TCR_Public/101023.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Saturday, October 23, 2010, Vol. 14, No. 294

                            Headlines

CAPMARK FINANCIAL: Posts $29,572,000 Net Income in August
CHEMTURA CORP: Ends September 2010 With $111 Million Cash
CMR MORTGAGE II: Ends September With $18.7 Million Cash
EXTENDED STAY: Posts $15,199,000 Net Loss in August
GUARANTY FINANCIAL: Posts $110,100 Net Loss in September

INNKEEPERS USA: Posts 2,184,790 Net Loss in July
INNKEEPERS USA: Posts 2,786,599 Net Loss in August
PROFESSIONAL VETERINARY: Ends September 2010 With $3,453,602 Cash
STATION CASINOS: Reports $37,026,000 Net Loss for June
STATION CASINOS: GV Ranch Has $82.6MM in Current Assets at May 31

STATION CASINOS: GV Ranch Has $104.7MM in Assets at July 31
STATION CASINOS: GV Ranch Has $105.0MM in Assets at Aug. 31
STATION CASINOS: FCP Debtors File Operating Reports for June

                            *********

CAPMARK FINANCIAL: Posts $29,572,000 Net Income in August
---------------------------------------------------------

                   Capmark Financial Group Inc.
                Consolidated Debtor Balance Sheet
                       As of August 31, 2010

ASSETS
Cash & Cash Equivalents                          $797,259,000
Restricted cash                                   357,285,000
Accounts and other receivables                    126,686,000
Receivables from Debtor subsidiaries                        0
Receivables from Capmark Bank                       1,873,000
Receivables from other non-debtor units         2,253,965,000
Investment securities:
   Trading                                           6,295,000
   Available for sale                              506,201,000
Loans held for sale                               615,219,000
Loans held for investment, net                    883,782,000
Real estate investments                           424,202,000
Equity Investments                                920,574,000
Current taxes receivable                            3,625,000
Deferred tax assets                                   291,000
Intangible assets, net                              1,294,000
Other assets                                      174,451,000
Investment in Capmark Bank                      1,820,498,000
Investment in other non-debtor units             (273,970,000)
                                                --------------
Total assets                                   $8,619,530,000
                                                ==============

Liabilities and Equity
Liabilities:
Liabilities not subject to compromise
Short-term borrowings                             $24,197,000
Long-term borrowings                            1,665,346,000
Payables to debtor subsidiaries                             0
Payables to other nondebtor units                 417,180,000
Other liabilities                                 122,457,000
Current taxes payable                               7,421,000
                                                --------------
Total liabilities not subject to compromise      2,236,601,000

Liabilities subject to compromise
Debt                                            6,758,094,000
Payables to debtor subsidiaries                             0
Payables to Capmark Bank                            1,763,000
Payables to other non-debtor units                482,946,000
Real estate syndication proceeds                  922,737,000
Other liabilities                                 487,650,000
                                                --------------
Total liabilities subject to compromise          8,653,190,000
                                                --------------
Total liabilities                               10,889,791,000
Commitments and Contingent Liabilities
Mezzanine Equity                                    71,502,000
Equity:
Total stockholders'(deficit) equity            (2,401,200,000)
Noncontrolling interests                           59,437,000
                                                --------------
Total (deficit) equity                          (2,341,763,000)
                                                --------------
Total liabilities and equity                    $8,619,530,000
                                                ==============

                   Capmark Financial Group Inc
          Consolidated Debtor Statement of Operations
               For the Period Ended August 31, 2010

Net Interest Income
Interest income                                     $8,266,000
Interest expense                                    10,438,000
                                                --------------
Net interest Income                                 (2,172,000)
Provision for loan losses                              114,000
                                                --------------
Net interest income after provision for
loan losses                                         (2,286,000)

Noninterest income
Net gains (losses)
Net gains (losses) on loans                           628,000
Net (losses) gains on investment & real estate        612,000
Other (losses) gains, net                            (808,000)
Mortgage servicing fees                                461,000
Placement fees                                         913,000
Investment banking fees and syndication in           3,514,000
Asset management fees                                1,372,000
Other fees                                             416,000
Equity in income of joint ventures                   7,584,000
Net real estate investment & other income            3,087,000
                                                --------------
Total noninterest income                            17,779,000
                                                --------------
Net revenue                                         15,493,000
                                                --------------
Noninterest expense
Compensation and benefits                            3,067,000
Occupancy and equipment                              1,775,000
Professional fees                                    2,491,000
Other expenses                                       1,748,000
Reorganization Items                                11,072,000
                                                --------------
Total noninterest expense                           20,153,000
                                                --------------
Loss before income tax provision                    (4,660,000)
Income tax (benefit) provision                      (4,848,000)
                                                --------------
Income (loss) before equity in net earnings
(losses) of subsidiaries                               188,000
Equity in net earnings of subsidiaries                       0
Equity in net earnings of Capmark Bank               7,640,000
Equity in net earnings (losses) of other
non-debtor subsidiaries                             20,600,000
                                                --------------
Net income (loss)                                   28,428,000
Plus: Net loss attributable to
     noncontrolling interests                        1,144,000
                                                --------------
Net income (loss) attributable to Capmark
Financial Group Inc.                               $29,572,000
                                                ==============

