of
June 30, 2010 will be sufficient to fund its operations for the
following twelve months.

The Company has no products that have received regulatory
approval.

The Company's balance sheet as of June 30, 2010, showed
$5.0 million in total assets, $10.9 million in total liabilities,
and a stockholders' deficit of $5.9 million.

As reported in the Troubled Company Reporter on April 9, 2010,
Ernst & Young LLP, in Palo Alto, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern
in its report on the Company's 2009 financial statements.  The
independent auditors noted of the Company's recurring losses
from operations and stockholders' deficit.

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

               http://researcharchives.com/t/s?6b69

Fremont, Calif.-based ARYx Therapeutics, Inc. (NASDAQ: ARYX)
-- http://www.aryx.com/-- is a biopharmaceutical company focused
on developing a portfolio of internally discovered products
designed to eliminate known safety issues associated with well-
established, commercially successful drugs.  ARYx uses its
RetroMetabolic Drug Design technology to design structurally
unique molecules that retain the efficacy of these original drugs
but are metabolized through a potentially safer pathway to avoid
specific adverse side effects associated with these compounds.
ARYx currently has four products in clinical development: a
prokinetic agent for the treatment of various gastrointestinal
disorders, naronapride (ATI-7505); an oral anticoagulant agent for
patients at risk for the formation of dangerous blood clots,
tecarfarin (ATI-5923); an oral anti-arrhythmic agent for the
treatment of atrial fibrillation, budiodarone (ATI-2042); and, an
agent for the treatment of schizophrenia and other psychiatric
disorders, ATI-9242.


BEVERAGES & MORE: Moody's Assigns 'Caa1' Rating on $125 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Beverages &
More, Inc.'s $125 million senior secured notes due 2014.
Concurrently, Moody's upgraded the company's existing ratings,
including its Corporate Family and Probability of Default ratings
to Caa1.  The ratings outlook was raised to positive from stable.

Proceeds from the new notes will be used to redeem all of BevMo's
existing $100 million senior secured notes and a portion of the
notes issued by its parent, BevMo Intermediate Holdings, repay a
portion of its existing revolving credit facility, and pay related
fees and expenses.

This rating was assigned:

  -- $125 million senior secured notes due 2014 at Caa1 (LGD
     4,51%).

These ratings were upgraded:

  -- Corporate Family rating to Caa1 from Caa2;
  -- Probability of Default rating to Caa1 from Caa2;

This rating was upgraded and will be withdrawn upon completion of
the proposed refinancing transaction:

  -- $100 million senior secured notes due 2012 to Caa1 (LGD 3,
     47%) from Caa2 (LGD 4, 52%).

                        Ratings Rationale

The ratings upgrade and positive outlook reflect Moody's
expectation for sustained improvement in operating performance and
credit metrics despite the continued challenging economic
environment.  While comparable store sales remain modestly
negative, profitability has improved due to higher product margins
and improved marketing, merchandising and inventory planning
systems.  Further, BevMo's near term liquidity is expected to
remain adequate, supported by modest free cash flow generation and
excess revolver availability.  The refinancing of BevMo's notes,
as well as the notes issued by Intermediate Holdings (not rated by
Moody's) is an important step in extending the company's maturity
profile.

Sustained increases in comparable store sales, improved operating
margins and positive free cash flow, and material de-leveraging
would lead to a ratings upgrade.  Specific metrics include
Debt/EBITDA sustained below 7.0x or EBITA/Interest sustained above
1.0x.  Downward pressure on the rating could occur if operating
performance were to fall below current expectations and liquidity
is weakened.

The last rating action on BevMo was on May 15, 2009, when Moody's
downgraded the company's Corporate Family Rating to Caa2 from
Caa1, with a stable outlook.

Beverages & More Inc. is an alcoholic beverage superstore-format
retailer.  The company operated 104 superstores, 48 in Northern
California, 46 in Southern California and 10 in Arizona as of
July 17, 2010.  Latest twelve month revenue was about
$577 million.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


BIOFUEL ENERGY: May File for Bankruptcy If Loans Not Extended
-------------------------------------------------------------
BioFuel Energy Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of $12.0 million on $96.4 million of revenue
for the three months ended June 30, 2010, compared with a net loss
of $9.9 million on $106.5 million of revenue for the same period
of 2009.

At the margins the Company experienced during the three and six
months ended June 30, 2010, the Company says it will not be able
to generate sufficient cash flow from operations to both service
its debt and operate its plants.  In the event crush spreads
narrow further, or remain at current levels for an extended period
of time, the Company may choose to curtail operations at its
plants or cease operations altogether.  In addition, the Company
has fully utilized its debt service reserve availability under its
Senior Credit facility, and may expend all of its other available
sources of liquidity, in which event it would not be able to pay
principal or interest on its debt, which would lead to an event of
default under its bank agreements and, in the absence of
forbearance, debt service abeyance or other accommodations from
its lenders, require it to seek relief through a filing under the
U.S. Bankruptcy Code.

As of June 30, 2010, the Company has $29.8 million of long-term
debt due within the next year, including $16.4 million of
outstanding working capital loans which mature in September 2010.

The Company's balance sheet as of June 30, 2010, showed
$327.0 million in total assets, $270.5 million in total
liabilities, and stockholders' equity of $56.5 million, which
includes $649,000 of non controlling interest.

As reported in the Troubled Company Reporter on March 31, 2010,
Grant Thornton LLP, in Denver, expressed substantial doubt about
the Company's ability to continue as a going concern, following
its 2009 results.  The independent auditors noted that the Company
has experienced declining liquidity and has $16.5 million of
outstanding working capital loans that mature in September 2010.

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

                  http://researcharchives.com/t/s?6b68

                       About Biofuel Energy

Denver, Colo.-based BioFuel Energy Corp. (Nasdaq: BIOF)
-- http://www.bfenergy.com/-- currently has two 115 million
gallons per year ethanol plants in the Midwestern corn belt.  The
Company's goal is to become a leading ethanol producer in the
United States by acquiring, developing, owning and operating
ethanol production facilities.


BLOCKBUSTER INC: Bankruptcy Petition Expected This Week
-------------------------------------------------------
The Wall Street Journal's Mike Spector reports that Blockbuster
Inc. is in the final stages of preparing a long-awaited bankruptcy
filing.  People familiar with the matter told the Journal that
Blockbuster, struggling amid more than $900 million in debt, could
file for Chapter 11 bankruptcy protection in the next few days.
The filing could come as soon as Wednesday, they said, and is
likely to come by Friday or sometime next week.

Sources told the Journal that Blockbuster's restructuring plans
are nearly finished, but creditors were still haggling over a few
small issues.  The company's advisers and creditors were working
late into Tuesday night on Blockbuster's bankruptcy plans, they
said.

According to the Journal, under the plan, the company wouldn't
close its doors, but rather would retreat to a select number of
locations while focusing more on digital distribution.
Blockbuster recently outlined plans to shutter nearly 1,000
stores, and more closures are on deck.  Somewhere between 500 and
800 additional stores could close under Blockbuster's current
bankruptcy plan, said the people familiar with the matter.

A company spokeswoman wasn't immediately available for comment.

In a deal backed by Blockbuster's senior creditors, according to
the Journal, the company plans to wipe its balance sheet clean of
debt, the people said.  Senior bondholders owed about $630 million
would convert all that debt into ownership stakes in a
restructured Blockbuster, they said.  Lower-ranking bondholders
owed about $300 million would be wiped out.

One of the sources told the Journal, corporate raider Carl Icahn
holds about a third of Blockbuster's senior debt and has led the
charge to make the company debt-free.  Mr. Icahn will return to
Blockbuster's boardroom once the company exits bankruptcy, either
with his own seat or one held by a director of his choosing, they
said.

A waiver on Blockbuster's senior debt expires Sept. 30.  When
entering bankruptcy, senior bondholders plan to provide
Blockbuster with a roughly $125 million bankruptcy loan to keep
the company operating while under court protection, the people
said, according to the Journal.

Some of the unused funds from that loan would remain on
Blockbuster's balance sheet when it exits bankruptcy, they said.
The company plans to raise about $50 million in new debt at that
time, the people said.

The Journal also reports Mr. Icahn plans to push Blockbuster to
ramp up digital distribution, an area where it has lagged. He
didn't immediately return a call seeking comment.

The sources said Mr. Icahn was feuding with other creditors late
Tuesday over small details of Blockbuster's restructuring, though
he supported its major components.  The details of the infighting
among creditors couldn't be determined, the Journal says.

                      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.


BROADSTRIPE LLC: Judge Sontchi Narrows James Cable's Claims
-----------------------------------------------------------
WestLaw reports that statements made by a Delaware state court, in
a preliminary posture when ruling on a motion to expedite
proceedings, whether a prospective seller had sufficiently
articulated a threat of irreparable injury based on the buyer's
alleged anticipatory repudiation of their contract to justify an
expedited hearing were not law of the case.  They did not bar the
seller, on law of the case grounds, from thereafter asserting an
anticipatory repudiation claim when the state court lawsuit was
removed to bankruptcy court based on the buyer's Chapter 11
filing.  In re Broadstripe, LLC, --- B.R. ----, 2010 WL 3448552
(Bankr. D. Del.) (Sontchi, J.).

A copy of the Honorable Christopher S. Sontchi's Opinion dated
Sept. 1, 2010, which serves to narrow claims asserted by James
Cable, LLC, against the Debtors' estates, is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100901600

Headquartered in Chesterfield, Missouri, Broadstripe LLC --
http://www.broadstripe.com/-- provides videos and telephone
services to consumers and business in Maryland, Michigan,
Washington and Oregon.  The Company and five of its affiliates
filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-10006)
on Jan. 2, 2009.  Attorneys at Ashby & Geddes, and Gardere
Wynne Sewell LLP represent the Debtors in their restructuring
efforts.  The Debtors tapped FTI Consulting Inc. as their
restructuring consultant, and Epiq Bankruptcy Consultants LLC as
their claims agent.  In its petition, Broadstripe estimated assets
and debts between $100 million and $500 million.

Broadstripe has been in Chapter 11 more than 18 months thus any
creditor can file a plan.


CANON COMMUNICATIONS: UBM Deal Cues Moody's to Withdraw Ratings
---------------------------------------------------------------
Moody's Investors Service said Canon Communications, LLC's
acquisition by United Business Media will likely result in the
withdrawal of Moody's ratings on Canon upon closing.  If the
transaction closes as expected, a change in control would occur
and all of Canon's existing debt would be repaid.  Upon repayment
of all rated debt, Moody's would withdraw its ratings on Canon
shortly thereafter.

Current ratings (Loss Given Default Assessments):

* Corporate Family Rating -- Caa1

* Probability of Default Rating -- Caa1

* Senior secured first lien revolving credit facility -- B3 (LGD3,
  36%)

* Senior secured first lien term loan -- B3 (LGD3, 36%)

Moody's does not rate Canon's senior secured second lien term
loan.

The last recent rating action on Canon occurred on March 31, 2009,
when Moody's downgraded the Corporate Family Rating to Caa1 from
B3 and changed the outlook to negative.

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

Headquartered in Los Angeles, California, Canon Communications is
a producer of print productions, trade shows and digital media for
the medical device manufacturing and other niche markets.  The
company reported revenue of $78 million in its fiscal year ended
September 30, 2009.


CCO HOLDINGS: Moody's Assigns 'B2' Ratings on $750 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service assigned B2 ratings to the proposed
$750 million issuance of new senior unsecured notes by CCO
Holdings, LLC, an indirect intermediate holding company of Charter
Communications, Inc., and Ba3 (Corporate Family Rating)-rated CCH
II, LLC.  Moody's also raised its ratings for the senior secured
first lien bank debt of subsidiary Charter Communications
Operating, LLC, to Ba1 (LGD2-24%) from Ba2 (LGD2-28%).  All other
ratings were affirmed and LGD point estimates have been revised to
reflect the proforma capital structure assuming successful
completion of the pending transactions, as expected.  The rating
outlook remains stable.

This summary lists Moody's current ratings and the actions for
Charter's rated subsidiaries:

Issuer: CCH II, LLC (CCH II)

  -- Corporate Family Rating, affirmed Ba3

  -- Probability of Default Rating, affirmed Ba3

  -- Speculative Grade Liquidity Rating, SGL-1

  -- $1,766 Million (fully outstanding) of 13.500% Senior
     Unsecured Notes due 2016, affirmed B2 (LGD6-93%)

Issuer: CCO Holdings, LLC (CCO Holdings)

  -- $750 Million of New Senior Unsecured Notes due 2017, assigned
     B2 (LGD5-83%)

  -- $900 Million (fully outstanding) of 7.875% Senior Unsecured
     Notes due 2018, affirmed B2 (to LGD5-83% from LGD5-85%)

  -- $700 Million (fully outstanding) of 8.125% Senior Unsecured
     Notes due 2020, affirmed B2 (to LGD5-83% from LGD5-85%)

  -- $350 Million (fully outstanding) Senior Secured 1st Lien (but
     CCO stock only; hence, effectively 3rd Lien) Term Loan due
     2014, affirmed B1 (to LGD5-73% from LGD5-78%)

Issuer: Charter Communications Operating, LLC (CCO)

  -- $1,100 Million (fully outstanding) of 8.000% Senior Secured
     2nd Lien (CCO assets) Notes due 2012, affirmed B1 (to LGD4-
     63% from LGD4-69%)

  -- $546 Million (fully outstanding) of 10.875% Senior Secured
     2nd Lien (CCO assets) Notes due 2014, affirmed B1 (to LGD4-
     63% from LGD4-69%)

  -- $1,300 Million (approximately $301 Million proforma drawn for
     all pending transactions) Senior Secured 1st Lien (CCO
     assets) Revolving Credit Facility due 2015 (Dec. 2013 if CCO
     still has more than $1 billion of debt maturing between Jan.
     and Apr. 2014), upgraded to Ba1 (LGD2-24%) from Ba2 (LGD2-
     28%)

  -- $199 Million (fully outstanding) Senior Secured 1st Lien (CCO
     assets) Non-Revolving Credit Facility due 2013, upgraded to
     Ba1 (LGD2-24%) from Ba2 (LGD2-28%)

  -- $3,001 Million (fully outstanding) Senior Secured 1st Lien
     (CCO assets) Term Loan C due 2016, upgraded to Ba1 (LGD2-
     24%) from Ba2 (LGD2-28%)

  -- $3,337 Million (approximately $2,587 Million proforma
     outstanding for all pending outstanding) Senior Secured 1st
     Lien (CCO assets) Term Loan B-1 due 2014, upgraded to Ba1
      (LGD2-24%) from Ba2 (LGD2-28%)

  -- $489 Million (approximately $413 Million proforma outstanding
     for all pending transactions) Senior Secured 1st Lien (CCO
     assets) Term Loan B-2 due 2014, upgraded to Ba1 (LGD2-24%)
     from Ba2 (LGD2-28%)

                        Ratings Rationale

Proceeds from the new bond offering will be used to repay an
approximately equivalent amount of CCO term debt (Term Loan B-1),
plus associated transaction fees.  "The overall credit impact is
largely neutral" according to Russell Solomon, Moody's Senior Vice
President and lead analyst for the company.  "However, there is
modest ongoing benefit afforded by further extension of debt
maturities and the re-balancing of capital that is occurring
between the main operating and holding companies on a post-
bankruptcy emergence basis, a trend which Moody's expect to
continue and which in turn is now of a sufficient level to warrant
the upgrade of the company's senior-most debt."

The B2 ratings for the new CCO Holdings notes reflect their
structural subordination to the (reduced, but still) sizeable
amount of debt claims residing at CCO.  The upgrade of the
approximate $7.6 billion of rated proforma CCO first lien debt
(approximately $6.6 billion proforma drawn amount) to Ba1 from Ba2
reflects application of Moody's Loss Given Default Methodology,
specifically incorporating the anticipated like-amount pay-down of
CCO's Term Loan B-1 in short order following completion and with
net proceeds of the new CCO Holdings bond offering.  The net
effect of these changes in capital mix for the consolidated
company is a smaller amount of the (upgraded) structurally and
effectively senior secured debt of CCO and a larger amount of
junior-ranking debt at intermediate holding company CCO Holdings,
thereby affording more debt cushion for first lien secured
creditors of the main operating company.

The Ba3 CFR continues to broadly reflect the company's moderately
high financial risk, as evidenced by debt-to-EBITDA leverage of
approximately 5.1x albeit declining, and a highly competitive
operating environment.  The rating is supported, however, by the
company's large size, expectations of continued operational
improvements and meaningful perceived underlying asset value
associated with its sizeable but shrinking subscriber base of
approximately 4.7 million basic video customers.

The SGL-1 rating reflects Moody's expectation that Charter will
maintain a robust liquidity profile over the next twelve months.
The company's liquidity position is characterized as "very good"
given its balance sheet cash (albeit now more modest $67 million
at June 30, 2010) and projected annual free cash flow of at least
$600 million (and growing) for 2010.  Charter has access to a
$1.3 billion revolving credit facility with an undrawn capacity of
approximately $800 million at June 30, 2010.  Charter's short-term
liquidity profile also benefits from the absence of material debt
maturities until 2012.  Remaining debt maturities in 2010 and 2011
include only modest requisite annual term loan amortization
payments of around $62 million, which Moody's expect will easily
be paid with cash-on-hand and/or revolver capacity.  Based on
Moody's projections, Moody's anticipate Charter will remain in
compliance with financial covenants over the next twelve months
with sufficient EBITDA headroom.

The last rating action was on April 14, 2010, when Moody's
assigned a B2 rating to CCO Holdings' proposed senior unsecured
bond offering and affirmed Charter's Ba3 CFR and Ba3 PDR, among
other rating actions.

Charter Communications, Inc., is one of the largest domestic cable
multiple system operators serving approximately 4.7 million basic
subscribers (5.3 million customers) and generating annual revenues
approximating $7 billion.  The company maintains its headquarters
in St. Louis, Missouri.


CELL THERAPEUTICS: Wins OK to Issue More Shares to Raise Cash
-------------------------------------------------------------
At the annual meeting of shareholders of Cell Therapeutics Inc.
held on Sept. 16, 2010, shareholders elected John H. Bauer and
Phillip M. Nudelman, M.D. to serve on the Company's Board of
Directors until the Company's 2013 Annual Meeting.

Shareholders also approved the proposals to:

   i) amend the Company's amended and restated articles of
      incorporation to increase the total number of authorized
      shares and authorized shares of common stock and

  ii) amend the Company's 2007 Equity Incentive Plan, as amended,
      to increase the number of shares available for issuance
      under the Plan.

Shareholders ratified the selection of Stonefield Josephson, Inc.
as the Company's independent auditors for the year ending Dec. 31,
2010.

The Company is increasing authorized the shares of common and
preferred stock from 810,000,000 to 1,210,000,000 shares.  If the
shareholders do not approve this proposal, then the Company said
it will not be able to issue shares of common stock or securities
convertible for shares of its common stock, and thus, may not be
able to raise additional capital.

If the shareholders approve this proposal, the Company said its
Board of Directors would have the option to issue such shares
depending on its financial needs and the market opportunities if
deemed to be in the best interest of shareholders.  However,
additional funding may not be available on favorable terms or at
all.  If additional funds are raised by issuing equity securities,
substantial dilution to existing shareholders may result.

                       Going Concern Doubt

San Francisco-based Stonefield Josephson, Inc., has included an
explanatory paragraph in their report on Cell Therapeutics, Inc.'s
December 31, 2009, 2008 and 2007 consolidated financial statements
regarding their substantial doubt as to the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has sustained loss from operations over the audit
periods, incurred an accumulated deficit, and has substantial
monetary liabilities in excess of monetary assets as of
December 31, 2009.

                        Bankruptcy Warning

In its Form 10-Q report for the period ended June 30, 2010, the
Company said it does not expect that existing cash and cash
equivalents, including the cash received from the issuance of its
Series 6 preferred stock and warrants, will be sufficient to fund
presently anticipated operations beyond the fourth quarter of
2010.

The Company has commenced cost saving initiatives to reduce
operating expenses, including the reduction of employees related
to planned commercial pixantrone operations and continues to seek
additional areas for cost reductions.  However, the Company said
it will need to raise additional funds and is currently exploring
alternative sources of equity or debt financing.  The Company said
it may seek to raise such capital through public or private equity
financings, partnerships, joint ventures, disposition of assets,
debt financings or restructurings, bank borrowings or other
sources of financing.

The Company called an annual meeting of shareholders to ask
shareholders to approve proposals, including a proposal to
increase authorized shares of common and preferred stock from
810,000,000 to 1,210,000,000 shares, in order to raise capital.

"If we fail to obtain additional capital when needed, we may be
required to delay, scale back, or eliminate some or all of our
research and development programs and may be forced to cease
operations, liquidate our assets and possibly seek bankruptcy
protection," the Company said.


CELLU TISSUE: Clearwater Deal Cues Moody's to Withdraw Ratings
--------------------------------------------------------------
Moody's Investors Service said Cellu Tissue Holdings, Inc.'s
acquisition by Clearwater Paper Corporation will likely result in
the withdrawal of all Moody's ratings on Cellu Tissue upon
closing.  In connection with the transaction, Cellu Tissue or
Clearwater intend to tender for or defease Cellu Tissue's
outstanding 11.5% Senior Notes due 2014.  If the transaction
closes as expected, Moody's would withdraw all its ratings on
Cellu Tissue shortly thereafter.

Existing ratings:

* Corporate Family Rating -- B1
* Probability of Default Rating -- B1
* $255 million senior secured notes due 2014 -- B1 (LGD4, 55%)
* Speculative Grade Liquidity Rating -- SGL-3

The last recent rating action on Cellu Tissue occurred on
January 7, 2010, when Moody's upgraded the Corporate Family Rating
to B1 from B2.

Cellu Tissue is a manufacturer of converted tissue products,
tissue hard rolls and machine-glazed paper used in the manufacture
of various end products, including facial and bath tissue,
assorted paper towels and food wraps.  Headquartered in
Alpharetta, Georgia, Cellu Tissue reported sales of approximately
$525 million in the twelve months ended May 29, 2010.


CHANA TAUB: Husband's Involuntary Chapter 7 Case Dismissed
----------------------------------------------------------
WestLaw reports that a bona fide dispute existed in an involuntary
Chapter 7 case as to the alleged debtor's liability to his
estranged wife, who thus was not eligible to be a petitioning
creditor.  The wife lacked standing to assert claims based upon
the rents allegedly diverted by the alleged debtor from real
property titled in her name or any other claims that were the
property of her own bankruptcy estate.  Instead, only the Chapter
11 trustee in the wife's bankruptcy case could assert those
claims.  In addition, the alleged debtor asserted colorable
defenses to the wife's claim to the extent that it was based on
purported support arrears, including that he had paid a
substantial portion of the support payments called for by state-
court orders, and that he had rights to set-off and reimbursement
for expenses paid on the wife's behalf and for rents collected by
her.  In re Taub, --- B.R. ----, 2010 WL 3504097 (Bankr. E.D.N.Y.)
(Craig, J.).

The gory details about Ms. Taub and two friends filing an
involuntary Chapter 7 petition (Bankr. E.D.N.Y. Case No. 10-48155)
and other seemingly endless litigation against her estranged
husband are outlined by the Honorable Carla E. Craig in her
Decision dated Sept. 7, 2010, which is available at:

http://www.leagle.com/unsecure/page.htm?shortname=inbco20100907660

The Troubled Company Reporter detailed Judge Stong's five
significant attempts to move Ms. Taub's contentious bankruptcy
case along on April 30, 2010, Sept. 28, 2009, Oct. 5, 2009,
Oct. 15, 2009, and Jan. 11, 2010.

Chana Taub filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
08-44210) on July 1, 2008, and is represented by Dennis W. Houdek,
Esq., in Manhattan.


CINCINNATI BELL: Fitch Issues Recovery Rating Review
----------------------------------------------------
Fitch Ratings has issued its Recovery Rating review of the U.S. &
Canada Telecommunications and Cable sector.  This review includes
an analysis of valuation multiples, EBITDA discounts applied and
detailed recovery worksheets for issuers with a Fitch Issuer
Default Rating of 'B+' or lower in this sector.  The issuers
included in this report are:

  -- Cincinnati Bell, Inc.
  -- Level 3 Communications, Inc.
  -- Mediacom Communications Corp.

Recovery analysis is considered for all companies, but notching of
those with IDRs above 'B+' will continue to be heavily influenced
by broader historical recovery patterns.  For companies with an
IDR of 'B+' or below, explicit Recovery Ratings are assigned.


CIT GROUP: Will Redeem Outstanding 2013 and 2014 2nd Lien Notes
---------------------------------------------------------------
CIT Group Inc. will redeem all of its outstanding 10.25% Series B
second lien Notes maturing in 2013 and 2014.  The Company has
provided a redemption notice to the trustee and intends to
complete the redemption on October 21, 2010.

"We continue to improve our cost of capital by reducing our
existing high cost debt through repayment or refinancing with
lower cost funding as we provide much needed financing to small
businesses and middle market companies," according to the
Company's statement.

The aggregate principal amount of the 10.25% Series B Notes to be
redeemed is approximately $537 million. As provided under the
terms of the Series B Notes, the redemption price will be 103.5%
of the aggregate principal amount redeemed. After this redemption,
approximately $1.6 billion of Series B Notes maturing in 2015,
2016 and 2017 will remain outstanding.

Earlier this year, the Company repaid $4.5 billion, or 60%, of its
first lien debt and successfully refinanced the balance at a lower
cost and with more flexible terms.

"We continue to improve our cost of capital by reducing our
existing high cost debt through repayment or refinancing with
lower cost funding as we provide much needed financing to small
businesses and middle market companies," said John A. Thain,
Chairman and Chief Executive Officer.

                             About CIT

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

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

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

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

                          *     *    *

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

The TCR on August 4, 2010, reported that DBRS affirmed those
ratings.  DBRS expects CIT should continue to make progress in
improving and diversifying its funding profile, while restoring
underlying profitability.

On May 25, the TCR also reported that Moody's Investors Service
assigned a B3 corporate family rating to CIT Group Inc.  The TCR
said May 3, 2010, Standard & Poor's Ratings Services assigned its
'B+/B' counterparty credit rating to CIT.


CONTINENTAL AIRLINES: Stockholders Approve Merger With UAL Corp
---------------------------------------------------------------
Continental Airlines' stockholders voted overwhelmingly to approve
the merger of a wholly-owned subsidiary of UAL Corporation with
and into Continental at a special meeting held today in Houston,
Texas.  UAL Corporation's primary subsidiary is United Airlines.
More than 98 percent of the votes cast and 75 percent of shares
outstanding were voted in favor of the transaction.

"We are grateful for our stockholders' strong vote of confidence
in this merger," said Jeff Smisek, Continental's chairman,
president and chief executive officer.  "In approving the
transaction, our stockholders recognized the value of bringing
together Continental and United to create a platform for increased
profitability and sustainable long-term value."

Stockholders of UAL Corporation also voted to approve the merger
today at a meeting held in Chicago, Illinois.

Continental and United announced an all-stock merger of equals
on May 3, 2010.  The companies have received clearance on the
proposed merger from the United States Department of Justice and
the European Commission.  The merger is currently expected to
close by Oct. 1, 2010.

