TCR_Public/110110.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, January 10, 2011, Vol. 15, No. 9

                            Headlines

1600 TRADING: Court Confirms Plan of Reorganization
2001 PROPERTIES: Wants Plan Filing Period Extended to April 28
207 REDWOOD: Wants Plan Exclusivity Until April 3
464 MARINER: Case Summary & 2 Largest Unsecured Creditors
556 HOLDING: Obtains Approval for Dismissal of its Chapter 11 Case

702 SERRANO: Case Summary & 20 Largest Unsecured Creditors
AIROCARE INC: Disclosure Statement Hearing Tomorrow
AMR CORP: American Airlines' December Traffic Increased by 1.8%
AMERICAN INT'L: Questioned by U.S. Regulators Over AIA IPO
AMTRUST FINANCIAL: Files Joint Plan of Reorganization

ANGIOTECH PHARMACEUTICALS: Amends PHS Pact to Eliminate Royalties
ANTHONY GLAVIN: Voluntary Chapter 11 Case Summary
ASIAN ART MUSEUM: Has Proposal to Restructure $120-Mil. Bond Debt
B & M AERIAL: Case Summary & 8 Largest Unsecured Creditors
BCBG MAX: Might Breach Covenant, Says S&P; Corporate Cut to CCC+

BERNARD L MADOFF: Trustee Wins OK for $500MM Union Bancaire Deal
BESO LLC: Case Summary & 20 Largest Unsecured Creditors
B.I.QUAD LLC: Case Summary & 3 Largest Unsecured Creditors
BION ENVIRONMENTAL: Gets $1.74-Mil. Reimbursement From Pennvest
BLUEKNIGHT ENERGY: Swank Capital Holds 16.2% Equity Stake

BOMBARDIER RECREATIONAL: S&P Raises Long-Term Rating to 'B-'
BONTEN MEDIA: S&P Cuts Ratings to 'CCC+' on Inadequate Liquidity
BOZEL LLC: Case Summary & 7 Largest Unsecured Creditors
BOZEL S.A.: Competing Bids for Debtor's Assets Due by Jan. 27
BOZEL S.A.: Gets Final OK to Obtain $8,000,000 DIP Loan From JMC

BRITISH AMERICAN: U.S. Court Recognizes BVI Liquidation Proceeding
BROWN PUBLISHING: Wants Plan Exclusivity Extended Until April 5
C&D TECHNOLOGIES: Bruce & Co. Discloses 10.98% Equity Stake
CARDINAL EMS: Case Summary & 20 Largest Unsecured Creditors
CLAIRE'S STORES: Bank Debt Trades at 6% Off in Secondary Market

COG III: Case Summary & 18 Largest Unsecured Creditors
COMMUNITY CENTRAL: Has Until June 28 to Regain Nasdaq Compliance
CONSOLIDATED HORTICULTURE: Files Schedules of Assets & Liabilities
CONTROL PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
CREDITWEST CORP: Debtor Withdraws Plan; Committee Plan Confirmed

DAIRY PRODUCTION: Can Use AFS's Cash Collateral Until February 28
DAIRY PRODUCTION: Wants Plan Filing Period Extended to May 9
DARA BIOSCIENCES: Regains NASDAQ Stockholders' Equity Compliance
DAVIS HERITAGE: Court Orders Dismissal of Chapter 11 Case
DAYCO PROPERTIES: MUNB Loan Holdings Seeks to Foreclose on Condo

DEEP DOWN: Cuming Acquisition Completed, Joint Venture Formed
DELTA PETROLEUM: Closes on $100-Mil. Loan Facility from Macquarie
DELTA PETROLEUM: D. Taylor Owns 112,178 Shares of Common Stock
DEX MEDIA WEST: Bank Debt Trades at 8% Off in Secondary Market
DEX ONE: Moody's Changes Outlook to Negative, Affirms 'B1' Ratings

DOLPHIN DIGITAL: Converts $500,000 Notes to Preferred Stock
DUNE ENERGY: Zazove Associates Discloses 1.80% Equity Stake
DYCOM INVESTMENTS: Moody's Assigns 'Ba3' Rating to $175 Mil. Notes
DYCOM INVESTMENT: S&P Assigns 'BB-' Rating to $175 Mil. Notes
DYNAVAX TECH: Offers 15MM Shares Under Equity Incentive Plan

DYNAVAX TECHNOLOGIES: To Issue 100-Mil. Additional Shares
DYNEGY INC: Files Amendment to Icahn's $5.50 Per Share Offer
E-DEBIT GLOBAL: Requests Hearing to Appeal Cease Trade Order
ECOSPHERE TECHNOLOGIES: Grants D. McGuire 9-Mil. Stock Options
ELECTRICAL COMPONENTS: S&P Assigns 'B+' Rating to $190 Mil. Loan

EMPIRE RESORTS: Gregg Polle Does Not Own Any Securities
ENERJEX RESOURCES: 100% of Debentures Converted to Common Stock
ENERJEX RESOURCES: Acquires Assets for 49 Million Common Shares
EOS PREFERRED: Parent Consents to OTS Cease and Desist Order
EXECUTIVE AIRPORT: Foreclosure Sale of Offices Set for Jan. 26

FALLBROOK DEVELOPMENT: Involuntary Chapter 11 Case Summary
FIRST COMMERCIAL: Closed, First Southern Bank Assumes Deposits
FOX HILL: Case Summary & 20 Largest Unsecured Creditors
FRANK PARSONS: Case Summary & 30 Largest Unsecured Creditors
G. FORCE INVESTMENTS: Terminated Lease Can't Be Assumed

GATEWAY MEDICAL: Case Summary & 10 Largest Unsecured Creditors
GREAT ATLANTIC: Moody's Assigns 'Ba2' Rating to $450 Mil. Loan
GREAT ATLANTIC: S&P Assigns Ratings to $800 Mil. Credit Facility
GUITAR CENTER: Bank Debt Trades at 7% Off in Secondary Market
HAMPTON ROADS: Names Former WTC Market Manager to Board

HARBOUR EAST: Fails in Bid to Compel NBV to Produce Docs.
HARRISBURG, PA: Workers Get Paychecks Despite Lack Of 2011 Budget
HAWKER BEECHCRAFT: Bank Debt Trades at 12% Off in Secondary Market
HERCULES OFFSHORE: Bank Debt Trades at 6% Off in Secondary Market
HEREFORD 480: Voluntary Chapter 11 Case Summary

HERMITAGE DEVELOPERS: Case Summary & 20 Largest Unsec. Creditors
HGROUP LLC: Case Summary & Largest Unsecured Creditor
HOSPITAL DAMAS: Can Obtain UP to $1-Mil. of DIP Financing
ICON HEALTH: S&P Assigns Corporate Credit Rating at 'B'
INGRAM BROTHERS: Case Summary & 20 Largest Unsecured Creditors

INN OF THE MOUNTAIN: Extends Exchange Offer for Defaulted Notes
INN OF THE MOUNTAIN: Has Yet to File Sept. 2010 Annual Report
INTELSAT S.A.: Former Marriot Int'l CFO is New Sr. VP
IMAGE METRICS: Buys Big Stage Inventories for 2 Million Shares
IPC AIC II: Cigna Unit Seeks Foreclosure of Industrial Bldg

IRVINE SENSORS: 9 Investors Agree to Convert Bridge Notes
IRVINE SENSORS: Three Directors Do Not Own Any Securities
JAMES CORRIGAN: Voluntary Chapter 11 Case Summary
JARDEN CORPORATION: Management Plans Won't Move Moody's Ba3 Rating
JONES STEPHENS: Emerges From Chapter 11

JUMA TECHNOLOGY: Adam Benowitz Discloses 82.6% Equity Stake
KUBOTA HOLDINGS: Voluntary Chapter 11 Case Summary
KUBOTA TRACTORS: Voluntary Chapter 11 Case Summary
LA CAILLE: Case Summary & 20 Largest Unsecured Creditors
LAW OFFICES: Case Summary & 21 Largest Unsecured Creditors

LCO PROPERTIES: Case Summary & 4 Largest Unsecured Creditors
LEGACY BANK: Closed; Enterprise Bank & Trust Assumes All Deposits
LOCAL INSIGHT: Ends Registration of 11% Sr. Subordinated Notes
LONG ISLAND: Voluntary Chapter 11 Case Summary
LPATH INC: Barclays PLC Discloses 8.80% Equity Stake

LPG WAREHOUSES: Case Summary & 11 Largest Unsecured Creditors
LTAP US: Court to Consider Wells Fargo's Stay Relief on January 26
MARITIME STEEL AND FOUNDRIES: Forced Into Receivership
MARK CARROLL: Case Summary & 5 Largest Unsecured Creditors
MANHASSET HOLDINGS: Case Summary & 15 Largest Unsecured Creditors