                  Capmark Financial Group Inc.
              Scheduled of Cash and Disbursements
              For the Month Ended August 31, 2010

Receipts
Intercompany-debtor entities                        $38,246,676
Intercompany-non-debtor entities                      4,547,354
Investment securities, available for sale            61,096,914
Loans held for sale                                   6,164,819
Interest income                                       5,726,068
Income tax refunds                                    5,257,067
Investment in subsidiary, non-debtor entities         3,970,038
Loans held for investment                             2,039,111
Investment banking fees                               1,964,134
Net gains on real estate and equity investments       1,544,481
Other fee income                                        764,432
Placement fees                                          761,256
Accounts and other receivables                          581,596
Real estate acquired through foreclosure                528,857
Construction escrow                                     190,268
Occupancy and equipment                                 107,315
Mortgage servicing fees                                  66,937
Amounts due from Berkadia                                52,995
Equity Investments                                       46,623
Capital stock tax refunds                                21,990
Investment securities, trading                            6,610
Asset management fees                                     3,518
Other receipts                                            2,556
                                                 --------------
Total receipts                                     $133,691,615
                                                 --------------

Disbursements

Intercompany-debtor entities                       ($34,712,842)
Intercompany-non-debtor entities                       (321,339)
Investment securities, available for sale           (57,975,000)
Professional fees                                   (10,565,319)
Debt interest payable-not subject to compromise      (5,051,384)
Equity Investments                                   (3,803,026)
Compensation and benefits                            (1,927,856)
Amounts due to Berkadia                                (553,403)
Occupancy and equipment                                (274,144)
Construction advances                                  (218,844)
Other assets                                           (186,707)
Debt-not subject to compromise                         (174,989)
Activity for entities consolidated under FIN46         (153,964)
Travel and entertainment                               (126,454)
NMTC third party payable                               (110,298)
Data processing and telecommunications                 (104,334)
Capital stock tax                                       (17,220)
Amounts due from Berkadia                                (9,961)
Other disbursements                                    (475,602)
                                                 --------------
Total disbursements                                (116,762,685)
                                                 --------------
Net Cash Movement                                   $16,928,930
                                                 ==============

                       About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- provides financial services to
investors in commercial real estate-related assets.  Capmark has
three core businesses: lending and mortgage banking, investments
and funds management, and servicing.  Capmark operates in North
America, Europe and Asia.  Capmark has 1,000 employees located in
37 offices worldwide.

On October 25, 2009, Capmark Financial and certain of its
subsidiaries filed voluntary petitions for relief under Chapter 11
(Bankr. D. Del. Lead Case No. 09-13684).  Capmark disclosed assets
of US$20 billion against total debts of US$21 billion as of June
30, 2009.

Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company.  Capmark's bankruptcy counsel is Dewey
& LeBoeuf LLP.  Richards, Layton & Finger, P.A., serves as local
counsel.  Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

Protech Holdings C, LLC, an affiliate of Capmark, filed for
Chapter 11 protection on July 29, 2010 (Bankr. D. Del. Case No.
10-12387).  The Debtor estimated assets and debts in excess of
$1 billion as of the filing date.

Since filing in Chapter 11, Capmark completed three sales to
generate more than $1 billion cash. Berkshire Hathaway Inc. and
Leucadia National Corp. bought most of the business for
$468 million.


CHEMTURA CORP: Ends September 2010 With $111 Million Cash
---------------------------------------------------------
On October 15, 2010, Chemtura Corp. filed with the Bankruptcy
Court, as required by the Bankruptcy Code, its monthly operating
report for September 2010.

Chemtura reported a net loss of $3 million on net sales of
$199 million for September.  Operating profit was $40 million for
the month.

At September 30, 2010, Chemtura had $4.880 billion in total
assets, $4.914 billion in total liabilities, and a stockholders'
deficit of $34 million.

The Debtor had cash and cash equivalents of $111 million at the
end of September, compared with cash and cash equivalents of
$75 million at the beginning of the period.

A copy of the September 2010 monthly operating report is available
for free at http://researcharchives.com/t/s?6cd0

                       About Chemtura Corp.

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

On June 17, 2010, the U.S. Debtors filed a proposed plan of
reorganization and related disclosure statement with the
Bankruptcy Court.  On July 9, 2010, July 20, 2010, August 5, 2010,
September 14, 2010, and September 20, 2010, the U.S. Debtors,
along with Chemtura Canada as applicable, filed revised versions
of the plan of reorganization and disclosure statement with the
Bankruptcy Court.  The Plan provides for the potential to satisfy
all creditors' claims in full (using cash, stock or a combination
thereof), as well as offering value to equity holders (a pro rata
share of 5% of common shares of the reorganized Company to the
extent such class of holders votes to accept the Plan).

On September 2, 2010, the Company filed a plan supplement with the
Bankruptcy Court, as contemplated by the Plan, and the Company
filed certain supplements and amendments to the Plan Supplement.

On August 5, 2010, the Bankruptcy Court entered orders approving
the adequacy of the Disclosure Statement and approving the
procedures for the Debtors to solicit and tabulate the votes on
the Plan.