                    About Continental Airlines

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

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

In August 2010, Moody's Investors Service affirmed its 'B2'
corporate family, with negative outlook, for Continental Airlines.
Moody's said the affirmation, among other things, signifies the
potential for it to maintain the B2 rating if the proposed merger
with UAL (B3 corporate family from Moody's, on review for upgrade)
is completed under terms that enable the combined entity to
achieve the potential revenue and cost synergies that have been
identified.  However, the outlook remains negative because of the
industry's weak track record in successfully executing large
business combinations.

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


CONVERSION SERVICES: Posts $64,200 Net Loss in June 30 Quarter
--------------------------------------------------------------
Conversion Services International, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $64,240 on
$4.6 million of revenue for the three months ended June 30, 2010,
compared with a net loss of $147,465 on $5.9 million of revenue
for the same period last year.

The Company had an accumulated deficit of $72.1 million at
June 30, 2010.   As of June 30, 2010, the Company had a cash
balance of $7,792, compared to $96,957 at December 31, 2009, and a
working capital deficiency of $904,514.

The Company was not in compliance with the minimum working capital
covenant under its revolving line of credit with Access Capital as
of June 30, 2008, and remains in default as of June 30, 2010, and,
therefore, the amounts outstanding under the revolving line of
credit are callable.

The Company's balance sheet as of June 30, 2010, showed
$3.2 million in total assets, $4.5 million in total liabilities,
$1.7 million in convertible preferred stock, and a stockholders'
deficit of $3.0 million.

As reported in the Troubled Company Reporter on March 30, 2010,
Frieman LLP, in East Hanover, N.J., expressed substantial doubt
about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company has incurred recurring operating losses, negative cash
flows, is not in compliance with a covenant associated with its
Line of Credit and has significant future cash flow commitments.

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

                  http://researcharchives.com/t/s?6b5b

                    About Conversion Services

East Hanover, N.J.-based Conversion Services International, Inc.,
provides professional services to the Global 2000, as well as mid-
market clientele relating to strategic consulting, business
intelligence/data warehousing and data management and, through
strategic partners, the sale of software.  The Company's services
based clients are primarily in the financial services,
pharmaceutical, healthcare and telecommunications industries,
although it has clients in other industries as well.  The
Company's clients are primarily located in the northeastern United
States.


CROSSTOWN STOR-N-MORE: Files Schedules of Assets and Liabilities
----------------------------------------------------------------
Crosstown Stor-N-More Self Storage, LLC, filed with the U.S.
Bankruptcy Court for the Middle District of Florida its schedules
of assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $10,000,000
  B. Personal Property              $424,794
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $8,456,940
  E. Creditors Holding
     Unsecured Priority
     Claims                                               $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $3,150,123
                                 -----------      -----------
        TOTAL                    $10,424,794      $11,607,063

Bradenton, Florida-based Crosstown Stor-N-More Self Storage, LLC's
business consists of a self storage facility, an executive office
center, and a car wash in Tampa, Florida.  Crosstown Stor-N-More
filed for Chapter 11 protection on August 20, 2010 (Bankr. M.D.
Fla. Case No. 10-20055).  Alberto F. Gomez, Jr., Esq., at Morse &
Gomez, PA, assists the Debtor in its restructuring effort.


CUSTOM CABLE: Wins Fight to Stay Under Bankruptcy Protection
------------------------------------------------------------
Custom Cable Industries Inc. won its fight to stay in bankruptcy
despite claims by shareholders that the company's Chapter 11
filing is part of an "elaborate conspiracy" by ComVest Capital LLC
to take control of the company, Dow Jones' DBR Small Cap reports.

According to Dow Jones, Judge Michael G. Williamson of the U.S.
Bankruptcy Court in Tampa, Fla., signed an order denying a request
by shareholders of Custom Cable's parent to dismiss the bankruptcy
case.  The report relates Judge Williamson issued the decision
after Custom Cable said in court papers that allegations that its
July 30 bankruptcy filing was "not done in good faith, but rather
as part of an elaborate conspiracy orchestrated by ComVest" to
complete a takeover of the company are "wholly without merit."

Custom Cable, Dow Jones relates, said that it filed for bankruptcy
protection because it had lost a contract with a key customer and
was struggling to operate profitably during a major recession.
The company also defaulted on a loan with ComVest and was facing a
foreclosure proceeding filed by the lender, the report relates.

                     About Custom Cable

Founded in 1980, Custom Cable Industries, Inc. --
http://www.customcable.com/-- manufactures and installs audio,
video and fiber-optic cables.

Custom Cable filed for Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Case No. 10-18478) on
July 30, 2010.  Michael P. Horan, Esq., and Stephanie C. Lieb,
Esq., at Trenam Kemker Scharf Barkin Frye, serve as the Debtor's
bankruptcy counsel.  The Debtor estimated $1 million to $10
million in assets and $10 million to $50 million in debts.


DAIS ANALYTIC: Posts $624,700 Net Loss in June 30 Quarter
---------------------------------------------------------
Dais Analytic Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $624,681 on $1.0 million of revenue for
the three months ended June 30, 2010, compared with a net loss of
$344,000 on $528,385 of revenue for the same period of 2009.

As of June 30, 2010, the Company has an accumulated deficit of
$33.3 million and negative working capital of $3.0 million.

The Company's balance sheet as of June 30, 2010, showed
$2.1 million in total assets, $5.2 million in total liabilities,
and a stockholders' deficit of $3.1 million.

As reported in the Troubled Company Reporter on April 7, 2010,
Cross, Fernandez & Riley LLP, in Tampa, Fla., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted that the Company has incurred significant losses
since inception and has a working capital deficit and accumulated
deficit of $2.3 million and $32.2 million at December 31, 2009.

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

               http://researcharchives.com/t/s?6b64

                       About Dais Analytic

Odessa, Fla.-based Dais Analytic Corporation is a nano-structure
polymer technology materials company which has developed and is
commercializing applications using its materials.


E*TRADE FINANCIAL: DBRS Confirms 'B' Issuer & Senior Debt Ratings
-----------------------------------------------------------------
DBRS has confirmed the ratings for E*TRADE Financial Corporation
(E*TRADE, the Company or the Parent) and E*TRADE Bank (the Bank).
DBRS rates E*TRADE's Issuer & Senior Debt at B (high) and the
Bank's Deposits & Senior Debt at BB.  The trend on all ratings
remains Negative, except for the Bank's Short-Term Instruments
rating, which is Stable.

The ratings reflect a distinctive combination of strong positives
and significant negatives that often characterize noninvestment
grade companies.  Positively, E*TRADE's successful, well-
positioned on-line retail financial services franchise has
generated resilient underlying earnings throughout this downturn.
Negatively, the Company still carries a very elevated burden from
its legacy residential real estate portfolios. While these credit
costs are declining with improving delinquency trends and E*TRADE
has strengthened its financial profile, the negative trend
considers the substantial risk posed by its loan portfolios given
the weak recovery in the U.S. economy and still fragile financial
markets.  The two notch differential between the Bank and its
Parent reflects the Parent's more limited financial flexibility
and the potential for regulatory restriction of dividends from
subsidiaries.

An important positive consideration for the ratings is E*TRADE's
success in maintaining momentum in its retail investor franchise,
even in the disrupted environment of the last three years.  DBRS
views positively that the Company continues to invest in its
business, particularly through marketing and improvements in
technology.  Pursuing its focused strategy, E*TRADE is driving
growth by building on its active trader franchise and expanding
its customer relationships with long-term investors, while
increasing the quality of its customer accounts and reducing the
brokerage account attrition rate.  Focusing on its target segments
and benefiting from disruptions at a number of full service
competitors, E*TRADE continues to have success in adding new
brokerage accounts and assets, maintaining daily average revenue
trades (DARTs) at historically high levels and growing higher
yielding margin balances.  E*TRADE also benefits from its well-
positioned stock plan administration business that leverages its
product capabilities and is an important source of new customers.

Another key underpinning of the ratings is the relatively
resilient earnings power generated by E*TRADE's successful direct
brokerage franchise.  Throughout the downturn and disrupted
markets, its brokerage customers have continued to generate
revenues through fees and commissions, as well as supporting net
interest income generation with their deposits and margin
borrowing.  This success in sustaining revenues is evident in the
pace of noninterest income that has begun to see quarterly
increases in recent quarters.  Even with the Company's shedding of
noncore businesses, the Company's capacity to generate underlying
earnings does not appear to be diminished.  Successful expense
control has also made an important contribution to earnings, as
the Company has kept expenses on a downward trend, while still
finding resources to invest in its franchise, particularly though
marketing, improvements in technology and introduction of new
products.

The resiliency of E*TRADE's underlying earnings was evident again
in 2Q10.  Quarterly operating income before provisions and taxes
(IBPT) was $258 million, up from $241 million in 1Q10.  This pace
is comparable to the average IBPT in 2009 of $244 million.  It is
up substantially from the $159 million average in 2008, when
various actions impacted noninterest revenues.  Finally, with
provisions down to $166 million in 2Q10, this pace of underlying
earnings was finally sufficient to generate positive net income of
$35 million, the first quarter of profitability since 2Q07.  This
swing to positive earnings continued an improving trend of
narrowing losses after net losses of $48 million in 1Q10 and $143
million in 2Q09.  DBRS views this improving trend as a positive
development as it increases the Company's ability to generate
capital internally, reduces the potential stress on the Company
and increases the resources available for investment in the
franchise.

Credit quality issues remain E*TRADE's biggest challenge,
especially given the still weak environment.  While E*TRADE had a
positive IBPT cushion for the first time in three years,
provisions continued to absorb a large percentage of IBPT (64% in
2Q10).  Positively, the Company is seeing improvements in loan
performance trends, indicated by declines in at-risk delinquencies
across all loan types and stabilization in other credit metrics.
Through put-backs to loan originators, loan modifications and
substantial reductions in undrawn home equity lines, E*TRADE
successfully reduced its credit exposures since early 2008.
Through loan prepayments, principal reductions and charge-offs, as
well as securitizing and selling loans, E*TRADE has reduced its
net loan portfolios from $30.1 billion in 4Q07 to $17.0 billion in
2Q10, with the quarterly runoff now about $1 billion.

Additions to capital and reduced risk have strengthened E*TRADE's
capitalization, which is reflected in more comfortable cushions
over the minimums to be well-capitalized.  The Tier 1 capital to
risk-weighted assets ratio was 13.4% at June 30, 2010, up from
12.6% a year ago.  Positively, the Bank was a capital generator
for a second consecutive quarter, bringing excess risk-based
capital in the Bank to about $1.0 billion.  E*TRADE's ability to
build capital is being constrained by the Parent's annual interest
payments, even though these were approximately halved after the
debt exchange in 2009.  A large part this expense reflects the
high coupon on the Parent's Springing Lien Notes (SLNs).  Further
progress in reducing this burden and lowering the stress on the
Parent would be viewed positively, provided capital cushions were
maintained.

While DBRS is maintaining a Negative trend, indicating the
continued pressure on earnings and uncertainty of credit costs
given the weak economic recovery and stressed housing markets.
DBRS views positively the continued strength of E*TRADE's online
brokerage franchise, its resilient underlying earnings and
improving trends in credit, combined with its strengthened
financial condition.  If sustained, E*TRADE's return to
profitability bodes well from a ratings perspective.


EDWARD MARANDOLA: Has Until October 28 to File Chapter 11 Plan
--------------------------------------------------------------
The Hon. Arthur N. Votolato of the U.S. Bankruptcy Court for the
District of Rhode Island extended Edward Marandola, Jr.'s
exclusive period to file a Chapter 11 Plan and Disclosure
Statement until October 28, 2010.

Newport, Rhode Island-based Edward Marandola filed for Chapter 11
bankruptcy protection on January 29, 2010 (Bankr. D. R.I. Case No.
10-10343).  The Debtor estimated his assets and debts at
$10 million to $50 million as of the Petition Date.


EIGEN INC: Plan Confirmation Hearing Scheduled for October 13
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on October 20, 2010, at 2:00 p.m. (Eastern
Time), to consider the confirmation of Eigen, Inc.'s Plan of
Liquidation.  Objections, if any, are due on October 13 at
4:00 p.m.

Ballots accepting or rejecting the Plan are due on October 8 at
4:00 p.m.

According to the Disclosure Statement, the Debtor proposed the
Plan, in consultation with the Official Committee of Unsecured
Creditors' and Kazi Management VI, LLC, the purchaser of
substantially all of its assets, that provides for: (i) a timely
distribution of the Debtor's remaining Assets; (ii) the estate and
the Debtor's creditors with the proceeds of the Committee
Settlement; and (iii) unnecessary costs to the Debtor's estate.

Under the Plan, holders of allowed general unsecured claims will
share, on a pro-rata basis, the proceeds of the Committee
Settlement.  The Debtor estimates that holders of unsecured claims
expected to aggregate $1,350,000 will receive an estimated
recovery of 22% on account of their allowed claims.

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

The Debtor is represented by:

     Christopher A. Ward, Esq.
     Justin K. Edelson, Esq.
     Shanti M. Katona, Esq.
     POLSINELLI SHUGHART PC
     222 Delaware Avenue, Suite 1101
     Wilmington, DE 19801
     Tel: (302) 252-0920
     Fax: (302) 252-0921

                         About Eigen, Inc.

Grass Valley, California-based Eigen, Inc., a.k.a. Eigen, LLC,
develops tools for healthcare professionals.  The Company filed
for Chapter 11 bankruptcy protection on March 30, 2010 (Bankr. D.
Del. Case No. 10-11061).  In its schedules, the  Debtor disclosed
$10,065,957 in assets and $22,332,325 in liabilities.


EL PASO: Moody's Assigns 'Ba3' Rating on Senior Unsecured Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to El Paso's
proposed 6.50% senior unsecured notes due 2020.  The outlook is
stable.

Upgrades:

Issuer: El Paso Corporation

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded to
     LGD4, 56% from LGD4, 59%

  -- Senior Unsecured Medium-Term Note Program, Upgraded to LGD4,
     56% from LGD4, 59%

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD4,
     56% from LGD4, 59%

Assignments:

Issuer: El Paso Corporation

  -- Senior Unsecured Regular Bond/Debenture, Assigned 56 - LGD4
     to Ba3

                        Ratings Rationale

These new notes, along with cash, are being offered in exchange
for the company's existing $500 million 12% notes due 2013.  The
exchange offer expires on October 7, 2010, unless extended or
terminated earlier by EP.

"Although this exchange is debt neutral for EP, it offers EP the
opportunity to extend its maturities while reducing its annual
interest expense," said Ken Austin, Moody's Vice President.

El Paso's Ba3 Corporate Family Ratingreflects the company's
combination of a very large and diversified network of natural gas
pipelines tempered by a non-investment grade E&P business, albeit,
an improving one.  The pipelines maintain an investment grade
profile and contribute more than half of EP's consolidated
earnings and cash flows.  However, Moody's notes that given the
number of large scale projects planned for this business and the
capital requirements to complete them, the credit accretion for
this segment will be delayed as leverage for this segment will
rise until the bulk of these projects are completed and start to
contribute earnings and cash flow.

An upgrade would be considered if EP demonstrates continued good
capital productivity from its exploration and production (E&P)
capital spending program going forward.  In addition, EP will need
to maintain good liquidity while undertaking an aggressive
expansion program at its natural gas pipeline segment.

The outlook and ratings could be negatively pressured if the
company's liquidity becomes constrained or if the pipeline
projects become delayed or realize significant cost overruns,
which would delay the associated cash flows to offset the leverage
used to fund those projects.  Negative ratings pressure could also
occur if production from the E&P segment starts to decline
materially, or if costs start to rise, particularly against the
backdrop of weak natural gas prices.

The last rating action for El Paso was on February 4, 2009 when
Moody's rated El Paso's new notes and affirmed its Ba3 Corporate
Family Rating.

Headquartered in Houston, Texas, El Paso Corporation primarily
operates in the natural gas transmission and exploration and
production sectors of the energy industry.


EMPIRE PETROLEUM: Posts $142,000 Net Loss in June 30 Quarter
------------------------------------------------------------
Empire Petroleum Corporation filed its quarterly report on Form
10-Q, reporting a net loss of $141,999 on $0 revenue for the three
months ended June 30, 2010, compared with a net loss of $17,824 on
$5,292 of revenue for the same period last year.

As of June 30, 2010, the Company had $916,410 of cash on hand.
The Company believes that its cash on hand will allow it to
finance its operations for the next twelve months.  In order to
sustain the Company's operations on a long-term basis, the Company
intends to continue to look for merger opportunities and consider
public or private financings.  The Company plans to undertake
further exploration of the Gabbs Valley Prospect in 2010.

The Company's balance sheet as of June 30, 2010, showed
$2.43 million in total assets, $53,986 in total liabilities, and
stockholders equity of $2.38 million.

As reported in the Troubled Company Reporter on April 9, 2010,
HoganTaylor LLP, in Tulsa, Okla., expressed substantial doubt
about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company has been incurring significant losses since inception.

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

                  http://researcharchives.com/t/s?6b6b

                      About Empire Petroleum

Tulsa, Okla.-based Empire Petroleum Corporation engages in the
exploration and development of oil and gas interests in the United
States.  The Company owns a 57% working interest in oil and gas
leases in Nye and Mineral Counties, Nevada (the "Gabbs Valley
Prospect").  On August 4, 2009, the Company purchased, for $25,000
and payment of lease rentals of $4,680, a nine-month option to
purchase 2,630 net acres of oil and gas leases known as the South
Okie Prospect in Natrona County, Wyoming.  The option allowed the
Company to purchase the leasehold interests for $35,000 which has
been exercised in 2010.


ENTREMED INC: Posts $4.9 Million Net Loss in June 30 Quarter
------------------------------------------------------------
EntreMed, Inc., filed its quarterly report on Form 10-Q, reporting
a net loss of $4.94 million for the three months ended June 30,
2010, compared with a net loss of $3.05 million for the same
period last year.  There were no revenues recorded in the three-
month periods ended June 30, 2010, and June 30, 2009.

At June 30, 2010, the Company had cash and short-term investments
of $8.04 million and working capital of $1.47 million.  At
December 31, 2009, the Company had cash and short-term investments
of $6.37 million and a working capital deficit of $1.40 million.

The Company's balance sheet at June 30, 2010, showed $8.34 million
in total assets, $6.73 million in total liabilities, and
stockholder's equity of $1.62 million.

As reported in the Troubled Company Reporter on April 5, 2010,
Ernst & Young LLP, in McLean, Va., expressed substantial doubt
about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted of the
Company's recurring operating losses and negative cash flows from
operations.

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

                  http://researcharchives.com/t/s?6b60

                       About EntreMed, Inc.

Rockville, Md.-based EntreMed, Inc.  Nasdaq: ENMD)
-- http://www.entremed.com/-- is a clinical-stage pharmaceutical
company committed to developing ENMD-2076, a selective angiogenic
kinase inhibitor, for the treatment of cancer.  ENMD-2076 is
currently in a multi-center Phase 2 study in ovarian cancer and in
several Phase 1 studies in solid tumors, multiple myeloma, and
leukemia.


FARMERS' MUTUAL: AM Best Cuts Financial Strength Rating to 'C++'
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to C++
(Marginal) from B- (Fair) and issuer credit rating to "b" from
"bb-" of Farmers' Mutual Insurance Company (MI) (Farmers' Mutual)
(Traverse City, MI).  The outlook for both ratings is negative.

The ratings reflect Farmers' Mutual's continued unfavorable
operating performance trends that have caused surplus losses for
five consecutive years.  In addition, Farmers' Mutual's geographic
concentration of risk within the northern portion of the lower
peninsula of Michigan exposes the company to frequent and severe
weather-related events.

These negative rating factors are partially offset by Farmers'
Mutual's increased premium volume, which has provided it with some
economies of scale.  However, the company's recent surplus losses
and continued unfavorable underwriting performance support the
current rating outlook.


FORD MOTOR CREDIT: DBRS Puts 'BB' Rating on Senior Unsecured Notes
------------------------------------------------------------------
DBRS has assigned a rating of BB to the $1 billion Senior
Unsecured Notes (the Notes) announced yesterday by Ford Motor
Credit Company LLC (Ford Credit or the Company).  The trend on the
rating is Stable.

The Notes have an initial settlement date of September 21, 2010,
with a final maturity date of September 15, 2015.

The Notes have a fixed coupon of 5.625%, and are being priced at
99.466 cents on the dollar.

The Notes rank pari passu with all other senior unsecured
obligations of Ford Credit.

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


FRISIA FARMS: Debtor Can Employ Professional That is a Creditor
---------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Texas holds that a debtor in possession may employ a professional
notwithstanding that the professional is a creditor if the
professional is a creditor "solely because of [its] employment by
or representation of the debtor" prepetition.

On September 17, the Hon. Dennis Michael Lynn denied the United
States Trustee's objection, and authorized the debtors to employ
their accountant without relinquishing its prepetition claims.

The U.S. Trustee filed a limited objection to the Application to
Employ Boucher, Morgan and Young, P.C., Accountants, filed by
Klaas Talsma d/b/a/ Klaas Talsma Dairies d/b/a Frisia Farms;
Frisia Farms, Inc.; and Frisia Hartley, LLC.  BMY is an accounting
firm located in Stephenville, Texas, near Hico.  The firm is one
of only a few accounting firms in the Hico area and specializes in
accounting for the dairy business.  The Debtors seek to employ BMY
to perform routine accounting work, including compiling financial
statements, preparing payroll, and preparing income tax returns.
BMY performed this type of work for the Debtors prior to the
chapter 11 filings.  BMY is thus familiar with the Debtors'
operations, and the Debtors have indicated it would be expensive
and time-consuming to hire another firm to perform their
accounting work.

BMY is one of the 20 largest creditors of both Talsma and Frisia
Farms, and is owed a combined total of $11,700 by the Debtors.
The U.S. Trustee does not argue that BMY's loyalty to the Debtors
or its performance of its duties would be in any way affected by
its status as a creditor.  Because BMY is a prepetition creditor
of the Debtors, however, the U.S. Trustee will only agree to BMY's
employment if BMY waives its prepetition claims.  BMY would thus
become disinterested by definition under section 101(14) of the
Bankruptcy Code and, in the U.S. Trustee's view, be eligible for
employment under section 327(a) of the Code.

The Debtors contend section 1107(b) of the Code allows the debtor
in possession to employ a prepetition creditor despite section
327(a) if the creditor's claim arose as a result of prepetition
professional work for the debtor.

A copy of the Court's decision is available at:


http://www.leagle.com/unsecure/page.htm?shortname=inbco20100917615

The Debtors are three related entities engaged in dairy farming.
Frisia Farms owns the cows that are milked.  Frisia Hartley raises
heifers in Hartley County, Texas.  Talsma cares for and milks the
grown cows in Hico, Texas.

Klaas Talsma filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 10-43790) on June 1, 2010.  Judge D. Michael
Lynn presides over the case.  St. Clair Newbern III, Esq., in Fort
Worth, Texas, serves as the Debtors' counsel.  Klaas Talsma
estimated $1 million to $10 million in assets and debts.  Frisia
Farms, Inc., also filed for bankruptcy (Bankr. N.D. Tex. Case No.
10-43791) on the same day.  Frisia Farms estimated $1 million to
$10 million in assets and $10 million to $50 million in debts.


GEORGE PAGLIARO: Wants Reorganization Case Converted to Chapter 7
-----------------------------------------------------------------
George Rodolfo Pagliaro and Pamela Jean Pagliaro ask the U.S.
Bankruptcy Court for the Central District of California to convert
their Chapter 11 case to one under Chapter 7 of the Bankruptcy
Code.

San Clemente, California-based George Rodolfo Pagliaro and Pamela
Jean Pagliaro, dba Pagliaro Construction Inc., own and operate a
construction company called Pagliaro Constructin, Inc.  The
Company filed for Chapter 11 bankruptcy protection on May 5, 2010
(Bankr. C.D. Calif. Case No. 10-15975).  Vincent Renda, Esq., at
Renda Law Offices PC, assists the Debtors in their restructuring
efforts.  The Debtors estimated their assets and debts at
$10 million to $50 million in their joint petition.


GEMS TV: Sees 100% Recovery for General Unsecured Creditors
-----------------------------------------------------------
Gems TV (USA) Limited sees a 100% recovery for general unsecured
creditors.

Gems TV has completed the court-approved sale of its remaining
non-inventory assets, the Company's financial advisor Focus
Management Group reported.  The buyer, Zalemark Holding Company,
Inc., purchased television studio, warehouse and other equipment
and assets and is planning to broadcast its own shopping channel
from the former Gems TV location.

Focus Management has provided Gems TV with advisory services and
consultation related to winding down the company's operations.
Leading the Focus team overseeing the Gems TV engagement was
Robert Riiska, Managing Director and head of Focus Management
Group's West Coast practice.

"Focus and Gems TV USA's management team worked closely together
on what proved to be a very successful liquidation strategy," Mr.
Riiska said.  "We were able to sell the vast majority of the
jewelry inventory on television and the internet, realizing very
high recoveries compared to other alternatives.  Simultaneously,
we pressed forward with our efforts to sell other assets."

Gems TV USA President Diane Schneiderjohn commented, "Gems TV USA
is very pleased that our overall liquidation strategy developed
with Focus resulted in our meeting the objective of providing a
100% recovery for our general unsecured creditors."

With more than 20 years of turnaround management experience, Mr.
Riiska has performed numerous consulting assignments serving in
interim senior financial management capacities and in diverse
court-appointed roles.  Mr. Riiska's consulting assignments have
included the preparation of budgets used to obtain DIP financing,
due diligence reviews, cash management for companies operating in
Chapter 11, business plan assessments and viability analyses.

Mr. Riiska is based out of Focus Management Group's Los Angeles
office and can be reached at (310) 255-8871 or via e-mail at
r.riiska@focusmg.com

                    About Focus Management Group

Focus Management Group -- http://www.focusmg.com/-- provides
nationwide professional services in turnaround management,
insolvency proceedings, business restructuring and operational
improvement with a senior-level team of 130 professionals.
Headquartered in Tampa, FL, with offices in Atlanta, Chicago,
Cleveland, Columbus, Dallas, Los Angeles and Philadelphia, the
firm provides a full portfolio of services to distressed companies
and their stakeholders, including secured lenders and equity
sponsors.

                           About Gems TV

Reno, Nevada-based Gems TV (USA) Limited, aka Gems TV, is a
television retailer of gemstone jewelry products.  Its parent is
Gems TV Holdings Ltd., which owns and operates jewelry home
shopping TV channels in the U.S., U.K. and Japan.

The Company filed for Chapter 11 bankruptcy protection on April 5,
2010 (Bankr. D. Del. Case No. 10-11158).  Gems TV shut down its
the business before the bankruptcy filing.  Robert S. Brady, Esq.,
and Robert F. Poppiti, Jr., Esq., at Young, Conaway, Stargatt &
Taylor, assist the Company in its restructuring effort.  Focus
Management Group is the Company's financial advisor.  Epiq
Bankruptcy Solutions serves as claims and notice agent.  The
Company estimated assets of $10 million to $50 million and debts
of $100 million to $500 million in its Chapter 11 petition.


GENERAL MOTORS: Contributes $90,500 to Political Campaigns
----------------------------------------------------------
Josh Mitchell, writing for Dow Jones Newswires, reports that
General Motors Co. has begun to once again contribute to political
campaigns, lifting a self-imposed ban on political spending put in
place during its bankruptcy restructuring last year.