MARTURIN GROUP: Case Summary & 20 Largest Unsecured Creditors
MERCO GROUP: CMBS Fund Seeks to Foreclose on Rio Apartments
METRO ENTERPRISES: In Receivership; New Company Takes Over
MEXICANA AIRLINES: Bankruptcy Should Be Resolved by January 24
MIDDLEBROOK PHARMACEUTICAL: Chapter 11 Plan Declared Effective

MONEY TREE: $29.2MM Remains Unsold in $35MM Notes Offering
MONEY TREE: $50.8MM Remains Unsold in $75.0MM Series B Offering
MOORE JAGUAR: Case Summary & 20 Largest Unsecured Creditors
MOUNTAIN RESORT: Must File Settlement Pact With SOF-VIII Jan. 18
MPI AZALEA: Has Access to Cash Collateral Until March 6

N/S SAWGRASS: Met Life Unit Seeks to Foreclose on Tech Park
NEW LEAF: COO Resigns Following Misconduct Allegations
NLP COOLEY: Voluntary Chapter 11 Case Summary
NNN 2003: CEO Resigns; GERI Executive Named Replacement
NNN 2003: Steven Shipp Does Not Own Any Securities

NORTEL NETWORKS: CTDI Fights to Dismiss Counterfeiting Suit
NOVADEL PHARMA: Common Stock Reinstated on OTCBB
NURSES IN PARTNERSHIP: Voluntary Chapter 11 Case Summary
OCP II: Shopping Center Foreclosure Auction Set for March 3
ONKAR INC: Case Summary & Largest Unsecured Creditor

PETRA FUND: Jan. 31 Deadline to File Proofs of Claim
PIN KNOXS: Case Summary & 8 Largest Unsecured Creditors
PORT HARBOR: Case Summary & 16 Largest Unsecured Creditors
PORT TOWN: Case Summary & 4 Largest Unsecured Creditors
PRESTIGE IMPORTS: Case Summary & 20 Largest Unsecured Creditors

PRESTIGE MOTORCAR: Case Summary & 20 Largest Unsecured Creditors
PRIME PROPERTIES: Case Summary & 5 Largest Unsecured Creditors
PRM DEVELOPMENT: Econometric Gets OK for Linares Law as Counsel
PRM DEVELOPMENT: Taps Firm of Kevin Wiley as Counsel
PRM REALTY: Trustee Wants Case Converted to Chapter 7 Liquidation

QSR PARTNERS: Case Summary & 20 Largest Unsecured Creditors
RAINBOW SUNSET: Court Converts Chapter Bankr. 11 Case to Chapter 7
REALOGY CORP: Bank Debt Trades at 5% Off in Secondary Market
REALOGY CORP: Exchange Offers Cue S&P's 'C' Rating on New Notes
RECIPROCAL OF AMERICA: Receiver Inks Key Settlement Agreements

RENFRO CORPORATION: Moody's Assigns 'B2' Rating to Senior Loan
RITE AID: Bank Debt Trades at 7% Off in Secondary Market
RITE AID: Incurs $79.1 Million Net Loss for Qtr. Ended Nov. 27
ROBDAV DISTRIBUTORS: Case Summary & 2 Largest Unsecured Creditors
ROMA II: Voluntary Chapter 11 Case Summary

ROVI CORP: S&P Gives Stable Outlook, Affirms 'BB-' Rating
SANDRIDGE ENERGY: S&P Affirms 'B+' Corporate Credit Rating
SAVOY DEVELOPMENT: 2nd Mortgage Lenders File Foreclosure Suit
SBARRO INC: Cut by S&P to 'CC'; Rothschild Hired
SBARRO INC: Enters Into Forbearance Agreement With Lenders

SHIVSHAKTI REALTY: Case Summary & 20 Largest Unsecured Creditors
SHIPLEY GARCIA: Voluntary Chapter 11 Case Summary
SIGNATURE ATHLETIC: Voluntary Chapter 11 Case Summary
SINOBIOMED INC: Issues 10 Million Shares to Michael Tan
SKATING INVESTMENTS: Case Summary & 4 Largest Unsecured Creditors

SMILE BRANDS: S&P Assigns Corporate Credit Rating at 'B'
SOURCEMEDIA INC: S&P Assigns 'CCC+' Corporate Credit Rating
SOUTH CANAAN CELLULAR: Court Denies Request for Appraiser
SOUTH EDGE: Bankruptcy Ruling to Impact Home Builders
SPRINGBOK SERVICES: Court Converts Chapter 11 Case to Chapter 7

STANFORD INT'L: Investors Rush to Sue United States Government
STRATEGIC AMERICAN: Alan Lindsay Resigns From Board of Directors
STRATFORD APARTMENTS: Case Summary & Creditors List
SUNDALE LTD: Kendall Hotel Faces Foreclosure Suit
SUPERMEDIA INC: Moody's Changes Default Rating to 'Ca/LD'

T3 MOTION: Exchanges Warrants to 2.1-Mil. Common Shares
TASANN TING: Files Schedules of Assets & Liabilities
TASANN TING: Section 341(a) Meeting Scheduled for Jan. 26
TEMPEST GROUP: Case Summary & 5 Largest Unsecured Creditors
TRANSCONTINENTAL REALTY: Affiliates File for Bankruptcy in Dallas

TRIBUNE CO: Bank Debt Trades at 31% Off in Secondary Market
TRIBUNE CO: Multi-Plan Confirmation Hearing Set for March 7
TRICO MARINE: PACC Cancels "Mystic" MOA, Seeks Release of Escrow
TRICO MARINE: U.S. Trustee Criticizes Proposal to Hand Over Units
TWIN SHIN: Voluntary Chapter 11 Case Summary

U.S. EAGLE: Files for Chapter 11 Bankruptcy in New Jersey
U.S. EAGLE: Case Summary & 20 Largest Unsecured Creditors
USEC INC: Richard Morris Does Not Own Any Securities
USEC INC: Richard Smith Acquires 6,000 Shares of Common Stock
VEP HOUSING: Condo Tower Foreclosure Auction on Jan. 27

VIN VIK: Voluntary Chapter 11 Case Summary
VITESSE SEMICONDUCTOR: Columbia Pacific Has 9.99% Equity Stake
VISTEON CORP: Stock to Resume NYSE Trading Today
WASHINGTON LOOP: Case Summary & 20 Largest Unsecured Creditors
WASHINGTON MUTUAL: Court Upholds FDIC, JPM Global Settlement

WASHINGTON MUTUAL: Judge Asks for Corrections to Chapter 11 Plan
WESTINGHOUSE AIR: S&P Affirms Corporate Credit Rating at 'BB'
YRC WORLDWIDE: Thomas Gerke Does Not Own Any Securities

* Chapter 11 Sale Offers a New Way of Dealing with Bank Failures
* Orlando & Arizona Banks Are 2011's First Bank Failures
* Investors Say Corporate Debt Party Will Continue to Rage in 2011

* Lindquist & Vennum Taps Dennis O'Malley as New Managing Partner
* Former Greenberg Associate Sent to Prisons for $500K Theft

* BOND PRICING -- For the Week From Jan. 3 to 7, 2011

                            *********

1600 TRADING: Court Confirms Plan of Reorganization
---------------------------------------------------
On December 22, 2010, the U.S. Bankruptcy Court for the Eastern
District of Texas entered an order confirming 1600 Trading Co.,
LP's proposed plan of reorganization as amended November 9, 2010,
and December 16, 2010.

The requisite number of impaired classes of claims or interests
voted to accept the Plan.

As reported in the Troubled Company Reporter on December 9, 2010,
the Bankruptcy Court for the Eastern District of Texas
conditionally approved the disclosure statement explaining the
Debtor's Plan.

The Debtor's Plan is a Liquidating Plan.  Under the Plan, the
Debtor's current indebtedness will be paid from the proceeds of
the sale of Debtor's assets, which primarily consist of airplane
parts.  The sales will be completed within 48 months of the
effective date of the Plan.  Upon the Plan's confirmation, the
airplane parts will be transferred to the plan trustee to be sold
in accordance with the terms of the liquidation trust.

Under the Plan, unsecured creditors will share pro rata in payment
made by the Plan Trustee on a quarterly basis after payment in
full of the allowed administrative claims and secured claims.
Holders of existing interests in the Debtor will not receive any
distributions under the Plan but will retain their existing
interests.

Under the Court's confirmation order, the Debtor reserves the
right to object to the amount and allowance of all claims after
confirmation, except as to TIMCO and PlainsCapital Bank (except as
limited by the Agreed Order entered on November 3, 2010 docket
number 51).  All objections will be filed within sixty (60) days
of the Effective Date, as defined in the Plan.

