TCR_Public/110104.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, January 4, 2011, Vol. 15, No. 3

                            Headlines

1601 WEST SUNNYSIDE: BAC Foreclosure Violates Automatic Stay
5758 NORTH: Case Summary & 20 Largest Unsecured Creditors
638 LAKE: Voluntary Chapter 11 Case Summary
ABITIBIBOWATER INC: Woodbridge Mill Settlement Approved by Court
ACCREDITED HOME: Plan Contemplates Settlement of Lone Star Claims

AEOLUS PHARMACEUTICALS: Recurring Losses Cue Going Concern Doubt
AFC ENTERPRISES: Obtains $100MM Loan From JPMorgan Chase
AFFINITY GROUP: Terminates 9% Sr. Subordinated Notes Registration
AFFINITY GROUP HOLDING: Terminates 10-7/8% Notes Registration
ALLY FINANCIAL: Converts Treasury's Preferreds to Common Stock

AMBAC FINANCIAL: NYSE Delists AFG Securities
AMBAC FINANCIAL: Two Directors Disclose Ownership of Stock
ANPATH GROUP: Karen Singer Reports 50.2% Equity Stake
ARVINMERITOR INC: Completes Sale of Body Systems Business
ATLANTIC BROADCASTING: Organizational Meeting Set for Jan. 6

ATLANTIC BROADCASTING: To Sell 5 Radio Stations in Chapter 11
AXION INTERNATIONAL: Notifies Late Filing of Annual Report
BARBARA DUBAIL: Case Summary & 5 Largest Unsecured Creditors
BEAR ISLAND: Plan Exclusivity Extended Until April 1
BLUEGREEN CORP: Quorum to Purchase Timeshare Notes for $20 Mil.

BNA SUBSIDIARIES: Files Chapter 11 Plan; Parent to Retain Control
BOOMERANG SYSTEMS: Incurs $15.8 Million Net Loss in Fiscal 2010
BORDERS GROUP: To Meet With Publishers This Week
BORDERS GROUP: EVP Carney & SVP Laverty Step Down
BOSTON GENERATING: Completes Sale to Constellation Energy

BROADSTRIPE LLC: Court OKs Accord Among Creditors Panel, Lenders
BROOKSTONE INC: S&P Raises Corporate Credit Rating to 'B-'
BUTTERMILK TOWNE: L.A. Fitness Can't Offset Post-Rejection Rent
CA GROUP: Case Summary & 17 Largest Unsecured Creditors
CABI NEW RIVER: Files for Chapter 11 After Mortgage Matured

CAREY COCO: Case Summary & 20 Largest Unsecured Creditors
CATHOLIC CHURCH: Del. Court OKs Add'l $13MM in PIA Withdrawals
CATHOLIC CHURCH: Jury Awards $33MM vs. Deluca & St. Elizabeth
CATHOLIC CHURCH: Wilmington Asks for Plan Exclusivity Extension
CB HOLDING: Receives $3.4MM Offer for 7 "The Office" Outlets

CELEBRITY RESORTS: Court Confirms Amended Joint Plan
CEMTREX INC: Intends to File Annual Report on January 13
CHERYL VAN METER: Voluntary Chapter 11 Case Summary
CHRYSLER LLC: Fiat's Marchionne May Hike to Stake Prior to IPO
CINCINNATI BELL: Amends PNC Receivables Purchase Agreement

CLAIM JUMPER: Wins Extension Until April for Right to File Plan
CLEARPOINT BUSINESS: StaffChex Accords Expired by Own Terms
CLEARWIRE CORP: C. McCaw Resigns From Board of Directors
CNO FINANCIAL: Fitch Affirms 'B+' Ratings, Gives Stable Outlook
COMFORCE CORP: Delisted From NYSE Amex

CREDIT-BASED ASSET: $1.06-Mil. Equity Investment Sale Approved
CUONG LE: Case Summary & 20 Largest Unsecured Creditors
CURRY & CURRY: Voluntary Chapter 11 Case Summary
DAIS ANALYTIC: T. Tangredi Discloses 25.59% Equity Stake
DYNEGY HOLDINGS: Directors Recommend "Yes" to Icahn Offer

EMPIRE RESORTS: J. D'Amato and G. Polle Elected Directors
EMPIRE RESORTS: To Raise $35MM in Rights Offering to Repay Debt
FIRST SECURITY: Board Hiked to 8 Members to Include New President
FIRST UNITED: McGladrey & Pullen Raises Going Concern Doubt
FRIEDMAN'S INC: Liquidating Trust Makes Third Distribution

FX REAL ESTATE: Generates $200,000 From Sale of Securities
GARNET BIOTHERAPEUTICS: Case Summary & 26 Largest Unsec Creditors
GENERAL MOTORS: Committee Supports Amended Plan
GENERAL MOTORS: Old GM Objects to GTO Plaintiffs' Claims
GENERAL MOTORS: Old GM Seeks to Dismiss NUMMI & Toyota Suits

GENERAL MOTORS: UAW Asks Bankr Court to Abstain From New GM Fight
GRAND DESIGN: Voluntary Chapter 11 Case Summary
GREAT ATLANTIC & PACIFIC: Parties Object to Rejection Procedures
GREAT ATLANTIC & PACIFIC: Taps Ordinary Course Professionals
GREAT ATLANTIC & PACIFIC: Wins OK for KCC as Claims & Notice Agent

GREGORY MORRIS: Hearing on Case Conversion Set for January 28
GREGORY MORRIS: U.S. Trustee Unable to Form Creditors Committee
GSC GROUP: Nears Deal with Lenders on Sale
HABERSHAM HILLS: Case Summary & 2 Largest Unsecured Creditors
HAMPTON ROADS: Anchorage Advisors Discloses 23.09% Equity Stake

HAMPTON ROADS: CapGen Capital Reports 19.3% Equity Stake
HAMPTON ROADS: DBD Cayman Reports 23.57% Equity Stake
HAMPTON ROADS: Enters Into Non-Compete Agreement With K. Pack
HAMPTON ROADS: Private Placement & Rights Offering Raise $295MM
HARBOUR EAST: Court Denies 7935 NBV's Motion to Dismiss Case

HEDEYA HAROUTUNIAN: Case Summary & 8 Largest Unsecured Creditors
IA GLOBAL: R. Krishna Has Option to Buy 8,000 Shares of Stock
INFOLOGIX INC: Increases Hercules Loan by $317,000
IOWA RENEWABLE: McGladrey & Pullen Raises Going Concern Doubt
JAMES LANE, II: Voluntary Chapter 11 Case Summary

JAY KIM: Voluntary Chapter 11 Case Summary
JEFFERSON PROSSER: Case Summary & 14 Largest Unsecured Creditors
JOEL WAHLIN: Hearing on Case Dismissal Continued Until Feb. 2
JOEL WAHLIN: Plan Confirmation Hearing Scheduled for February 2
JONES CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors

LAGUNA REGIONAL: Case Summary & 11 Largest Unsecured Creditors
LGT HOLDINGS: Case Summary & Largest Unsecured Creditor
LOCAL INSIGHT: Receives $25 Million Financing Approval
LODGIAN INC: N.Y. Sup. Ct. Reinstates Rollo Personal Injury Suit
LOEHMANN'S HOLDINGS: U.S. Trustee Objects to Plan Releases

LOUIS SANDOVAL: Voluntary Chapter 11 Case Summary
LPL HOLDINGS: S&P Raises Counterparty Credit Rating to 'BB-'
LYNN LARSON: Debt Over Spousal, Child Support Non-Dischargeable
MACATAWA BANK: White Bay Capital LLLP Holds 9.9% Equity Stake
MACC PRIVATE: KPMG Raises Going Concern Doubt

MESA AIR: Files Supplements to 2nd Amended Plan
MESA AIR: Salt Lake Treasurer Objects to Plan Confirmation
MESA AIR: Proposes to Assume Bombardier Purchase Agreement
MICHAEL LONGO: Case Summary & 20 Largest Unsecured Creditors
MISSION ROAD: Voluntary Chapter 11 Case Summary

MOLECULAR INSIGHT: Sets Feb. 4 General Claims Bar Date
MOMENTIVE SPECIALTY: Board Gives Special Bonus to Two Executives
NEC HOLDINGS: In Dispute with Buyer Over Price Adjustment
NOVADEL PHARMA: Stock Quotation Deleted From OTC Bulletin Board
ORLANDO GARCIA, JR.: Case Summary & 20 Largest Unsecured Creditors

PAULETTE PHILIAS: Voluntary Chapter 11 Case Summary
PETTERS GROUP: JPMorgan Sued Again for Petters Ponzi Scheme
POINT PETER: Court Directs Return of Catalyst's $300,000 Deposit
POLI-GOLD LLC: Files Schedules of Assets and Liabilities
POLI-GOLD LLC: U.S. Trustee Unable to Form Creditors Committee

PRIME TANNING: Case Summary & 20 Largest Unsecured Creditors
ROBERT MIELL: 8th Cir. BAP Affirms Sale of VanCura Property
ROYAL WEST: Court Issues Ruling on Investors' Secured Claims
SALT VERDE: S&P Downgrades Rating on Subordinated Debt to 'B'
SAVANNAH OUTLET: Gets Final OK to Access Lenders' Cash Collateral

SCHUTT SPORTS: Seeks April 4 Plan Exclusivity Extension
SEXY HAIR: Wants to Use Cash Collateral & Obtain DIP Financing
SEXY HAIR: Court Establishes Jan. 17 as Claims Bar Date
SEXY HAIR: Files Reorganization Plan & Disclosure Statement
SONJA TREMONT-MORGAN: Taps Goldberg Weprin as Bankruptcy Counsel

SONJA TREMONT-MORGAN: U.S. Trustee Unable to Form Creditors Panel
SONJA TREMONT-MORGAN: Court Convenes Section 341(a) Meeting Today
SPRINGFIELD LANDMARKS: Files for Bankruptcy to Avoid Foreclosure
SPRINGFIELD LANDMARKS: Case Summary & Creditors List
STATION CASINOS: NLRB Resumes Case Before Admin. Law Judge

SUNRISE SENIOR LIVING: David Fuente Resigns as Director
SUZY & ROSIE-Z: Case Summary & 3 Largest Unsecured Creditors
TAHOE FOREST: Voluntary Chapter 11 Case Summary
TASANN TING: Case Summary & 3 Largest Unsecured Creditors
TAYLOR BEAN: Bank of America Objects to Settlement

TENNESSEE ENERGY: S&P Downgrades Rating on $2 Bil. Bonds to 'B'
TERRESTAR NETWORKS: Committee Has Nod for Otterbourg as Counsel
TERRESTAR NETWORKS: Committee Wins OK for FTI as Fin'l Advisor
TERRESTAR NETWORKS: Deloitte Files 3rd Report on CCAA Cases
TERRESTAR NETWORKS: Objects to Jefferies & Co.'s Claims

THOMAS WILLIAMS: Case Summary & 20 Largest Unsecured Creditors
TOWNSENDS INC: U.S. Trustee Forms 5-Member Creditors Committee
TRICO MARINE: Settlement is Disguised Plan, Arrowgrass Says
TRINITY INNOVATIVE: Bankr. Court Rules on Suit vs. DirectBuy
TRUE NORTH: Steven Levenson Elected President

UNITED COMMUNITY BANKS: Defers Trust Preferred Interest Payments
UNITED CONTINENTAL: Commits to Australian Market Despite Losses
UNITED CONTINENTAL: Reports November 2010 Traffic Results
UNITED CONTINENTAL: UAL Settles Eeoc Disability Suit for $600,000
UNIVERSAL SOLAR: Amends 10-K for 2009; Posts $421,500 Net Loss

VALENCE TECHNOLOGY: Amends At Market Sales Pact With Wm Smith
VISUALANT INC: Lack of Working Capital Prompts Going Concern Doubt
VITRO SAB: Wants Involuntary Cases Moved to New York
VUZIX CORP: Defers Loan Payment to Kopin Corporation, et al.
VUZIX CORP: Secures $4MM Term Debt, Restructures $2.3MM Debt

WAGLE INVESTMENTS: Case Summary & 4 Largest Unsecured Creditors
WAVE SYSTEMS: Receives $5.2 Million in Additional License Orders
WEGENER CORP: Henry Partners Owns Less Than 5% of Common Stock
WILLIAM FLORES: Case Summary & 20 Largest Unsecured Creditors
WOLF CREEK: Disclosure Statement Hearing Scheduled for January 18

WORLD WIDE STONE: Case Summary & 20 Largest Unsecured Creditors

* Judge Mitchell Retiring From Alexandria, Virginia Bench
* Old Chrysler Is Largest Plan Confirmation in 2010
* Lehman Again Most Frequently Read Docket on Bloomberg

* Large Companies With Insolvent Balance Sheets

                            *********

1601 WEST SUNNYSIDE: BAC Foreclosure Violates Automatic Stay
------------------------------------------------------------
Bankruptcy Judge Jim D. Pappas rules that Bank of America, with
its servicing agent BAC Home Loans Servicing, LP, violated the
automatic stay when it foreclosed on property owned by 1601 West
Sunnyside Drive No. 106, LLC, after that Company filed its Chapter
11 bankruptcy petition under.  Creditors have taken no steps to
reverse the foreclosure sale.  Instead, BAC disputes the Debtor's
interest in the property, as well as the stay violation.

Judge Pappas says the foreclosure sale was void.  "While Creditors
obviously learned of their stay violation by May 2010, to date
they have taken no action to remedy that violation and to restore
Debtor's title to the Property.  Creditors' ongoing inaction
amounts to a continuing, willful violation of a specific court
order, and constitutes civil contempt," according to Judge Pappas.

To enforce the Bankruptcy Code and coerce BAC to comply with the
law, the Court finds BAC should be fined $100 per day until the
Debtor's title to the Property is properly restored.  Finally, the
Court finds the Debtor is entitled to recover from BAC attorneys'
fees of $6,135 and costs of $19 incurred in securing BAC's
compliance with the automatic stay.

A copy of Judge Pappas' December 30, 2010 Memorandum of Decision
is available at http://is.gd/jZWvUfrom Leagle.com.

BAC is represented by:

          Laura E. Burri, Esq.
          RINGERT LAW CHARTERED
          455 South Third Street
          Boise, ID, U.S.A.
          Telephone: 208-342-4591
                     800-545-4591
          Facsimile: 208-342-4657
          E-Mail: lburri@ringertlaw.com

The Debtor is represented by:

          Randal J. French, Esq.
          BAUER AND FRENCH, ATTORNEYS AT LAW
          ParkCenter Pointe
          1501 Tyrell Lane, P.O. Box 2730
          Boise, ID 83706-4046
          Telephone: (208) 383-0030
          Facsimile: (208) 383-0412
          E-mail: info@bauerandfrench.com

1601 W. Sunnyside Dr. #106, LLC, filed for Chapter 11 bankruptcy
(Bankr. D. Idaho Case No. 09-41733) on November 3, 2009.


5758 NORTH: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: 5758 North California LLC
        1016 W. Madison Street, #5S
        Chicago, IL 60607

Bankruptcy Case No.: 10-57048

Chapter 11 Petition Date: December 28, 2010

Court: U.S. Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Bruce W. Black

Debtor's Counsel: Robert R. Benjamin, Esq.
                  GOLAN & CHRISTIE, LLP
                  70 West Madison Street, Suite 1500
                  Chicago, IL 60602
                  Tel: (312) 263-2300
                  Fax: (312) 263-0939
                  E-mail: rrbenjamin@golanchristie.com

Scheduled Assets: $2,257,134

Scheduled Debts: $4,234,952

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ilnb10-57048.pdf

The petition was signed by Van Tomaras, president.


638 LAKE: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: 638 Lake Purgatory, LLC
        2800 N. 44th Street, Suite 600
        Phoenix, AZ 85008

Bankruptcy Case No.: 10-41129

Chapter 11 Petition Date: December 28, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Charles G. Case, II

Debtor's Counsel: S. Matt Collins, Esq.
                  LAW OFFICES OF S. MATT COLLINS LLC
                  P.O. Box 7006
                  Chandler, AZ 85224
                  Tel: (480) 316-5769
                  Fax: (480) 963-3933
                  E-mail: smcollins101@qwest.net

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

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

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

The petition was signed by Chris Preisel, manager.


ABITIBIBOWATER INC: Woodbridge Mill Settlement Approved by Court
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that reorganized AbitibiBowater Inc. won approval on
Dec. 28 to settle most disputes with The Woodbridge Co. Ltd.,
Abitibi's partner in Augusta Newsprint Co. a mill in Augusta,
Georgia.  There were no objections to the settlement.  Abitibi
will buy Woodbridge's 47.5% interest for about $15 million in cash
and a four-year note for about $90 million.  The note will be
secured by Abitibi's ownership interest in the mill.  The
settlement ended a dispute on appeal in U.S. District Court in
Wilmington, Delaware.

                      About AbitibiBowater Inc.

AbitibiBowater Inc. 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, served as the
Debtors' U.S. bankruptcy counsel.  Stikeman Elliot LLP, acted as
the Debtors' CCAA counsel.  Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, served as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, served as the Debtors' conflicts
counsel in the Chapter 11 proceedings.  The Debtors' financial
advisors were Advisory Services LP, and their noticing and claims
agent was Epiq Bankruptcy Solutions LLC.  The CCAA Monitor's
counsel was 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, represented the Chapter 15 Debtors.

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

The U.S. Bankruptcy Court issued an opinion confirming
AbitibiBowater's chapter 11 plan of reorganization on November 22,
2010.  The Debtors also obtained approval of their reorganization
plan under the Canadian Companies' Creditors Arrangement Act.
AbitibiBowater emerged from bankruptcy on December 9, 2010.


ACCREDITED HOME: Plan Contemplates Settlement of Lone Star Claims
-----------------------------------------------------------------
Accredited Home Lenders Holding Co., et al., submitted to the U.S.
Bankruptcy Court for the District of Delaware a proposed Plan of
Liquidation and an explanatory Disclosure Statement, as twice
amended.

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

According to the Disclosure Statement, the purpose of the Plan is
to effect a liquidation of the Debtors' assets and to distribute
the proceeds of the Debtors' assets to creditors in a manner the
will maximize recoveries by creditors.

The Plan does not contemplate a continuation of the Debtors'
collective businesses.  The Plan:

   -- incorporates and implements the Plan support agreement and
      term sheet entered by various creditors and parties-in-
      interests;

   -- substantively consolidates the assets and liabilities of
      Accredited Home Lenders Holding Co. with those of its wholly
      owned subsidiary, Vendor Management Services, LLC;

   -- establishes a liquidating trust for consolidated Holdco that
      will acquire the Consolidated Holdco Liquidating Trust
      Assets, liquidate those assets and distribute the proceeds
      of the assets to creditors of Consolidated Holdco;

   -- substantively consolidates the assets and liabilities of
      Accredited Home Lenders, Inc., Inzura Insurance Services,
      Inc., and Windsor Management Co.;

   -- establishes a second liquidating trust that will acquire the
      Consolidated Debtors Liquidating Trust, liquidate the
      assets, and distribute the proceeds of the assets to the
      creditors of the Consolidated Debtors;

   -- resolves the intercompany claims of the Consolidated Debtors
      and Consolidated Holdco; and

   -- settles all claims that the Consolidated Debtors may have
      against Lone Star entities in exchange for a cash payment
      from the Lone Star Entities in the amount $15,600,000 and
      the subordination or waiver of the claims asserted by the
      Lone Star Entities that have been asserted in the
      approximate amount of $10,000,000.

Pursuant to the Plan unsecured claims will be treated as:

   i) Holders of Class 3 H allowed unsecured claims against
      consolidated Holdco, except for the unsecured claims
      separately classified ($1.0 to 1.4 million) will recover 24%
      to 30% on account of their claims.

  ii) The holder of Class 4 H allowed unsecured claims against
      Holdco held by LSF-MRA, LLC ($97,000,000) will receive
      nothing on account of its claim.

iii) Holders of Class 5 H all allowed unsecured claims against
      Consolidated Holdco held by REIT ($20,000,000) will receive
      24% to 30% on account of their claims.

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

                        About Accredited Home

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

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

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

Accredited sold the mortgage servicing business in July 2009.


AEOLUS PHARMACEUTICALS: Recurring Losses Cue Going Concern Doubt
----------------------------------------------------------------
Aeolus Pharmaceuticals, Inc., filed on December 30, 2010, its
annual report on Form 10-K/A for the fiscal year ended
September 30, 2010.

Haskell & White LLP, in Irvine, California, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has suffered
recurring losses, negative cash flows from operations and
management believes the Company does not currently possess
sufficient working capital to fund its operations past the second
quarter of fiscal 2012.

The Company reported a net loss of $25.9 million, which included a
non-cash charge of $21.3 million related to increases in the fair
value of warrants, for fiscal 2010, compared with a net loss of
$2.3 million for fiscal 2009.  The Company did not generate any
revenue during fiscal 2010 or fiscal 2009.

The Company's balance sheet at September 30, 2010, showed
$2.4 million in total assets, $29.1 million in total liabilities,
and a stockholders' deficit of 26.7 million.

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

               http://researcharchives.com/t/s?71ba

Aeolus Pharmaceuticals, Inc. (OTC Bulletin Board: AOLS)
-- http://www.aeoluspharma.com/-- is a Southern California-based
biopharmaceutical company.  The Company is developing a new class
of broad spectrum catalytic antioxidant compounds based on
technology discovered at Duke University and National Jewish
Health.  Its lead compound, AEOL 10150, is entering human clinical
trials in oncology, where it will be used in combination with
radiation therapy.


AFC ENTERPRISES: Obtains $100MM Loan From JPMorgan Chase
--------------------------------------------------------
AFC Enterprises, Inc. (NASDAQ: AFCE), the franchisor and operator
of Popeyes(R), announced the completion of a new five-year $100
million credit facility on December 23, 2010 with JPMorgan Chase
Bank, N.A., as Administrative Agent.  The new facility is
comprised of a $40 million term loan and a $60 million revolver.
Proceeds from the refinancing together with available cash were
used to retire approximately $63 million of the outstanding
principal debt balance of its previous credit facility.

The rate of interest paid under the new facility is currently
2.8 percent and is determined using the LIBO Rate plus a spread of
250 basis points.  The spread above the LIBO Rate can adjust from
225 to 325 basis points depending on the Company's total leverage.

In the fourth quarter of 2010, the Company will recognize
approximately $0.6 million of interest charges and defer
approximately $1.0 million of fees associated with the
refinancing.

Required quarterly principal payments will be $1.25 million for
the first two years, $1.5 million for the third and fourth years
and $4.5 million in the fifth year.

"We teamed with our lenders to develop this new facility.  The
borrowing terms recognize our Company's cash flow strength and
performance," stated Mel Hope, AFC Enterprises Chief Financial
Officer.  "I am pleased that the new facility and lower interest
costs improves our flexibility to create additional long-term
value for our stakeholders."

                       About AFC Enterprises

Atlanta, Georgia-based AFC Enterprises, Inc. (NASDAQ: AFCE) --
http://www.afce.com/-- is the franchisor and operator of
Popeyes(R) restaurants, the world's second-largest quick-service
chicken concept based on number of units.  As of April 2010,
Popeyes had 1,944 operating restaurants in the United States,
Puerto Rico, Guam and 27 foreign countries.

The Company's balance sheet at Sept. 30, 2010, showed
$118.0 million in total assets, $30.3 million in total current
liabilities, $84.7 million in total long-term liabilities, and
stockholders' equity of $3.0 million

                          *     *     *

AFC carries a 'B1' corporate family rating from Moody's Investors
Service and 'B+' issuer credit ratings from Standard & Poor's.


AFFINITY GROUP: Terminates 9% Sr. Subordinated Notes Registration
-----------------------------------------------------------------
In a Form 15 filing with the Securities and Exchange Commission on
December 30, 2010, Affinity Group, Inc. notified the Commission
regarding the termination of registration of its 9% Senior
Subordinated Notes due 2012 pursuant to Rules 12g-4(a)(1) and Rule
12h-3(b)(1)(i).

On November 30, 2010, Affinity Group Inc. issued $333.0 million of
11.5% senior secured notes due 2016 at an original issue discount
of 2.1%.  The Company used the net proceeds of $326.0 million from
the issuance of the Notes to, among other things, irrevocably
redeem or otherwise retire all of the outstanding 9% senior
subordinated notes due 2012 in an approximate amount of
$142.5 million.

                        About Affinity Group

Ventura, Calif.-based Affinity Group Holding, Inc. is a holding
company and the direct parent of Affinity Group, Inc.  The Company
is an indirect wholly-owned subsidiary of AGI Holding Corp
("AGHC"), a privately-owned corporation.  The Company is a member-
based direct marketing organization targeting North American
recreational vehicle ("RV") owners and outdoor enthusiasts.  The
Company operates through three principal lines of business,
consisting of (i) club memberships and related products and
services, (ii) subscription magazines and other publications
including directories, and (iii) specialty merchandise sold
primarily through its 78 Camping World retail stores, mail order
catalogs and the Internet.

The Company's balance sheet at Sept. 30, 2010, disclosed
$227.95 million in total assets, $544.04 million in total
liabilities, and a stockholders' deficit of $316.09 million.

                           *     *     *

Affinity Group Inc. carries 'B3' long term corporate family and
probability of default ratings, with 'stable' outlook, from
Moody's Investors Service.

As reported in the Troubled Company Reporter on November 9, 2010,
Standard & Poor's Ratings Services assigned Affinity Group Inc.'s
proposed $325 million senior secured notes due 2016 its
preliminary 'B-' issue-level rating.  Following the close of the
proposed transaction, S&P expects to assign a 'B-' corporate
credit rating to Affinity Group Inc., and withdraw S&P's current
'D' corporate credit rating on Affinity Group Holding Inc.  A
portion of the proceeds of the new notes will be used, in
conjunction with cash contributions from Holding's parent, to
repay in full $88 million of senior notes that are currently
outstanding at Holding.

S&P said the expected 'B-'corporate credit rating on Affinity
Group reflects S&P's expectation that, following the proposed
refinancing transaction, adjusted debt leverage will be reduced by
about 1x, the company will not have any meaningful near-term debt
maturities, and the company will generate some discretionary cash
flow (albeit minimal).  Still, credit measures will remain
relatively weak, as adjusted debt leverage will remain above 6.0x
(S&P's operating lease adjustment adds about a turn to leverage),
and S&P expects interest coverage to remain in the low- to mid-
1.0x area over the intermediate term.


AFFINITY GROUP HOLDING: Terminates 10-7/8% Notes Registration
-------------------------------------------------------------
In a Form 15 filing on December 30, 2010, Affinity Group Holding,
Inc. notified the Securities and Exchange Commission regarding the
termination of registration of 10-7/8% senior notes due 2012.

On November 30, 2010, Affinity Group Inc. issued $333.0 million of
11.5% senior secured notes due 2016 at an original issue discount
of 2.1%.  It used the net proceeds of $326.0 million from the
issuance of the Notes to, among other things, make a $19.6 million
distribution to AGI's direct parent, Affinity Group Holding, Inc.
("Parent"), to enable Parent, together with other funds
contributed to the Parent, to redeem, repurchase or otherwise
acquire for value and satisfy and discharge all of its outstanding
10 7/8% senior notes due 2012.

                       About Affinity Group

Ventura, Calif.-based Affinity Group Holding, Inc. is a holding
company and the direct parent of Affinity Group, Inc.  The Company
is an an indirect wholly-owned subsidiary of AGI Holding Corp
("AGHC"), a privately-owned corporation.  The Company is a member-
based direct marketing organization targeting North American
recreational vehicle ("RV") owners and outdoor enthusiasts.  The
Company operates through three principal lines of business,
consisting of (i) club memberships and related products and
services, (ii) subscription magazines and other publications
including directories, and (iii) specialty merchandise sold
primarily through its 78 Camping World retail stores, mail order
catalogs and the Internet.

The Company's balance sheet at Sept. 30, 2010, disclosed
$227.95 million in total assets, $544.04 million in total
liabilities, and a stockholders' deficit of $316.09 million.

                           *     *     *

According to the Troubled Company Reporter on April 27, 2010,
Moody's Investors Service concluded its review of Affinity Group
Holdings Inc., confirmed its 'Caa2' corporate family rating and
assigned B1 ratings to its subsidiary, Affinity Group Inc.'s new
secured term loan.  The new debt along with an unrated $22 million
revolver refinances the previous secured debt at Affinity Group
Inc.  The ratings outlook is stable.  This concludes the review of
ratings for possible downgrade that was initiated on August 25,
2009.

Standard & Poor's Ratings Services said it assigned its 'B-'
issue-level rating (two notches above the corporate credit rating
on parent Affinity Group Holding Inc.) to Affinity Group Inc.'s
$144.3 million senior secured term loan due 2015.  The recovery
rating is '1,' indicating S&P's expectations of very high (90%-
100%) recovery in the event of a payment default.


ALLY FINANCIAL: Converts Treasury's Preferreds to Common Stock
--------------------------------------------------------------
On December 30, 2010, Ally Financial Inc. delivered to the United
States Department of the Treasury a notice of conversion relating
to the conversion of 110,000,000 shares of Ally Fixed Rate
Cumulative Mandatorily Convertible Preferred Stock, Series F-2
held by Treasury into common stock of Ally, par value $0.01 per
share.  The MCP Certificate of Designations allows Ally to
exercise an optional conversion, in whole or in part, subject to
the approval of the Board of Governors of the Federal Reserve
System and the prior written consent of Treasury.

On December 30, 2010, the Conversion was completed and 110,000,000
shares of MCP, all of which were owned by Treasury, were converted
into 531,850 shares of Common Stock.  Prior to the Conversion,
Treasury held approximately 56.3% of the Common Stock of Ally and
$11,437,500,000 aggregate liquidation preference amount of MCP.
Following the Conversion, Treasury holds approximately 73.8% of
the Common Stock of Ally and $5,937,500,000 aggregate liquidation
preference amount of MCP.

As a result of the Conversion and the consequent dilution of the
equity interest in Ally held by or on behalf of General Motors
Company, the Federal Reserve has determined that Ally Bank and GM
will no longer be treated as "affiliates" for purposes of Sections
23A and 23B of the Federal Reserve Act, which, among other things,
impose limitations on transactions between banks and their
affiliates.  Transactions between Ally Bank and GM will continue
to be subject to regulation and examination by the bank's primary
federal regulator, the Federal Deposit Insurance Corporation.

The issuance of Common Stock in the Conversion was exempt from
registration pursuant to Section 4(2) and Section 3(a)(9) of the
Securities Act of 1933, as amended.

                        About Ally Financial

Ally Financial Inc., formerly GMAC Inc., -- http://www.ally.com/
-- is one of the world's largest automotive financial services
companies.  The company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3% stake.  Private equity firm Cerberus Capital
Management LP keeps 14.9%, while General Motors Co. owns 6.7%.

The Company has tapped Goldman Sachs Group Inc. and Citigroup Inc.
to advise on a range of issues, including strategic alternatives
for the mortgage business and repayment of taxpayer funds.

Ally's balance sheet at Sept. 30, 2010, showed $173.191 billion
in total assets, $152.214 billion in total liabilities, and
$20.977 billion in total equity.

Ally Financial carries "C" short term issuer credit ratings, and
"B" long term issuer credit ratings, all with stable outlook, from
Standard & Poor's.  It has a "B3" issuer rating, with stable
outlook, from Moody's.  It has a "B" issuer default rating, with
positive outlook, from Fitch.


AMBAC FINANCIAL: NYSE Delists AFG Securities
--------------------------------------------
The New York Stock Exchange LLC filed with the Securities and
Exchange Commission on December 17, 2010, separate notifications
of removal from listing and registration of these securities of
Ambac Financial Group, Inc.:

  * common stock;
  * corporate units;
  * 5.95% Debentures due February 28, 2103; and
  * 5.785% Debentures due March 24, 2103.

Pursuant to Section 240.12d2-1 of Title 17 of the Code of Federal
Regulations, the Exchange has compiled with its rules to strike
the class of securities from listing or withdraw registration on
the Exchange.

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in Manhattan (Bankr.
S.D.N.Y. Case No. 10-15973) on November 8, 2010.  Ambac said it
will continue to operate in the ordinary course of business as
"debtor-in-possession" under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the
Bankruptcy Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed $30.05 billion in total assets,
$31.47 billion in total liabilities, and a $1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of ($394.5 million) and total liabilities of
$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about $1.62 billion.

The Vanguard Group, Inc., holds 5.46% of the stock of Ambac and is
its largest shareholder.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP represent the Debtor.  The
Blackstone Group LP is the Debtor's financial advisor.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel to
the Official Committee of Unsecured Creditors.

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Ambac Financial Group Inc.
(http://bankrupt.com/newsstand/or 215/945-7000)


AMBAC FINANCIAL: Two Directors Disclose Ownership of Stock
----------------------------------------------------------
Two directors of Ambac Financial Group, Inc., informed the U.S.
Securities and Exchange Commission that they disposed of shares
of the company's common stock from December 17 to 22, 2010:

                                                   Shares
                                                 Beneficially
                       No. of Shares  Price per  Owned After
  Name                 Disposed of      Share    Transaction
  ----                 -------------  ---------  ------------
  David W. Wallis         3,047         $0.11      415,959
  Diana Adams             5,678         $0.11       13,124

Ms. Wallis also disclosed that she does not own any shares of AFG
common stock, which she shares ownership with AFG's Savings Plan
Trust.  As a result of the Compensation Committee's decision to
amend the Savings Plan to eliminate the Ambac Financial Group
Stock Fund as an investment under the "SIP," all securities held
by the Stock Fund were sold on December 10, including shares of
Ms. Adams held in the Stock Fund.

Mr. Wallis is president and chief executive officer of AFG.

Ms. Adams serves as AFG's senior managing director.

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in Manhattan (Bankr.
S.D.N.Y. Case No. 10-15973) on November 8, 2010.  Ambac said it
will continue to operate in the ordinary course of business as
"debtor-in-possession" under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the
Bankruptcy Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed $30.05 billion in total assets,
$31.47 billion in total liabilities, and a $1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of ($394.5 million) and total liabilities of
$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about $1.62 billion.

The Vanguard Group, Inc., holds 5.46% of the stock of Ambac and is
its largest shareholder.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP represent the Debtor.  The
Blackstone Group LP is the Debtor's financial advisor.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel to
the Official Committee of Unsecured Creditors.

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Ambac Financial Group Inc.
(http://bankrupt.com/newsstand/or 215/945-7000)


ANPATH GROUP: Karen Singer Reports 50.2% Equity Stake
-----------------------------------------------------
In a Schedule 13D filing with the Securities and Exchange
Commission on December 30, 2010, Karen Singer disclosed that she
beneficially owns 6,316,553 shares of common stock of Anpath
Group, Inc., representing 50.2% of the shares outstanding.  As of
November 15, 2010, there were 17,466,295 shares of the Company
common stock outstanding.

Ms. Singer is the Trustee to the Singer Children's Management
Trust.

                        About Anpath Group

Based in Mooresville, N.C., Anpath Group, Inc. (OTC BB: ANPG)
-- http://www.anpathgroup.com/-- through its wholly-owned
subsidiary EnviroSystems, Inc., produces disinfecting, sanitizing
and cleaning products designed to help prevent the spread of
infectious microorganisms, while minimizing the harmful effects to
people, application surfaces and the environment.

The Company filed for Chapter 11 bankruptcy protection on May 20,
2010 (Bankr. D. Del. Case No. 10-11652), pursuant to which it
proposed a plan of reorganization.  Mark E. Felger, Esq., at
Cozen O'Connor, assists the Company in its restructuring effort.
The Company disclosed $1,548,646 in assets and $3,536,825 in
Liabilities in its schedules.

The Plan proposed a restructuring of the debt and other claims
against the Company vis-a-vis the interests of its current
shareholders.  Before it was filed, the Company sought the support
of its principal creditors for the Plan that was being proposed.
In connection with this initiative, a super-majority of the Senior
Secured Class of creditors, including Anpath Lending, and a super-
majority of the investors holding more than 50% of the Convertible
Notes all signed the Plan Support Agreement.


ARVINMERITOR INC: Completes Sale of Body Systems Business
---------------------------------------------------------
ArvinMeritor, Inc. has completed the sale of its Body Systems
business to an affiliate of Inteva Products, LLC.  The estimated
purchase price at closing was $27.27 million, consisting of
$12.27 million in cash at closing (adjusted for estimated balances
in working capital and other items at the time of the closing) and
a promissory note for $15 million, and is subject to adjustment
for actual balances in working capital and other items.

"Completing this sale is an important milestone for ArvinMeritor,"
said Chip McClure, ArvinMeritor chairman, CEO and president.
"This transaction completes our transformation, and will further
our ability to achieve our financial goals with the continued
strengthening of our core operations in the global commercial
vehicle and industrial markets."

The divestiture affects more than 4,100 employees in 16 countries.

                         About ArvinMeritor

Based in Troy, Michigan, ArvinMeritor, Inc.  --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The Company
celebrated its centennial anniversary in 2009.  The Company serves
commercial truck, trailer and specialty original equipment
manufacturers and certain aftermarkets, and light vehicle
manufacturers.

ArvinMeritor has 'B3' corporate family and probability of default
ratings from Moody's Investors Service.  In July 2010, when
Moody's raised the ratings to 'B3' from 'Caa1', it noted that
about 52% of the company's fiscal 2010 revenues to date are from
North America, where demand is expected to strengthen in the
second half of the year.  But with 21% of the Company's revenue
from Europe, a slower pace of economic recovery is expected to
constrain overall growth.  Tight credit markets also may limit
near-term growth in commercial vehicle purchases, Moody's said.

The balance sheet at September 30, 2010, showed $2,879,000,000 in
assets, $3,902,000,000 in liabilities and a $1,023,000,000
shareholders' deficiency.  Stockholders' deficit was
$909.0 million at June 30, 2010.


ATLANTIC BROADCASTING: Organizational Meeting Set for Jan. 6
------------------------------------------------------------
Roberta A. DeAngelis, United States Trustee for Region 3, will
hold an organizational meeting on January 6, 2011, at 2:00 p.m. in
the bankruptcy case of Atlantic Broadcasting of Linwood NJ Limited
Liability Company.  The meeting will be held at the United States
Trustee's Hearing Room, Bridge View, 800-840 Cooper Street, Suite
102, Camden, NJ 08102.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

Atlantic Broadcasting of Linwood NJ Limited Liability Company is
the owner of five southern New Jersey radio stations including
classic-rock station WMGM-FM 103.7, oldies station WTKU-FM 98.3,
top-40 rhythmic station WWAC-FM 102.7, news-talk station WOND-AM
1400 and Spanish station WTAA-AM 1490.  It filed for Chapter 11
bankruptcy protection on December 20, 2010 (Bankr. D. N.J. Case
No. 10-49149).  Joshua T. Klein, Esq., at Fox, Rothschild LLP,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $1 million to $10 million.


ATLANTIC BROADCASTING: To Sell 5 Radio Stations in Chapter 11
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Atlantic Broadcasting of Linwood New Jersey LLC
intends to sell its five radio stations in Chapter 11.

Atlantic Broadcasting, based in Linwood, New Jersey, operates five
stations that cover Atlantic City and Cape May, New Jersey.  The
business was purchased in 2008 by Northwood Ventures LLC which
retains 88% of the stock.

Atlantic Broadcasting of Linwood filed for Chapter 11 protection
on Dec. 20, 2010 (Bankr. D. N.J. Case No. 10-49149).  Joshua T.
Klein, Esq., at Fox, Rothschild LLP, in Philadelphia, serves as
counsel to the Debtor.

The Debtor estimated assets and debts of $1 million to $10 million
in its chapter 11 petition.  Secured lender Sun National Bank is
owed $6.3 million.  There are $1.2 million in unsecured claims,
according to a court filing.


AXION INTERNATIONAL: Notifies Late Filing of Annual Report
----------------------------------------------------------
Axion International Holdings, Inc. informed the Securities and
Exchange Commission on December 29, 2010, that it could not file
its annual report on Form 10-K -- for the fiscal year ended Sept.
30, 2010 -- within the prescribed period because additional time
was required by its management and auditors to prepare certain
information to be included in such report.  According to the
Company, the late filing of the report is due primarily to the
fact that its chief financial officer resigned in the 4th quarter
of 2010, and it appointed a new president and chief operating
officer, and a new chief financial officer and treasurer in the
4th quarter of 2010.

                     About Axion International

New Providence, N.J.-based Axion International Holdings, Inc.
(OTC BB: AXIH) -- http://wwwaxionintl.com/-- is a structural
solution provider of cost-effective alternative infrastructure and
building products.  The Company's "green" proprietary technologies
allow for the development and manufacture of innovative structural
products made from virtually 100% recycled consumer and industrial
plastics.

As reported in the Troubled Company Reporter on January 19, 2010,
Jewett, Schwartz, Wolfe and Associates, in Hollywood, Florida,
expressed substantial doubt about the Company's ability to
continue as a going concern, following its results for the fiscal
year ended September 30, 2009.  The independent auditors noted
that the Company has incurred significant losses since inception
and needs to seek new sources or methods of financing or revenue
to pursue its business strategy.

The Company had an accumulated deficit of $15.8 million and a
working capital deficit of $970,618 as of June 30, 2010.

The Company's balance sheet at June 30, 2010, showed $1.7 million
in total assets, $2.4 million in total liabilities, and a
stockholders' deficit of $663,972.


BARBARA DUBAIL: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Barbara Dubail
        897 Park Lane
        Santa Barbara, CA 93108

Bankruptcy Case No.: 10-16599

Chapter 11 Petition Date: December 29, 2010

Court: United States Bankruptcy Court
       Central District Of California (Santa Barbara)

Judge: Robin Riblet

Debtor's Counsel: Peter Susi, Esq.
                  MICHAELSON SUSI AND MICHAELSON
                  7 W Figueroa 2nd Fl
                  Santa Barbara, CA 93101-3191
                  Tel: (805) 965-1011
                  Fax: (805) 965-7351
                  E-mail: cheryl@msmlaw.com

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

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

A list of the Debtor's five largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/cacb10-16599.pdf


BEAR ISLAND: Plan Exclusivity Extended Until April 1
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Bear Island Paper Co. LLC received a third extension
of the exclusive right to propose a Chapter 11 plan.  The new
deadline is April 1.

Mr. Rochelle also reports that the Official Committee of Unsecured
Creditors was authorized to file a lawsuit in bankruptcy court
against Brant Industries Inc., a company controlled by Peter
Brant, who is also the ultimate owner of Bear Island and White
Birch.  Brant Industries had an agreement to provide Bear Island
with management services.  The Creditors Committee contends that
$8.4 million in payments within two years of bankruptcy were
fraudulent transfers based on the argument that Bear Island was
not expressly obligated.  The Committee will also sue Brant
Industries for $3.8 million in preferences received within one
year of bankruptcy.

Bear Island was authorized to sell its business to a group
consisting of Black Diamond Capital Management LLC, Credit
Suisse Group AG, and Caspian Capital Advisors LLC. They offered
$172.5 million, comprised of $94.5 million cash and $78 million as
a credit against secured debt.  The Black Diamond group estimated
that their offer would generate between $90 million and
$94.5 million cash for assets not representing their collateral.
The group holds 65% of the $438 million in first-lien debt.

                  About White Birch & Bear Island

Canada-based White Birch Paper Company is the second-largest
newsprint producer in North America.  As of December 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada).  Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.

Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
February 24, 2010.  Bear Island estimated assets of $100 million
to $500 million and debts of $500 million to $1 billion in its
Chapter 11 petition.

White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada.  White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234).

Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia
Beach, Virginia; and Richard M. Cieri, Esq., Christopher J.
Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, serve as counsel to White Birch, as Foreign
Representative.  Kirkland & Ellis and Troutman Sanders also serve
as Chapter 11 counsel to Bear Island.  AlixPartners LLP serves as
financial and restructuring advisors to Bear Island, and Lazard
Freres & Co., serves as investment banker.  Garden City Group is
the claims and notice agent.  Chief Judge Douglas O. Tice, Jr.,
handles the Chapter 11 and Chapter 15 cases.


BLUEGREEN CORP: Quorum to Purchase Timeshare Notes for $20 Mil.
---------------------------------------------------------------
Bluegreen Corporation entered into a new timeshare receivables
purchase facility with Quorum Federal Credit Union on December 22,
2010.  The Quorum facility allows for the sale of timeshare notes
receivable on a non-recourse basis, pursuant to the terms of the
facility and subject to certain conditions precedent.  Quorum has
agreed to purchase eligible timeshare receivables from the Company
or certain of its subsidiaries up to an aggregate $20 million
purchase price through August 31, 2011 at an 80% advance rate and
at a program fee rate of 8% per annum, and at terms to be agreed
upon through December 22, 2011.

Eligibility requirements for receivables sold include, amongst
others, that the obligors under the timeshare notes receivable
sold be members of Quorum at the time of the note sale.  The
facility contemplates the ability of Quorum to purchase additional
receivables subject to advance rates, fees and other terms to be
agreed upon from time to time over and above the initial $20
million commitment, pursuant to the terms of the facility and
subject to certain conditions precedent.  Bluegreen or a
subsidiary, as applicable, will receive all of the excess cash
flows generated by the receivables transferred to Quorum under the
facility.

While ownership of any timeshare receivables financed through the
Quorum facility will be considered transferred and sold to Quorum
for legal purposes, the transfer of these timeshare receivables
will be accounted for as a secured borrowing for financial
accounting purposes.

                        About Bluegreen Corp.

Bluegreen Corporation -- http://www.bluegreencorp.com/-- provides
places to live and play through its resorts and residential
community businesses.

The Company's balance sheet at Sept. 30, 2010, showed
$1.13 billion in total assets, $708.04 million in total
liabilities, and $423.22 million in stockholders' equity.

In December 2010, Standard & Poor's Rating Services raised its
corporate credit rating on Bluegreen Corp to 'B-' from 'CCC'.
S&P's rating outlook on the company is stable.  In S&P's view,
Bluegreen currently has adequate sources of liquidity to cover its
needs over the next 12-18 months mainly due to the successful
closing of a timeshare securitization transaction.


BNA SUBSIDIARIES: Files Chapter 11 Plan; Parent to Retain Control
-----------------------------------------------------------------
BNA Subsidiaries, LLC, filed a proposed plan of reorganization
with the U.S. Bankruptcy Court for the District of Delaware.

NetDockets reports that pursuant to the proposed plan, BNA
Subsidiaries would continue in business and The Bureau of National
Affairs (which has been providing BNA Subsidiaries with financing
during the bankruptcy case pursuant to a debtor-in-possession (or
DIP) financing arrangement) would acquire all of the equity in the
reorganized BNA Subsidiaries (its existing equity interests would
be cancelled under the plan), the report notes.

NetDockets says that in exchange for receiving the new equity, BNA
would waive its existing intercompany and DIP loan claims and fund
a reserve for payment of general unsecured claims.  The report
relates that the fund is proposed to be the greater of $100,000 or
the unused commitment on the DIP funding as of the effective date
of the plan.  Trade vendors are proposed to be paid 50% of their
claims if they vote in favor of the plan and execute a "Trade
Vendor Claim Agreement," the report discloses.

NetDockets says that if they do not meet those two criteria, they
are proposed to be paid as part of the general unsecured claim
pool.  An expected percentage recovery for general unsecured
claims is not provided in the court filings.  All unsecured claims
with a face amount of less than $500 are proposed to be
extinguished without receiving any payment under the plan, the
report states.

NetDockets notes that the plan also provides for the opportunity
for someone other than BNA to acquire control of BNA Subsidiaries
pursuant to a competitive sale process, the proposed procedures
for which are expected to be filed with the bankruptcy court
shortly (but which were not filed by the close of business on
Friday).  In the event someone other than BNA acquires the new
equity in BNA Subsidiaries, the proposed plan would provide for
BNA to receive payment in full for outstanding DIP loan
obligations plus a $125,000 termination fee, the report relates.
BNA's intercompany claims would be paid consistent with all other
general unsecured claims in that event if the plan is approved,
the report adds.

Rather interestingly, netDockets says, the pro forma financial
projections attached to the disclosure statement (a document filed
with a plan of reorganization intended to provide creditors with a
better understanding of the terms of the plan), even with the
restructuring of BNA Subsidiaries it will still emerge from
bankruptcy with liabilities that exceed the value of its assets by
over 65%.

Moreover, while that ratio is expected to improve over time,
liabilities are still projected to exceed assets by a significant
amount at the end of 2013, the report relates.

The company is projected to be profitable for each of 2011, 2012
and 2013, but only slightly so, the report discloses.

However, under a liquidation analysis prepared by SSG Capital
Advisors, LLC, general unsecured creditors would be expected to
receive very little recovery (if any at all) if BNA Subsidiaries
were to be liquidated, netDockets adds.

                          About BNA

Bureau of National Affairs is an independent publisher of
information and analysis products for professionals in business
and government.  Petersborough, New Hampshire-based BNA
Subsidiaries, LLC -- aka G-2 Reports, et al. -- was formed on
January 1, 2009, through the merger of Kennedy Information, Inc.,
which was acquired by BNA in 2000, and the Institute of Management
and Administration, Inc. (or IOMA), which was acquired in 1997.

BNA Subsidiaries filed for Chapter 11 bankruptcy protection on
September 23, 2010 (Bankr. D. Del. Case No. 10-13087).  Marion M.
Quirk, Esq., and Norman L. Pernick, Esq., at Cole, Schotz, Meisel,
Forman & Leonard, assist the Debtor in its restructuring effort.
The Debtor estimated its assets and debts at $1 million to
$10 million.


BOOMERANG SYSTEMS: Incurs $15.8 Million Net Loss in Fiscal 2010
---------------------------------------------------------------
Boomerang Systems, Inc. filed with the Securities and Exchange
Commission its Form 10-K for the fiscal year ended September 30,
2010.

For the fiscal year ended September 30, 2010, the Company had a
net loss of $15,789,559 compared with a net loss of $9,693,734
during the prior year.  Revenues were $718,530 for the fiscal year
ended September 30, 2010 compared with $0 for the fiscal year
ended September 30, 2009.

The Company's balance sheet at September 30, 2010, showed
$6,192,003 in total assets, $2,841,556 in total liabilities and
$3,350,447 in stockholders' equity.  Accumulated deficit was
$33,710,494 at Sept. 30, 2010.

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

                http://researcharchives.com/t/s?71c1

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(Pink Sheets: BMER) through its wholly owned subsidiary, Boomerang
Utah, is engaged in the design, development, and marketing of
automated racking and retrieval systems for automobile parking and
automated racking and retrieval of containerized self-storage
units.


BORDERS GROUP: To Meet With Publishers This Week
------------------------------------------------
Julie Bosman, writing for The New York Times' DealBook, reports
that Borders Group Inc. executives said Monday they would discuss
the Company's plans with publishers at hastily arranged meetings
in New York later this week.  Mike Edwards, the president and
chief executive of Borders, will be present at the meetings, said
Mary Davis, a spokeswoman for Borders.

"We're committed to working with our vendors as part of our
overall effort to refinance," Ms. Davis said, according to NY
Times.

The NY Times also relates Ms. Davis added that Borders was not in
a liquidity crisis and that its stores were well-stocked.  Borders
executives are in discussions regarding potential refinancing, she
said.

According to The Wall Street Journal, Borders' refinancing plan
may include asking publishers to convert some of their receivables
to debt, plus the infusion of new capital, and new bank lenders.

The NY Times reports that a spokesman for Ingram Book Company, a
major book wholesaler, said on Monday the Company was still
shipping books to Borders, despite the bookseller's troubles.

"Most every publisher and distributor wants Borders to survive and
thrive, and we are no exception," said Skip Prichard, the
president and chief executive of the Ingram Content Group,
according to NY Times.

Jeffrey A. Trachtenberg, writing for The Wall Street Journal,
reports that several publishers contacted on Monday said they
haven't yet decided whether to ship new books to Borders.

"We're sorting this out," said Peter Workman, president and owner
of Workman Publishing Co., according to the Journal.

The Journal also notes that National Book Network, a leading
distributor owned by Rowman & Littlefield Publishing Group Inc.,
on Sunday said it was temporarily halting shipments of new books
to Borders.

                        About Borders Group

Headquartered in Ann Arbor, Michigan, Borders Group, Inc. (NYSE:
BGP) -- http://www.borders.com/-- is a specialty retailer of
books as well as other educational and entertainment items.  It
employs 19,500 throughout the U.S., primarily in its Borders(R)
and Waldenbooks(R) stores.  The Wall Street Journal says Borders
is the nation's second-largest bookstore chain by revenue, behind
Barnes & Noble Inc.

The Wall Street Journal's Jeffrey Trachtenberg reported that
Borders said Dec. 30 it was delaying payments to some publishers.
According to the Journal, Borders said the delays were part of its
efforts to refinance its debt and that it had notified the
publishers with which it is seeking to restructure payments.

On December 9, 2010, Borders released its financial results for
the third quarter ended October 30, 2010.  The Company disclosed
that it was in detailed discussions with potential lenders for
replacement financing that Borders believes will provide
sufficient liquidity through at least the beginning of 2012.
Borders is also pursuing the potential sale of certain assets as
well as cost reduction and sales generating initiatives.  Borders
cautioned that there can be no assurance that it will be able to
obtain adequate financing or that its other initiatives will be
successful.  Borders also said if the steps it is taking are not
successful, it could be in violation of the terms of its credit
agreements in the first quarter of calendar 2011, which could
result in a liquidity shortfall.

As of October 30, 2010, Borders had total assets of
$1,356,600,000, total liabilities of $1,397,400,000, and
stockholders' deficit of $40,800,000.


BORDERS GROUP: EVP Carney & SVP Laverty Step Down
-------------------------------------------------
Thomas D. Carney resigned as Executive Vice President, General
Counsel and Secretary of Borders Group, Inc., on January 2, 2011.
The next day, D. Scott Laverty resigned as Senior Vice President,
Chief Information Officer of the Company.

Jeffrey A. Trachtenberg, writing for The Wall Street Journal,
reports that Borders, when asked for comment, said that as part of
its previously disclosed efforts to improve liquidity, "We have
evaluated our leadership structure and, as a result, some
positions have been eliminated."

Mr. Trachtenberg said the two men couldn't immediately be reached
for comment.

                        About Borders Group

Headquartered in Ann Arbor, Michigan, Borders Group, Inc. (NYSE:
BGP) -- http://www.borders.com/-- is a specialty retailer of
books as well as other educational and entertainment items.  It
employs 19,500 throughout the U.S., primarily in its Borders(R)
and Waldenbooks(R) stores.  The Wall Street Journal says Borders
is the nation's second-largest bookstore chain by revenue, behind
Barnes & Noble Inc.

The Wall Street Journal's Jeffrey Trachtenberg reported that
Borders said Dec. 30 it was delaying payments to some publishers.
According to the Journal, Borders said the delays were part of its
efforts to refinance its debt and that it had notified the
publishers with which it is seeking to restructure payments.

On December 9, 2010, Borders released its financial results for
the third quarter ended October 30, 2010.  The Company disclosed
that it was in detailed discussions with potential lenders for
replacement financing that Borders believes will provide
sufficient liquidity through at least the beginning of 2012.
Borders is also pursuing the potential sale of certain assets as
well as cost reduction and sales generating initiatives.  Borders
cautioned that there can be no assurance that it will be able to
obtain adequate financing or that its other initiatives will be
successful.  Borders also said if the steps it is taking are not
successful, it could be in violation of the terms of its credit
agreements in the first quarter of calendar 2011, which could
result in a liquidity shortfall.

As of October 30, 2010, Borders had total assets of
$1,356,600,000, total liabilities of $1,397,400,000, and
stockholders' deficit of $40,800,000.


BOSTON GENERATING: Completes Sale to Constellation Energy
---------------------------------------------------------
EBG Holdings, the parent of Boston Generating, LLC disclosed that
the Federal Energy Regulatory Commission issued an order on
December 22, 2010 approving the sale of the Company's assets to
Constellation Energy for approximately $1.1 billion.  All
necessary regulatory approvals required for completion of the
transaction have been issued and the closing of the sale has now
occurred.

Under terms of the agreement, Constellation acquired BostonGen's
five power plants located in the Boston area: four natural gas
fired plants, including Mystic 8 and 9 (1,580 megawatts), Fore
River (787 megawatts), Mystic 7 (574 megawatts); and a fuel oil
plant, Mystic Jet (9 megawatts).

As part of its Chapter 11 sale process previously announced on
August 18, 2010, BostonGen entered into an asset purchase
agreement with "stalking horse" bidder Constellation for the 2,950
MW fleet, the third largest power generating portfolio in the New
England region. On November 24, 2010 Judge Shelley C. Chapman of
the United States Bankruptcy Court for the Southern District of
New York approved the sale of the Company's assets under Section
363 of the United States Bankruptcy code to Constellation.

"The completion of the sale of the assets to Constellation brings
us one step closer to closure in the BostonGen bankruptcy
proceedings," Said Mark Sudbey, Chief Executive Officer of US
Power Generating Company, EBG Holdings' parent company.

                       About USPowerGen

USPowerGen, through its subsidiary Astoria Generating Company
Holdings, L.L.C. owns and operates power generation facilities in
New York City with a total capacity of over 2,300 megawatts. This
subsidiary sells energy and capacity into the NYISO deregulated
market, representing generation sufficient to serve approximately
20% of the overall load in New York City. More information
regarding USPowerGen can also be found at www.uspowergen.com.

                   About Boston Generating

New York-based Boston Generating, LLC, owns nearly 3,000 megawatts
of mostly modern natural gas-fired power plants in the Boston
area.  Privately held Boston Generating is an indirect subsidiary
of US Power Generating Co., and considers itself as the third-
largest fleet of plants in New England.

Boston Generating filed for Chapter 11 protection on August 18,
2010 (Bankr. S.D.N.Y. Case No. 10-14419).  Boston Generating
estimated its assets and debts at more than $1 billion as of the
Petition Date.

EBG Holdings LLC; Fore River Development, LLC; Mystic, LLC; Mystic
Development, LLC; BG New England Power Services, Inc.; and BG
Boston Services, LLC, filed separate Chapter 11 petitions.

D. J. Baker, Esq., at Latham & Watkins LLP, serves as bankruptcy
counsel for the Debtors.  JPMorgan Securities is the Debtors'
investment banker.  Perella Weinberg Partners, LP, is the Debtors'
financial advisor.  Brown Rudnick LLP is the Debtors' regulatory
counsel.  FTI Consulting, Inc., is the Debtors' restructuring
consultant.  Anderson Kill & Olick, P.C., is the Debtors'
conflicts counsel.  The Garden City Group, Inc., is the Debtors'
claims agent.

The Official Committee of Unsecured Creditors has tapped the law
firm of Jager Smith P.C. as its counsel.


BROADSTRIPE LLC: Court OKs Accord Among Creditors Panel, Lenders
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Bankruptcy Court approved a settlement that
removes obstacles to confirmation of Broadstripe LLC's Chapter 11
plan, which was negotiated with first and second lien lenders
prepetition.

As reported in the Dec. 15, 2010 edition of the Troubled Company
Reporter, Broadstripe presented a settlement with the Official
Committee of Unsecured Creditors and the prepetition secured
creditors.

According to Mr. Rochelle, the settlement resolves a lawsuit
pursued by the Creditors Committee seeking the subordination or
recharacterization of the secured lenders' claims.  It also
settles $160 million in claims pursued by rival cable operators --
James Cable LLC and WaveDivision Holdings LLC -- based on alleged
failures to complete asset purchase agreements.  Under the
settlement:

   -- Secured lenders will be allowed to bid their claims
      rather than cash at a sale of the business.

   -- The lenders will create a fund with $3.3 million toward
      payment of claims of unsecured creditors.  Secured lenders
      won't take any part of the fund because of their deficiency
      claims.

   -- Lawyers for the Creditors Committee, who hadn't been paid
      for their work on the lawsuit, agreed to accept $500,000 in
      satisfaction of their fees.

                       About Broadstripe LLC

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.


BROOKSTONE INC: S&P Raises Corporate Credit Rating to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its unsolicited
corporate credit rating on Merrimack, N.H.-based Brookstone Inc.
to 'B-' from 'SD'.  The action follows subsidiary Brookstone Co.
Inc.'s recently completed debt exchange, which has improved the
company's near-term liquidity.  The rating outlook is negative.

In addition, S&P raised the unsolicited rating on Brookstone Co.
Inc.'s 12% unsecured notes due 2012 ($9.924 million remains
outstanding following completion of the exchange -- these notes
were formerly the 12% second-lien notes due 2012) to 'CCC' from
'D'.  In addition, S&P revised the recovery rating on this debt to
'6' from '5'.  The '6' recovery rating indicates S&P's expectation
of negligible (0% to 10%) recovery for noteholders in the event of
a payment default.

At the same time, S&P assigned its unsolicited 'CCC+' rating to
the company's new $125.612 million 13% second-lien senior secured
notes due 2014.  S&P also assigned this debt a recovery rating of
'5', indicating S&P's expectation of modest (10% to 30%) recovery
for noteholders in the event of a payment default.  Both the
second-lien and unsecured note issues are guaranteed by Brookstone
Inc.

The unsolicited speculative-grade ratings on Brookstone and its
wholly owned subsidiary, Brookstone Co. Inc., reflect S&P's
expectation that the company could still face significant
performance issues over the near term because of the challenging
retail environment, the drop in consumer spending, the decline in
mall traffic, and the highly discretionary nature of Brookstone's
merchandise.  In S&P's view, the company's business risk profile
is vulnerable because of its participation in the highly
competitive and fragmented specialty gift retail industry,
dependence on successful product development, vendor
concentration, and substantial seasonality of its operating
results.  In addition, S&P assess the company's financial risk
profile as highly leveraged, reflecting its significant debt
leverage and weak credit protection measures.

S&P believes that liquidity has modestly improved because of the
completion of the distressed exchange and somewhat better
operating performance year over year; however, it could erode as
cash and borrowings are used to fund seasonal losses.  As of
Oct. 2, 2010, Brookstone had cash on hand of $1.3 million and
$32.5 million of borrowings outstanding under its $125 million
senior secured asset-based revolving credit facility, which
matures on April 16, 2014.  At Oct. 2, 2010, Brookstone was in
compliance with its debt covenants, and S&P estimates that the
company should remain in compliance over the near term.


BUTTERMILK TOWNE: L.A. Fitness Can't Offset Post-Rejection Rent
---------------------------------------------------------------
Bankruptcy Judge Tracey N. Wise rejects the plaintiff's request in
L.A. Fitness International, LLC, v. Buttermilk Towne Center, LLC,
Adv. Pro. No. 10-2032 (Bankr. E.D. Ky.), for a declaratory
judgment permitting it to offset its post-rejection rent
obligations to the Debtor under a prepetition subordination
agreement.  Judge Wise says the agreement merely preserves any
right of offset granted by a rejected lease, and L.A. Fitness'
right to offset its rent payments, if any, are governed by
11 U.S.C. Sec. 365.  The subordination agreement does not create
an independent enforceable right of offset which can negate the
applicability of Section 365 in the context of a rejected lease.

A copy of the Bankruptcy Court's December 30, 2010 Memorandum
Opinion is available at http://is.gd/jZUVRfrom Leagle.com.

                About Buttermilk Towne Center LLC

Cincinnati, Ohio-based Buttermilk Towne Center LLC, owns and
operates a commercial real estate development, known as Buttermilk
Towne Center, located in Crescent Springs, Kenton County,
Kentucky.

The Company filed for Chapter 11 bankruptcy protection on
April 28, 2010 (Bankr. E.D. Ky. Case No. 10-21162).  Timothy J.
Hurley, Esq., and Paige Leigh Ellerman, Esq., at Taft Stettinius &
Hollister LLP, in Cincinnati, Ohio, serve as the Debtor's counsel.
The Company disclosed $28,999,954 in assets and $41,085,856 in
liabilities as of the Petition Date.


CA GROUP: Case Summary & 17 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: The CA Group, Inc.
        0351 Golden Bear Drive
        Carbondale, CO 81623

Bankruptcy Case No.: 10-42158

Chapter 11 Petition Date: December 28, 2010

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

Judge: Elizabeth E. Brown

Debtor's Counsel: Arthur Lindquist-Kleissler, Esq.
                  LINDQUIST-KLEISSLER & COMPANY
                  950 S. Cherry St., Ste. 710
                  Denver, CO 80246
                  Tel: (303) 691-9774
                  E-mail: Arthuralklaw@gmail.com

Scheduled Assets: $8,001,360

Scheduled Debts: $9,853,851

A list of the Company's 17 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/cob10-42158.pdf

The petition was signed by Christopher Waldmann, president.


CABI NEW RIVER: Files for Chapter 11 After Mortgage Matured
-----------------------------------------------------------
Cabi New River LLC and Cabi SMA Tower I LLLP filed for Chapter 11
protection on December 28 in Miami (Bankr. S.D. Fla. Cases No.
10-49013 and 10-49009)

Cabi New River owns a 5.8-acre plot on New River in Fort
Lauderdale, Florida.  The property currently has a restaurant and
marina with storage for 200 boats.  The owners purchased the
property for development into a condominium and marina with indoor
storage for 500 boats.

Dow Jones' DBR Small Cap, citing court papers, reports that Cabi
New River and Cabi SMA Tower failed to refinance or restructure
their mortgage debts before they came due November 1.  According
to DBR, the Debtors blamed their inability to refinance or
restructure those mortgages on circumstances beyond their control.
DBR says Cabi New River owes $18.2 million in principal to HSBC
Realty Credit Corp., while Cabi SMA Tower didn't specify the
amount or holder of its mortgage debt.

Cabi New River estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.

The Debtors are affiliated with Cabi Holdings Inc., the U.S.
development arm of Mexico's Cababie real-estate family. The
bankruptcy filings come on the heels of Cabi Downtown LLC's
chapter 11 (Bankr. S.D. Fla. Case No. 09-27168).  Cabi Downtown
was the owner of the 49-story Everglades on the Bay condominium in
Miami.  The project was sold by Cabi Downtown in November to the
holder of the mortgage under a confirmed Chapter 11 plan.


CAREY COCO: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Joint Debtors: Carey Paul Coco
               Leilani Tanya Coco
               23292 Eagle Ridge
               Mission Viejo, CA 92692

Bankruptcy Case No.: 10-28409

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       Central District of California (Santa Ana)

Debtors' Counsel: Henry D. Paloci, Esq.
                  HENRY D. PALOCI, III PA
                  2060 Ave De Los Arboles #D
                  P.O. Box 490
                  Thousand Oaks, CA 91362
                  Tel: (239) 229-9599
                  Fax: (866) 565-6345
                  E-mail: hpaloci@hotmail.com

Scheduled Assets: $936,754

Scheduled Debts: $2,069,342

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-28409.pdf


CATHOLIC CHURCH: Del. Court OKs Add'l $13MM in PIA Withdrawals
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Catholic Diocese of Wilmington, Inc., on a sixteenth interim
basis, to make certain withdrawals from the pooled investment
account for the benefit of the Diocese and certain pooled
investors.

Subject to the terms of the Custody Agreement, Judge Christopher
Sontchi authorized the Diocese to make withdrawals from the pooled
investment account and to process withdrawal requests of non-
debtor pooled investors without further Court order, up to these
applicable amounts:

  Pooled Investor           Aggregate Cap
  ---------------           -------------
  Diocese                     $9,400,000
  Foundation                   1,450,656
  Charities                      407,413
  Children's Home                352,741
  Siena Hall                     330,211
  Cemeteries                     336,985
  Seton Villa                    278,553
  Corpus Christi                 164,000
  Holy Family                    135,897
  Holy Cross                      50,000
  Our Lady of Lourdes             40,000
  Cathedral of St. Peter          25,000
  Our Mother of Sorrows           23,620
  St. Ann (Wilmington)            10,000
                               ---------
               Total         $13,005,076

Notwithstanding any other provision of the Interim Order, the
Custodian will have no liability for, or otherwise be in violation
of the Interim Order, for acting in accordance with the Custody
Agreement or processing any withdrawal or investment requests made
by the Diocese.

Judge Sontchi also authorized the Diocese to continue to invest
and deposit funds into the pooled investment account in accordance
with its prepetition practices, without the need for a bond or
other collateral as required by Section 345(b) of the Bankruptcy
Code.  The entities with which the Diocese's pooled investment
funds are deposited and invested will be excused from full
compliance with the requirements of Section 345(b) until 45 days
following the docketing of a final order directing compliance with
Section 345(b) as to specific accounts following the next hearing
on the requested relief.

Nothing contained in the Interim Order will prevent the Diocese
from establishing any additional sub-funds within the Pooled
Investment Account as it may deem necessary and appropriate, and
the Account's Custodian is authorized to process the Diocese's
request to account for transactions with respect to the sub-fund.

In the event Pooled Investment Funds or their proceeds transferred
by the Diocese to a non-debtor Pooled Investor pursuant to the
Interim Order are determined to have been property of the
bankruptcy estate at the time of transfer, the transfer will be
presumed to have been an unauthorized postpetition transfer within
the meaning of Section 549(a)(2)(B) of the Bankruptcy Code,
provided that the presumption may be rebutted by a showing that
the transfer was made in the ordinary course of business within
the meaning of Section 363(c)(1) of the Bankruptcy Code.

                  About the Diocese of Wilmington

The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics.  The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse.  Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.

The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19.  There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.

The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560).  Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese.  The Ramaekers Group, LLC,
is the financial advisor.  The petition says assets range
$50,000,001 to $100,000,000 while debts are between $100,000,001
to $500,000,000.  (Catholic Church Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


CATHOLIC CHURCH: Jury Awards $33MM vs. Deluca & St. Elizabeth
-------------------------------------------------------------
After witnesses testified that a big award could devastate the
church community, a superior court jury in Delaware assessed on
December 8, 2010, punitive damages of $1 against St. Elizabeth's
Parish in the abuse case commenced by John Vai, The Associated
Press reports.

To recall, the jury in the previous week awarded Mr. Vai
$30 million in compensatory damages against Francis DeLuca
and another $3 million against St. Elizabeth's for failing
to prevent Mr. DeLuca from abusing the Plaintiff.

Mr. Vai said he was satisfied, and that his intent in seeking
punitive damages was not to cause financial harm to the parish,
but to send a message, Randall Chase of AP says.

"I felt that it was important that a message be sent that you
can't have your head in the sand when it comes to kids," Mr. Vai
is quoted by AP as saying.  "The message got across," he
continues.

St. Elizabeth's counsel said that the Parish was disappointed that
its current members were being held accountable for mistakes of
the past, but grateful that it was spared from a further
substantial damage award, AP reports.

Among the witnesses, who urged the jury not to award punitive
damages, are Shirley Bounds, principal of St. Elizabeth's high
school, and Mary Jean Quill, assistant principal of the elementary
school.

                  About the Diocese of Wilmington

The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics.  The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse.  Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.

The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19.  There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.

The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560).  Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese.  The Ramaekers Group, LLC,
is the financial advisor.  The petition says assets range
$50,000,001 to $100,000,000 while debts are between $100,000,001
to $500,000,000.  (Catholic Church Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


CATHOLIC CHURCH: Wilmington Asks for Plan Exclusivity Extension
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware held a
teleconference on December 29, 2010, regarding a proposed further
continuance of the hearing to consider approval of the Disclosure
Statement explaining the Plan of Reorganization including the
Solicitation Motion filed by the Catholic Diocese of Wilmington,
Inc., James L. Patton, Jr., Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware, relates.

The request did not meet any opposition.  Accordingly, the Court
granted the proposed continuance to a date to be determined, and
designated January 4, 2011, as a status conference hearing
regarding the Disclosure Statement and Solicitation Motion.

As previously reported, the Court, in a teleconference dated
December 3, 2010, continued the hearing to consider approval of
the Diocese's Disclosure Statement and Solicitation Motion to
January 4, 2011, which continuation was opposed by the
Unofficial Committee of 98 State Court Abuse Survivors.

Since the December 3 continuance, the Diocese has diligently
worked to address certain of the objections to the Disclosure
Statement and, where applicable, to the underlying Plan, while at
the same time working, with the assistance of the mediators,
towards a potential global settlement that would include
contributions by insurers as well as contributions by, or on
behalf of, parish corporations and other Non-Debtor Catholic
Entities, Mr. Patton tells Judge Sontchi.

As indicated on the record of the December 29 teleconference, Mr.
Patton asserts, the Diocese is working on an amended Plan to
address remaining objections, which will offer creditors a choice
between a global settlement of as many issues as possible, on the
one hand, or a simplified plan structure that will provide for
prompt confirmation but contemplates significant post-confirmation
litigation, on the other hand.  He notes that the Diocese expects
to file the amended Plan, with accompanying amendments to the
Disclosure Statement, by January 10, 2011.

Against this backdrop, the Diocese asks the Court to further
extend its exclusive periods to:

  (a) file a Chapter 11 plan of reorganization through and
      including February 28, 2011; and

  (b) solicit acceptances of that plan through and including
      May 2, 2011, without prejudice to ask for further
      extensions.

Mr. Patton contends that several factors weigh in favor of
granting an extension of the Exclusive Periods, including the
bankruptcy case's complexity and unusually litigious nature.

The Diocese seeks a further extension of the Exclusive Periods so
that it may continue to negotiate with its key constituencies and
solicit and otherwise prosecute the Plan, with the goal of moving
the Chapter 11 case forward, Mr. Patton argues.  He explains that
under the circumstances, the proposed extension of the Diocese's
Exclusive Periods is both necessary and warranted.

The Court will convene a hearing on February 16, 2011, to consider
the request.  Objections are due on January 14, 2011.

Pursuant to Rule 9006-2 of the Local Rules of the United States
Bankruptcy Court for the District of Delaware, the Diocese's
Exclusive Plan Filing Period "will automatically be extended until
the Court acts on the motion, without the necessity for the entry
of a bridge order."

                  About the Diocese of Wilmington

The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics.  The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse.  Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.

The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19.  There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.

The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560).  Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese.  The Ramaekers Group, LLC,
is the financial advisor.  The petition says assets range
$50,000,001 to $100,000,000 while debts are between $100,000,001
to $500,000,000.  (Catholic Church Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


CB HOLDING: Receives $3.4MM Offer for 7 "The Office" Outlets
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the owner of Charlie Brown's Steakhouse lined up
Villa Enterprises Inc. to buy seven The Office restaurants for
$3.4 million unless a higher offer turns up at auction.  A hearing
was to have been held Dec. 29 for approval of auction and sale
procedures. On account of the blizzard in the Northeast, the
hearing was postponed until Jan. 5.  Charlie Brown's is requesting
that other bids be submitted by Jan. 14, with an auction Jan. 18.
To comply with requirements in financing for the Chapter 11 case,
the bankruptcy court in Delaware must approve the sale by Jan. 20.

                         About CB Holding

New York-based CB Holding Corp. owns and operates the Charlie
Brown's Steakhouse, Bugaboo Steak House, and The Office Beer Bar &
Grill.  The Company currently operates 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House and seven The Office
outlets.

The Company and its affiliates filed for Chapter 11 bankruptcy
protection on November 17, 2010 (Bankr. D. Del. Case No.
10-13683).  Christopher M. Samis, Esq., and Mark D. Collins, Esq.,
at Richards, Layton & Finger, P.A., assist the Debtors in their
restructuring effort.  The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent.  CB Holding
estimated its assets at $100 million to $500 million and debts at
$50 million to $100 million.


CELEBRITY RESORTS: Court Confirms Amended Joint Plan
----------------------------------------------------
Bankruptcy Judge Arthur B. Briskman confirmed the Amended Joint
Plan of Reorganization dated November 19, 2010, and plan
modifications submitted by Celebrity Resorts, LLC, and 32
affiliated debtors following a contested hearing on December 22,
2010.

Objections to the Plan were filed by The Club at Star Island; Dr.
Neil S. Meyers; Derek C. Meyers; Dylan B. Meyers; and the Osceola
and Orange County Tax Collectors.

The bankruptcy cases filed by the Debtors stem from a ferocious
family dispute regarding the ownership and control of the Debtors'
timeshare enterprise.  Dr. Meyers has challenged the Debtors'
actions at every step of this proceeding.  Dr. Meyers contested
the bankruptcy filings asserting he, and not his eldest son Jared
M. Meyers, owns and controls the Debtors.  Dr. Meyers acquired the
secured claim of the Debtors' primary secured creditor, Farmington
Bank, which has generated significant litigation involving the
claim's valuation and confirmation.  The younger sons Derek Meyers
and Dylan Meyers have been involved in the disputes.

The Court scheduled the ownership, claim valuation, and
confirmation evidentiary hearings on an expedited basis due to the
time constraints imposed by the Debtors' financing agreement with
Textron.  Textron agreed to provide the Debtors with a $4 million
forward financing facility for the sales of timeshare units, but
the financing is contingent upon the confirmation of the Debtors'
Plan before December 31, 2010.

The Court conditionally approved the Disclosure Statement on
November 24, 2010.

As reported by the Troubled Company Reporter on December 23, 2010,
the Court, after a two-day evidentiary hearing, held Jared had
ownership and control of the Debtors on the petition date and was
authorized to file the bankruptcy petitions.  The Court conducted
a full day valuation hearing on the Farmington Bank claim and
determined the claim's value to be $4,942,241.51.

The Plan has been accepted in writing by the requisite majorities
of all Impaired Classes of Claims, except as to the Class 4 Claim
held by Farmington Bank and assigned to Dr. Meyers.  The holder of
the Class 4 Claim voted against the Plan.  The Debtors have sought
"cramdown" with respect to the Class 4 Claim.

In its confirmation order, the Court ruled that the Class 4 Claim
is a secured claim and is subject to cramdown pursuant to 11
U.S.C. Section 1129(b)(2)(A)(iii).  Dr. Meyers will realize the
indubitable equivalent of the Class 4 Claim through the conveyance
of the FB Timeshare Inventory to him, which conveyance will
satisfy the claim in full. 11 U.S.C. Sec. 1129(b)(2)(A)(iii).

A copy of the Court's Confirmation Order is available at
http://is.gd/k06Onfrom Leagle.com.

Orlando, Florida-based Celebrity Resorts, LLC, and 35 affiliates
filed for Chapter 11 bankruptcy protection on March 5, 2010
(Bankr. M.D. Fla. Lead Case No. 10-03550).  R. Scott Shuker, Esq.,
at Latham Shuker Eden & Beaudine LLP, assists the Debtor in its
restructuring effort.  The Company estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.


CEMTREX INC: Intends to File Annual Report on January 13
--------------------------------------------------------
Cemtrex Inc. informed the Securities and Exchange Commission on
December 29, 2010 that it is unable to file its Annual Report on
Form 10-K for its year ended September 30, 2010 by the prescribed
date of December 29, 2010 due to a delay with finalizing its
results of operations for such period.  The Company intends to
file the Annual Report by January 13, 2011.

                        About Cemtrex Inc.

Farmingdale, N.Y.-based Cemtrex, Inc., manufactures and sells
instruments for emission monitoring of particulate, opacity,
mercury, sulfur dioxide, nitrogen oxides, etc.  Cemtrex also
provides turnkey services for carbon creation projects from
abatement of greenhouse gases pursuant to Kyoto protocol and
assists project owners in selling of carbon credits globally.  The
Company's products are sold to power plants, refineries, chemical
plants, cement plants and other industries including federal and
state governmental agencies.  Through its wholly-owned subsidiary,
Griffin Filters, LLC, the Company designs, manufactures and sells
air filtration equipment and systems to control particulate
emissions in a variety of industries.

Cemtrex, Inc., was incorporated as Diversified American Holding,
Inc., on April 27, 1998.  On December 16, 2004, the Company
changed its name to Cemtrex, Inc.

The Company's balance sheet at June 30, 2010, showed $1.3 million
in total assets, $1.5 million in total liabilities, and a
stockholders' deficit of $192,700.

As of June 30, 2010, the Company has an accumulated deficit of
$300,029 and has losses year to date totaling $306,087.  The
Company's current business plan requires additional funding beyond
its anticipated cash flows from operations.  "These and other
factors raise substantial doubt about the Company's ability to
continue as a going concern."


CHERYL VAN METER: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Cheryl Ann Van Meter
        835 West Fairway Drive
        Chandler, AZ 85225

Bankruptcy Case No.: 10-41330

Chapter 11 Petition Date: December 29, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix

Judge: James M. Marlar

Debtor's Counsel: Donald W. Powell, Esq.
                  CARMICHAEL & POWELL, P.C.
                  7301 N. 16th Street, #103
                  Phoenix, AZ 85020
                  Tel: (602) 861-0777
                  Fax: (602) 870-0296
                  E-mail: d.powell@cplawfirm.com

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

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

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


CHRYSLER LLC: Fiat's Marchionne May Hike to Stake Prior to IPO
--------------------------------------------------------------
David Jolly, writing for The New York Times' DealBook, reports
that Fiat's chief executive, Sergio Marchionne, said Monday that
it might seek to raise its stake in Chrysler Group to 51% before
Chrysler's initial public offering, which is planned for this
year.

"If Chrysler is listed this year, we should think about speeding
up the option of increasing our stake in Chrysler," Reuters quoted
Mr. Marchionne as saying at the Milan stock exchange, accoding to
NY Times.  But he said Fiat, the Italian automaker, was not
planning "today" to merge the two companies.

Sabrina Cohen and Liam Moloney, writing for Dow Jones Newswires,
report that Mr. Marchionne said Monday he doesn't plan to merge
operations with Chrysler Group LLC.

The NY Times notes General Motors' initial public offering in
November has raised hopes that Chrysler can return to the market
this year.

                          About Chrysler

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  Chrysler hired Jones Day, as lead counsel;
Togut Segal & Segal LLP, as conflicts counsel; Capstone Advisory
Group LLC, and Greenhill & Co. LLC, for financial advisory
services; and Epiq Bankruptcy Solutions LLC, as its claims agent.
Chrysler has changed its corporate name to Old CarCo following its
sale to a Fiat-owned company.  As of December 31, 2008, Chrysler
had $39,336,000,000 in assets and $55,233,000,000 in debts.
Chrysler had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.

Fiat has a 20% equity interest in Chrysler Group.

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


CINCINNATI BELL: Amends PNC Receivables Purchase Agreement
----------------------------------------------------------
On December 23, 2010, Cincinnati Bell Inc., its wholly-owned
receivables subsidiary Cincinnati Bell Funding LLC, the various
Purchasers and Purchaser Agents and PNC Bank, National Association
as Administrator entered into the Seventh Amendment to Receivables
Purchase Agreement dated as of December 23, 2010.

The Seventh Amendment amends the Company's Receivables Purchase
Agreement originally entered into on March 23, 2007, among the
Company, CB Funding, the various Purchaser Groups identified
therein and PNC Bank, National Association, by adding Cincinnati
Bell Data Centers Inc. as an Originator to the Agreement.

On December 23, 2010, the Company, CB Funding and CBDC entered
into the Joinder and Fourth Amendment to Purchase and Sale
Agreement dated as of December 23, 2010, among CBDC as a New
Originator, the Originators identified therein, CB Funding and
the Company as sole member of CB Funding and as Servicer.  The
Joinder Agreement amends the Purchase and Sale Agreement dated as
of March 23, 2007, among CB Funding, the Company and the various
Originators identified therein, by adding CBDC as an Originator
to the Purchase and Sale Agreement.

A full-text copy of the Seventh Amendment to Receivables Purchase
Agreement is available for free at:

               http://ResearchArchives.com/t/s?71b5

A full-text copy of the Joinder and Fourth Amendment to Purchase
and Sale Agreement is available for free at:

               http://ResearchArchives.com/t/s?71b6

                      About Cincinnati Bell

Cincinnati Bell Inc., with headquarters in Cincinnati, Ohio,
provides telecommunications products and services to residential
and business customers in Ohio, Kentucky and Indiana.

Cincinnati Bell's balance sheet at Sept. 30, 2010, showed
$2.59 billion in total assets, $3.20 billion in total liabilities,
and a stockholders' deficit of $611.4 million.

                          *     *     *

The Company carries a 'B+' corporate credit rating from Standard &
Poor's.  S&P said in November 2010 that the rating reflects the
Company's highly leveraged financial risk profile, with
expectations for limited discretionary cash flow after capital
spending, which is currently elevated to expand its data center
business.

The Company has a 'B' Issuer Default Rating, and Stable outlook,
from Fitch.  Fitch said in November 2010 that 'B' IDR for reflects
expectations for relatively high, albeit stable leverage and its
diversified revenue profile.  In addition, its wireline and
wireless businesses generate strong free cash flows.


CLAIM JUMPER: Wins Extension Until April for Right to File Plan
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Claim Jumper Restaurants LLC drew no opposition and
was granted an April 11 extension of the exclusive right to
propose a Chapter 11 plan.  Claim Jumper, which has sold its
restaurants, said it needed more time to work out details of a
plan.  Secured lenders carved out $400,000 for unsecured creditors
pursuant to the terms of the DIP financing.

                        About Claim Jumper

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

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

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

Curtis A. Hehn, Esq., James E. O'Neill, Esq., and Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the
Debtors' local counsel.  Milbank, Tweed, Hadley & Mccloy LLP is
the Debtors' general bankruptcy counsel.  Piper Jaffray & Co. is
the Debtors' financial advisors and investment bankers.  Kurtzman
Carson Consultants LLC is the Debtors' notice, claims and
solicitation agent.

The Creditors Committee has selected the law firms of Cooley LLP
and Klehr Harrison Harvey Branzburg LLP as counsel.

In December 2010, Claim Jumper completed the sale its business
to Landry's Restaurants Inc., in a transaction valued at
$76.6 million.  Landry's offered $48.3 million cash, the
assumption of $23.3 million in debt, and $5 million cash to
collateralize existing letters of credit -- outbidding the holders
of mezzanine debt.


CLEARPOINT BUSINESS: StaffChex Accords Expired by Own Terms
-----------------------------------------------------------
Bankruptcy Judge Kevin Gross declined the request of ClearPoint
Business Resources, Inc. and ClearPoint Resources, Inc., to enjoin
an alleged violation of the automatic stay by StaffChex, Inc.  The
Debtors invoke 11 U.S.C. Secs. 105, 362 and 541 to halt
StaffChex's claim that prepetition agreements between the Debtors
and StaffChex terminated by their own terms and therefore the
automatic stay is not implicated.  The Court finds in favor of
StaffChex.

A copy of Judge Gross' December 30, 2010 Memorandum Opinion is
available at http://is.gd/jZZtOfrom Leagle.com.

                     About ClearPoint Business

Based in Chalfont, Pennsylvania, ClearPoint Business Resources,
Inc., is a workplace management solutions provider.  Prior to year
2008, ClearPoint provided various temporary staffing services as
both a direct provider and as a franchisor.  During the year ended
December 31, 2008, ClearPoint transitioned its business model from
a temporary staffing provider through a network of branch-based
offices or franchises to a provider that manages clients'
temporary staffing needs through its open Internet portal-based
iLabor network.  Under the new business model, ClearPoint acts as
a broker for its clients and network of temporary staffing
suppliers using iLabor.

ClearPoint Business Resources and ClearPoint Resources filed for
Chapter 11 protection on June 23, 2010 (Bankr. D. Del. Lead Case
No. 10-12037). Jamie Lynne Edmonson, Esq., at Bayard PA, in
Wilmington, serves as the Debtors' counsel.  In their petitions,
the Debtors estimated $1 million to $10 million in assets and
$10 million to $50 million in debts.