According to Dow Jones, GM gave $90,500 to candidates running in
the current election cycle, Federal Election Commission records
show.  Dow Jones reports that the beneficiaries include Midwestern
lawmakers, mostly Democrats, who have traditionally supported the
industry's legislative agenda on Capitol Hill, including Sen.
Debbie Stabenow (D., Mich.), Sen. Sherrod Brown (D., Ohio) and
Rep. John Dingell (D., Mich.).  The list also includes Virginia
Rep. Eric Cantor, the House Republican Whip, who would likely
assume a top leadership post if Republicans win control of the
House in November.

                       About General Motors

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

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

At June 30, 2010, GM had $131.899 billion in total assets,
$101.00 billion in total liabilities, $6.998 billion in preferred
stock, and $23.901 billion in stockholders' equity.

                     About Motors Liquidation

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

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

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


HABERSHAM BANCORP: Posts $2.6 Million Net Loss in June 30 Quarter
-----------------------------------------------------------------
Habersham Bancorp filed its quarterly report on Form 10-Q,
reporting a net loss of $2.6 million on $2.5 million of net
interest income for the three months ended June 30, 2010, compared
with a net loss of $1.6 million on $2.2 million of net interest
income for the same period of 2009.

Hambersham Bank, the Company's banking subsidiary, is currently
operating under heightened regulatory scrutiny and has entered
into a Cease and Desist Order with the Georgia Department of
Banking and Finance.

Under the terms of the Order, the Bank will prepare and submit
written plans and reports to the regulators that address the
following items: maintaining sufficient capital at the Bank;
improving the Bank's liquidity position and funds management
practices; reducing adversely classified items; reviewing and
revising as necessary the Bank's allowance for loan and lease
losses policy; continuing to improve loan underwriting, loan
administration, and portfolio management; reducing concentrations
of credit; and revising and implementing a profitability plan and
comprehensive budget to improve and sustain the Bank's earnings.
While the Order remains in place, the Bank may not pay cash
dividends or bonuses without the prior written consent of the
regulators.

The Bank submitted reports to the DBF and Federal Deposit
Insurance Corporation as required per the Order.  All aspects of
the Order have been adhered to or a plan is in place to reach
compliance in a reasonable time frame.  The Bank has formed a
Liquidity Committee as well as a Capital Sub-Committee that
monitors these aspects of the Order.

The Company's balance sheet as of June 30, 2010, showed
$409.3 million in assets, $397.6 million in total liabilities, and
stockholders' equity of $11.7 million.

As reported in the Troubled Company Reporter on April 5, 2010,
Porter Keadle Moore, LLP, in Atlanta, Ga., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
at Dec. 31, 2009, Habersham Bank's total capital to risk-weighted
assets and Tier I capital to average assets ratios are below the
required levels as established by regulation.  In addition, the
Bank has suffered recurring operating losses.

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

                 http://researcharchives.com/t/s?6b5f

                     About Habersham Bancorp

Cornelia, Ga.-based Habersham Bancorp (OTC BB: HABC.OB) operates
as the bank holding company for Habersham Bank, a full-service
commercial banking business based in Habersham, White, Cherokee,
Warren, Stephens, and Hall Counties, Georgia.


HEALTHSPRING INC: S&P Assigns 'B+' Senior Secured Debt Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
senior secured debt ratings to HealthSpring Inc.'s (B+/Stable/--)
planned $150.0 million New Term Loan A (due 2015) and
$250.0 million Term Loan B (due 2016).

Proceeds from the new term loans will be used to help finance
HealthSpring's $545.0 million acquisition of Bravo Health Inc.
(announced on Aug. 27, 2010), which S&P expects to close in the
fourth quarter of 2010, at the earliest.  HealthSpring's new term
loans will have the same collateral package as its existing
amended credit facilities and similar financial covenants, such as
a maximum debt-to-EBITDA ratio (with an increase over existing
facilities), minimum statutory net worth ratio requirements, and
capital expenditure limitations.

The speculative-grade rating on HealthSpring reflects rating
weaknesses such as its very narrow product scope in Medicare
programs, its limited geographic diversification historically
(which will improve with the Bravo acquisition), a slight capital
deficiency at the regulated subsidiaries (based on Standard &
Poor's capital model), and a large amount of intangibles relative
to equity on the balance sheet.  In addition, S&P believes reduced
government funding of the Medicare Advantage program over the next
10 years will likely hurt HealthSpring's long-term operating
margins.

S&P considers HealthSpring's rating strengths to include its
established market position in Medicare Advantage and Medicare
Part D products; successful, tightly managed coordinated care
model that has controlled medical costs well historically; good
earnings profile based on current and historical operating
margins; above-average operating expense structure; and
conservative, liquid investment portfolio.

The stable outlook on HealthSpring reflects S&P's view that the
company's creditworthiness is unlikely to change materially over
the next 12 months based on S&P's expectations for full-year 2010
and 2011 operating results and credit metrics.  This outlook also
incorporates S&P's assumption that HealthSpring will complete the
Bravo acquisition (by the fourth quarter of 2010, at the earliest)
without any integration or operational issues that weaken the
company's prospective business profile or financial results.

The stable outlook is based on S&P's expectations that over the
next 12 months the company will maintain a return on revenue
higher than 7%, debt to capital below 45%, and EBITDA coverage
above 10x.  Based on S&P's capital model, the company will
continue to hold what S&P view as a deficient level of capital for
the 'BBB' (S&P's lowest confidence level in the model) category,
with most of the deficiency stemming from S&P's double-leverage
adjustment (which has a 20% debt-to-capital threshold).  The
company remains committed to holding a sufficient level of capital
for regulatory purposes (300% of risk-based capital at its
regulated entities).

S&P would consider a one notch downgrade if one or more of the
following events were to occur: (1) if the company were to
experience major integration issues with its Bravo acquisition,
(2) if the company were to experience general business
deterioration or a significant decline in earnings, or (3) if its
key credit metrics were to fall to a level unsupportive of current
ratings.  Conversely, if HealthSpring executes the Bravo
acquisition successfully, the company pays down debt, and S&P's
view on HealthSpring's regulatory capital becomes more favorable,
S&P could consider a one-notch upgrade.

                           Ratings List

                         HealthSpring Inc.

      Counterparty Credit Rating                B+/Stable/--

                           New Ratings

                        HealthSpring Inc.

           $150.0M Term Loan A                       B+
           $250.0M Term Loan B                       B+


HERTZ CORPORATION: DBRS Affirms 'BB' Issuer Rating
--------------------------------------------------
DBRS has commented that the ratings of Hertz Corporation (Hertz or
the Company), including its Issuer Rating of BB, are unaffected by
the Company's announced amended merger agreement with Dollar
Thrifty Automotive Group, Inc. (DTAG).  The trend on all ratings
is positive.

Hertz announced it has amended the merger agreement increasing the
purchase price of DTAG to $1.43 billion, compared to $1.1 billion
originally agreed to in April 2010.  Under the amended agreement,
DBRS estimates that the cash portion of this deal (excluding the
special dividend to be paid by DTAG at closing) will increase to
approximately $1.0 billion.  Given Hertz's available liquidity,
which totaled $1.7 billion at June 30, 2010, the anticipated cash
flows to be generated by the combined entity, earnings up-lift and
the anticipated cost savings resulting from the transaction, DBRS
sees the approximate $300 million increase in the cash portion of
the purchase price as manageable.

Concurrently, to satisfy anticipated regulator concerns Hertz has
announced that it has begun to the process of divesting its
Advantage Rent-a-Car brand.  Given the limited size and scale of
the Advantage brand, DBRS considers the divesture as having no
material impact to the overall solid Hertz franchise.  More
importantly, DBRS sees the benefits gained from the acquisition of
DTAG as significantly outweighing those lost due to the divesture.

Consistent with DBRS's views at the time of the original merger
announcement, DBRS considers that the proposed transaction will be
a long-term positive for Hertz and will further strengthen Hertz's
overall solid franchise.  The proposed acquisition combines two
complementary businesses, Hertz with its strong presence in the
premium and corporate travel segment and DTAG, with its solid
position in the value-oriented leisure travel segment.  DBRS sees
very little overlap in the businesses and, with the successful
completion of the proposed transaction, Hertz will gain immediate
scale in the value-priced customer segment, in which it currently
lacks a significant presence.

Hertz's earnings generation ability will be enhanced, as the
acquisition is expected to be earnings accretive upon closing.
Furthermore, earnings generation capacity will benefit from the
$180 million of cost savings from projected synergies.  DTAG's
corporate obligations will be repaid prior to closing, and Hertz
will assume or refinance DTAG's vehicle related debt, which
totaled $1.4 billion at June 30, 2010.

DBRS notes that, as with any acquisition, there are certain
integration risks involved in this proposed transaction.  However,
given the size of this proposed transaction and the complementary
nature of the businesses, DBRS expects this risk to be well
managed.

The proposed transaction is subject to customary closing
conditions, DTAG shareholder approval and regulatory approvals.
Assuming a successful execution of the proposed transaction, DBRS
will look for realization of the aforementioned benefits and
synergies.  Ratings will benefit from the Company's ability to
realize the benefits of the broadened customer base gained through
this acquisition, while sustaining its strong global brand, and
further strengthening the balance sheet.


HINGHAM MUTUAL: AM Best Raises Financial Strength Rating From 'B'
-----------------------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating (FSR) to
A- (Excellent) from B (Fair) and issuer credit ratings (ICR) to
"a-" from "bb" of Hingham Mutual Fire Insurance Company (Hingham)
and its subsidiary, Danbury Insurance Company (Danbury) (both
domiciled in Hingham, MA).  These ratings have been removed from
under review with positive implications and assigned a stable
outlook.

The rating actions follow the recent policyholder and regulatory
approval of the participation of Hingham and Danbury in the
intercompany pooling agreement of NLC Insurance Companies (NLC).

A.M. Best also has affirmed the FSR of A- (Excellent) and ICRs of
"a-" for the new expanded pool, NLC Insurance Pool (formerly NLC
Insurance Companies), which consists of New London County Mutual
Insurance Company, its subsidiary, Thames Insurance Company, Inc.
(both domiciled in Norwich, CT), Hingham and Danbury.  The outlook
for these ratings is stable.

The affirmations reflect that the addition of Hingham and Danbury
into the intercompany pooling agreement will likely enhance the
presence and distribution capability of NLC throughout its New
England operating territory.  Additionally, NLC's strong
capitalization will provide sufficient time to fully integrate the
new operations without materially impacting the pool's overall
results or financial strength.

A.M. Best also has removed from under review with positive
implications the FSR of B (Fair) and ICR of "bb" and assigned an
NR-5 (Not Formally Followed) to the FSR and an "nr" to the ICR of
The Hingham Group (Hingham, MA).


HOLLIFIELD RANCHES: Asks for OK to Use KeyBank's Cash Collateral
----------------------------------------------------------------
Hollifield Ranches, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Idaho to use the cash
collateral of KeyBank until December 31, 2010.

As of the date of the petition, the Debtor owes KeyBank
$12,629,375.  KeyBank assert an interest in the Debtor's assets,
including its cash.

Brent T. Robinson, Esq., at Robinson Anthon & Tribe, explains that
the Debtor needs to use the cash collateral to fund its Chapter 11
case, pay suppliers and other parties.  The Debtor will use the
collateral pursuant to a budget, a copy of which is available for
free at:

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

It is the intent of the Debtor, prior to the final hearing, to
develop a budget that puts it through April 1, 2011.  It is also
anticipated that before a Plan can be confirmed in this matter,
that the cash collateral will have to be continued into the year
2011.

In exchange for using the cash collateral, the Debtor will grant
KeyBank postpetition lien in the same priority and to the extent
it existed prepetition and also to the extent of the cash
collateral used in all collateral that it had an interest in
prepetition.

Hansen, Idaho-based Hollifield Ranches, Inc., filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Idaho Case
No. 10-41613).  Brent T. Robinson, Esq., in Rupert, Idaho, 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.


HOLLIFIELD RANCHES: Section 341(a) Meeting Scheduled for Oct. 15
----------------------------------------------------------------
The U.S. Trustee for Region 18 will convene a meeting of
Hollifield Ranches, Inc's creditors on October 15, 2010, at
10:00 a.m.  The meeting will be held at 300 N Lincoln, Jerome, ID
83338.

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.

Hansen, Idaho-based Hollifield Ranches, Inc., filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Idaho Case
No. 10-41613).  Brent T. Robinson, Esq., in Rupert, Idaho, 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.


HOLLIFIELD RANCHES: Taps Robinson Anthon as Bankruptcy Counsel
--------------------------------------------------------------
Hollifield Ranches, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Idaho to employ Robinson,
Anthon & Tribe as bankruptcy counsel.

Robinson Anthon will assist the debtor-in-possession in preparing
a disclosure statement and Chapter 11 plan of reorganization and
in all other activities necessary to carry out its duties and
responsibilities as debtor-in-possession in a Chapter 11
bankruptcy case.

The hourly rates of Robinson Anthon's personnel are:

     Brent T. Robinson                          $190
     Kelly Arthur Anthon                        $150

Brent T. Robinson, Esq., and Kelly Arthur Anthon, Esq., partners
in Robinson Anthon, assures the Court that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Hansen, Idaho-based Hollifield Ranches, Inc., filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Idaho Case
No. 10-41613).  The Debtor estimated assets and debts at
$10 million to $50 million as of the Petition Date.


HRAF HOLDINGS: Files List of Four Largest Unsecured Creditors
-------------------------------------------------------------
HRAF Holdings, LLC, has filed with the U.S. Bankruptcy Court for
the District of Utah a list of its four largest unsecured
creditors:

   Entity                                             Claim Amount
   ------                                             ------------
Bank of America
Fifth Avenue Plaza Floor 13
Seattle, WA 98104-3176                                 $10,325,282

Creek Road Owners Association
c/o Commerce Real Estate Solutions
32 West 200 South, #501
Salt Lake City, UT 84101                                    $3,000

Draper City
1020 East Pioneer Road
Draper, UT 84020                                            $2,409

Mountain Regional Water
P.O. Box 982320
Park City, UT 84098                                         $4,388

Midvale, Utah-based HRAF Holdings, LLC, filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Utah Case
No. 10-32433).

Affiliate Harbor Real Asset Fund L.P. filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Utah Case
No. 10-32436).

The two cases are consolidated and jointly administered under the
case of HRAF.

George B. Hofmann, Esq., at Parsons Kinghorn & Harris, assists the
Debtors in their restructuring efforts.  The Debtors estimated
their assets and debts at $10 million to $50 million each, as of
the Petition Date.


HRAF HOLDINGS: Files Schedules of Assets & Liabilities
------------------------------------------------------
HRAF Holdings, LLC, has filed with the U.S. Bankruptcy Court for
the District of Utah its schedules of assets and liabilities,
disclosing:

  Name of Schedule                        Assets       Liabilities
  ----------------                        ------       -----------
A. Real Property                       $17,303,000

B. Personal Property                    $1,120,000

C. Property Claimed as
   Exempt

D. Creditors Holding
   Secured Claims                                         $654,358

E. Creditors Holding
   Unsecured Priority
   Claims                                                       $0

F. Creditors Holding
   Unsecured Non-priority
   Claims                                              $10,335,078
                                       -----------     -----------
TOTAL                                  $18,423,000     $10,989,436

Midvale, Utah-based HRAF Holdings, LLC, filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Utah Case
No. 10-32433).  Affiliate Harbor Real Asset Fund L.P. filed for
Chapter 11 bankruptcy protection on September 9, 2010 (Bankr. D.
Utah Case No. 10-32436).  The two cases are consolidated and
jointly administered under the case of HRAF.

George B. Hofmann, Esq., at Parsons Kinghorn & Harris, assists the
Debtors in their restructuring efforts.  The Debtors estimated
their assets and debts at $10 million to $50 million each, as of
the Petition Date.


HRAF HOLDINGS: Harbor Real Files Schedules of Assets & Debts
------------------------------------------------------------
Harbor Real Asset Fund L.P. has filed with the U.S. Bankruptcy
Court for the District of Utah its schedules of assets and
liabilities, disclosing:

  Name of Schedule                        Assets       Liabilities
  ----------------                        ------       -----------
A. Real Property                                $0

B. Personal Property                   $17,706,036

C. Property Claimed as
   Exempt

D. Creditors Holding
   Secured Claims                                      $10,875,282

E. Creditors Holding
   Unsecured Priority
   Claims                                                       $0

F. Creditors Holding
   Unsecured Non-priority
   Claims                                                 $360,709
                                       -----------     -----------
TOTAL                                  $17,706,036     $11,235,991

Midvale, Utah-based HRAF Holdings, LLC, filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Utah Case
No. 10-32433).

Affiliate Harbor Real Asset Fund L.P. filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Utah Case
No. 10-32436).

The two cases are consolidated and jointly administered under the
case of HRAF.

George B. Hofmann, Esq., at Parsons Kinghorn & Harris, assists the
Debtors in their restructuring efforts.


HRAF HOLDINGS: Taps Parsons Kinghorn as General Bankr. Counsel
--------------------------------------------------------------
HRAF Holdings, LLC, and Harbor Real Asset Fund, LP, ask for
authorization from the U.S. Bankruptcy Court for the District of
Utah to employ Parsons Kinghorn Harris, P.C., as general
bankruptcy counsel.

PKH will, among other things:

     a. negotiate and prepare a plan of reorganization, disclosure
        statement and related agreements and documents, and taking
        any necessary action on behalf of the Debtor to obtain
        confirmation of the plan;

     b. assist the Debtor in collecting, preserving and disposing
        of its assets;

     c. assist the Debtor in determining the validity and amount
        of claims in the case; and

     d. advise and represent the Debtor with respect to causes of
        action which it may have against others.

The hourly rates of PKH's personnel are:

        George B. Hofmann                          $255
        Matthew M. Boley                           $250
        Steven C. Strong                           $265
        Michael D. Kendall                         $160
        Bonnie Hamp                                $115
        Diane Haney                                 $65

George B. Hofmann, Esq., an attorney at PKH, assures the Court
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

Midvale, Utah-based HRAF Holdings, LLC, filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Utah Case
No. 10-32433).

Affiliate Harbor Real Asset Fund L.P. filed for Chapter 11
bankruptcy protection on September 9, 2010 (Bankr. D. Utah Case
No. 10-32436).

The two cases are consolidated and jointly administered under the
case of HRAF.

The Debtors estimated their assets and debts at $10 million to
$50 million each, as of the Petition Date.


ICAGEN INC: Incurs $2.2 Million Net Loss in June 30 Quarter
-----------------------------------------------------------
Icagen, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of $2.16 million on $2.27 million of revenue for the
three months ended June 30, 2010, compared with a net loss of
$2.38 million on $3.01 million of revenue for the same period last
year.

As of June 30, 2010 the Company had an accumulated deficit of
$144.60 million.

The Company's balance sheet as of June 30, 2010, showed
$15.44 million in total assets, $3.67 million in total
liabilities, and stockholders' equity of $11.77 million.

As reported in the Troubled Company Reporter on April 9, 2010,
Ernst & Young LLP, in Raleigh, N.C., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
of the Company's recurring losses from operations and negative
operating cash flows.

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

                  http://researcharchives.com/t/s?6b6c

                        About Icagen, Inc.

Icagen, Inc. (NASDAQ: ICGN) -- http://www.icagen.com/-- is a
biopharmaceutical company based in Research Triangle Park, North
Carolina, focused on the discovery, development and
commercialization of novel orally-administered small molecule
drugs that modulate ion channel targets.


ICON REINSURANCE: AM Best Assigns 'B' Financial Strength Rating
---------------------------------------------------------------
A.M. Best Co. has assigned a financial strength rating of B (Fair)
and issuer credit rating of "bb+" to ICON Reinsurance Ltd. (ICON)
(Cayman Islands).  The outlook for both ratings is stable.

The ratings of ICON are based on its fair risk-adjusted
capitalization, experienced management team and solid business
plan.  Offsetting these factors is the company's concentration in
certain asset classes, which reduces its liquidity.

A.M. Best will continue to monitor ICON to ensure that it is
meeting the assumptions of its business plan and also will monitor
performance on a quarterly basis.  Any material negative deviation
from its business plan in terms of management, earnings,
capitalization or risk profile could result in negative rating
pressure.


ILX RESORTS: Emerges from Chapter 11 After Closing of Asset Sale
----------------------------------------------------------------
As reported in the Troubled Company Reporter on July 30, 2010, the
U.S. Bankruptcy Court for the District of Arizona confirmed ILX
Resorts' Joint Plan of Reorganization and concurrently approved
the Company's motion to sell substantially all of its assets to
ILX Acquisition.

Upon the closing of the sale of the assets on September 1, 2010,
the Joint Plan became effective.

                         About ILX Resorts

Based in Phoenix, Ariz., ILX Resorts Incorporated
-- http://www.ilxresorts.com/-- develops, markets, and operates
timeshare resorts in the western United States and Mexico.  The
Company's portfolio of resorts consists of seven resorts in
Arizona, one in Indiana, one in Colorado, one in San Carlos,
Mexico, land in Puerto Penasco (Rocky Point), Mexico and land in
Sedona, Arizona.  The Company also owns 2,241 Vacation Ownership
Interests in a resort in Las Vegas, Nevada, 2,233 of which have
been annexed into Premiere Vacation Club, 194 Vacation Ownership
Interests in a resort in Pinetop, Arizona, all of which have been
annexed into Premiere Vacation Club and 176 Vacation Ownership
Interests in a resort in Phoenix, Arizona, 174 of which have been
annexed into Premiere Vacation Club.

ILX Resorts, Inc., and 15 affiliates sought chapter 11 protection
(Bankr. D. Ariz. Case No. 09-03594) on March 2, 2009.  As of
March 31, 2010, ILX Resorts' balance sheet showed about
$70 million in assets and about $40 million in liabilities.


INT'L ENERGY: AM Best Cuts Financial Strength Rating to 'C++'
-------------------------------------------------------------
A.M. Best Europe - Ratings Services Limited has downgraded the
financial strength rating to C++ (Marginal) from B (Fair) and the
issuer credit rating to "b+" from "bb+" of International Energy
Insurance plc (IEI) (Nigeria).  The ratings have also been placed
under review with negative implications.

The downgrades and under review status are a result of both
deteriorating risk-adjusted capitalsation and a lack of compliance
with A.M. Best's reporting requirements.

A large overall loss in 2009 had a significant negative impact on
the company's level of risk-adjusted capitalisation.  IEI's weak
overall performance in 2009 was a result of a high level of
operating expenses, provisions for doubtful debts and investment
losses.

IEI's lack of cooperation with A.M. Best's rating requirements has
led A.M. Best to seriously doubt the strength of the company's
prospective business plans.  With cooperation from IEI, A.M. Best
hopes to resolve the under review status within a matter of weeks.
However, if compliance issues persist, a further negative rating
action is likely within the near future.


INTELSAT SA: Unit Launches Tender Offers for 9.25% Senior Notes
---------------------------------------------------------------
Intelsat S.A. said that its subsidiary, Intelsat Corporation, has
commenced a tender offer to purchase for cash any and all of its
outstanding $658.1 million aggregate principal amount of 9 1/4%
Senior Notes due 2014 on and subject to the terms and conditions
set forth in Intelsat Corp's Offer to Purchase and Consent
Solicitation Statement dated September 16, 2010 relating thereto.

In connection with the 2014 Tender Offer, Intelsat Corp is also
soliciting the consent of the holders of the 2014 Notes to certain
proposed amendments to the indenture governing the 2014 Notes,
among other things, to eliminate substantially all of the
restrictive covenants, certain events of default and certain other
provisions contained in that indenture.

Intelsat Corp. has also commenced a tender offer to purchase for
cash any and all of its outstanding $125.0 million aggregate
principal amount of 6 7/8% Senior Secured Debentures due 2028 on
and subject to the terms and conditions set forth in Intelsat
Corp's Offer to Purchase and Consent Solicitation Statement dated
September 16, 2010 relating thereto.

In connection with the 2028 Tender Offer, Intelsat Corp is also
soliciting the consent of the holders of the 2028 Notes to certain
proposed amendments to the indenture governing the 2028 Notes,
among other things, to eliminate substantially all of the
restrictive covenants, certain events of default and certain other
provisions contained in that indenture.

A full-text copy of the the Tender Offer Documents is available
for free at http://ResearchArchives.com/t/s?6b62

                       About Intelsat S.A.

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

Intelsat S.A. reported revenue of $635.3 million and a net loss of
$180.6 million for the three months ended June 30, 2010.

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


INTELSAT SA: Jackson Unit Plans Offering for $900-Mil. Sr. Notes
----------------------------------------------------------------
Intelsat S.A. said that its subsidiary, Intelsat Jackson Holdings
S.A., intends to offer $900 million aggregate principal amount of
senior notes due 2020.

Intelsat Jackson's obligations under the notes will be guaranteed
by certain of its parent and subsidiary companies.  Part of the
net proceeds of the notes are expected to be contributed or loaned
to Intelsat Jackson's indirect subsidiary, Intelsat Corporation,
to be used to purchase any and all of Intelsat Corp's outstanding
$658.1 million aggregate principal amount of 9 1/4% Senior Notes
due 2014 and any and all of Intelsat Corp's outstanding $125.0
million aggregate principal amount of 6 7/8% Senior Secured
Debentures due 2028, in each case, that are validly tendered in
connection with the Intelsat Corp. tender offers and consent
solicitations announced today and to pay related fees and
expenses.  The remainder of the net proceeds from the offering are
expected to be used for general corporate purposes, which could
include the repayment, redemption, retirement or repurchase in the
open market of other indebtedness of Intelsat S.A. or its
subsidiaries.

                       About Intelsat S.A.

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

Intelsat S.A. reported revenue of $635.3 million and a net loss of
$180.6 million for the three months ended June 30, 2010.

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


INTELSAT SA: Prices $1 Billion of 7-1/4% Senior Notes Due 2010
--------------------------------------------------------------
Intelsat S.A. said that its subsidiary, Intelsat Jackson Holdings
S.A., priced $1 billion aggregate principal amount of 7 1/4%
senior notes due 2020 at an issue price of 100.0%.

Intelsat Jackson's obligations under the notes will be guaranteed
by certain of its parent and subsidiary companies.  Part of the
net proceeds of the notes are expected to be contributed or loaned
to Intelsat Jackson's indirect subsidiary, Intelsat Corporation,
to be used to purchase any and all of Intelsat Corp's outstanding
$658.1 million aggregate principal amount of 9 1/4% Senior Notes
due 2014 and any and all of Intelsat Corp's outstanding
$125.0 million aggregate principal amount of 6 7/8% Senior Secured
Debentures due 2028, in each case, that are validly tendered in
connection with the Intelsat Corp tender offers and consent
solicitations announced today and to pay related fees and
expenses.  The remainder of the net proceeds from the offering
are expected to be used for general corporate purposes, which
could include the repayment, redemption, retirement or repurchase
in the open market of other indebtedness of Intelsat S.A. or its
subsidiaries.  The notes offering is expected to close on
September 30, 2010.

                       About Intelsat S.A.

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

Intelsat S.A. reported revenue of $635.3 million and a net loss of
$180.6 million for the three months ended June 30, 2010.

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


INT'L TEXTILE: June 30 Balance Sheet Upside-Down by $81.9 Million
-----------------------------------------------------------------
International Textile Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $7.5 million on $165.4 million
of revenue for the three months ended June 30, 2010, compared with
a net loss of $126.5 million on $202.1 million of revenue for the
same period of 2009.