                       About 1600 Trading

Richardson, Texas-based 1600 Trading Co., LP, is a Texas Limited
Parnership owned by Cindy Brown and Doug Hyde.  The Partnership
buys airplane engines and sells off the parts of the engines.  The
Partnership filed for Chapter 11 bankruptcy protection on
February 15, 2010 (Bankr. E.D. Tex. Case No. 10-40478).  Eric A.
Liepins, Esq., in Dallas, Texas, serves as bankruptcy counsel to
the Debtor.  The Company disclosed $11,000,000 in assets and
$5,147,062 in debts in its Chapter 11 petition.


2001 PROPERTIES: Wants Plan Filing Period Extended to April 28
--------------------------------------------------------------
2001 Properties, LLC, asks the U.S. Bankruptcy Court for the
District of Colorado to extend its exclusive period to file a plan
by another 120 days, or until April 28, 2010.

In its motion, the Debtor said that since the filing of its case,
it has worked diligently and in good faith toward filing a
confirmable plan of organization, and has in fact obtained a
financial commitment of over $25 million in private equity
financing, that is expected to be finalized by mid-January 2011
yet.  The Debtor anticipates filing a plan and disclosure
statement by the end of January 2011.

In view of the foregoing and the size and complexity of its
Chapter 11 case, the Debtor says a further extension of its
exclusive period is warranted.

Mission Hills, Kansas-based 2001 Properties, LLC, filed for
Chapter 11 bankruptcy protection on August 31, 2010 (Bankr. D.
Colo. Case No. 10-32331).  Guy B. Humphries, Esq., in Denver,
Colorado, assists the Debtor in its restructuring effort.  In its
schedules, the Debtor disclosed $35,000,032 in total assets and
$44,404,244 in total liabilities as of the Petition Date.


207 REDWOOD: Wants Plan Exclusivity Until April 3
-------------------------------------------------
207 Redwood LLC asks the U.S. Bankruptcy Court for the District of
Maryland to extend its exclusive periods to file a Chapter 11 Plan
of Reorganization and obtain acceptances of that plan to
February 2, 2011, and April 3, 2011, respectively.

In the extension request, the Debtor relates that it is engaged in
complex negotiations with various parties that could result in
revisions to the "meaningful" distribution already contemplated
under its proposed plan of reorganization.

The Debtor filed its proposed Chapter 11 plan on November 5, 2010.

Pursuant to the Plan, Branch Banking and Trust Company will be
paid the allowed amount of its claim, payable monthly at an
interest rate of 3.75% based on a 30-year amortization schedule
with a balloon payment of the remaining balance on the seven-year
anniversary of the Effective Date.  BB&T will retain its
prepetition lien on the property located at 207 East Redwood
Street, Baltimore, Maryland.  Holders of unsecured claims will be
paid their pro rata share of $100,000 by new investors 180 days
after the Effective Date.  Holders of interests in the Debtor will
receive nothing, and their Interests will be canceled.

A hearing on the exclusivity extension request will be held on
February 16, 2011, at 2:00 p.m.

Columbia, Maryland-based 207 Redwood LLC filed for Chapter 11
protection on August 6, 2010 (Bankr. D. Md. Case No. 10-27968).
James A. Vidmar, Jr., Esq., and Lisa Yonka Stevens, Esq., at
Logan, Yumkas, Vidmar & Sweeney LLC, assist the Debtor in its
restructuring effort.  In its schedules, the Debtor disclosed
$14,500,000 in total assets and $24,097,109 in total liabilities
as of the Petition Date.


464 MARINER: Case Summary & 2 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: 464 Mariner LLC
        464 Mariner Drive
        Jupiter, FL 33477

Bankruptcy Case No.: 11-10304

Chapter 11 Petition Date: January 6, 2011

Court: U.S. Bankruptcy Court
       Southern District of Florida (West Palm Beach)

Judge: Erik P. Kimball

Debtor's Counsel: Martin Werner, Esq.
                  102 NE 2nd Street, #166
                  Boca Raton, FL 33432
                  Tel: (305) 764-9283

Scheduled Assets: $3,400,000

Scheduled Debts: $3,059,559

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flsb11-10304.pdf

The petition was signed by Thomas Strauss, managing member.


556 HOLDING: Obtains Approval for Dismissal of its Chapter 11 Case
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered, on December 28, 2011, an order dismissing the Chapter 11
cases of 556 Holding LLC and KDMJ Realty, Inc.

As reported in the Nov. 24, 2010 edition of the Troubled Company
Reporter, Judge Allan L. Gropper approved the sale of the Debtor's
main asset -- the 30,000-square-foot building that houses the
Chelsea Art Museum -- to New York real-estate developer Albanese
Development Corp. for $19.35 million.  Lender Hudson Realty
Capital, which had previously fought for the right to sell the
property, consented to the sale, after reaching a deal that would
give it $13.05 million of the sale proceeds to cover payment for
its claims.

In its motion to dismiss the Chapter 11 case, 556 Holding said
that it has "nothing left to gain" from lingering in Chapter 11
following the sale of its property.  The Debtor explained that
there's no reason for it to keep administering its bankruptcy
case, as the $19.35 million offer from Albanese Development is
expected to generate enough funds to pay creditors' claims in
full.

                        About 556 Holding

556 Holding LLC is the entity that owns the building that houses
the Chelsea Art Museum.  The building was built in 1850 and
located in the Chelsea neighborhood on the west side of
Manhattan.  The building is worth $20 million, says 556 Holding.

New York-based 556 Holding LLC filed for Chapter 11 bankruptcy
protection on August 6, 2010 (Bankr. S.D.N.Y. Case No. 10-14267).
Richard Engman, Esq., at Jones Day, assists the Debtor in its
restructuring effort.  The Debtor estimated its assets and debts
at $10 million to $50 million.

An affiliate, KDMJ Realty, Inc., which owns 100% of 556 Holding,
filed a separate Chapter 11 petition on August 6, 2010 (Bankr.
S.D.N.Y. Case No. 10-14268).  KDMJ Realty estimated less than
$10 million in total assets in its petition.


702 SERRANO: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: 702 Serrano Property, LLC
        702 S. Serrano Avenue
        Los Angeles, CA 90005

Bankruptcy Case No.: 11-10746

Chapter 11 Petition Date: January 6, 2011

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

Judge: Ernest M. Robles

Debtor's Counsel: Monica Y. Kim, Esq.
                  LEVENE, NEALE, BENDER, YOO & BRILL, L.L.P.
                  10250 Constellation Boulevard, Suite 1700
                  Los Angeles, CA 90067
                  Tel: (310) 229-1234
                  E-mail: myk@lnbrb.com

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

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

The petition was signed by Young S. Kim, manager.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
NGBI Homes                            10-30683            05/23/10

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Standard Portfolio-Olym. Blvd., LLC--                   $5,650,000
3250 Wilshire Boulevard, Suite 1805
Los Angeles, CA 90010

Serrano Palace HOA                 --                      $74,205
4730 Woodman Avenue, Suite 200
Sherman Oaks, CA 91423

Joseph S. Kim, President           --                      $60,000
Cal. Averland Construction, Inc.
339 N. Virgil Avenue
Los Angeles, CA 90004

PARK & LIM                         --                       $6,500

Ae Jin Cho                         --                      unknown

Amkor Fire Protection Co., Inc     --                      unknown

Azurlite, Inc.                     --                      unknown

Chantal Park                       --                      unknown

Chung Cha Sung                     --                      unknown

Eduardo Marcelo Cho                --                      unknown

Edward Sug Bong Shin               --                      unknown

Ho Sung Kang                       --                      unknown

Hwa Kyung Yang                     --                      unknown

John Kim                           --                      unknown

Josh Hodeda, CPA                   --                      unknown

Jung Hoon Lee                      --                      unknown

Justin J. Ju                       --                      unknown

Kenny Chung, Sonia Chung           --                      unknown

Mi Sook Choi                       --                      unknown

OJ Insulation                      --                      unknown


AIROCARE INC: Disclosure Statement Hearing Tomorrow
---------------------------------------------------
AirOcare Inc. filed with the U.S. Bankruptcy Court for the Eastern
District of Virginia a proposed Chapter 11 plan of reorganization
and an explanatory disclosure statement.

A hearing is set for Jan. 11, 2011, at 11:00 p.m., to consider
approval of the adequacy of the information in the Disclosure
Statement.

According to the Disclosure Statement, the Plan will be funded
with available cash consists of cash or cash equivalents:

    a) generated by the Reorganized Debtor through its
       operations after the Effective Date,

    b) recovered from Causes of Action after the Effective Date,

    c) transferred to the Reorganized Debtor by AirOcare on the
       effective date, or

    d) generated by the Reorganized Debtor in any other way after
       the effective date.

ARC, LLC -- the lone holder of a secured claim -- will have its
$3,000,000 secured claim paid from available cash in quarterly
installments until the claim is paid in full, unless other terms
of payment are agreed to by the parties.

Among other things, holders of allowed unsecured claims will
receive:

    a) in available cash pro rata and to the extent of sufficient
       funds by payment of quarterly installments so that the
       allowed amount of the claim plus Legal Interest will be
       paid in full no later than October 1, 2017, or

    b) upon other terms as may be agreed to by the holder of the
       Claim and the Reorganized Debtor.