CLEARWIRE CORP: C. McCaw Resigns From Board of Directors
--------------------------------------------------------
On December 29, 2010, Craig O. McCaw, the chairman of the Board of
Directors of Clearwire Corporation, informed the Company of his
decision to resign from his position on the Company's Board of
Directors, effective December 31, 2010.  Mr. McCaw was originally
nominated to his position by Eagle River Holdings, LLC pursuant to
the Equityholders' Agreement dated November 28, 2008 by and among
the Company, Sprint Nextel Corporation, Intel Corporation, Google
Inc., Comcast Corporation, Time Warner Cable Inc., Bright House
Networks LLC, and Eagle River.

Mr. McCaw served as Chairman of the Board of the Company for over
2 years, and served as the Chairman of the Company's predecessor
entity for more than 5 years.  Mr. McCaw's decision to resign is
not due to any disagreements with the Company on any matters
relating to the Company's operations, policies, or practices.
Eagle River retains the right under the Equityholders' Agreement
to nominate one additional director to replace Mr. McCaw, and it
has indicated to the Company that it intends to nominate Benjamin
G. Wolff.

Meanwhile, on December 28, 2010, Clearwire Corporation and Erik E.
Prusch, the Company's chief financial officer, entered into an
Addendum  that amends the Offer Letter Agreement dated August 24,
2009 between Mr. Prusch and the Company.  The Addendum provides
that in lieu of reimbursing Mr. Prusch for the expenses relating
to the sale of his house, as provided for in the Agreement, the
Company's relocation agent will purchase Mr. Prusch's house.

The purchase price for the house is determined by taking the
arithmetic mean of the house values provided by two independent
appraisal companies selected by the Company's relocation agent.
If Mr. Prusch's employment with the Company terminates prior to
September 11, 2011, he shall be required to reimburse the Company
for the relocation benefits he received pursuant to the terms of
the Agreement.  Mr. Prusch will not be required to reimburse such
relocation benefits if he is involuntarily terminated by the
Company without cause, or if the termination is due to a change in
control of the Company.  After purchasing the house, the Company
intends to sell it through the relocation agent.

                   About Clearwire Corporation

Kirkland, Wash.-based Clearwire Corporation (NASDAQ: CLWR)
-- http://www.clearwire.com/-- through its operating
subsidiaries, is a leading provider of wireless broadband
services.  Clearwire's 4G mobile broadband network serves 68
markets, including New York City, Los Angeles, Chicago, Dallas,
Philadelphia, Houston, Miami, Washington, D.C., Atlanta and
Boston.

The Company's balance sheet at September 30, 2010, showed
$10.52 billion in total assets, $3.90 billion in total
liabilities, and stockholders' equity of $6.62 billion.

The Company disclosed in its Form 10-Q for the third quarter ended
September 30, 2010, that its expected continued losses from
operations and the uncertainty about its ability to obtain
sufficient additional capital raise substantial doubt about the
Company's ability to continue as a going concern.

"Without additional financing sources, we forecast that our cash
and short-term investments would be depleted as early as the
middle of 2011.  Thus, we will be required to raise additional
capital in the near-term in order to continue operations.
Further, we also need to raise substantial additional capital over
the long-term to fully implement our business plans."


CNO FINANCIAL: Fitch Affirms 'B+' Ratings, Gives Stable Outlook
---------------------------------------------------------------
Fitch Ratings has updated the press release that went out earlier.
Fitch has updated information in the second and fourth paragraphs:

Fitch has affirmed all the ratings assigned to CNO Financial
Group, Inc., and its subsidiaries, and assigned ratings to CNO's
recent debt issuance and new bank credit facility.  The Rating
Outlook is Stable.

The rating action follows a full review of CNO Financial and
reflects the positive steps taken by the company over the last two
years to improve its capital structure and earnings profile.  The
rating action also considers the stabilized economic environment
and improved financial markets, which has had a positive impact on
CNO Financial's investment results and portfolio valuation.

Over the past month, CNO Financial has refinanced its outstanding
bank debt through the issuance of $275 million of senior secured
debt and a new $375 million bank credit facility.  Fitch believes
that the refinancing has improved CNO Financial's capital
structure by diversifying its funding sources, extending debt
maturities, and easing certain covenants.  The company's pro forma
financial leverage remains unchanged at approximately 21%, and
remains in line with Fitch's expectation of 20%-30%.  CNO
Financial's total financings and commitments ratio was 0.43 at
Sept. 30, 2010, which is consistent with industry norms and rating
expectations.

Fitch believes the emerging stability of CNO Financial's earnings
profile and ability to manage losses in its investment portfolio
will play an important role in the company's ability to avoid
covenant violations.  The company has now produced seven
consecutive quarters of positive net income.  This consistency is
an improvement over previous results.  Fitch expects the GAAP
interest coverage ratio to be in the 3 times-4x times range in
2010 and into 2011.

As of Sept. 30, 2010, the tightest covenant levels were under the
statutory capital and interest coverage covenants.  The covenant
minimums for these measures were $1.2 billion and 1.75x versus
actual results of $1.5 billion and 2.9x, respectively.  A
reasonable level of margin exists under the capital covenant and
the company has some flexibility in managing intercompany capital
flows which affect covenant calculations.  CNO Financial and its
non-insurance subsidiaries held unrestricted cash of $190 million
at Sept. 30, 2010.

Based on Fitch's detailed analysis of CNO Financial's investment
portfolio using its stress-testing methodology, Fitch's projection
for gross investment losses before any offsetting gains is in the
range of $200 million-$250 million through 2011.

Key rating drivers that could lead to an upgrade include:

  -- Continued generation of stable earnings free of significant
     special charges.

  -- Improved cushion versus covenant requirements, particularly
     interest coverage and consolidated surplus.

  -- GAAP interest coverage ratio of 4x-5x and consolidated
     surplus of $1.65 billion.

  -- Decreased financial leverage ratio below 15%.

Key rating drivers that could lead to a downgrade include:

  -- GAAP interest coverage ratio less than 2x.
  -- Increased investment losses beyond Fitch's expectations.
  -- A decline in statutory capital adequacy.
  -- A consolidated surplus below $1.2 billion.
  -- Increased equity credit adjusted leverage above 30%.

Fitch has assigned these ratings:

CNO Financial Group, Inc.

  -- $375 million senior secured bank credit facility due
     Sept. 30, 2016 'B+'/RR4';

  -- $275 million senior secured note 9% due Jan. 15, 2018
     'B+'/RR4'.

Fitch has affirmed these ratings with a Stable Outlook:

CNO Financial Group, Inc.

  -- Issuer Default Rating at 'B+';
  -- Senior secured debt at 'B+/RR4';
  -- Senior unsecured debt at 'B-/RR6';
  -- $293 million 7% due Dec. 30, 2016 at 'B-/RR6'.

Bankers Life and Casualty Company

  -- Insurer Financial Strength at 'BBB-'.

Conseco Life Insurance Company
Bankers Conseco Life Insurance Company
Colonial Penn Life Insurance Company
Washington National Insurance Company

  -- IFS at 'BB+'.


COMFORCE CORP: Delisted From NYSE Amex
--------------------------------------
On December 29, 2010, Comforce Corp. filed a notice on Form 25
with the Securities and Exchange Commission regarding the removal
of its common stock from NYSE Amex.

                          About COMFORCE

Based in Woodbury, New York, COMFORCE Corporation (NYSE Amex: CFS)
provides outsourced staffing management services that enable
Fortune 1000 companies and other large employers to consolidate,
automate and manage staffing, compliance and oversight processes
for their contingent workforces.  The Company also provides
specialty staffing, consulting and other outsourcing services to
Fortune 1000 companies and other large employers for their
healthcare support services, technical and engineering,
information technology, telecommunications and other staffing
needs.  In addition, the Company provides funding and back office
support services to independent consulting and staffing companies.

The Company's balance sheet at Sept. 26, 2010, showed
$181.01 million in total assets, $191.54 million in total
liabilities, and a stockholders' deficit of $10.52 million.


CREDIT-BASED ASSET: $1.06-Mil. Equity Investment Sale Approved
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that Credit-Based Asset Servicing & Securitization LLC
was authorized on Dec. 23 to sell equity investments and certain
other securities for $1.06 million to HBK Master Fund LP.

Credit-Based Asset Servicing and Securitization LLC is a
subprime mortgage investor based in New York City.  C-Bass is
a joint venture, owned in part by units of mortgage insurers
MGIC Investment Corp. and Radian Group Inc.

C-Bass and seven affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 10-16040) on Nov. 12, 2010.  C-Bass
disclosed $23.7 million in assets and $2.16 billion in
liabilities in its Schedules of Assets and Liabilities.
The Debtors' liabilities include $195.8 million of secured
debt.

Peter S. Partee, Esq., Richard P. Norton, Esq., Robert A. Rich,
Esq., and Scott Howard Bernstein, at Hunton & Williams LLP
represent the Debtors.  Donlin, Recano & Company is the claims
and noticing agent.

An Official Committee of Unsecured Creditors has been appointed in
C-BASS' chapter 11 cases and that committee is represented by Mark
T. Power, Esq. -- mpower@hahnhessen.com -- and Jeffrey Zawadzki,
Esq. -- jzawadzki@hahnhessen.com -- at Hahn & Hessen LLP in New
York City.

The affiliates that filed separate Chapter 11 petitions are
C-BASS CBO Holding LLC, C-BASS Credit Corp., C-BASS Investment
Management LLC, NIM I LLC, Pledged Property II LLC, Starfish
Management Group LLC, and Sunfish Management Group LLC.


CUONG LE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Joint Debtors: Cuong H. Le
               Sally X. Le
               3930 E. Coronado Drive
               Tucson, AZ 85718

Bankruptcy Case No.: 10-41213

Chapter 11 Petition Date: December 29, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Tucson)

Judge: Eileen W. Hollowell

Debtors' Counsel: Eric Slocum Sparks, Esq.
                  ERIC SLOCUM SPARKS PC
                  110 S. Church Avenue, #2270
                  TUCSON, AZ 85701
                  Tel: (520) 623-8330
                  Fax: (520) 623-9157
                  E-mail: eric@ericslocumsparkspc.com

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

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

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb10-41213.pdf


CURRY & CURRY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Curry & Curry, Inc.
          dba C & C Transport
        312 Sand Pine Trail
        Winter Haven, FL 33880

Bankruptcy Case No.: 10-30611

Chapter 11 Petition Date: December 28, 2010

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

Judge: K. Rodney May

Debtor's Counsel: Buddy D. Ford, Esq.
                  BUDDY D. FORD, P.A.
                  115 N. MacDill Avenue
                  Tampa, FL 33609-1521
                  Tel: (813) 877-4669
                  Fax: (813) 877-5543
                  E-mail: buddy@tampaesq.com

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

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

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

The petition was signed by Brian Curry, president.


DAIS ANALYTIC: T. Tangredi Discloses 25.59% Equity Stake
--------------------------------------------------------
Each of Timothy N. Tangredi and Patricia K. Tangredi beneficially
owns 10,835,916 shares of common stock of Dais Analytic
Corporation representing 25.59% of the shares outstanding,
according to a Schedule 13D filing with the Securities and
Exchange Commission on December 29, 2010.  There were 30,609,793
shares of the Company's $0.01 par value common stock outstanding
as of November 12, 2010.

The 20,000 shares of Common Stock are held directly by Mr.
Tangredi; 127,800 shares of Common Stock are held directly by Mrs.
Tangredi; 8,750,058 shares of Common Stock underlying the options
and warrants are held directly by Mr. Tangredi.  There are
1,938,058 shares of Common Stock underlying the warrants held by
directly by Mrs. Tangredi.

                       About Dais Analytic

Odessa, Fla.-based Dais Analytic Corporation has developed and
patented a nano-structure polymer technology, which is being
commercialized in products based on the functionality of these
materials.  The initial product focus of the Company is ConsERV,
an energy recovery ventilator.  The Company also has new product
applications in various developmental stages.

The Company's balance sheet as of September 30, 2010, showed
$1.7 million in total assets, $5.1 million in total liabilities,
and a stockholders' deficit of $3.4 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 the Company's 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.


DYNEGY HOLDINGS: Directors Recommend "Yes" to Icahn Offer
---------------------------------------------------------
Dynegy Inc. announced that its Board of Directors, in consultation
with its independent financial and legal advisors, has unanimously
determined that the tender offer commenced by an affiliate of
Icahn Enterprises LP (NYSE: IEP) on December 22, 2010, is in the
best interests of all Dynegy stockholders and unanimously
recommends that Dynegy stockholders accept the tender offer and
tender their Dynegy shares into the tender offer.  Dynegy has
filed with the Securities and Exchange Commission a
Solicitation/Recommendation Statement on Schedule 14D-9 regarding
the tender offer.

Dynegy is soliciting superior proposals from potentially
interested parties, and is permitted under the terms of its
agreement with IEP to continue to do so until 11:59 p.m. (Eastern
Time) on January 24, 2011.  Dynegy invites interested third
parties to contact its financial advisors.  It is not anticipated
that any developments will be disclosed with regard to this
process unless the Dynegy Board of Directors makes a decision with
respect to any potential superior proposal, and there are no
guarantees that this process will result in a superior proposal.
IEP has agreed that, in certain circumstances, if a "superior" all
cash offer is made and supported by Dynegy, and IEP does not wish
to top the "superior" offer, it will support it.

The IEP tender offer is currently set to expire at midnight
(Eastern Time) on January 25, 2011.

Goldman, Sachs & Co. and Greenhill & Co., LLC are serving as
financial advisors and Sullivan & Cromwell LLP is serving as legal
counsel to Dynegy.

                        About Dynegy Inc.

Through its subsidiaries, Houston, Texas-based Dynegy Inc.
(NYSE:DYN) -- http://www.dynegy.com/-- produces and sells
electric energy, capacity and ancillary services in key U.S.
markets.  The power generation portfolio consists of approximately
12,200 megawatts of baseload, intermediate and peaking power
plants fueled by a mix of natural gas, coal and fuel oil.

As reported by the Troubled Company Reporter on November 26, 2010,
Fitch Ratings downgraded the ratings of Dynegy Inc. and its
subsidiaries: Dynegy Inc. Issuer Default Rating to 'CCC' from
'B-'; Dynegy Holdings, Inc. IDR to 'CCC' from 'B-'; Secured bank
credit facilities and notes to 'B+/RR1' from BB-/RR1; Senior
unsecured to 'CCC/RR4' from 'B/RR3'; and Dynegy Capital Trust I
preferred to 'C/RR6' from 'CCC/RR6'.

The downgrade reflects Fitch's belief that the rejection of The
Blackstone Group's bid to acquire Dynegy for $5/share will likely
lead to another transaction and capital restructuring by Dynegy's
management as activist stockholders seek to maximize shareholder
values.  The downgrade also reflects the underperformance of
Dynegy's merchant generation operations.  There is a high
correlation ofDynegy's future financial performance to improvement
in power prices, shrinkage in the reserve capacity margins in the
wholesale markets Dynegy owns and operates its generating plants,
and improvement in electricity demand.

In October 2010, Moody's Investors Service lowered the ratings of
Dynegy Holdings, including its Corporate Family Rating, to Caa1
from B3 along with the ratings of various affiliates or parent
company Dynegy Inc.  The rating outlook for DHI and Dynegy remains
negative.  The rating action followed the expiration of the 40-day
"go shop" period, according to Moody's, increasing the probability
that Dynegy will be acquired by an affiliate of The Blackstone
Group L.P. in a transaction valued at approximately $4.7 billion,
including the assumption of existing debt.  Moody's said Dynegy's
financial profile is expected to be quite fragile, particularly
during 2011 and 2012, when the company is projected to generate
both negative operating cash flow and negative free cash flow due
to weak operating margins and the required funding of their
capital investment programs.  To the extent that the transactions
with Blackstone and NRG are not completed, Moody's said downward
rating pressure at DHI and Dynegy will continue to exist given the
weak financial prospects for the company over the next few years
coupled with the liquidity concerns.

Moody's Investors Service believes that the ratings and negative
rating outlook for Dynegy, Inc., and its subsidiary, Dynegy
Holdings, Inc (Caa1 Corporate Family Rating) will remain unchanged
at this time following the announcement that its board had agreed
to be acquired by Icahn Enterprises LP for $5.50 per share in
cash, or approximately $665 million.


EMPIRE RESORTS: J. D'Amato and G. Polle Elected Directors
---------------------------------------------------------
Empire Resorts, Inc. held its 2010 annual meeting of stockholders,
on December 28, 2010, for the purpose of electing two Class I
directors to serve on the Board of Directors of the Company until
the Company's annual meeting of stockholders in 2013 and until
their successors are elected and qualified.

The total number of votes cast in person or by proxy at the
Meeting was 38,694,785, representing approximately 55.3% of the
69,947,420 votes entitled to be cast at the Meeting.  Each of
Joseph A. D'Amato and Gregg Polle were elected.

                       About Empire Resorts

Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)
-- http://www.empireresorts.com/-- owns and operates Monticello
Casino & Raceway, a video gaming machine and harness racing track
and casino located in Monticello, New York, 90 miles northwest of
New York City.

The Company's balance sheet at Sept. 30, 2010, showed
$74.91 million in total assets, $63.20 million in total
liabilities, and stockholders' equity of $11.71 million.

Auditor Friedman LLP, in New York, after auditing the Company's
2009 results, said Empire Resorts' ability to continue as a going
concern depends on the Company's ability to fulfill its
obligations with respect to its $65 million of 5-1/2% senior
convertible notes.  Friedman also noted of the Company's
continuing net losses and negative cash flows from operating
activities.


EMPIRE RESORTS: To Raise $35MM in Rights Offering to Repay Debt
---------------------------------------------------------------
Empire Resorts, Inc. (NASDAQ: NYNY) announced that it has filed a
registration statement on Form S-1 with the Securities and
Exchange Commission for a rights offering to existing holders of
its common stock, par value $0.01 per share, and Series B
Preferred Stock, par value $0.01 per share.  Assuming the rights
offering is fully subscribed, Empire Resorts will receive gross
proceeds of approximately $35 million, less expenses of the rights
offering.

The rights offering will be made through the distribution of non-
transferable subscription rights to purchase shares of the
Company's common stock at a subscription price of $0.8837 per
share.  The record date for the distribution of the rights and the
dates for both the subscription period and the expiration of the
rights offering will be included in the final prospectus.

The purpose of this rights offering is to raise equity capital in
a cost-effective manner that gives Empire Resorts' stockholders
the opportunity to participate.  The net proceeds will be used to
repay all or a portion of the Company's outstanding indebtedness
in the aggregate principal amount of $35 million, together with
interest accrued thereon, under the Company's bridge loan
agreement, dated as of November 17, 2010, with Kien Huat Realty
III Limited, Empire Resorts' largest stockholder.

The rights offering includes an oversubscription privilege which
permits each rights holder that exercises its rights in full to
purchase additional shares of common stock that remain
unsubscribed at the expiration of the offering.  This
oversubscription privilege is subject to the availability and
allocation of shares among holders exercising this
oversubscription privilege, as further described in the rights
offering documents.

The rights offering is being made to Kien Huat in reliance on an
exemption from the registration requirements of the Securities Act
of 1933, as amended.  Shares issued in respect of its
participation in the rights offering are not covered by the
registration statement relating to the rights offering.  Kien Huat
is not soliciting participation by the holders of rights in the
rights offering or engaging in any other marketing or sales
activity in connection therewith.

                       About Empire Resorts

Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)
-- http://www.empireresorts.com/-- owns and operates Monticello
Casino & Raceway, a video gaming machine and harness racing track
and casino located in Monticello, New York, 90 miles northwest of
New York City.

The Company's balance sheet at Sept. 30, 2010, showed
$74.91 million in total assets, $63.20 million in total
liabilities, and stockholders' equity of $11.71 million.

Auditor Friedman LLP, in New York, after auditing the Company's
2009 results, said Empire Resorts' ability to continue as a going
concern depends on the Company's ability to fulfill its
obligations with respect to its $65 million of 5-1/2% senior
convertible notes.  Friedman also noted of the Company's
continuing net losses and negative cash flows from operating
activities.


FIRST SECURITY: Board Hiked to 8 Members to Include New President
-----------------------------------------------------------------
On December 22, 2010, the Board of Directors of First Security
Group, Inc. increased the size of the Board to eight and elected
Ralph E. "Gene" Coffman, Jr. to join the Board of First Security
Group, Inc.  The Board had previously appointed Mr. Coffman as
President and Chief Operating Officer of the Company and elected
him to the Board of FSGBank, N.A., the Company's wholly-owned
subsidiary.

Mr. Coffman, age 59, has over 37 years in the financial services
industry. Prior to joining the Company, Mr. Coffman served as Ohio
Regional President of WesBanco Bank, Inc.  Prior to joining
WesBanco Bank, Inc., Mr. Coffman served as President and Chief
Executive Officer of Oak Hill Financial, Inc., an Ohio Bank
Holding Company that merged into WesBanco Inc. in late 2007.

Mr. Coffman was not selected to serve as a director based on any
arrangement or understanding between Mr. Coffman and any other
persons.  Mr. Coffman has not been named to any of the Board's
standing committees.

                    About First Security Group

First Security Group, Inc., is a bank holding company
headquartered in Chattanooga, Tennessee, with $1.2 billion in
assets as of September 30, 2010.  Founded in 1999, First
Security's community bank subsidiary, FSGBank, N.A., has 37 full-
service banking offices, including the headquarters, along the
interstate corridors of eastern and middle Tennessee and northern
Georgia and 325 full-time equivalent employees.  In Dalton,
Georgia, FSGBank operates under the name of Dalton Whitfield Bank;
along the Interstate 40 corridor in Tennessee, FSGBank operates
under the name of Jackson Bank & Trust.

The Company's balance sheet at September 30, 2010, showed
$1.246 billion in total assets, $1.139 billion in total
liabilities, and stockholders' equity of $106,846.

As reported in the Troubled Company Reporter on November 12, 2010,
the Company said its losses from operations during the last two
years raise possible doubt as to its ability to continue as a
going concern.

On September 7, 2010, the Company entered into a Written Agreement
with the Federal Reserve Bank of Atlanta, the Company's primary
regulator, which prohibits the Company from declaring or paying
dividends without prior written consent of the Federal Reserve.
The Company is also prohibited from taking dividends, or any other
form of payment representing a reduction of capital, from the Bank
without prior written consent.

The Company is also required, within 60 days of the Agreement, to
submit to the Federal Reserve a written plan designed to maintain
sufficient capital at the Company and the Bank.

On April 28, 2010, FSGBank, the Company's wholly-owned subsidiary,
consented and agreed to the issuance of a Consent Order by the
Office of the Comptroller of the Currency (OCC).  Pursuant to that
Consent Order, within 120 days of the effective date of the Order,
the Bank is required to achieve and thereafter maintain total
capital at least equal to 13 percent of risk-weighted assets and
Tier 1 capital at least equal to 9 percent of adjusted total
assets.

As of September 30, 2010, the first financial reporting period
subsequent to the 120 day requirement, the Bank's total capital to
risk-weighted assets was 12.93 percent and the Tier 1 capital to
adjusted total assets was 7.43 percent.  The Bank has notified the
OCC of the non-compliance.


FIRST UNITED: McGladrey & Pullen Raises Going Concern Doubt
-----------------------------------------------------------
First United Ethanol, LLC, filed on December 29, 2010, its annual
report on Form 10-K for the fiscal year ended September 30, 2010.

McGladrey & Pullen, LLP, in Des Moines, Iowa, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that for the year
ending September 30, 2010, the Company has generated losses of
roughly $2,175,000 and has experienced liquidity restraints due to
limits on its working capital line of credit.

The Company reported a net loss for $2.2 million on $203.5 million
of revenues for fiscal 2010, compared with a net loss of
$28.5 million on $166.6 million of revenues for fiscal 2009.

The Company's balance sheet at September 30, 2010, showed
$170.7 million in total assets, $138.2 million in total
liabilities, and members' equity of $32.5 million.

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

               http://researcharchives.com/t/s?71bc

Pelham, Ga.-based First United Ethanol, LLC
-- http://www.firstunitedethanol.com/-- was formed as a Georgia
limited liability company on March 9, 2005, for the purpose of
raising capital to develop, construct, own and operate a 100
million gallon per year ethanol plant near Camilla, Georgia.
Plant operations and the production of ethanol and distillers
grains commenced on October 10, 2008.


FRIEDMAN'S INC: Liquidating Trust Makes Third Distribution
----------------------------------------------------------
Buchwald Capital Advisors LLC, liquidating trustee for the
Friedman's Liquidating Trust, reports that a third distribution
was made to creditors holding allowed general unsecured claims on
December 1, 2010.  The initial distribution was 28.3%, the second
distribution was 3%, and with this third 1% distribution,
creditors have now recovered 32.3% of their claims.  As a result,
creditors of Friedman's have now received more than the aggregate
31.6% distribution that the Debtors had projected in the
Disclosure Statement.  At least one more distribution is expected
after resolution of outstanding issues and litigation claims, and
Lee E. Buchwald (President of Buchwald Capital Advisors LLC)
expects that the aggregate distribution for Friedman's creditors
will surpass 33%.

Buchwald Capital Advisors LLC, liquidating trustee for the
Crescent Liquidating Trust, is also pleased to report that a
second and final distribution was made to creditors holding
allowed general unsecured claims in October 2010.  Holders of
Allowed Class 4 General Unsecured Claim against Crescent
previously received an Initial Distribution under the Plan in an
amount equal to 18.6% of their Allowed Claims.  The Final
Distribution equaled 0.9% of Allowed Claims.  As a result,
Crescent creditors received distributions totaling 19.5%.  A Final
decree closing the Crescent bankruptcy case and the Trust was
entered by the Court on December 28, 2010.

At a confirmation hearing conducted on April 20, 2009, Friedman's
Inc. and Crescent Jewelers attained confirmation of their
liquidating plan in their Chapter 11 cases, 08-10161 (Delaware).
The Official Creditors' Committee was the co-proponent of the
joint plan.  Creditors voted overwhelmingly to accept the plan,
with both Friedman's and its subsidiary Crescent Jewelers
receiving approximately 99% acceptances by dollar amount.  The
confirmation order was entered on April 22, 2009.

The effective date of the plan occurred on June 8, 2009.  At that
time, the Friedman's Liquidating Trust and the Crescent
Liquidating Trust were established for each Debtor to handle
distributions, the claims reconciliation process, prosecute
preference actions and pursue other potential recoveries.  The
liquidating trustee for each trust is Buchwald Capital Advisors
LLC.  Lee E. Buchwald, the President of Buchwald Capital Advisors
LLC, became the sole Director and took control of the Debtors in
May 2008.  Mr. Buchwald also served as the Debtors' President and
CEO during their chapter 11 case.

The plan provided for all too rare significant distributions to be
made to general unsecured creditors.  Significant distributions to
creditors were not always anticipated.  When the Debtors' auction
process broke down in April 2008, less than three months after
these cases had been commenced, administrative insolvency, which
would have left nothing for general unsecured creditors, seemed
inevitable.  But Friedman's and Crescent abandoned the auction
process and liquidated themselves at the urging of the Creditors'
Committee, and their choice has been vindicated.

Mr. Buchwald attributes the unanticipated significant recoveries
to a number of factors, including (1) the efforts of Moses &
Singer, counsel to the Creditors' Committee, in negotiating a
global settlement with Harbinger, the Debtors' private equity
sponsor; (2) the recommendation of Consensus Advisors, financial
advisor to the Creditors' Committee, to pursue a self liquidation
instead of selling the assets to a liquidator when the auction
process broke down; (3) the successful liquidation of assets under
the supervision of Mr. Buchwald, Steve Moore, the Debtors' then-
CRO, and a dedicated management team; and (4) the efforts of
Stevens & Lee, Debtors' counsel brought in by Mr. Buchwald, who
were instrumental in guiding the Debtors during the critical
phases of the asset disposition and plan negotiation process, and
who achieved better than anticipated results in reducing claims
and recovering assets.

Mr. Buchwald urges creditors to monitor the websites established
by the trusts, http://www.friedmans-trust.comand
http://www.crescent-trust.com,to obtain updates and access to
critical documents.

                       About Friedman's Inc.

Addison, Texas-based Friedman's Inc. -- http://www.friedmans.com/
-- and -- http://www.crescentonline.com/-- comprised a leading
specialty jewelry retail company.  Friedman's operated 388 stores
in 20 states with over 2,890 employees while Crescent Jewelers
operated 85 stores in 3 states with over 600 employees.

Friedman's and Crescent Jewelers filed for Chapter 11 protection
on January 28, 2008 (Bankr. D. Del. Case Nos. 08-10161 and 08-
10179).

David M. Green, Esq., Jocelyn Keynes, Esq., and Nicholas F. Kajon,
Esq., at Stevens & Lee, P.C., in New York; and John D. Demmy,
Esq., at Stevens & Lee, P.C., in Wilmington, Delaware, serve as
counsel to the Debtors.  The Debtors' professionals also include
Rothschild, Inc., as investment banker and financial advisor;
Retail Consulting Services, Inc. as real estate and lease
consultants; ASK Financial as special counsel to review, analyze,
and prosecute preference claims; Grant Thornton LLP as Tax
Advisors; and KZC Services, LLC's Salvatore LoBiondo, Jr., as
Chief Restructuring Officer, and Charles Carnaval as Director of
Restructuring.

The Official Committee of Unsecured Creditors appointed in the
Debtors' cases is represented by Christopher J. Caruso, Esq., Alan
Kolod, Esq., Lawrence L. Ginsburg, Esq., at Moses & Singer LLP in
New York; and Charlene D. Davis, Esq., at Bayard, P.A., in
Wilmington, Delaware.  The Committee also retained Consensus
Advisors as its financial advisors.

On April 10, 2008, the Court approved the sale to Whitehall
Jewelers, Inc., and a joint venture led by Great American Group
LLC to sell to Whitehall the inventory and related property at 78
of the Debtors' stores, and to assume and assign to Whitehall the
leases with respect to those 78 stores.  On June 30, 2008, the
liquidation of the balance of the Debtors' assets through store
closing sales were concluded.

At a confirmation hearing conducted on April 20, 2009, Friedman's
and Crescent Jewelers attained confirmation of their liquidating
plan in their Chapter 11 cases.


FX REAL ESTATE: Generates $200,000 From Sale of Securities
----------------------------------------------------------
On December 23, 2010, FX Real Estate and Entertainment Inc.
entered into a subscription agreement with an accredited investor,
pursuant to which the Purchaser purchased from the Company 200
units at a purchase price of $1,000 per Unit.  Each Unit consists
of (x) one share of the Company's Series B Convertible Preferred
Stock, $0.01 par value per share, and (y) a warrant to purchase up
to a specified number of shares of the Company's common stock
(determined based on the product of (i) the initial stated value
of $1,000 per share of Series B Convertible Preferred Stock
divided by the weighted average closing price per share of the
Company's common stock as reported on the Pink Sheets over the 30-
day period immediately preceding the applicable closing date (the
"Closing Price") and (ii) 200%) at a specified exercise price per
share.  The number of shares of the Company's common stock
underlying each Warrant is 6,925.21 shares and the exercise price
per share at which each Warrant is exercisable is $0.4332.  The
Warrants are exercisable for a period of 5 years.

The Company generated aggregate proceeds of $200,000 from the
sales of the Units pursuant to the Subscription Agreements.  The
Company intends to use the proceeds to fund working capital
requirements and for general corporate purposes.

As previously reported in the Company's Current Report on Form 8-K
dated August 18, 2010, the Company created 2,500 shares of Series
B Convertible Stock by filing a Certificate of Designation with
the Secretary of State of the State of Delaware thereby amending
its Amended and Restated Certificate of Incorporation, as amended.

The Company has issued and sold thus far an aggregate of 2,050
shares of the Series B Convertible Preferred Stock as part of the
Units and the sale of other units reported in the August 2010 Form
8-K and in the Company's Current Reports on Form 8-K dated
September 21, 2010, September 27, 2010, October 22, 2010, and
December 8, 2010 and has 450 authorized shares of Series B
Convertible Preferred Stock that remain available for future
issuance under the Series B Certificate of Designation.  The
designation, powers, preferences and rights of the shares of
Series B Convertible Preferred Stock and the qualifications,
limitations and restrictions thereof are contained in the Series B
Certificate of Designation and are summarized in the August 2010
Form 8-K.

Because there are at least 1,667 shares of Series B Convertible
Preferred Stock outstanding, the Company's board of directors is
required, at the request of the holders of a majority of the
Series B Convertible Preferred Stock, to increase its size by one
member and cause such resulting vacancy to be filled by a director
designated by such holders.  Such holders have not made such a
request thus far.

                        About FX Real Estate

FX Real Estate and Entertainment Inc. owns 17.72 contiguous acres
of land located at the southeast corner of Las Vegas Boulevard and
Harmon Avenue in Las Vegas, Nevada.  The Las Vegas Property is
currently occupied by a motel and several commercial and retail
tenants with a mix of short and long-term leases.  On June 23,
2009, as a result of the default under the first mortgage loan,
the first lien lenders had a receiver appointed to take control of
the property.  The Company is headquartered in New York City.

The Company's balance sheet at September 30, 2010, showed
$142.3 million in total assets, $525.3 million in total
liabilities, and a stockholders' deficit of $383.0 million.

                           *     *     *

As reported in the Troubled Company Reporter on April 15, 2010, LL
Bradford, in Las Vegas, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company is in default under the mortgage
loan, has limited available cash, has a working capital deficiency
and will need to secure new financing or additional capital in
order to pay its obligations.

The Company disclosed in its Form 10-Q for the quarter ended
June 30, 2010, that it has no current cash flow and cash on hand
as of August 13, 2010, is not sufficient to fund its short-term
liquidity requirements, including its ordinary course obligations
as they come due.  On April 21, 2010, the Company's remaining Las
Vegas subsidiary, namely FX Luxury Las Vegas I, LLC, filed for
Chapter 11 in the U.S. Bankruptcy Court for the District of Nevada
(Case No. 10-17015).

The Company's Las Vegas subsidiary filed for Chapter 11 bankruptcy
on April 21, 2010, and a plan of liquidation or reorganization
will eventually be implemented under which the Company will
surrender ownership of the Las Vegas Property.  Under such a plan,
it is extremely unlikely the Company will receive any material
interest or  benefit.


GARNET BIOTHERAPEUTICS: Case Summary & 26 Largest Unsec Creditors
-----------------------------------------------------------------
Debtor: Garnet BioTherapeutics, Inc.
        55 Valley Stream Parkway, Suite 100
        Malvern, PA 19355

Bankruptcy Case No.: 10-14165

Chapter 11 Petition Date: December 28, 2010

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Counsel: William A. Hazeltine, Esq.
                  SULLIVAN HAZELTINE ALLINSON LLC
                  4 East 8th Street, Suite 400
                  Wilmington, DE 19801
                  Tel: (302) 428-8191
                  Fax: (302) 428-8195
                  E-mail: Bankruptcy001@sha-llc.com

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

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

A list of the Company's 26 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/deb10-14165.pdf

The petition was signed by Geraldine A. Henwood, interim CEO.


GENERAL MOTORS: Committee Supports Amended Plan
-----------------------------------------------
The Official Committee of Unsecured Creditors in General Motors
Corp.'s Chapter 11 cases recommends that holders of general
unsecured claims in Class 3 vote to accept Motors Liquidation
Company and its debtor affiliates' Amended Joint Chapter 11 Plan
of Reorganization, according to a letter the panel filed with the
U.S. Bankruptcy Court for the Southern District of New York on
December 10, 2010.

The Creditors' Committee believes the Plan provides for the best
recovery for unsecured creditors as a whole and acceptance of the
Plan will expedite distributions to general unsecured creditors.

Pursuant to the Master and Sale Purchase Agreement, General Motors
LLC ("New GM") issued to the Debtors about 10% of New GM stock and
two sets of warrants for additional New GM shares, representing,
collectively an additional 15% of New GM stock.  The Creditors'
Committee says that if the aggregate allowed general unsecured
claims against the Debtors are between $35 billion and $42
billion, New GM will issue up to an additional 2% of its stock to
the Debtors.

Under the Plan, holders of Allowed General Unsecured Claims will
receive:

  * An initial distribution of New GM Securities, based on the
    creditor's pro rata share of the total remaining general
    unsecured claims asserted against the estate.  The
    creditor's pro rata share will be calculated by taking the
    amount of the creditor's claim and dividing it by the sum of
    (x) the general unsecured claims allowed at the time plus
    (y) the maximum amount of disputed general unsecured claims.

  * General Unsecured Claims Trust Units, which entitle the
    creditor to potentially receive additional New GM Securities
    as disputed general unsecured claims are disallowed or
    otherwise resolved.

The Creditors' Committee also prepared a chart showing the likely
estimated range of Allowed General Unsecured Claims in certain
categories as of November 11, 2010.  The chart is available for
free at http://bankrupt.com/misc/GM_Dec10AllowedClaimsEst.pdf

A full-text copy of the December 10 Letter is available for free
at http://bankrupt.com/misc/GM_CommPlanSupportLtr.pdf

                        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 September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     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)


GENERAL MOTORS: Old GM Objects to GTO Plaintiffs' Claims
--------------------------------------------------------
Motors Liquidation Co., formerly General Motors Corp., and its
affiliates ask the U.S. Bankruptcy Court for the Southern District
of New York to disallow Claim Nos. 45630, 45628 and 45629 filed by
William and Melody O'Connor; John Pakai and David Sidner.

The O'Connors, et al., filed the Claims individually and
purportedly on behalf of various classes, including a putative
class of California GTO owners and lessees, a putative class of
Florida GTO owners and lessees, a putative class of Ohio GTO
owners and lessees, and a putative 48-state class, which excludes
California and Florida owners.

The GTO Plaintiffs filed three complaints filed in the U.S.
District Court for the Eastern District of California, arising
from the Debtors' production, marketing and sale of certain
Pontiac GTO vehicles, which the GTO Plaintiffs allege have
defective suspension and alignment systems.  The GTO Putative
Class Action was not certified before the Petition Date.

Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, in New
York, asserts that (i) the GTO Plaintiffs failed to satisfy the
requirements of Rule 9014 of the Federal Rules of Bankruptcy
Procedure; and (ii) the GTO Putative Classes do not satisfy Rule
23 of the Federal Rules of Civil Procedure.  The requirement that
a class claimant timely file a request under Rule 9014 to
incorporate Rule 23 is intended to protect a debtor's estate from
undue delay of the debtor's plan process, he asserts.  However,
more than a year after the Petition Date and over a year after
the Bar Date have passed, the GTO Plaintiffs have not sought
permission to file a class proof of claim or sought certification
of the class, he stresses.

If allowed to proceed, the Claims will unduly delay the
administration of the Debtors' estates and their ability to
consummate a plan of liquidation, because the adjudication of the
claim and its attendant class-certification issues could take
months, Mr. Smolinsky emphasizes.  He contends that the Claims do
not provide for the most effective or efficient means of
determining the rights of the members of the Putative Classes.
In addition, the injunctive relief sought by the Claims under
Rule 23(b)(2) is mooted as the Debtors are liquidating, he
asserts.

Mr. Smolinsky insists that adequate notice of the Debtors'
Chapter 11 cases and the Bar Date was provided to the putative
class encompassed by the GTO Putative Class Action.  It would
thus be unfair and unnecessary to burden the Debtors' estates
with the additional cost and associated delay of providing these
potential claimants with a second opportunity to assert claims as
class claimants, he stresses.

In the alternative, the Debtors ask the Bankruptcy Court to not
allow the Claims to proceed as class claims.

                        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 September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     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)


GENERAL MOTORS: Old GM Seeks to Dismiss NUMMI & Toyota Suits
------------------------------------------------------------
Motors Liquidation Company asks Judge Robert E. Gerber to dismiss
the separate adversary complaints filed by New United Motor
Manufacturing, Inc., and Toyota Motor Corporation.

NUMMI, a joint venture between Toyota and MLC, filed a complaint
asserting claims against MLC of about $500 million, arising from,
among other things, MLC's breach of contract of various
agreements.  Based on the same claims asserted by NUMMI, Toyota
filed a complaint seeking more than $73 million from MLC.

Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, in New
York, says about a month after announcing that the Pontiac brand
would be phased out, MLC informed NUMMI, on May 21, 2009, that it
was discontinuing production of the Pontiac Vibe at NUMMI.  MLC
also provided NUMMI and Toyota at a NUMMI Board meeting on
June 12, 2009, with an extensive overview of the bankruptcy
timeline and the planned phase out of the Pontiac brand, he
relates.

MLC attempted to soften the impact of its decision to discontinue
the Pontiac brand on NUMMI in light of NUMMI's importance to the
local economy in which it is situated, Mr. Smolinsky says.
Despite MLC's efforts, the parties were unable to reach a deal to
continue manufacturing vehicles and MLC informed NUMMI that the
last day of Pontiac Vibe production would be August 17, 2009, he
notes.  On August 27, 2009, Toyota informed NUMMI that it also
planned to discontinue production of all vehicles at the joint
venture as of March 31, 2010, he adds.

Mr. Smolinsky asserts that the relationship among MLC, Toyota and
NUMMI was governed by clear and unambiguous contracts, namely:

  * A 1983 Memorandum of Understanding between MLC and Toyota,
    which was drafted before NUMMI was incorporated or any
    definitive documents were executed establishing NUMMI.

  * A Shareholders' Agreement entered among MLC, Toyota and
    NUMMI, which formally memorialized the responsibilities of
    the parties and expressly superseded the 1983 MOU.

  * In connection with the Shareholders' Agreement, MLC, Toyota
    and NUMMI entered into a Subscription Agreement, under which
    MLC has made all required contributions and discharged all
    of its duties and responsibilities required under the
    Subscription Agreement and its amendments, Mr. Smolinsky
    asserts.

  * A Vehicle Supply Agreement among MLC, Toyota and NUMMI,
    which does not require MLC to purchase any minimum number of
    products from NUMMI.  Rather, the VSA states that market
    demand for the products that can be generated in the areas
    in which MLC expects to sell them will govern the purchase
    commitments of the parties as to all products, Mr. Smolinsky
    explains.

  * A 2006 Memorandum of Understanding among MLC, Toyota and
    NUMMI that sets forth certain aspirations and market
    expectations for the demand of those vehicles, but does not
    provide for a commitment by MLC to purchase any minimum
    number of vehicles from NUMMI, Mr. Smolinsky relates.

Mr. Smolinsky elaborates that under the VSA, all purchase
commitments by MLC of NUMMI products were governed by separate
individual sales contracts.  As NUMMI and Toyota failed to
acknowledge in the Adversary Complaints -- the VSA has a force
majeure provision that provides that any delay in or failure of
the performance of any party will be excused if and to the extent
caused by occurrences beyond that party's control, including
discontinuance or curtailment of the manufacture of the products
ordered, he stresses.

Mr. Smolinsky contends that none of the agreements relied upon by
Toyota and NUMMI require MLC to purchase any set amount of
vehicles from NUMMI, to purchase vehicles in perpetuity or to
compensate Toyota and NUMMI for any costs associated with MLC's
determination not to continue purchasing vehicles from NUMMI.  The
contracts also do not require MLC to pay for NUMMI's wind down
costs, he asserts.  On the contrary, the Agreements are clear that
MLC had "no obligation to purchase any products" and that market
demand and express written sales contracts for the products would
determine MLC's purchases from NUMMI, he emphasizes.

"Faced with express contractual language that squarely rebuts any
notion that MLC has breached any agreement with NUMMI or Toyota,
Toyota attempts to go beyond the contracts -- asserting that NUMMI
is a unique joint venture, and that Toyota and MLC forged a
special relationship, stricter than the morals of the market," Mr.
Smolinsky tells the Court.  But those alleged facts, even if true,
have no bearing on the parties' legal rights and obligations under
the plain language of the Agreements on which NUMMI and Toyota
rely, he avers.  What is relevant here are the unambiguous terms
of those Agreements, which MLC did not breach, he insists.