The Plan confirmation hearing began on September 16, 2010, and
concluded on September 22, 2010, following which hearing the
Bankruptcy Court took the issues related to confirmation under
submission.  No confirmation order has been received to date.


CMR MORTGAGE II: Ends September With $18.7 Million Cash
-------------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on October 20, 2010, its
monthly operating report for September 2010.

The Company reported a net loss of $1.2 million on total revenues
of $11,720 for the month of September 2010.

At September 30, 2010, the Debtor had total assets of
$53.9 million, total liabilities of $35.3 million, and total
equity of $18.6 million.  The Company ended September 2010 with
$18.7 million in cash and cash equivalents, from $47.6 million at
the beginning of the period.

A full-text copy of the Debtor's operating report for September
2010 is available for free at:

               http://researcharchives.com/t/s?6cd6

                        About CMR Mortgage

San Francisco, California-based CMR Mortgage Fund II, LLC, is a
limited liability company organized for the purpose of making or
investing in business loans secured by deeds of trust or mortgages
on real properties located primarily in California.   The Company
previously funded lending activities through loan pay downs or pay
offs, as well as by selling its membership interests, and by
selling all or a portion of interests in the loans to individual
investors.  The Company commenced operations in February 2004.
The Company ceased accepting new members in the third quarter of
2006.

The Company and CMR Mortgage Fund III, LLC, filed for Chapter 11
protection on March 31, 2009 (Bankr. N. D. Calif. Case No.
09-30788 and 09-30802).  Robert G. Harris, Esq., at the Law
Offices of Binder and Malter, represents the Debtor as counsel.
The Debtor listed between $10 million and $50 million each in
assets and debts.


EXTENDED STAY: Posts $15,199,000 Net Loss in August
---------------------------------------------------

                   Extended Stay Inc., et al.
                     Combined Balance Sheet
                     As of August 31, 2010

ASSETS
Current assets
Cash and cash equivalents, unrestricted             $2,386,000
Debtor in possession cash account                   94,173,000
Cash management account, including
   deposits in transit                               17,753,000
Accounts receivable-net of allowance
   for doubtful accounts                             17,119,000
Restricted cash                                      3,759,000
Other current assets                                27,717,000
Investment in derivative instruments, at
   fair value                                                -
Due from insiders - non-debtor affiliates                   -
                                                 --------------
Total current assets                                162,907,000

Property and equipment, net of
accumulated depreciation                         6,128,388,000
Undeveloped land                                      1,100,000
Deferred financing costs, net of
accumulated amortization                                    -
Trademarks                                           13,182,000
License of trademarks, net of
accumulated amortization                             8,248,000
Under market trademark licenses,
net of accumulated amortization                     11,492,000
Intangible assets, net of accumulated amortization   16,188,000
Other assets                                          7,191,000
                                                 --------------
Total assets                                     $6,348,696,000
                                                 ==============

LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY
Liabilities not subject to compromise
Current liabilities
Accounts payable                                      $134,000
Accrued occupancy taxes payable                      4,966,000
Accrued state franchise tax                          1,421,000
Accrued sales and use taxes payable                  3,550,000
Accrued property & general liability
   insurance reserves                                 4,070,000
Accrued utilities                                    5,985,000
Other property accruals                              1,017,000
Deferred revenue                                     9,863,000
General and administrative accruals                  2,421,000
Accrued professional fees - billings rendered        9,421,000
Accrued professional fees - accrual estimate         2,900,000
Accrued real estate taxes                           30,730,000
Accrued interest payable                             9,904,000
Income taxes payable - state                           465,000
Advance from insider                                 7,954,000
Due to insiders - non-debtor affiliates             31,627,000
                                                 --------------
Total current liabilities                           126,428,000

Other liabilities                                     4,965,000
Deferred income tax liability - noncurrent        1,102,771,000
                                                 --------------
Total liabilities not subject to compromise       1,234,164,000

Liabilities subject to compromise
Accounts payable                                       535,000
Accrued interest payable                             9,577,000
Mortgages payable                                4,108,349,000
Mezzanine loans                                  3,295,456,000
Subordinated notes                                   8,149,000
                                                 --------------
Total liabilities subject to compromise           7,422,066,000

Shareholders'/Members' (deficit) equity
Additional paid in capital                         573,141,000
Retained deficit - pre-petition                 (1,370,408,000)
Retained deficit - post-petition                (1,510,267,000)
                                                 --------------
Total shareholders'/members' (deficit) equity    (2,307,534,000)
                                                 --------------
Total liabilities and shareholders'/members'
  (deficit) equity                               $6,348,696,000
                                                 ==============

                   Extended Stay Inc., et al.
                Combined Statement of Operations
              For the period August 1 to 31, 2010

Revenues
Room revenues                                      $79,332,000
Other property revenues                              1,825,000
                                                 --------------
Total revenues                                       81,157,000

Operating expenses
Property operating expenses                         38,541,000
Corporate operating expenses                         1,179,000
Officer/Insider Compensation                                 -
Trademark license fees expense                          86,000
Management fees and G&A reimbursement expense        4,891,000
Depreciation and amortization                       31,128,000
(Gain)/ Loss on disposition of property and equipment        -
Impairment of property and equipment                         -
Impairment of intangibles/allowances                         -
                                                 --------------
Total operating expenses                             75,825,000