Unsecured creditors, however, are not entitled to receive, any
distribution of available cash on account of the allowed claims
under the plan until ARC has been paid in full.

Holders of equity interests will not receive any distribution
under the plan.

A full-text copy of the Disclosure Statement is available for free
at http://ResearchArchives.com/t/s?71e1

                       About AirOcare, Inc.

Dulles, Virginia-based AirOcare, Inc., was originally for the
purpose of purchasing and developing technologies for air
purification.

AirOcare filed for Chapter 11 bankruptcy protection on May 29,
2010 (Bankr. E.D. Va. Case No. 10-14519).  Lawrence Allen Katz,
Esq., at Venable LLP, assists the Debtor in its restructuring
effort. The Company also tapped McGinn Intellectual Property Group
PLLC for intellectual property matters. Indianapolis law firm of
Wooden & McGlaughlin LLP represents the Debtor in the lawsuit
filed by Key Electronics.

The Company disclosed $21,360,578 in assets and $7,973,914 in
debts as of the Petition Date.


AMR CORP: American Airlines' December Traffic Increased by 1.8%
---------------------------------------------------------------
AMR Corporation filed with Securities and Exchange Commission a
press release by American Airlines, Inc., dated January 5, 2011.
American Airlines reported that December traffic increased
1.8% and capacity increased 1.8% year over year.  December load
factor was 80.6%, matching the same period last year.  Domestic
traffic increased 0.5% year over year on 0.4% more capacity.
International traffic increased by 3.9% relative to last year on a
capacity increase of 4.0%.  American boarded 7.1 million
passengers in December.

                       About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

The Company's balance sheet at Sept. 30, 2010, showed
$25.36 billion in total assets, $8.94 billion in total
liabilities, $9.01 in billion of long-term debts, $503.0 million
in obligations under capital lease, $7.41 billion pension and
post-retirement benefits, $3.14 billion in other liabilities, and
a stockholder's deficit of $3.64 billion.

                           *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

Standard & Poor's Ratings Services said it has revised its outlook
on AMR Corp. and its major operating subsidiary, American Airlines
Inc., to stable from negative, based on AMR's improved operating
performance, which has bolstered credit quality.  S&P also
affirmed its 'B-' corporate credit rating and most issue ratings
on the two companies and lowered selected ratings on American's
enhanced equipment trust certificates.


AMERICAN INT'L: Questioned by U.S. Regulators Over AIA IPO
----------------------------------------------------------
U.S. securities regulators last year challenged American
International Group Inc. over what it told U.S. investors about
its plans to sell shares in an Asian life-insurance unit.

In a letter to American International Group, Inc., dated
October 20, 2010, the U.S. Securities and Exchange Commission
commented on the company's press release on Form 8-K discussing
the initial public offering of shares of AIA Group Limited and the
Hong Kong prospectus posted on October 18, 2010.  The press
release identifies the Joint Global Coordinators and Joint
Sponsors of the Global Offering as well as the Joint Bookrunners
and Joint Lead Managers of the Global Offering.  The Commission
urged the Company to be certain that the filing includes the
information the Securities Exchange Act of 1934 and all applicable
Exchange Act rules require.

AIA Group Limited, on October 17, 2010, issued a press release
announcing the details of a global offering and proposed listing
of its shares on the Main Board of The Stock Exchange of Hongkong
Limited.

In response to the Commission's comments, Kathleen E. Shannon,
senior vice president and deputy general counsel at AIG, said a
practice has developed in the case of initial public offerings of
foreign subsidiaries of U.S. public companies that has involved
the filing with the SEC by the U.S. public company of materials
relating to the status of the offerings.  She added that the
filings in the United States as Current Reports on Form 8-K ensure
that foreign investors do not have an information advantage over
U.S. investors in the trading of the U.S. public company's
securities.

Ms. Shannon clarified that in order to constitute an "offer" for
purposes of Section 2(a)(3) of the Securities Act, the Press
Release would need to have been issued in a manner to create
interest in the ordinary shares of AIA as opposed to simply
keeping U.S. investors in AIG up to date with the status of the
AIA initial public offering.  Ms. Shannon maintained that the Form
8-K was not in any way used to inform the public about the initial
public offering of AIA.  AIG did not attempt to summarize, redact,
restate, supplement or otherwise modify the Press Release but
merely attached the Press Release as an exhibit to the Form 8-K,
keeping its U.S. shareholders equally informed about the status of
the offering, she asserted.  According to Ms. Shannon, the Press
Release was not prepared to be an offering document for U.S.
investors.

In considering all of these factors, AIG has determined that, even
if the Form 8-K were determined to be an offer for purposes of
Section 2(a)(3), the consequences of that determination would not
be material to AIG.

Approximately $7 billion of the ordinary shares of AIA Group
Limited were sold to qualified institutional buyers in the United
States pursuant to Rule 144A under the Securities Act.  The AIA
offering, with a total offering size of approximately $20.5
billion, was one of the largest ever listed on the Hong Kong Stock
Exchange and received significant publicity.

                             About AIG

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

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

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


AMTRUST FINANCIAL: Files Joint Plan of Reorganization
-----------------------------------------------------
BankruptcyData.com reports that AmTrust Financial filed with the
U.S. Bankruptcy Court a Joint Plan of Reorganization and related
Disclosure Statement.

According to the Disclosure Statement, under the Plan, the assets
of each of the Debtors' bankruptcy estates will revest in the
Reorganized Debtors free and clear of all liens and other
encumbrances.  Thereafter, the Reorganized Debtors will operate
their businesses free of the restrictions contained in the
Bankruptcy Code and will implement the terms of the AmFin Plan.

The Reorganized Debtors are expected to remain in existence until
their assets have been wholly converted to cash or abandoned, and
all costs and expenses incurred in administering the AmFin Plan
have been fully paid and all remaining proceeds have been
distributed in accordance with the AmFin Plan.  On the Effective
Date, AIAI will be deemed to be dissolved pursuant to Ohio Revised
Code section 1701.86 and the Reorganized Debtors will file
certificates with the Ohio Secretary of State and other regulatory
authorities evidencing the adoption of appropriate authorizing
resolutions and will take any necessary steps to complete such
dissolution.

Following the Effective Date, the business of the Reorganized
Debtors will be managed by a Chief Restructuring Officer
designated in the AmFin Plan.  The Chief Restructuring Officer
will have responsibility to implement the AmFin Plan, including

    (a) converting the assets of the Reorganized Debtors into cash
        and distributing the cash pursuant to the AmFin Plan;

    (b) objecting to Claims against the Debtors and resolving such
        objections;

    (c) pursuing any retained causes of action of the Debtors;

    (d) employing attorneys, accountants, and other professionals
        in his or her discretion; and

    (e) in general, taking all steps necessary to implement the
        AmFin Plan.

                       About AmTrust Financial

AmTrust Financial Corp (PINK:AFNL) was the owner of the AmTrust
Bank.  AmTrust was the seventh-largest holder of deposits in South
Florida, with $4.7 billion in deposits and 21 branches.

In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.

AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323).  G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort.  Kurtzman Carson Consultants serves as
claims and notice agent.  Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.

AmTrust Management estimated $100 million to $500 million in
assets and liabilities in its Chapter 11 petition.

AmTrust Bank was not part of the Chapter 11 filings.  On Dec. 4,
2009, AmTrust Bank was closed by regulators, and the Federal
Deposit Insurance Corporation was named receiver.  New York
Community Bank, Westbury, New York, assumed all of the deposits of
AmTrust Bank, pursuant to a deal with the FDIC.


ANGIOTECH PHARMACEUTICALS: Amends PHS Pact to Eliminate Royalties
-----------------------------------------------------------------
On December 29, 2010, Angiotech Pharmaceuticals, Inc. entered into
an amendment to the License Agreement, dated as of November 19,
1997, with Public Health Service -- through the Office of
Technology Transfer, National Institutes of Health.

Pursuant to the Amendment, NIH has agreed to eliminate (i)
approximately $7 million of accrued but unpaid royalties due on
sales of the Boston Scientific TAXUS Stent and (ii) the royalties
payable on licensed products sold by Boston Scientific Corporation
going forward, in exchange for an increase of 0.25% on the
existing royalty rates for licensed products sold by Cook, Inc. or
its affiliates and an extension of the term for payment of such
royalties of approximately two years.  The result of the Amendment
is to eliminate payment of royalties that would be payable in the
short-term and increase the royalties that would be payable or
licensed products sold by Cook in the long-term in order to
facilitate Angiotech's efforts to recapitalize and reorganize its
operations.