Similarly, Toyota and NUMMI's claims for breach of good faith and
fair dealing and promissory estoppel must fail because the express
contractual language does not require MLC to continue repurchasing
the Vibe or require MLC to act in any manner different from how it
conducted itself during the joint venture, Mr. Smolinsky points
out.  Toyota also failed to state a claim for environmental
remediation or workers' compensation liability because it has
voluntarily and expressly guaranteed NUMMI's liability for the
Workers Compensation Claim, he argues.

NUMMI and Toyota will file response briefs to MLC's Motions to
Dismiss no later than January 14, 2010.

                        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 September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     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)


GENERAL MOTORS: UAW Asks Bankr Court to Abstain From New GM Fight
-----------------------------------------------------------------
General Motors LLC ("New GM") is asking Judge Robert Gerber of the
U.S. Bankruptcy Court for the Southern District of New York to
enforce the July 2009 Sale Order to enjoin the prosecution of a
lawsuit filed by the International Union, United Automobile,
Aerospace, and Agricultural Implement Workers of America against
the company.

United Automobile, Aerospace and Agricultural Implement Workers of
America submitted a brief asserting:

  (a) that the U.S. Bankruptcy Court for the Southern District
      of New York does not have jurisdiction over any aspect of
      the controversy between the UAW and General Motors LLC
      ("New GM"); and

  (b) why the Bankruptcy Court should abstain in the event it
      concludes that it does have jurisdiction over one or more
      aspects of the controversy between the parties.

Counsel to the UAW, Andrew D. Roth, Esq., at Bredhoff & Kaiser
P.L.L.C., in Washington, D.C., notes in its Motion to Enforce
that New GM advanced two merits argument:

  (1) The contract language in the 2009 UAW Retiree Settlement
      Agreement "fixing and capping" New GM's payment
      obligations to the New VEBA had the effect of
      "extinguish[ing]" its $450 million payment obligation to
      the Defined Contribution Voluntary Employees' Beneficiary
      Association arising under the 2007 Delphi Corp.
      Restructuring MOU, thereby "preclud[ing]" the UAW's action
      in the U.S. District Court for the Eastern District of
      Michigan to enforce that $450 million payment obligation
      to the DC VEBA.

  (2) The conditions precedent to the $450 million payment
      obligation to the DC VEBA expressly stated in the 2007
      Delphi Restructuring MOU "have never been satisfied," thus
      dooming the District Court Action.

Mr. Roth notes that New GM focused solely on the jurisdictional
provisions of the 2009 UAW Retiree Settlement Agreement and the
Sale Order as related to its first merits defense to the breach
of contract claim.  Those jurisdictional provisions in the 2009
Agreement can provide no basis for the exercise of jurisdiction
over the UAW's assertion that the 2007 Delphi Restructuring MOU
has been breached or New GM's second merits defense that the
conditions precedent set forth in the MOU have not been
satisfied, he points out.

Mr. Roth explains that, under the well-settled case law, the only
circumstance under which bankruptcy courts have found subject
matter jurisdiction over a post-assignment breach claim between
non-debtors is when the claim (i) turns on the bankruptcy court's
own orders, thus invoking the court's "arising in" or ancillary
jurisdiction, or (ii) has a sufficient effect on the estate to
justify the exercise of "related to" jurisdiction.  He clarifies
that the UAW's claim turns on the 2007 Delphi Restructuring MOU,
particularly on whether the conditions precedent to New GM's
$450 million payment obligation to the DC VEBA have been
satisfied.

Similarly, the UAW's breach claim has no effect on the Debtors'
estates sufficient to vest the Bankruptcy Court with "related to"
jurisdiction, Mr. Roth asserts.  By virtue of the assignment of
the 2007 Delphi Restructuring MOU to New GM, the Debtors have
been relieved of all obligations under that agreement, he reminds
the Bankruptcy Court, he also asserts.  Regardless of its
outcome, the Motion to Enforce will have no effect on the
administration of the Debtors' estates, he insists.

Contrary to New GM's assertions, the UAW Complaint seeks to
enforce and collect upon the $450 million payment obligation to
the DC VEBA that arises under the 2007 Delphi Restructuring MOU
and that is not addressed in any way by the 2009 Agreement, Mr.
Roth points out.  As the Bankruptcy Court has recognized, where a
contract dispute between two non-debtor parties would have no
effect on the debtor, the fact that "adjudication of this dispute
will require interpretation of the Court's Sale Order, or
conclusions as to customary and standard provisions for the
purchase and sale of claims in bankruptcy proceedings," does not
provide a compelling justification for the Bankruptcy Court's
exercise of its jurisdiction, he reminds the Bankruptcy Court.

Thus, even if the Bankruptcy Court finds that it has jurisdiction
as to New GM's asserted defense under the 2009 UAW Retiree
Settlement Agreement, the Bankruptcy Court cannot fully resolve
the merits of the UAW's breach claim, forcing the UAW to return
to the District Court in which the UAW asserted that claim in the
first place, Mr. Roth maintains.

In furtherance of the UAW Brief, Ramya Ravindran, Esq., and Daniel
Sherrick, Esq., filed with the Court separate declarations.

Mr. Sherrick, general counsel for the UAW, related that on
October 29, 2009, the UAW made a written demand that New GM comply
with its contractual obligation to make the $450 million payment
to the DC VEBA.  New GM rejected the demand by letter dated
November 11, 2009, he said.

Ms. Ravindran, an associate at Bredhoff & Kaiser P.L.L.C.,
appended in her declaration copies of, among other things: (i) the
2008 UAW Retiree Settlement Agreement; (ii) October 29, 2009
letter from the UAW to New GM; (iii) November 11, 2009 letter from
New GM to the UAW; (iv) New GM's response to the UAW Complaint;
(v) the District Court's November 3, 2010 order staying the
District Court Action; (vi) May 28, 2009, Letter Agreement re
proposed UAW Settlement Agreement; (vii) Delphi Corp.'s First
Amended Joint Plan of Reorganization; (viii) October 19, 2010,
jury demand filed by the UAW; and (ix) September 21, 2010, proof
of service of the UAW Complaint.

Full-text copies of the documents are available for free at:

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

                        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 September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     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)


GRAND DESIGN: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Grand Design Investments, LLC, A NV LL
          aka Grand Design, LLC
        810 Prospect Boulevard
        South Pasadena, CA 91103

Bankruptcy Case No.: 19-65111

Chapter 11 Petition Date: December 28, 2010

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

Judge: Vincent P. Zurzolo

Debtor's Counsel: David A. Tilem, Esq.
                  LAW OFFICES OF DAVID A. TILEM
                  206 N. Jackson Street, Suite 201
                  Glendale, CA 91206
                  Tel: (818) 507-6000
                  Fax: (818) 507-6800
                  E-mail: davidtilem@tilemlaw.com

Scheduled Assets: $2,517,480

Scheduled Debts: $1,532,117

The list of unsecured creditors filed together with its petition
does not contain any entry.

The petition was signed by Edward Turrentine, member.


GREAT ATLANTIC & PACIFIC: Parties Object to Rejection Procedures
----------------------------------------------------------------
The Great Atlantic & Pacific Tea Co. and its units have filed
proposed procedures for rejecting 73 "dark store" leases, where
they have ceased ongoing operations and have been unable to
sublease, assign, or terminate the relevant leases.  A schedule of
the leases may be accessed for free at:

       http://bankrupt.com/misc/AP_Rejection_Schedule1.pdf

In response, 18718 Borman LLC asked the Court to amend its prior
order allowing the rejection of unexpired leases so that the
effective date of rejection is not retroactive to the petition
date.

The Court earlier issued an order granting the Debtors' first
omnibus motion to reject unexpired nonresidential real property
leases effective December 12, 2010, the date the Debtors filed
for bankruptcy protection.

Harlan Cohen, Esq., at Dunn Lambert LLC, in Paramus, New Jersey,
said it would be inequitable for the rejection date to be set
retroactively since Borman's Inc. has not yet turned over
possession of the leased premises to 18718 Borman.

Borman's Inc., one of the debtor affiliates of The Great Atlantic
& Pacific Tea Company Inc., was the former tenant of a warehouse
in Detroit which it leased from 18718 Borman.

"Contrary to [Borman's Inc.'s] argument, in this case the
landlord may not be able to immediately repossess the leased
premises," Mr. Cohen said in court papers.  He added that the
tenant's guarantor, A&P, is also in bankruptcy protection and
that the landlord may not be able to enforce its guaranty rights
on the lease against A&P.

"Allowing retroactive rejection puts an additional and
unnecessary financial burden on the landlord," Mr. Cohen said.

The omnibus motion also drew flak from other landlords including
Woodbridge Realty Associates LLC, Riveroak/Cofinance-Carteret
LLC, Levittown Mews Associates L.P. and BRE Realty LLC.  The
landlords opposed the effective date of the Debtors' rejection of
leases and sought a court ruling that the leases are not deemed
rejected as of the petition date until possession of the leased
premises is returned to the landlords.

                            About A&P

Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific (A&P) is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States.  It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia.  "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).

A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees.  Roughly 95% of the workforce are covered by
collective bargaining agreements.

The Great Atlantic & Pacific Tea Company, Inc., and its affiliates
filed petitions under Chapter 11 of the U.S. Bankruptcy Code on
December 12, 2010 (Bankr. S.D.N.Y. Case No. 10-24549) in White
Plains.

As of September 11, 2010, the Debtors reported total assets of
$2.5 billion and liabilities of $3.2 billion.

Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors.  Kurtzman Carson Consultants LLC
is the claims and notice agent.  Lazard Freres & Co. LLC is the
financial advisor.  Huron Consulting Group is the management
consultant.

Bankruptcy Creditors' Service, Inc., publishes ATLANTIC & PACIFIC
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by A&P and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


GREAT ATLANTIC & PACIFIC: Taps Ordinary Course Professionals
------------------------------------------------------------
The Great Atlantic & Pacific Tea Company, Inc., and its debtor-
affiliates seek the U.S. Bankruptcy Court for the Southern
District of New York's approval to employ professionals utilized
in the ordinary course of business.

The Debtors intend to hire 16 "ordinary course professionals" to
render a wide range of legal services in matters unrelated to
their Chapter 11 cases.  The OCPs are:

OCPs                              Service Provided
------                             ----------------
Akin & Gump                        Class Action Litigation

Ballard Spahr                      General Litigation

Buchman Law Firm LLP               Liquor Licensing

Carlin Edwards Brown & Howe PLLC   Liquor Licensing


Cowan, Liebowitz & Latman P.C.     Intellectual Property

Epstein Becker & Green P.C.        Employment Litigation/Labor

Fulbright & Jaworski               Labor

Hangley Aronchick Segal & Pudlin   Class Action Litigation

Inglesino Pearlman Wyciskala       Land Use
  & Taylor LLC

Kenny Nachwalter P.A.              Class Action Litigation

McCullough Goldberger & Staudt LLP Land Use

Melli, Guerin, Wall and Messineo   General Liability

Pillsbury Winthrop                 Appellate Litigation

Proskauer Rose LLP                 Intellectual Property

Pryor Cashman LLP                  General Litigation

Riker Danzig Scherer Hyland        Environmental
  Perretti LLP

In connection with the proposed employment of the OCPs, the
Debtors also seek authority to implement a process for retaining
and compensating OCPs.

Under the proposed process, each OCP is required to file with the
Court and serve a declaration of disinterestedness on the
Debtors, Kirkland & Ellis LLP, Milbank Tweed Hadley & McCloy LLP,
the Office of the U.S. Trustee, and counsel to the secured
lenders' agent.

The parties receiving the declaration have 10 days after its
filing to object to the retention of the OCP.  The opposing party
is required to serve its objection on or before the objection
deadline.

If an objection cannot be resolved within 10 days after the
objection deadline, then the retention of the OCP will be
scheduled for hearing at the next regularly scheduled omnibus
hearing date that is no less than 20 days from that date or on a
date otherwise agreed to by the parties.  The Debtors will not be
authorized to retain and pay an OCP until all objections are
withdrawn, resolved or overruled by order of the Court.

If no objection is received, the Debtors will be authorized to
retain and pay the OCP in accordance with the proposed process.

The proposed process authorizes the Debtors to retain and pay an
OCP, without formal application to the Court, 100% of its fees
and disbursements after the OCP files and serves a declaration of
disinterestedness for which the objection deadline lapses and no
objections are pending; and after the OCP submits to the Debtors
an invoice, provided that its fees, excluding costs and
disbursements, do not exceed $75,000 per month on a rolling
three-month basis.

At three-month intervals during the pendency of their cases, the
Debtors must file and serve a statement containing the name
of the OCP; the aggregate amounts paid as compensation for and
reimbursement of expenses incurred by the OCP during the reported
quarter; all postpetition payments made; and a general
description of the services rendered by the OCP.

Under the proposed process, the Debtors reserve the right to
retain additional OCPs during their bankruptcy cases.

Although some of the OCPs may hold relatively small unsecured
claims against the Debtors in connection with the services they
provided prior to the bankruptcy filing, none of the OCPs have an
interest materially adverse to the Debtors and their creditors,
according to Ray Schrock, Esq., at Kirkland & Ellis LLP, in New
York.

The Court will hold a hearing on the Debtors' request on
January 10, 2011.  Deadline for filing objections is January 3,
2011.

                            About A&P

Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific (A&P) is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States.  It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia.  "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).

A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees.  Roughly 95% of the workforce are covered by
collective bargaining agreements.

The Great Atlantic & Pacific Tea Company, Inc., and its affiliates
filed petitions under Chapter 11 of the U.S. Bankruptcy Code on
December 12, 2010 (Bankr. S.D.N.Y. Case No. 10-24549) in White
Plains.

As of September 11, 2010, the Debtors reported total assets of
$2.5 billion and liabilities of $3.2 billion.

Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors.  Kurtzman Carson Consultants LLC
is the claims and notice agent.  Lazard Freres & Co. LLC is the
financial advisor.  Huron Consulting Group is the management
consultant.

Bankruptcy Creditors' Service, Inc., publishes ATLANTIC & PACIFIC
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by A&P and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


GREAT ATLANTIC & PACIFIC: Wins OK for KCC as Claims & Notice Agent
------------------------------------------------------------------
The Great Atlantic & Pacific Tea Company, Inc., and its debtor-
affiliates sought the U.S. Bankruptcy Court for the Southern
District of New York's authority to employ Kurtzman Carson
Consultants LLC as their notice and claims agent in their Chapter
11 cases.

The Debtors note that KCC -- one of the country's leading Chapter
11 administrators, with experience in noticing, claims
administration, solicitation, balloting, and facilitating other
administrative aspects of Chapter 11 cases -- is fully equipped
to handle the volume of mailing involved in properly sending the
required notices to, and processing the claims of, creditors in
their Chapter 11 cases.

As notice and claims agent, KCC will:

  (a) Notify all potential creditors of the filing of the
      Bankruptcy petitions and of the setting of the first
      meeting of creditors, pursuant to Section 341(a) of the
      Bankruptcy Code;

  (b) Prepare and serve required notices in the Chapter 11
      cases, including notices of the commencement of the
      Chapter 11cases; the initial meeting of creditors under
      Section 341(a); objections to claims; and any hearings on
      a disclosure statement and confirmation of a plan or plans
      of reorganization; and

  (c) Maintain an official copy of the Debtors' schedules of
      assets and liabilities and statement of financial affairs,
      listing the Debtors' known creditors and the amounts owed
      to the creditors;

  (d) Provide access to the public for examination of copies of
      the proofs of claim or proofs of interest filed in the
      Chapter 11 cases without charge during regular business
      hours;

  (e) Establish accounts with financial institutions in the name
      of and as agent for the Debtors solely for purposes as
      required to effect distributions under a plan of
      reorganization;

  (f) Furnish a notice of the last date for the filing of proofs
      of claims and a form for the filing of a proof of claim,
      after the notice and form are approved by the Court;

  (g) File with the Clerk's Office an affidavit or certificate
      of service, which includes a copy of the notice, a list of
      persons to whom it was mailed, and the date mailed, within
      10 days of service;

  (h) Docket all claims received by the Clerk's Office, maintain
      the official claims registers for each Debtor on behalf of
      the Clerk, and provide the Clerk with certified duplicate,
      unofficial Claims Registers on a monthly basis, unless
      otherwise directed;

  (i) Record all transfers of claims and provide any notices of
      the transfers;

  (j) Specify in the applicable Claims Register, these
      information for each claim docketed: (1) the claim number
      assigned, (2) the date received, (3) the name and address
      of the claimant and agent, if applicable, who filed the
      claim, and (4) the classification of the claim;

  (k) Relocate by messenger all of the actual proofs of claim
      filed with the Court to KCC, not less than weekly;

  (l) Upon completion of the docketing process for all claims
      received to date by the Clerk's Office for each case, turn
      over to the Clerk copies of the claims register for the
      Clerk's review;

  (m) Make changes in the Claims Registers pursuant to any
      applicable order of the Court;

  (n) Maintain the official mailing list for each Debtor of all
      entities that have filed a proof of claim, which list will
      be available upon request by a party-in-interest or the
      Clerk;

  (o) Provide other claims processing, noticing, and
      administrative services as may be requested from time to
      time by the Debtors; and

  (p) File with the Court the final version of the claims
      register immediately before the close of the Chapter 11
      cases.

Thirty days prior to the close of the Chapter 11 cases, an order
dismissing the Agent will be submitted terminating the
services of the Agent upon completion of its duties and
responsibilities.  At the close of the case, KCC will box and
transport all original documents, in proper format, as provided
by the Clerk's Office, to the Federal Archives Record
Administration, located at Central Plains Region, 200 Space
Center Drive, Lee's Summit, in Missouri.

In addition, KCC will maintain and update the Debtors' master
mailing list of creditors and perform other administrative tasks
pertaining to the administration of the chapter 11 cases as may
be requested by the Debtors or the Clerk's Office.

In exchange for its services, the Debtors intend to pay KCC at
the rates or prices set by KCC, and in effect as of the date of
the parties' agreement, in accordance with KCC's Fee Structure.
The Debtors also intend to reimburse KCC for its reasonable out-
of-pocket expenses.

The Debtors believe that the fees and expenses incurred by KCC
are administrative in nature and should not be subject to the
standard fee application procedures for professionals.

Prior to the Petition Date, the Debtors paid KCC a retainer of
$75,000.  Additionally, under the terms of the parties'
engagement letter, the Debtors have agreed to indemnify and hold
harmless KCC, its affiliates, members, directors, officers,
employees, consultants, subcontractors, and agents from and
against any and all losses resulting from their performance under
the Engagement Letter.  The indemnification will exclude,
however, losses resulting from KCC's bad faith, negligence, gross
negligence, willful misconduct, or any action or inaction by KCC
which constitutes a material breach of the Engagement Letter.

KCC Vice President of Corporate Restructuring Services Albert H.
Kass assures the Court that KCC neither holds nor represents any
interest adverse to the Debtors' estates in connection with any
matter on which it would be employed and that it is a
"disinterested person," as referenced in Section 327(a) of the
Bankruptcy Code and as defined in Section 101(14), as modified by
Section 1107(b).

                        *     *     *

Judge Robert Drain approved the Debtors' application to employ
Kurtzman Carson Consultants LLC as their notice and claims agent.

In an order dated December 28, 2010, Judge Drain authorized the
employment of Kurtzman Carson, provided that the Debtors seek
further court approval prior to the firm's performance of
balloting or tabulation services.

If the Debtors' Chapter 11 cases are converted to cases under
Chapter 7 of the Bankruptcy Code, Kurtzman Carson will continue
to be paid for its services until the claims filed in the Chapter
11 cases have been completely processed, according to the
December 28 order.

If claims agent representation is necessary in the converted
Chapter 7 cases, Kurtzman Carson will continue to be paid under
the terms provided in the engagement letter, the employment
application and the December 28 order, rules Judge Drain.

                            About A&P

Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific (A&P) is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States.  It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia.  "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).

A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees.  Roughly 95% of the workforce are covered by
collective bargaining agreements.

The Great Atlantic & Pacific Tea Company, Inc., and its affiliates
filed petitions under Chapter 11 of the U.S. Bankruptcy Code on
December 12, 2010 (Bankr. S.D.N.Y. Case No. 10-24549) in White
Plains.

As of September 11, 2010, the Debtors reported total assets of
$2.5 billion and liabilities of $3.2 billion.

Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors.  Kurtzman Carson Consultants LLC
is the claims and notice agent.  Lazard Freres & Co. LLC is the
financial advisor.  Huron Consulting Group is the management
consultant.

Bankruptcy Creditors' Service, Inc., publishes ATLANTIC & PACIFIC
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by A&P and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


GREGORY MORRIS: Hearing on Case Conversion Set for January 28
-------------------------------------------------------------
The Hon. Jennifer A Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania will convene an evidentiary
hearing on January 28, 2011, at 10:00 a.m., to consider request of
The Estate of Joseph Ventura to covert the Chapter 11 case of
Gregory S. Morris to one under Chapter 7 of the Bankruptcy Code.

Hollidaysburg, Pennsylvania-based Gregory S. Morris filed for
Chapter 11 bankruptcy protection on May 16, 2010 (Bankr. W.D. Pa.
Case No. 10-70574).  Robert O. Lampl, Esq., John P. Lacher, Esq.,
and Elsie R. Lampl, Esq., represent the Debtor.  The Debtor
estimated assets and debts at $10 million to $50 million.


GREGORY MORRIS: U.S. Trustee Unable to Form Creditors Committee
---------------------------------------------------------------
Roberta A. DeAngelis, U.S. Trustee for the Western District of
Pennsylvania, notified the Bankruptcy Court that she was unable to
appoint an official committee of unsecured creditors in the
Chapter 11 case of Gregory S. Morris.

The U.S. Trustee explained that there were insufficient
indications of willingness from the unsecured creditors to serve
in the creditors committee.

Hollidaysburg, Pennsylvania-based Gregory S. Morris filed for
Chapter 11 bankruptcy protection on May 16, 2010 (Bankr. W.D. Pa.
Case No. 10-70574).  Robert O. Lampl, Esq., John P. Lacher, Esq.,
and Elsie R. Lampl, Esq., represent the Debtor.  The Debtor
estimated assets and debts at $10 million to $50 million.


GSC GROUP: Nears Deal with Lenders on Sale
------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that GSC Group Inc. said an agreement in principle has
been reached between the warring lender factions that should
permit a sale of its business.  Black Diamond Capital Finance LLC,
whose funds hold a majority of the $206.6 million owing to secured
lenders, won an auction for GSC with a $235 million bid.  A
minority group of lenders, which holds more than a third of the
secured debt, has objected to the sale, contending that the
structure unfairly benefits Black Diamond, which is also the
lenders' agent.

Mr. Rochelle relates that after the dissenting lenders filed a
motion on Dec. 20 for the appointment of a Chapter 11 trustee, the
two lender groups reached an agreement on a new sale structure
where the business would be purchased for the ratable benefit of
all lenders.  According to GSC's Dec. 30 bankruptcy court filing,
the lenders say they will withdraw the motion for a trustee if the
contemplated sale goes through.  GSC withdrew its previous motion
for approval of the sale to Black Diamond.

The bankruptcy court will conduct a hearing on Jan. 5.

The bankruptcy judge already held a hearing on the motion for a
trustee and took the matter under advisement.

Mr. Rochelle notes that in case the proposed settlement falls
apart, GSC filed a motion last week for authority to hire Marc S.
Kirschner as chief restructuring officer.  Mr. Kirschner was
trustee for Refco Inc.

The objecting lenders include Credit Agricole Corporate &
Investment Bank and General Electric Capital Corp.

                           About GSC Group

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


HABERSHAM HILLS: Case Summary & 2 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Habersham Hills Real Estate, LLC
        2115 Cody Road
        Mt. Airy, GA 30563

Bankruptcy Case No.: 10-25745

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       Northern District of Georgia (Gainesville)

Judge: Robert Brizendine

Debtor's Counsel: Mark E. Scott, Esq.
                  THE BARRISTER LAW GROUP
                  3325 Paddocks Parkway, Suite 140
                  Suwanee, GA 30024
                  Tel: (770) 529-3476

Scheduled Assets: $3,000,080

Scheduled Debts: $3,753,817

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ganb10-25745.pdf

The petition was signed by Allan Fuhrman, principal member.


HAMPTON ROADS: Anchorage Advisors Discloses 23.09% Equity Stake
---------------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on December 30, 2010, Anchorage Advisors Management,
LLC disclosed that it beneficially owns 196,543,825 shares of
common stock of Hampton Roads Bankshares, Inc. common stock,
representing 23.09% of the shares outstanding.

The calculation is based upon 851,374,615 Common Shares, which
includes (a) 684,680,995 Common Shares currently outstanding as
reported to the Reporting Persons as of December 28, 2010, (b)
50,000,000 Common Shares issued on December 28, 2010 in connection
with the second closing of the Investment, (c) 100,000,000 Common
Shares issued on December 28, 2010 in connection with the Rights
Offering, and (d) 16,693,620 Common Shares issuable pursuant to
the Non-Contingent Warrant.

Each of Anchorage Advisors Management, LLC, Anchorage Capital
Group, LLC, Anchorage Capital Master Offshore, Ltd., ACMO-HR, LLC,
Anthony L. Davis and  Kevin M. Ulrich beneficially owns
196,543,825 shares.

On November 15, 2010, HRB commenced the Rights Offering, providing
for the purchase of 100,000,000 Common Shares for an aggregate
purchase price of $40 million.  The Rights Offering expired on
December 10, 2010.  As previously disclosed, the Investors agreed
to purchase any unsubscribed Common Shares offered in the Rights
Offering in accordance with the terms of the Investment Agreement.
As a result, on December 28, 2010, ACMO purchased 13,080,015
Common Shares at the closing of the Rights Offering at a price of
$0.40 per Common Share.

The second closing of the Investment occurred simultaneously with
the closing of the Rights Offering.  Pursuant to the terms of the
Investment Agreement, on December 28, 2010, ACMO purchased
13,750,000 Common Shares at a price of $0.40 per Common Share.
The aggregate number of Common Shares issued to ACMO in connection
with the first closing, second closing and Rights Offering equaled
179,850,205.

Pursuant to the terms of the Warrants, (i) the number of Common
Shares subject to the Contingent Warrant shall be automatically
increased by the number of Common Shares by which 1% of the Common
Shares outstanding immediately after giving effect to the second
closing of the Investment exceeds 7,846,852, and (ii) the number
of Common Shares subject to the Non-Contingent Warrant shall be
automatically increased by the number of Common Shares by which 2%
of the Common Shares outstanding immediately after giving effect
to the second closing of the Investment exceeds 15,693,704.

On December 28, 2010, HRB gave notice to ACMO that (i) the number
of Common Shares subject to the Contingent Warrant was
automatically increased by 499,958 to 7,846,852 and (ii) the
number of Common Shares subject to the Non-Contingent Warrant was
automatically increased by 999,916 to 16,693,620.

                  About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. (NASDAQ: HMPR)
-- http://www.hamptonroadsbanksharesinc.com/-- is a bank holding
company that was formed in 2001 and is headquartered in Norfolk,
Virginia.  The Company's primary subsidiaries are Bank of Hampton
Roads, which opened for business in 1987, and Shore Bank, which
opened in 1961.  Currently, Bank of Hampton Roads operates twenty-
eight banking offices in the Hampton Roads region of southeastern
Virginia and twenty-four offices in Virginia and North Carolina
doing business as Gateway Bank & Trust Co.  Shore Bank serves the
Eastern Shore of Maryland and Virginia through eight banking
offices and fifteen ATMs.

Yount, Hyde & Barbour, P.C., in Winchester, Va., expressed
substantial doubt about the Company's ability to continue as a
going concern in its report on the Company's restated consolidated
financial statements for the year ended December 31, 2009.  The
independent auditors noted that quantitative measures established
by regulation to ensure capital adequacy require the Company and
its subsidiary banks to maintain minimum amounts and ratios of
total and Tier I capital to risk-weighted assets, and Tier I
capital to average assets.  In addition, the Company has suffered
recurring losses from operations and declining levels of capital.

Hampton Roads Bankshares reported a net loss of $84.5 million on
$17.9 million of net interest income for the three months ended
September 30, 2010, compared with a net loss of $13.4 million on
$26.5 million of net interest income for the same period last
year.

Effective June 17, 2010, the Company and its banking subsidiary,
Bank of Hampton Roads ("BOHR"), entered into a written agreement
with the Federal Reserve Bank of Richmond and the Bureau of
Financial Institutions of the Virginia State Corporation
Commission.  The Company's other banking subsidiary, Shore Bank,
is not a party to the Written Agreement.

Under the terms of the Written Agreement, among other things, BOHR
agreed to develop and submit for approval plans to (a) strengthen
board oversight of management and BOHR's operations, (b)
strengthen credit risk management policies, (c) improve BOHR's
position with respect to loans, relationships, or other assets in
excess of $2.5 million which are now, or may in the future become,
past due more than 90 days, are on BOHR's problem loan list, or
adversely classified in any report of examination of BOHR, (d)
review and revise, as appropriate, current policy and maintain
sound processes for determining, documenting, and recording an
adequate allowance for loan and lease losses, (e) improve
management of BOHR's liquidity position and funds management
policies, (f) provide contingency planning that accounts for
adverse scenarios and identifies and quantifies available sources
of liquidity for each scenario, (g) reduce the Bank's reliance on
brokered deposits, and (h) improve BOHR's earnings and overall
condition.

The Company said in its Form 10-Q for the September 2010 quarter
that due to its financial results, the substantial uncertainty
throughout the U.S. banking industry, and the Written Agreement
the Company and BOHR have entered into, doubts existed regarding
the Company's ability to continue as a going concern through the
second quarter of 2010.  However, management believes this concern
has been mitigated by the initial closing of the Private Placement
that occurred on September 30, 2010.


HAMPTON ROADS: CapGen Capital Reports 19.3% Equity Stake
--------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
on December 30, 2010, each of CapGen Capital Group VI LP, CapGen
Capital Group VI LLC and Eugene A. Ludwig disclosed beneficial
ownership of 163,563,002 shares of common stock of Hampton Roads
Bankshares, Inc. representing 19.3% of the shares outstanding.
The calculation of the percentage of outstanding shares is based
on 834,680,994 shares of Common Stock outstanding as of December
28, 2010, as disclosed by the Company to CapGen LP on December 24,
2010, and assumes the exercise of the Warrants by CapGen LP for
12,520,215 shares of Common Stock.

The aggregate funds used in connection with the purchase of
151,042,787 shares of Common Stock and warrants to acquire up to
12,520,215 shares of Common Stock were $60,417,115.  The Purchase
Price was funded with cash provided to CapGen LP by the limited
partners of CapGen LP.

On September 30, 2010, pursuant to the terms of the Investment
Agreement, the Letter Agreement and the Assignment and Assumption
Agreement, CapGen LP purchased from the Company 114,223,775 Shares
and warrants to acquire up to 11,770,278 shares of Common Stock
for investment purposes.

On December 28, 2010, CapGen LP purchased an additional 36,819,012
Shares pursuant to the Rights Offering Backstop for investment
purposes.  In addition, pursuant to the terms of the warrants
issued on September 30, 2010, immediately after the closing of the
Rights Offering Backstop, the number of shares of Common Stock
exercisable pursuant to such warrants automatically increased from
11,770,278 shares to 12,520,215 shares in the aggregate.

The Investment was not motivated by an intent to exercise control,
directly or indirectly, over the management, policies or business
operations of the Issuer.  On September 15, 2010, CapGen LP
received approval from the Board of Governors of the Federal
Reserve System to acquire up to 30% of the Common Stock prior to
December 15, 2010, which deadline was extended by the Fed to March
15, 2011.  To the extent CapGen LP has not increased its ownership
to up to 30% of the Common Stock by March 15, 2011, CapGen LP
intends to seek one or more additional three-month extensions of
such approval from the Fed.  If such extension or extensions are
not granted, then CapGen LP would need further approvals from the
Fed to acquire additional shares of Common Stock after the later
of (i) March 15, 2011 and (ii) the expiration of any extension
granted by the Fed.  In addition, CapGen LP would need further
approvals from the Fed to increase its ownership of Common Stock
in excess of 30% of the class.

                  About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. (NASDAQ: HMPR)
-- http://www.hamptonroadsbanksharesinc.com/-- is a bank holding
company that was formed in 2001 and is headquartered in Norfolk,
Virginia.  The Company's primary subsidiaries are Bank of Hampton
Roads, which opened for business in 1987, and Shore Bank, which
opened in 1961.  Currently, Bank of Hampton Roads operates twenty-
eight banking offices in the Hampton Roads region of southeastern
Virginia and twenty-four offices in Virginia and North Carolina
doing business as Gateway Bank & Trust Co.  Shore Bank serves the
Eastern Shore of Maryland and Virginia through eight banking
offices and fifteen ATMs.

Yount, Hyde & Barbour, P.C., in Winchester, Va., expressed
substantial doubt about the Company's ability to continue as a
going concern in its report on the Company's restated consolidated
financial statements for the year ended December 31, 2009.  The
independent auditors noted that quantitative measures established
by regulation to ensure capital adequacy require the Company and
its subsidiary banks to maintain minimum amounts and ratios of
total and Tier I capital to risk-weighted assets, and Tier I
capital to average assets.  In addition, the Company has suffered
recurring losses from operations and declining levels of capital.

Hampton Roads Bankshares reported a net loss of $84.5 million on
$17.9 million of net interest income for the three months ended
September 30, 2010, compared with a net loss of $13.4 million on
$26.5 million of net interest income for the same period last
year.

Effective June 17, 2010, the Company and its banking subsidiary,
Bank of Hampton Roads ("BOHR"), entered into a written agreement
with the Federal Reserve Bank of Richmond and the Bureau of
Financial Institutions of the Virginia State Corporation
Commission.  The Company's other banking subsidiary, Shore Bank,
is not a party to the Written Agreement.

Under the terms of the Written Agreement, among other things, BOHR
agreed to develop and submit for approval plans to (a) strengthen
board oversight of management and BOHR's operations, (b)
strengthen credit risk management policies, (c) improve BOHR's
position with respect to loans, relationships, or other assets in
excess of $2.5 million which are now, or may in the future become,
past due more than 90 days, are on BOHR's problem loan list, or
adversely classified in any report of examination of BOHR, (d)
review and revise, as appropriate, current policy and maintain
sound processes for determining, documenting, and recording an
adequate allowance for loan and lease losses, (e) improve
management of BOHR's liquidity position and funds management
policies, (f) provide contingency planning that accounts for
adverse scenarios and identifies and quantifies available sources
of liquidity for each scenario, (g) reduce the Bank's reliance on
brokered deposits, and (h) improve BOHR's earnings and overall
condition.

The Company said in its Form 10-Q for the September 2010 quarter
that due to its financial results, the substantial uncertainty
throughout the U.S. banking industry, and the Written Agreement
the Company and BOHR have entered into, doubts existed regarding
the Company's ability to continue as a going concern through the
second quarter of 2010.  However, management believes this concern
has been mitigated by the initial closing of the Private Placement
that occurred on September 30, 2010.


HAMPTON ROADS: DBD Cayman Reports 23.57% Equity Stake
-----------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on December 29, 2010, DBD Cayman, Ltd. disclosed that
it beneficially owns 196,767,315 shares of common stock of Hampton
Roads Bankshares, Inc. representing 23.57% of the shares
outstanding.

Each of TCG Holdings Cayman II, L.P., TC Group Cayman Investment
Holdings, L.P., Carlyle Financial Services, Ltd., TCG Financial
Services, L.P. and Carlyle Financial Services Harbor, L.P.
beneficially owns 196,767,315.

The percentage calculation is based on 834,680,995 shares of
Common Stock, which includes (a) 684,680,352 shares of Common
Stock outstanding as of November 1, 2010 as reported in the
Company's 10-Q filed on November 9, 2010 and (b) 150,000,000
shares of Common Stock issued on December 28, 2010 as reported in
the Company's 8-K filed on December 29, 1010.

                   About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. (NASDAQ: HMPR)
-- http://www.hamptonroadsbanksharesinc.com/-- is a bank holding
company that was formed in 2001 and is headquartered in Norfolk,
Virginia.  The Company's primary subsidiaries are Bank of Hampton
Roads, which opened for business in 1987, and Shore Bank, which
opened in 1961.  Currently, Bank of Hampton Roads operates twenty-
eight banking offices in the Hampton Roads region of southeastern
Virginia and twenty-four offices in Virginia and North Carolina
doing business as Gateway Bank & Trust Co.  Shore Bank serves the
Eastern Shore of Maryland and Virginia through eight banking
offices and fifteen ATMs.

Yount, Hyde & Barbour, P.C., in Winchester, Va., expressed
substantial doubt about the Company's ability to continue as a
going concern in its report on the Company's restated consolidated
financial statements for the year ended December 31, 2009.  The
independent auditors noted that quantitative measures established
by regulation to ensure capital adequacy require the Company and
its subsidiary banks to maintain minimum amounts and ratios of
total and Tier I capital to risk-weighted assets, and Tier I
capital to average assets.  In addition, the Company has suffered
recurring losses from operations and declining levels of capital.

Hampton Roads Bankshares reported a net loss of $84.5 million on
$17.9 million of net interest income for the three months ended
September 30, 2010, compared with a net loss of $13.4 million on
$26.5 million of net interest income for the same period last
year.

Effective June 17, 2010, the Company and its banking subsidiary,
Bank of Hampton Roads ("BOHR"), entered into a written agreement
with the Federal Reserve Bank of Richmond and the Bureau of
Financial Institutions of the Virginia State Corporation
Commission.  The Company's other banking subsidiary, Shore Bank,
is not a party to the Written Agreement.

Under the terms of the Written Agreement, among other things, BOHR
agreed to develop and submit for approval plans to (a) strengthen
board oversight of management and BOHR's operations, (b)
strengthen credit risk management policies, (c) improve BOHR's
position with respect to loans, relationships, or other assets in
excess of $2.5 million which are now, or may in the future become,
past due more than 90 days, are on BOHR's problem loan list, or
adversely classified in any report of examination of BOHR, (d)
review and revise, as appropriate, current policy and maintain
sound processes for determining, documenting, and recording an
adequate allowance for loan and lease losses, (e) improve
management of BOHR's liquidity position and funds management
policies, (f) provide contingency planning that accounts for
adverse scenarios and identifies and quantifies available sources
of liquidity for each scenario, (g) reduce the Bank's reliance on
brokered deposits, and (h) improve BOHR's earnings and overall
condition.

The Company said in its Form 10-Q for the September 2010 quarter
that due to its financial results, the substantial uncertainty
throughout the U.S. banking industry, and the Written Agreement
the Company and BOHR have entered into, doubts existed regarding
the Company's ability to continue as a going concern through the
second quarter of 2010.  However, management believes this concern
has been mitigated by the initial closing of the Private Placement
that occurred on September 30, 2010.


HAMPTON ROADS: Enters Into Non-Compete Agreement With K. Pack
-------------------------------------------------------------
Bank of Hampton Roads, a wholly-owned subsidiary of Hampton Roads
Bankshares, Inc. and Gateway Bank Mortgage, Inc., a subsidiary of
Bank of Hampton Roads, entered into a non-solicitation and non-
competition agreement, with Kevin Pack, effective November 12,
2010.

Under the Agreement, Mr. Pack must refrain from soliciting
mortgage services from Bank clients so long as he is employed by
the Bank and for 6 months thereafter and from providing
competitive services within 25 miles of the Bank's corporate
headquarters and any Bank office or Bank branch operated by the
Bank or its affiliates.  During the same time period, Mr. Pack
also agreed not to solicit for employment Bank employees.  In
return for entering into the Agreement, Mr. Pack received
$150,000.

                  About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. (NASDAQ: HMPR)
-- http://www.hamptonroadsbanksharesinc.com/-- is a bank holding
company that was formed in 2001 and is headquartered in Norfolk,
Virginia.  The Company's primary subsidiaries are Bank of Hampton
Roads, which opened for business in 1987, and Shore Bank, which
opened in 1961.  Currently, Bank of Hampton Roads operates twenty-
eight banking offices in the Hampton Roads region of southeastern
Virginia and twenty-four offices in Virginia and North Carolina
doing business as Gateway Bank & Trust Co.  Shore Bank serves the
Eastern Shore of Maryland and Virginia through eight banking
offices and fifteen ATMs.

Yount, Hyde & Barbour, P.C., in Winchester, Va., expressed
substantial doubt about the Company's ability to continue as a
going concern in its report on the Company's restated consolidated
financial statements for the year ended December 31, 2009.  The
independent auditors noted that quantitative measures established
by regulation to ensure capital adequacy require the Company and
its subsidiary banks to maintain minimum amounts and ratios of
total and Tier I capital to risk-weighted assets, and Tier I
capital to average assets.  In addition, the Company has suffered
recurring losses from operations and declining levels of capital.

Hampton Roads Bankshares reported a net loss of $84.5 million on
$17.9 million of net interest income for the three months ended
September 30, 2010, compared with a net loss of $13.4 million on
$26.5 million of net interest income for the same period last
year.

Effective June 17, 2010, the Company and its banking subsidiary,
Bank of Hampton Roads ("BOHR"), entered into a written agreement
with the Federal Reserve Bank of Richmond and the Bureau of
Financial Institutions of the Virginia State Corporation
Commission.  The Company's other banking subsidiary, Shore Bank,
is not a party to the Written Agreement.

Under the terms of the Written Agreement, among other things, BOHR
agreed to develop and submit for approval plans to (a) strengthen
board oversight of management and BOHR's operations, (b)
strengthen credit risk management policies, (c) improve BOHR's
position with respect to loans, relationships, or other assets in
excess of $2.5 million which are now, or may in the future become,
past due more than 90 days, are on BOHR's problem loan list, or
adversely classified in any report of examination of BOHR, (d)
review and revise, as appropriate, current policy and maintain
sound processes for determining, documenting, and recording an
adequate allowance for loan and lease losses, (e) improve
management of BOHR's liquidity position and funds management
policies, (f) provide contingency planning that accounts for
adverse scenarios and identifies and quantifies available sources
of liquidity for each scenario, (g) reduce the Bank's reliance on
brokered deposits, and (h) improve BOHR's earnings and overall
condition.

The Company said in its Form 10-Q for the September 2010 quarter
that due to its financial results, the substantial uncertainty
throughout the U.S. banking industry, and the Written Agreement
the Company and BOHR have entered into, doubts existed regarding
the Company's ability to continue as a going concern through the
second quarter of 2010.  However, management believes this concern
has been mitigated by the initial closing of the Private Placement
that occurred on September 30, 2010.


HAMPTON ROADS: Private Placement & Rights Offering Raise $295MM
---------------------------------------------------------------
Hampton Roads Bankshares, Inc. (NASDAQ: HMPR), the holding company
for Bank of Hampton Roads and Shore Bank, announced the completion
of a $40 million common stock rights offering, which expired at
5:00 p.m., Eastern Time, on December 10, 2010.  The Company also
announced the second and final closing of a private placement of
its common stock with institutional investors, in which the
Company raised an additional $20 million on December 28, 2010.  On
September 30, 2010, in the first closing of the Private Placement,
the Company sold $235 million worth of its common stock to
institutional investors.

In the Rights Offering, the Company offered 100 million shares of
common stock at a price of $0.40 per share to existing holders of
its common shares as of the close of business on September 29,
2010, including holders of the Company's Series A and B preferred
shares who tendered such shares in exchange offers required to be
conducted by the agreements governing the Private Placement.

Eligible shareholders who elected to participate in the Rights
Offering purchased 24.4 million shares.  Pursuant to the
Investment Agreements, institutional investors participating in
the Private Placement honored their backstop commitments to
purchase at the same price per share the remaining 75.6 million
shares not purchased by shareholders eligible to participate in
the Rights Offering.