Other income                                                  -
                                                 --------------
Operating income (loss)                               5,332,000

Interest expense                                    (18,067,000)
Loss on investments in debt securities &
interest rate caps                                           -
Interest income                                           2,000
Tax expense - current                                   (47,000)
Tax expense - deferred                                 (345,000)
                                                 --------------
Net loss before reorganization items                (13,125,000)

Reorganization items
Professional fees                                    2,038,000
Professional fees - YE GAAP accrual estimate                 -
U.S. Trustee quarterly fees                             36,000
Reorganization expense - deferred financing cost             -
Reorganization expense - discount write-off                  -
Interest earned on accumulated cash
   from Chapter 11                                            -
                                                 --------------
Total reorganization items                            2,074,000
                                                 --------------
Net loss                                           ($15,199,000)
                                                 ==============

The Debtors reported $89,091,042 in total cash receipts and
($75,982,017) in total disbursements for August 2010.

                       About Extended Stay

Extended Stay is the largest owner and operator of mid-price
extended stay hotels in the United States, holding one of the most
geographically diverse portfolios in the lodging sector with
properties located across 44 states (including 11 hotels located
in New York) and two provinces in Canada.  As a result of
acquisitions and mergers, Extended Stay's portfolio has expanded
to encompass over 680 properties, consisting of hotels directly
owned or leased by Extended Stay or one of its affiliates.
Extended Stay currently operates five hotel brands: (i) Crossland
Economy Studios, (ii) Extended Stay America, (iii) Extended Stay
Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe
Studios.

Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764).  Judge James M.
Peck handles the case.  Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors.  Lazard Freres
& Co. LLC is the Debtors' financial advisors.  Kurtzman Carson
Consultants LLC is the claims agent. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.

Extended Stay Inc. in October successfully emerged from Chapter 11
protection.  An investment group including Centerbridge Partners,
L.P., Paulson & Co. Inc. and Blackstone Real Estate Partners VI,
L.P.  has purchased 100 percent of the Company for $3.925 billion
in connection with the Plan of Reorganization confirmed by the
Bankruptcy Court in July.

Bankruptcy Creditors' Service, Inc., publishes Extended Stay
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Extended Stay Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).


GUARANTY FINANCIAL: Posts $110,100 Net Loss in September
--------------------------------------------------------
On October 19, 2010, Guaranty Financial Group Inc. and each of
its wholly owned subsidiaries, Guaranty Group Ventures Inc.,
Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed
their unaudited monthly operating reports for September 2010 with
the United States Bankruptcy Court for the Northern District of
Texas, Dallas Division.

Guaranty Financial Group reported a net loss of $110,087 for the
month of September 2010.  The Debtor incurred a total of $111,100
in professional fees for the month.

At September 30, 2010, Guaranty Financial Group had $12.1 million
in total assets, $329.0 million in total liabilities, and
a stockholders' deficit of $316.9 million.

Guaranty Financial had unrestricted cash of $10.15 million and
restricted cash of $735,473 at September 30, 2010, for total cash
of $10.89 million, compared to total cash of $10.97 million at
August 31, 2010.

A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at:

               http://researcharchives.com/t/s?6cd7

Guaranty Group Ventures reported net income of $620 for the month
of September 2010.

At September 30, 2010, Guaranty Group Ventures had $12.24 million
in total assets, $371,185 in total liabilities, and stockholders'
equity of $11.87 million.  Guaranty Group Ventures ended the month
with $6.29 million in cash.

A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at:

               http://researcharchives.com/t/s?6cd8

At September 30, 2010, Guaranty Holdings had $7,171 in cash, and
$7,171 in total equity.

A full-text copy of Guaranty Holdings' monthly operating report is
available for free at:

               http://researcharchives.com/t/s?6cd9

Guaranty Group Capital reported net profit of $309 for the month
of September 2010.

At September 30, 2010, Guaranty Group Capital had $4.17 million in
cash and $4.17 million in total equity.

A full-text copy of Guaranty Group Capital's monthly operating
report is available for free at:

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

                     About Guaranty Financial

Guaranty Financial Group Inc. -- http://www.guarantygroup.com/--
is based in Dallas, Texas.  Guaranty Financial is a unitary
savings and loan holding company. The Company's primary operating
entities are Guaranty Bank and Guaranty Insurance Services, Inc.
Guaranty Financial filed for bankruptcy after the Guaranty bank
was seized by regulators and sent to receivership under the
Federal Deposit Insurance Corporation.  Before the bank was taken
over, the balance sheet of the holding company had $15.4 billion
in assets as of Sept. 30, 2008.

Guaranty Financial together with affiliates filed for Chapter 11
on August 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582).
Attorneys at Haynes & Boone, LLP, represent the Debtors.
According to the schedules attached to its petition, the Company
has assets of at least $24,295,000, and total debts of
$323,413,428, including $305 million in trust preferred security.