                  About Angiotech Pharmaceuticals

Based in Vancouver, British Columbia, in Canada, Angiotech
Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP) --
http://www.angiotech.com/-- is a global specialty pharmaceutical
and medical device company.  Angiotech discovers, develops and
markets innovative treatment solutions for diseases or
complications associated with medical device implants, surgical
interventions and acute injury.

The Company's balance sheet at Sept. 30, 2010, showed $
326.80 million in total assets, $60.30 million in total
liabilities, and a stockholders' deficit of $622.16 million.

In early December 2010, Angiotech said it has reached an agreement
with the holders of 76% of its 7.75% Senior Subordinated Notes to
extend certain deadlines outlined in their Recapitalization
Support Agreement dated October 29, 2010.  Seventy-three%
of the holders of the Subordinated Notes executed the Initial
Support Agreement and presently, 85% of the holders of the
Subordinated Notes have consented to the Initial Support
Agreement. On November 29, 2010, Angiotech and the Trustee, at the
direction of a majority of the holders of its Subordinated Notes,
extended the grace period applicable to interest payments due on
the Subordinated Notes before an event of default occurs, with
such grace period applicable to the $9.7 million semi-annual
interest payment that was due on the Subordinated Notes on
October 1, 2010 extended until December 30, 2010.

In November 2010, Moody's Investors Service downgraded the
probability of default rating of Angiotech to Ca/LD from Ca and
affirmed the Corporate Family Rating at Ca.  The company's other
existing debt ratings were affirmed.  The outlook is developing.

The assignment of the Ca/LD is the conclusion of the 30-day grace
period in which the company missed the original interest payment
of $9.7 million on its 7.75%, $250 million senior subordinated
notes due Oct. 1, 2010.  Moody's treats the failure to meet the
original contractual terms as a limited default.


ANTHONY GLAVIN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Joint Debtors: Anthony Glavin
               Susan Glavin
               5706 NW El Rey Drive
               Camas, WA 98607

Bankruptcy Case No.: 11-40131

Chapter 11 Petition Date: January 7, 2011

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

Judge: Paul B. Snyder

Debtor's Counsel: Michael P. Higgins, Esq.
                  MARSH HIGGINS BEATY & HATCH PC
                  1112 Daniels St Ste 200
                  P.O. Box 54
                  Vancouver, WA 98666
                  Tel: (360) 695-7909
                  E-mail: mike_higgins@marsh-higgins.com

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

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

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


ASIAN ART MUSEUM: Has Proposal to Restructure $120-Mil. Bond Debt
-----------------------------------------------------------------
San Francisco, California Mayor Gavin Newsom, City Attorney Dennis
Herrera, City Controller Ben Rosenfield, Board of Supervisors
President David Chiu and the Asian Art Museum Foundation, the
private fundraising arm of the Asian Art Museum, announced a
proposal to restructure the Foundation's $120 million bond debt.
The five-party proposed agreement, coordinated by City Attorney
Herrera, City Controller Ben Rosenfield, and City Public Finance
Director Nadia Sesay with participation from the Foundation and
its creditors, JP Morgan Chase and MBIA, Inc., provides long term
stable financing to the Foundation, allowing the organization to
continue to raise the funds necessary to support the Museum's
dynamic range of exhibitions and programs.  The proposal will now
be submitted to the Board of Supervisors, Asian Art Commission and
Asian Art Museum Foundation for their consideration.

Home to a world-renowned collection of more than 17,000 artworks
spanning 6,000 years, the Asian Art Museum is one of the largest
museums in the Western world devoted exclusively to Asian art.
The Museum is governed by a public/private partnership with the
Asian Art Museum Foundation serving as the organization's private
fundraising arm.  To complete the construction of the Museum's
Civic Center home in the early 2000s, the Foundation adopted a
common funding model:  to raise funds via capital campaign, then
issue bonds against the campaign commitments to finance the
construction.

More recently, the Asian Art Museum Foundation found itself in
technical default of bond covenants and facing the expiration of a
letter of credit required to sustain the former financing
arrangement. Bond rating agencies expressed concern about the
Foundation's ability to repay the bonds.

"The Asian Art Museum Foundation's investments and debts-like many
nonprofits-have been rocked in recent years by the effects of the
global financial crisis," said City Controller Ben Rosenfield.
"The proposal we've collaboratively crafted allows the Foundation
to regain its financial stability so that it can continue to
generate much-needed financial support to the Museum."

First, there is a restructuring of the rate and term of the
Foundation's bonds.  JPMorgan Chase will extend a loan at a low
fixed-rate of 4.60% to replace the existing variable rate bonds.
Also, the term of the bonds is extended to 30 years (versus
current 23 years), and a portion of the principal on the new bonds
is deferred in the first two years to allow "breathing room" while
the Foundation is restored to full financial health.

A second component of the proposal includes a reduction in the
total loan principal and a return of funds to the Foundation. In
addition to the benefits from the restructured bond's rate and
term, the Foundation receives upfront cash concessions of $21
million, thereby reducing the outstanding principal amount to $99
million from approximately $120 million, or a reduction of 17%.
Also, the current Swap agreement created in 2005 is canceled and
the collateral (with a current balance of $13 million) will be
returned to Foundation.

The third element requires the Foundation to launch a three-year
capital campaign.  The first $20 million raised in new
unrestricted philanthropic commitments will be required to close
the gap (assuming 6.0% return).  Funds raised above and beyond
this amount could be used to build the museum's endowment or fund
strategic initiatives.  Through the leadership of former Mayor
Willie Brown, City Attorney Dennis Herrera, Mayor Gavin Newsom and
Supervisor Carmen Chu, a committee of civic leaders will be
recruited for a capital campaign that will bolster and broaden the
Foundation's fundraising capacity.

"On behalf of the Asian Art Museum Foundation, I express our deep
gratitude to Mayor Newsom, City Attorney Dennis Herrera,
Controller Ben Rosenfield, and other City officials for their
leadership in facilitating a solution toward servicing the
Foundation's debt," stated Akiko Yamazaki, President of the Asian
Art Museum Foundation.  "We are now well-positioned to fulfill our
role in supporting the Museum's future endeavors.  The Foundation
welcomes the leadership of the City in helping us achieve our
goals, and we urge the Board of Supervisors to support this
proposal."

Finally, while the Foundation remains primarily responsible for
debt and pledges its assets, the City would provide an assurance
agreement to replace the current MBIA insurance policy for the
debt.  Under this proposed agreement, the City will agree to seek
funding for the Foundation's bonds under certain conditions if the
Foundation does not have sufficient funds.  The proposal also
strengthens the working relationship between the City and
Foundation to ensure the Foundation's debt is effectively
serviced. For example, the City Controller's Office will review
and offer recommendations to the Foundation's annual budget.

"As director of the museum, I will continue to work with both City
colleagues and Foundation leadership to ensure that the public
enjoyment of the museum's offerings not only continues, but
broadens and deepens for years to come," stated Jay Xu, Director
of the Asian Art Museum.

                  About the Asian Art Museum

The Asian Art Museum is a public institution whose mission is to
lead a diverse global audience in discovering the unique material,
aesthetic, and intellectual achievements of Asian art and culture.
Holding more than 17,000 Asian art treasures spanning 6,000 years
of history, the museum is one of the largest museums in the
Western world devoted exclusively to Asian art.


B & M AERIAL: Case Summary & 8 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: B & M Aerial Equipment, Inc.
        P.O. Box 695
        Jackson, MO 63755

Bankruptcy Case No.: 11-10010

Chapter 11 Petition Date: January 7, 2011

Court: United States Bankruptcy Court
       Eastern District of Missouri (Cape Girardeau)

Judge: Barry S. Schermer

Debtor's Counsel: Nathan H. Goldberg, Esq.
                  GOLDBERG LAW FIRM, LLC
                  6901 Gravois Road
                  St. Louis, MO 63116
                  Tel: (314) 771-1900
                  Fax: (314) 771-1903
                  E-mail: nathan@goldberglawllc.com

Scheduled Assets: $572,573

Scheduled Debts: $3,613,658

A list of the Company's eight largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/moeb11-10010.pdf

The petition was signed by Brian Ebner, president.


BCBG MAX: Might Breach Covenant, Says S&P; Corporate Cut to CCC+
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Vernon, Calif.-based BCBG Max Azria Group Inc. to
'CCC+' from 'B'.  The outlook is developing.

At the same time, S&P lowered the ratings on the company's
remaining $110 million first-lien term loan to 'CCC+' from 'B'.
The '4' recovery rating on the facility remains unchanged.

"The ratings on BCBG reflect S&P's belief that the company might
breach the total leverage ratio covenant within the near term,
which could strain its liquidity," said Standard & Poor's credit
analyst Helena Song.  While S&P anticipate reasonably flat
profitability in the near term, the company has very narrow
cushion over its total leverage ratio covenant.  As relatively
weak economic conditions persist, this could lead to some
volatility in operating performance, resulting in a covenant
breach.