The Private Placement and Rights Offering raised a total of
$295 million in new capital before offering expenses through the
sale of 737.5 million shares of common stock at $0.40 per share.

As of September 30, 2010, the Company, Bank of Hampton Roads and
Shore Bank were "well-capitalized" under applicable banking
regulations and the Company expects all entities to remain "well-
capitalized" at December 31, 2010.

                  About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. (NASDAQ: HMPR)
-- http://www.hamptonroadsbanksharesinc.com/-- is a bank holding
company that was formed in 2001 and is headquartered in Norfolk,
Virginia.  The Company's primary subsidiaries are Bank of Hampton
Roads, which opened for business in 1987, and Shore Bank, which
opened in 1961.  Currently, Bank of Hampton Roads operates twenty-
eight banking offices in the Hampton Roads region of southeastern
Virginia and twenty-four offices in Virginia and North Carolina
doing business as Gateway Bank & Trust Co.  Shore Bank serves the
Eastern Shore of Maryland and Virginia through eight banking
offices and fifteen ATMs.

Yount, Hyde & Barbour, P.C., in Winchester, Va., expressed
substantial doubt about the Company's ability to continue as a
going concern in its report on the Company's restated consolidated
financial statements for the year ended December 31, 2009.  The
independent auditors noted that quantitative measures established
by regulation to ensure capital adequacy require the Company and
its subsidiary banks to maintain minimum amounts and ratios of
total and Tier I capital to risk-weighted assets, and Tier I
capital to average assets.  In addition, the Company has suffered
recurring losses from operations and declining levels of capital.

Hampton Roads Bankshares reported a net loss of $84.5 million on
$17.9 million of net interest income for the three months ended
September 30, 2010, compared with a net loss of $13.4 million on
$26.5 million of net interest income for the same period last
year.

Effective June 17, 2010, the Company and its banking subsidiary,
Bank of Hampton Roads ("BOHR"), entered into a written agreement
with the Federal Reserve Bank of Richmond and the Bureau of
Financial Institutions of the Virginia State Corporation
Commission.  The Company's other banking subsidiary, Shore Bank,
is not a party to the Written Agreement.

Under the terms of the Written Agreement, among other things, BOHR
agreed to develop and submit for approval plans to (a) strengthen
board oversight of management and BOHR's operations, (b)
strengthen credit risk management policies, (c) improve BOHR's
position with respect to loans, relationships, or other assets in
excess of $2.5 million which are now, or may in the future become,
past due more than 90 days, are on BOHR's problem loan list, or
adversely classified in any report of examination of BOHR, (d)
review and revise, as appropriate, current policy and maintain
sound processes for determining, documenting, and recording an
adequate allowance for loan and lease losses, (e) improve
management of BOHR's liquidity position and funds management
policies, (f) provide contingency planning that accounts for
adverse scenarios and identifies and quantifies available sources
of liquidity for each scenario, (g) reduce the Bank's reliance on
brokered deposits, and (h) improve BOHR's earnings and overall
condition.

The Company said in its Form 10-Q for the September 2010 quarter
that due to its financial results, the substantial uncertainty
throughout the U.S. banking industry, and the Written Agreement
the Company and BOHR have entered into, doubts existed regarding
the Company's ability to continue as a going concern through the
second quarter of 2010.  However, management believes this concern
has been mitigated by the initial closing of the Private Placement
that occurred on September 30, 2010.


HARBOUR EAST: Court Denies 7935 NBV's Motion to Dismiss Case
------------------------------------------------------------
The Hon. A. Jay Cristol of the U.S. Bankruptcy Court for the
Southern District of Florida denied the request of 7935 NBV LLC,
to dismiss the Chapter 11 case of Harbour East Development, Ltd.

North Bay Villae, Florida-based Harbour East Development, Ltd.,
owns luxury residential condominium development known as CIELO on
the Bay located at 7935 East Drive, North Bay Village, Florida.

The Company filed for Chapter 11 bankruptcy protection on
April 22, 2010 (Bankr. S.D. Fla. Case No. 10-20733).  Michael L
Schuster, Esq., who has an office in Miami, Florida, represents
the Debtor.  The Company estimated assets and debts at $10 million
to $50 million, as of the Chapter 11 filing.


HEDEYA HAROUTUNIAN: Case Summary & 8 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Hedeya Haroutunian
        1677 Arbor Drive
        Glendale, CA 91202

Bankruptcy Case No.: 10-65398

Chapter 11 Petition Date: December 29, 2010

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

Judge: Barry Russell

Debtor's Counsel: James T. King, Esq.
                  KING & ASSOCIATES
                  315 W. Arden Avenue, Suite 28
                  Glendale, CA 91203
                  Tel: (818) 242-1100
                  Fax: (818) 242-1012
                  E-mail: ecfnotices@kingobk.com

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

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

A list of the Debtor's eight largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-65398.pdf


IA GLOBAL: R. Krishna Has Option to Buy 8,000 Shares of Stock
-------------------------------------------------------------
In a Form 3 filing with the Securities and Exchange Commission on
December 29, 2010, Ranga C. Krishna, a director at IA Global Inc.,
disclosed that he has the right to buy 8,000 shares of the
company's common stock.  The option vests quarterly over a three
year period starting on December 20, 2010.  The Employee Stock
Option will expire on December 16, 2010.

                          About IA Global

San Francisco, Calif.-based IA Global, Inc. (OTCQB: IAGI.OB)
-- http://www.iaglobalinc.com/-- is a global services and
outsourcing company focused on growing existing businesses and
expansion through global mergers and acquisitions.  The Company is
utilizing its current partnerships to acquire growth businesses in
target sectors and markets at discounted prices.  The Company is
actively engaging in discussions with businesses that would
benefit from our business acumen and marketing expertise,
knowledge of Asian Markets, and technology infrastructure.

The Company's balance sheet at Sept. 30, 2010, showed
$4.65 million in total assets, $3.30 million in total current
liabilities, $2.79 million in long-term debt, and a stockholders'
deficit of $1.45 million.

As reported in the Troubled Company Reporter on July 20, 2010,
Sherb & Co., LLP, in New York, expressed substantial doubt about
the Company's ability to continue as a going concern, following
the Company's results for the fiscal year ended March 31, 2010.
The independent auditors noted that the Company has incurred
significant operating losses, and has a working capital deficit as
of March 31, 2010.


INFOLOGIX INC: Increases Hercules Loan by $317,000
--------------------------------------------------
On December 23, 2010, InfoLogix, Inc. and its subsidiaries entered
into Amendment No. 5 to the Amended and Restated Loan and Security
Agreement dated November 20, 2009, as amended with Hercules
Technology Growth Capital, Inc.  Pursuant to Amendment No. 5, the
maximum loan amount available under the revolving credit facility
provided under the Loan Agreement was increased from $12,000,000
to $12,317,322.

                          About Infologix

Hatboro, Pa.-based InfoLogix, Inc. (OTC QB: IFLG)
-- http://www.infologix.com/-- provides enterprise mobility
solutions for the healthcare and commercial markets.

The Company's balance sheet as of September 30, 2010, showed
$31.7 million in total assets, $34.7 million in total liabilities,
and a stockholders' deficit of $3.0 million.

As reported in the Troubled Company Reporter on April 21, 2010,
McGladrey & Pullen, LLP, in Blue Bell, Pa., expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has suffered recurring losses from
operations, has negative working capital and an accumulated
deficit as of December 31, 2009.

The TCR reported on December 20, 2010, that Stanley Black &
Decker, Inc., and InfoLogix entered into a definitive agreement
under which InfoLogix will be acquired by Stanley for $4.75 per
common share in cash.  The total transaction value is roughly
$61.2 million, including the assumption of debt, of which roughly
$22.1 million is currently outstanding and a portion of which is
convertible into shares of common stock of InfoLogix.


IOWA RENEWABLE: McGladrey & Pullen Raises Going Concern Doubt
-------------------------------------------------------------
Iowa Renewable Energy, LLC, filed on December 29, 2010, its annual
report on Form 10-K for the fiscal year ended September 30, 2010.

McGladrey & Pullen, LLP, in Davenport, Iowa, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has suffered
losses from operations and has experienced significant increases
in the input costs of its products.  This has created liquidity
issues and caused the Company to be in violation of its bank debt
covenants.

The Company reported a net loss of $4.4 million on $9.2 million of
revenues for fiscal 2010, compared with a net loss of $3.3 million
on $29.1 million of revenues for fiscal 2009.

The Company's balance sheet at September 30, 2010, showed
$35.7 million in total assets, $27.8 million in total liabilities,
and stockholders' equity of $7.9 million.

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

               http://researcharchives.com/t/s?71bd

Iowa Renewable Energy, LLC -- http://www.iowarenewableenergy.com/
-- owns a commercial scale, state-of-the-art biodiesel production
facility in Washington, Iowa.  The principal products produced at
the plant are biodiesel and crude glycerin.  Iowa Renewable
Energy's biodiesel facility is able to pre-treat crude vegetable
oils and animal fats.  The plant is capable of having an annual
capacity to process approximately 160,000,000 pounds of soybean
oil and 70,000,000 pounds of animal fats and grease into
approximately 30 million gallons of biodiesel and 3 million
gallons of crude glycerin per year.

During the fiscal year ended September 30, 2010, the Company
processed approximately 14,000,000 pounds of soybean oil and
2,000,000 pounds of animal fats and grease into 2,300,000 gallons
of biodiesel and 1,900,000 pounds of crude glycerin.


JAMES LANE, II: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: James C. Lane, II
        24846 Elena Drive
        Laguna Hills, CA 92653

Bankruptcy Case No.: 10-28269

Chapter 11 Petition Date: December 29, 2010

Court: U.S. Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Robert N. Kwan

Debtor's Counsel: Fred S. Pardes, Esq.
                  LAW OFFICES OF FRED S. PARDES
                  Pacific Coast Highway, Suite 103
                  Dana Point, CA 92629
                  Tel: (949) 443-3400

Scheduled Assets: $2,455,933

Scheduled Debts: $2,137,084

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


JAY KIM: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: Jay Semann Kim
        10774 Reagan Street
        Los Alamitos, CA 90720

Bankruptcy Case No.: 10-28375

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Robert N. Kwan

Debtor's Counsel: Mitchell L. Abdallah, Esq.
                  ABDALLAH LAW GROUP
                  1006 4th Street, 4th Floor
                  Sacramento, CA 95814
                  Tel: (916) 446-1974
                  Fax: (916) 446-3371
                  E-mail: mitch3@abdallahlaw.net

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

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

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


JEFFERSON PROSSER: Case Summary & 14 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Jefferson G. Prosser
        aka Jeff Prosser
        dba Remodeler's Warehouse
        1080 W. Beach Street
        Watsonville, CA 95076

Bankruptcy Case No.: 10-63292

Chapter 11 Petition Date: December 30, 2010

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Charles Novack

Debtor's Counsel: Judson T. Farley, Esq.
                  LAW OFFICES OF JUDSON T. FARLEY
                  830 Bay Ave. #B
                  Capitola, CA 95010-2173
                  Tel: (831) 476-1766
                  E-mail: judsonfarley@sbcglobal.net

Scheduled Assets: $1,923,901

Scheduled Debts: $1,181,075

A list of the Debtor's 14 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/canb10-63292.pdf


JOEL WAHLIN: Hearing on Case Dismissal Continued Until Feb. 2
-------------------------------------------------------------
The Hon. Terry L. Myers of the U.S. Bankruptcy Court for the
District of Idaho has continued until February 2, 2011, the
hearing to consider secured creditor Mountain West Bank's request
to dismiss or convert the Chapter 11 case of Joel K. Wahlin to one
under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on August 4, 2010,
Mountain West explained that the Debtor's monthly operating
reports show a continuing loss or diminution of the estate and the
absence of a reasonable likelihood of rehabilitation.

In a summary order, the Court ruled that the motion will be
considered further in light of the evidence presented at the
hearing and of any developments in the case as of such date.

MWB and the Debtor will be allowed to supplement the evidentiary
record. Any and all such evidence on the motion will be marked and
disclosed no later than January 19.

                        About Joel K. Wahlin

Sandpoint, Idaho-based Joel K. Wahlin filed for Chapter 11
bankruptcy protection on April 22, 2010 (Bankr. D. Idaho Case No.
10-20479).  Stephen Brian McCrea, Esq., who has an office in Coeur
d'Alene, Idaho, represents the Debtor.  The Debtor disclosed
$13,021,669 in assets and $6,164,172 in debts as of the Chapter 11
filing.


JOEL WAHLIN: Plan Confirmation Hearing Scheduled for February 2
---------------------------------------------------------------
The Hon. Terry L. Myers of the U.S. Bankruptcy Court for the
District of Idaho will convene a hearing on February 2, 2011, at
9:30 a.m. Pacific time, to consider the confirmation of Joel K.
Wahlin's Plan of Reorganization.

January 25 is fixed as the last day for filing written acceptances
or rejections of the plan and objections to the conditionally
approved disclosure statement.

According to the Disclosure Statement, the Plan intends to pay all
creditors in full over the sixty month of the Plan.  The Plan also
provides for the payment of administrative and priority claims and
attorney fees.  The Internal Revenue Service claim will be paid in
full with interest over in an amount which has yet to be
determined.

Payments and distributions under the plan will be funded by: (i)
sales of lots - during the course of the Plan and after the claim
of IRS is resolved in the proper amount, the Debtor will sell his
real estate holdings and seek alternative financing to pay all
creditors or to obtain sufficient financing to continue with the
improvements of the unimproved lots in the Schweitzer subdivision;
and (ii) water fees - the Debtor will be collecting from all
owners of density units within and without the subdivision to pay
the hookup fee and will sell the right to hookup to those who do
not purchase to other lots in the subdivision.

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

                        About Joel K. Wahlin

Sandpoint, Idaho-based Joel K. Wahlin filed for Chapter 11
bankruptcy protection on April 22, 2010 (Bankr. D. Idaho Case No.
10-20479).  Stephen Brian McCrea, Esq., who has an office in Coeur
d'Alene, Idaho, represents the Debtor.  The Debtor disclosed
$13,021,669 in assets and $6,164,172 in debts as of the Chapter 11
filing.


JONES CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Jones Construction & Investment Properties, Inc.
        117 Willow Ridge Circle
        Thomasville, GA 31757

Bankruptcy Case No.: 10-72109

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       Middle District of Georgia (Valdosta)

Debtor's Counsel: William O. Woodall, Esq.
                  WOODALL AND WOODALL
                  P.O. Box 3335
                  1003 Patterson Street
                  Valdosta, GA 31604
                  Tel: (229) 247-1211
                  E-mail: will@orsonwoodall.com

Scheduled Assets: $3,302,595

Scheduled Debts: $4,332,628

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/gamb10-72109.pdf

The petition was signed by Robert D. Jones, CEO.


LAGUNA REGIONAL: Case Summary & 11 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Laguna Regional Business Park, LLC
        dba Alpine Regional Center
        64142 Pioneer Loop
        Bend, OR 97701-8835

Bankruptcy Case No.: 10-22793

Chapter 11 Petition Date: December 30, 2010

Court: United States Bankruptcy Court
       Southern District of California (San Diego)

Judge: Margaret M. Mann

Debtor's Counsel: Anthony V. Albertazzi, Esq.
                  ALBERTAZZI LAW FIRM
                  1070 NW Bond St., Suite 202
                  Bend, OR 97701
                  Tel: (541) 317-0231
                  E-mail: a.albertazzi@albertazzilaw.com

Scheduled Assets: $6,737,500

Scheduled Debts: $10,319,505

A list of the Company's 11 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/casb10-22793.pdf

The petition was signed by Bruce Boyle, authorized member.


LGT HOLDINGS: Case Summary & Largest Unsecured Creditor
-------------------------------------------------------
Debtor: LGT Holdings, LLC
        1760 Third Street South
        Jacksonville Bea, FL 32250

Bankruptcy Case No.: 10-11068

Chapter 11 Petition Date: December 28, 2010

Court: United States Bankruptcy Court
       Middle District of Florida (Jacksonville)

Debtor's Counsel: Joshua A. Cossey, Esq.
                  SENTINEL LAW, P.A.
                  4651 Salisbury Rd, 4th Floor
                  Jacksonville, FL 32256
                  Tel: (877) 663-6380
                  Fax: (887) 663-6380
                  E-mail: jcossey@sentinelfirm.com

Scheduled Assets: $1,056,283

Scheduled Debts: $2,499,929

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Iberia Bank               Mortgage               $1,443,646
12719 Cantrell Rd.
Little Rock, AR 72223

The petition was signed by Lee Gregory Tuttle, president.


LOCAL INSIGHT: Receives $25 Million Financing Approval
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Local Insight Regatta Holdings Inc. received final
approval on Dec. 28 for $25 million in secured financing to
support its Chapter 11 effort.

Mr. Rochelle relates that the financing will terminate in 60 days
if the prepetition lenders, owed $337 million, are sued based on
allegations there are defects in the security interest for the
loans.  The creditors' committee can use up to $200,000 to
investigate the validity of the lien securing the pre-bankruptcy
debt.  Local Insight said the lenders failed to file a financing
statement until less than 90 days before the Chapter 11 filing on
Nov. 17.  The committee could sue the lenders to void the security
interest as a preference.

                 About Local Insight Media Holdings

Wilmington, Delaware-based Local Insight Media Holdings, Inc., is
a publisher of print and online yellow page directories in the
United States.  It filed for Chapter 11 bankruptcy protection on
(Bankr. D. Del. Case No. 10-13677) on November 17, 2010.

Affiliates Local Insight Media Holdings II, Inc. (Bankr. D. Del.
Case No. 10-13679), Local Insight Media Holdings III, Inc. (Bankr.
D. Del. Case No. 10-13682), LIM Finance Holdings, Inc. (Bankr. D.
Del. Case No. 10-13680), LIM Finance, Inc. (Bankr. D. Del. Case
No. 10-13681), LIM Finance II, Inc. (Bankr. D. Del. Case No.
10-13687), Local Insight Regatta Holdings, Inc. (Bankr. D. Del.
Case No. 10-13686), The Berry Company LLC (Bankr. D. Del. Case No.
10-13678), Local Insight Listing Management, Inc. (Bankr. D. Del.
Case No. 10-13685), Regatta Investor Holdings, Inc. (Bankr. D.
Del. Case No. 10-13725), Regatta Investor Holdings II, Inc.
(Bankr. D. Del. Case No. 10-13741), Regatta Investor LLC (Bankr.
D. Del. Case No. 10-13684), Regatta Split-off I LLC (Bankr. D.
Del. Case No. 10-13721), Regatta Split-off II LLC (Bankr. D. Del.
Case No. 10-13753), Regatta Split-off III LLC (Bankr. D. Del. Case
No. 10-13737), Regatta Holding I, L.P. (Bankr. D. Del. Case No.
10-13748), Regatta Holding II, L.P. (Bankr. D. Del. Case No.
10-13715), and Regatta Holding III, L.P. (Bankr. D. Del. Case No.
10-13745) filed separate Chapter 11 petitions.

Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Ross M.
Kwasteniet, Esq., at Kirkland & Ellis LLP, assist the Debtors in
their restructuring efforts.  Curtis A. Hehn, Esq., Laura Davis
Jones, Esq., and Michael Seidl, Esq., at Pachulski Stang Ziehl &
Jones LLP, are the Debtors' co-counsel.

The Debtors' investment banker and financial advisor is Lazard
Freres & Co. LLC.  The Debtors' independent auditor is Deloitte &
Touche LLP.  The Debtors' interim management and restructuring
advisors are Alvarez & Marsal North America, LLC, and Avarez &
Marsal Private Equity Performance Improvement Group, LLC.
Kurtzman Carson Consultants LLC is the Debtors' notice and claims
agent.

Local Insight Media Holdings estimated assets of less than $50,000
and liabilities of $100 million to $500 million in its Chapter 11
petition.  Local Insight Regatta reported consolidated assets of
$796,270,000 against consolidated debts of $669,612,000 as of
September 30, 2010, according to its Form 10-Q filed with the
Securities and Exchange Commission.


LODGIAN INC: N.Y. Sup. Ct. Reinstates Rollo Personal Injury Suit
----------------------------------------------------------------
The Appellate Division of the Supreme Court of New York, Fourth
Department, reversed a Supreme Court decision and reinstated the
lawsuit, Genevieve Rollo, v. Servico New York, Inc., Servico New
York, Inc., doing business as Holiday Inn Select, Lodgian Hotels,
Inc., Lodgian Hotels, Inc., doing business as Holiday Inn Select,
Lodgian, Inc., Lodgian Inc., doing business as Holiday Inn Select,
Holiday Inn Select, and John Doe, whose identity is presently
unknown, 1577 CA 10-00781 (N.Y. Sup. Ct.).  The Appellate Division
held that the defendants' insurer remains obligated to pay damages
for injuries or losses covered under the policy, despite the fact
that defendants' obligation to satisfy the self-insured retention
was discharged through the bankruptcy proceedings.

In December 2000, plaintiff allegedly fell and sustained injuries
on defendants' property.  Defendants filed for Chapter 11
bankruptcy under less than one year after the accident, and they
were discharged from liability for, inter alia, personal injury
claims.  Plaintiff did not file a proof of claim in the bankruptcy
proceedings.  In May 2007, plaintiff commenced the action seeking
damages for the injuries that she sustained in the December 2000
accident on defendants' property.  Defendants moved to dismiss the
complaint on the ground that the action was precluded by the
discharge in bankruptcy.  Supreme Court denied the motion,
concluding that plaintiff was permitted to maintain the action
only to the extent that defendants have insurance coverage that is
applicable.  Defendants moved for leave to renew their motion,
contending that no insurance is available because their insurer's
obligations under the applicable general liability policy are not
triggered until the self-insured retention amount is satisfied,
and the SIR will never be satisfied because defendants'
obligations to pay thereunder were discharged in bankruptcy.

Richard E. Updegrove, Esq. -- reu@msvlaw.com -- at Spadafora &
Verrastro, LLP, in Buffalo, New York, represents Ms. Rollo.

Phyliss A. Hafner, Esq. -- phyliss.hafner@zurichna.com -- at
Morenus, Conway, Goren & Brandman, in Buffalo, represents the
defendants.

A copy of the Slip Opinion dated December 30, 2010, is available
at http://is.gd/k0c8Afrom Leagle.com.  Justices Salvatore R.
Martoche, John V. Centra, Eugene M. Fahey, Stephen K. Lindley, and
Rose H. Sconiers issued the Opinion.

                       About Lodgian, Inc.

Atlanta, Ga.-based Lodgian, Inc. -- http://www.lodgian.com/-- is
one of the largest independent hotel owners and operators in the
United States.  The Company currently owns and manages a portfolio
of 27 hotels with 5,230 rooms located in 18 states.  Of Lodgian's
27-hotel portfolio, 13 are InterContinental Hotels Group brands
(Crowne Plaza and Holiday Inn), 8 are Marriott brands (Marriott,
Courtyard by Marriott, SpringHill Suites by Marriott and Residence
Inn by Marriott), two are Hilton brands, and four are affiliated
with other nationally recognized franchisors including Starwood,
Wyndham, and Carlson.

Lodgian Inc., and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 01-16345) on
December 20, 2001.  Judge Burton R. Lifland presided over the
case.  Adam C. Rogoff, Esq., at Cadwalader, Wickersham & Taft, in
New York, served as bankruptcy counsel.  In its petition, Lodgian
disclosed $1,073,232,000 in assets and $968,664,000 in debts.

Lodgian and majority of its subsidiaries emerged from bankruptcy
in November 2002.  Reorganized Lodgian emerged with 79 hotels that
operate under nationally recognized hospitality franchises such as
Holiday Inn, Marriott, Hilton and Crowne Plaza.

The Bankruptcy Court confirmed the Plan of Reorganization for 18
hotels owned by Lodgian subsidiaries Impac Hotels II, L.L.C. and
Impac Hotels III in April 2003.  These Debtors emerged from
bankruptcy in May 2003.

                           *     *    *

At December 31, 2009, the Company's consolidated balance
sheets showed $453.0 million in total assets, $319.7 million in
total liabilities, and $133.3 million in total stockholders'
equity.

As reported in the Troubled Company Reporter on March 18, 2010,
Deloitee & Touche LLP, in Atlanta, Ga., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's inability to
refinance roughly $101.2 million of its debt on a long-term
basis.

On April 19, 2010, Lodgian completed its merger with LSREF Lodging
Merger Co., Inc., a wholly owned subsidiary of LSREF Lodging
Investments, LLC.  As a result of the merger, Lodgian became a
wholly owned subsidiary of LSREF Lodging Investments, LLC, which
is controlled by an affiliate of Lone Star Real Estate Fund
(U.S.), L.P.  Lodgian stockholders received $2.50 per share in the
all-cash transaction.  The transaction was valued at $270 million,
including assumed debt.


LOEHMANN'S HOLDINGS: U.S. Trustee Objects to Plan Releases
----------------------------------------------------------
Loehmann's Inc. shouldn't be giving blanket releases to third
parties, the U.S. Trustee argued while objecting to the discount
retailer's disclosure statement, Bill Rochelle, the bankruptcy
columnist for Bloomberg News, reported.

According to the Bloomberg report, the U.S. Trustee says that
Loehmann's hasn't provided justification required by the U.S.
Court of Appeals in Manhattan for releasing non-bankrupt third
parties.  The U.S. Trustee also wants the disclosure statement to
tell creditors that the disbursing agent to make distributions
under the plan will serve without a bond, leaving creditors at
risk in the event of defalcation.

The official creditors' committee selected Hahn & Hessen LLP to
serve as its counsel. The committee is supporting the plan now
that the pot for unsecured creditors has been increased to
$2 million.  Otherwise, the plan was worked out in principle
before the Chapter 11 filing on Nov. 15.

The hearing to approve the disclosure statement is set for Jan. 5.

                      About Loehmann's Holdings

Bronx, New York-based Loehmann's Holdings, Inc., is a discount
retailer with more than 60 stores.  The Bronx, New York-based
company is owned indirectly by Istithmar PJSC, an investment firm
owned by the government of Dubai.

Loehmann's filed for Chapter 11 bankruptcy protection on
November 15, 2010 (Bankr. S.D.N.Y. Case No. 10-16077).  It
estimated its assets and debts at $100 million to $500 million.

Affiliates Loehmann's Inc. (Bankr. S.D.N.Y. Case No. 10-16078),
Loehmann's Operating Co. (Bankr. S.D.N.Y. Case No. 10-16079),
Loehmann's Real Estate Holdings, Inc. (Bankr. S.D.N.Y. Case No.
10-16080), and Loehmann's Capital Corp. (Bankr. S.D.N.Y. Case No.
10-16081) filed separate Chapter 11 petitions.

Frank A. Oswald, Esq., at Togut, Segal & Segal LLP, assist the
Debtors in their restructuring efforts.  Perella Weinberg Partners
LP is the Debtors' investment banker and financial advisor.
Clear Thinking Group LLC is the Debtors' restructuring adviser.
Troutman Sanders LLP is the Debtor's special corporate counsel.
Kurtzman Carson Consultants LLC is the Debtors' claims and notice
agent.


LOUIS SANDOVAL: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Louis A. Sandoval
        11150 Aldrich Street
        Whittier, CA 90606

Bankruptcy Case No.: 10-65488

Chapter 11 Petition Date: December 30, 2010

Court: United States Bankruptcy Court
       Central District Of California (Los Angeles)

Debtor's Counsel: Roseann Frazee, Esq.
                  FRAZEE/LARON
                  123 N Lake Ave Ste 200
                  Pasadena, CA 91101
                  Tel: (626) 744-0263
                  Fax: (626) 744-0548
                  E-mail: RoseAnn@frazeelaron.com

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

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

The Debtor did not file its list of largest unsecured creditors
when it filed its petition.


LPL HOLDINGS: S&P Raises Counterparty Credit Rating to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on LPL Holdings Inc., including raising the long-term counterparty
credit rating to 'BB-' from 'B+'.  The outlook is stable.

"The ratings on LPL reflect its solid independent-advisor
brokerage franchise and an aggressive financial profile," said
Standard & Poor's credit analyst Robert B. Hoban, Jr.  The lack of
tangible equity is a significant negative for the rating because
LPL is a regulated brokerage firm that must meet regulatory
capital requirements and support other brokerage-related
operational risks and costs.

LPL continues to carry a heavy debt burden as a result of its 2005
leveraged buyout.  Modest debt reduction and growth in operating
cash flow have gradually improved the firm's debt leverage and
interest coverage during the past few years.  As of Sept. 30,
2010, S&P considered the gross debt-to-trailing 12 months'
adjusted EBITDA ratio still weak at 2.81x, but S&P considers the
interest coverage ratio of 4.46x as supportive of the rating.
Moreover, although the company did not receive much in the way of
proceeds from its recent initial public offering of common stock,
S&P expects it to receive a tax benefit for the next several
quarters that should allow it to reduce debt at an accelerated
pace.

LPL's independent financial-adviser business model gives it a
highly variable cost structure; this helps mitigate the effects of
revenue volatility caused by changes in equity-market conditions
and/or retail investor activity.  On the negative side, LPL's
business model complicates management's control and oversight of
its independent advisers' activity as compared with an employee-
based model.  Although S&P views the company's risk management as
adequate and its regulatory and compliance track record as good,
this adviser-based business model increases the firm's exposure to
its independent advisers' potential adverse actions.  S&P
considers LPL's liquidity profile to be adequate.

During the past two years, management has focused on improving
operating efficiency and building out its infrastructure and
management.  S&P views this effort positively because it has not
only bolstered the company's margins, but also strengthened
management depth, oversight, and governance.  LPL's revenue and
total client asset growth follows growth in the number of
financial advisers it serves and these advisers' productivity.
With the company no longer focused on making large acquisitions,
growth has come from adviser recruiting and productivity gains.
Although much of LPL's revenue remains correlated with equity-
market conditions and retail investor sentiment, more stable
recurring fee income has eclipsed volatile trading revenue in
driving profits.  As with all retail brokers, the prolonged low-
interest environment has hurt LPL's profitability.

The stable outlook reflects S&P's expectation that LPL will
maintain its competitive position and liquidity, and methodically
improve its leverage and interest coverage.  S&P also expects the
company to continue to improve its risk-management infrastructure.
Further positive ratings actions would depend on the company
greatly improving its debt leverage and service metrics,
addressing its substantial negative tangible equity, and improving
GAAP and operating profitability.  S&P could lower its ratings on
LPL if interest coverage or liquidity were to weaken or if
leverage increases materially.


LYNN LARSON: Debt Over Spousal, Child Support Non-Dischargeable
---------------------------------------------------------------
Joan L. Larson and Lynn D. Larson divorced in 1994.  Mr. Larson
owes certain sums on judgments for spousal support, child support,
and property settlement.  Ms. Larson filed an adversary proceeding
to have those debts declared non-dischargeable under 11 U.S.C.
Sec. 523(a)(5) and (a)(15).  Chief Judge Thomas L. Saladino grants
Ms. Larson's request for summary judgment.

The case is Joan L. Larson, v. Lynn D. Larson, Adv. Pro. No.
10-4056 (Bankr. D. Neb.).  A copy of the Court's December 29, 2010
Order is available at http://is.gd/k0lgrfrom Leagle.com.

Based in Lincoln, Nebraska, Lynn D. Larson filed for Chapter 11
bankruptcy (Bankr. D. Neb. Case No. 10-40940) on March 30, 2010.
David Grant Hicks, Esq. -- dhickslaw@aol.com -- at Pollak & Hicks
PC, in Omaha, serves as bankruptcy counsel.  In his petition, Mr.
Larson estimated $100,000 to $500,000 in assets and $1 million to
$5 million in debts.


MACATAWA BANK: White Bay Capital LLLP Holds 9.9% Equity Stake
-------------------------------------------------------------
In a Schedule 13D filing with the Securities and Exchange
Commission on December 30, 2010, White Bay Capital, LLLP disclosed
that it beneficially owns 2,234,636 shares of Macatawa Bank
Corporation common stock representing 9.9% of the shares
outstanding.  Each of Stephen A. Van Andel 2009 WBC Trust and
Stephen A. Van Andel owns 2,234,636 shares.

In an amended Schedule 13D filing with the Securities and Exchange
Commission on December 30, 2010, White Bay Capital, LLC disclosed
that it does not own any securities of Macatawa Bank.

As of October 21, 2010, there were 17,680,213 shares of the
Company's Common Stock (no par value) were outstanding.



On December 23, 2010, as part of an organizational restructuring,
White Bay Capital, LLC, a Michigan limited liability company,
merged with and into White Bay Capital, LLLP with White Bay
Capital, LLLP as the surviving entity.  In connection with the
consummation of the merger, White Bay Capital, LLLP acquired all
20,000 Preferred Shares held by White Bay Capital, LLC.  White Bay
Capital, LLC originally acquired the 20,000 Preferred Shares
pursuant to a Subscription and Purchase Agreement dated October
31, 2008 with the Company for a total purchase price of
$20,000,000.

                        About Macatawa Bank

Headquartered in Holland, Michigan, Macatawa Bank Corporation
(Nasdaq: MCBC) is the parent company for Macatawa Bank.  Through
its banking subsidiary, the Company offers a full range of
banking, investment and trust services to individuals, businesses,
and governmental entities from a network of 26 full service
branches located in communities in Kent County, Ottawa County, and
northern Allegan County.

The Company's balance sheet at September 30, 2010, showed
$1.61 billion in total assets, $1.54 billion in total liabilities,
and stockholders' equity of $67.0 million.

As reported in the Troubled Company Reporter on April 7, 2010,
Crowe Horwath LLP, in Grand Rapids, Mich., expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company incurred significant net losses in 2009 and
2008, primarily from higher provisions for loan losses and
expenses associated with the administration and disposition of
non-performing assets at its wholly owned bank subsidiary Macatawa
Bank.


MACC PRIVATE: KPMG Raises Going Concern Doubt
---------------------------------------------
MACC Private Equities Inc. filed on December 29, 2010, its annual
report on Form 10-K for the fiscal year ended September 30, 2010.

KPMG, in San Diego, Calif., expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company does not have sufficient cash on
hand to meet current obligations.

MACC experienced a decrease of $1,861,309 in net assets during
fiscal year 2010, compared to a decrease of $2,625,593 in net
assets during fiscal 2009.  Investment expense, net, which
represents total investment income minus net operating expenses,
was ($774,214) during fiscal 2010, as compared to ($576,810)
during fiscal 2009.

MACC recorded a net loss on investments of $1,087,095 during
fiscal year 2010, as compared to a net loss on investments of
$2,048,783 during fiscal year 2009.

The Company's balance sheet at September 30, 2010, showed
$9,574,785 in total assets, $3,626,706 in total liabilities, and
net assets of $5,948,079.

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

               http://researcharchives.com/t/s?71be

Cardiff-By-The-Sea, Calif.-based MACC Private Equities Inc. is a
business development company in the business of making investments
in small businesses in the United States.  MACC has no employees,
and all of its day to day operations are carried out by its
officers and the staff of its investment adviser, Eudaimonia Asset
Management, LLC, with the assistance of its subadviser,
InvestAmerica Investment Advisors, Inc.

Under the 1940 Act, once a company has elected to be regulated as
a BDC, it may not change the nature of its business so as to cease
to be, or withdraw its election as, a BDC unless authorized by
vote of a majority, as defined in the 1940 Act, of the company's
shares.


MESA AIR: Files Supplements to 2nd Amended Plan
-----------------------------------------------
Mesa Air Group, Inc., and its affiliated debtors and debtors-in-
possession delivered on December 28, 2010, to the U.S. Bankruptcy
Court for the Southern District of New York supplements to their
November 23, 2010 Second Amended Joint Plan of Reorganization.

The Plan Supplements include Restated Articles of Incorporation
of Mesa Air Group; Mesa Air Group By-Laws; Indenture for the 8%
Notes (Series A), 8% Notes (Series B), US Airways Notes and
Management Notes; US Airways Investor Rights Agreement;
Noteholders' Agreement; a list of the initial members of the
board of directors of Reorganized Mesa Air Group beginning on
the Effective Date; and a schedule of executory contracts and
unexpired leases to be assumed under the Second Amended Plan.

Parties to the executory contracts and unexpired leases will have
until 4:00 p.m., prevailing Eastern Time, on January 4, 2011, to
object to the proposed assumption obligations.  If the parties do
not object to the proposed Assumption Obligations by the deadline
will be forever barred from (i) asserting any other, additional
or different amount on account of the obligation against the
Debtors, the Reorganized Debtors, the Liquidating Debtors or the
Estate Assets, and (ii) sharing in any other, additional or
different distribution under the Plan on account of the
obligation.

For a counterparty to an executory contract or unexpired lease to
which no Assumption Obligation is listed or if the Assumption
Obligation is listed as $0, the Debtors have determined that
there is no cure amount or other obligation owing with respect to
the executory contract or unexpired lease.

If an executory contract or unexpired lease is not listed in the
schedule, the contract or lease is deemed rejected and the
applicable party must file a proof of claim on or before the
Rejection Claim Bar Date, which is set as the 35th day after the
effective Date.  Any party who fails to timely file a claim is
forever barred from asserting the claim against the Debtors, the
Reorganized Debtors, the Liquidating Debtors, or the Estate
Agents, and sharing in any distribution under the Plan.

The Debtors reserve their rights to modify the Assumption
Schedule on or before the confirmation hearing.

A full-text copy of the Plan Supplements is available at no
charge at http://bankrupt.com/misc/Mesa_2ndAmPlanSupp122810.pdf

                        The Chapter 11 Plan

On November 23, 2010, the Debtors filed their proposed Second
Amended Joint Plan of Reorganization and Second Amended Disclosure
Statement.  The Court approved the Second Amended Disclosure
Statement on the same day.

The Debtors began soliciting acceptances from creditors during
the week of November 29, 2010.  The Second Amended Plan is
supported by the Official Committee of Unsecured Creditors and
the Debtors' key aircraft finance parties.

Mesa has also obtained an extension of its code-share agreement
with US Airways, Inc.  The assumption of the Code-Share Agreement
is a critical piece of the Debtors' reorganization and is a major
component of the Debtors' business plan.

The hearing to consider confirmation of the Plan will be held on
January 14, 2011, at 10:00 a.m., prevailing Eastern Time.

Full-text copies of the Second Amended Plan and Disclosure
Statement, filed November 23, 2010 are available at no charge at:

       http://bankrupt.com/misc/Mesa_2ndAmPlan112310.pdf
       http://bankrupt.com/misc/Mesa_2ndAmDS112310.pdf

                     About Mesa Air Group

Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele.  This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.

Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.

Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel to the
Debtors.  Imperial Capital LLC is the investment banker.  Epiq
Bankruptcy Solutions is claims and notice agent.  Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.

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


MESA AIR: Salt Lake Treasurer Objects to Plan Confirmation
----------------------------------------------------------
The Salt Lake County Treasurer objects to the confirmation of the
November 23, 2010 Second Amended Joint Plan of Reorganization of
Mesa Air Group, Inc., and its affiliated debtors and debtors-in-
possession because the Plan does not meet the requirements of
Section 1129(a) of the Bankruptcy Code.

The County has a secured claim for unpaid property taxes
amounting to $29,847, plus interest at the State statutory rate
to be paid from the Petition Date pursuant to Section 506(b) of
the Bankruptcy Code.

According to Zachary D. Shaw, Esq., deputy Salt Lake district
attorney, the County's Claim is secured by a statutory lien on
the Debtors' property from which the taxes arose.  The Debtors
"apparently" intend to treat the Claim as a De Minimis
Convenience Claim because they sent the County a ballot for this
classification of claim, he tells the Court.

According to Mr. Shaw, the County objects to the Plan because,
among other things:

  (a) The Plan is unclear how the County's Claim is being
      classified.  The Claim should be classified as a Secured
      Tax Claim under the Plan.

  (b) The Plan states that the Debtors will pay no interest on
      Secured Tax Claims if the claims are paid on the Effective
      Date.  This suggests that interest on Secured Tax Claims
      will not be paid from the Petition Date to the Effective
      Date.  This is contrary to Section 506(b), which requires
      interest to be paid on oversecured claims, as provided by
      State statute.  The Bankruptcy Code requires payment of
      statutory interest from the Petition Date to the Effective
      Date, and thereafter until the oversecured claim is paid
      in full.

  (c) The interest rate to be paid on its Secured Tax Claim
      should be the State statutory rate.  Section 511 of the
      Bankruptcy Code requires the State statutory rate of
      interest to be paid.

  (d) The County objects to language regarding the prohibition
      on payment of a "penalty of any kind."

  (e) The County objects to language in the Plan stating that
      "interest and fees will be paid on the Reinstatement lump
      sum payment only to the extent required by Bankruptcy Code
      [S]ection 1124(2), exclusive of any penalty."

  (f) The County objects to language in the Plan regarding
      payment of administrative claims.  The County will be
      filing an administrative claim for 2010 property taxes for
      $15,894, plus State statutory interest and penalties.  The
      taxes became due on November 30, 2010.  Administrative tax
      claims are entitled to payment of interest and penalties,
      pursuant to Section 503(b)(1)(C).  The interest rate is
      the State statutory rate, pursuant to Section 511.

  (g) The Plan does not contain an appropriate Effective Date.
      Because the Effective date is unclear, it is also unclear
      when payment of the Claim will begin.  The Plan also fails
      to clearly establish the payment term, the number of
      payments and that the Count's entire claim will be paid
      within five years after the date of the order of relief.

  (h) The County objects to the language in the Plan stating
      that "no distribution shall be made to any Person that
      holds both an Allowed Claim and . . . a Disputed Claim . .
      . until such Person's Disputed Claims . . . have been
      resolved by settlement of Final Order."  The Debtors have
      provided no legal basis for holding hostage the payment of
      an undisputedly allowed claim merely because another claim
      has been objected to.

  (i) The Plan does not contain the requisite language to
      explain what occurs in the event of a Debtor's default of
      the Plan's requirements.

Mr. Shaw notes that Utah Code Section 59-2-1331 requires payment
of interest on delinquent taxes until they are paid in full.

The Plan should not be confirmed as presently proposed, Mr. Shaw
asserts.

The confirmation hearing of the Plan is scheduled for January 14,
2011.

                        The Chapter 11 Plan

On November 23, 2010, the Debtors filed their proposed Second
Amended Joint Plan of Reorganization and Second Amended Disclosure
Statement.  The Court approved the Second Amended Disclosure
Statement on the same day.

The Debtors began soliciting acceptances from creditors during
the week of November 29, 2010.  The Second Amended Plan is
supported by the Official Committee of Unsecured Creditors and
the Debtors' key aircraft finance parties.

Mesa has also obtained an extension of its code-share agreement
with US Airways, Inc.  The assumption of the Code-Share Agreement
is a critical piece of the Debtors' reorganization and is a major
component of the Debtors' business plan.

The hearing to consider confirmation of the Plan will be held on
January 14, 2011, at 10:00 a.m., prevailing Eastern Time.

Full-text copies of the Second Amended Plan and Disclosure
Statement, filed November 23, 2010 are available at no charge at:

       http://bankrupt.com/misc/Mesa_2ndAmPlan112310.pdf
       http://bankrupt.com/misc/Mesa_2ndAmDS112310.pdf

                     About Mesa Air Group

Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele.  This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.

Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.

Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel to the
Debtors.  Imperial Capital LLC is the investment banker.  Epiq
Bankruptcy Solutions is claims and notice agent.  Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.

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


MESA AIR: Proposes to Assume Bombardier Purchase Agreement
----------------------------------------------------------
Mesa Air Group Inc. and its affiliated debtors ask the Bankruptcy
Court for authority (i) to assume, as amended, the Master Purchase
Agreement 497, dated May 18, 2001, between Mesa Air Group, Inc.
and Bombardier Inc., (ii) to settle certain claims of the Debtors
and Bombardier arising under the Master Purchase Agreement, and
(iii) to settle certain claims of Bombardier Capital Inc. and
Bombardier Services Corporation against the Debtors.