INNKEEPERS USA: Posts 2,184,790 Net Loss in July
------------------------------------------------

          Innkeepers USA Trust and Affiliated Debtors
                         Balance Sheet
                      As of July 31, 2010

ASSETS

Investment in hotels:
  Land and improvements                             $266,011,598
  Buildings and improvements                       1,251,499,004
  Furniture and equipment                             73,743,304
  Renovations in process                               5,310,673
                                                   -------------
                                                   1,596,564,579

Accumulated depreciation                            (175,145,853)
                                                   -------------
Net investment in hotels                           1,421,418,726

Cash and cash equivalents                             25,860,726
Restricted cash and cash equivalents                   6,263,400
Accounts receivable, net                               6,604,823
Prepaid and other                                      3,023,278
Investment in unconsolidated entity                      162,818
Deferred and other                                    12,864,419
                                                   -------------
Total assets                                      $1,476,198,190
                                                   =============

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses                $18,233,357
Payable to manager                                       525,379
Liabilities subject to compromise                  1,437,338,440
                                                   -------------
Total liabilities                                  1,456,097,175

Distributions payable                                 52,751,792

Shareholders' equity:
  Series A preferred shares                           75,000,000
  Series C preferred shares                          145,000,000
  Series D preferred shares                            1,441,389
  Common shares                                          170,992
Additional paid-in capital                           171,085,986
Unearned compensation                                   (137,498)
Distributions in excess of earnings                 (425,211,646)
                                                   -------------
Total shareholders' equity                           (32,650,778)
                                                   -------------
Total liabilities and shareholders' equity        $1,476,198,190
                                                   =============

          Innkeepers USA Trust and Affiliated Debtors
                   Statements of Operations
             For the period July 19 to 31, 2010

Revenue:

Hotel Operating revenue:
  Rooms                                              $26,078,856
  Food and beverage                                      979,524
  Telephone                                               62,918
  Other operating department                             896,140
                                                   -------------
Total Revenue                                         28,017,438

Operating Expenses:
  Rooms                                                5,231,848
  Food and beverage                                      797,896
  Telephone                                              200,258
  Other                                                  472,929
  General and administrative                           2,565,422
  Franchise and marketing fees                         1,856,502
  Amortization of deferred franchise conversion          150,006
  Advertising and promotions                             824,240
  Utilities                                            1,397,240
  Repairs and maintenance                              1,499,958
  Management fees                                        568,315
  Insurance                                              109,373
  Depreciation                                         4,756,906
  Amortization of franchise fees                          29,735
  Ground rent                                             50,696
  Property taxes and insurance                         1,496,287
  Corporate general and administrative                (7,037,531)
                                                   -------------
Total operating expenses                              14,970,080
                                                   -------------
Operating income                                      13,047,358

Other income                                                 683
Interest expenses                                     (5,758,426)
Amortization of loan origination fees                    (37,764)
                                                   -------------
Loss before minority interest, equity in loss of       7,251,851
unconsolidated entity and discontinued operations

Minority interest of preferred units in
the Partnership                                           (3,603)
                                                   -------------
Loss from continuing operations                        7,248,248

Reorganized items                                     (9,433,038)
                                                   -------------
Net loss                                              (2,184,790)

Class A preferred share dividends                       (629,142)
Class C preferred share dividends                       (567,391)
                                                   -------------
Net loss applicable to common shareholders           ($3,381,323)
                                                   =============

The Debtors also listed disbursements of $863,929 by Innkeepers
USA Limited Partnership and $4,839,528 by KPA Leaseco Holding
Inc. for a total of $5,909,395 for the period from July 19, 2010,
through July 31, 2010.

                   About Innkeepers USA Trust

Innkeepers USA Trust is a self-administered Maryland real estate
investment trust with a primary business focus on acquiring
premium-branded upscale extended-stay, mid-priced limited service,
and select-service hotels.

Innkeepers, through its indirect subsidiaries, owns and operates
an expansive portfolio of 72 upscale and mid-priced extended-stay
and select-service hotels, consisting of approximately 10,000
rooms, located in 20 states across the United States.

Apollo Investment Corporation acquired Innkeepers in June 2007.

Innkeepers USA Trust and a number of affilaites filed for Chapter
11 on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).

Attorneys at Kirkland & Ellis LLP, serve as counsel to the
Debtors.  AlixPartners is the restructuring advisor and Marc A.
Beilinson is the chief restructuring officer.  Moelis & Company is
the financial advisor.  Omni Management Group, LLC, is the claims
and notice agent.  The petition estimated assets and debts of more
than $1 billion as of the bankruptcy filing.

In 2009, Innkeepers' consolidated revenues were approximately
$292 million and adjusted EBITDA were approximately $85 million.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion.  As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.


INNKEEPERS USA: Posts 2,786,599 Net Loss in August
--------------------------------------------------

          Innkeepers USA Trust and Affiliated Debtors
                         Balance Sheet
                     As of August 31, 2010

ASSETS

Investment in hotels:
  Land and improvements                             $266,011,598
  Buildings and improvements                       1,251,584,090
  Furniture and equipment                             74,233,961
  Renovations in process                               4,804,226
                                                   -------------
                                                   1,596,633,876

Accumulated depreciation                            (179,905,273)
                                                   -------------
Net investment in hotels                           1,416,728,603

Cash and cash equivalents                             40,550,581
Restricted cash and cash equivalents                   6,194,245
Accounts receivable, net                               6,241,114
Prepaid and other                                      2,720,408
Investment in unconsolidated entity                      162,818
Deferred and other                                    13,149,959
                                                   -------------
Total assets                                      $1,485,747,728
                                                   =============