BERNARD L MADOFF: Trustee Wins OK for $500MM Union Bancaire Deal
----------------------------------------------------------------
Bankruptcy Law360 reports that a federal judge has approved a
$500 million deal between the trustee overseeing the recovery for
victims of Bernard Madoff's Ponzi scheme and Swiss bank Union
Bancaire Privee UBP SA, the largest feeder-fund cash settlement to
date in the case.

As reported in the Dec. 7, 2010 edition of the Troubled Company
Reporter, Irving H. Picard, the trustee for the liquidation of
Bernard L. Madoff Investment Securities LLC, has entered into a
settlement agreement with Union Bancaire Privee, UBP S.A., a Swiss
private bank, and a related entity, M-Invest Limited, a Cayman
Islands corporation.  The Trustee's settlement with UBP and M-
Invest is for no less than $470 million in cash and could reach
$500 million depending on the outcome of other related actions.

"The UBP settlement agreement is the largest feeder fund bank cash
settlement to date and the first major international bank
settlement, two important milestones for the overall recovery
initiative," said Mr. Picard, in a December press release
announcing the settlement.  "All of the funds recovered through
the UBP settlement will go into the Customer Fund for distribution
to BLMIS customers with valid claims."

"We believe the agreement and the settlement payment represents a
good faith, reasonable compromise among the parties involved and,
importantly, adds a guaranteed half-billion dollars to the BLMIS
Customer Fund sooner rather than later, without the need for
protracted litigation," said David J. Sheehan, counsel to the
Trustee and a partner at Baker & Hostetler LLP, the court-
appointed counsel for Mr. Picard.

UBP is a private bank organized under Swiss law and based in
Geneva, Switzerland.  M-Invest is a Cayman Islands corporation,
created by UBP for the sole purpose of investing assets into
BLMIS.  M-Invest's directors held management level positions at
UBP.

Upon approval of the settlement agreement and receipt by the
Trustee of the settlement payment, all claims by the Trustee
against UBP and M-Invest in connection with BLMIS will be
resolved.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).  Mr.
Picard has retained AlixPartners LLP as claims agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of October 29, 2010, a total of US$5.69 billion in claims by
investors has been allowed, with US$741.2 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by
Mr. Picard from lawsuits or settlements.


BESO LLC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Beso, LLC
        3720 S Las Vegas Blvd., #260
        Las Vegas, NV 89109

Bankruptcy Case No.: 11-10202

Chapter 11 Petition Date: January 6, 2011

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

Judge: Mike K. Nakagawa

Debtor's Counsel: Lenard E. Schwartzer, Esq.
                  SCHWARTZER & MCPHERSON LAW FIRM
                  2850 S. Jones Boulevard, Suite 1
                  Las Vegas, NV 89146
                  Tel: (702) 228-7590
                  Fax: (702) 892-0122
                  E-mail: bkfilings@s-mlaw.com

Scheduled Assets: $2,512,007

Scheduled Debts: $5,680,339

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nvb11-10202.pdf

The petition was signed by William M. Braden, manager.


B.I.QUAD LLC: Case Summary & 3 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: B.I.Quad, LLC
        16475 Dallas Parkway, Ste. 780
        Addison, TX 75001

Bankruptcy Case No.: 11-50125

Chapter 11 Petition Date: January 6, 2011

Court: United States Bankruptcy Court
       Western District of Texas (San Antonio)

Judge: Leif M. Clark

Debtor's Counsel: Phillip A. Yochem, Jr., Esq.
                  LAW OFFICES OF STEVEN C. BENKE
                  4018 Vance Jackson
                  San Antonio, TX 78213
                  Tel: (210) 308-0004
                  Fax: (210) 377-2146
                  E-mail: phillipyochem@justice.com

Scheduled Assets: $2,850,002

Scheduled Debts: $1,807,682

A list of the Company's three largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/txwb11-50125.pdf

The petition was signed by Jerry Lee Reed, managing member.


BION ENVIRONMENTAL: Gets $1.74-Mil. Reimbursement From Pennvest
---------------------------------------------------------------
On January 5, 2011, Bion Environmental Technologies, Inc.,
received its initial reimbursement/draw request of approximately
$1.739 million from the Pennsylvania Infrastructure Investment
Authority on the Company's previously announced $7.6 million loan
from Pennvest for the initial stage of our Kreider Dairy Farms
waste treatment project.  The Company has made further
reimbursement/draw requests and will continue to do so over the
next months as construction proceeds and is completed and
operations commence on the initial Kreider system during Spring of
2011.

                     About Bion Environmental

Crestone, Colo.-based Bion Environmental Technologies, Inc.
(OTC BB: BNET) has provided environmental treatment solutions to
the agriculture and livestock industry since 1990.  Bion's
patented next-generation technology provides a unique
comprehensive treatment of livestock waste that achieves
substantial reductions in nitrogen and phosphorus, ammonia,
greenhouse and other gases, as well as pathogens, hormones,
herbicides and pesticides.

The Company's balance sheet at Sept. 30, 2010, showed
$1.93 million in total assets, $1.14 million in total liabilities,
$2.52 million of Series B Redeemable Convertible Preferred stock,
and a stockholders' deficit of $1.72 million.

GHP Horwath, P.C., in Denver, Colo., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has not generated
revenue and has suffered recurring losses from operations.

The Company has not generated revenues and has incurred net losses
of approximately $2,976,000 and $1,318,000 during the years ended
June 30, 2010 and 2009, respectively.


BLUEKNIGHT ENERGY: Swank Capital Holds 16.2% Equity Stake
---------------------------------------------------------
In a Schedule 13D filing with the Securities and Exchange
Commission on January 5, 2011, Swank Capital, LLC, disclosed that
it beneficially owns 3,516,315 shares of Blueknight Energy
Partners, L.P., representing 16.2% of the shares outstanding.
Each of Swank Energy Income Advisors, LP and Jerry V. Swank also
owns 3,516,315 shares.

As of November 5, 2010, there were 21,538,462 preferred units,
21,727,724 common units and 12,570,504 subordinated units
outstanding.

In a series of transactions, Swank Advisors caused investment
funds under its management to invest approximately $80,846,514 in
Common Units of the Company.  That amount includes any commissions
incurred in making the investments.  The source of these funds was
the working capital of the Advised Funds.

On January 5, 2011, the Swank Entities sent a letter to the
Company, expressing displeasure with the transactions contemplated
by the Global Transaction Agreement dated as of October 25, 2010,
by and among the Partnership, the General Partner, Vitol Holdings
B.V. and CB-Blueknight, LLC, and urging the General Partner to
reconsider the GTA.

The Swank Entities intend to have further discussions and other
communications with the General Partner's management and members
of its Board of Directors regarding the subject matter of the
Letter.  The Swank Entities may also communicate with other
unitholders of the Partnership.  In the course of such discussions
with the General Partner's management, its Board of Directors and
other unitholders of the Partnership, the Swank Entities may learn
of, identify or suggest actions that could result in, among other
things:

   (a) the acquisition of additional Common Units or other
       securities of the Partnership, or the disposition of Common
       Units or other securities of the Partnership;

   (b) an extraordinary corporate transaction, such as a merger,
       reorganization or liquidation, involving the Partnership or
       any of its subsidiaries;

   (c) a sale or transfer of a material amount of assets of the
       Partnership or any of its subsidiaries;

   (d) changes in the present Board of Directors or management of
       the General Partner;

   (e) a material change in the present capitalization or dividend
       policy of the Partnership;

   (f) any other material change in the Partnership's business or
       structure;

   (g) changes in the Partnership's certificate of limited
       partnership or agreement of limited partnership or other
       actions which may impede the acquisition of control of the
       Partnership by any person;

   (h) causing any class of the Partnership's securities to be
       delisted from a national securities exchange or to cease to
       be authorized to be quoted in an inter-dealer quotation
       system of a registered national securities association;

   (i) a class of equity securities of the Partnership becoming
       eligible for termination of registration pursuant to
       Section 12(g)(4) of the Act; or

   (j) any action similar to those enumerated above.

                     About Blueknight Energy

Blueknight Energy Partners, L.P. (Pink Sheets: BKEP)
-- http://www.bkep.com/-- provides integrated terminalling,
storage, processing, gathering and transportation services for
companies engaged in the production, distribution and marketing of
crude oil and asphalt product. It provides services for the
customers, and its only inventory consists of pipeline linefill
and tank bottoms necessary to operate the assets. It has three
operating segments: crude oil terminalling and storage services,
crude oil gathering and transportation services, and asphalt
services.

The Company's balance sheet at Sept. 30, 2010, showed
$295.96 million in total assets, $444.02 million in current
liabilities, $4.69 million in long-term payable to related
parties, and a partners' deficit of $152.75 million.

                          *     *     *

PricewaterhouseCoopers LLP, in Tulsa, Okla., in its report on the
Partnership's financial statements for the year ended December 31,
2009, expressed substantial doubt about its ability to continue as
a going concern.  The independent auditors noted that the
Partnership has substantial long-term debt, a deficit in partners'
capital, and significant litigation uncertainties.