Bombardier Inc. is the manufacturer of the aircraft currently in
the Debtors' fleet.  The Master Purchase Agreement is one of the
key agreements governing the parties' relationship.  It governed
the purchase of Canadian Regional Jets models 700 and 900.  Since
2001, the Debtors have purchased 38 CRJ-900 aircraft and 20 CRJ-
700 aircraft pursuant to the Master Purchase Agreement.  As of
the Petition Date, the Debtors were still obligated to purchase
10 additional CRJ-700 under the terms of the Master Purchase
Agreement.

The Bombardier Claims are:

  Claimant         Debtor          Claim No.  Claim Amount
  --------         ------          ---------  ------------
  Bombardier Inc.  Mesa Air Group     1079    $310,838,819
  Bombardier Inc.  Mesa Airlines      1082               -
  Bombardier Inc.  Mesa Air Group     1080      15,865,000
  Bombardier Inc.  Mesa Airlines      1083      15,865,000
  BCI              Mesa Airlines      1100      28,777,601
  BCI              Mesa Air Group     1076      28,777,601
  BCI              Mesa Airlines      1074         186,053
  BSC              Mesa Airlines      1077      31,244,506
  BSC              Mesa Air Group     1078      31,244,506
  BSC              Mesa Airlines      1089         392,387

In connection with the assumption of the Master Purchase
Agreement, the Debtors and Bombardier executed a term sheet
containing the salient terms of the proposed amendment to the
agreement.

According to John W. Lucas, Esq., at Pachulski Stang Ziehl &
Jones LLP, in New York, the assumption of the Master Purchase
Agreement includes a settlement of the outstanding rights and
obligations between the Debtors and Bombardier under the Master
Agreement, and an agreement to work in good faith to resolve
additional claims asserted against the Debtors by Bombardier.

The Term Sheet has been redacted to protect certain commercially
sensitive information.  In line with this, the Debtors also ask
the Court for authority to file an unredacted version of the Term
Sheet under seal.  The Debtors will make the unredacted Term
Sheet and the unredacted change order 24 relating to the Master
Purchase Agreement available to the Court, the U.S. Trustee, and
to the professionals of the Official Committee of Unsecured
Creditors.

A redacted copy of the Term Sheet is available at no charge at:

   http://bankrupt.com/misc/Mesa_BombardierTermSheet112210.pdf

Mr. Lucas relates that, in connection with the assumption of the
Master Service Agreement, Bombardier has agreed that:

  (i) There is no cure amount owing as a result of the
      modifications.

(ii) Bombardier's claim of $310,000,000, Claim No. 1079,
      against Mesa Air Group and Mesa Airlines will be allowed
      as a single claim against Mesa Air Group for approximately
      $75,000,000.  Bombardier also agreed to withdraw Claim No.
      1082.

(iii) Certain mutual payment obligations will be offset and
      restructured that will result in immediate savings to the
      Debtors.  After effectuating the setoff, Bombardier will
      withdraw Claim Nos. 1080 and 1083.

Mr. Lucas provides a summary of the principal terms and
conditions of the Term Sheet, which includes:

  (a) Mesa Air Group's obligation to purchase 10 CRJ-700
      aircraft is terminated.  In exchange, Bombardier will have
      an allowed non-priority, general unsecured claim of
      $75,000,000 against Mesa Air Group, which claim will be
      treated as a Class 3(a) Claim under the Debtors' Second
      Amended Joint Plan of Reorganization.

  (b) Bombardier will no longer be required to provide
      (1) airworthiness directives and service bulletins,
      (2) credits in certain events that the aircraft do not
      complete scheduled flights, (3) airframe direct
      maintenance support based on certain conditions,
      (4) aircraft financing support, and (5) silent option
      aircraft.

  (c) The parties agree to restructure their obligations under
      the Master Purchase Agreement by amending the outstanding
      payment schedules and permitting a setoff of the amounts
      due under the Bombardier Loans against certain credits due
      to Mesa Air Group.  By virtue of the modifications to the
      Master Purchase Agreement, there are no other defaults
      that must be cured by the Debtors as a condition to
      assumption of the Master Purchase Agreement, as amended by
      the Term Sheet.

  (d) The continued effectiveness of the Term Sheet is governed
      by certain conditions.

According to Mr. Lucas, the Debtors and Bombardier are in the
final stages of memorializing the terms and conditions of new
aircraft engine leases that the Debtors believe are fair and
reasonable.

                       Claim Settlement

The Debtors have agreed to allow certain BCI and BSC Claims --
(i) Claim No. 1100 for $23,555,825, (ii) Claim No. 1076 for
$23,555,825, (iii) Claim No. 1074 for $186,053, (iv) Claim No.
1089 for $392,387.

Certain claims are not affected by the relief sought in this
motion and remain subject to resolution among the parties.  The
unaffected claims are (i) Claim Nos. 1080, 1083, 1084, 1147 and
1148 filed by Bombardier, each in an unliquidated amount; (ii)
Claim Nos. 1075, 1099 and 1428 filed by BCI in the aggregate
amount of $3,100,000; and (iii) Claim Nos. 1085 and 1086 filed by
LearJet in the approximate aggregate amount of $226,198.

The matter is scheduled for a hearing on January 14, 2011.

Objections are due on or before January 7, 2011, at 4:00 p.m.,
prevailing Eastern Time.  If no objection is timely filed, the
relief requested will be deemed unopposed and the Court may enter
an order without a hearing.

                     About Mesa Air Group

Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele.  This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.

Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.

Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel to the
Debtors.  Imperial Capital LLC is the investment banker.  Epiq
Bankruptcy Solutions is claims and notice agent.  Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.

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


MICHAEL LONGO: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Joint Debtors: Michael Angelo Longo
               Mary Kay Longo
               P.O. Box 760
               Scottsdale, AZ 85252

Bankruptcy Case No.: 10-41377

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Charles G. Case, II

Debtors' Counsel: Harold E. Campbell, Esq.
                  CAMPBELL & COOMBS, P.C.
                  1811 S. Alma School Road, Suite 225
                  Mesa, AZ 85210
                  Tel: (480) 839-4828
                  Fax: (480) 897-1461
                  E-mail: heciii@haroldcampbell.com

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

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

A list of the Joint Debtors' 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb10-41377.pdf


MISSION ROAD: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Mission Road Church of God in Christ, Inc.
        P.O. Box 620188
        Oviedo, FL 32762-0188

Bankruptcy Case No.: 10-22780

Chapter 11 Petition Date: December 29, 2010

Court: United States Bankruptcy Court
       Middle District of Florida (Orlando)

Judge: Arthur B. Briskman

Debtor's Counsel: Philip Duston Bartlett, III, Esq.
                  THE BARTLETT LAW FIRM, P.A.
                  230 East Marks Street
                  Orlando, FL 32803
                  Tel: (321) 319-0587
                  Fax: (886) 596-9215
                  E-mail: phil@pdbartlettlaw.com

Scheduled Assets: $4,039,000

Scheduled Debts: $1,600,000

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

The petition was signed by Larry Perkins, pastor.


MOLECULAR INSIGHT: Sets Feb. 4 General Claims Bar Date
------------------------------------------------------
On December 23, 2010, the United States Bankruptcy Court for the
District of Massachusetts entered an order  establishing the bar
dates for filing proofs of claim against Molecular Insight
Pharmaceuticals, Inc..  Pursuant to the Bar Date Order, on
December 29, 2010, the Company published a Notice of the Bar Dates
in the national edition of USA TODAY to notify any potential
creditor of the last date and time for filing proofs of claim and
interests against the Company, that is, (a) February 4, 2011 at
4:00 p.m. Pacific Prevailing Time for all persons and entities
other than governmental units who wish to file proof(s) of claim
against the Company and (b) June 7, 2011 at 4:00 p.m. Pacific
Prevailing Time for all governmental units who wish to file proofs
of claim against the Company.

Additionally, the Company has posted a copy of the Notice and the
form of Proof of Claim on http://www.omnimgt.com/molecular
The Notice includes a telephone number that parties-in-interest
can call to obtain copies of the Proof of Claim Form and
information concerning the filing procedures.

                      About Molecular Insight

Cambridge, Massachusetts-based Molecular Insight Pharmaceuticals,
Inc., is a clinical-stage biopharmaceutical company that provides
services on the detection and treatment of various forms of cancer
and other life-threatening diseases.  The Debtor disclosed
$36,453,000 in total assets and $198,829,000 in total debts as of
September 30, 2010.

Molecular Insight filed for Chapter 11 bankruptcy protection on
December 9, 2010 (Bankr. D. Mass. Case No. 10-23355).  Alan L.
Braunstein, Esq., at Riemer & Braunstein, LLP, serves as
the Debtor's local Massachusetts counsel.  Kramer Levin Naftalis &
Franklin LLP serves as the Debtor's lead bankruptcy counsel.
Foley & Lardner LLP is the Debtor's bankruptcy counsel.  CRT
Capital Group LLC is the Debtor's financial advisor.  Tatum LLC, a
division of SFN Professional Services LLC, is the Debtor's
financial consultant.  Omni Management Group, LLC, is the claims,
and balloting agent.


MOMENTIVE SPECIALTY: Board Gives Special Bonus to Two Executives
----------------------------------------------------------------
The board of directors of Momentive Specialty Chemicals Inc.
awarded, on December 27, 2010, a special bonus to Craig O.
Morrison and William H. Carter in recognition of each executive's
performance, productivity success and accomplishments related to
the Company's mergers and acquisitions efforts.  Mr. Morrison will
receive a bonus of $3.25 million and Mr. Carter will receive a
bonus of $1.75 million.

Mr. Morrison serves as director, chairman, president and chief
executive officer of the Company while Mr. Carter acts as
director, executive vice president and chief financial officer.

                     About Momentive Specialty

Momentive Specialty Chemicals, Inc., headquartered in Columbus,
Ohio, is a leading producer of thermoset resins (epoxy,
formaldehyde and acrylic).  The company is also a supplier of
specialty resins for inks and specialty coatings sold to a diverse
customer base as well as a producer of commodities such as
formaldehyde, bisphenol A, epichlorohydrin, versatic acid and
related derivatives.

The Company's balance sheet at Sept. 30, 2010, showed
$3.22 billion in total assets, $5.20 billion in total liabilities,
and a stockholders' deficit of $1.99 billion.

Momentive Specialty carries a 'B-' issuer credit rating from
Standard & Poor's Ratings Services.  It has 'B3' corporate family
and probability of default ratings from Moody's Investors Service.
corporate credit rating from Standard & Poor's.


NEC HOLDINGS: In Dispute with Buyer Over Price Adjustment
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that National Envelope Corp. sold its business in
September and returned to bankruptcy court on Dec. 29 saying the
buyer is attempting to "massively reduce" the purchase price and
in the process eliminated a recovery by unsecured creditors.  The
dispute will be aired at a Jan. 20 hearing.

As reported by the Troubled Company Reporter, affiliates of
Gores Group LLC bought the business under a contract valued at
$208 million, including cash of $149.85 million.  Mr. Rochelle
relates the acquisition price included an adjustment for working
capital.  At closing in September, NEC estimated working capital
was $123 million.

According to Mr. Rochelle, NEC says the buyer takes the position
that working capital turned out to be $112 million.  The buyer
wants a $12 million refund from a $14 million escrow.  NEC,
however, contends that the buyer's arguments are contrary to law
in the federal circuit court that governs Delaware and in
contravention of the purchase agreement.

                      About NEC Holdings

NEC Holdings Corp., together with affiliates, including National
Envelope Inc., filed for Chapter 11 on June 10, 2010 (Bankr. D.
Del. Lead Case No. 10-11890).  Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel.
David S. Heller, Esq., at Josef S. Athanas, Esq., and Stephen R.
Tetro II, Esq., at Latham & Watkins LLP, serve as co-counsel.  The
Garden City Group is the claims and notice agent.

NEC Holdings estimated assets and debts of $100 million to
$500 million in its Chapter 11 petition.

In September 2010, National Envelope's key assets were bought in a
roughly $208 million deal by The Gores Group LLC, a West Coast
private equity firm that manages about $2.9 billion of capital.

                           *     *     *

National Envelope Corp. received a January 6 extension of the
exclusive right to propose a Chapter 11 plan.  No objections were
filed to the extension request.


NOVADEL PHARMA: Stock Quotation Deleted From OTC Bulletin Board
---------------------------------------------------------------
On December 20, 2010, the stock quotation for NovaDel Pharma Inc.,
a Delaware corporation, under the symbol "NVDL" was deleted from
the OTC Bulletin Board.  The symbol was deleted for factors beyond
the Company's control.  Pursuant to Rule 15c2-11, the Company was
deemed to be deficient in maintaining a listing standard at the
OTCBB because the Company did not have a sufficient number of
market makers providing quotes on the Company's common stock on
the OTCBB for four consecutive trading days.  That determination
was made entirely without the Company's knowledge.

The Company's common stock now trades exclusively on the OTCQB
under the symbol "NVDL."  The OTCQB is a new electronic
interdealer quotation system created by Pink OTC Markets, Inc,
comparable to the OTCBB whereby all Securities and Exchange
Commission registered companies quoted on the OTC market are
eligible to trade.

The Company's shares remain tradable under the symbol "NVDL" on
OTCQB.  Investors can obtain a quote on the Company's common stock
by going to www.otcmarkets.com, and searching under the symbol
"NVDL."

The Company is seeking a new market maker to file a new Form 211
application with the Financial Industry Regulatory Authority in
order to have the Company's common stock reinstated on OTCBB.

The Company remains current in all its required SEC filings and
with the regulators in the jurisdictions in which it operates.

                       About NovaDel Pharma

Bridgewater, N.J.-based NovaDel Pharma Inc. (OTC BB: NVDL)
-- http://www.novadel.com/-- is a specialty pharmaceutical
company developing oral spray formulations for a broad range of
marketed pharmaceuticals.

The Company's balance sheet at September 30, 2010, showed
$2.06 million in total assets, $9.10 million in total liabilities,
and a stockholders' deficit of $7.04 million.

As reported in the Troubled Company Reporter on April 6, 2010,
J.H. Cohn LLP, in Roseland, N.J., expressed substantial doubt
about the Company's ability to continue as a going concern
following the Company's 2009 results.  The independent auditors
noted of the Company's recurring losses from operations and
negative cash flows from operating activities.


ORLANDO GARCIA, JR.: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Orlando Garcia, Jr.
        158 Isla Dorada Boulevard
        Coral Gables, FL 33143

Bankruptcy Case No.: 10-49492

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtor's Counsel: Zach B. Shelomith, Esq.
                  LEIDERMAN SHELOMITH, P.A.
                  2699 Stirling Road, #C401
                  Ft Lauderdale, FL 33312
                  Tel: (954) 920-5355
                  Fax: (954) 920-5371
                  E-mail: zshelomith@lslawfirm.net

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

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

A list of the Debtor's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flsb10-49492.pdf


PAULETTE PHILIAS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Paulette Philias
        6470 NW 77 Place
        Parkland, FL 33067

Bankruptcy Case No.: 10-49561

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       Southern District of Florida (Fort Lauderdale)

Judge: John K. Olson

Debtor's Counsel: Sabrina Chassagne, Esq.
                  1 NE 2 Avenue, #208
                  Miami, FL 33132
                  Tel: (305) 358-0005
                  E-mail: justice.one@earthlink.net

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

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

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


PETTERS GROUP: JPMorgan Sued Again for Petters Ponzi Scheme
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that JPMorgan Chase & Co. and its private equity fund One
Equity Partners LLC were sued again for their involvement with the
Ponzi scheme orchestrated by Thomas Petters. The new suit was
filed on Dec. 29 in U.S. District Court in Minneapolis by the
federal court receiver for Mr. Petters and some of his companies.
The suit is designed to pick up any recoveries that are missed in
similar suits filed this year by the bankruptcy trustees for Mr.
Petters' companies.

According to the report, the receiver, Douglas A. Kelley, alleges
that JPMorgan "knew or should have known" that Mr. Petters was
running a Ponzi scheme.  The ability to know, according to the
receiver, arose from the due diligence the bank conducted in
connection Mr. Petters' $426 million acquisition of Polaroid Corp.
from One Equity in early 2005.  The complaint alleges that the
bank received $240 million from the Polaroid sale.  The receiver
also wants to recover $25 million that Mr. Petters was holding in
investment accounts at the bank when he was arrested.  After the
arrests and before the bankruptcies, the bank, according to the
complaint, liquidated the accounts to recover $20 million loaned
to Mr. Petters under a credit agreement.

                        About Petters Group

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

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

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


POINT PETER: Court Directs Return of Catalyst's $300,000 Deposit
----------------------------------------------------------------
Bankruptcy Judge Arthur B. Briskman denied the request by Point
Peter, LLLP and KeyBank National Association, for the release of a
$300,000 bid deposit paid by Catalyst Development, LLC.  Contrary
to Point Peter and KeyBank's assertion, Catalyst did not default
on its agreement to purchase the Debtor's assets because no such
written binding contract exists.  Judge Briskman directed escrow
agent Berger Singerman, P.A. to turn over to Catalyst the deposit
plus all accrued interest.

KeyBank is Point Peter's secured lender.  It filed a secured claim
for $21,227,819 asserting security interests in the debtor
entities' assets.

Point Peter sought to sell all or substantially all of its assets
free and clear of liens pursuant to 11 U.S.C. Section 363.
KeyBank and Catalyst have been involved in the sale process.
KeyBank tendered a $6,000,000 credit bid for all of the assets.
Catalyst submitted a $300,000 bid deposit in connection with a
purchase agreement dated May 6, 2010.  The Debtor and KeyBank
assert Catalyst defaulted on the purchase agreement and has
forfeited the deposit.  Catalyst disagrees asserting no written
binding purchase agreement was executed by the parties.

A copy of Judge Briskman's December 27, 2010 Order is available at
http://is.gd/jZRCnfrom Leagle.com.

                About Point Peter and Land Resource

Point Peter, LLLP, and several related affiliates, including Land
Resource, LLC, filed Chapter 11 bankruptcy petitions (Bankr. M.D.
Fla. Case No. 08-10173) on October 30, 2008.  They developed
vacation and second home residential communities in Florida,
Georgia, North Carolina, Tennessee and West Virginia.  Point Peter
owns assets in Georgia known as the Cumberland Harbour
Development, which includes two marinas.

As reported by the Troubled Company Reporter on July 3, 2009,
Judge Arthur Briskman converted the Chapter 11 bankruptcy case of
Land Resource LLC (Bankr. M.D. Fla. Case No. 08-10159) to a
Chapter 7 proceeding.  As reported by the TCR on March 25, 2009,
the Bankruptcy Court converted the Chapter 11 cases of 33
affiliates to Chapter 7.  As a result of the Court's order, only
Point Peter, remained as debtor-in-possession.

On December 22, 2008, the Court approved bidding procedures for
the sale of substantially all of Land Resource's assets.  Land
Resource conducted auction sales for its assets and the Court
approved sales with respect to six developments.

Jordi Guso, Esq., at Berger Singerman, P.A., in Miami, Florida,
and Richard D. Sierra, Esq., at Kosto & Rotella PA, in Orlando,
Florida, were counsel to the Chapter 11 Debtors.  Jeffrey I.
Snyder, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP, in
Miami, Florida, represented the Committee of Creditors Holding
Unsecured Claims as counsel.  Trustee Services Inc. acted as the
Debtors' notice, claims and balloting agent.

In its Chapter 11 petition, Land Resource LLC estimated assets
of $100 million to $500 million and debts of $50 million to
$100 million.


POLI-GOLD LLC: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Poli-Gold, L.L.C., filed with the U.S. Bankruptcy Court for the
District of Arizona its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $22,542,140
  B. Personal Property            $7,842,803
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $8,393,470
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $6,008,045
                                 -----------      -----------
        TOTAL                    $30,384,943       $14,401,515

Fort Mohave, Arizona-based Poli-Gold, LLC, owns a cabin and RV
resort in Panguitch, Utah.  It also owns a commercial
building/warehouse/storage facility in Fort Mohave, Arizona, as
well as a commercial property in Lake Havasu City, Arizona, and
some vacant lots in Kingman, Arizona.

Poli-Gold filed for Chapter 11 bankruptcy protection on
November 17, 2010 (Bankr. D. Ariz. Case No. 10-37018).  Engelman
Berger, P.C., serves the Debtor as bankruptcy counsel.  The Debtor
estimated assets and debts at $10 million to $50 million.


POLI-GOLD LLC: U.S. Trustee Unable to Form Creditors Committee
--------------------------------------------------------------
Poli-Gold, LLC, filed with the U.S. Bankruptcy Court for the
District of Arizona that he was unable to appoint an official
committee of unsecured creditors in the Chapter 11 case of
Poli-Gold, L.L.C.

The U.S. Trustee explained that there were insufficient
indications of willingness from the unsecured creditors to serve
in a committee.

Fort Mohave, Arizona-based Poli-Gold, LLC, owns a cabin and RV
resort in Panguitch, Utah.  It also owns a commercial
building/warehouse/storage facility in Fort Mohave, Arizona, as
well as a commercial property in Lake Havasu City, Arizona, and
some vacant lots in Kingman, Arizona.

Poli-Gold filed for Chapter 11 bankruptcy protection on
November 17, 2010 (Bankr. D. Ariz. Case No. 10-37018).  Engelman
Berger, P.C., serves the Debtor as bankruptcy counsel.  The Debtor
disclosed $30,384,943 in assets and $14,401,515 in liabilities as
of the Chapter 11 filing.


PRIME TANNING: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Prime Tanning Company, Inc.
        9 Main Street
        Hartland, ME 04943

Bankruptcy Case No.: 10-11949

Chapter 11 Petition Date: December 30, 2010

Court: U.S. Bankruptcy Court
       District of Maine (Bangor)

Judge: Louis H. Kornreich

Debtor's Counsel: Robert J. Keach, Esq.
                  BERNSTEIN, SHUR, SAWYER & NELSON
                  100 Middle Street, 6th Floor
                  P.O. Box 9729
                  Portland, ME 04104-5029
                  Tel: (207) 774-1200
                  E-mail: rkeach@bernsteinshur.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/meb10-11949.pdf

The petition was signed by Paul Larochelle, president.

Debtor-affiliates that filed separate Chapter 11 petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Irving Tanning Company                10-11757            11/16/10
Prime Tanning Co., Inc.               10-11758            11/16/10
Prime Tanning Corp.                   10-11759            11/16/10
Cudahy Tanning Company, Inc.          10-11948            12/30/10


ROBERT MIELL: 8th Cir. BAP Affirms Sale of VanCura Property
-----------------------------------------------------------
The United States Bankruptcy Appellate Panel for the Eighth
Circuit affirmed a bankruptcy court order authorizing Renee K.
Hanrahan, Chapter 7 trustee for the bankruptcy estate of Robert E.
Meill, to sell real estate purchased by the Debtor from Gary E.
VanCura on contract free and clear of all liens.

Mr. VanCura took an appeal from the Bankruptcy Court Order.  The
issue on appeal is whether the $30,000 loan made by Mr. VanCura to
the Debtor subsequent to the time when the Debtor and Mr. VanCura
entered into an installment real estate contract qualifies as an
advancement under the Contract that should be added to the
principal amount of indebtedness secured by the real estate.  The
BAP also examined whether the bankruptcy court's approval of the
Trustee's sale free of liens pursuant to 11 U.S.C. Sec. 363(f) was
proper.

The BAP concludes: (1) the $30,000 loan was not an advancement
under the Contract, (2) the loan was not, therefore, secured by
the real estate, and (3) the bankruptcy court's approval of the
sale was proper.

The three-man panel before the BAP consists of Chief Judge Robert
J. Kressel, and Bankruptcy Judges Barry S. Schermer and Charles L.
Nail, Jr.  A copy of the BAP's decision, written by Judge Kressel,
is available at http://is.gd/k01nIfrom Leagle.com.

Robert E. Miell Debtor filed a voluntary Chapter 11 petition
(Bankr. N.D. Iowa Case No. 09-01500), without Schedules and
Statements, on May 28, 2009.  The Debtor filed his Schedules and
Statements on June 29, 2009, and amended them on July 13, 2009.
The Court converted the case to Chapter 7 and appointed a
Chapter 7 Trustee on October 9, 2009.


ROYAL WEST: Court Issues Ruling on Investors' Secured Claims
------------------------------------------------------------
Bankruptcy Judge Robert A. Mark issued an opinion further
narrowing the scope of secured claims filed in the Chapter 7
bankruptcy case of Royal West Properties, Inc.  The Debtor's
Chapter 7 case includes hundreds of individual creditors who
invested money with the Debtor and purportedly received
assignments of individual notes and mortgages to secure the
Debtor's obligations to them.  The case has spawned substantial
litigation over the validity of the secured claims filed by the
investors.  The Court's opinion and order resolve remaining legal
issues raised in the Chapter 7 Trustee's Amended Generic
Objections to Investors' Secured Claims.

According to Judge Mark, even though an investor holding an
original mortgage note had a perfected security interest in a
mortgage receivable, that security was extinguished when the
underlying mortgage was extinguished.  This occurred when the
Debtor settled the outstanding balance or took back title to the
lots subject of the assigned mortgages through foreclosure or
acceptance of a deed in lieu of foreclosure.  These investors do
not have perfected security interests in the reacquired lots and
any equitable lien or constructive trust claims against the
Reacquired Lots would be avoided or trumped by the Chapter 7
Trustee's strong-arm powers under Sec. 544(a) of the Bankruptcy
Code.  In short, with no remaining mortgages, the investors
subject of the Court's opinion, like many of the other investors
who bargained for and believed they held collateral, are simply
the holders of unsecured claims.

A copy of the Court's December 29, 2010 Memorandum Opinion and
Final Order is available at http://is.gd/k0k3bfrom Leagle.com.

Harold D. Moorefield, Jr., Esq. -- hmoorefield@stearnsweaver.com
-- at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.,
in Miami, serves as counsel the Chapter 7 Trustee.

Phillip M. Hudson, III, Esq. -- pmhudson@arnstein.com -- at
Arnstein & Lehr, LLP, in Miami, serves as counsel for Alicia and
Manuel Rodriguez & RBI-2120 Real Estate, Inc.

David Samole, Esq. -- das@kttlaw.com -- at Kozyak Tropin &
Throckmorton, P.A., in Coral Gables, Florida, serves as counsel
for Royal Trust.

                    About Royal West Properties

Miami, Florida-based Royal West Properties, Inc., is one of the
largest real estate investment companies in Miami's Cuban-American
community.  The Company was put into Chapter 11 bankruptcy by
creditors Fernando Barboza, Nestor Barboza, and Panamanian company
Corita Corp. (Bankr. S.D. Fla. Case No. 09-20334) on May 27, 2009.

Drew Dillworth of Stearns Weaver Miller Weissler Alhadeff &
Sitterson was named as receiver for Royal West Properties'
bankruptcy.  On August 10, 2009, the Court entered an Order
converting the case to a Chapter 7 case, and on August 12, 2009,
the U.S. Trustee's Office appointed Mr. Dillworth as the Chapter 7
Trustee.


SALT VERDE: S&P Downgrades Rating on Subordinated Debt to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its subordinated debt
rating on Salt Verde Financial Corp.'s $29 million gas project
revenue bonds to 'B' from 'BB+'.  The outlook is negative.  At the
same time, S&P affirmed its 'A' rating and negative outlook on
SVFC's $1.1 billion senior secured gas project revenue bonds.

The rating and outlook on the subordinated bonds is currently
linked to the rating and outlook on MBIA Insurance, which
guarantees the debt service reserve repurchase agreement provided
by MBIA Inc. The repurchase agreement has been deemed to be
insufficient to delink the ratings on MBIA Insurance from ratings
on SVFC's subordinate bonds under Standard & Poor's counterparty
criteria.

On Dec. 22, 2010, Standard & Poor's downgraded MBIA Insurance
Corp. (B/Negative/--), MBIA Inc., and National Public Finance
Guarantee Corp. following its review of the stress-case loss
projections for MBIA Insurance's collateralized debt obligations
of asset-backed securities and its commercial real estate related
exposures being significantly higher than previously projected.


SAVANNAH OUTLET: Gets Final OK to Access Lenders' Cash Collateral
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Georgia
authorized, on a final basis, Savannah Outlet Shoppes, LLC, to use
cash securing debt with the prepetition lenders until February 15,
2011.

As reported in the Troubled Company Reporter on October 14, 2010,
the Debtor granted Comm 2006-C8 Gateway Boulevard Limited
Partnership's predecessor-in-interest a first priority perfected
secured interest in and to, inter alia, Debtor's real property, a
commercial center located in Savannah, and the proceeds related
thereto including rents to secure a debt with a present balance of
approximately $10,134,000.

The Debtor's real property is also encumbered by a second priority
Deed to Secure Debt which is being serviced by Wells Fargo
Commercial Mortgage Servicing, securing a debt of approximately
$600,000.

The proceeds of the Debtor's real property, including rents,
constitute cash collateral of the lenders.

The Debtor would use the cash collateral to fund its Chapter 11
case, pay suppliers and other parties.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the lenders replacement liens
on all property of the Debtor and the estate, of the same kind,
and to the extent and priority as existed prior to the Petition
Date; and superpriority administrative expense claim status.

As additional adequate protection to the lenders, the Debtor will
pay the lenders all cash on hand after payment of authorized
expenses, plus the required escrow amounts for taxes and
insurance, minus a reserve of 5%.  The Debtor will make the same
payment by no later than the 10th day of each successive month.
The payments will be applied by the lenders in accordance with the
loan documents.

                About Savannah Outlet Shoppes, LLC

Claremont, California-based Savannah Outlet Shoppes, LLC, owns and
operates a business related to the management and leasing of a
commercial shopping center located in Savannah, Georgia.

Savannah Outlet filed for Chapter 11 bankruptcy protection on
October 4, 2010 (Bankr. S.D. Ga. Case No. 10-42135).  Karen F.
White, Esq., at Cohen Pollock Merlin & Small PC, represents the
Debtor.  The Debtor estimated assets and debts at $10 million to
$50 million.


SCHUTT SPORTS: Seeks April 4 Plan Exclusivity Extension
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Schutt Sports Inc. is seeking a three-month extension
of the exclusive right to file a Chapter 11 plan.  If granted by
the bankruptcy judge at a Jan. 10 hearing, the new deadline would
be April 4.

Headquartered in Litchfield, Illinois, Schutt Sports, Inc. -- fka
Schutt Manufacturing Company, Schutt Sports Manufacturing Co.,
Schutt Sports Distribution Company, and Schutt Athletic Sales
Company -- and its affiliates manufacture team sporting equipment,
primarily for football, baseball and softball.

Schutt Sports filed for Chapter 11 bankruptcy protection on
September 6, 2010 (Bankr. D. Del. Case No. 10-12795).  The Company
was forced into Chapter 11 by a $29 million patent-infringement
judgment in favor of competitor Riddell Inc.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, assists
the Debtor in its restructuring effort.  Ernst & Young is the
Debtor's financial advisor.  Oppenheimer & Co., Inc., is the
Debtor's investment banker. The Official Committee of Unsecured
Creditors tapped Lowenstein Sandler PC as its counsel.

The Debtor estimated its assets and debts at $50 million to
$100 million as of the Petition Date.

Platinum Equity in December 2010 completed the acquisition of
substantially all the assets of Schutt Sports through a
transaction conducted under Section 363 of the U.S. Bankruptcy
Code.


SEXY HAIR: Wants to Use Cash Collateral & Obtain DIP Financing
--------------------------------------------------------------
Sexy Hair Concepts, LLC, et al., ask for authorization from the
U.S. Bankruptcy Court for the Central District of California to
use the cash collateral through mid-March 2011 and to obtain DIP
financing.

Prior to the Petition Date, the operating debtor Sexy Hair
financed its operations and growth through the proceeds from the
sales of its products, the use of a secured credit facility
maintained with the Bank of Montreal, as the Administrative and
Collateral Agent for the secured lender group, pursuant to the
terms of a Credit Agreement dated April 9, 2008, and the use of a
subordinated credit facility with Northwestern Mutual Life
Insurance Company pursuant to the terms of the Securities Purchase
and Guaranty Agreement of the same date.  As of the date hereof,
the outstanding pre-petition amount owing under the Credit
Agreement is not less than $62,580,138.16.  The Senior Secured
Lenders assert valid, perfected and enforceable security interest
in all of the Debtors' assets, including assets that constitute
cash collateral.

Scott F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, explains
that the Debtors need the money to fund their Chapter 11 case, pay
suppliers and other parties.

In exchange for the cash collateral use, the Senior Secured
Lenders will be granted Replacement Liens as security for the
payment of the Prepetition Debt.  The Operating Debtor will make
all interest payments in respect of the Prepetition Debt that
accrued prior to the Filing Date and will accrue subsequent to the
Filing Date.  To the extent the Prepetition Collateral is
insufficient to adequately protect the interests of the
Senior Secured Lenders, they will have an allowable claim under
U.S. Bankruptcy Code section 507(b), with priority over
administrative costs and expenses of the case and claims of any
other party in interest under 507(b).

The Operating Debtor will retain the Cash Collateral in its
possession and any additional Cash Collateral generated from the
operation of its business up to a Minimum Cash Threshold, which
threshold amount should be sufficient to allow the Operating
Debtor to continue to operate its business without interruption.
The Operating Debtor will deposit any Cash Collateral in excess of
the Minimum Cash Threshold in a Blocked Account under the control
of the Prepetition Agent.

DIP Financing

As of the Petition Date, the actual and projected income to the
Operating Debtor generated from the sales of its products is not
likely sufficient to cover the Operating Debtor's business
operations post-petition, with the additional costs of
effectuating the restructuring.  Over the next 13 weeks, the
Operating Debtor anticipates that it will need to borrow at least
$3.2 million under the DIP Agreement to continue to operate as a
going concern and preserve value.

As provided for in the DIP Agreement, the cost of establishing a
$5 million DIP financing facility with the DIP Lenders will be
$100,000.

The Operating Debtor, the Postpetition Guarantors, BMO and certain
other lenders that may become party thereto from time to time have
negotiated, and are prepared to execute a Debtor-In-Possession
Credit Agreement, a copy of which is available for free at:

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

In the event that the Operating Debtor has insufficient Cash
Collateral available, the Operating Debtor will be allowed to
incur Postpetition Debt to pay expenses and allowable claims.  If
the DIP Lenders advance money to the Operating Debtor and the
money is not used in accordance with the terms of the Proposed
Order, such advances will still be considered Postpetition Debt.
The DIP facility will have an interim borrowing limit of
$2.5 million and a final maximum borrowing limit of $5 million.
Advances under the DIP facility will accrue interest at a rate
equal to the Base Rate, plus 5.0% per annum and will be payable
monthly.  All Postpetition Debt will mature and become due on the
Termination Date.  The Guaranty, as set forth in the DIP
Agreement, will remain in effect notwithstanding the entry of the
Proposed Order and each Guarantor will remain jointly and
severally liable on the Postpetition Debt.  The Postpetition Debt
will be granted superpriority administrative expense status.  The
Postpetition Debt will be secured by the Postpetition Liens
granted to the DIP Lenders, which are priority liens.

The Debtors will not incur, or seek to incur, additional debt
secured by a lien equal or superior to the Prepetition Liens,
Postpetition Liens or which is given superpriority administrative
status.

                          About Sexy Hair

Chatsworth, California-based Sexy Hair Concepts, LLC, is an
operating company engaged in the development, distribution and
marketing of premium quality hair care products and brands.  It
outsources the production and manufacture of its various lines of
premier hair care products and operates from a single facility in
Chatsworth, California, that houses its corporate offices and
distribution warehouse.  It works with several distributors
domestically and internationally, but does not maintain any other
offices.

Sexy Hair filed for Chapter 11 bankruptcy protection on
December 21, 2010 (Bankr. C.D. Calif. Case No. 10-25922).  Scott
F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, serves as Sexy
Hair's bankruptcy counsel.  According to its schedules, Sexy Hair
disclosed $78,000,000 in total assets and $91,141,147 in total
debts as of the Petition Date.

Sexy Hair's bankruptcy case is jointly administered with those of
Ecoly International, Inc., a California corporation, and Luxe
Beauty Midco Corporation.  Ecoly is the lead case.


SEXY HAIR: Court Establishes Jan. 17 as Claims Bar Date
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has given creditors with pre-bankruptcy claims until January 17,
2011 at 5:00 p.m. (Pacific Time), to file proofs of claim against
the bankruptcy estate of Sexy Hair Concepts, LLC, et al.

All Proofs of Claim must be filed by 5:00 p.m. (Pacific Time) on
the applicable Bar Date at:

             Sexy Hair Claim Processing Center
             c/o Kurtzman Carson Consultants LLC
             2335 Alaska Avenue
             El Segundo, CA 90245

The bar date for the filing of Administrative Claims will be 30
days after the Effective Date.

For claims arising from rejection of executory contracts or
unexpired leases, the last day to file a proof of claim is (a) 30
days after the date of entry of the order authorizing the
rejection, or (b) by January 17, 2011, whichever is later.

For tax claims arising after the commencement of this case that
are entitled to priority, the last day to file a proof of claim
is: (a) 30 days after the tax claim arises, or (b) January 17,
2011, whichever is later.

For claims arising from the avoidance of a transfer under Chapter
5 of the Bankruptcy Code, the last day to file a proof of claim is
(a) 30 days after the entry of judgment avoiding the transfer, or
(b) January 17, 2011, whichever is later.

For claims of governmental units, proofs of claim must be filed:
(a) before 180 days after the date of the order for relief in this
case, or (b) by January 17, 2011, whichever is later.

Chatsworth, California-based Sexy Hair Concepts, LLC, is an
operating company engaged in the development, distribution and
marketing of premium quality hair care products and brands.  It
outsources the production and manufacture of its various lines of
premier hair care products and operates from a single facility in
Chatsworth, California, that houses its corporate offices and
distribution warehouse.  It works with several distributors
domestically and internationally, but does not maintain any other
offices.

Sexy Hair filed for Chapter 11 bankruptcy protection on
December 21, 2010 (Bankr. C.D. Calif. Case No. 10-25922).  Scott
F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, serves as Sexy
Hair's bankruptcy counsel.  According to its schedules, Sexy Hair
disclosed $78,000,000 in total assets and $91,141,147 in total
debts as of the Petition Date.

Sexy Hair's bankruptcy case is jointly administered with those of
Ecoly International, Inc., a California corporation, and Luxe
Beauty Midco Corporation.  Ecoly is the lead case.


SEXY HAIR: Files Reorganization Plan & Disclosure Statement
-----------------------------------------------------------
Sexy Hair Concepts, LLC, has filed a plan of reorganization and
disclosure statement with the U.S. Bankruptcy Court for the
Central District of California.

A copy of the Plan and the disclosure statement is available for
free at http://bankrupt.com/misc/SEXY_HAIR_ds_plan.pdf

Under the Plan, the Debtor will transfer certain of its assets
free and clear of all liens, claims, charges or other encumbrances
to the Reorganized Debtor, a newly formed corporation.  The
Reorganized Debtor will issue its newly created equity interests
to the Plan Sponsor upon the Plan Sponsor's investment of
$43 million.  The Reorganized Debtor will also assume $35 million
of the Senior Secured Loans, pursuant to a New Credit Facility and
will enter into a $5 million Exit Revolver Facility.  The
Reorganized Debtor will emerge from bankruptcy as an operating
entity that will continue to operate the Debtor's business and
make payments to certain of its creditors, pursuant to the Plan,
from capital invested by the Plan Sponsor, its cash on hand and
the cash generated from its business operations.

Senior secured lenders will receive their pro rata share of cash
in an amount sufficient to reduce the aggregate principal amount
of the Senior Secured Loans to $35 million, and each Senior
Secured Lender will receive its pro rata share of 100% of the
loans under the New Credit Facility.  Other secured claims, to the
extent that they are not satisfied prior to the Effective Date,
will either be reinstated and rendered unimpaired, or a holder of
an Allowed Secured Claim will receive the collateral securing the
claim.

The Debtor's non-priority, general unsecured creditors will share,
pro rata, the assets of the Plan Trust.

All existing, pre-confirmation Equity Securities will be
terminated under the Plan, and Equity Security Holders will not
receive any money or property under the Plan on account of such
Equity Security.

The Debtor requests that the Court set a hearing on confirmation
of the Plan for a date that is 30 days after the Disclosure
Statement Hearing.  Under the terms of the Investment Agreement,
the Debtor is required to request a hearing to confirm the Plan
within 30 days after the Disclosure Statement has been approved.
The Plan Sponsor may terminate the Investment Agreement if an
order confirming the Plan has not been entered by the 38th day
after the entry of the Disclosure Statement Approval Order.

               Proposed Confirmation Deadlines

1. Deadline for Service of Solicitation  -- 2 business days after
   Package, Ballot and Confirmation         Disclosure Statement
   Hearing                                  Notice Hearing

2. Confirmation Hearing                  -- 30 days after
                                            Disclosure Statement
                                            Hearing

3. Deadline for Filing Any Objection     -- 10 days before
   to Confirmation                          Confirmation Hearing

4. Voting Deadline                       -- 7 days before
                                            Confirmation Hearing

5. Deadline for Filing Reply             -- 3 days before
   Memorandum in Support of Plan            Confirmation
   Confirmation                             Hearing

6. Deadline for Filing Ballot Summary    -- 3 days before
                                            Confirmation Hearing

On December 21, 2010, the Plan Sponsor and Senior Secured Lenders
constituting more than one-half of the voting lenders under the
Credit Agreement and holding more than two-thirds in dollar amount
of the voting claims thereunder entered into the Plan Support
Agreement, pursuant to which the consenting senior secured lenders
agreed to support the Plan and the reorganization contemplated
thereby.

                         Treatment of Claims

Under the Plan, all allowed Administrative Claims, priority
claims, DIP Financing Claims and Trade Claims will be paid in full
on the Effective Date or over time.

It is expected that the Debtor will need to pay approximately
$2.6 million in administrative claims on the Effective Date of the
Plan unless the claimant has agreed to be paid later or the Court
has not yet ruled on the claim at issue.  The Debtor will have
approximately $43 million amount of cash on hand on the Effective
Date of the Plan.  The source of this cash will be cash from that
the Plan Sponsor pays pursuant to the investment agreement.

With respect to classified claims:

    Classification                           Treatment
    --------------                           ---------
A-1 - Allowed Secured Lender   Impaired; Senior Secured Lenders
      Claims                   will receive on account of its
                               Allowed Claims (x) its pro rata
                               share of Cash in an amount
                               sufficient to reduce the aggregate
                               principal amount of all Secured
                               Lender Claims, plus all accrued and
                               unpaid interest through the
                               Effective Date, to $35 million and
                               (y) its pro rata share of 100% of
                               the Loans under the New Credit
                               Facility.

A-2 - Allowed Other Secured    Unimpaired; To the extent not
      Claims                   satisfied by the Debtor prior to
                               the Effective Date, at the option
                               of the Reorganized Debtor, on or
                               after the Effective Date, (i) the
                               claim will be reinstated, (ii) a
                               holder of the claim will receive
                               the Collateral securing its allowed
                               claim and any interest on the
                               allowed claim required to be paid,
                               or (iii) a holder will receive the
                               treatment as to which holder and
                               the Reorganized Debtor otherwise
                               agree.

B - Allowed Priority Non-Tax   Unimpaired; Holders of the claim
    Claims                     will receive cash in an amount
                               equal to the claim on the later of
                               the Effective Date and the date the
                               claim becomes an allowed priority
                               non-tax claim, or as soon
                               thereafter as is practicable,
                               unless the holder and the
                               Reorganized Debtor or the Debtor,
                               with the consent of the Plan
                               Sponsor, otherwise agree.