The Company's balance sheet as of June 30, 2010, showed
$443.7 million in total assets, $525.6 million in total
liabilities, and a stockholders' deficit of $81.9 million.

The Company has a significant amount of debt outstanding, with
maturities on a material portion thereof in March and June 2011.
At June 30, 2010, there was $42.8 million outstanding under the
Company Bank Credit Agreement, $7.1 million outstanding under the
Term Loan Agreement and $48.6 million in senior subordinated notes
held by various third parties.

The Company's ability to pay its substantial debt is dependent
upon, among other things, its ability to refinance its existing
debt that matures at various times during 2011, restructure or
obtain replacement financing for, or obtain modifications or
amendments to, any debt instruments of which the Company is not in
covenant compliance, of which there can be no assurances.

The Company had a working capital deficit of $75.1 million and an
accumulated deficit of $428.4 million, as of June 30, 2010.

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

                  http://researcharchives.com/t/s?6b59

                   About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.


INVACARE CORP: S&P Raises Corporate Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Elyria, Ohio-based Invacare Corp. to 'BB' from
'B+'.  The outlook is stable.

At the same time, S&P raised its issue-level debt rating on the
company's existing revolving credit facility to 'BBB-' from 'BB',
on the company's unsecured 9.75% senior notes to 'BB' from 'B+',
and on the issue-level debt rating on the company's unsecured
4.125% senior subordinated convertible notes to 'B+' from 'B-'.
S&P will withdraw its issue-level debt rating on the company's
revolving credit facility when the new secured bank facilities are
finalized.

"The speculative-grade ratings on medical equipment manufacturer
Invacare reflect the company's ongoing indirect exposure to
potential reductions in Medicare reimbursement and near-term
exposure to an evolving competitive bidding environment," said
Standard & Poor's credit analyst Jack Harcourt.  The ratings also
reflect the company's concentration in wheelchairs and
counterparty risk on its accounts receivable.

Invacare's "weak" business risk profile reflects significant
competitive and reimbursement uncertainties tied to third-party
payors.  Notwithstanding its leadership position in niche medical
equipment markets, Invacare is susceptible to indirect
reimbursement pressure both in the U.S. and Europe, which is
unlikely to abate in the near term.  Invacare's products are
purchased by durable medical equipment providers, which often
receive reimbursement through Medicare.  Additionally, with
competitive bidding scheduled for Medicare implementation in
January 2011, Invacare could face margin pressure in the near
term.  The implication from the recent passage of health care
reform legislation, which includes a medical device tax on medical
equipment manufacturers and cuts to home health care -- a segment
of Invacare's customer base -- eventually could affect the
company's profitability.  However, because the tax will not be
implemented until 2013, Invacare has time to evaluate and pursue
options to offset the related potential deterioration in
profitability.


ISTAR FINANCIAL: Said to Weigh Pre-Packaged Bankruptcy Filing
-------------------------------------------------------------
IStar Financial Inc., the commercial real estate lender trying to
restructure some of its $8.6 billion of debt, may seek bankruptcy
protection after creditors blocked it from amending loans, Jeffrey
McCracken and Jonathan Keehner at Bloomberg News reported on
September 21, citing people with knowledge of the plan.

The Bloomberg report said that according to people familiar with
the private talks, the Company expects to begin meeting with
creditors in coming weeks to discuss potential terms of a so-
called pre-packaged bankruptcy, which wouldn't occur until
sometime next year.

According to Bloomberg, people familiar with the matter said that
IStar, which has a market capitalization of about $316 million
after shares lost more than 90% of their value since 2007, hired
Lazard Ltd. and Kirkland & Ellis LLP to advise on the debt
restructuring.  The New York-based company made loans on
properties including the Trump SoHo hotel condominium building in
lower Manhattan.

According to Bloomberg, IStar, led by Chairman and Chief Executive
Officer Jay Sugarman, hasn't yet held talks with company made
loans on properties including the Trump SoHo hotel-condominium
building in lower Manhattan.

"IStar grew as the markets shot up and concentrated in asset
classes that are particularly cyclical such as hotels and
construction," said Ben Thypin, an analyst at Real Capital
Analytics Inc. in New York. "Their fortunes are closely tied to
the market and their future is now uncertain."

According to the Bloomberg report, bankruptcy is one option the
company is weighing.  It is also considering a proposal to extend
maturities on its debt as well as a potential exchange offer,
according to two people familiar with the situation.

Hedge funds that hold some of iStar's $2.9 billion of second-lien
loans include Silver Point Capital LP, Davidson Kempner Capital
Management LLC and Monarch Alternative Capital LP, according to
two of the people. Some of the funds, which are represented by
Akin, Gump, Strauss, Hauer & Feld LLP, opposed iStar's bid to
amend terms of the loans to repurchase debt at a discount, the
people said.

                       About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

As of June 30, 2010, iStar had $10.653 billion in total assets
against total liabilities of $8.802 billion, redeemable non-
controlling interests of $7.441 million, and non-controlling
interests of $46.602 million, resulting in total equity of
$1.843 billion.


                           *     *     *

As reported by the Troubled Company Reporter on July 13, 2010,
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on iStar Financial to 'CCC' from 'B-'.
At the same time, S&P lowered the senior unsecured debt rating to
'CCC-' from 'CCC+.' The outlook is negative.

iStar's limited funding flexibility and the severe credit quality
deterioration in its loan portfolio continue to put negative
pressure on the rating.  "S&P's analysis indicates that the firm
should not become insolvent and has ample liquidity to operate
through 2010, but management faces a significant challenge with
$3.0 billion in debt coming due in 2011 and $3.5 billion due in
2012," said Standard & Poor's credit analyst Jeffrey Zaun.  In the
longer term, the company's concentration in highly cyclical
commercial real estate will limit the ratings.  Although credit-
market turmoil and a severe recession impeded capital formation
through 2009, the firm's capital ratios improved slightly in
first-quarter 2010.  Management has been able to execute a rapid
pull-back in operations through a protracted and severe recession
in CRE markets.


JUMA TECHNOLOGY: Posts $2.2 Million Net Loss in June 30 Quarter
---------------------------------------------------------------
Juma Technology Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of $2.23 million on $3.43 million of revenue
for the three months ended June 30, 2010, compared with a net loss
of $5.12 million on $3.39 million of revenue for the same period
last year.

As of June 30, 2010, the Company had total current assets of
$3.94 million, and total current liabilities of $20.53 million,
resulting in a current working capital deficit of $16.59 million.
Also, on June 30, 2010, the Company had $272,870 in cash.
Management does not believe that these amounts will be sufficient
for the upcoming year, nor does it believe that the current
business will be able to sustain the anticipated growth of the
operations.

The Company's balance sheet at June 30, 2010, showed $5.20 million
in total assets, $21.17 million in total liabilities, and a
stockholders' deficit of $15.97 million.

As reported in the Troubled Company Reporter on April 5, 2010,
Seligson & Giannattasio, LLP, in White Plains, N.Y., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted that the Company has incurred significant recurring
losses.

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

                  http://researcharchives.com/t/s?6b5e

                      About Juma Technology

Farmingdale, N.Y.-based Juma Technology Corp. is a highly
specialized convergence systems integrator with a complete suite
of services for the implementation and management of an entity's
data, voice and video requirements.


KENTUCKIANA MEDICAL: Files for Bankruptcy Protection
----------------------------------------------------
Kentuckiana Medical Center LLC filed for bankruptcy protection on
September 19, 2010 (Bankr. S.D. Ind. Case No. 10-93039).  It
estimated assets and debts of $10 million to $50 million in its
Chapter 11 petition.

Kentuckiana is a for-profit hospital in Clarksville, Ind., that
has been struggling financially since it opened last year, Dow
Jones' DBR Small Cap reports. According to the report, Kentuckiana
said in court papers that it opened in August 2009 without
contracts with major insurance companies in the area or a Medicare
provider number.  The relates that since the contracts and
Medicare number took time to obtain, Kentuckiana was "operating at
the outset at a substantial loss and without the security of
payment for its services," the hospital said.

The hospital, Dow Jones relates, said it tried to take steps this
year to become profitable and restructure.  However, despite some
improvements, Kentuckiana was unable to service its debt, the
report relates.  The report adds that earlier this month, the
hospital's primary secured creditor -- First Tennessee Bank --
froze the hospital's operating account and hasn't approved any
checks that have been written since Sept. 8.


L-1 IDENTITY: S&P Retains CreditWatch Developing on 'B+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Stamford, Connecticut-based L-1 Identity Solutions Inc., including
the 'B+' corporate credit rating, remain on CreditWatch with
developing implications, where they were initially placed June 23,
2010.

L-1 has entered into an agreement to sell the majority of the
company -- which includes its Secure Credentialing, Biometric and
Enterprise Access Solutions, and Enrollment Services -- to Safran,
a French aerospace and defense systems company, in a transaction
valued at approximately $1.6 billion.  The Safran transaction is
contingent on the completion of the sale of L-1's intelligence
services business to BAE Systems.

The company has indicated that it intends to use the approximately
$300 million of expected proceeds from the sale to BAE to
materially reduce its secured debt outstanding.  The completion of
just the BAE transaction would enhance liquidity and reduce
leverage such that it could likely meet March 2011 covenant step-
downs.  S&P expects the sale to BAE Systems to close in the fourth
quarter of 2010.

S&P expects the sale of the remaining businesses to Safran to
close in the first quarter of 2011.  Safran is likely to assume
what would remain of the L-1 debt, including approximately
$175 million of convertible notes.

Because both the BAE and Safran transactions are subject to
certain regulatory and closing processes, there is a possibility
that the closings could be delayed.  If the BAE transaction is
delayed beyond the fourth quarter, L-1 would likely need to obtain
further relief under its consolidated leverage and debt service
coverage covenants.  The company is currently operating under
temporarily amended covenants which afford sufficient headroom
through March 30, 2011, at which point the thresholds revert to
pre-amendment levels.  The pre-amended covenants are much more
restrictive and L-1 is unlikely to meet them at current debt and
EBITDA levels.

"In resolving the CreditWatch listing, S&P will monitor the
progress of the sale of L-1 to its strategic buyers?-in
particular, the completion of the sale to BAE, which will drive
debt reduction, provide liquidity, and alleviate March 2011
covenant concerns," said Standard & Poor's credit analyst Jennifer
Pepper.  If, as the March 30, 2011 deadline approaches, the BAE
acquisition is not completed, if a pre-refinancing is not
underway, or if the company does not report that EBITDA has
improved beyond current levels such that a covenant breach would
not be imminent if the credit agreement reverts to pre-amendment
levels, S&P would consider a downgrade, likely by as much as two
notches.


LEAP WIRELESS: MHR Funds Report 19.9% Equity Stake
--------------------------------------------------
MHR Institutional Partners IIA LP, MHR Institutional Advisors II
LLC, MHR Fund Management LLC, and Mark H. Rachesky, M.D.,
disclosed that they may be deemed to hold in the aggregate
15,592,295 shares or roughly 19.9% of the common stock of Leap
Wireless International, Inc.

                       About Leap Wireless

Headquartered in San Diego, California, Leap Wireless
International, Inc. (NASDAQ: LEAP) -- http://www.leapwireless.com/
-- and its joint ventures provide wireless services in 34 states
and the District of Columbia and hold licenses in 35 of the top 50
U.S. markets.  Through its affordable, flat-rate service plans,
Cricket offers customers a choice of unlimited voice, text, high-
speed data and mobile Web services.

Leap spun out from Qualcomm Inc. in 1998 and expanded primarily
into rural markets.  It has customers in 34 states and annual
sales around $2.3 billion, making it the seventh-largest wireless
carrier in the U.S., according to The Wall Street Journal.

The Company's balance sheet at June 30, 2010, showed $5.2 billion
in total assets, $3.5 billion in total liabilities, and
stockholders' equity of $1.6 billion.

The Troubled Company Reporter on February 2, 2010, citing The Wall
Street Journal's Jeffrey McCracken and Niraj Sheth, said Leap
Wireless has hired Goldman Sachs Group and formed a special board
committee to look into selling the company or merging with rivals.

Leap Wireless has reported net losses in the last three years.  It
incurred a net loss of $239.5 million, $150.2 million and
$80.3 million in 2009, 2008 and 2007.

Leap Wireless carries a 'B2' corporate family rating from Standard
& Poor's.


LEVEL 4: Fitch Issues Recovery Rating Review
--------------------------------------------
Fitch Ratings has issued its Recovery Rating review of the U.S. &
Canada Telecommunications and Cable sector.  This review includes
an analysis of valuation multiples, EBITDA discounts applied and
detailed recovery worksheets for issuers with a Fitch Issuer
Default Rating of 'B+' or lower in this sector.  The issuers
included in this report are:

  -- Cincinnati Bell, Inc.
  -- Level 3 Communications, Inc.
  -- Mediacom Communications Corp.

Recovery analysis is considered for all companies, but notching of
those with IDRs above 'B+' will continue to be heavily influenced
by broader historical recovery patterns.  For companies with an
IDR of 'B+' or below, explicit Recovery Ratings are assigned.


LIFEPOINT HOSPITALS: Fitch Assigns 'B+' Rating on $400 Mil. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating to LifePoint Hospitals
Inc.'s $400 million proposed senior unsecured notes due 2020.

In addition, Fitch has affirmed LifePoint's ratings:

  -- Issuer Default Rating at 'BB-';
  -- Secured bank facility at 'BB-';
  -- Senior subordinated convertible notes and debentures at 'B'.

The Rating Outlook is Positive.  The ratings apply to
approximately $1.5 billion in debt outstanding as of June 30,
2010.

Fitch expects LifePoint to apply proceeds of the $400 million
senior notes issue:

  -- $250 million to repay the 2011 and 2012 maturities of the
     secured bank credit facility term loan B;

  -- $150 million for general corporate purposes, including share
     repurchases.

In June 2010, Fitch affirmed LifePoint's IDR at 'BB-' and revised
the Outlook to Positive from Stable.  The company's ratings and
Positive Outlook reflect:

  -- Sustained positive momentum in LifePoint's credit metrics,
     which have improved to levels more consistent with a 'BB'
     IDR.  Debt-to-EBITDA equaled 2.9 times at June 30, 2010;
     Fitch estimates leverage will increase by about 0.3x pro
     forma for the proposed senior notes issue to 3.2x.

  -- The company's healthy liquidity profile and better than
     industry average profitability.

  -- Strong organic revenue growth trends reflecting LifePoint's
     sole provider status in the majority of markets in which it
     operates hospitals.

Risks to the credit profile include LifePoint's weak, albeit
improving, organic patient volume trends, which have contributed
to declining profitability (as measured by EBITDA operating
margins) from 2007-2009, and the company's recently more
aggressive cash deployment policy, particularly as it pertains to
hospital acquisitions and share repurchases.

An upgrade of the ratings over the next 12-18 months would be
supported by LifePoint continuing to make progress in addressing
the operating challenges which are contributing to its weak
organic patient volume trends.  Recent signals that management's
operational initiatives are producing results include higher
levels of physician recruiting (the company met its goal to add a
net 5% to its physician rolls in 2008 and 2009), improved quality
scores, and patient volume growth in targeted service lines.
After lagging broader industry averages consistently since 2006,
the company's organic volume growth (as measured by same hospital
adjusted admissions) outpaced the broader industry in the first
quarter of 2010 (1Q'10), and this positive trend persisted in
2Q'10.

LifePoint's credit profile is also supported by a favorable debt
maturity schedule and adequate liquidity.  However, Fitch had
previously noted that the company would not likely be able to fund
the 2011 term loan B amortization organically, so the pending
refinancing of the maturity through the senior notes issue removes
some risk from the company's liquidity outlook.  Pro forma for the
refinancing of the 2011-2012 term loan B maturities, there are no
debt maturities in the capital structure until 2014, when the
$575 million convertible subordinated notes and the $444 million
remaining portion of the term loan B mature (maturity of term loan
B will be extended to 2015 as long as the convertible notes are
refinanced prior to Feb. 2014), although the $225 million
convertible debentures due 2025 are puttable to the company in
2013.

Liquidity at June 30, 2010, was provided by cash on hand
($199.7 million), availability on the company's $350 million
senior secured revolver expiring December 2012 ($318.8 million
available reduced for outstanding LOCs), and free cash flow
($206 million for the LTM period).  The company's level of FCF
generation has been fairly steady since the beginning of 2008, and
it improved slightly in 2009 to $183 million from $176 million;
Fitch expects FCF in 2010 to trend about in-line with that level.
LifePoint has adequate operating cushion under its credit facility
financial maintenance covenants; as of the June 30, 2010 test date
LTM EBITDA would have to decline by about 27% to trip the 4.0x
leverage covenant.

Fitch expects LifePoint's June 30, 2010 cash balance to be
impacted by funding of the Sumner Regional Medical Center
acquisition, which closed in 3Q'10; LifePoint used $142 million of
cash on hand to fund the acquisition.  After taking a hiatus in
2007-2008, LifePoint ramped up its hospital acquisition activity
beginning in 2009, and Fitch expects that LifePoint will continue
to deploy cash to fund hospital acquisitions.  Based on its
moderately positive operating and cash flow outlook for LifePoint,
Fitch expects the company would be able to fund 1-2 acquisitions
of a similar size and scope as Sumner out of internal cash
resources annually.

Potential Rating Triggers:

A one-notch upgrade of the IDR to 'BB' would be consistent with
debt-to-EBITDA sustained between 3.0x and 3.5x over the next 12-18
months.  Fitch expects LifePoint to continue to deploy cash for
hospital acquisitions and share repurchases.  While LifePoint's
recently more aggressive cash deployment strategy is not
necessarily inconsistent with a 'BB' IDR, if the company were to
pursue larger, leveraging transactions, it would likely result in
credit metrics sustained at a level more consistent with a 'BB-'
IDR.

Debt Securities Ratings:

The proposed senior notes represent a new security in LifePoint's
capital structure.  The proportion of secured debt in the capital
structure will be reduced through the refinancing of a portion of
the bank facility term loan B.  However, at around 27% pro forma
for the refinancing, the level of secured debt in the capital
structure will remain large enough to prejudice recovery for lower
classes of debt in a liquidation or restructuring, supporting a
'B+' rating on the senior notes, one-notch below the 'BB-' secured
debt rating.  Pro forma for the transaction, Fitch estimates that
based on LTM June 30, 2010 EBITDA, leverage will equal 0.9x
through the bank debt, 1.7x through the senior debt and 3.2x
through the subordinated debt.

Fitch uses a bespoke analysis of recovery and assigns explicit
Recovery Ratings for all issuers with IDRs of 'B+' and below.  For
issuers with IDRs above 'B+', Fitch incorporates broad
consideration of relative recoveries to notch debt from the IDR
and as credit quality improves debt issue ratings increasingly
reflect average historical rates of recovery across all sectors.
Other considerations include quality of secured debt collateral,
total leverage and the proportion of secured, unsecured and
subordinate debt.  In this context, an upgrade of LifePoint's IDR
to 'BB' would likely trigger a two-notch upgrade of the senior
notes rating, to 'BB', on par with the IDR.


LIFEPOINT HOSPITALS: Moody's Puts 'Ba1' Rating on $400 Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 (LGD2, 27%) rating to
LifePoint Hospitals, Inc.'s proposed offering of $400 million of
senior unsecured notes.  Moody's understands that the proceeds of
the notes will be used to repay the portion of the company's
existing term loan set to mature in 2012, fund share repurchases
under the company's recently announced $150 million stock
repurchase program and for general corporate purposes.  Moody's
also downgraded the rating on Lifepoint's convertible subordinated
notes to B2 (LGD5, 82%) from B1 (LGD5, 80%) reflecting the
increase in senior debt from the current note offering.  Finally,
Moody's affirmed the company's Ba3 Corporate Family and
Probability of Default Ratings.  The outlook for the ratings is
stable.

This is a summary of Moody's rating actions:

Ratings assigned:

* $400 million senior unsecured notes due 2020, Ba1 (LGD2, 27%)

* $350 million senior secured revolver due 2012, Ba1 (LGD2, 27%)
  (created in the company's February 2010 credit agreement
  amendment)

* $444 million senior secured term loan B due 2015, Ba1 (LGD2,
  27%) (created in the company's February 2010 credit agreement
  amendment)

Ratings affirmed/LGD assessments revised:

* Corporate Family Rating, Ba3

* Probability of Default Rating, Ba3

* $249 million senior secured tem loan due 2012, to Ba1 (LGD2,
  27%) from Ba1 (LGD2, 25%) (expected to be withdrawn at the close
  of the transaction based on the plan to repay these amounts with
  proposed note issuance proceeds)

Ratings downgraded:

* $225 million 3.25% convertible senior sub notes due 2025, to B2
  (LGD5, 82%) from B1 (LGD5, 80%)

Ratings withdrawn:

* $350 million senior secured revolver due 2010, Ba1 (LGD2, 25%)
  (replaced in the company's February 2010 credit agreement
  amendment)

                        Ratings Rationale

LifePoint's Ba3 Corporate Family Rating continues to reflect
financial metrics that are comfortably within the expectations of
a Ba rated company, including adjusted leverage and interest
coverage.  The ratings are also supported by the company's good
liquidity position, characterized by strong free cash flow,
available cash and comfortable levels of compliance with financial
covenants.  The proposed transaction is also expected to improve
the company's maturity profile by eliminating the accelerated
amortization of a portion of the term loan that is scheduled to
begin in 2011.  However, the rating also incorporates the modest
increase in leverage that could be used in part to fund the
recently announced share repurchase program and the potential for
increased leverage as the company returns to the acquisition
market.  The rating also considers the broader issues facing the
sector, including increasing exposure to bad debt expense and weak
volume trends.

The senior unsecured notes are rated Ba1 (LGD2, 27%), the same
level as the senior secured credit facility, reflecting the lack
of a pledge of assets to the credit facility holders and
benefitting from a guarantee from the operating subsidiaries and
the loss absorption provided by a considerable amount of
subordinated debt.

If LifePoint sees strengthening of credit metrics as a result of
improved operations of the company or debt repayment, Moody's
could change the outlook to positive or upgrade the ratings.
Additionally, if the company can demonstrate that it can continue
its activity in the acquisition market without significant
disruption or a material use of incremental debt, Moody's could
consider upward pressure on the ratings.

However, if LifePoint aggressively pursues acquisitions with the
use of incremental debt such that leverage would be expected to be
in excess of 4.5 times for a sustained period, Moody's could
consider changing the outlook to negative or downgrading the
ratings.  Additionally, if LifePoint experiences operating
challenges caused by softening of admission trends, increased bad
debt expense or adverse reimbursement developments and is not
expected to sustain adjusted free cash flow to adjusted debt of 5%
or above, there could be downward pressure on the ratings.

Moody's last rating action on LifePoint was on September 3, 2008,
when Moody's affirmed the Ba3 Corporate Family and Probability of
Default Ratings.  Moody's also upgraded the instrument ratings on
LifePoint's senior credit facility to Ba1 from Ba2 and its senior
subordinated notes due 2025 to B1 from B2.

Headquartered in Brentwood, Tennessee, LifePoint is a leading
operator of general acute care hospitals focusing on non-urban
communities.  The company generated revenue of approximately
$3.1 billion for the twelve months ended June 30, 2010.


LIFEPOINT HOSPITALS: S&P Affirms 'BB-' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
corporate credit rating on Brentwood, Tenn.-based LifePoint
Hospitals Inc.  At the same time, S&P assigned a 'BB-' issue-level
rating (the same as the corporate credit rating) and a '3'
recovery rating to LifePoint's proposed $400 million senior
unsecured note due in 2020.  In addition, S&P lowered its issue
rating on the company's existing senior secured debt to 'BB-' from
'BB' and revised the recovery ratings on the debt to '3' from '2'.
The '3' recovery rating indicates its expectation of meaningful
(50%-70%) recovery for lenders in the event of default.

S&P lowered the issue-level rating and revised the recovery rating
on the senior secured debt to reflect the impact of the new senior
unsecured notes, which rank equal in right of payment to the
senior secured indebtedness.  The unsecured and secured
indebtedness both benefit from a guarantee package from the
company's operating subsidiaries, while the secured lenders do not
benefit from an asset pledge.

"The rating on LifePoint reflects industry challenges, most
significantly the uncertain reimbursement environment for both the
government and other third-party payors," said Standard & Poor's
credit analyst David P. Peknay.  The company's relatively
diversified hospital portfolio somewhat mitigates this risk at the
local level.


LIVE CURRENT: Posts $386,300 Net Loss in June 30 Quarter
--------------------------------------------------------
Live Current Media Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $386,289 on $696,376 of revenue for the
three months ended June 30, 2010, compared with a net loss of
$1.4 million on $1.7 million of revenue for the same period of
2009.

At June 30, 2010, the Company had an accumulated deficit of
$17.1 million (December 31, 2009 - $16.8 million) and a working
capital deficiency of $800,437 (December 31, 2009 - $1.2 million).

The Company's balance sheet at June 30, 2010, showed
$2.0 million in total assets, $1.9 million in total liabilities,
and stockholders' equity of $107,568.

As reported in the Troubled Company Reporter on April 1, 2010,
Ernst & Young LLP, in Vancouver, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted of the
Company's recurring net losses.

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

                  http://researcharchives.com/t/s?6b5d

                        About Live Current

Based in Vancouver, Canada, Live Current Media Inc. (OTC BB: LIVC)
-- http://www.livecurrent.com/-- through its subsidiary, Domain
Holdings Inc., owns more than 900 domain names.  These domain
names span several consumer and business-to-business categories
including health and beauty, and sports and recreation.


LODGENET INTERACTIVE: Moody's Puts 'B3' Rating on $435 Mil. Bonds
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
$435 million senior secured second lien bonds of LodgeNet
Interactive Corporation and affirmed the B3 corporate family
rating.  LodgeNet intends to use proceeds primarily to repay the
existing term loan (approximately $400 million outstanding) and
fund fees and expenses, including swap breakage costs, with the
remainder available for general corporate purposes.  LodgeNet also
expects to put in place a $25 million senior secured first lien
revolving credit facility.  The former Caa1 Probability of Default
Rating was raised to B3 proforma for the revised capital
structure, which notably now includes multiple creditor classes
and affords some added flexibility in the form of reduced
financial maintenance covenant requirements.  Moody's also
affirmed LodgeNet's SGL-3 speculative grade liquidity rating, with
a view that the company's liquidity profile is best characterized
as "adequate" as supported by modest internally generated cash and
cash balances and the proposed $25 million revolving credit
facility.

LodgeNet Interactive Corporation

  -- Senior Secured Bonds, Assigned B3, LGD4, 50%
  -- Probability of Default Rating, Upgraded to B3 from Caa1
  -- Corporate Family Rating, Affirmed B3
  -- Speculative Grade Liquidity Rating, Affirmed SGL-3
  -- Outlook, Stable

Repayment of the term loan and termination of the existing
revolver would relieve LodgeNet from the requirement to comply
with existing financial maintenance covenants, under which the
company has a very thin cushion of compliance.  An intercreditor
agreement will provide lien priority to the revolving credit
facility lenders relative to secured bondholders; hence, Moody's
ranks the revolver ahead of the secured bonds for the waterfall of
liabilities in Moody's Loss Given Default analysis.