BOMBARDIER RECREATIONAL: S&P Raises Long-Term Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Valcourt, Que.-based recreational
products manufacturer Bombardier Recreational Products Inc. to
'B-' from 'CCC'.  The outlook is stable.

At the same time, S&P raised its rating on the company's
C$270 million senior secured revolving credit facility two notches
to 'B+' from 'B-'.  The recovery rating on BRP's revolving credit
facility is unchanged at '1', indicating an expectation of very
high (90%-100%) recovery in a default scenario.  In addition, S&P
raised its rating on BRP's US$790 million senior secured term loan
B three notches to 'B-' from 'CCC-', and revised the recovery
rating to '4' from '5'.  The '4' recovery rating indicates an
expectation of average (30%-50%) recovery in the event of a
payment default, in contrast to a '5' recovery rating, which
indicates an expectation of modest (10%-30%) recovery.

"The upgrade reflects what S&P views as the continued
strengthening of BRP's financial risk profile," said Standard
& Poor's credit analyst Lori Harris.  "It is also based on
the termination of the company's program to buy back up to
US$250 million in debt below par on Dec. 31, 2010, which S&P
viewed as a distressed exchange offer," Ms. Harris added.  BRP's
improved operating performance, credit protection measures, and
liquidity are largely due to management's focus on streamlining
the business and cutting costs.

The ratings on BRP reflect Standard & Poor's assessment of the
company's vulnerable business risk profile and weak credit
protection measures because of the volatility in revenue and
operating profit in the past couple of years due to the
discretionary nature of its products.  Since 2008, BRP's revenue
and profit both experienced sharp declines over the economic
cycle, which has only begun to improve this fiscal year.  In
addition, competition remains intense within the industry.

The stable outlook reflects Standard & Poor's expectation that BRP
will sustain the improvement in its operating performance and that
credit ratios will be in line with S&P's expectations in the
medium term.  S&P could consider raising the ratings if BRP
continues to strengthen its operating performance and credit
measures despite the potential for poor weather, a weakened
economy, increased competitive activity, or a sizable dividend
payment.  Alternatively, S&P could lower the ratings if the
company's financial flexibility weakens materially because of poor
operating performance or sizable dividends.


BONTEN MEDIA: S&P Cuts Ratings to 'CCC+' on Inadequate Liquidity
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on New York City-based TV broadcaster Bonten Media Group
Inc. to 'CCC+' from 'B-'.  The rating outlook is negative.

At the same time, S&P lowered its issue-level ratings on the
company's senior secured credit facilities to 'CCC+' from 'B-', in
conjunction with the corporate credit rating change.  The recovery
rating on this debt remains unchanged at '3', indicating S&P's
expectation of meaningful (50% to 70%) recovery for lenders in the
event of a payment default.

S&P also lowered the issue-level rating on Bonten Media's senior
subordinated toggle notes to 'CCC-' from 'CCC'.  The recovery
rating on this debt is unchanged at '6', indicating S&P's
expectation of negligible (0% to 10%) recovery for noteholders in
the event of a payment default.

"The ratings downgrade reflects Bonten Media's less than adequate
liquidity in the face of the requirement to resume cash interest
payments on its toggle notes in December 2011," explained Standard
& Poor's credit analyst Deborah Kinzer.

"The company has been paying interest in kind on its toggle notes
since late 2008, but its discretionary cash flow is still minimal
and is likely to shrink in the absence of political ad revenue in
2011.  In S&P's view, the company could have difficulty
maintaining sufficient liquidity to enable it to meet the cash
interest payments on its notes."

S&P's rating on Bonten Media reflects the TV broadcaster's
strained liquidity, very thin margin of covenant compliance, and
the requirement that it resume paying cash interest on its toggle
notes in December 2011.  These factors underscore S&P's financial
risk profile assessment of the company as highly leveraged.  S&P
views the company's business risk profile as vulnerable because of
its relatively narrow revenue and cash flow diversification.

Bonten Media operates 16 TV stations in eight small and midsize
markets ranging in size from No. 91 (Tri-Cities, Tenn.-Va.) to No.
196 (San Angelo, Texas).  Small markets have smaller pools of ad
revenue and offer correspondingly low revenue and margin
potential.  Most of the company's stations are affiliated with
NBC, ABC, or Fox.  Revenue diversification is very narrow, with
the top two markets contributing more than half of revenue.


BOZEL LLC: Case Summary & 7 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Bozel, LLC
        CorpDirect Agents, Inc. (as Registered Agents)
        515 East Park Avenue
        Tallahassee, FL 32301

Bankruptcy Case No.: 11-10033

Chapter 11 Petition Date: January 5, 2011

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

Judge: Robert E. Grossman

Debtor's Counsel: Gary C. Fischoff, Esq.
                  STEINBERG, FINEO, BERGER & FISCHOFF
                  40 Crossways Park Drive
                  Woodbury, NY 11797
                  Tel: (516) 747-1136
                  E-mail: gfischoff@sfbblaw.com

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

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

A list of the Company's seven largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nysb11-10033.pdf

The petition was signed by Andrew D. Bickerton, sole manager.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Bozel S.A.                             10-11802   04/06/2010


BOZEL S.A.: Competing Bids for Debtor's Assets Due by Jan. 27
-------------------------------------------------------------
The Honorable Arthur J. Gonzalez put his stamp of approval on
uniform bidding procedures in connection with the proposed sale of
substantially all of Bozel S.A.'s assets by Andrew Bickerton, as
Liquidator of Wellgate International Limited, to Japan Metals &
Chemicals Co., Ltd., under the terms of a purchase agreement dated
Dec. 9, 2010.  Competing bids must be submitted by Jan. 27, 2011.
If an auction is necessary, it will be held on Feb. 8, 2011.  A
sale hearing is scheduled for Feb. 9, 2011, in Manhattan, and any
objections to the sale must be filed and served by Feb. 2, 2011.

Japan Metals is represented by:

         Timothy Wilkins, Esq.
         Paul Humphreys, Esq.
         FRESHFIELDS BRUCKHAUS DERINGER US LLP
         520 Madison Ave., 34th Floor
         New York, NY 10022

Bozel SA is a mineral mining company based in Luxembourg.  Bozel
S.A. sought bankruptcy protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-11802) on April 6,
2010.  William F. Savino, Esq., Daniel F. Brown, Esq., and Beth
Ann Bivona, Esq., at Damon Morey LLP in Buffalo, N.Y., represent
the Debtor, and BDO Consulting serves as the Debtor's financial
advisor.  Allen G. Kadish, Esq. -- kadisha@gtlaw.com -- Kaitlin R.
Walsh, Esq. -- walshkr@gtlaw.com -- and Mark D. Bloom, Esq. --
bloomm@gtlaw.com -- at Greenberg Traurig, LLP, represent the
Liquidator.  The Debtor estimated assets and debts at $50 million
to $100 million in its chapter 11 petition.


BOZEL S.A.: Gets Final OK to Obtain $8,000,000 DIP Loan From JMC
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has issued its final order granting Bozel S.A. permission to
obtain postpetition financing of up to $8,000,000 on a
superpriority basis pursuant to the terms and conditions of the
Post-petition Credit and Security Agreement, by and between the
Debtor, Bozel Brazil, and Bozel France, as borrowers, and Japan
Metals & Chemicals Co., Ltd. ("JMC"), as lender.

Each Revolving Advance will bear interest at 4% per annum.
The DIP loan will mature on the earliest of (i) March 31, 2011,
(ii) the Acquisition Closing Date or (iii) thirty days following
the date on which the Bankruptcy Court disapproves of JMC as the
preferred bidder or stalking horse bidder for the Bozel Share
Purchase.

The Loan is unsecured as to Bozel.  The Bozel subsidiaries pledge,
assign and grant to JMC, a lien on and security interest in
substantially all of their assets.

Bozel will use the proceeds of the postpetition financing to fund
working capital, to maintain the estate's property, and to
administer its Chapter 11 case.

Lender is granted, pursuant to section 364(c)(1) of the
Bankruptcy Code, an allowed superpriority administrative expense
claim in this case, with priority over any and all administrative
expense claims and unsecured claims against the Debtor or its
estate in this case, subordinate only to the Carve-Out, as
provided in the Postpetition Credit Agreement.

The Court ordered that the automatic stay under section 362 of the
Bankruptcy Code is vacated and modified to the extent necessary to
permit Lender to exercise, upon the occurrence and during the
continuance of an Event of Default (as defined in the Postpetition
Credit Agreement), and the giving of 15 days' prior written notice
to the Debtor, all rights and remedies against the Collateral (as
defined in the Postpetition Credit Agreement) provided for in the
Postpetition Credit Agreement and this Final Order.