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accrued expenses                $30,530,236
Payable to manager                                       517,368
Liabilities subject to compromise                  1,437,364,622
                                                   -------------
Total liabilities                                  1,468,412,226

Distributions payable                                 52,751,792

Shareholders' equity:
  Series A preferred shares                           75,000,000
  Series C preferred shares                          145,000,000
  Series D preferred shares                            1,441,389
  Common shares                                          170,992
Additional paid-in capital                           171,097,350
Unearned compensation                                   (127,776)
Distributions in excess of earnings                 (427,998,244)
                                                   -------------
Total shareholders' equity                           (35,416,289)
                                                   -------------
Total liabilities and shareholders' equity        $1,485,747,728
                                                   =============

          Innkeepers USA Trust and Affiliated Debtors
                   Statements of Operations
             For the month ending August 31, 2010

Revenue:

Hotel Operating revenue:
  Rooms                                              $25,636,083
  Food and beverage                                      893,310
  Telephone                                               69,559
  Other operating department                             758,485
                                                   -------------
Total Revenue                                         27,357,437

Operating Expenses:
  Rooms                                                5,371,686
  Food and beverage                                      782,923
  Telephone                                              209,092
  Other                                                  406,313
  General and administrative                           2,513,084
  Franchise and marketing fees                         1,827,712
  Amortization of deferred franchise conversion          150,006
  Advertising and promotions                             761,264
  Utilities                                            1,408,946
  Repairs and maintenance                              1,507,123
  Management fees                                        552,940
  Insurance                                              109,373
  Depreciation                                         4,760,688
  Amortization of franchise fees                          29,735
  Ground rent                                             50,696
  Property taxes and insurance                         1,555,896
  Corporate general and administrative                   845,973
                                                   -------------
Total operating expenses                              22,843,450
                                                   -------------
Operating income                                       4,513,987

Other income                                               8,765
Interest expenses                                       (585,865)
Amortization of loan origination fees                          -
                                                   -------------
Loss before minority interest, equity in loss of       3,936,887
unconsolidated entity and discontinued operations

Minority interest of preferred units in
the Partnership                                                -
                                                   -------------
Loss from continuing operations                        3,936,887

Reorganized items                                     (6,723,486)
                                                   -------------
Net loss                                              (2,786,599)

Class A preferred share dividends                              -
Class C preferred share dividends                              -
                                                   -------------
Net loss applicable to common shareholders           ($2,786,599)
                                                   =============

The Debtors also listed disbursements of $2,569,980 by Innkeepers
USA Limited Partnership and $15,514,468 by KPA Leaseco Holding
Inc. for a total of $18,808,575 for the period from August 1,
2010, through August 31, 2010.

                   About Innkeepers USA Trust

Innkeepers USA Trust is a self-administered Maryland real estate
investment trust with a primary business focus on acquiring
premium-branded upscale extended-stay, mid-priced limited service,
and select-service hotels.

Innkeepers, through its indirect subsidiaries, owns and operates
an expansive portfolio of 72 upscale and mid-priced extended-stay
and select-service hotels, consisting of approximately 10,000
rooms, located in 20 states across the United States.

Apollo Investment Corporation acquired Innkeepers in June 2007.

Innkeepers USA Trust and a number of affilaites filed for Chapter
11 on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).

Attorneys at Kirkland & Ellis LLP, serve as counsel to the
Debtors.  AlixPartners is the restructuring advisor and Marc A.
Beilinson is the chief restructuring officer.  Moelis & Company is
the financial advisor.  Omni Management Group, LLC, is the claims
and notice agent.  The petition estimated assets and debts of more
than $1 billion as of the bankruptcy filing.

In 2009, Innkeepers' consolidated revenues were approximately
$292 million and adjusted EBITDA were approximately $85 million.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion.  As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.


PROFESSIONAL VETERINARY: Ends September 2010 With $3,453,602 Cash
-----------------------------------------------------------------
On October 15, 2010, Professional Veterinary Products, Ltd., and
its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed
their unaudited monthly operating report for the period from
August 20, 2010, through September 30, 2010, with the United
States Bankruptcy Court for the District of Nebraska.

The Debtors submitted a summary of cash receipts and disbursements
for the period, showing:

     Beginning Balance                  $1,041,652
     Total Receipts                    $18,260,827
     Disbursements                     $15,848,877
     Net Cash Flow                      $2,411,949
     Ending Cash Balance                $3,453,602

A copy of the monthly operating report is available for free at:

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

                  About Professional Veterinary

Professional Veterinary Products Ltd. -- http://www.pvpl.com/--
operates a veterinary supply company owned and managed by
veterinarians.

Professional Veterinary sought Chapter 11 protection from
creditors on August 20, 2010, in Omaha, Nebraska (Bankr. D. Neb.
Case No. 10-82436).  Affiliates ProConn and Exact Logistics also
filed for Chapter 11.