                        Ratings Rationale

In Moody's opinion, continued cautious investment from LodgeNet's
hotel customers will hamper intermediate term growth in its core
hospitality services business, and over the long term competing
forms of entertainment will pressure this revenue stream as the
company seeks to defend its relevance to both hotel operators and
hotel guests.  The B3 corporate family rating incorporates these
weak growth prospects, mitigated somewhat by the company's
moderately high financial risk profile and demonstrated capacity
to generate positive free cash flow throughout challenging
economic conditions, along with a measure of stability from the
monthly fees it receives from hotels regardless of occupancy.
Nevertheless, LodgeNet's guest entertainment business, its most
profitable, relies on consumer willingness to spend and, as such,
remains vulnerable to consumer confidence trends.  Lack of scale
as measured by revenue relative to other rated Moody's issuers
also constrains the rating, although LodgeNet benefits from good
customer and geographic diversification.

The stable outlook incorporates Moody's expectation that LodgeNet
will maintain an adequate or better liquidity profile and will
continue to generate positive free cash flow.

Achievement of a B2 corporate family rating would require evidence
of stabilization in guest entertainment revenue and expectations
for stable to modestly growing EBITDA, as well as continued
commitment to a conservative credit profile and repayment of debt
with free cash flow.  An upgrade or positive outlook would also
require expectations for sustained leverage below 3.5 times debt-
to-EBITDA and sustained free cash flow in excess of 5% of debt.

A deterioration of the liquidity profile, including sustained
negative free cash flow or projected inability to comply with bank
financial covenants, would likely warrant a negative ratings
action.  Moody's would also consider a downgrade if leverage were
to reach 5 times debt-to-EBITDA, whether due to accelerating
clines in guest entertainment revenue or shareholder friendly
actions.


LODGENET INTERACTIVE: S&P Raises Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Sioux Falls, South Dakota-based LodgeNet Interactive
Corp. to 'B' from 'B-'.  The rating outlook is stable.

At the same time, S&P assigned LodgeNet's $435 million secured
second-lien notes due 2016 S&P's issue-level rating of 'B' (at the
same level as the 'B' corporate credit rating on the company) with
a recovery rating of '4', indicating S&P's expectation of average
(30% to 50%) recovery for lenders in the event of a payment
default.

Proceeds from the proposed notes offering will be used to retire
the existing term loan, for transaction fees and expenses, to
unwind existing interest rate swaps, and for general corporate
purposes.  LodgeNet is also entering a new (unrated) $25 million
revolving credit facility due 2014, which S&P expects to be
undrawn at closing.

"The 'B' corporate credit rating reflects LodgeNet's sufficient
cushion of compliance with financial covenants despite expected
soft performance in 2010," said Standard & Poor's credit analyst
Andy Liu.  "S&P expects the company to be able to maintain debt
leverage appropriate for the rating over the intermediate term."

The lodging sector is stabilizing, but guest spending and average
daily rates are still down meaningfully from 2007?2008 levels.
Standard & Poor's currently expects that LodgeNet's revenue will
be down in the mid-single-digit area in 2010 year over year, and
that EBITDA will be down in the low-teens area.


MACROSOLVE INC: Posts $462,300 Net Loss in June 30 Quarter
----------------------------------------------------------
MacroSolve, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $462,261 on $134,332 of revenue for the
three months ended June 30, 2010, compared with a net loss of
$466,621 on $185,606 of revenue for the same period of 2009.

The Company's balance sheet as of June 30, 2010, showed
$1.22 million in total assets, $2.56 million in total liabilities,
and a stockholders' deficit of $1.34 million.

As reported in the Troubled Company Reporter on April 7, 2010,
Hood Sutton Robinson & Freeman CPAs, P.C., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted of the
Company's recurring losses from operations and net capital
deficiency.

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

               http://researcharchives.com/t/s?6b65

                      About MacroSolve, Inc.

Tulsa, Okla.-based MacroSolve, Inc. (OTC BB: MCVE)
-- http://www.macrosolve.com/-- is a technology and services
company that develops mobile solutions for businesses and
government.  A mobile solution is typically the combination of
mobile handheld devices, wireless connectivity, and software that
streamlines business operations resulting in improved efficiencies
and cost savings.


MEDIACOM COMMUNICATIONS: Fitch Issues Recovery Rating Review
------------------------------------------------------------
Fitch Ratings has issued its Recovery Rating review of the U.S. &
Canada Telecommunications and Cable sector.  This review includes
an analysis of valuation multiples, EBITDA discounts applied and
detailed recovery worksheets for issuers with a Fitch Issuer
Default Rating of 'B+' or lower in this sector.  The issuers
included in this report are:

  -- Cincinnati Bell, Inc.
  -- Level 3 Communications, Inc.
  -- Mediacom Communications Corp.

Recovery analysis is considered for all companies, but notching of
those with IDRs above 'B+' will continue to be heavily influenced
by broader historical recovery patterns.  For companies with an
IDR of 'B+' or below, explicit Recovery Ratings are assigned.

On September 2, 2010, Fitch Mediacom's 'B+' long-term issuer
default rating.  Rating outlook is stable.


NATIONAL PROCESSING: Fifth Third Deal Won't Affect Moody's Ratings
------------------------------------------------------------------
Moody's Investors Service commented that National Processing
Company Group, Inc.'s ratings will be unaffected at this time by
its announcement on September 16, 2010, that the Company has
entered into a definitive agreement to be acquired by Fifth Third
Processing Solutions, LLC, a joint venture of private-equity firm
Advent International and Fifth Third Bancorp.  The transaction is
subject to customary closing conditions and is expected to close
in November 2010.

Moody's believes that all outstanding borrowings under NPC's
existing first and second lien senior secured credit facilities
will be repaid at closing as per the change of control provision
contained in the Company's credit agreements.  As a result,
Moody's expects to withdraw NPC's ratings upon closing of the
acquisition and permanent repayment of all rated credit
facilities.

The current ratings for NPC are:

* Corporate Family Rating -- B3

* Probability of Default Rating -- B3

* $50M Senior Secured revolver due 2012 at B2 (LGD3, 35%)

* $306M Senior Secured 1st Lien Term Loan due 2013 -- B2 (LGD3,
  35%)

* $140M Senior Secured 2nd Lien Term Loan due 2014 -- Caa2 (LGD5,
  88%)

The last rating action for NPC was on July 13, 2009, when Moody's
revised the Company's ratings outlook to negative from stable.

National Processing Company Group, Inc. is a provider of credit
and debit card-based payment processing services focused on small
and medium business merchants across the U.S, as well as community
banks, financial institutions and municipal governments.  The
company's products and services enable merchants to accept credit
and debit cards as payment for their merchandise and services by
providing transaction processing, risk management, Point of Sale
terminal support, merchant assistance and chargeback services.


METALDYNE CORP: Michigan's Environmental Claim Disallowed
---------------------------------------------------------
WestLaw reports that the Michigan Department of Natural Resources
and Environment did not show that it had expended money for
postpetition response costs for the environmental contamination at
a Chapter 11 debtor's manufacturing facility or that it would be
required to do so in the future, since the buyer of the debtor's
assets had continued to perform the remediation obligations post-
sale.  Therefore, the MDNRE was not entitled to an administrative
expense for future remediation costs, a New York bankruptcy court
has held as a matter of apparent first impression.  The MDNRE had
not incurred actual and necessary costs and expenses of preserving
the estate.  In re Oldco M Corp., --- B.R. ----, 2010 WL 3489947
(Bankr. S.D.N.Y.) (Glenn, J.).

A copy of the Honorable Martin Glenn's Memorandum Opinion dated
Sept. 7, 2010, is available at:


http://www.leagle.com/unsecure/page.htm?shortname=inbco20100907663

                      About Metaldyne Corp.

Metaldyne Corp. was a global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain applications including engine, transmission/transfer
case, driveline, and noise and vibration control products to the
motor vehicle industry.

Metaldyne and its affiliates filed for Chapter 11 protection on
May 27, 2009 (Bankr. S.D.N.Y. Case No. 09-13412).  The filing did
not include the company's non-U.S. entities or operations.
Richard H. Engman, Esq., at Jones Day represented the Debtors in
their restructuring.  Judy A. O'Neill, Esq., at Foley & Lardner
LLP served as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent.  A committee of Metaldyne creditors was represented
by Mark D. Silverschotz, Esq., and Kurt F. Gwynne, Esq., at Reed
Smith LLP, and the committee tapped Huron Consulting Services,
LLC, as its financial advisor.  For the fiscal year ended
March 29, 2009, the company recorded annual revenues of
approximately US$1.32 billion.  As of March 29, 2009, utilizing
book values, the Company had assets of US$977 million and
liabilities of $927 million.

Judge Glenn approved the sale of substantially all assets to
Carlyle Group in Nov. 2009 for approximately $496.5 million, and
confirmed the Debtors' liquidating chapter 11 plan on Feb. 23,
2010.  Under the terms of the confirmed liquidation plan, Oldco M
Distribution Trust is the post-confirmation entity charged with
prosecuting all claim objections and distributing all plan assets
pursuant to the terms of the plan.  The Trust is represented by
Kimberly E.C. Lawson, Esq., at Reed Smith LLP, in Wilmington, Del.


MGM RESORTS: Promotes Corey Sanders to Chief Operating Officer
--------------------------------------------------------------
MGM Resorts International said Corey Sanders has been promoted to
Chief Operating Officer of the Company effective immediately.
Mr. Sanders has been with the Company for more than 16 years, and
has held a variety of executive positions, including serving as
Chief Financial Officer of both MGM Grand Las Vegas and MGM Grand
Resorts, and as Executive Vice President - Operations.  For the
past 14 months, Mr. Sanders has served as Chief Operating Officer
for the Company's Core Brand and Regional Properties.

"[Mr. Sanders'] exceptional operating experience and keen
knowledge of financial strategy and discipline will benefit the
entire Company in this expanded role," said Jim Murren, Chairman
and CEO.  "Over a year ago, we promoted Corey Sanders to Chief
Operating Officer of our Core Brand properties and Bill Hornbuckle
to the new position of Chief Marketing Officer for our Company.
These first steps have proven indispensable to our future success
by uniting our great resorts into the powerful marketing
organization that our Company is becoming," said Mr. Murren.

For the past 14 months, Mr. Sanders has served as Chief Operating
Officer for the Company's Core Brand and Regional Properties.
Throughout this period, Corey has worked closely with Bill
Hornbuckle to design and deploy new ideas to grow our business.
"[Mr. Sanders] has proven his aptitude, effectiveness and
creativity by instilling a culture of cooperation that has
strengthened our marketing initiatives and improved the guest
experience.  Our entire Company will benefit from Corey's
increased scope and responsibilities over all of our wholly owned
resorts, including our Luxury Brands: Bellagio, MGM Grand,
Mandalay Bay and The Mirage," said Mr. Murren.

A full-text copy of the Employment Agreement is available for free
at http://ResearchArchives.com/t/s?6b61

                         About MGM Resort

MGM Resorts International (NYSE: MGM) --
http://www.mgmresorts.com/-- has significant holdings in gaming,
hospitality and entertainment, owns and operates 15 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, Illinois and
Macau.

The Company's balance sheet at June 30, 2010, showed
$19.98 billion in total assets, $1.19 billion in total current
liabilities, $2.65 billion in deferred income taxes,
$13.04 billion in long-term debt $243.29 million in other long-
term obligations, and $2.85 billion in total stockholders' equity.

                           *     *     *

As reported by the Troubled Company Reporter on July 1, 2010,
Fitch Ratings affirmed these ratings for MGM Resorts: Issuer
Default Rating affirmed at 'CCC'; Senior secured notes due 2013,
2014, and 2017 affirmed at 'B+/RR1' (91%-100% recovery band);
Senior secured notes due 2020 rated 'B+/RR1' (91%-100%); Senior
credit facility affirmed at 'B-/RR3' (51%-70%); Senior unsecured
notes affirmed at 'CCC/RR4' (31%-50%); Convertible senior notes
due 2015 rated 'CCC/RR4' (31%-50%); Senior subordinated notes
affirmed at 'C/RR6' (0%-10%).


MICHAEL STORES: Names Charles Sonsteby as CAO and CFO
-----------------------------------------------------
Michaels Stores Inc. named Charles Sonsteby as Chief
Administrative Officer and Chief Financial Officer of the company
effective Oct. 4, 2010.

Mr. Sonsteby was most recently Executive Vice President and Chief
Financial Officer of Brinker International a position he held
since 2001.  He served for over twenty years with Brinker
International, including roles in accounting, tax, treasury and
investor relations before his appointment to Chief Financial
Officer.  He holds a Bachelor of Accounting degree from the
University of Kentucky.

"[Mr. Charles] is a seasoned and knowledgeable financial leader
and has a strong reputation as a mentor to many of the financial
leaders in the industry," said John Menzer, Chief Executive
Officer of Michaels Stores, Inc.  "As we continue down our path to
becoming a world class retailer, we are confident that his
leadership and direction will be vital to helping Michaels realize
our strategic vision."

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

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


MOONLIGHT BASIN: Poole Fails in Bid to Quash Lehman Claims
----------------------------------------------------------
Lehman Commercial Paper Inc. and Lehman Brothers Holdings Inc.,
sued Moonlight Basin Ranch, LP, Lee Poole and various affiliated
entities, asking the U.S. Bankruptcy Court for the District of
Montana to declare that loan documents between Lehman Brothers and
the Defendants are valid, binding, and enforceable, and that LCPI
and LBHI have valid, enforceable, liquidated, and non-contingent
claims against the Defendants for all amounts due under the loan
documents.

As reported by the Troubled Company Reporter on December 10, 2009,
Judge Ralph Kirscher of the U.S. Bankruptcy Court for the District
of Montana approved a $24 million loan to Moonlight Basin Ranch
LCPI, the secured lender owed $94.2 million.  The loan matures in
18 months.  According to Bloomberg News, the Debtor intended to
have $21 million in financing from Trilogy Capital that would have
come ahead of Lehman.  The Lehman financing has more favorable
terms, Judge Kirscher said in his order approving the financing.

Mr. Poole's holding company owns majority stake in Moonlight Basin
Ranch.  Mr. Poole is the president of Moonlight Basin Ranch.  Mr.
Poole executed prepetition guaranty and indemnity agreements with
Lehman.  Mr. Poole, however, did not sign the DIP financing
agreement with Lehman.

LCPI filed a Complaint to Foreclose Mortgages and to enforce the
guaranty and environmental indemnity agreements in the Montana
Fifth Judicial District Court, Madison County, in September 2009.
Lehman also sued Mr. Poole on his guaranty alleging that he
violated his guaranty.  Lehman sought a judgment and damages from
Mr. Poole for the violations of his guaranty.

Moonlight Basin Ranch filed for Chapter 11 bankruptcy in November
2009.

The Poole Defendants contend that Lehman is seeking a declaration
that Mr. Poole is obligated to them for the full amount of the DIP
financing.  The Poole Defendants assert that Mr. Poole was
exonerated from the guaranty agreement when LCPI extended DIP
financing to Moonlight Basin Ranch on a super priority basis,
without Mr. Poole's specific signature as guarantor.

In his September 17 ruling, Judge Kirscher noted that Lehman is
merely seek a ruling that the Environmental Indemnity Agreements
are valid, binding and enforceable.  Judge Kirscher further noted
that Lehman confirm that they "are not seeking a judgment that
Poole breached the indemnities or that Poole is 'obligated to them
for unspecified sums'" at this time.

Accordingly, Judge Krischer denied the Poole Defendants' Motion
for Summary Judgment.

A copy of the decision is available at:


http://www.leagle.com/unsecure/page.htm?shortname=inbco20100917607

                       About Moonlight Basin

Ennis, Montana-based Moonlight Basin Ranch LP is a golf and ski
resort in Montana.  The Company filed for Chapter 11 bankruptcy
protection on November 18, 2009 (Bankr. D. Mont. Case No.
09-62327).  Craig D. Martinson, Esq., and James A. Patten, Esq.,
who have offices in Billings, Montana, assist the Debtor in its
restructuring effort.  The Company estimated $100 million to
$500 million in assets and $50 million to $100 million in debts.

Debtor-affiliate Moonlight Lodge, LLC, also filed a separate
Chapter 11 petition (Bankr. D. Mont. Case No. 09-62329) on
November 18, 2009.  The company estimated $10 million to
$50 million in assets and $50 million to $100 million in debts.


NEFF CORP: Receives Approval of Prearranged Chapter 11 Plan
-----------------------------------------------------------
Neff Rental, Inc. and certain of its affiliates disclosed that the
United States Bankruptcy Court for the Southern District of New
York has confirmed Neff's chapter 11 plan, which is sponsored by
private investment funds managed by Wayzata Investment Partners.

With the Court's confirmation of the Plan, Neff is set to emerge
from chapter 11 in the next few weeks, having reduced its debt
load by more than $400 million.  As part of the Plan, Wayzata has
committed to provide approximately $181.6 million in equity
financing to Neff.  In addition, Neff's existing lenders will
provide a $175 million revolving credit facility to Neff. In
connection with the Plan, Neff will transfer substantially all of
its business and operations to Reorganized Neff, L.L.C., which
will own and manage the Neff operations going forward.

"I am pleased that we were able to complete our prearranged
reorganization in less than five months.  I look forward to
working with Wayzata and all of our stakeholders to build long
term value for Neff and its stakeholders," said Graham Hood,
Neff's chief executive officer.  "As a result of the
restructuring, Neff will be able to recapitalize its business and
provide for future capital needs, while preserving approximately
900 jobs," continued Hood.

Neff was able to resolve all of the objections to the Plan on a
consensual basis, and all classes of creditors entitled to vote on
the Plan overwhelmingly voted in favor of the Plan.

Neff was advised by AlixPartners LLP, Kirkland & Ellis LLP and
Miller Buckfire & Co. LLC. Wayzata was advised by Houlihan Lokey
Howard & Zukin and Stroock & Stroock & Lavan LLP.


NEWPORT BONDING: AM Best Cuts Financial Strength Rating to 'B-'
---------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B-
(Fair) from B (Fair) and issuer credit ratings to "bb-" from "bb"
of Newport Bonding and Surety Company (Newport) (Hato Rey, PR).
The outlook for both ratings is negative.

The rating actions reflect Newport's weakened overall
capitalization, poor operating performance and the combined impact
of unrealized capital losses and stockholder dividends, which has
reduced policyholder surplus over the recent five-year period.

Partially offsetting these negative factors are the corrective
actions implemented by Newport's management, which are intended to
improve operating results, including expense reduction
initiatives, the non-renewal of unprofitable business, as well as
utilizing Newport's subrogation rights to recover losses stemming
from prior year policies.  Despite these initiatives, the outlook
reflects the weakened capitalization and A.M. Best's expectation
for a continued weak operating performance over the near term.


NORTHWEST 15TH: Parking Authority's Foreclosure Bid to Go to Trial
------------------------------------------------------------------
The Philadelphia Parking Authority sought from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania a declaratory
judgment determining, inter alia, that, pursuant to the terms of
an escrow agreement, it is entitled to the release from escrow of
a deed in lieu of foreclosure.  The Deed was executed by Northwest
15th Street Associates and conveys ownership of the surface and
air rights of a property located at the northwest comer of 15th
and Arch Streets in Philadelphia, Pennsylvania, to the PPA.

The PPA originally commenced the action in the Court of Common
Pleas, Philadelphia County, Pennsylvania, on June 23, 2010.  On
the same day, the Debtor filed a voluntary petition under chapter
11 of the Bankruptcy Code in the United States Bankruptcy Court
for the Eastern District of Pennsylvania.  On August 6, 2010, the
Debtor removed the Common Pleas action to the bankruptcy court.

On August 26, 2010, the PPA filed a Motion for Emergency Interim
Relief and requested an expedited hearing.  The PPA requests that
the court grant the declaratory relief requested in the Complaint
on an expedited, preliminary basis.  The PPA asserts that there is
an urgent need for relief and that it can satisfy all of the
elements for obtaining a preliminary injunction.

At a pretrial conference in the adversary proceeding held on
August 30, 2010, the court solicited the parties' views on the
issue whether the court has the authority to grant the type of
preliminary relief requested in the Motion.  At the court's
request, the parties then submitted memoranda of law in support of
their respective positions, the last of which was filed on
September 16, 2010.

On September 17, Bankruptcy Judge Eric L. Frank held that the
Escrow Agreement, by its terms, precludes the grant of the
preliminary relief requested by the PPA.  "No purpose would be
served by issuing preliminary determinations that the Debtor has
defaulted and that the Deed should be released.  By contract, the
Deed may be released only after a final determination of these
issues has been made," Judge Frank said.

Consequently, Judge Frank continued, the Motion will be denied
without any further hearing.  However, the judge said he will
conduct a pretrial conference promptly to discuss with the parties
the pretrial management of the adversary proceeding and the
scheduling of a trial on an expedited basis.

The case is The Philadelphia Parking Authority v. Northwest 15th
Street Associates Adv. No. 10-0328 (Bankr. E.D. Pa.), and a copy
of the Court's decision is available at:


http://www.leagle.com/unsecure/page.htm?shortname=inbco20100917611

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


NOVELOS THERAPEUTICS: Posts $1.4MM Net Loss in June 30 Quarter
--------------------------------------------------------------
Novelos Therapeutics, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $1.4 million on $8,333 of revenue
for the three months ended June 30, 2010, compared with a net loss
of $4.9 million on $32,313 of revenue for the same period of 2009.

The Company's balance sheet as of June 30, 2010, showed
$3.5 million in total assets, $5.8 million in total liabilities,
$13.8 million in redeemable preferred stock, and a stockholders'
deficit of $16.1 million.

As reported in the Troubled Company Reporter on April 8, 2010,
Stowe & Degon LLC, in Westborough, Mass., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted of the
Company's continuing losses and stockholders' deficiency at
December 31, 2009.

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

               http://researcharchives.com/t/s?6b67

Newton, Mass.-based Novelos Therapeutics, Inc. (OTC BB: NVLT)
-- http://www.novelos.com/-- is a biopharmaceutical company
developing oxidized glutathione-based compounds for the treatment
of cancer and hepatitis.


OPTELECOM-NKF INC: Posts $698,000 Net Loss in June 30 Quarter
-------------------------------------------------------------
Optelecom-NKF, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $698,000 on $7.7 million of revenue for
the three months ended June 30, 2009, compared with a net loss of
$127,000 on $10.0 million of revenue for the same period of 2009.

The Company has outstanding debt totaling $11.1 million at
June 30, 2010, from the subordinated note to Draka Holding N.V.
due in March 2011.  Prior to the maturity date, management intends
to attempt to repay this debt from the proceeds of new debt or
equity financings, seek additional extensions of the maturity date
from the current lender and evaluate other strategic options.

The Company's balance sheet as of June 30, 2010, showed
$33.3 million in total assets, $17.8 million in total liabilities,
and stockholders' equity of $15.5 million.

As reported in the Troubled Company Reporter on April 9, 2010,
KPMG LLP, in McLean Va., expressed substantial doubt about the
Company's ability to continue as a going concern, following its
2009 results.  The independent auditors noted that Company has
suffered losses from operations, has substantial debt maturing,
and its viability is dependent on the success of its future
operations and ability to obtain future financing.

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

               http://researcharchives.com/t/s?6b6a

                    About Optelecom-NKF, Inc.

Germantown, Md.-based Optelecom-NKF, Inc., Optelecom-NKF, Inc.
(Nasdaq: OPTC) -- http://www.optelecom-nkf.com/-- manufacturer of
Siqura(R) advanced video surveillance solutions, provides a full
range of network products based on an open technology platform
that simplifies integration and installation.


PALMAS COUNTRY: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Palmas Country Club, Inc., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $22,000,000
  B. Personal Property             $1,973,011
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $30,204,255
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $98,000
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      $28,244,143
                                 -----------      -----------
        TOTAL                    $23,973,011     $58,546,398

Humacao, Puerto Rico-based Palmas Country Club, Inc., owns certain
real estate facilities located in Palmas del Mar, Humacao, Puerto
Rico, consisting of an 18 hole championship golf course known as
the Flamboyan Course, an 18 hole golf course known as Palm Course,
a 22,200 square feet golf clubhouse, a 5,600 square feet beach
club house, a tennis club, and other related facilities.

Palmas filed for Chapter 11 bankruptcy protection on August 4,
2010 (Bankr. D. P.R. Case No. 10-07072).  Alexis Fuentes-
Hernandez, Esq., at Fuentes Law Offices, assists the Debtor in its
restructuring effort.


PGI INCORPORATED: Incurs $1.2 Million Net Loss in June 30 Quarter
-----------------------------------------------------------------
PGI Incorporated filed its quarterly report on Form 10-Q,
reporting a net loss of $1.2 million on $12,000 of revenue for the
three months ended June 30, 2010, compared with a net loss of
$1.1 million on $17,000 of revenue for the same period of 2009.

The Company's balance sheet as of June 30, 2010, showed
$1.6 million in total assets, $57.0 million in total liabilities,
and a stockholders' deficit of $55.4 million.

As reported in the Troubled Company Reporter on April 1, 2010,
BKD, LLP, in St. Louis, Mo., expressed substantial doubt about the
Company's ability to continue as a going concern, following its
2009 results.  The independent auditors noted that the Company has
a significant accumulated deficit, and is in default on its
primary debt, certain sinking fund and interest payments on its
convertible subordinated debentures and its convertible
debentures.

In its latest 10-Q, the Company acknowledges that it remains in
default under the indentures governing its unsecured subordinated
debentures and collateralized convertible debentures and in
default of its primary debt obligations.

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

               http://researcharchives.com/t/s?6b5a

                      About PGI Incorporated

St. Louis, Mo.-based PGI Incorporated was until the mid 1990's in
the business of building and selling homes, developing and selling
home sites and selling undeveloped or partially developed tracts
of land.  Over the last 15 years, the Company's business focus
and emphasis changed substantially as it concentrated its sales
and marketing efforts almost exclusively on the disposition of its
remaining real estate.  This change was prompted by its continuing
financial difficulties due to the principal and interest owed on
its debt.

The Company's most valuable remaining asset is a parcel of 366
acres located in Hernando County, Florida.  As of June 30, 2010,
the Company also owned 7 single family lots, located in Citrus
County, Florida.  In addition, the Company owns some minor parcels
of real estate in Charlotte County and Citrus County, Florida, but
these have limited value because of associated developmental
constraints such as wetlands, easements, or other obstacles to
development and sale.


PHOENIX FOOTWEAR: Russell Hall Resigns as CEO and President
-----------------------------------------------------------
Phoenix Footwear Group Inc. disclosed the resignation of its Chief
Executive Officer and President, Russell Hall, effective Sept. 10,
2010.  James R. Riedman has been elected Chief Executive Officer
and President, effective immediately.  Mr. Riedman has served on
our Board of Directors since 1993 and has been Chairman of the
Company's Board of Directors since 1996.  He served as the
Company's 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.

"We will continue to provide updates as we progress on these
initiatives," said Mr. Reidman.

                        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.


PINAFORE HOLDINGS: Moody's Affirms 'Ba3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 Corporate Family and
Probability of Default ratings of Pinafore Holdings BV following
the company's announcement of a revised financing plan which
contemplates a modestly higher use of leverage to support the
acquisition Tomkins plc.  In a related action Moody's affirmed the
Ba2 ratings assigned to Pinafore, LLC's first lien bank credit
facilities; and the B1 rating on the upsized $1.15 billion of
senior secured second lien notes.  The rating outlook is stable.
See Moody's press release dated September 14, 2010.