C - Trade Claims               Unimpaired; Claims will be assumed
                               by the Reorganized Debtor and
                               holders of the claim will be paid
                               cash in the amount of 100% of it's
                               the claim from the Reorganized
                               Debtor on customary payment terms
                               consistent with past practice,
                               plus, if the payment is made after
                               the date on which the payment would
                               have been due by its terms, at the
                               discretion of the Reorganized
                               Debtor, interest at the Federal
                               Judgment Rate, except as any holder
                               and the Reorganized Debtor will
                               otherwise agree.

D - Allowed General            Impaired; Holders of the claim will
    Unsecured Claims           receive its pro rata share of the
                               Plan Trust Interests allocable to
                               the holders on account of their
                               claims.

E - Old Equity Interests       Impaired; Holders won't be entitled
                               to, and will not receive or retain
                               any property or interest in
                               property on account of the Old
                               Equity Interest.

                           About Sexy Hair

Chatsworth, California-based Sexy Hair Concepts, LLC, is an
operating company engaged in the development, distribution and
marketing of premium quality hair care products and brands.  It
outsources the production and manufacture of its various lines of
premier hair care products and operates from a single facility in
Chatsworth, California, that houses its corporate offices and
distribution warehouse.  It works with several distributors
domestically and internationally, but does not maintain any other
offices.

Sexy Hair filed for Chapter 11 bankruptcy protection on
December 21, 2010 (Bankr. C.D. Calif. Case No. 10-25922).  Scott
F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, serves as Sexy
Hair's bankruptcy counsel.  According to its schedules, Sexy Hair
disclosed $78,000,000 in total assets and $91,141,147 in total
debts as of the Petition Date.

Sexy Hair's bankruptcy case is jointly administered with those of
Ecoly International, Inc., a California corporation, and Luxe
Beauty Midco Corporation.  Ecoly is the lead case.


SONJA TREMONT-MORGAN: Taps Goldberg Weprin as Bankruptcy Counsel
----------------------------------------------------------------
Sonja Tremont-Morgan asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ Goldberg
Weprin Finkel Goldstein LLP, as counsel.

Goldberg Weprin will, among other things:

   -- provide with necessary legal advice in connection with the
      operation and rehabilitation of her financial and legal
      affairs during the Chapter 11 proceedings and her
      responsibilities and duties as debtor-in-possession;

   -- represent the Debtor in all proceedings before the
      Bankruptcy Court or U.S. Trustee; and

   -- prepare all necessary legal papers, petitions, orders,
      applications, motions, reports and plan documents on behalf
      of the Debtor.

The Debtor seeks to retain Goldberg Weprin under a general
retainer, and believes that Goldberg Weprin is a ?disinterested
person? as that term is defined in Section 101(14) of the
Bankruptcy Code.

                    About Sonja Tremont-Morgan

New York City-based Sonja Tremont-Morgan filed for Chapter 11
protection on November 17, 2010 (Bankr. S.D. N.Y Case No. 10-
16132).  J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein
LLP, represents the Debtor.  The Debtor did not file a list of
creditors together with its petition.  The Debtor disclosed
$13,458,749 in assets and $19,839,501 in liabilities as of the
Chapter 11 filing.


SONJA TREMONT-MORGAN: U.S. Trustee Unable to Form Creditors Panel
-----------------------------------------------------------------
Tracy Hope Davis, the U.S. Trustee for Region 2, notified the
Bankruptcy Court for the Southern District of New York that she
was unable to appoint an official committee of unsecured creditors
in the Chapter 11 case of Sonja Tremont-Morgan.

The U.S. Trustee explained that there were insufficient
indications of willingness from the unsecured creditors to serve
in a committee.

New York City-based Sonja Tremont-Morgan filed for Chapter 11
protection on November 17, 2010 (Bankr. S.D. N.Y Case No. 10-
16132).  J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein
LLP, represents the Debtor.  The Debtor did not file a list of
creditors together with its petition.  The Debtor disclosed
$13,458,749 in assets and $19,839,501 in liabilities as of the
Chapter 11 filing.


SONJA TREMONT-MORGAN: Court Convenes Section 341(a) Meeting Today
-----------------------------------------------------------------
Tracy Hope Davis, the U.S. Trustee for Region 2, will convene a
meeting of creditors in Sonja Tremont-Morgan's Chapter 11 case
today, January 4, 2011, at 2:30 p.m.  The meeting will be held at
the Office of the U.S. Trustee, 80 Broad Street, Fourth Floor, New
York City.

This is the first meeting of creditors required under Section
341(a) of the 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.

New York City-based Sonja Tremont-Morgan filed for Chapter 11
protection on November 17, 2010 (Bankr. S.D. N.Y Case No. 10-
16132).  J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein
LLP, represents the Debtor.  The Debtor did not file a list of
creditors together with its petition.  The Debtor disclosed
$13,458,749 in assets and $19,839,501 in liabilities as of the
Chapter 11 filing.


SPRINGFIELD LANDMARKS: Files for Bankruptcy to Avoid Foreclosure
----------------------------------------------------------------
Mike Penprase at News-Leader.com reports that the Springfield
Landmarks Preservation Trust has filed for bankruptcy to forestall
a foreclosure sale of the Gillioz Theater by Guaranty Bank.
Attorney Michael Bridges represents the bank in the foreclosure
proceeding over a $3.5 million loan.  Springfield attorney Dave
Schroeder represents the trust's board of directors.

Springfield Landmarks filed for Chapter 11 protection on Dec. 30,
2010 (Bankr. W.D. Mo. Case No. 10-63128).  David E. Schroeder,
Esq., at David Schroeder Law Offices, PC, in Springfield,
Missouri, represents the Debtor.  The Debtor estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.


SPRINGFIELD LANDMARKS: Case Summary & Creditors List
----------------------------------------------------
Debtor: Springfield Landmarks Preservation Trust
        325 Park Central East
        Springfield, MO 65806

Bankruptcy Case No.: 10-63128

Chapter 11 Petition Date: December 30, 2010

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

Judge: Arthur B. Federman

Debtor's Counsel: David E. Schroeder, Esq.
                  DAVID SCHROEDER LAW OFFICES, PC
                  1524 East Primrose Street, Suite A
                  Springfield, MO 65804-7915
                  Tel: (417) 890-1000
                  Fax: (417) 886-8563
                  E-mail: bk1@dschroederlaw.com

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

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

A list of the Company's six largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/mowb10-63128.pdf

The petition was signed by David Roling, president.


STATION CASINOS: NLRB Resumes Case Before Admin. Law Judge
----------------------------------------------------------
Chris Sieroty at Las Vegas Review-Journal said that after an
extended recess, the National Labor Relations Board is scheduled
to resume presenting its case to an administrative law judge in
downtown Las Vegas against Station Casinos Inc.

The case, which began Oct. 25, 2010, stems from allegations of
unfair labor practices related to organizing efforts by the
Culinary Local 226, according to the original complaint, the
report said.

The hearing was adjourned Nov. 4 after Station Casinos filed a
motion to dismiss the case, the news agency related.  Station
Casinos, according to the report, claimed the union failed
repeatedly to comply with subpoenas for affidavits, statements,
photographs, Web postings and other documentation.

In a ruling dated Dec. 7, Administrative Law Judge Geoffrey Carter
denied Station Casinos' motion, saying "the relief that (Station
Casinos) seeks in its motion . . . is not warranted under the
circumstances presented in the case," the report noted.

                        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)


SUNRISE SENIOR LIVING: David Fuente Resigns as Director
-------------------------------------------------------
David I. Fuente resigned as a director of Sunrise Senior Living,
Inc., effective as of December 23, 2010, as a result of his
decision to curtail his business and board activities.  Mr. Fuente
indicated that he believes the Company is in a far stronger
position than when he joined the Board and, therefore, that this
is an appropriate time for him to resign from the Board.

                       About Sunrise Senior

McLean, Va.-based Sunrise Senior Living, Inc. (NYSE: SRZ)
-- http://www.sunriseseniorliving.com/-- is a provider of senior
living services in the United States, Canada, the United Kingdom
and Germany.  At June 30, 2010, the Company operated 356
communities, including 307 communities in the United States, 15
communities in Canada, seven communities in Germany and 27
communities in the United Kingdom, with a total unit capacity of
roughly 35,400.

The Company's balance sheet at Sept. 30, 2010, showed $780.83
million in total assets, $693.66 million in total liabilities, and
stockholders' equity of $87.17 million.

As reported in the Troubled Company Reporter of March 3, 2010,
Ernst & Young LLP, in McLean Va., expressed substantial doubt
about the Company's ability to continue as a going concern.
The independent auditors noted that the Company cannot borrow
under its bank credit facility and the Company has significant
debt maturing in 2010 which it does not have the ability to repay.


SUZY & ROSIE-Z: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Suzy & Rosie-Z
          dba Gatorz Bar & Grill
        3816 Tamiami Trail
        Port Charlotte, FL 33952

Bankruptcy Case No.: 10-30609

Chapter 11 Petition Date: December 28, 2010

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

Judge: David H. Adams

Debtor's Counsel: Timothy W. Gensmer, Esq.
                  TIMOTHY W. GENSMER, PA
                  2831 Ringling Boulevard, Suite 202-A
                  Sarasota, FL 34237
                  Tel: (941) 952-9377
                  Fax: (941) 954-5605
                  E-mail: timgensmer@aol.com

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

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

A list of the Company's three largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb10-30609.pdf

The petition was signed by Frank Carnelli, officer.


TAHOE FOREST: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Tahoe Forest LLC
        19 Brookbank Road
        Orinda, CA 94563

Bankruptcy Case No.: 10-74799

Chapter 11 Petition Date: December 28, 2010

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

Judge: Edward D. Jellen

Debtor's Counsel: William F. McLaughlin, Esq.
                  LAW OFFICES OF WILLIAM F. MCLAUGHLIN
                  1305 Franklin St. #301
                  Oakland, CA 94612
                  Tel: (510) 839-4456
                  E-mail: mcl551@aol.com

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

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

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

The petition was signed by Carl B. Miller, managing member.


TASANN TING: Case Summary & 3 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Tasann Ting Group, Inc. A Calif. Corp
        770 Verdi Drive
        Sunnyvale, CA 94087

Bankruptcy Case No.: 10-63154

Chapter 11 Petition Date: December 28, 2010

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Arthur S. Weissbrodt

Debtor's Counsel: Ted Z. Wolny, Esq.
                  MILLER WOLNY LEGAL GROUP
                  P.O. Box 3579
                  San Leandro, CA 94578
                  Tel: (510) 346-5800
                  E-mail: tedwolny@gmail.com

Scheduled Assets: $19,440,960

Scheduled Debts: $21,052,736

The petition was signed by Shoutung Wang, chairman.

Debtor's List of three Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Cathay Bank                                     $4,675,499
Corporate Lending
500 Airport Blvd.
Bulingame, CA 94010

LI-Tai Air Condition                            $226,302
38549 Okiver Way
Fremont, CA 94536

County Of Los Angeles                           $33,414
Tax Collector
500 West Temple St. Room 437
Los Angeles, CA 90012


TAYLOR BEAN: Bank of America Objects to Settlement
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Jan. 19 confirmation hearing for Taylor Bean &
Whitaker Mortgage Corp.'s Chapter 11 plan will be complicated by
an objection from Bank of America NA to a settlement of claims
involving 12 securitization trusts for which Taylor Bean had been
servicer.

Mr. Rochelle relates that Taylor Bean lost servicing rights for
the securitizations after the Chapter 11 filing.  Wells Fargo Bank
NA, which previously was the master servicer, became the servicer.
The settlement, scheduled for an approval hearing on Jan. 19, was
crafted by the Taylor Bean creditors' committee.  The settlement
calls for recognizing that Taylor Bean has a claim for $101.35
million on account of advances it made as servicer.  As an offset,
San Francisco-based Wells Fargo is recognized as having $10.15
million in damage claims.  Part of the settlement calls for giving
releases to Wells Fargo.  Bank of America, in its role as agent
for a conduit known as Ocala Funding LLC, filed an objection to
the settlement, saying it is improper for the bankruptcy court to
release claims that could be made by third parties against Wells
Fargo.  Charlotte, North Carolina-based Bank of America says it
may have claims for Ocala funds improperly transferred to Wells
Fargo.

As reported by the Troubled Company Reporter on December 21, 2010,
Judge Jerry A. Funk put his stamp of approval on the Second
Amended and Restated Disclosure Statement with respect to the
Second Amended and Restated Joint Plan of Liquidation proposed by
Taylor Bean and the Official Committee of Unsecured Creditors
appointed in those chapter 11 cases.  Accordingly, the Debtors and
the Committee may now solicit creditors for their votes to accept
the plan.

The Record Data for determining who can vote on the plan is
Nov. 5, 2010.  Ballots must be cast by Jan. 12, 2011, and any
objections to the plan of liquidation must be filed and served by
that date.  A confirmation hearing will be held Jan. 19, 2011, in
Jacksonville, Fla.

Copies of the Plan, Disclosure Statement and other relevant
documents are available at http://www.bmcgroup.com/tbwmortgage/at
no charge.

                        About Taylor Bean

Taylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-
based mortgage broker to become one of the largest mortgage
bankers in the United States.  In 2009, Taylor Bean was the
country's third largest direct-endorsement lender of FHA-insured
loans of the largest wholesale mortgage lenders and issuer of
mortgage backed securities.  It also managed a combined mortgage
servicing portfolio of approximately $80 billion.  The company
employed more that 2,000 people in offices located throughout the
United States.

Taylor Bean sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 09-07047) on August 24, 2009.  Taylor Bean filed the
Chapter 11 petition three weeks after federal investigators
searched its offices.  The day following the search, the Federal
Housing Administration, Ginnie Mae and Freddie Mac prohibited the
company from issuing new mortgages and terminated servicing
rights.  Taylor Bean estimated more than $1 billion in both assets
and liabilities in its bankruptcy petition.

Jeffrey W. Kelly, Esq., and J. David Dantzler, Jr., Esq., at
Troutman Sanders LLP, in Atlanta, Ga., and Russel M. Blain, Esq.,
and Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &
Prosser, PA, in Tampa, Fla., represent the Debtors.  Paul Steven
Singerman, Esq. -- singerman@bergersingerman.com -- and Arthur J.
Spector, Esq. -- aspector@bergersingerman.com -- at Berger
Singerman PA, in Miami, Fla., represent the Committee.  BMC Group,
Inc., serves as the claims and noticing agent.


TENNESSEE ENERGY: S&P Downgrades Rating on $2 Bil. Bonds to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its senior secured debt
ratings on Tennessee Energy Acquisition Corp.'s $2 billion gas
project revenue bonds series 2006A to 'B' from 'BB+'.  The outlook
is negative.  The rating and outlook on the series 2006A bonds is
currently linked to the rating and outlook of MBIA Insurance,
which guarantees the debt service reserve repurchase agreement
provided by MBIA Inc.

On Dec. 22, 2010, S&P downgraded MBIA Insurance and MBIA Inc.
following its review of the stress-case loss projections for MBIA
Insurance's collateralized debt obligations of asset-backed
securities and its commercial real estate related exposures being
significantly higher than previously projected.

The negative outlook on TEAC's 2006A bonds reflects the current
outlook on MBIA Insurance as the guarantor of the repurchase
agreement supporting the debt service and working capital
reserves.  S&P could revise the ratings and outlook to the extent
that S&P revise the ratings on MBIA, or S&P lower the rating on
one of the other counterparties in the transaction and it becomes
the primary ratings constraint.

The negative outlook on MBIA reflects Standard & Poor's view of a
possibility that adverse loss development on the structured
finance book could continue, diminishing liquidity and weakening
capital.  Considering the runoff nature of the franchise, S&P is
unlikely to raise the rating.  Furthermore, if the company's
losses within its investment portfolio increase, or reserve
charges materialize, or liquidity diminishes, S&P could lower the
rating.


TERRESTAR NETWORKS: Committee Has Nod for Otterbourg as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors for TerreStar
Networks Inc. and its units received the Bankruptcy Court's
authority to retain Otterbourg Steindler Houston & Rosen P.C.
as its counsel effective as of October 29, 2010.

As counsel to the Creditors Committee, Otterbourg Steindler is
expected to:

  a. assist and advise the Committee in its consultation with
     the Debtors relative to the administration of the
     Chapter 11 cases;

  b. attend meetings and negotiate with the representatives of
     the Debtors;

  c. assist and advise the Committee in its examination and
     analysis of the conduct of the Debtors' affairs;

  d. assist the Committee in the review, analysis and
     negotiation of any plan of reorganization, including the
     restructuring support agreement entered into prepetition by
     the Debtors, and assist the Committee in the review,
     analysis and negotiation of the corresponding disclosure
     statement(s);

  e. assist the Committee in the review, analysis, and
     negotiation of financing agreements;

  f. take all necessary action to protect and preserve the
     interests of the Committee, including (i) if appropriate,
     possible prosecution of actions on its behalf, (ii) if
     appropriate, negotiations concerning all litigation in
     which the Debtors are involved, and (iii) if appropriate,
     review and analysis of claims filed against the Debtors'
     estates;

  g. generally prepare on behalf of the Committee all necessary
     motions, applications, answers, orders, reports and papers
     in support of positions taken by the Committee;

  h. appear, as appropriate, before the Bankruptcy Court, the
     Appellate Courts, and the United States Trustee, and
     protect the interests of the Committee before those courts
     and before the United States Trustee; and

  i. perform all other necessary legal services in the cases.

The Committee proposes that Otterbourg Steindler be paid on an
hourly basis for its services in accordance with the firm's
customary hourly rates, which are:

         Partner/Counsel           $570 to $895
         Associate                 $245 to $595
         Paralegal                 $205 to $230

Scott L. Hazan, Esq., a member of Otterbourg Steindler, assures
the Court that his firm is a "disinterested person" as the term
is defined under Section 101(14) of the Bankruptcy Code.

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases.  Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and  Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors.  Blackstone Advisory Partners LP is the
financial advisor.

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


TERRESTAR NETWORKS: Committee Wins OK for FTI as Fin'l Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in TerreStar
Networks Inc.'s cases received permission from the Bankruptcy
Court to retain FTI Consulting, Inc., as its financial advisor as
of October 29, 2010.

The Committee relates that it needs assistance in collecting and
analyzing financial and other information in relation to the
Debtors' Chapter 11 cases.

The Committee specifies that it needs FTI to perform these
services:

  * Assistance in the review of reports or filings as required
    by the Bankruptcy Court or the Office of the United States
    Trustee, including, but not limited to, schedules of assets
    and liabilities, statements of financial affairs and monthly
    operating reports;

  * Assistance with the assessment and monitoring of the
    Debtors' short term cash flow, liquidity, operating results,
    and requirements under the DIP facility;

  * Review of the Debtors' financial information, including, but
    not limited to, analyses of cash receipts and disbursements,
    DIP budget, wind down budget, financial statement items and
    proposed transactions for which Bankruptcy Court approval is
    sought;

  * Evaluation of employee issues, including, but not limited to
    potential employee retention and severance plans;

  * Assistance and advice to the Committee regarding the
    Debtors' marketing of its assets, including identification
    of possible buyers and evaluation of alternative bids;

  * Valuation of the Debtors as a going concern or as otherwise
    requested by the Committee;

  * Assistance with a review of the Debtors' performance of
    cost/benefit evaluations with respect to the affirmation or
    rejection of various executory contracts and leases;

  * Assistance in analyzing the Debtors' business plan,
    including assessment of cost saving opportunities, capital
    expenditures and liquidity;

  * Assistance with review of any tax issues associated with,
    but not limited to, claims/stock trading, preservation of
    net operating losses, refunds due to the Debtors, plans of
    reorganization, and asset sales;

  * Assistance in the evaluation and analysis of avoidance
    actions, including fraudulent conveyances and preferential
    transfers;

  * Assistance in the review and/or preparation of information
    and analyses necessary for the confirmation of a plan in
    these Chapter 11 proceedings;

  * Review and analysis of DIP and exit financing, including
    collateral analysis and cash flow validation;

  * Attendance at meetings and assistance in discussions with
    the Debtors, potential investors, secured lenders, the
    Committee and any other official committees organized in
    the Chapter 11 proceedings, the U.S. Trustee, other parties
    in interest and professionals hired by the same, as
    requested; and

  * Render other general business consulting or other assistance
    as the Committee or its counsel may deem necessary that are
    consistent with the role of a financial advisor and not
    duplicative of services provided by other professionals in
    the Debtors' Chapter 11 proceedings.

The Committee proposes that FTI be paid a $125,000 fixed monthly
fee for its services, and a potential completion fee worth
$1,000,000.  A portion of the potential completion fee totaling
$250,000 will be payable at the conclusion of the case.  After
nine months of FTI's engagement, one-half of FTI's Monthly Fee,
in respect of each of the four subsequent months, will be
credited against the contingent portion of its Completion Fee up
to a maximum aggregate credit of $250,000.  The balance of the
Completion Fee will be considered earned and payable, subject to
Court approval, upon confirmation of a Chapter 11 plan of
reorganization or liquidation.

In addition, FTI will be reimbursed of its actual and reasonable
expenses incurred in the performance of the contemplated
services.

FTI and its affiliates, and their directors, officers,
shareholders, employees, agents and controlling persons, will be
indemnified and held harmless by the Debtors to the fullest
extent lawful, from and against any and all losses, claims,
damages or liabilities, joint or several, arising out of or
related to the FTI Committee Engagement, any actions taken or
omitted to be taken by an indemnified party in connection with
FTI's provision of services to the Committee, or any transaction
or proposed transaction contemplated thereby.

In addition, the Indemnified Parties will be reimbursed for any
legal or other expenses reasonably incurred by them in respect
thereof at the time those expenses are incurred; provided,
however, that the Debtors will have no liability under the
indemnity and reimbursement agreement for any loss, claim, damage
or liability which is finally judicially determined to have
resulted from the willful misconduct, gross negligence, bad faith
or self-dealing of any Indemnified Party.

Andrew Scruton, a senior managing director with FTI Consulting,
assures the Court that his firm is a "disinterested person" as
the term is defined under Section 101(14) of the Bankruptcy Code.

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases.  Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and  Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors.  Blackstone Advisory Partners LP is the
financial advisor.

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


TERRESTAR NETWORKS: Deloitte Files 3rd Report on CCAA Cases
-----------------------------------------------------------
Deloitte & Touche, Inc., the information officer in the
proceedings under the Companies' Creditors Arrangement Act
commenced by TerreStar Networks Inc., in its capacity as the
foreign representative of the U.S. Debtors and on its own behalf,
delivered its third information officer report to the Superior
Court of Justice (Commercial List) for the Province of Ontario,
in Canada on December 22, 2010.

The Information Officer notes that the purpose of the Third
Report is to provide the Canadian Court with:

  a. information relating to certain orders sought by the
     Debtors in the U.S. Bankruptcy Proceeding and the Foreign
     Representative's request to have the orders recognized by
     the Court;

  b. information on certain amendments made to the Plan and
     Disclosure Statement; and

  c. an overview of the U.S. Debtors' formal marketing process
     for an alternative transaction superior to that
     contemplated under the Plan.

The U.S. Court Orders which the Foreign Representative seeks
recognition for from the Canadian Court are:

  -- the order (i) approving TSNI's entry into a backstop
     commitment agreement, and (ii) authorizing TSNI's payment
     of related fees, expenses, and indemnification;

  -- the order approving (a) the adequacy of the Disclosure
     Statement, and (b) notice of the hearing to approve the
     Disclosure Statement; and

  -- the order (a) fixing dates and deadlines related to
     confirmation of the Plan; (b) approving procedures for
     soliciting and tabulating the votes on, and for objecting
     to, the Plan; (c) approving the manner and form of notices
     and documents related to the Plan; (d) approving rights
     offering procedures; and (e) authorizing the employment and
     retention of Epiq Bankruptcy Solutions, LLC, as
     Subscription Agent.

A full-text copy of the Third Information Officer Report is
available for free at:

        http://bankrupt.com/misc/TrStrCCAAInfoOffcr3.pdf

In a supplemental filing, the Information Officer updated its
Third Report to provide the Canadian Court with (i) an update
on the hearing and the Bankruptcy Court's approval of revised
forms of the U.S. Orders, and (ii) the Information Officer's
recommendation as to the Foreign Representative's request for
the Order.

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

       http://bankrupt.com/misc/TrStrCCAAInfoOffcr3-2.pdf

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases.  Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and  Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors.  Blackstone Advisory Partners LP is the
financial advisor.

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


TERRESTAR NETWORKS: Objects to Jefferies & Co.'s Claims
-------------------------------------------------------
TerreStar Networks Inc. and its units ask the Bankruptcy Court to
expunge and disallow Claim Nos. 53, 54, 55, 56, 57, 58, 59, 60,
61, 62, 63, 64 and 65 filed by Jefferies & Company, Inc.

Before the Petition Date, TerreStar Corporation, the Debtors'
parent, executed an engagement letter with Jefferies under which
the firm was to provide certain financial advisory services to
TSC and its subsidiaries.  TSC terminated the engagement with
Jefferies in the spring of 2010.

Despite the fact that Jefferies provided no direct services to
the Debtors, Jefferies now asserts a claim against each of the
Debtors, Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer &
Feld LLP, in New York, relates.

Accordingly, the Jefferies Claims are without merit, Mr. Dizengoff
argues.

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases.  Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and  Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors.  Blackstone Advisory Partners LP is the
financial advisor.

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


THOMAS WILLIAMS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Joint Debtors: Thomas E. Williams
               Juliene A. Williams
               12085 Hilltop Drive
               Los Altos Hills, CA 94024

Bankruptcy Case No.: 10-63180

Chapter 11 Petition Date: December 28, 2010

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Stephen L. Johnson

Debtor's Counsel: Craig V. Winslow, Esq.
                  LAW OFFICES OF CRAIG V. WINSLOW
                  630 N San Mateo Dr.
                  San Mateo, CA 94401
                  Tel: (650) 347-5445
                  E-mail: CVWinslow@aol.com

Scheduled Assets: $2,736,823

Scheduled Debts: $5,017,916

A list of the Joint Debtors' 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/canb10-63180.pdf


TOWNSENDS INC: U.S. Trustee Forms 5-Member Creditors Committee
--------------------------------------------------------------
Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed
five members to the official committee of unsecured creditors in
the Chapter 11 cases of Townsends, Inc., et al.

The Creditors Committee members are:

1. International Paper Co.
   Attn: Ronald Borcky
   4049 Willow Lake Blvd.
   Memphis, TN 38118
   Tel: (901) 419-1295
   Fax: (901) 419-1238

2. Commodity Specialists Company
   Attn: Wesley J. Mahlberg
   920 Second Avenue South, Suite 850
   Minneapolis, MN 55402
   Tel: (612) 330-9101
   Fax: (612) 330-9890

3. Cargill Inc.
   Attn: Paul D. Calahan
   2309 East Front Street
   Kansas City, MO 64120
   Tel: (816) 245-0571

4. Novus International Inc.
   Attn: Gerald Sahd
   20 Research Park Drive
   Saint Charles, MO 63304
   Tel: (636) 926-7415
   Fax: (314) 576-6041

5. Install Inc.
   Attn: Virginia Jones
   209 Sycamore Street
   P.O. Box 1323
   Sanford, NC 27331
   Tel: (919) 774-0506
   Fax: (919) 774-1250

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

Georgetown, Delaware-based Townsends, Inc. -- fka Townsend
Speciality Foods -- filed for Chapter 11 bankruptcy protection on
December 19, 2010 (Bankr. D. Del. Case No. 10-14092).

Affiliates Townsend Farms, Inc (Bankr. D. Del. Case No. 10-14093),
Townsends of Arkansas, Inc. (Bankr. D. Del. Case No. 10-14094),
Townsend Farms of Arkinsas, Inc. (Bankr. D. Del. Case No. 10-
14095), and CrestwoodFamrs LLC (Bankr. D. Del. Case No. 10-14096)
filed separate Chapter 11 petitions.

The bankruptcy cases are jointly administered, with Townsends,
Inc., as the lead case.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.

Donlin, Recano & Company, Inc., is the Debtors' claims, noticing
and balloting agent.

In its Chapter 11 petition, Townsends, Inc., estimated assets of
$10 million to $50 million and debts of $50 million to
$100 million.

As of December 5, 2010, the Debtors disclosed $131 million in
total assets and $127 million in total debts.


TRICO MARINE: Settlement is Disguised Plan, Arrowgrass Says
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Arrowgrass Capital Partners filed a preliminary
objection to a settlement proposed on Dec. 6 by Trico Marine
Services Inc.  The settlement, which will be presented for
approval by the bankruptcy judge on Jan. 31, provides that holders
of $400 million in 11.875% notes secured notes issued by non-
bankrupt operating companies would end up owning the non-bankrupt
subsidiaries that provide subsea services.  Arrowgrass contends
that the settlement is a reorganization plan in disguise.
Arrowgrass argues that a restructuring of the debt and ownership
of the company can't be approved under the business judgment test
that governs ordinary settlements.

                       About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed US$30,562,681 in assets and US$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.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.


TRINITY INNOVATIVE: Bankr. Court Rules on Suit vs. DirectBuy
------------------------------------------------------------
Mary Martin, as Chapter 7 Trustee of Trinity Innovative
Enterprises, LLC's Estate, v. DirectBuy, Inc., Beta Finance
Company, Inc., UCC TotalHome, Inc. and John Does 1 through 10,
Adv. Pro. No. 10-2089 (Bankr. E.D. Pa.), contains three counts.
Count I seeks an accounting from the Defendants for all fees
charged and collected by the Defendants either from or on account
of the Debtor from a period of time starting one year prior to the
Petition Date up through and including the present.  Count II
seeks turnover of property of the estate under 11 U.S.C. Section
542.  Count III seeks avoidance of unidentified prepetition
transfers that occurred within one year of the bankruptcy filing
under Section 547(b).

Bankruptcy Judge Richard E. Fehling grants, in part, and deny, in
part, the motion of DirectBuy, Inc., f/k/a UCC Totalhome, Inc.,
and Beta Finance Company, Inc., to dismiss the complaint.  Count
III of the Complaint fails to identify any of the alleged
preferential transfers allegedly made by the Debtor to the
Defendants.  The Chapter 7 Trustee also fails to identify the
nature and amount of any antecedent debt owed by the Debtor to the
Defendants.  Count III of the Complaint also does not contain
sufficient factual information regarding the Debtor's insolvency
during the period of time back to one year before the Debtor's
petition date.

A portion of Count II of the Complaint will be dismissed because
it fails to identify the property of the estate that the Chapter 7
Trustee alleges is in the Defendants' possession and serves as the
subject of the Trustee's turnover claim.  On the other hand, the
Complaint clearly identify, with sufficient specificity, funds
that the Chapter 7 Trustee (1) alleges were or are in the
possession of DirectBuy, (2) maintains were property of the estate
and (3) seeks to have turned over.  The Court grants the
Defendants' Motion To Dismiss Count II solely to the extent it
seeks turnover of the funds.  The Motion To Dismiss Count II is
denied in all other respects.

The Motion To Dismiss Count I is denied because an accounting is
an appropriate remedy relating to the properly pled in the
Complaint.  The Court dismisses the remaining portions of the
Chapter 7 Trustee's request for an accounting.

The Court grants the Chapter 7 Trustee leave to amend her
Complaint to cure the deficiencies.

A copy of the Court's December 27, 2010 decision is available at
http://is.gd/k0fSyfrom Leagle.com.

Based in Allentown, Pennsylvania, Trinity Innovative Enterprises,
LLC, t/a DirectBuy of the Lehigh Valley, filed for Chapter 11
bankruptcy (Bankr. E.D. Pa. Case No. 09-20579) on March 6, 2009.
David F. Dunn, Esq. -- dunncourtpapers@choiceonemail.com -- at
David Dunn Law Offices PC, in Allentown, served as the Debtor's
counsel.  In its Chapter 11 petition, the Debtor estimated
$1 million to $10 million in both assets and debts.  On October 7,
2009, the Debtor's Chapter 11 case was converted to Chapter 7.
Mary Martin was appointed to serve as the Chapter 7 Trustee.


TRUE NORTH: Steven Levenson Elected President
---------------------------------------------
On December 22, 2010, Todd A. Duckson assigned to Steven Levenson
900,000 shares of the Company's Series A stock and 36,331,993
shares of True North Finance Corporation's Series B stock, a
controlling interest in the Company, for nominal consideration.

On December 22, 2010, Steven Levenson was elected to the Company's
Board of Directors and accepted the resignation of Todd A. Duckson
from the Board of Directors and as the Company's President.  That
same day, the Company elected Levenson as its President.

                          About True North

True North Finance Corporation -- http://www.truenorthfinance.com/
-- was formerly known as CS Financing Corporation.  On June 22,
2009, CS Financing Corporation changed its name to True North
Finance Corp.  The Company is primarily a real estate lending
company.

CS Fund General Partner, LLC, became a wholly owned subsidiary of
True North Finance Corporation pursuant to a merger on June 30,
2009.  Although CS Fund General Partner, LLC, was considered the
acquiring entity for accounting purposes, the Merger was
structured so that CS Fund General Partner, LLC, became a wholly
owned subsidiary of True North Finance Corporation.

The Company's balance sheet at June 30, 2010, showed $7.3 million
in total assets, $21.1 million in total liabilities, and a
stockholders' deficit of $13.8 million.

As reported in the Troubled Company Reporter on June 2, 2010,
L.L. Bradford & Company, LLC, in Las Vegas, 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 incurred recurring losses and its current liabilities
exceed its current assets.


UNITED COMMUNITY BANKS: Defers Trust Preferred Interest Payments
----------------------------------------------------------------
United Community Banks, Inc. (NASDAQ: UCBI) intends to defer
regularly scheduled interest payments on its $54.6 million of
outstanding junior subordinated debentures relating to its trust
preferred securities.  This decision was the result of Federal
Reserve policies related to dividend and other interest payments
in light of stressed market conditions.  United took this action
in consultation with the Federal Reserve Bank of Atlanta as
required by United's existing board resolution that was previously
adopted at the request of the Federal Reserve.  United may defer
interest payments for consecutive periods of up to five years
without default or penalty under the terms of the trust preferred
agreements.  The interest on these trust preferred securities will
continue to accrue for payment in the future and will be reported
as interest expense for financial statement purposes.  The
deferral of these cash payments would total $4.7 million on an
annual basis.

At September 30, 2010, all of United's capital ratios were above
the "well-capitalized" minimum under regulatory guidelines, with
United's Total Risk-Based Capital Ratio at 12.99%, Tier 1 Risk-
Based capital at 10.42%, and its Tier I Leverage Ratio at 7.32%.
"Although United's holding company has sufficient capital and
liquidity to pay preferred dividends and trust preferred interest
payments through most of 2011, without generating additional funds
from the bank, the action taken today will improve the holding
company's liquidity position," stated Jimmy Tallent, United's
president and chief executive officer.

"Maintaining strong capital and liquidity are a top priority while
managing through this difficult economic cycle," said Mr. Tallent.
"Further, bank regulators are insisting that minimum capital
levels required for "well-capitalized" status during periods of
economic stability continue to be maintained at higher levels
throughout the current economic cycle despite loan loss reserves
at extraordinary levels. Although we plan to pay interest and
dividends on our obligations in the future, at this time we
believe deferral of these payments is in the best long-term
interest of all our stakeholders."

Mr. Tallent continued, "Since the beginning of the credit crisis,
we have successfully executed a number of initiatives which have
reduced our credit exposures and enhanced the underlying strength
of our balance sheet and capital position. As I commented last
quarter, given the current operating and regulatory environment,
we continue to evaluate and analyze various balance sheet and
capital alternatives to further strengthen our overall capital
position."

Headquartered in Blairsville, Ga., United Community Banks --
http://www.ucbi.com/-- is the third-largest bank holding company
in the state.  United Community Banks has assets of $7.0 billion
and operates 27 community banks with 106 banking offices
throughout north Georgia, the Atlanta region, coastal Georgia,
western North Carolina and east Tennessee. The Company specializes
in providing personalized community banking services to
individuals and small to mid-size businesses.


UNITED CONTINENTAL: Commits to Australian Market Despite Losses
---------------------------------------------------------------
United Air Lines, Inc., remains committed to the Australian market
despite suffering losses as its competitors increased capacity on
the trans-Pacific route, Asia in Focus reported.

United Continental Holding, Inc. Chief Executive Officer Jeff
Smisek pointed out that there are too many seats and fares make it
difficult to achieve profit, Asia in Focus noted.  "This market is
clearly unstable, there's far too much capacity for anybody to
make money on this route today," Mr. Smisek was quoted by Asia in
Focus as saying.

In other news, United Continental pushes back the launch of a
nonstop service between Houston and Auckland, New Zealand to 2012,
citing continued delays in Boeing's 787 program, according to
www.aviationweek.com.  While Boeing 777s already in United
Continental's fleet could serve the route, economics and aircraft
availability mean the Auckland route will have to wait until 787s
start arriving, a United Continental spokesperson stated in the
report.

                  About United Continental

United Continental Holdings, Inc. (NYSE: UAL) --
http://www.UnitedContinentalHoldings.com/, http://www.united.com/
and http://www.continental.com/-- is the holding company for both
United Airlines and Continental Airlines.  Together with United
Express, Continental Express and Continental Connection, these
airlines operate a total of approximately 5,800 flights a day to
371 airports throughout the Americas, Europe and Asia from their
hubs in Chicago, Cleveland, Denver, Guam, Houston, Los Angeles,
New York, San Francisco, Tokyo and Washington, D.C.  United and
Continental are members of Star Alliance, which offers more than
21,200 daily flights to 1,172 airports in 181 countries worldwide
through its 28 member airlines. United's and Continental's more
than 80,000 employees reside in every U.S. state and in many
countries around the world.

United Continental carries 'B2' corporate family and probability
of default ratings, with stable outlook, from Moody's, 'B' issuer
credit ratings, with stable outlook, from Standard & Poor's, and
'B-' issuer default rating from Fitch.

UAL Corp filed for Chapter 11 protection on Dec. 9, 2002 (Bankr.
N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc
Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba,
Esq., at Kirkland & Ellis, represented the Debtors in their
restructuring efforts.  Fruman Jacobson, Esq., at Sonnenschein
Nath & Rosenthal LLP represented the Official Committee of
Unsecured Creditors.  Judge Eugene R. Wedoff confirmed a
reorganization plan for United on Jan. 20, 2006.  The Company
emerged from bankruptcy on Feb. 1, 2006.

At June 30, 2010, UAL had $20.134 billion in total assets against
total current liabilities of $8.573 billion, long-term debt of
$6.281 billion, long-term obligations under capital leases of
$1.01 billion, other liabilities and deferred credits of
$7.022 billion, and a stockholders' deficit of $2.756 billion.


UNITED CONTINENTAL: Reports November 2010 Traffic Results
---------------------------------------------------------
United Continental Holdings, Inc. (NYSE: UAL) reported November
2010 and year-to-date 2010 operational results for United Air
Lines, Inc. and Continental Airlines, Inc.

On a combined basis, United and Continental's consolidated traffic
(revenue passenger miles) in November 2010 increased 4.8 percent
versus November 2009 on a consolidated capacity increase of 4.1
percent.  The carriers' combined consolidated load factor
increased 0.6 points compared to the same period last year.

On a combined basis, United and Continental's November 2010
consolidated passenger revenue per available seat mile (PRASM)
increased an estimated 11.0 to 12.0 percent compared to November
2009, while mainline PRASM increased an estimated 12.0 to 13.0
percent compared to the same period last year.

               Combined United and Continental
          Pro Forma Preliminary Operational Results

                        2010        2009    Percent
                        Nov.        Nov.     Change
                        -----       -----   -------
Revenue passenger miles ('000)
North America        7,671,087   7,466,208      2.7%
International        6,449,179   6,054,415      6.5%


Atlantic             2,819,748   2,721,670      3.6%
Pacific              2,492,632   2,264,772     10.1%
Latin America        1,136,799   1,067,973      6.4%
Mainline            14,120,266  13,520,623      4.4%
Regional             2,029,045   1,883,568      7.7%
Consolidated        16,149,311  15,404,191      4.8%

Available seat miles ('000)
North America        9,240,107   9,085,959      1.7%
International        8,085,335   7,594,557      6.5%
Atlantic             3,642,740   3,408,450      6.9%
Pacific              2,970,770   2,845,859      4.4%
Latin America        1,471,825   1,340,248      9.8%
Mainline            17,325,442  16,680,516      3.9%
Regional             2,629,601   2,487,272      5.7%
Consolidated        19,955,043  19,167,788      4.1%

Passenger load factor
North America            83.0%       82.2%   0.8pts.
International            79.8%       79.7%   0.1pts.
Atlantic                 77.4%       79.9%  (2.5pts.)
Pacific                  83.9%       79.6%   4.3pts.
Latin America            77.2%       79.7%  (2.5pts.)
Mainline                 81.5%       81.1%   0.4pts.
Regional                 77.2%       75.7%   1.5pts.
Consolidated             80.9%       80.4%   0.5pts.

Onboard passengers ('000)
Mainline                 7,829       7,621      2.7%
Regional                 3,656       3,458      5.7%
Consolidated            11,485      11,079      3.7%

Cargo revenue ton miles ('000)
Total                  242,830     250,663     (3.1%)

                Combined United and Continental
              Pro Forma Preliminary Financial Results

                                              Change
                                              ------
October 2010 year-over-year consolidated
PRASM change                                    14.1%
October 2010 year-over-year mainline
PRASM change                                    15.7%
November 2010 estimated year-over-year
consolidated PRASM change              11.0% to 12.0%
November 2010 estimated year-over-year
mainline PRASM change                  12.05 to 13.0%
November 2010 estimated consolidated
average price per gallon of fuel,
including fuel taxes                            $2.45
Fourth Quarter 2010 estimated consolidated
average price per gallon of fuel, including
fuel taxes                                      $2.43

      Preliminary November Operational Results for United

                                          2010   2009   Change
                                          ----   ----   ------
On-Time Performance                       90.6%  92.6% (2.0pts.)
Completion Factor                         99.6%  99.4%  0.2pts.

                  GAAP to Non-GAAP Reconciliations

Pursuant to SEC Regulation G, the Company has included the
following reconciliation of reported non-GAAP financial measures
to comparable financial measures reported on a GAAP basis.  Since
the Company did not apply cash flow hedge accounting prior to
April 1, 2010, the Company believes that the net fuel hedge
adjustments provide management and investors with a better
perspective of its performance and comparison to its peers because
the adjustments reflect the economic fuel cost during the periods
presented and many of our peers apply cash flow hedge accounting.
The non-cash mark-to-market gain/loss adjustment includes the
reversal of prior period non-cash mark-to-market gain/loss related
to actual November and estimated fourth quarter hedge settlements.

           Combined United and Continental Pro Forma

                                          Nov. 2010    4Q 2010
                                          ---------  ---------
Consolidated fuel price per gallon (GAAP)     $2.47      $2.44
Less: Non-cash, net mark-to-market gains
and (losses) per gallon                       (0.02)     (0.01)
                                          ---------  ---------
Consolidated fuel price per gallon
excluding non-cash, net mark-to-market
gains and losses                              $2.45      $2.43
                                          =========  =========

                  About United Continental

United Continental Holdings, Inc. (NYSE: UAL) --
http://www.UnitedContinentalHoldings.com/, http://www.united.com/
and http://www.continental.com/-- is the holding company for both
United Airlines and Continental Airlines.  Together with United
Express, Continental Express and Continental Connection, these
airlines operate a total of approximately 5,800 flights a day to
371 airports throughout the Americas, Europe and Asia from their
hubs in Chicago, Cleveland, Denver, Guam, Houston, Los Angeles,
New York, San Francisco, Tokyo and Washington, D.C.  United and
Continental are members of Star Alliance, which offers more than
21,200 daily flights to 1,172 airports in 181 countries worldwide
through its 28 member airlines. United's and Continental's more
than 80,000 employees reside in every U.S. state and in many
countries around the world.