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

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


STATION CASINOS: Reports $37,026,000 Net Loss for June
------------------------------------------------------

                      Station Casinos, Inc.
                         Balance Sheet
                       As of June 30, 2010

Cash and cash equivalents                           $10,185,000
Restricted cash                                       9,443,000
Accounts and notes receivable, net                   10,575,000
Interco (payables) receivables                     (716,625,000)
Prepaid expenses                                      3,807,000
Inventories                                              13,000
Deferred tax asset current                              114,000
                                                 --------------
Total current assets                               (682,488,000)
Property & equipment, net                            94,286,000
Land held for development                                     0
Intangible assets                                     2,485,000
Debt issuance costs                                           0
Other assets                                         72,116,000
Investments in subsidiaries                       4,035,153,000
Long-term deferred tax asset                         38,596,000
                                                 --------------
Total assets                                     $3,560,148,000
                                                 ==============

Debtor-in-possession financing                      349,372,000
I/C note & deferred rent payable                              0
Current portion of LT debt                                    0
Accounts payable                                        471,000
Accrued expenses and other current liabilities       24,762,000
Accrued FIT payable (receivable)                              0
Accrued interest payable                                 99,000
DIP interest payable                                  5,010,000
Payroll & related liabilities                         5,955,000
Swap market value current                                     0
Deferred tax liability current                           56,000
                                                 --------------
Total current liabilities                           385,725,000
LT debt less current portion                                  0
Long term accrued benefits                                    0
Deferred tax liability noncurrent                   239,409,000
Other long-term liabilities, net                      6,617,000
                                                 --------------
Total liabilities not subject to compromise         631,751,000
                                                 --------------
Liabilities subject to compromise                 3,473,683,000
                                                 --------------
Total liabilities                                 4,105,434,000
                                                 --------------

Common stock                                            417,000
Restricted stock                                    323,582,000
Additional paid-in capital                        2,662,113,000
Beginning retained earnings(deficit)             (3,428,362,000)
Current year earnings(loss)                        (103,967,000)
Other comprehensive income(loss)                        931,000
                                                 --------------
Total stockholders' equity                         (545,286,000)
                                                 --------------
Total liabilities and equity                     $3,560,148,000
                                                 ==============

                      Station Casinos, Inc.
                     Statement of Operations
                 For the Month Ended June 30, 2010

Operating revenue:
Other                                                   $1,000
                                                 --------------
Net revenue                                               1,000
Operating costs and expenses                          3,805,000
                                                 --------------
EBITDAR                                              (3,804,000)
Land leases                                                   0
Earnings(losses) from JV's                                    0
                                                 --------------
EBITDA                                               (3,804,000)
Depreciation                                            968,000
Amortization                                                  0
Severance                                                12,000
Preopening expenses                                           0
                                                 --------------
EBIT                                                 (4,784,000)
Cancelled debt offering costs                                 0
Early retirement of debt                                      0
Loss on lease termination                                     0
I/C Interest income                                    (648,000)
Interest income                                               0
Interest expense                                      (4,584,000)
Less: capitalized interest                              728,000
Interest expense-JV                                           0
Change in swap fair value                                     0

Gain(loss) on disposal                                  (15,000)
                                                 --------------
Income before fees, reorganization & income tax      (9,303,000)
Management fees                                       1,801,000
Reorganization costs                                 (6,419,000)
Federal tax expense                                 (23,105,000)
                                                 --------------
Net income(loss)                                   ($37,026,000)
                                                 ==============

                     Station Casinos, Inc.
                    Statement of Cash Flows
                For the Month Ended June 30, 2010

Cash flows from operating activities:
Net income                                         ($37,026,000)
Adjustments to reconcile net income to net
cash used in operating activities:
  Depreciation and amortization                         968,000
  Shared-based compensation                           1,095,000
  Change in fair value of derivative instrument               0
  Loss on disposal of assets                                  0
  Loss on early retirement of debt                            0
  Amortization of debt discount                               0
  Reorganization items                                6,419,000
  Changes in assets and liabilities:
   Decrease(increase) in restricted cash                894,000
   Decrease(increase) in accounts and notes
      receivables, net                               11,893,000
   Decrease(increase)in inventories and
      prepaid expenses and other                         21,000
   Increase(decrease) in deferred income taxes       15,385,000
   Increase(decrease) in accounts payable               (33,000)
   Increase(decrease) in accrued interest              (648,000)
   Increase(decrease) in accrued expenses and
      other current liabilities                      18,595,000
   Increase(decrease)in intercompany payables       (19,627,000)
Other, net                                            1,190,000
                                                 --------------
Total adjustments                                    36,152,000
Net cash provided by (used in) operating
activities, before reorganization items                (874,000)
                                                 --------------
Cash used for reorganization items                   (8,604,000)
                                                 --------------
Net cash provided by (used in) operating activities  (9,478,000)

Cash flows from investing activities:
  Capital expenditures                               (2,654,000)
  Intangible assets                                           0
  Proceeds from intercompany sale of land                     0
  Distributions from subsidiaries, net of investments   157,000
  Native American development costs                           0
  Other, net                                           (729,000)
                                                 --------------
  Net cash provided by investing activities          (3,226,000)

Cash flows from financing activities:
  Borrowings under DIP Financing, net                23,046,000
  Payments under term loan, maturity 3 mos.            (625,000)
  Payments of debt issue costs                                0
  Capital contributions                                       0
  Other, net                                                  0
                                                 --------------
Net cash provided by(used in) financing activities   22,421,000