Following Moody's initial rating assignment, Pinafore has modified
the proposed transaction financing by upsizing the senior secured
second lien note to $1.15 billion from $1.0 billion and reducing
the sponsor's equity contribution to the transaction by
$150 million to $2.13 billion.  This change modestly increases
overall leverage in the transaction.  The senior debt facilities
have also been revised to eliminate the $600 million first lien
senior secured note and $100 million proposed funding under the
first lien senior secured revolving credit facility by increasing
the first lien senior secured term loan B to $1.7 billion from
$1.0 billion.

Despite the modest increase in financial leverage, the ratings
have been affirmed in consideration of the company's strong free
cash flow generation which should support a reduction in leverage
below 5x in the near term.  The company has well established
business positions that should support revenues, and good margins
that contribute to its favorable earnings and cash flow outlook.
With no utilization anticipated under the revolving credit
facility in the revised financing plan and continued headroom
under financial covenants, the company should also have adequate
liquidity to weather some degree of downturn in end market demand.

Ratings Affirmed:

Pinafore Holdings BV

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

Pinafore LLC

* $300 million senior secured first lien revolving credit
  facility, Ba2 (LGD2, 27%);

* $300 million senior secured first lien term loan A facility, Ba2
  (LGD2, 27%);

* $1.7 billion senior secured first lien term loan B facility, Ba2
  (LGD2, 27%);

* $1.15 billion senior secured second lien notes, B1 (LGD5, 76%);

Ratings Withdrawn:

* $600 million senior secured first lien notes, Ba2 (LGD2, 28%);

The last rating action for Pinafore was on September 14, 2010,
when the Ba3 Corporate Family Rating was assigned.

Pinafore will be the parent holding company for the operations of
Tomkins plc following the acquisition of Tomkins by Pinafore
Acquisitions Limited (jointly owned by Onex and the Canada Pension
Plan Investment Board).

Headquartered in London, United Kingdom, Tomkins is a diversified
global engineering company focused on industrial and automotive-
related activities -- namely power transmission, fluid power and
fluid systems -- accounting for 79% of sales as well as building
products accounting for 21% of sales.  In FY 2009, Tomkins
generated sales of USD4.2 billion and employed around 26,000
people in 158 production facilities.


PURDYN FILTER: Records Level Single Sales in August 2010
--------------------------------------------------------
Puradyn Filter Technologies Incorporated said that August 2010 was
the best-ever sales month in the 23-year history of the company.
The record-setting month marks the first time Puradyn has recorded
sales in excess of $800,000 in a single month.

Kevin G. Kroger, President and COO, noted advances made in 2009
opened opportunities within specific industries needing
microfiltration technology for engines that run extended periods
of time with high oil usage.  These industries typically operate
massive engines with immense engine oil capacities.

"We have seen an increasing demand for our technology, which is
suitable for major applications.  To our knowledge, we are the
only bypass oil filtration company providing the advanced type
technology needed for engines and hydraulics using these large
quantities of oil.

"Equipment, operating for the most part 24 hours per day for up to
several weeks, requires frequent oil changes.  Given the size of
the oil sump, these changes can cost thousands of dollars and be
required at least 10 times per year.  Our bypass oil filtration
systems have helped these companies safely extend oil changes,
thereby reducing their maintenance-related operating costs by
thousands of dollars per engine per year."

Mr. Kroger continued, "A senior division manager within one of
these companies has conveyed to us his satisfaction with our
product; not only with the bottom line contribution our puraDYN
systems have provided, but also how our system has contributed
greatly to company-wide efforts to reduce their carbon footprint."

Mr. Kroger concluded, "It is rewarding to see the commitment,
investment, and focus our organization has made to these
industries beginning to pay off and just as important, to see
these industry leaders realize the benefits our bypass oil
filtration systems bring to their operations and to the
environment.  Puradyn is committed to continually search out
industries looking for new ways to reduce their operating costs
and their carbon footprint.  Due to the acceptance of our bypass
filtration systems and our continued development of new filtration
technology, we remain cautiously optimistic for the foreseeable
future."

As reported in the Troubled Company Reporter on April 24, 2010,
Webb and Company, P.A., in Boynton Beach, Fla., expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The independent auditors
noted that the Company has suffered recurring losses from
operations, its total liabilities exceed its total assets, and it
has relied on cash inflows from an institutional investor and
current stockholder.

                    About Puradyn Filter

Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated
(OTC BB: PFTI) -- http://www.puradyn.com/-- designs,
manufactures, markets and distributes worldwide the puraDYN(R)
bypass oil filtration system for use with substantially all
internal combustion engines and hydraulic equipment that use
lubricating oil.


QUEBECOR MEDIA: DBRS Confirms 'BB' Issuer Rating
------------------------------------------------
DBRS has confirmed Quebecor Media Inc.'s (QMI or the Company)
Issuer Rating at BB (low), its Secured Debt at BB (high), with a
recovery rating of RR1, and its Senior Notes rating at BB (low),
with a recovery rating of RR4.  The trends are all Stable.

QMI's corporate Issuer Rating is based on its own leverage and the
supporting cash flow from its major operating subsidiaries --
Videotron (Issuer Rating at BB (high)), Sun Media (Issuer Rating
at BB), Osprey Media (not rated) and TVA Group Inc. (not rated).
Videotron's strong operating performance has driven earnings
growth for the group for the past number of years, which has
reduced its financial risk and indirectly the financial risk of
QMI.

Videotron continues to benefit from subscriber growth in digital,
high-speed Internet and telephony, with a rising number of
subscribers taking two or three of its services.  This is in a
marketplace that remains highly competitive, with satellite and
telco operators also providing these services and continuing to
invest in their networks to enhance their services (e.g., the
telcos with fibre deployments are bolstering their data speeds,
which allows them to launch terrestrial video services).  DBRS
notes that, on September 9, 2010, with a goal of adding wireless
service to its bundles, Videotron deployed its own wireless
network in Quebec and, in doing so, has entered a very competitive
market, battling incumbents and other new entrants alike.
Videotron's bundling efforts have been successful thus far and
have unlocked the Company's operating leverage, driving EBITDA
growth and improved EBITDA margins to 49% in the latest period --
a very strong level for a North American cable operator.  Bundling
has also driven average revenue per user (ARPU) levels to near $95
per month in Q2 2010 ($51.86/month in 2005) and lowered subscriber
churn levels.

Although DBRS notes that Sun Media's business risk profile remains
under some structural pressure, it appears to be managing this
with significant changes in its cost structure while maintaining a
healthy financial risk profile.  DBRS believes that most of the
revenue pressure that Sun Media has experienced over the past 30
months remains cyclical, driven by the downturn in the Canadian
economy.  However, beyond this cyclical pressure, DBRS believes
that Sun Media continues to experience ongoing secular trends as
advertisers and readers shift to online formats.  The Company is
attempting to combat this by moving an increasing amount of its
content online, ramping up its free daily offerings in most major
markets and significantly streamlining its cost structure.

DBRS expects that Videotron, Sun Media, Osprey Media and the
Company's other subsidiaries will have the capacity to contribute
over $500 million in cash distributions to QMI in 2010, which
should more than cover expected interest and corporate expenses,
QMI's external dividend payment and the QMI debt reduction that
was completed early in 2010.  In addition, QMI continues to
maintain good liquidity, with roughly $100 million available under
its undrawn revolving credit facility.  With Videotron pre-funding
its wireless build which will peak in 2010 and the other operating
subsidiaries generating surplus cash flow, DBRS expects QMI to be
able to maintain its ratings at the current level.  QMI could
improve its ratings in the future should it continue to make
progress on achieving lower leverage from a consolidated basis --
largely driven by improvement in its operating subsidiaries.
However if the subsidiaries' cash flows were to decline or if
their capex becomes aggressive, leading to increased leverage at
their level or that of QMI, QMI's ratings could come under
pressure.

DBRS has simulated a default scenario for QMI over the 2010 to
2013 time frame to assess the prospects for recovery for creditors
at the corporate level under certain assumptions.  At a distressed
valuation level, DBRS notes that QMI's Secured Debt (assuming
$750 million is outstanding) has outstanding recovery prospects of
90% to 100% under a distressed scenario.  As such, DBRS has
confirmed QMI's Secured Debt recovery rating at RR1 and its
instrument rating at BB (high), two notches above its BB (low)
Issuer Rating.  An upgrade of only two notches is given to this
secured debt (even though with the RR1 rating, a three-notch
upgrade is possible), as QMI is a holding company that is one
level away from the operating assets of the companies whose shares
collateralize this debt.

DBRS notes that QMI's Senior Notes ($1.29 billion outstanding)
have average recovery prospects of 30% to 50% under a distressed
scenario.  As such, DBRS has confirmed QMI's Senior Notes recovery
rating at RR4 and its instrument rating at BB (low), which is the
same as its Issuer Rating.


RADIO ONE: Moody's Repositions Default Rating to 'Caa2/LD3'
-----------------------------------------------------------
Moody's Investors Service has repositioned Radio One Inc.'s
Probability of Default Rating to Caa2/LD, from Caa2, following
expiration of the 30-day grace period under the indenture
governing the company's 6.375% senior subordinated notes due 2013.
The August interest payment was not made in accordance with the
scheduled terms, and Moody's treats the failure to meet the
original contractual terms as a limited default.  All of Radio
One's debt ratings remain under review for possible downgrade,
including Radio One's Caa1 corporate family rating.

Radio One has not received an extension of the forbearance
agreement from the bank group which expired on September 10, and
it has not received consents from note holders to extend the grace
period.  The company is working towards an agreement with its bank
group and an ad hoc group consisting of a significant portion of
existing note holders.  Radio One does not expect its existing
lenders nor members of the ad hoc group to exercise remedies under
its credit facilities or indentures in the near term.

The PDR, as well as the CFR and ratings on the company's senior
secured revolver and first lien term loan, remain on review for
downgrade as detailed below:

This rating has changed and remains on review for possible
downgrade:

Issuer: Radio One, Inc.

* Probability of Default Rating -- to Caa2/LD from Caa2

These ratings are unchanged and remain on review for possible
downgrade:

Issuer: Radio One, Inc.

* Corporate Family Rating - Caa1

* $400 million existing senior secured revolving facility --B2,
  LGD2-17%

* $31.6 million ($300 million original amount) existing first lien
  term loan --B2, LGD2-17%

These ratings are unchanged and are not on review for possible
downgrade:

Issuer: Radio One, Inc.

* 8.875% senior subordinated notes due 2011 -- Caa3, LGD6-96%
* 6.375% senior subordinated notes due 2013 -- Caa3, LGD6-96%

                        Ratings Rationale

The LD designation assigned by Moody's results from Radio One's
inability to make the August 16, 2010 interest payment on the
6.375% senior subordinated notes due to its bank group's decision
to block payment.  The bank group has the ability to block the
interest payment as Radio One has been in violation of the total
leverage covenant under its credit agreement as announced in July.
Furthermore, the LD designation of its PDR will also encompass any
near-term discounted debt exchange or discounted debt repurchase
transactions that will be negotiated as part of Radio One's
pending note exchange offer currently expiring on September 30,
2010.  Approximately 92% of the outstanding existing notes have
been tendered compared to the 95% currently required.  After three
business days from the latter of the interest payment being paid
or the note exchange being completed, Moody's expect to remove the
limited default "/LD" designation, whereupon the PDR will revert
to Caa2.

For the three months ended June 30, 2010, the company reported
revenues of $75.2 million in line with expectations and 7.6% ahead
of revenues for the same calendar quarter last year.  The
company's ability to continue to track its plan for the remainder
of 2010 and for FY2011 remains an important part of Moody's rating
assessment.  Moody's believes that recovery in a distressed
scenario would be greater than 50%-60% due to Radio One's
attractive markets and improved operating performance.  Bank
facilities are well positioned based on their first priority,
secured position ahead of the subordinated notes.

The current ratings are based on Moody's estimate of the expected
near term loss and are under review pending Moody's assessment of
the final terms of the proposed subordinated note exchange,
refinancing of bank facilities, or modifications to the existing
debt.  Moody's views the blockage and expiry of the grace period
as an indication of a greater risk of default and potential for
debt impairment given the current acceleration of maturities of
approximately $354.6 million in bank facilities to January 1, 2011
absent success in the planned exchange/refinancing of the 8.875%
senior subordinated notes due 2011.  The bank facilities were
scheduled to mature June 2012; however, the maturity is
accelerated if the 8.875% senior subordinated notes are not
refinanced six months prior to their July 1, 2011 due date.  The
company reports that 92% of the notes have been validly tendered
versus the 95% requirement.

Moody's most recent rating action for Radio One was on June 17,
2010 when Moody's rated instruments related to the company's
proposed exchange offer and refinancing.  On August 18, 2010,
Moody's placed on review for possible downgrade the company's CFR,
its PDR, and ratings its senior secured revolver and 1st lien term
loan.

Radio One Inc., headquartered in Lanham, Maryland operates or owns
interests in broadcasting stations, a cable television network,
and Internet-based properties, largely targeting the African-
American audience.  The company reported sales of approximately
$276 million through the 12 months ending June 30, 2010.


REITTER CORPORATION: Files Schedules of Assets and Liabilities
--------------------------------------------------------------
Reitter Corporation filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $13,130,000
  B. Personal Property            $7,310,765
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $10,182,258
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $4,929,105
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $2,138,670
                                 -----------      -----------
        TOTAL                    $20,440,765      $17,250,033

San Juan, Puerto Rico-based Reitter Corporation filed for Chapter
11 protection on August 6, 2010 (Bankr. D. P.R. Case No. 10-
07152).  Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices,
assists the Debtor in its restructuring effort.


ROTHSTEIN ROSENFELDT: Trustee Gains Court's Approval for $6.6MM
---------------------------------------------------------------
Judge Raymond B. Ray of the U.S. Bankruptcy Court in Fort
Lauderdale, Fla., signed off on a settlement that will bring
nearly $6.6 million to the estate of Scott Rothstein's liquidating
law firm, despite criticism from a federal watchdog wary of the
deal, DBR Small Cap reports.

According to the report, Judge Ray approved the settlement between
the official charged with running Rothstein Rosenfeldt Adler PA's
bankruptcy proceedings and a financial adviser accused of being
mired in the Ponzi scheme that landed Rothstein in jail.

Under the deal, the report, citing papers filed alongside the
settlement in July, notes that Michael Szafranski and various
affiliates will hand over $6.58 million to settle a lawsuit that
accuses the defendants of receiving $32.8 million in fraudulent
transfers "in the months leading up to the collapse of Scott W.
Rothstein's now well known Ponzi scheme".

                    About Rothstein Rosenfeldt

Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler
PA, has been suspected of running a $1.2 billion Ponzi scheme.
U.S. authorities claimed in a civil forfeiture lawsuit filed
November 9, 2009, that Mr. Rothstein, the firm's former chief
executive officer, sold investments in non-existent legal
settlements.  Mr. Rothstein pleaded guilty to five counts of
conspiracy and wire fraud on January 27, 2010.

Creditors of Rothstein Rosenfeldt Adler signed a petition sending
the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No.
09-34791).  The petitioners include Bonnie Barnett, who says she
lost $500,000 in legal settlement investments; Aran Development,
Inc., which said it lost $345,000 in investments; and trade
creditor Universal Legal, identified as a recruitment firm, which
said it is owed $7,800.  The creditors alleged being owed money
invested in lawsuit settlements.

Herbert M. Stettin, the state-court appointed receiver for
Rothstein Rosenfeldt, was officially carried over as the Chapter
11 trustee in the involuntary bankruptcy case.

On June 10, 2010, Mr. Rothstein was sentenced to 50 years in
prison.


SGS INTERNATIONAL: Moody's Affirms 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of SGS
International, Inc., to stable from negative.  At the same time,
Moody's lowered the speculative grade liquidity rating to SGL-4
from SGL-3 to incorporate the approaching December 2011 maturity
of the approximately $122 million in term and acquisition loans.
All other ratings, including its B2 corporate family rating, have
been affirmed.

Downgrades:

Issuer: SGS International, Inc.

  -- Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
     SGL-3

Rating Affirmations:

Issuer: SGS International, Inc.

  -- B2 corporate family rating

  -- B2 probability of default rating

  -- $35 million first lien revolving credit facility due 2010,
     Ba2 (LGD2-21%)

  -- $39 million acquisitions loan facility due 2011, Ba2 (LGD2-
     21%)

  -- $119 million term loan facility due 2011 ($83 million
     outstanding), Ba2 (LGD2-21%), and

  -- $200 million subordinated notes due 2013 ($175 million
     outstanding), B3 (LGD5-76%)

Outlook Actions:

Issuer: SGS International, Inc.

  -- Outlook, Changed To Stable From Negative

The stable outlook reflects SGS' improved operating performance
which has enabled the company to increase its cash generation,
lower debt levels and improve covenant headroom over the past
eighteen months.  Moody's anticipates that SGS will remain focused
on maintaining strict controls over its operating costs to help
offset continued pricing pressure.  Further, the stable outlook
reflects the expectation that SGS will continue to prioritize debt
reduction over acquisitions until a more permanent capital
structure is established.

The SGL-4 rating reflects the refinancing risk associated with the
upcoming maturities facing SGS, including both the revolver and
term and acquisition loans.  The rating reflects Moody's view that
the December 2011 maturities of the term loan and acquisition loan
will require a refinancing given their current size relative to
SGS's expected cash flow over the next 15 months.  In addition,
Moody's views the potential expiration of the revolver as a
constraint on SGS's liquidity profile as the company has stated
its intention to increase its cash reserves if the revolver were
to mature.  While Moody's does not anticipate that SGS will need
the revolver to fund operations over the next twelve months,
failure to amend or refinance the facility prior to maturity could
limit debt reduction initiatives, acquisition opportunities and/or
growth capital spending.

A ratings upgrade is unlikely prior to a refinancing of the bank
facilities.  In addition, a ratings upgrade would likely require
SGS to maintain adjusted leverage at or below 4.0x on a permanent
basis while generating free cash flow.  A ratings downgrade could
occur if the revolver were allowed to expire and SGS were to shift
its focus from debt reduction to acquisitions over the near term.

The last rating action on SGS was the December 11, 2008 change in
rating outlook to negative from stable.

SGS, headquartered in Louisville, Kentucky, is a global leader in
the digital imaging and communication industry, offering design-
to-print graphic services to the international consumer products
packaging market.  The Company offers a full spectrum of digital
solutions that streamline the capture, management, execution and
distribution of graphics information.  Sales for the twelve months
ending June 30, 2010 were $343 million.


SINCLAIR BROADCAST: Moody's Raises Corporate Family Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service raised its ratings for Sinclair
Broadcast Group, Inc., and subsidiary Sinclair Television Group,
Inc., including the Corporate Family Rating and Probability-of-
Default Rating, each to Ba3 from B1, and the ratings for
individual debt instruments, concluding its review for possible
upgrade as initiated on August 5, 2010.  Moody's also assigned a
B2 (LGD 5, 87%) rating to the proposed $250 million issuance of
Senior Unsecured Notes due 2018 by STG.  The Speculative Grade
Liquidity Rating remains unchanged at SGL-2.  The rating outlook
is now stable.

                        Ratings Rationale

The upgrades reflect the company's improving credit profile and
expectations of further material reductions in key credit metrics
over the forward rating horizon.  Additionally, the extension of
debt maturities following the assumed successful completion of the
refinancing transaction -- at a relatively attractive cost of
capital, as expected -- in conjunction with the relatively
restrictive nature of the terms governing the company's bank
credit agreement as a means of precluding potential non-creditor-
friendly fiscal activities, also lend support to the rating
upgrades.

This is a summary of the actions and Moody's ratings for Sinclair:

Issuer: Sinclair Broadcast Group, Inc.

  -- Corporate Family Rating, Upgraded to Ba3 from B1

  -- Probability of Default Rating, Upgraded to Ba3 from B1

  -- Speculative Grade Liquidity Rating, Unchanged at SGL-2

  -- 4.875% Senior Subordinated Notes, Upgraded to B2, LGD6, 95%
     from B3, LGD6, 94%

Issuer: Sinclair Television Group, Inc.

  -- Senior Secured Revolver (Maturing June 2011), Upgraded to
     Baa3, LGD1, 9% from Ba1, LGD2, 10%

  -- Senior Secured Revolver (Maturing December 2013), Upgraded to
     Baa3, LGD1, 9% from Ba1, LGD2, 10%

  -- Senior Secured Term Loan B (Maturing October 2015), Upgraded
     to Baa3, LGD1, 9% from Ba1, LGD2, 10%

  -- Senior Secured Second Lien Notes, Upgraded to Ba3, LGD3, 47%
     from B1, LGD3, 48%

  -- New Senior Unsecured Notes (Maturing 2018), Assigned B2,
     LGD5, 87%

  -- 8% Senior Subordinated Notes (Maturing March 2012), Upgraded
     to B2, LGD5, 87% (to be Withdrawn following successful
     completion of the in-market New Senior Unsecured Notes and
     ensuing pay-down)

On September 20, 2010, Sinclair announced a new offering for
$250 million of Senior Unsecured Notes due 2018.  Proceeds will be
used to take out all of the existing $225 million of 8% Senior
Subordinated Notes due 2012 and to partially fund the proposed
tender for up to $60 million of the company's 6% convertible
debentures due 2012 (unrated).  The upgrades specifically
incorporate the enhanced medium-to-longer term liquidity profile
due to the significant reduction in 2012 maturities following the
assumed successful completion of the pending transactions at a
relatively attractive cost of capital.  Although not declared, the
ratings allow for a special dividend of up to $35 million at the
end of 2010, as permitted under the amended credit agreement.

The stable outlook reflects Moody's favorable revenue expectations
through the end of 2010 combined with the company's improving
EBITDA margins generated by its sizable and diverse television
station group.  Moody's expects Sinclair will continue to reduce
debt balances by eliminating remaining 2012 maturities as cash is
generated from operations.

The revised Ba3 CFR reflects still high financial risk,
nonetheless, and the inherent cyclicality of the broadcast
television business, among other factors.  Somewhat mitigating
these risks are the company's TV station portfolio, which includes
38 stations that benefit from favorable duopoly structures and 4
stations that benefit from joint service arrangements, a diverse
offering of network affiliations, and a national footprint
covering 35 markets.

Moody's would consider a downgrade if debt-to-EBITDA ratios were
sustained above 5.75x (incorporating Moody's standard adjustments)
as a result of deteriorating operating performance, acquisitions,
distributions or liquidity becoming strained as a result of
decreased covenant cushion or reduced revolver availability in the
absence of adequate cash balances.  Moody's would consider
revision to a positive outlook and/or a potential upgrade of the
CFR if Sinclair's debt-to-EBITDA ratio were sustained comfortably
below 4.25x with free cash flow-to-debt ratios in the high single
digit range and good liquidity.

The last rating action occurred on August 5, 2010 when Moody's
upgraded Sinclair's CFR to B1 from B2, its PDR to B1 from B2, as
well as other debt instruments of Sinclair Broadcast Group, Inc.,
and Sinclair Television Group, Inc., and ratings were placed under
review for possible further upgrade.

Sinclair, headquartered in Baltimore, Maryland, is a television
broadcaster, operating 58 television stations in 35 markets
primarily through STG and its local marketing agreements with 10
stations.  Sinclair generated revenue of approximately
$698 million for the trailing twelve months ended June 30, 2010.


SINCLAIR TELEVISION: S&P Assigns 'B-' Rating on $2501 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned ratings to the
proposed $250 million eight-year senior unsecured notes offering
of Sinclair Television Group Inc., the guaranteed subsidiary of
Hunt Valley, Md.-based TV broadcaster Sinclair Broadcast Group
Inc..  S&P rated the notes 'B-' (two notches lower than S&P's 'B+'
corporate credit rating on the parent company) with a recovery
rating of '6', indicating its expectation of negligible (0% to
10%) recovery for noteholders in the event of a payment default.

The company plans to use the net proceeds of the notes offering to
finance tender offers for up to $60 million of Sinclair's
outstanding 6% convertible subordinated debentures due 2012 and
any and all of STG's outstanding 8% senior subordinated notes due
2012, including accrued and unpaid interest.  If the net proceeds
are insufficient to fund the tender offers and pay related fees
and expenses, the company expects to pay the balance with cash on
hand and/or revolving credit borrowings.  S&P views this
transaction as essentially neutral to the company's leverage and
interest coverage.

All other ratings on Sinclair, including the 'B+' corporate credit
rating, remain unchanged.  The rating outlook is positive.

"The 'B+' rating on Sinclair reflects S&P's expectation that the
company will be able to reduce its leverage further by the end of
2010 through revenue and EBITDA growth and lower debt balances,"
said Standard & Poor's credit analyst Deborah Kinzer.

Lease-adjusted debt to EBITDA declined to 5.3x as of June 30,
2010, from 7.0x at year-end 2009.  The positive outlook reflects
S&P's view that the company could keep its lease-adjusted debt to
EBITDA below historical levels throughout the election cycle,
absent a reversal of economic growth, debt-financed acquisitions,
or significant shareholder-favoring measures.

Sinclair is one of the largest non-network-owned TV broadcasters
in the U.S., with 58 stations reaching about 22% of the country's
households.  The company's size confers efficiencies with respect
to marketing, programming, overhead, and capital expenditures.
Most of Sinclair's stations are affiliated with the Fox (20
stations), MyNetworkTV (16), ABC (9), or CW (10) networks.  S&P
views the company's business risk profile as weak, because its
portfolio consists of generally lower-ranked stations and it holds
investments in a number of underperforming real estate and other
non-TV assets.


SMART ONLINE: Sells $300,000 Conv. Secured Subordinated Notes
-------------------------------------------------------------
Smart Online Inc. sold on Sept. 14, 2010, an additional
convertible secured subordinated note due Nov. 14, 2013 in
the principal amount of $300,000 to a current noteholder upon
substantially the same terms and conditions as issued notes sold
between Nov. 14, 2007, and and Aug. 30, 2010.

The Company said it is obligated to pay interest on the New Note
at an annualized rate of 8% payable in quarterly installments
commencing Dec. 14, 2010.  The Company is not permitted to prepay
the New Note without approval of the holders of at least a
majority of the aggregate principal amount of the Notes then
outstanding.

                        About Smart Online

Headquartered in Durham, North Carolina, Smart Online, Inc. (OTC
BB: SOLN) -- http://www.smartonline.com/-- develops and markets
software products and services targeted to small  businesses that
are delivered via a Software-as-a-Service (SaaS), or SaaS, model.
The Company also provides Web site consulting services, primarily
in the e-commerce retail industry products and services.

The Company's balance sheet at June 30, 2010, showed $1.05 million
in total assets, $17.84 million in total liabilities, and a
$16.78 million stockholders' deficit.  Stockholders' deficit was
$16.31 million at March 31.


SOLECO INC: Chapter 11 Reorganization Case Dismissed
----------------------------------------------------
The Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for the
District of Utah dismissed the Chapter 11 case of Soleco, Inc.

Ogden, Utah-based Soleco Incorporated filed for Chapter 11
bankruptcy protection on December 11, 2009 (Bankr. D. Utah Case
No. 09-33830).  Rocky D. Crofts, Esq., at Law Office of Rocky D
Crofts, PC, assists the Company in its restructuring effort.  The
Company estimated assets at $10 million to $50 million in assets
and liabilities at $10 million to $50 million.


SPHERIX INC: Posts $2.6 Million Net Loss in June 30 Quarter
-----------------------------------------------------------
Spherix Incorporated filed its quarterly report on Form 10-Q,
reporting a net loss of $2.6 million on $327,139 of revenue for
the three months ended June 30, 2010, compared with a net loss of
$1.6 million on $332,241 of revenue for the same period last year.