United Continental carries 'B2' corporate family and probability
of default ratings, with stable outlook, from Moody's, 'B' issuer
credit ratings, with stable outlook, from Standard & Poor's, and
'B-' issuer default rating from Fitch.

UAL Corp filed for Chapter 11 protection on Dec. 9, 2002 (Bankr.
N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc
Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba,
Esq., at Kirkland & Ellis, represented the Debtors in their
restructuring efforts.  Fruman Jacobson, Esq., at Sonnenschein
Nath & Rosenthal LLP represented the Official Committee of
Unsecured Creditors.  Judge Eugene R. Wedoff confirmed a
reorganization plan for United on Jan. 20, 2006.  The Company
emerged from bankruptcy on Feb. 1, 2006.

At June 30, 2010, UAL had $20.134 billion in total assets against
total current liabilities of $8.573 billion, long-term debt of
$6.281 billion, long-term obligations under capital leases of
$1.01 billion, other liabilities and deferred credits of
$7.022 billion, and a stockholders' deficit of $2.756 billion.


UNITED CONTINENTAL: UAL Settles Eeoc Disability Suit for $600,000
-----------------------------------------------------------------
United Air Lines, Inc., has agreed to settle a federal lawsuit
alleging that the company violated the Americans With Disabilities
Act (ADA) when it refused to allow employees with disabilities to
work reduced hourly schedules as a reasonable accommodation, the
U.S. Equal Employment Opportunity Commission (EEOC) announced.

In addition to paying $600,000 to a group of reservation agents
with disabilities, United will end its blanket policy against
reduced hourly schedules and provide training to staffers who
administer United's reasonable accommodation process, according to
the terms of a three-year consent decree approved by the court
(EEOC v. United Airlines, C-06-01407 TSZ).

Prior to 2003, United had permitted reservations sales and
service representatives to work reduced hourly schedules as an
accommodation for employees' various disabilities, including
multiple sclerosis, DeQuervain's tendonitis and carpal tunnel, and
myasthenia gravis (a muscle condition).  By suddenly abolishing
its long-standing practice and policy of providing reduced hourly
schedules, United required all reservation sales and service
representatives who could not work their full bid schedules to
either retire or go out on extended leave, and then terminated
them when their leave ran out.  These policies and practices
violate the ADA, the EEOC said.

One worker who had worked for United for 25 years and had worked a
reduced-hour schedule for 23 years prior to the policy change,
said, "Contributing 25 years of work, in a way compatible with my
health, was positive for me, for United and for society.  A
sweeping policy that disregards individual circumstances doesn't
give someone like me a chance to do my job. I took my case to the
EEOC, and I'm glad to know that United is going to stop its
blanket policy on work hours."

The ADA protects individuals with disabilities from employment
discrimination and requires employers to make reasonable
accommodations to employees and applicants with disabilities,
unless the accommodation would create an undue hardship.  After a
neutral investigation conducted by the EEOC's Honolulu and Seattle
offices and after first attempting to reach a voluntary settlement
through conciliation, the EEOC filed the lawsuit in U.S. District
Court for the Western District of Washington.

EEOC San Francisco Regional Attorney William R. Tamayo said,
"United conceived of this policy as a cost-cutting measure -- a
means of tightening the belt. However, this action did not lessen
any monetary strain for the company or boost the department's
performance.  Thinking creatively and flexibly to retain skilled
and experienced workers would be a better survival strategy for
companies than stereotyping workers with disabilities as expensive
and expendable."

EEOC San Francisco District Director Michael Baldonado noted,
"Decisions regarding reasonable accommodations for a disability
must be made on a case-by-case basis.  A blanket policy that takes
options off the table by setting minimum work hours not only
violates the ADA, but it also may have a negative impact on the
company?s morale, productivity and bottom line."

                             About EEOC

The EEOC enforces federal laws prohibiting employment
discrimination. Further information about the EEOC is available on
its Web site at www.eeoc.gov

                      About United Continental

United Continental Holdings, Inc. (NYSE: UAL) --
http://www.UnitedContinentalHoldings.com/, http://www.united.com/
and http://www.continental.com/-- is the holding company for both
United Airlines and Continental Airlines.  Together with United
Express, Continental Express and Continental Connection, these
airlines operate a total of approximately 5,800 flights a day to
371 airports throughout the Americas, Europe and Asia from their
hubs in Chicago, Cleveland, Denver, Guam, Houston, Los Angeles,
New York, San Francisco, Tokyo and Washington, D.C.  United and
Continental are members of Star Alliance, which offers more than
21,200 daily flights to 1,172 airports in 181 countries worldwide
through its 28 member airlines. United's and Continental's more
than 80,000 employees reside in every U.S. state and in many
countries around the world.

United Continental carries 'B2' corporate family and probability
of default ratings, with stable outlook, from Moody's, 'B' issuer
credit ratings, with stable outlook, from Standard & Poor's, and
'B-' issuer default rating from Fitch.

UAL Corp filed for Chapter 11 protection on Dec. 9, 2002 (Bankr.
N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc
Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba,
Esq., at Kirkland & Ellis, represented the Debtors in their
restructuring efforts.  Fruman Jacobson, Esq., at Sonnenschein
Nath & Rosenthal LLP represented the Official Committee of
Unsecured Creditors.  Judge Eugene R. Wedoff confirmed a
reorganization plan for United on Jan. 20, 2006.  The Company
emerged from bankruptcy on Feb. 1, 2006.

At June 30, 2010, UAL had $20.134 billion in total assets against
total current liabilities of $8.573 billion, long-term debt of
$6.281 billion, long-term obligations under capital leases of
$1.01 billion, other liabilities and deferred credits of
$7.022 billion, and a stockholders' deficit of $2.756 billion.


UNIVERSAL SOLAR: Amends 10-K for 2009; Posts $421,500 Net Loss
--------------------------------------------------------------
Universal Solar Technology, Inc., filed on December 30, 2010,
Amendment No. 1 to its annual report on Form 10-K for the fiscal
year ended December 31, 2009.

Paritz & Company, P.A., in Hackensack, N.J., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company's Company's
current liabilities exceeded its current assets by $4,353,215 and
the Company has incurred net loss of $925,466 since inception.

The Company reported a net loss of $421,562 on $691,713 of sales
for the year ended December 31, 2009, compared with a net loss of
$346,993 on $11,454 of sales for the year ended December 31, 2008.

The Company's balance sheet at December 31, 2009, showed
$5,495,825 in total assets, $5,852,826 in total liabilities, and a
stockholders' deficit of $357,001.

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

               http://researcharchives.com/t/s?71bb

Based in Guangdong Province, in the People's Republic of China,
Universal Solar Technology, Inc. was incorporated in the State of
Nevada on July 24, 2007.  It operates through its wholly owned
subsidiary, Kuong U Science & Technology (Group) Ltd., a company
incorporated in Macau, P.R.C. on May 10, 2007.

The Company provides silicon ingots, wafers, high efficiency solar
photovoltaic ("PV") cells modules and other PV application
products in the EU, North America, Asia and Africa.


VALENCE TECHNOLOGY: Amends At Market Sales Pact With Wm Smith
-------------------------------------------------------------
On December 30, 2010, Valence Technology, Inc. entered into an
Amendment No. 2 to At Market Issuance Sales Agreement with Wm
Smith & Co., as sales agent, which Amendment amended the terms of
that certain At Market Issuance Sales Agreement dated February 22,
2008 between the Company and the Sales Agent, the form of which
was filed with the Securities and Exchange Commission under a
report on Form 8-K dated February 22, 2008, as previously amended
by Amendment No. 1 thereto dated July 2, 2009, the form of which
was filed with the Securities and Exchange Commission under a
report on Form 8-K dated July 6, 2009.

The Amendment provides, among other things, that the number of
shares of the Company's common stock which may be issued and sold
in a series of transactions over time as the Company may direct
through the Sales Agent is increased from 10,000,000 shares to
20,000,000 shares.  To date, the Company has sold 10,000,000
shares of its common stock under the Sales Agreement and
10,000,000 shares remain available for issuance and sale under the
Sales Agreement, as modified by the Amendment.

Sales of shares of the Company's common stock, if any, may be made
in privately negotiated transactions or any other method permitted
by law, including sales deemed to be an "at the market" offering
as defined in Rule 415 under the Securities Act of 1933, which
includes sales made directly on The NASDAQ Stock Market, the
existing trading market for the Company's common stock, or sales
made to or through a market maker other than on an exchange.  The
Sales Agent will make all sales on a best efforts basis using
commercially reasonable efforts consistent with its normal trading
and sales practices, on mutually agreed terms between the Sales
Agent and the Company.

Unless the Company and the Sales Agent agree to a lesser amount
with respect to certain persons or classes of persons, the
compensation to the Sales Agent for sales of common stock sold
pursuant to the Sales Agreement will be 6.0% of the gross proceeds
of the sales price per share.

                     About Valence Technology

Austin, Texas-based Valence Technology, Inc. (NASDAQ: VLNC) --
http://www.valence.com/-- is a global leader in the development
of safe, long-life lithium iron magnesium phosphate energy storage
solutions and provides the enabling technology behind some of the
world's most innovative and environmentally friendly applications.
Valence Technology has its Research & Development Center in
Nevada, its Europe/Asia Pacific Sales office in Northern Ireland
and global fulfillment centers in North America and Europe.

The Company's balance sheet at June 30, 2010, showed
$22.75 million in total assets, $94.51 million in total
liabilities, and a stockholders' deficit of $80.37 million.

PMB Helin Donovan LLP expressed substantial doubt about Valence
Technology Inc.'s ability as a going concern following the
Company's fiscal 2010 results.  The Company has incurred operating
losses each year since its inception in 1989 and had an
accumulated deficit of $581 million as of March 31, 2010.  For the
fiscal years ended March 31, 2010, 2009, and 2008 the Company
sustained net losses available to common stockholders of
$23.2 million, $21.4 million, and $19.6 million, respectively.

The Company's balance sheet at Sept. 30, 2010, showed
$34.19 million in total assets, $36.92 in total current
liabilities, $28.87 million in long-term interest payable to
stockholder, $34.86 million in long-term debt to stockholder,
$118,000 in other long-term liabilities, and a stockholders'
deficit of $75.20.


VISUALANT INC: Lack of Working Capital Prompts Going Concern Doubt
------------------------------------------------------------------
Visualant, Inc., filed on December 30, 2010, its annual report on
Form 10-K for the fiscal year ended September 30, 2010.

Madsen & Associates CPA's, Inc., Salt Lake City, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
will need additional working capital for its planned activity and
to service its debt.

The Company reported a net loss of $1,146,685 on $2,542,627 of
revenue for fiscal 2010, compared with a net loss of $950,609 on
$0 revenue for fiscal 2009.

The Company's balance sheet at September 30, 2010, showed
$4,144,156 in total assets, $5,995,974 in total liabilities, and
stockholders' deficit of $1,851,818.

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

               http://researcharchives.com/t/s?71b9

Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on October 8, 1998.  The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.


VITRO SAB: Wants Involuntary Cases Moved to New York
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB filed a motion on Dec. 29 seeking to move
the involuntary bankruptcies against its U.S. subsidiaries to New
York, where the Company filed its own Chapter 15 petition.  The
issue will be decided at a Jan. 6 hearing in the U.S. Bankruptcy
Court in Fort Worth, Texas, where the involuntary Chapter 11
petitions filed by several bondholders are pending.

According to the report, Vitro accused the dissident bondholders
of "forum shopping" and "gamesmanship" by filing the involuntary
cases in Texas and then seeking to move the later-filed Chapter 15
case to Texas.  In the Chapter 15 case, Vitro would ask the U.S.
court to enforce a reorganization plan ultimately approved by
the court in Mexico.  Vitro contends that the cases shouldn't be
in Texas because it believes the involuntary petitions will be
dismissed eventually.  Vitro argues that the bondholders' claims
are disputed, thus precluding them from filing the involuntary
petitions.  Vitro also argues that the subsidiaries are generally
paying their debts as they come due, despite the default for
about two years on their guarantees on the parent's $1.2 billion
in bonds.

Vitro points to provisions in the U.S. Bankruptcy Code mandating
the Chapter 15 filing in New York because that's where other
bondholders filed suits in state court to collect on the defaulted
bonds.  Once the involuntary petitions in Texas are dismissed,
Vitro postulates that New York will be the only proper venue.  The
bankruptcy court in Texas scheduled a Feb. 10 trial on whether the
U.S. subsidiaries should be thrown into Chapter 11 involuntarily.

The bankruptcy judge in Fort Worth, Texas, signed a formal order
in December allowing Vitro SAB to seek limited relief from the New
York judge in the Chapter 15 case.  The Texas judge is only
allowing the New York judge to rule on whether to halt lawsuits
aimed at collecting on $1.2 billion in notes in default for about
two years.  For the time being, at least, the New York court can't
rule on whether Vitro is entitled to invoke Chapter 15, Mr.
Rochelle said.

                           Feb. 10 Trial

Bill Rochelle earlier reported that under a schedule laid down
last week by the bankruptcy judge in Fort Worth, trial on whether
the U.S. subsidiaries should go into Chapter 11 involuntary will
begin Feb. 10.  The schedule calls for producing documents by
Jan. 12, followed by depositions to be completed by Jan. 19.
Experts are to file their reports by Jan. 21 and can be examined
under oath through Feb. 1.  Pretrial briefs on Feb. 8 will precede
the trial.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of
Ps. 23,991 million ($1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around $1.5 billion in debt, including $1.2 billion
in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately $650 million of the Senior
Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the
Chapter 11 petitioners, although the group has expressed concerns
over the exchange offer.  The group says the exchange offer
exposes Noteholders who consent to potential adverse consequences
that have not been disclosed by Vitro.  The group is represented
by John Cunningham, Esq., and Richard Kebrdle, Esq. at White &
Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No.
10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No.
10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No.
10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case
No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No.
10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No.
10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481);
VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.


VUZIX CORP: Defers Loan Payment to Kopin Corporation, et al.
------------------------------------------------------------
On December 21, 2009, Vuzix Corporation and Kopin Corporation
entered into a letter agreement pursuant to which payment of
$746,000 of the amount then due Kopin from Vuzix was deferred
until January 15, 2011, at which time the amount deferred,
together with interest accrued at the rate of ten percent per
annum would be payable in full.

On December 20, 2010, Vuzix and Kopin entered into a letter
agreement effective as of December 23, 2010 further deferring
payment of the deferred amount and deferring payment of interest
accrued thereon of $79,709.  The aggregate amount deferred,
$825,709, will bear interest at the rate of 12% per annum from and
after January 15, 2011, and will be payable, together with such
interest, in 25 equal monthly installments of $37,108.44 each,
commencing on January 15, 2011.

The entire unpaid amount, and interest accrued thereon, will be
due and payable on January 15, 2013.  In connection with such
deferral, Vuzix issued to Kopin a Warrant to purchase up to
1,651,419 shares of Vuzix $.001 par value Common Stock at an
exercise price of $0.09965 per share.  The Kopin Warrant expires
on January 15, 2013.

                           Vast Deferral

On December 21, 2009, Vuzix and Vast Technologies Inc. entered
into a letter agreement pursuant to which payment of $1,000,000 of
the amount then due Vast from Vuzix was deferred until January 15,
2011, at which time the amount deferred, together with interest
accrued at the rate of 10% per annum would be payable in full.  On
December 13, 2010, Vuzix and Vast entered into a letter agreement
effective as of December 23, 2010 further deferring payment of the
deferred amount and interest accrued thereon of $106,849.  The
aggregate amount deferred, $1,106,849, will bear interest at the
rate of 12% per annum from and after January 15, 2011, and will be
payable, together with such interest, in 37 equal monthly
installments of $35,573 each, commencing on January 15, 2011.  The
entire unpaid amount, and interest accrued thereon, will be due
and payable on January 15, 2014.  In connection with such
deferral, Vuzix issued to Vast a Warrant to purchase up to
1,662,274 shares of Common Stock at an exercise price of $0.09965
per share.  The Vast Warrant expires January 15, 2014.

                          Travers Deferral

On October 17, 2008, Vuzix and Paul J. Travers, the President of
Vuzix entered into a revolving loan agreement.  As of December 23,
2010 the amount of principal and accrued interest due Travers
under the Travers Agreement was $258,658, which was payable on or
before December 31, 2010.  On December 23, 2010, Vuzix and Travers
entered into a letter agreement agreeing that such amount will be
payable, together with interest thereon, in 36 equal monthly
installments of $8,504 each, commencing on January 31, 2011.  The
entire unpaid amount, and interest accrued thereon, will be due
and payable on December 31, 2013.  In connection with such
deferral, Vuzix issued to Travers a Warrant to purchase up to
1.034,633 shares of Common Stock at an exercise price of $0.09965
per share.  The Travers Warrant expires on December 31, 2013.

                          Burtis Deferral

On May 7, 2010 and on September 17, 2010, Vuzix and John Burtis
entered into certain loan agreements.  As of December 23, 2010 the
amount of principal and accrued interest due Burtis under the
Burtis Agreements was $135,763, which was payable on or before
December 31, 2010.  On December 23, 2010, Vuzix and Burtis entered
into a letter agreement agreeing that such amount will be payable,
together with interest thereon at a rate of 12% per annum, in 36
equal monthly installments of $4,463 each, commencing on January
31, 2011.  The entire unpaid amount, and interest accrued thereon,
will be due and payable on December 31, 2013.  In connection with
such deferral, Vuzix issued to Travers a Warrant to purchase up to
543,052 shares of Common Stock at an exercise price of $0.09965
per share.  The Burtis Warrant expires on the December 31, 2013.

                        About Vuzix Corp.

Rochester, New York-based Vuzix Corporation (TSX-V: VZX)
OTC BB: VUZI) -- http://www.vuzix.com/-- is a supplier of Video
Eyewear products in the defense, consumer and media &
entertainment markets.

EFP Rotenberg, LLP, in Rochester, New York, expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has incurred substantial losses from
operations in recent years.  "In addition, the Company is
dependent on its various debt and compensation agreements to fund
its working capital needs.  And while there are no financial
covenants with which the Company must comply with, these debts are
past due in some cases."


VUZIX CORP: Secures $4MM Term Debt, Restructures $2.3MM Debt
------------------------------------------------------------
Vuzix Corporation reported that it closed a private placement
financing in the principal amount of $4.0 million with LC Capital
Master Fund Ltd.  The Lender has the right to convert its debt
into shares of Vuzix Common Stock.  The Lender received Warrants
to purchase additional Common Shares.  In connection with the
financing, holders of approximately $2.3 million of indebtedness
from the Company deferred payments of the amounts owed them.
Those creditors received warrants to purchase Common Shares.

                  $4 Million Term Debt Facility

The convertible, senior secured term loan is in the principal
amount of $4,000,000.  Accrued interest is to be paid semi-
annually at a rate of 12% per annum commencing 6 months after
closing.  No payments of principal are required in the first 12
months of the loan.  Beginning in the 13th month following
closing, the Company is required to make 24 equal monthly payments
of $141,666.  A final principal payment of $600,000 is due at the
end of the 48-month period.

The Company will use approximately $425,000 to repay two bank
loans and three notes payable.  An additional $1,500,000 will be
used to pay down supplier accounts.  The balance of approximately
$2,000,000 will be used to improve the Company's working capital
position and liquidity.  The unpaid principal and accrued interest
on the Loan is convertible into Common Shares at a price of
$0.09965 per share, at any time.

The Company issued to the Lender warrants to purchase up to
40,000,000 Common Shares, at an exercise price of $0.09965 per
share, at any time prior to December 23, 2014.

The maximum number of Common Shares that may be issued pursuant
to: (i) the exercise of Warrants; and (ii) the conversion of
principal and interest owing under the Loan, shall not exceed
46,517,695 Common Shares, which corresponds to 15% of the
Company's currently issued and outstanding Common Shares after
giving the effect to the exercise of the conversion rights and the
Warrants.

The Loan agreement contains certain covenants, including the
maintenance of minimum cash levels of $500,000 or unused operating
lines of an equivalent amount and positive EBITDA operating
results. Beginning with the quarter ending March 31, 2011, Vuzix
is required to achieve positive EBITDA operating results each
quarter, starting at nil and increasing to $1,000,000 per quarter
over the term of the Loan.  The Lender is also entitled to appoint
two new board members to the Company's board of directors, subject
to the mutual agreement upon suitable candidates and regulatory
approval.

Additionally if the Company does not enter into a working line of
credit secured by Accounts Receivable and Inventory of not less
than $1,000,000 nor more than $2,000,000, within 90 days following
the closing date, the Company must pay the Lender a fee of
$200,000, payable on the fourth anniversary of the closing date
and convertible into Common Shares at a conversion price equal to
the greater of (i) the U.S. Dollar equivalent of CDN$0.10 per
share and (ii) the market price of the Common Shares on the date
of issuance of such promissory note.  If such a line of credit is
not obtained within 180 days from the Closing Date, Vuzix shall
pay the Lender an additional fee of $400,000, payable on the
fourth anniversary of the Closing Date and convertible into Common
Shares of the Company at a conversion price equal to the greater
of (i) the U.S. Dollar equivalent of CDN$0.10 per share and (ii)
the market price of the Commons Shares, on the date of issuance of
such promissory note.

The maximum number of Common Shares that the Lender may acquire
pursuant to the exercise of Warrants, the conversion of the Loan
and the conversion of the line of credit penalty fees is of
52,507,695, or 19.9% of the Company's issued outstanding Common
Shares on the date hereof.

Kaufman Bros. acted as the Company's financial advisor with
respect to the Loan transaction and was: (i) paid an advisory fee
of $50,000; and (ii) issued warrants to purchase 1,000,000 Common
Shares.  The warrants issued to Kaufman Bros. have the same terms
as the Warrants.

                        Debt Restructuring

In connection with the financing, four existing secured lenders
who are currently owed $2,320,980 in principal and accrued
interest have agreed to subordinate their security interests in
favor of the Lender and to extend the period of debt repayments
for 24 to 36 months following closing of the Loan transaction.  As
partial compensation for subordination and postponement, these
existing creditors were issued warrants to purchase an aggregate
of 4,612,666 Common Shares, with an exercise price of US$0.09965
per share.  The Warrants are exercisable until the earlier of the
maturity date of the indebtedness owing to the applicable creditor
or 5 years from the closing date.

One of the subordinating lenders is Paul Travers, the Company's
President and CEO, who is owed an aggregate of $258,658 by the
Company in respect of advances made by Mr. Travers to the Company
in 2008.  Mr. Travers will be issued warrants to purchase
1,034,633 Common Shares in consideration for the subordination and
postponement of amounts owing to him.

Mr. Travers is a related party within the meaning of Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions.  Consequently, the issuance of warrants to
Mr. Travers constitutes a related party transaction within the
meaning of MI 61-101 requiring the Corporation, in the absence of
exemptions, to obtain a formal valuation for, and minority
shareholder approval of, the related party transaction.  The
Company has determined that an exemption from the formal valuation
requirements under MI 61-101, specifically under section 5.5(a)
thereof.  The Company has determined that an exemption is also
available from the minority shareholder approval requirements
under the exemption in Section 5.7(a) of MI 61-101.  The
disclosure of the related party transaction in this news release
is less than 21 days prior to the closing of such related party
transaction.

                        About Vuzix Corp.

Rochester, New York-based Vuzix Corporation (TSX-V: VZX)
OTC BB: VUZI) -- http://www.vuzix.com/-- is a supplier of Video
Eyewear products in the defense, consumer and media &
entertainment markets.

EFP Rotenberg, LLP, in Rochester, New York, expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has incurred substantial losses from
operations in recent years.  "In addition, the Company is
dependent on its various debt and compensation agreements to fund
its working capital needs.  And while there are no financial
covenants with which the Company must comply with, these debts are
past due in some cases."


WAGLE INVESTMENTS: Case Summary & 4 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Wagle Investments, LLC
        32 Rancho Circle
        Lake Forest, CA 92630

Bankruptcy Case No.: 10-28204

Chapter 11 Petition Date: December 28, 2010

Court: U.S. Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Theodor Albert

Debtor's Counsel: Bryan L. Ngo, Esq.
                  BLUE CAPITAL LAW FIRM, P.C.
                  14441 Brookhurst Street, Suite 8
                  Garden Grove, CA 92843
                  Tel: (714) 839-3800
                  Fax: (949) 271-5788
                  E-mail: bngo@bluecapitallaw.com

Scheduled Assets: $850,908

Scheduled Debts: $1,535,947

A list of the Company's four largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb10-28204.pdf

The petition was signed by Sunil Wagle, president and managing
member.


WAVE SYSTEMS: Receives $5.2 Million in Additional License Orders
----------------------------------------------------------------
Wave Systems Corp. has received $5.2 million in additional license
and maintenance orders through its PC OEM partners on behalf of a
U.S.-based automotive company.  The orders hasten the deployment
and increase the total value of the automaker's software orders to
$10.9 million, $6.7 million of which will be recorded as revenue
over the next 12 months, $1.9 million of which was recorded as
revenue in 2010 and $2.3 million of which is expected to be
recognized as revenue in 2012 through 2014.

The automaker selected Wave's EMBASSY(R) Remote Administration
Server to manage its global fleet of employee laptops equipped
with self-encrypting drives preinstalled with Wave's EMBASSY
Trusted Drive Manager (TDM) client software.  SEDs safeguard
sensitive data such as customer information, financial data and
intellectual property, while offering numerous performance and IT
management advantages over software encryption, including the
ability to encrypt all the contents of the drive without impacting
performance.  Wave's TDM and ERAS solutions are designed to enable
IT personnel to easily set up and enroll each SED in a few
minutes.

"Having utilized our solution during 2010, the customer has
accelerated and significantly expanded its deployment of ERAS
seats, furthering our belief that a centrally managed, hardware
encryption solution can offer superior data protection," said
Steven Sprague, President and CEO of Wave Systems.

Brian Berger, Wave's EVP of Marketing & Sales, added, "We've
received positive feedback from this large customer and their IT
group about the benefits our solution provides for ease of use,
deployment and scalability."

Initial orders for software licenses and maintenance totaling $5.7
million were received by Wave in December 2009, $1.9 million of
which was recorded as revenue on a pro rata basis principally
throughout 2010.  At the automaker's request, in late December
2010 Wave fulfilled $8.1 million of the expanded orders,
consisting of $6.7 million in license fees and $1.4 million in
maintenance fees for 2012 through 2014.

Payment of $8.1 million is expected early in Q1 2011.  Consistent
with Wave's revenue recognition policies, approximately $6.7
million of license revenue will be recognized over a 365-day
period from the date of invoice and $1.4 million in maintenance is
expected to be recorded ratably over 2012 through 2014.  The
remaining $900,000 in maintenance orders are expected to be billed
and recorded also during 2012 through 2014.  The maintenance
portion of the orders, totaling $2.3 million, is cancelable up
until December 1, 2011 upon 30 days notice to Wave.

             About Wave EMBASSY(R) Management Software

Wave's Trusted Drive Manager client software enables pre-boot
authentication, the enrollment of drive administrators and users,
and the ability to backup drive credentials.  For centralized IT
management of the self-encrypting drives, Wave's EMBASSY(R) Remote
Administration Server (ERAS) is designed to let IT managers
remotely turn on each drive in seconds and to provide detailed
event logs for compliance assertions to prove that the security
settings were in place if a loss or theft occurs.  Because self-
encrypting drives with Wave's software are easy to set up and easy
to use, there is virtually no significant learning curve for the
end user or IT support staff.

                         About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --
http://www.wave.com/-- develops, produces and markets products
for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.

Wave's independent registered public accounting firm has issued a
report dated March 16, 2010, that includes an explanatory
paragraph referring to its significant operating losses and
substantial doubt about its ability to continue as a going
concern.


WEGENER CORP: Henry Partners Owns Less Than 5% of Common Stock
--------------------------------------------------------------
In an amended Schedule 13G filing with the Securities and Exchange
Commission on December 30, 2010, Henry Partners, L.P.,
Matthew Partners, L.P., and Henry Investment Trust, L.P. disclosed
that they beneficially own less than 5% of Wegener Corporation's
outstanding common stock.

                        About Wegener Corp.

Johns Creek, Ga.-based Wegener Corporation
-- http://www.wegener.com/-- was formed in 1977 and is a Delaware
corporation.  The Company conducts its continuing business through
Wegener Communications, Inc. (WCI), a wholly-owned subsidiary.
WCI, a Georgia corporation, is an international provider of
digital video and audio solutions for broadcast television, radio,
telco, private and cable networks.

Habif, Arogeti & Wynne, LLP, in Atlanta, Ga., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations and has a capital
deficiency.

The Company's balance sheet as of September 3, 2010, showed
$8.36 million in total assets, $8.49 million in total
liabilities, and a stockholders' deficit of $131,688.


WILLIAM FLORES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: William Denizard Flores
                aka Billy Denizard
               Olga T. Tanon
                aka Olga T. Tanon-Ortiz
               8859 Cypress Reserve Circle
               Orlando, FL 32836

Bankruptcy Case No.: 10-22935

Chapter 11 Petition Date: December 30, 2010

Court: United States Bankruptcy Court
       Middle District of Florida (Orlando)

Debtor's Counsel: Carolyn Maya, Esq.
                  DESAI & MAYA, PA
                  1540 Lake Baldwin Lane, Suite B
                  Orlando, FL 32814
                  Tel: (407) 895-8707
                  Fax: (866) 514-9933
                  E-mail: cmaya@lawyer.com

Scheduled Assets: $3,327,706

Scheduled Debts: $7,283,817

A list of the Joint Debtors' 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/flmb10-22935.pdf


WOLF CREEK: Disclosure Statement Hearing Scheduled for January 18
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Utah will convene a
hearing on January 18, 2011, at 2:00 p.m., MST, to consider
adequacy of the Disclosure Statement explaining Wolf Creek
Properties, LC's proposed Plan of Reorganization.

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

The Debtor develops, owns and operates the Wolf Creek Utah Resort
and Club in Eden, Utah.

As reported in the Troubled Company Reporter on November 15, 2010,
according to the Disclosure Statement, the Plan provides for the
continuation of the Debtor's efforts to obtain funding or equity
investment necessary to preserve the value of the resort as a
whole.  If a funding event timely occur, creditors will be paid
out of the funding event and the operations of the resort.  If
these funding efforts not be successful by 12 months from the
Effective Date of the Plan, a structured liquidation of the
Debtor's assets will be performed.  Creditors and interest holders
would then be paid from the proceeds of the liquidation sales.

Under the Plan, Class 13 - Unsecured Claims - If a funding event
occurs within 12 months after the Effective Date, Claim holders
will receive quarterly payments which will total, in the aggregate
66.67% of their Allowed Claim.  If a funding event does
not occur within 12 months after the Effective Date, claim holders
will receive on the Liquidation Fund Distribution Date, a pro rata
share of the Liquidation Fund as of that date, up to a maximum of
66.67% of their respective Allowed Claims.

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

                 About Wolf Creek Properties, LC

Eden, Utah-based Wolf Creek Properties, LC, filed for Chapter 11
bankruptcy protection on June 9, 2010 (Bankr. D. Utah Case No. 10-
27816).  Miller Guymon, P.C. represents the Debtor.  The Company
disclosed $86,496,598 in assets and $20,646,001 in liabilities as
of the Chapter 11 filing.


WORLD WIDE STONE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: World Wide Stone Corporation
        15275 N. 83rd Place
        Scottsdale, AZ 85260

Bankruptcy Case No.: 10-41158

Chapter 11 Petition Date: December 28, 2010

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Sarah Sharer Curley

Debtor's Counsel: Christopher C. Simpson, Esq.
                  STINSON MORRISON HECKER LLP
                  1850 N. Central Avenue, #2100
                  Phoenix, AZ 85004
                  Tel: (602) 279-1600
                  Fax: (602) 240-6925
                  E-mail: csimpson@stinson.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb10-41158.pdf

The petition was signed by Spencer Cunningham, vice president.


* Judge Mitchell Retiring From Alexandria, Virginia Bench
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Stephen S. Mitchell is retiring
from the bankruptcy bench in Alexandria, Virginia, in August,
according to the Virginia Lawyers Weekly.  Judge Mitchell, 65, has
been a bankruptcy judge since 1994.  He is a graduate of the Yale
Law School.  Judge Mitchell's successor will be named by the 4th
U.S. Circuit Court of Appeals in Richmond.  The notice of vacancy
says that the Court of Appeals is an "equal opportunity employer."


* Old Chrysler Is Largest Plan Confirmation in 2010
---------------------------------------------------
Chapter 11 plans were confirmed by 41 publicly held companies in
2010, according to New Generation Research Inc., the publisher of
BankruptcyData.com, Bill Rochelle, the bankruptcy columnist for
Bloomberg News, reported.

Ranked by assets, the four largest companies to confirm plans in
2010 were old Chrysler, now formally named Old Carco LLC, shopping
mall owner General Growth Properties Inc., chemical producer
Lyondell Chemical Co., and bank holding company Fremont General
Corp.


* Lehman Again Most Frequently Read Docket on Bloomberg
-------------------------------------------------------
Three bankruptcy cases were among the 10 most widely read court
dockets on the Bloomberg system during 2010, Bloomberg Law
announced.  The bankruptcy court docket for Lehman Brothers
Holdings Inc. was the most frequently read docket on the Bloomberg
system, for the second year in a row.  The dockets for the
reorganizations of shopping center owner General Growth Properties
Inc. and bank holding company Washington Mutual Inc. were the
sixth and ninth most-frequently consulted.  Citadel Broadcasting
Corp., a Las Vegas-based owner of 224 radio stations, beat all the
bankruptcy cases other than Lehman.  Coming in fourth place,
Citadel's docket attracted more readers than General Growth and
Washington Mutual.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                               Total     Share-
                                   Total     Working   Holders'
                                  Assets     Capital     Equity
  Company           Ticker         ($MM)       ($MM)      ($MM)
  -------           ------        ------     -------   --------
ABRAXAS PETRO       AXAS US        178.1        (5.2)      (1.7)
ABSOLUTE SOFTWRE    ABT CN         124.2        (6.0)      (6.2)
ACCO BRANDS CORP    ABD US       1,097.3       261.9      (97.3)
AEGERION PHARMAC    AEGR US          2.9       (29.5)     (27.3)
ALASKA COMM SYS     ALSK US        624.8         2.6      (15.3)
AMER AXLE & MFG     AXL US       2,071.4        61.9     (469.1)
AMR CORP            AMR US      25,357.0    (2,102.0)  (3,643.0)
ANACOR PHARMACEU    ANAC US         20.4        (1.6)      (8.2)
ARQULE INC          ARQL US         94.1        45.1       (9.7)
ARVINMERITOR INC    ARM US       2,879.0       331.0   (1,023.0)
AUTOZONE INC        AZO US       5,640.5      (584.3)    (817.2)
BLUEKNIGHT ENERG    BKEP US        296.0      (427.8)    (152.8)
BOARDWALK REAL E    BEI-U CN     2,343.6         -       (100.8)
BOARDWALK REAL E    BOWFF US     2,343.6         -       (100.8)
BOSTON PIZZA R-U    BPF-U CN       111.3         5.0     (116.3)
BRAVO BRIO RESTA    BBRG US        162.8       (28.9)     (61.5)
CABLEVISION SY-A    CVC US       7,501.6      (157.7)  (6,222.8)
CAMPUS CREST COM    CCG US         327.5         -        (60.7)
CC MEDIA-A          CCMO US     17,393.5     1,410.4   (7,219.6)
CENTENNIAL COMM     CYCL US      1,480.9       (52.1)    (925.9)
CENVEO INC          CVO US       1,393.6       220.0     (332.5)
CHENIERE ENERGY     CQP US       1,797.0        30.3     (521.9)
CHENIERE ENERGY     LNG US       2,616.5      (137.1)    (431.0)
CHOICE HOTELS       CHH US         403.3       (11.5)     (75.5)
CLEVELAND BIOLAB    CBLI US         11.9        (9.7)     (10.0)
COMMERCIAL VEHIC    CVGI US        289.3       114.0       (5.7)
CONSUMERS' WATER    CWI-U CN       869.7         9.9     (263.6)
CUMULUS MEDIA-A     CMLS US        324.1        (2.5)    (349.3)
DENNY'S CORP        DENN US        312.7       (10.7)    (102.4)
DISH NETWORK-A      DISH US      9,292.9       733.1   (1,416.5)
DISH NETWORK-A      EOT GR       9,292.9       733.1   (1,416.5)
DOMINO'S PIZZA      DPZ US         425.7       104.1   (1,241.9)
DUN & BRADSTREET    DNB US       1,727.3      (612.4)    (717.4)
EASTMAN KODAK       EK US        6,929.0     1,406.0     (213.0)
EPICEPT CORP        EPCT SS          6.7        (1.1)     (14.2)
EXELIXIS INC        EXEL US        372.9       (11.8)    (217.6)
FORD MOTOR CO       F US       180,330.0   (18,558.0)  (1,740.0)
FORD MOTOR CO       F BB       180,330.0   (18,558.0)  (1,740.0)
GENCORP INC         GY US          981.8       150.8     (224.9)
GLG PARTNERS INC    GLG US         400.0       156.9     (285.6)
GLG PARTNERS-UTS    GLG/U US       400.0       156.9     (285.6)
GRAHAM PACKAGING    GRM US       2,840.3       259.1     (580.3)
HEALTHSOUTH CORP    HLS US       1,796.9       124.3     (394.9)
HICKS ACQUISITIO    HKACU US         0.8        (0.8)      (0.1)
HOVNANIAN ENT-A     HOV US       1,817.6     1,101.9     (337.9)
HOVNANIAN ENT-B     HOVVB US     1,817.6     1,101.9     (337.9)
IDENIX PHARM        IDIX US         63.1        24.0      (21.3)
INCYTE CORP         INCY US        464.6       305.0     (128.9)
INTERMUNE INC       ITMN US        143.9        10.2      (67.7)
IPCS INC            IPCS US        559.2        72.1      (33.0)
ISTA PHARMACEUTI    ISTA US        112.2         8.8      (71.8)
JAZZ PHARMACEUTI    JAZZ US        108.0       (13.3)      (0.8)
JUST ENERGY INCO    JE-U CN      1,834.1      (578.0)    (497.2)
KNOLOGY INC         KNOL US        658.7        53.5       (5.3)
LIGAND PHARM-B      LGND US        112.6        (1.4)      (1.1)
LIGHTING SCIENCE    LSCG US         60.0        28.3     (122.4)
LIN TV CORP-CL A    TVL US         782.4        21.2     (146.9)
LORILLARD INC       LO US        3,504.0     1,665.0      (38.0)
MAINSTREET EQUIT    MEQ CN         399.4         -         (8.5)
MANNKIND CORP       MNKD US        305.1        76.5     (181.4)
MEAD JOHNSON        MJN US       2,217.6       414.5     (415.7)
MOODY'S CORP        MCO US       2,348.2       508.8     (297.6)
MORGANS HOTEL GR    MHGC US        759.1        47.0      (42.1)
NATIONAL CINEMED    NCMI US        836.1        40.5     (340.8)
NAVISTAR INTL       NAV US       9,730.0     2,246.0     (924.0)
NEWCASTLE INVT C    NCT US       3,760.1         -       (591.2)
NEXSTAR BROADC-A    NXST US        607.6        31.2     (189.9)
NORTH AMERICAN G    NMGL US          0.0        (0.1)      (0.1)
NPS PHARM INC       NPSP US        228.8       147.8     (149.8)
NYMOX PHARMACEUT    NYMX US          0.9        (1.0)      (1.8)
OTELCO INC-IDS      OTT US         331.6        27.5       (3.5)
OTELCO INC-IDS      OTT-U CN       331.6        27.5       (3.5)
PALM INC            PALM US      1,007.2       141.7       (6.2)
PDL BIOPHARMA IN    PDLI US        257.5        26.1     (304.5)
PETROALGAE INC      PALG US          5.9        (8.2)     (51.6)
PHARMATHENE INC     PIP US          21.6       (17.7)     (11.4)
PLAYBOY ENTERP-A    PLA/A US       165.8       (16.9)     (54.4)
PLAYBOY ENTERP-B    PLA US         165.8       (16.9)     (54.4)
PRIMEDIA INC        PRM US         215.5        (5.8)     (97.8)
PRIMO WATER CORP    PRMW US         29.0       (29.4)      (9.6)
PROTECTION ONE      PONE US        562.9        (7.6)     (61.8)
QUALITY DISTRIBU    QLTY US        284.3        26.9     (132.9)
QUANTUM CORP        QTM US         459.6       127.8      (83.7)
QUEPASA CORP        QPSA US          3.4         2.0       (3.3)
QWEST COMMUNICAT    Q US        18,959.0    (1,163.0)  (1,425.0)
REGAL ENTERTAI-A    RGC US       2,670.3       114.1     (267.3)
REVLON INC-A        REV US         794.8        86.9     (991.8)
RIGNET INC          RNET US         93.2         9.5      (11.6)
RSC HOLDINGS INC    RRR US       2,736.4      (175.7)     (37.5)
RURAL/METRO CORP    RURL US        293.7        46.4      (95.1)
SALLY BEAUTY HOL    SBH US       1,589.4       387.1     (460.3)
SINCLAIR BROAD-A    SBGI US      1,536.2        37.8     (156.0)
SINCLAIR BROAD-A    SBTA GR      1,536.2        37.8     (156.0)
SMART TECHNOL-A     SMT US         559.1       201.9      (63.2)
SMART TECHNOL-A     SMA CN         559.1       201.9      (63.2)
SPECTRAL CAPITAL    FCCN US          0.0        (0.0)      (0.0)
STEREOTAXIS INC     STXS US         47.5        (6.2)      (5.3)
SUN COMMUNITIES     SUI US       1,164.1         -       (131.0)
SWIFT TRANSPORTA    SWFT US      2,666.1       101.3     (826.2)
SYNERGY PHARMACE    SGYP US          2.7        (2.3)      (1.8)
TAUBMAN CENTERS     TCO US       2,529.7         -       (541.1)
TEAM HEALTH HOLD    TMH US         886.9         4.7      (18.2)
THERAVANCE          THRX US        212.6       161.1     (141.1)
UNISYS CORP         UIS US       2,840.1       472.1   (1,034.2)
UNITED CONTINENT    UAL US           -      (1,186.0)  (2,206.0)
UNITED RENTALS      URI US       3,744.0       188.0      (15.0)
VECTOR GROUP LTD    VGR US         859.0       245.3      (37.7)
VENOCO INC          VQ US          766.2        20.4      (94.8)
VIRGIN MOBILE-A     VM US          307.4      (138.3)    (244.2)
WARNER MUSIC GRO    WMG US       3,779.0      (592.0)    (211.0)
WEIGHT WATCHERS     WTW US       1,103.1      (377.9)    (708.2)
WHX CORP            WXCO US        374.2        62.1       (8.9)
WORLD COLOR PRES    WC CN        2,641.5       479.2   (1,735.9)
WORLD COLOR PRES    WCPSF US     2,641.5       479.2   (1,735.9)
WORLD COLOR PRES    WC/U CN      2,641.5       479.2   (1,735.9)
WR GRACE & CO       GRA US       4,209.6     1,333.7     (175.1)
YRC WORLDWIDE IN    YRCW US      2,673.1      (288.2)    (121.7)
ZOGENIX INC         ZGNX US         55.0        (0.9)     (34.5)



                           *********

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 by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases by individuals and business entities estimating
assets and debts or disclosing assets and liabilities at less than
$1,000,000.  The list includes links to freely downloadable images
of the small-dollar business-related 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 2011.  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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