Cash and cash equivalents:
  Increase(decrease) in cash and cash equivalents     9,717,000
  Balance, beginning of period                          468,000
                                                 --------------
  Balance, end of period                            $10,185,000
                                                 ==============

                     Station Casinos, Inc.
                 Schedule of Cash Disbursement
               For the Month Ended June 30, 2010

Disbursements
Operating                                            $4,522,000
Professional Fees                                     4,988,000
Payroll & Benefits                                    3,372,000
Payroll - Officers                                      261,000
Interest                                              5,331,000
Principal Payment                                       625,000
Taxes                                                 2,013,000
Master Lease Payment                                 15,032,000
DIP Financing Repayment                                       0
Intercompany/Equity                                   1,471,000
                                                 --------------
Total Disbursements                                 $37,614,000
                                                 ==============

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477).  Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel.  Lazard Freres & Co. LLC is investment banker and
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STATION CASINOS: GV Ranch Has $82.6MM in Current Assets at May 31
-----------------------------------------------------------------
GV Ranch Station Inc. disclosed that as of May 31, 2010, it had:

    Current Assets                          $82,627,000
    Non-current assets                       $9,045,000
    Current Liabilities                      $9,025,000
    Deficit investment in JV                $20,456,000
    Total liabilities                       $29,481,000
    Total members' equity                   $62,191,000
    Gross revenue                            $1,196,000
    Net income(loss)                        ($1,131,000)

For the month ended May 31, 2010, GV Ranch Station Inc. reported:

   Reorganization costs                            $751,000
   Losses from joint ventures                      $970,000
   Intercompany receivables & payables, net       ($609,000)
   Deferred income taxes                            $19,000

GV Ranch reported zero balance at the end of the Reporting Period.
The Debtor also reported total disbursements of $384,000.

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477).  Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel.  Lazard Freres & Co. LLC is investment banker and
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STATION CASINOS: GV Ranch Has $104.7MM in Assets at July 31
-----------------------------------------------------------
GV Ranch Station Inc. disclosed that as of July 31, 2010, it had:

    Current Intercompanies, net                 $95,670,000
    Total Assets                               $104,715,000
    Total liabilities                           $32,079,000
    Total members' equity                       $72,636,000
    Total Liabilities and Equity               $104,715,000

GV Ranch also disclosed that for the month ended July 31, it had:

    Gross revenue                                  $588,000
    Interest and other expense from JV's        ($2,198,000)
    Reorganization items                            351,000
    Income tax benefit                              447,000
    Net income(loss)                              ($831,000)
    Reorganization costs                          ($351,000)
    Losses from joint ventures                   $1,610,000
    Intercompany receivables and payables, net    ($447,000)
    Total adjustments                              $831,000

GV Ranch also disclosed that it had zero balance at the end of the
Reporting Period and total disbursements of $362,000.

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477).  Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel.  Lazard Freres & Co. LLC is investment banker and
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STATION CASINOS: GV Ranch Has $105.0MM in Assets at Aug. 31
-----------------------------------------------------------
GV Ranch Station Inc. disclosed that as of August 31, 2010, it
had:

    Current Intercompanies, net                    $96,007,000
    Non-current deferred tax asset                  $9,045,000
    Total Assets                                  $105,052,000
    Current Liabilities                             $8,490,000
    Total members' equity                          $71,956,000
    Total Liabilities and Equity                  $105,052,000

GV Ranch also said that for the month ended August 31, it had:

    Operating income(loss)                          $1,032,000
    Income(loss)before income taxes & reorg. items ($1,301,000)
    Income(loss) before income taxes               ($1,045,000)
    Net income (loss)                                ($680,000)
    Reorganization costs                             ($256,000)
    Losses from joint ventures                      $1,281,000
    Intercompany receivables and payables, net       ($337,000)

GV Ranch said it had zero balance at the end of August 31 and
total disbursements of $396,000.

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477).  Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel.  Lazard Freres & Co. LLC is investment banker and
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STATION CASINOS: FCP Debtors File Operating Reports for June
------------------------------------------------------------
Station Casinos' units known as the FCP Debtors submitted with the
U.S. Bankruptcy Court separate monthly operating reports for June
2010, disclosing their total assets and total liabilities:

                                     Total            Total
Debtor                              Assets         Liabilities
------                           -------------     -----------
FCP Holding, Inc.               $2,805,626,000              $0
FCP MezzCo Borrower I, LLC        $200,000,000    $204,477,000
FCP MezzCo Borrower II, LLC       $175,000,000    $179,133,000
FCP MezzCo Borrower III, LLC      $125,000,000    $128,617,000
FCP MezzCo Borrower IV, LLC       $150,000,000    $153,083,000
FCP MezzCo Borrower V, LLC                  $0              $0
FCP MezzCo Borrower VI, LLC                 $0              $0
FCP MezzCo Borrower VII, LLC                $0              $0

The FCP Debtors disclosed that each of them has $0 receipts and $0
disbursement for the month of June.  The FCP Debtors also
disclosed that they did not earn any income for that period.

                       About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477).  Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel.  Lazard Freres & Co. LLC is investment banker and
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and noticing agent.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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

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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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

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.


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