As of June 30, 2010, the Company had cash and short-term
investments of approximately $4.7 million and expects to expend
all of this amount within the next six months.  The Company's
working capital was $3.0 million as of June 30, 2010, compared to
working capital of $7.7 million as of December 31, 2009.  The
Company has incurred substantial development costs in its efforts
to explore whether D-tagatose is an effective treatment for Type 2
diabetes.  Over the next 12 months, the Company expects that it
will need to expend between $7 million and $9 million to support
its development operations.

The Company recently announced that it is actively seeking a
pharma partner to continue the diabetes development and that it
will also explore D-tagatose as a potential treatment for high
triglycerides.  Accordingly, the Company has terminated the safety
portion of its Phase 3 diabetes clinical trial and expects to
shift its research and development focus to D-tagatose as a
treatment for triglycerides.

The Company's balance sheet as of June 30, 2010, showed
$5.4 million in total assets, $2.8 million in total liabilities,
and stockholders' equity of $2.6 million.

As reported in the Troubled Company Reporter on April 8, 2010,
Grant Thornton LLP, in Baltimore, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company incurred a net loss of $9.1 million and used
$7.8 million in cash for operations in 2009.

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

               http://researcharchives.com/t/s?6b66

                    About Spherix Incorporated

Bethesda, Md.-based Spherix Incorporated (NASDAQ CM: SPEX)
-- http://www.spherix.com/-- was launched in 1967 as a scientific
research company, under the name Biospherics Research.  The
Company now leverages its scientific and technical expertise and
experience through its two subsidiaries -- Biospherics
Incorporated and Spherix Consulting, Inc.  Biospherics is
currently running a Phase 3 clinical trial to study the use of
D-tagatose as a treatment for Type 2 diabetes.  Its Spherix
Consulting subsidiary provides scientific and strategic support
for suppliers, manufacturers, distributors and retailers of
conventional foods, biotechnology-derived foods, medical foods,
infant formulas, food ingredients, dietary supplements, food
contact substances, pharmaceuticals, medical devices, consumer
products, and industrial chemicals and pesticides.


SPOT MOBILE: Posts $972,000 Net Loss in July 31 Quarter
-------------------------------------------------------
Spot Mobile International Ltd. filed its quarterly report on Form
10-Q for the period ended July 31, 2010, with the Securities and
Exchange Commission, reporting a net loss of $972,952 on
$3.84 million of revenue for the three months ended July 31, 2010,
compared with a net loss of $107,191 on $6.74 million of revenue
for the same period a year earlier.

The Company's balance sheet at July 31, 2010, showed $2.62 million
in total assets, $3.90 million in total liabilities, and a
$1.28 million stockholders' deficit.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6b63

                         About Spot Mobile

Spot Mobile, formerly Rapid Link Incorporated --
http://www.rapidlink.com/-- is a telecommunications services
company which, through its wholly owned subsidiary, provides
prepaid telecommunication and transaction based point of sale
activation solutions through 1,000
independent retailers in the Eastern United States.  The Company
also provides long distance services and plans to expand its
product offering to include mobile and wireless services.

KBA GROUP LLP in Dallas, Texas, expressed substantial doubt about
Rapid Link's ability to continue as a going concern after auditing
the Company's financial statements as of October 31, 2008.  The
auditor noted the Company has suffered recurring losses from
continuing operations during the last two fiscal years.  At
October 31, 2008, the Company's current liabilities exceeded its
current assets by $2.1 million and the Company has a shareholders'
deficit totaling $2.9 million.


SPRINGBOK SERVICES: Fifth Third Acquires Certain Assets
-------------------------------------------------------
Fifth Third Processing Solutions, LLC has acquired certain assets
of Englewood, Colorado based Springbok Services, Inc.  The assets
were acquired by Fifth Third Processing Solutions in connection
with Springbok's Chapter 11 bankruptcy proceeding and include
Springbok's cutting edge reloadable prepaid card processing
platform.  Founded in 1998, Springbok pioneered and advanced the
development of full-service, multi-touch prepaid solutions.

The acquisition enables Fifth Third Processing Solutions to
immediately expand its processing capabilities to include Visa(R)
and MasterCard(R) branded gift cards, general purpose reloadable
cards, payroll cards and loyalty programs to further complement
its industry-leading debit card and credit card authorization,
settlement and back office processing services.

Fifth Third Processing Solutions is the 3rd largest transaction
acquirer in the industry as ranked by the Nilson Report,
processing 33 billion transactions and over $315 billion in sales
volume annually.

"We are fully committed to helping our clients differentiate
themselves from their competitors by delivering the technology
solutions they need to grow their businesses," commented Charles
Drucker, President and CEO of Fifth Third Processing Solutions.
"This acquisition is especially exciting because it further
complements our existing product offerings and enables us to offer
our clients a reloadable prepaid program that utilizes a
consolidated transaction infrastructure, which will help them to
holistically maximize efficiencies across their company.  Our
3,000 financial institution clients will be able to process these
transactions using the same connection they have with us today,
which will give them speed-to-market advantages in under-
penetrated markets such as the unbanked segment.   In addition,
our merchant clients will be able to offer a proven reloadable
card alternative to their customers, using the same single
processing platform they use today with us.  We are proud to
continue and expand our resources to our valued clients!"

In conjunction with the acquisition, key employees responsible for
Springbok's processing platform development have joined Fifth
Third Processing Solutions.

Fifth Third Processing Solutions, LLC delivers innovative payment
transaction processing and acceptance solutions to create and
support complex payment strategies for merchants, businesses, and
financial institutions around the world.  A pioneer in card
payment acceptance in the early 1970s, Fifth Third Processing
Solutions is headquartered in Cincinnati, Ohio and is a joint
venture with Advent International and Fifth Third Bank, a
subsidiary of Fifth Third Bancorp.

As a premier full service payment solutions provider, the Company
provides servicing solutions and product engineering for financial
institutions' and retailers' credit card, debit card, merchant and
private label programs processing over 33.3 billion ATM and point
of sale transactions and over $315.5 billion in debit and credit
card sales volume annually.  The Company supports over 180,000
merchant and financial institution locations and 11,000 ATMs in 44
states and 11 countries.  According to the Nilson Report (March
2010), the Company is the third largest U.S. merchant transaction
acquirer.

                    About Springbok Services

Englewood, Colorado-based Springbok Services, Inc., fka The Best
Present Company, Inc.; and fdba Springbok Card Processing
Services, fka Springbok Card Processing Services, Inc., filed for
Chapter 11 bankruptcy protection on June 18, 2010 (Bankr. D. Colo.
Case No. 10-25285).  Duncan E. Barber, Esq., who has an office in
Denver, Colorado, assists the Company in its restructuring effort.
The Company estimated its assets and debts at $10,000,001 to
$50,000,000.


STATES INDUSTRIES: DIP Loans Okayed on Interim; Sale Deadlines Set
------------------------------------------------------------------
States Industries, Inc., sought and obtained interim authorization
from the U.S. Bankruptcy Court for the District of Oregon to
obtain postpetition secured financing from Renwood States Lending,
LLC, and to use cash collateral.

As of the Petition Date, the Debtor owed the Lender $15,570,373.

The Debtor is authorized to borrow under the DIP facility from the
Lender in an interim amount of up to $1,500,000.  A copy of the
DIP financing agreement is available for free at:

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

The Debtor's authority to borrow pursuant to the terms of the
interim court order will terminate on September 24, 2010.

Brad T. Summers, Esq., at Ball Janik LLP, explained that the
Debtor needs the money to fund its Chapter 11 case, pay suppliers
and other parties.

The DIP facility will mature on October 29, 2010.  The DIP
facility will incur interest at 15% per annum.  In an event of
default, the applicable rate will be 17% per annum.

The Debtor must not let its weekly sales be less than those
projected in the cash budget by more than 10% per week or more
than 15% in the aggregate.

These events must each occur:

(a) Aug. 31, 2010 -- Filing of Sale Motion
(b) Sep. 15, 2010 -- Bid Procedures Order
(c) Sep. 15, 2010 -- Execution of Asset Purchase Agreement
(d) Oct. 20, 2010 -- Entry of Sale Order
(e) Oct. 27, 2010 -- Closing of Sale Contemplated by the APA

As security for the DIP facility obligations existing or hereafter
arising pursuant to the DIP facility, the DIP facility documents
and the interim court order, the Lender is granted an allowed
superpriority administrative claim.  The Lender will have the DIP
facility liens: (a) valid, perfected enforceable and non-avoidable
first priority liens on and security interests in the Debtor's
current and hereafter acquired assets and property; (b) valid,
perfected, enforceable and non-avoidable second priority or other
junior liens on and security interests in the Debtors' current and
hereafter acquired assets and property; and (c) in the event of
the occurrence of an event of default, the DIP facility liens will
be subject only to the payment of the carve-out, which is subject
to a cap in the amount of $300,000.

The Debtor is required to pay the Lender a commitment fee of
$50,000.

All objections to the entry of the interim court order are
withdrawn or resolved by the terms hereof or, to the extent not
resolved, are overruled.  Lane County had objected to the DIP
financing.

The Debtor is also authorized to use cash collateral.  In
exchange, the Debtor will grant the Lender (i) replacement
security interests in and liens upon all of the DIP collateral;
(ii) allowed superpriority administrative expense claim; and
(iii) adequate protection payments in an amount equal to interest
on the prepetition obligations, at the non-default rate provided
for in the prepetition loan documents.

The Court had set and held a final hearing for September 15, 2010,
at 11:00 a.m. on the Debtor's request to obtain DIP financing and
use cash collateral.  That hearing was set to continue on
September 22, 2010.

The Lender is represented by Perkins Coie LLP.

                      About States Industries

Eugene, Oregon-based States Industries, Inc., manufactures and
sells natural wood veneered panels to consumers in the form of
residential wall paneling.  States Industries also manufactures
and sells industrial panels to manufacturers of cabinets,
furniture, store fixtures and architectural interiors.  States
Industries' consumer products are sold through retail home
improvement stores.

States Industries filed for Chapter 11 bankruptcy protection on
August 24, 2010 (Bankr. D. Ore. Case No. 10-65148).  Brad T.
Summers, Esq., and Justin D. Leonard, Esq., who have an office in
Portland, Oregon, assist the Debtor in its restructuring effort.
According to its schedules, the Debtor disclosed $20,615,286 in
total assets and $28,458,541 in total liabilities as of the
petition date.


STONERIDGE INC: S&P Gives Positive Outlook; Keeps 'B+' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has revised its outlook
on Stoneridge Inc. to positive from stable and affirmed its
ratings on the company, including the 'B+' corporate credit
rating.  At the same time, S&P assigned a preliminary rating of
'B+' on the senior secured notes.

"The outlook revision reflects S&P's opinion that Stoneridge's
proposed refinancing will improve its debt maturity profile and
lower its interest expense, thereby improving profitability and
cash flow," said Standard & Poor's credit analyst Lawrence
Orlowski.  "Moreover, S&P believes the company's credit measures
could fall in line with its expectations for the rating faster
than S&P previously expected and could support a higher rating in
2011," he continued.  Substantial increases in light-vehicle
production in North America and commercial-truck production in
North America and Europe, combined with substantial cost
reductions, have boosted Stoneridge's sales and profitability.
Still, S&P does not expect light-vehicle production to continue
rising as quickly next year, and the recovery in commercial-
vehicle demand is in the early stages.

In the second quarter, revenue rose 62.5% year over year because
light-vehicle production increased 72.7% in North America and
commercial-truck production increased 28.3% in North America and
58.1% in Europe.  Moreover, major restructuring initiatives have
reduced the company's cost structure and laid the foundation for
higher profitability.  By the end of 2009, the company had lowered
its costs, excluding restructuring, by $99.3 million from 2008's
levels.  Gross margins in the second quarter almost doubled, to
23.8%, from 13.3% in the same quarter in 2009.  Operating income
was $8.2 million in the second quarter versus a negative
$14.3 million in second-quarter 2009.  S&P expects profitability
to be solid despite some expected margin pressures in the near
term.  S&P also expects structural costs to rise over time, but
S&P think the sharp downturn in truck demand in the past few years
has permitted Stoneridge to permanently reduce its cost base.

S&P considers the company's business risk profile to be weak,
reflecting the highly competitive and cyclical character of
Stoneridge's end markets and the company's relatively small scope
and scale.  Together, S&P believes these factors limit the
company's ability to mitigate adverse business, financial, or
economic conditions.  In addition, Stoneridge's customer base is
somewhat concentrated.

The ratings on Stoneridge also reflect S&P's view of its
aggressive financial risk profile.  Credit measures, though, have
improved.  Along with the decline in leverage, funds from
operations to total debt rose to 12.9% from a negative 6.3% a year
earlier.

Stoneridge makes electrical and electronic components and systems
for the light- and commercial-vehicle markets in North America
(81% of revenues) and the rest of the world (19%).

S&P views the company's liquidity as adequate under its criteria.
At June 30, 2010, cash and cash equivalents totaled $74.6 million.
S&P expects the company to have capital expenditures of more than
$15 million and to generate a small amount of free cash flow in
2010.  S&P estimate that the company will need about $20 million
in cash to cover swings in working capital.

The positive outlook reflects the improved debt maturity profile,
lower interest expense, and S&P's view that even a minimal further
recovery in automotive and commercial-truck demand could enable
the company's credit measures to reach levels appropriate for a
higher rating.  S&P could raise the rating if auto and commercial-
truck demand showed a sustained rebound, leading to an improvement
in revenue and margin expansion that, in turn, substantially
boosted credit quality.  This could occur if, for instance,
revenues in 2010 rose 30% from 2009 results and gross margins
moved above 24.5%, causing leverage to fall below 3.5x on a
sustained basis.

S&P could lower the rating if revenue were to fall or margins
deteriorate, leading to declining credit measures.  This could
occur if, for instance, revenues in 2010 rose less than 20% from
2009 results and gross margins moved below 23.5%, causing leverage
to increase above 4.0x on a sustained basis.  S&P could also lower
the rating if the company were to use significant cash in 2010.


SUK HEE SUH: Creditors Have Until Oct. 15 to File Claims
--------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has established October 15, 2010, as the last day for any
individual or entity to file proofs of claim or interest against
Suk Hee Suh and SYS Hospitality, LLC.

La Canada Flintridge, California-based Suk Hee Suh filed for
Chapter 11 bankruptcy protection on April 9, 2010 (Bankr. C.D.
Calif. Case No. 10-23682).  Robert M. Yaspan, Esq., at the Law
Offices of Robert M Yaspan, assists the Debtor in its
restructuring effort.  The Company disclosed $10,253,055 in assets
and $19,380,036 in liabilities as of the Petition Date.

An affiliate, SYS Hospitality LLC, doing business as Hawthorn
Suites, also filed for Chapter 11 on April 9, 2010 (Bankr. C.D.
Calif. Case No. 10-20501).  The Debtor disclosed assets of
$434,800 and debts of $10,319,421 in its Chapter 11 petition.


SW BOSTON: Creditors Have Until Nov. 1 to File Proofs of Claim
--------------------------------------------------------------
The Hon. Joan N. Feeney of the U.S. Bankruptcy Court for the
District of Massachusetts has established November 1, 2010, as the
last day for any individual or entity to file proofs of claim
against SW Boston Hotel Venture LLC, and its debtor-affiliate.

Boston, Massachusetts-based SW Boston Hotel Venture LLC is the
developer of the W Hotel.  The Company filed for Chapter 11
bankruptcy protection on April 28, 2010 (Bankr. D. Mass. Case No.
10-14535).  Harold B. Murphy, Esq., and Natalie B. Sawyer, Esq.,
at Hanify & King, P.C., assist the Company in its restructuring
effort as bankruptcy counsel.  Edwards Angell Palmer & Dodge LLP
is the Company's special counsel.  The Company estimated its
assets and debts at $100 million to $500 million.


TALON INTERNATIONAL: Earns $646,700 in June 30 Quarter
------------------------------------------------------
Talon International, Inc. filed its quarterly report on Form 10-Q,
reporting net income of $646,676 on $15.0 million of revenue for
the three months ended June 30, 2010, compared with net income of
$74,855 on $12.6 million of revenue for the same period of 2009.

The Company's balance sheet as of June 30, 2010, showed
$16.6 million in total assets, $27.8 million in total liabilities,
and a stockholders' deficit of $11.3 million.

On July 30, 2010, the Company entered into a Recapitalization
Agreement with CVC California, LLC, pursuant to which the Company
issued to CVC an aggregate of 407,160 shares of a newly created
series of the Company's preferred stock, designated Series B
Convertible Preferred Stock, $0.001 par value per share, in
payment of an aggregate of roughly $16.7 million owed by the
Company to CVC under the Loan Agreement.

As reported in the Troubled Company Reporter on April 1, 2010,
SingerLewak LLP, in Los Angeles, expressed substantial doubt about
the Company's ability to continue as a going concern, following
its 2009 results.  The independent auditors noted that the Company
incurred a net loss of $2.7 million for 2009, had an accumulated
deficit of $66.3 million and a working capital deficit of
$17.1 million at December 31, 2009.

In its latest 10-Q, the Company discloses that its ability to
continue as a going concern has been mitigated as a result of the
full-payment of its debt to CVC pursuant to the Recapitalization
Agreement and, in addition, the amendment to its Loan Agreement
which makes available additional operation capital to fund on-
going operations for the next twelve months.

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

              http://researcharchives.com/t/s?6b5c

                    About Talon International

Woodland Hills, Calif.-based Talon International, Inc. (OTC BB:
TALN) -- http://www.talonzippers.com/-- is a global supplier of
apparel fasteners, trim and interlining products to manufacturers
of fashion apparel, specialty retailers, mass merchandisers, brand
licensees and major retailers.  Talon manufactures and distributes
zippers and other fasteners under its Talon(R) brand, known as the
original American zipper invented in 1893.  Talon also designs,
manufactures, engineers, and distributes apparel trim products and
specialty waistbands under its trademark names, Talon, Tag-It and
TekFit, to more than 60 apparel brands and manufacturers including
Wal-Mart, Kohl's, J.C. Penney, Victoria's Secret, Tom Tailor,
Abercrombie and Fitch, Polo Ralph Lauren, Phillips-Van Heusen,
Reebok and Juicy Couture.  Talon has offices and facilities in the
United States, United Kingdom, Hong Kong, China, and Bangladesh.


THOMPSON PUBLISHING: Seeks Bankruptcy to Sell Assets
----------------------------------------------------
Thompson Publishing Holding Co. Inc., which produces books on
regulatory trends and how they affect businesses and government,
sought bankruptcy protection from creditors (Bankr. D. Del. Case
No. 10-13070).  It estimated assets of $10 million to $50 million
and debts of $100 million to $500 million in its Chapter 11
petition.

Six affiliates, including Thompson Publishing Group, Inc., filed
separate Chapter 11 petitions.

Michael Bathon at Bloomberg News reports that Thompson has an
agreement to sell virtually all its assets.  Thompson, Mr. Bathon
relates, has an agreement with PNC Bank NA to act as the stalking-
horse, or lead bidder, to buy substantially all its assets for an
undisclosed price. PNC also has agreed to provide the
company with as much as $3 million to help fund its operations
while in bankruptcy.

Thompson Publishing publishes books, newsletters, audio
conferences, web products and e-mail alerts to help customers
with "the dynamic regulatory mandates facing their organizations,"
according to its website. The publications cover regulatory and
compliance related issues in areas such as education, energy,
environment and health care.

Thompson is majority owned by Avista Capital Partners, which
bought a 50 percent stake in the company for $130 million
in 2006.


TITAN INTERNATIONAL: Moody's Puts 'B1' Rating on $175 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to Titan
International, Inc.'s planned $175 million guaranteed senior
secured notes due 2017.  Titan's corporate family and probability
of default rating of B2, and the speculative grade liquidity of
SGL-2 have been affirmed.  The rating outlook has been changed to
stable from negative.

Ratings assigned

* $175 million guaranteed senior secured notes due 2017, B1 LGD3,
  36%

Ratings affirmed

* Corporate family and probability of default, B2

* $140 million guaranteed senior unsecured notes due 2012, B2, to
  LGD4, 52% from LGD3, 47%

* Speculative grade liquidity, SGL-2

                        Ratings Rationale

The B1 rating assigned the new senior secured notes -- a one notch
uplift over the corporate family rating -- reflects the capital
structure that should follow Titan's pending senior secured note
tender/consent solicitation transaction.  Through September 14,
2010 about $139 million of the $140 million senior unsecured 2012
notes have tendered; thus upon issuance of the new notes, very
little unsecured debt will remain.  As well, on September 9, 2010
the company's revolving credit facility was amended, reducing the
commitment size to $100 million from $150 million (and releasing
some collateral that will, eventually, secure the new notes).  In
the expected capital structure, the existing $173 million senior
subordinated convertible notes due 2017 would provide material
first loss-absorption for the new senior secured notes in a stress
scenario.  That said, in determining the rating of the new secured
notes, Moody's assumed a 50% collateral deficiency rate since they
will be secured by real estate that Moody's expect, in a stress
scenario, would cover about half the claim.

The B2 corporate family rating encompasses high leverage, moderate
scale, and a strong market position within niche tire markets.
The rating benefits from a good liquidity profile that provides
some offset to relatively high fixed costs and cyclical end
markets that can make operating profits volatile through the
cycle.

The rating outlook has been changed to stable from negative.
Agricultural equipment wheel and tire demand should offset weaker
construction equipment tire demand enabling profitability in 2010
and 2011, and sustaining the good liquidity profile.  Although
last twelve months ended June 30, 2010 credit metrics are weak for
the rating category, second half 2010 performance should be
significantly better than the like period in 2009, enabling 2010
credit metric stabilization.  The stable ratings outlook
recognizes that some past labor contract disputes caused strikes
and the risk that Titan's November 2010 labor contract expirations
could temporarily disrupt production; however, neither the rating
or outlook consider a prolonged labor dispute.  The B2 assumes
that Titan's high cash balance (expected to be $183 million pro
forma for the note issuance) should be sufficient to fund
acquisitions through 2011, including the letter of intent (non-
binding) to acquire farm tire assets of Goodyear, including a
factory in France.  Materially higher leverage from acquisitions
is unexpected.

The speculative grade liquidity of SGL-2 remains.  The company's
$100 million asset-based revolving credit facility expires January
2014.  As of June 30, 2010 the revolver had no outstanding
borrowings and no letters of credit utilization; confidence in
financial covenant test compliance is good.  As of June 2010 Titan
held $158 million of cash and there are no scheduled near-term
debt maturities.

Moody's last action on Titan took place December 16, 2009, when
the rating outlook was changed to negative from stable and B2
corporate family rating was affirmed.

Titan, headquartered in Quincy, IL, is a manufacturer of wheels,
tires and assemblies for off-highway vehicles serving the
agricultural, earthmoving/construction and consumer end markets.
Last twelve months ended June 30, 2010 revenues were $714 million.


TITAN INTERNATIONAL: S&P Assigns 'B+' Rating on $175 Mil. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B+' issue-level rating to Quincy, Illinois-based Titan
International Inc.'s proposed $175 million senior secured notes
due 2017, the same as the corporate credit rating.  S&P also
assigned a recovery rating of '4' to the new notes, indicating an
average (30%-50%) recovery in a payment default scenario.

"The company intends to use part of the proceeds from the
$175 million senior secured notes offering to fund a cash tender
for $139 million outstanding senior unsecured notes due 2012,"
said Standard & Poor's credit analyst Robyn Shapiro.

The ratings on Titan reflect the company's weak business risk
profile in the cyclical wheel and tire industry, as well as the
competitive tire industry.  The business can be capital intensive,
which may create some barriers to entry.  S&P has also factored
the company's aggressive financial risk profile into the ratings.
Titan manufactures wheels and tires for off-highway vehicles,
primarily for the agriculture, construction, and mining
industries.  The company derives a smaller proportion of revenue
from the consumer market.

                           Ratings List

                    Titan International Inc.

       Corporate Credit Rating                B+/Negative

                            New Rating

                     Titan International Inc.

             $175 mil sr sec notes due 2017        B+
              Recovery rating                      4


TOUSA INC: Final Cash Collateral Hearing Set for September 29
-------------------------------------------------------------
The Hon. John K. Olson of the U.S. Bankruptcy Court for Southern
District of Florida will convene a final hearing on September 29,
2010, at 9:30 a.m., to consider TOUSA Inc. and its debtor-
affiliates' access to the cash collateral of its prepetition first
and second lien lenders.

The Court previously authorized, on an interim basis, the Debtors
to use cash collateral to continue their business operations from
September 1 until January 31, 2011.

As of the Petition Date, the Debtors' indebtedness consist of:

   -- approximately $208,412,116 under the Revolver;

   -- approximately $199,000,000 under the First Lien Term Loan;
      and

   -- aggregate principal amount of $317,101,998, plus interest,
      fees, costs, expenses and other obligations pursuant to the
      Second Lien Credit Agreement.

Citicorp North America, Inc. or one of its affiliates, serves as
administrative agent for the revolver lenders.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the prepetition secured lenders
replacement liens and superpriority administrative expense claims,
subject to certain carve out expenses.

                         About Tousa Inc.

Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928).  The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M.
Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman,
Esq., at Berger Singerman, to represent them in their
restructuring efforts.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  Ernst & Young LLP is the Debtors' independent
auditor and tax services provider.  Kurtzman Carson Consultants
LLC acts as the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.


TRANS-LUX CORP: Gets NYSE Amex Delist Notice for Non-Compliance
---------------------------------------------------------------
Trans-Lux Corporation received a notice dated September 14, 2010
from the NYSE Amex advising that the Company no longer complies
with three of the Exchange's continued listing standards and that
its securities are, therefore, subject to being delisting from the
Exchange.

Specifically, the Company is not in compliance with Section
1003(a)(ii) of the Exchange's Company Guide in that it has
stockholder equity at June 30, 2010 of less than $4.0 million and
losses from continuing operations and net losses in its three of
its four most recent fiscal years ended December 31, 2009, Section
1003(a)(iii) of the Exchange's Company Guide in that it has
stockholder equity at March 31, 2010 of less than $6.0 million and
losses from continuing operations and net losses in its five most
recent fiscal years ended December 31, 2009 and Section
1003(a)(iv) of the Company Guide in that it is financially
impaired.

The Corporation has appealed this determination and requested a
hearing before a committee of the Exchange. There can be no
assurance the Company's request for continued listing will be
granted.

                        About Trans-Lux

Trans-Lux Corporation --- http://www.trans-lux.com/--- is a
leading designer and manufacturer of digital signage display
solutions for the financial, sports and entertainment, gaming and
leasing markets.  With a comprehensive offering of LED Large
Screen Systems, Fair-Play branded Scoreboards and Trans-Lux Energy
LED lighting solutions, Trans-Lux Corporation delivers
comprehensive digital signage solutions for any size venue's
indoor and outdoor display needs.


TRICO MARINE: Trico Shipping Reaches Deal for $22MM in Financing
----------------------------------------------------------------
Trico Marine Services, Inc. disclosed that Trico Shipping AS, an
indirect, wholly-owned subsidiary of the Company, has reached a
definitive agreement for $22 million in senior secured multi-draw
term loan financing from certain of the holders of its 11 7/8%
Senior Secured Notes and certain funds managed by Tennenbaum
Capital Partners, LLC.  The Financing will be used to fund
operating expenses and other working capital needs for Trico
Shipping.

This Financing was completed subsequent to Trico Shipping
receiving consent from 100% of the holders of the Notes to amend
certain terms of the indenture governing the Notes. An initial
draw of $15 million, before required fees and expenses, was made
on September 21, 2010. The remaining $7 million will be available
upon meeting certain terms and conditions contained in the
Financing.

Chairman of the Board of Directors, President and Chief Executive
Officer, Richard A. Bachmann commented, "We are pleased to reach
an agreement that provides Trico Shipping with additional funding
to continue our operations in the ordinary course of business. We
appreciate the support of all of our constituents and we are
continuing to work with them to develop a comprehensive global
reorganization plan to improve Trico's capital structure and
liquidity position."

Additionally, on September 17, 2010, the NASDAQ Stock Market
announced that it 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.
On September 20, 2010, NASDAQ filed a Form 25 with the Securities
and Exchange Commission to complete the delisting.  The delisting
becomes effective ten days after the Form 25 is filed.

Additional information regarding the terms of the financing
agreement, including the basis for the delisting and other related
information, will be included in one or more current reports on
Form 8-K that the Company will file with the Securities and
Exchange Commission.

                         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.


TRIZETTO GROUP: S&P Puts 'B' Rating on CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services said it placed all its ratings,
including the 'B' corporate credit rating, on Greenwood Village,
Colo.-based The TriZetto Group Inc. on CreditWatch with positive
implications.  The CreditWatch listing reflects the company's plan
to repay its existing $192.2 million of 13.5% mezzanine paid-in-
kind notes with cash on hand and an incremental $100 million term
loan.

Pro forma for the transaction, adjusted leverage?-which includes
the company's preferred stock that S&P treats as debt for
analytical purposes -- will be approximately 5.1x, down from 6.4x
at March 2010.  Additionally, because the mezzanine debt is high
coupon, its extinguishment would result in significantly less
interest expense, net of the incremental term loan.  S&P expects
cash to be approximately $30 million post-transaction, which,
together with full availability of the company's $65 million
revolver, is sufficient for operations.

"The expected debt reduction and improved interest coverage,
together with a continuation of favorable operating results, could
result in enough improvement to the financial risk profile to
support a one-notch upgrade," said Standard & Poor's credit
analyst Jennifer Pepper.  S&P could affirm the ratings if the
transaction does not proceed as planned due to external factors.

In resolving the CreditWatch, S&P will monitor the company's
progress in executing the amendment and the incremental term loan
and extinguishing the mezzanine debt.  Once the transaction has
been completed, S&P would likely raise the company's corporate
credit rating one notch based on an improved financial risk
profile.  If the transaction does not proceed as planned, an
affirmation of the ratings is likely.


UNIFI INC: Annual Shareholders Meeting Set for October 27
---------------------------------------------------------
The Annual Meeting of Shareholders of Unifi, Inc., will be held at
the Company's corporate headquarters at 7201 West Friendly Avenue,
Greensboro, North Carolina, on Wednesday, October 27, 2010 at 9:00
A.M. Eastern Daylight Savings Time, for these purposes:

     -- To elect nine directors to serve until the next Annual
Meeting of Shareholders or until their respective successors are
duly elected and qualified.

     -- To approve an amendment to the Company's Restated
Certificate of Incorporation to effect a reverse stock split of
the Company's common stock at a reverse stock split ratio of 1-
for-3.

     -- To transact such other business as may properly come
before the meeting or any adjournment or adjournments thereof.

The Board of Directors, under the provisions of the Company's By-
Laws, has fixed the close of business on September 7, 2010, as the
record date for determination of Shareholders entitled to notice
of and to vote at the Annual Meeting of Shareholders or any
adjournment or adjournments thereof. The transfer books of the
Company will not be closed.

A full-text copy of the Company's proxy statement is available at
no charge at http://ResearchArchives.com/t/s?6b6e

                         About Unifi

Unifi, Inc. (NYSE: UFI) -- http://www.unifi.com/and
http://www.repreve.com/-- is a diversified producer and processor
of multi-filament polyester and nylon textured yarns and related
raw materials.  The Company adds value to the supply chain and
enhances consumer demand for its products through the development
and introduction of branded yarns that provide unique performance,
comfort and aesthetic advantages.  Key Unifi brands include, but
are not limited to: AIO(R) - all-in-one performance yarns,
SORBTEK(R), A.M.Y.(R), MYNX(R) UV, REPREVE(R), REFLEXX(R),
MICROVISTA(R) and SATURA(R). Unifi's yarns and brands are readily
found in home furnishings, apparel, legwear, and sewing thread, as
well as industrial, automotive, military, and medical
applications.

As reported by the Troubled Company Reporter on November 20, 2009,
Moody's Investors Service revised Unifi, Inc.'s ratings outlook to
stable from negative.  Moody's affirmed the company's Caa1
Corporate Family and Probability of Default Ratings, and the Caa2
rating on its senior secured notes due 2014.

Standard & Poor's Ratings Services said that it placed its
ratings, including the 'B-' corporate credit rating, on
Greensboro, N.C.-based Unifi Inc. on CreditWatch with positive
implications.


URBAN BRANDS: Seeks Chapter 11 Bankruptcy Protection
----------------------------------------------------
Urban Brands Inc., which owns Ashley Stewart clothes stores in
the U.S., sought bankruptcy protection (Bankr. D. Del. Case No.
10-13005) on September 21.  The Company estimated assets of $10
million to $50 million and debts of $100 million to $500 million
in its Chapter 11 petition.

Joe Schneider at Bloomberg News reports that Ashley Stewart,
founded by Thor Equities LLC Chief Executive Officer Joseph J.
Sitt, has more than 200 stores in urban areas from New York to Los
Angeles.  The flagship store is on 125th Street in the
Harlem neighborhood of New York, where it has operated since
1999. Ashley Stewart calls itself "the premier fashion retailer
for the plus-size urban woman."

According to Bloomberg, Urban Brands owns 100% of Ashley Stewart
and 52 other units that sought bankruptcy protection.  UBI Holding
Corp. owned 48% of the common stock of Urban Brands as of November
2009, according to court papers. Trimaran Fund II LLC, CIBC
Employee Private Equity Fund and CIBC Capital Funding also held
stakes.


URBAN BRANDS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Urban Brands, Inc.
        100 Metro Way
        Secaucus, New Jersey 07094

Bankruptcy Case No.: 10-13005

Debtor-affiliates filing separate Chapter 11 petitions:

     A.S. Interactive, Inc.
     Ashley Stewart Ltd.
     Ashley Stewart Management Co., Inc.
     Ashley Stewart Woman Ltd.
     ASNJ 10, Inc.
     Large Apparel of Alabama, Inc.
     Large Apparel of California, Inc.
     Large Apparel of Connecticut, Inc.
     Large Apparel of District of Columbia, Inc.
     Large Apparel of Florida, Inc.
     Large Apparel of Georgia, Inc.
     Large Apparel of Illinois, Inc.
     Large Apparel of Indiana, Inc.
     Large Apparel of Louisiana, Inc.
     Large Apparel of Maryland, Inc.
     Large Apparel of Michigan, Inc.
     Large Apparel of Mississippi, Inc.
     Large Apparel of Missouri, Inc.
     Large Apparel of New Jersey, Inc.
     Large Apparel of New York, Inc.
     Large Apparel of North Carolina, Inc.
     Large Apparel of Ohio, Inc.
     Large Apparel of Pennsylvania, Inc.
     Large Apparel of South Carolina, Inc.
     Large Apparel of Tennessee, Inc.
     Large Apparel of Texas, Inc.
     Large Apparel of Virginia, Inc.
     Large Apparel of Wisconsin, Inc.
     Marianne Ltd.
     Marianne USPR, Inc.
     Marianne VI, Inc.
     Metro Apparel of Kentucky, Inc.
     Metro Apparel of Massachusetts, Inc.
     Carraizo Alto Apparel Corporation
     ASIL 6, Inc.
     Ashley Stewart Apparel Corporation
     Ashley Stewart Clothing Company, Inc.
     Church Street Retail, Inc.
     Urban Acquisition Corporation of New Jersey, Inc.
     Urban Acquisition Corporation of New York, Inc.
     Urban Brands TM Holdings Co.
     100% Girls Ltd
     The Essence of Body & Soul, Ltd.
     100% Girls of Georgia, Inc.
     100 Percent Girls of New Jersey, Inc.
     100% Girls of New York, Inc.
     Kid Spot Ltd.
     Kidspot of Delaware, Inc.
     Kidspot of Illinois, Inc.
     Kidspot of Michigan, Inc.
     Kidspot of New Jersey, Inc.
     Kidspot of Ohio, Inc.
     Kidspot of Pennsylvania, Inc.
     Kidspot of Texas, Inc.

Type of Business: Urban Brands, Inc., operates as a women's
                  specialty retailer.  Its products include tops,
                  such as knit tops, shirts and blouses, and tanks
                  and camis; bottoms, which include shorts and
                  capris, skirts, and pants; sweaters; and denim
                  apparel, including denim jeans, skirts, denim
                  sets, and jackets.  The company also provides
                  dresses, career and related separates, jackets,
                  intimates, hosiery, swimwear, activewear, linen
                  wear, extended sizes, bras and panties, maxi
                  dresses, ruffles, tunics, and accessories.

Chapter 11 Petition Date: September 21, 2010

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

Bankruptcy Judge:  Kevin J. Carey

Debtors' Counsel:  Chun I Jang, Esq.
                   Mark D. Collins, Esq.
                   Paul N. Heath, Esq.
                   RICHARDS, LAYTON FINGER, P.A.
                   920 N. King Street
                   One Rodney Square
                   Wilmington, DE 19801
                   Fax: (302) 651-7531
                   Tel: (302) 651-7701
                   E-mail: jang@rlf.com
                          collins@rlf.com
                          heath@rlf.com

Debtors' Claims
Agent:             BMC GROUP, INC.

  Estimated Assets: $10 million to $50 million

  Estimated Debts : $100 million to $500 million

The petition was signed by Michael A. Abate, vice president
finance/Treasurer.

Urban Brands' List of 20 Largest Unsecured Creditors:

Entity/Person                 Nature of Claim      Claim Amount
-------------                 ---------------      ------------
Angel Made In Heaven, Inc.    Trade                $1,206,034
525 7th Avenue
Suite 1710
New York, NY 10018

Natural Collection Corp.      Trade                  $975,811
2277 East 16th St.
Los Angeles, CA 90021

Mister Noah                   Trade                  $956,520
P.O. Box 8533
Bensalem, PA 19020-8533

Ethan Shapiro                 Note and Employment    $874,493

Jeffrey Craig, Ltd.           Trade                  $861,188

Zhejiang Tong-Yuan Garments   Trade                  $813,215

Les Vetement Multiwear, Inc.  Trade                  $654,830

Liberty Apparel               Trade                  $647,082

Travelers                     Insurance              $612,019

Robert Grayson                Note                   $500,397

Sign Source Inc.              Trade                  $453,933

Deja Bleu                     Trade                  $426,568

Highway Jeans Div             Trade                  $422,571
Louise Paris

Dreamwear Inc.                Trade                  $421,760

Two-One-Two New York, Inc.    Trade                  $400,235

NY3 International             Trade                  $396,797

Federal Express Corp.         Trade                  $396,434

Miss Sportswear               Trade                  $372,756

Gardere Wynne Sewell LLP      Professional           $329,873

Knitwork Productions          Trade                  $310,483


VICTOR VALLEY: Loan Increases After Lenders' Bidding War
--------------------------------------------------------
A bidding war between two potential buyers of Victor Valley
Community Hospital drove up the amount of the bankruptcy loan the
California hospital may tap to fund its operations and now allows
it to buy needed equipment, Dow Jones' DBR Small Cap reports.

According to the report, Prime Healthcare Services Foundation
Inc., which has bid $25 million to acquire Victor Valley, won an
impromptu auction last week for the right to provide a
$4.5 million bankruptcy loan.  The report relates court papers
showed that Prime was slated to provide a $3.2 million bankruptcy
loan to fund Victor Valley's operations until the cash-strapped
rural hospital could sell itself to Prime or a higher bidder at an
auction it's seeking to hold next month....

                     About Victor Valley

Victor Valley Community Hospital -- http://www.vvch.org/--
operates a health care facility.  It has a rural nonprofit
hospital operator in Southern California.

Victor Valley Community Hospital filed for Chapter 11 protection
on September 13, 2010 (Bankr. C.D. Calif. Case No. 10-39537
The Debtor estimated assets and debts of $10 million to $50
million in its Chapter 11 petition.  Debt includes $4.5 million
owed to the bank lender.  Unsecured creditors are owed $16.5
million. Mary D. Lane, Esq., Samuel R. Maizel, Esq., and Scotta E.
McFarland, Esq., at Pachulski Stang Ziehl & Jones LLP.


WILD GAME: Files Schedules of Assets and Liabilities
----------------------------------------------------
Wild Game NG, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of California its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property             $3,967,476
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $106,000,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $1,373,002
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $14,180,100
                                 -----------      -----------
        TOTAL                      $3,967,476      $121,553,102

Reno, Nevada-based Wild Game NG, LLC, aka Siena Hotel Spa and
Casino, filed for Chapter 11 bankruptcy protection on July 21,
2010 (Bankr. N.D. Calif. Case No. 10-48272).  Aram Ordubegian,
Esq., at Arent Fox, assists the Debtor in its restructuring
effort.

Affiliates Hi-Five Enterprises, LLC, and One South Lake Street,
LLC, filed separate Chapter 11 petitions.


WINALTA INC: Extends Forbearance Agreement Until Oct. 31
--------------------------------------------------------
Winalta Inc. (together with certain of its subsidiaries, Winalta
Carlton Homes Inc., Winalta Homes Inc., Winalta Oilfield Rentals
Inc., Winalta Construction Inc., Winalta Carriers Inc., Baywood
Property Management Inc. and 916830 Alberta Ltd. have entered into
a Third Extended and Amended Forbearance Agreement with HSBC Bank
Canada, Winalta's secured creditor, to extend the period by which
it would forbear from enforcing its claim for repayment of
indebtedness owed to HSBC by Winalta until October 31, 2010.  As
part of the Amended Forbearance Agreement, Winalta's major
shareholder, Kos Corp. Investments Inc., a company owned and
controlled by Artie Kos, Winalta's President and Chief Executive
Officer and a director, has agreed to provide HSBC with a limited
secured guarantee of Winalta's obligations owing to HSBC.

The entering into of the Amended Forbearance Agreement will allow
Winalta to proceed with preparing a Plan of Arrangement under the
Companies' Creditors Arrangement Act.  Winalta anticipates that it
will be in a position to file a Plan of Arrangement with the Court
of Queen's Bench of Alberta, Judicial Centre of Edmonton shortly.
Winalta will announce the terms of the proposed Plan of
Arrangement and the timing of any related creditors' meetings
following receipt of the approval of the Court to the Plan of
Arrangement.

Winalta also announces that it has completed the $12.3 million
sale of the Winalta Acheson manufacturing facility on
September 21, 2010.  The proceeds from this transaction will be
used and applied to repay secured creditors. Following the
completion of this transaction, Austin Fraser, former Vice
President Winalta Homes has assumed the role of Senior Vice
President, Winalta Inc.

                         About Winalta Inc

Winalta Inc. is an integrated company with three main operating
divisions, Homes, Industrial, and Manufacturing.  The Homes
Division sells CSA approved homes via retail centers, communities
and supply arrangements.  The Oilfield Division leases portable
industrial accommodations and catering services to the energy
sector.


ZBB ENERGY: Baker Tilly Replaces PKF LLP as Independent Auditors
----------------------------------------------------------------
On September 13, 2010, the audit committee of the board of
directors of ZBB Energy Corporation appointed Baker Tilly Virchow
Krause, LLP as its independent public accountant for the 2011
fiscal year.

In connection with this action, on September 13, 2010, the Company
dismissed PKF LLP as its independent auditor for the fiscal year
that commenced July 1, 2010.  During the Company's two most recent
fiscal years, the opinion of PKF LLP did not contain an adverse
opinion or disclaimer of opinion and was not qualified or modified
as to uncertainty, audit scope, or accounting principles, except
for a "going concern" explanatory paragraph on the Company's
consolidated financial statements for the fiscal year ended
June 30, 2010.

The decision to change accountants was approved by the audit
committee and ratified by the Company's board of directors.

During each of the two fiscal years ended June 30, 2009, and
June 30, 2010, and through September 13, 2010, there were no
disagreements with PKF LLP on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the
satisfaction of PKF LLP, would have caused it to make reference
thereto in its reports for those periods.  Additionally, during
this time frame there were no "reportable events" as defined in
Item 304(a)(1)(v) of Regulation S-K promulgated under the
Securities Exchange Act of 1934.

                         About ZBB Energy

Menomonee Falls, Wis.-based ZBB Energy Corporation (NYSE Amex:
ZBB) -- http://www.zbbenergy.com/-- designs, develops,
manufactures and markets distributed intelligent power management
platforms that integrate all types of renewable and conventional
power sources with advanced large format storage technology.

TheCompany's balance sheet at June 30, 2010, showed $6.5 million
in total assets, $5.0 million in total liabilities, and
stockholders' equity of $1.5 million.

                          *     *     *

PKF LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company continues to incur significant
operating losses and has an accumulated deficit of $46.9 million
as of June 30, 2010.

At June 30, 2010, the Company had a working capital deficit of
$800,204 compared to a June 30, 2009 working capital surplus of
$3.8 million.


* Bankruptcy Haunts Political Candidates
----------------------------------------
Eric Morath, writing for Dow Jones' Daily Bankruptcy Review,
reports that as voters demand greater fiscal responsibility from
their elected officials, bankruptcy has become a taboo topic on
the campaign trail.  According to DBR, candidates in Massachusetts
and California are trying to explain away their past bankruptcy
filings, while a candidate for Georgia governor is vowing that he
won't make a trip to bankruptcy court before voters visit the
ballot box.

(A) Nathan Deal

According to DBR, Georgia Republican Nathan Deal's gubernatorial
campaign promised that the former congressman will meet his
obligations despite revelations that he owes millions on various
business loans and could be insolvent.

Last week, the Atlanta Journal-Constitution reported that Mr. Deal
and his wife are on the hook for a $2 million loan made to their
daughter's failed business.  According to the Associated Press,
Mr. Deal owes $2.85 million on previously undisclosed loans taken
against his auto-salvage business.

An analysis by the Atlanta paper showed Mr. Deal does not have
enough assets to pay back his debts and may have to consider
bankruptcy or defaulting on the loans.

Mr. Deal has reportedly put his house up for sale in order to
raise funds but said he will not file for bankruptcy.  His
daughter and son-in-law did seek court protection from creditors
after their sporting-goods business went bust.

Opponents have used Mr. Deal's personal finances as grounds to
question his ability to lead the state, but the candidate himself
has tried to recast his woes as something many Georgians can
relate too.

"My wife and I did what responsible parents do -- we supported our
daughter. The situation that's happening to our daughter is not
unlike what's happening to other Georgians," Mr. Deal told the New
York Times.

(B) Thomas Wesley

According to DBR, revelations that Massachusetts congressional
candidate Thomas Wesley filed for Chapter 7 protection in 2000
didn't stop him from winning the Republican primary in his
district earlier this month.

The bankruptcy filing allowed Mr. Wesley to erase $140,000 in
debt, including loans made to his former aerospace business and
$8,000 in unpaid income taxes, AP reported.

Mr. Wesley told AP he learned a lesson from the ordeal.  "This is
why I am fiscally responsible person. . . . I learned a lot about
carrying debt and inventory," he said.

(C) Magdalena Carrasco

DBR relates San Jose City Council hopeful Magdalena Carrasco was
also put on the defensive when the San Jose Mercury-News reported
that she had earlier filed for bankruptcy.  Ms. Carrasco said she
sought bankruptcy protection in 2005 after she quit her job in
order to take care of her elderly parents.

"We needed to restructure our debt," Ms. Carrasco told the paper.
"Morally, it was the only thing I could do to make sure my parents
were OK."


* Fitch Issues Recovery Rating Review of US, Canada Telecom Sector
------------------------------------------------------------------
Fitch Ratings has issued its Recovery Rating review of the U.S. &
Canada Telecommunications and Cable sector.  This review includes
an analysis of valuation multiples, EBITDA discounts applied and
detailed recovery worksheets for issuers with a Fitch Issuer
Default Rating of 'B+' or lower in this sector.  The issuers
included in this report are:

  -- Cincinnati Bell, Inc.
  -- Level 3 Communications, Inc.
  -- Mediacom Communications Corp.

Recovery analysis is considered for all companies, but notching of
those with IDRs above 'B+' will continue to be heavily influenced
by broader historical recovery patterns.  For companies with an
IDR of 'B+' or below, explicit Recovery Ratings are assigned.


* Neal Gerber Named TMA Transaction of the Year Award Recipients
----------------------------------------------------------------
Neal, Gerber & Eisenberg LLP's Financial Restructuring and
Bankruptcy Practice Group partners Mark A. Berkoff and Nicholas M.
Miller have been named Turnaround Management Association 2010 Mid-
Size Transaction of the Year Award recipients.  The award honors
and recognizes professionals who led transactions that, according
to the TMA, "rescued companies from the shadow of complete ruin."
Award recipients illuminated strategies that stabilized troubled
businesses and retained jobs in industries hard hit by the worst
recession in decades.  Comprising two of 13 award recipients
spanning four categories, Mr. Berkoff and Mr. Miller will be
recognized in the category of "Midsize Company" at an October 7
luncheon during the 2010 TMA Annual Convention in Orlando,
Florida.

Mr. Berkoff and Mr. Miller are being recognized for efforts
undertaken by them on behalf of firm client Morris Publishing
Group, LLC in the successful restructuring of the company that
publishes The Augusta Chronicle, The Florida Times-Union and
dozens of other print publications.  Prior to the restructuring,
the company had struggled with advertising revenue losses and
online competition and had accumulated more than $417 million in
debt that it could not service.  Once retained, Mr. Berkoff and
Mr. Miller offered tactical advice and headed off creditors to
avoid a free-fall bankruptcy, often eking out forbearance
agreements moments before disaster.  After several close calls,
the team ultimately negotiated an agreement resulting in a
comprehensive balance sheet restructuring that would eliminate
more than $300 million from the company's balance sheet.  Neal
Gerber professionals seamlessly achieved this restructuring in
bankruptcy court while the company kept the presses running.  The
attorneys worked with all major creditor groups to avoid material
objections to first-day motions, obtained extraordinary relief
through an order authorizing immediate and full payment of all
general unsecured claims in the ordinary course of business and
negotiated a consensual and unopposed cash collateral order.
Nearly 99% of the creditors who voted on the restructuring plan
that was drafted by Mr. Berkoff and Mr. Miller voted in favor of
it. Less than a month after the company filed for bankruptcy, the
plan was confirmed in 20 minutes.

As a result, the Morris family preserved its equity in the
company, thousands of jobs were preserved and the newspapers lived
to see another day.  According to Chief Bankruptcy Judge John S.
Dalis: "It [the case] was extremely well-organized, well-done,
well-prepared, and should be an example of how to do a prepackaged
case."

"We are deeply honored to be recognized as Turnaround Management
Association 2010 Transaction of the Year Award recipients," said
Neal Gerber Eisenberg Financial Restructuring and Bankruptcy
Practice Group chair Mark A. Berkoff.

Mark Berkoff is a partner in and chair of the Neal Gerber
Eisenberg Financial Restructuring and Bankruptcy Practice Group.
He regularly represents debtors and creditors' committees in
complex commercial Chapter 11 cases in diverse industries (such as
media, steel, bank holding companies, automotive, office products,
promotional products, retail, metal fabricating, single asset real
estate cases, consumer lending, food service and medical). He has
handled all aspects of the Chapter 11 proceeding from pre-
bankruptcy planning through plan confirmation and post-
confirmation matters. He earned his J.D. from the University of
Chicago.  He graduated from the University of Wisconsin-Madison
with a B.A.  He is admitted to the Illinois bar and is also
admitted to practice before the U.S. District Court for the
Northern District of Illinois, the U.S. District Court for the
Northern District of Indiana and the U.S. Court of Appeals for the
Seventh Circuit.

Nicholas Miller is a partner in the Neal Gerber Eisenberg
Financial Restructuring and Bankruptcy Practice Group.  Nick
brings to the firm substantial experience in general insolvency
matters and distressed asset sales.  He has extensive experience
with public and private debtor-side representations and large and
complex restructurings in a wide variety of industries, including
financial services, retail, automotive, steel, manufacturing,
media, broadband communications and electronic imaging technology.
He also has experience representing secured lenders, bondholders,
indenture trustees and official committees of unsecured creditors
in chapter 11 proceedings and defending trade creditors in
preference actions brought by debtors and trustees.  He earned his
J.D. from the Cleveland-Marshall College of Law and graduated from
the Cleveland State University with a B.A.  He is admitted to the
Illinois bar and Ohio bar and also is also admitted to practice
before the U.S. District Court for the Northern District of
Illinois, U.S. District Court for the Central District of
Illinois, the U.S. District Court for the Northern District of
Ohio and the U.S. Court of Appeals for the Sixth Circuit.

          About the Turnaround Management Association

The Turnaround Management Association is the only international
non-profit association dedicated to corporate renewal and
turnaround management.  Its international headquarters is in
Chicago.  Established in 1988, TMA has more than 9,000 members in
46 chapters, including 32 in North America, and one each in
Australia, Brazil, the Czech Republic, Finland, France, Germany,
Italy, Japan, the Netherlands, Southern Africa, Spain, Sweden,
Taiwan and the UK, with a chapter in formation in Hong Kong/China.
TMA members are a professional community of turnaround and
corporate renewal professionals who share a common interest in
strengthening the economy through the restoration of corporate
value.  .

                About Neal, Gerber & Eisenberg LLP

Neal Gerber Eisenberg is a Chicago-based law firm providing legal
services to a diverse group of clients in a wide array of domestic
and global business transactions and litigation matters. The
firm's clients include privately and publicly held companies,
financial institutions, not-for-profit organizations and high net
worth individuals.  The firm's client base reflects virtually
every business industry, including a number of Fortune 100
companies. The firm has approximately 175 attorneys who share
common values of integrity, a dedication to high quality legal
services and a commitment to diversity.  The firm's 22 practice
areas range from Antitrust & Trade Regulation, Associations & Not-
for-Profit Organizations, Corporate & Securities, Directors' &
Officers' Insurance, Securities & Commodities Litigation,
Financial Restructuring and Bankruptcy, White Collar Criminal,
Real Estate, Information Technology, Intellectual Property and
Private Wealth Services to Employee Benefits & Executive
Compensation, Environmental, Finance, Health Law, Tax, Litigation
and Labor & Employment.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 20, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Fordham Law School, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 22-23, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/NYU Bankruptcy and Business Reorganization Workshop
        New York University School of Law, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        Kansas City Marriott Downtown, Kansas City, Kan.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center, Washington, D.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Hilton New Orleans Riverside, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 28, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Level Professional Development Program
        Weil, Gotshal & Manges LLP, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        The Savoy, London, England
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Delaware Views from the Bench and Bankruptcy Bar
        Hotel du Pont, Wilmington, Del.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Hyatt Regency Dearborn, Dearborn, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;
                    http://www.renaissanceamerican.com/

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

Last Updated: September 13, 2010

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


                  *** End of Transmission ***