Bozel SA is a mineral mining company based in Luxembourg.  Bozel
S.A. sought bankruptcy protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-11802) on April 6,
2010, in Manhattan New York.  William F. Savino, Esq., Daniel F.
Brown, Esq., and Beth Ann Bivona, Esq., at Damon Morey LLP in
Buffalo, N.Y., represent the Debtor in the Chapter 11 case.  BDO
Consulting is the financial advisor.  The Debtor estimated assets
and debts at $50 million to $100 million.


BRITISH AMERICAN: U.S. Court Recognizes BVI Liquidation Proceeding
------------------------------------------------------------------
WestLaw reports that the recognition of a corporate debtor's
liquidation proceeding in a court of the British Virgin Islands
would not so severely impinge the value and import of United
States statutory or constitutional rights that the bankruptcy
court would be unable to carry out the most fundamental policies
and purposes of such rights due to the conflict of interest on the
part of the liquidator, who had a competing fiduciary role as the
judicial manager for the debtor's parent company, which was the
debtor's largest creditor, and who, as the debtor's liquidator,
had entered into a confidentiality agreement with the parent
company that was not disclosed to the BVI court.  Therefore, the
bankruptcy court could not rely upon Chapter 15's public policy
exception to deny the liquidator's request for the recognition of
the liquidation proceeding as a foreign main proceeding.  In re
British American Isle of Venice (BVI), Ltd., --- B.R. ----, 2010
WL 5209232 (Bankr. S.D. Fla.).!

A copy of the Honorable Erik P. Kimball's recognition order dated
Dec. 23, 2010, is available at http://is.gd/ksBhRfrom Leagle.com
at no charge.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than $10 million and its debts at more than $100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.


BROWN PUBLISHING: Wants Plan Exclusivity Extended Until April 5
---------------------------------------------------------------
Brown Publishing Company and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of New York to further
extend the exclusive period to solicit acceptances of their plan
until April 5, 2011, when the confirmation hearing of their plan
is set to take place.  The Debtor's exclusive solicitation period
will expire on Jan. 26, 2011, absent an extension.

The Debtors state the Bankruptcy Court has adjourned (a) the
Disclosure Statement Hearing to Feb. 8, 2011, and (b) the
Confirmation Hearing to April 5, 2011.

Edward M. Fox, Esq., at K&L Gates LLP, relates that the Debtors,
the Official Committee of Unsecured Creditors, and PNC Bank N.A.,
as agent to the Debtors' prepetition secured first lien lenders,
are in talks regarding a global resolution of the primary
outstanding issues in the Chapter 11 cases and the adversary
proceeding commenced by the Committee against the Debtors'
prepetition secured first lien lenders (Adv. Pro. No. 10-8300),
with the ultimate goal of achieving the consensual confirmation of
a Chapter 11 plan.

                        About Brown Publishing

Headquartered in Cincinnati, Ohio, The Brown Publishing Company
owns business publications in Ohio, Utah, Texas, South Carolina,
New York, and Iowa.  Brown publishes 15 daily, 32 weekly, 11
business and 41 free publications.  There are also 51 websites.
Seventy-eight of the publications are in Ohio.  Brown publishes
Dan's Papers, the weekly newspaper with the largest circulation in
the area of eastern Long Island, New York, known as the Hamptons.
Brown also publishes the Montauk Pioneer, which it calls the
official newspaper of Montauk, New York.

The Company filed for Chapter 11 bankruptcy protection on
April 30, 2010 (Bankr. E.D.N.Y. Case No. 10-73295).  Edward M.
Fox, Esq., at K&L Gates LLP, assists the Company in its
restructuring effort.  The Company estimated $10 million to
$50 million in assets and debts in its Chapter 11 petition.

The Bankruptcy Court issued an order in September approving the
sale of most Brown Publishing's assets to Ohio Community Media
LLC, which was formed by the Company's lenders, for about
$21.8 million.  The judge also approved sale of Brown Publishing's
New York newspaper group, Dan's Papers Inc., to Dan's Papers
Holdings LLC for about $1.8 million.


C&D TECHNOLOGIES: Bruce & Co. Discloses 10.98% Equity Stake
-----------------------------------------------------------
In a Schedule 13G filing with the Securities and Exchange
Commission on January 6, 2011, Bruce & Co., Inc. disclosed that it
beneficially owns 58,122,789 shares of common stock of C&D
Technologies, Inc. representing 10.98% of the shares outstanding.
At October 31, 2010, 26,477,841 shares of common stock, $0.01 par
value, of the Company were outstanding.

Bruce & Co., Inc., is the investment manager for Bruce Fund, Inc.
In connection with the registered exchange offer, Bruce & Co., Inc
received 3,962.18 Shares for each $1,000 in principal amount of
its 5.25% convertible senior notes due 2025 that had a face value
of $6,639,000.  It also received 3,959.91 Shares for each $1,000
in principal amount of its 5.50% convertible senior notes due 2026
that had a face value of $8,035,000.

                      About C&D Technologies

C&D Technologies, Inc., provides solutions and services for the
switchgear and control (utility), telecommunications, and
uninterruptible power supply (UPS), as well as emerging markets
such as solar power.  C&D Technologies' engineers, manufactures,
sells and services fully integrated reserve power systems for
regulating and monitoring power flow and providing backup power in
the event of primary power loss until the primary source can be
restored.  C&D Technologies' unique ability to offer complete
systems, designed and produced to high technical standards, sets
it apart from its competition.  C&D Technologies is headquartered
in Blue Bell, PA.

The Company's balance sheet at Oct. 31, 2010, showed
$250.37 million in assets, $265.79 million in liabilities and
stockholders' deficit of $15.42 million.

C&D Technologies in December 2010 escaped a bankruptcy filing
after completing an out-of-court restructuring that reduced the
Company's total debt from approximately $175 million to
$50 million.  The Company in September had entered into a
restructuring support agreement with noteholders to a
restructuring that will be effected through (i) an offer to
exchange the Company's outstanding notes for up to 95% of the
Company's common stock, or (ii) a prepackaged plan of
reorganization under Chapter 11 of the U.S. Bankruptcy Code, if
the exchange offer fails to get the requisite support.  C&D
Technologies elected not to make a semi-annual interest
payment due on its 5.25% Convertible Senior Notes due 2025 on
November 1, 2010.


CARDINAL EMS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Cardinal EMS Ltd.
        1424 N. Main Street
        Benton, IL 62812-1900

Bankruptcy Case No.: 11-40011

Chapter 11 Petition Date: January 7, 2011

Court: U.S. Bankruptcy Court
       Southern District of Illinois (Benton)

Judge: Laura K. Grandy

Debtor's Counsel: Douglas A. Antonik, Esq.
                  3405 Broadway
                  P.O. Box 594
                  Mt Vernon, IL 62864
                  Tel: (618) 244-5739
                  Fax: (618) 244-9633
                  E-mail: antoniklaw@sbcglobal.net

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/ilsb11-40011.pdf

The petition was signed by Virginia Sutton, president.


CLAIRE'S STORES: Bank Debt Trades at 6% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Claire's Stores is
a borrower traded in the secondary market at 93.95 cents-on-the-
dollar during the week ended Friday, January 7, 2011, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.58 percentage
points from the previous week, The Journal relates.  The Journal
relates.  The Company pays 275 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 29, 2014, and
carries Moody's Caa1 rating and Standard & Poor's B- rating.  The
loan is one of the biggest gainers and losers among 185 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

About Claire's Stores

Claire's Stores, Inc. -- http://www.clairestores.com/-- operates
as a specialty retailer of fashion accessories and jewelry for
preteens and teenagers, as well as for young adults in North
America and internationally.  It offers jewelry products that
comprise costume jewelry, earrings, and ear piercing services; and
accessories, including fashion accessories, hair ornaments,
handbags, and novelty items.

Based in Pembroke Pines, Florida, Claire's Stores operates under
two brands: Claire's(R), which operates worldwide and Icing(R),
which operates only in North America.  As of January 31, 2009,
Claire's Stores, Inc., operated 2,969 stores in North America and
Europe.  Claire's Stores, Inc., also operates through its
subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a
50:50 joint venture with AEON, Co., Ltd.  The Company also
franchises 198 stores in the Middle East, Turkey, Russia, South
Africa, Poland and Guatemala.

The Company's balance sheet at Oct. 30, 2010, showed $2.79 billion
in total assets, $218.86 million in total current liabilities,
$2.62 billion in long-term debt, and a stockholders' deficit of
$47.89 million.

Claire's Stores carries 'Caa2' corporate family and probability of
default ratings, with 'positive' outlook, from Moody's Investors
Service, and 'B-' issuer credit ratings, with 'stable' outlook,
from Standard & Poor's.

Moody's Investors Service in December 2010 upgraded Claire's
Stores' ratings, including its Corporate Family Rating and
Probability of Default Rating, to Caa2 from Caa3.  The upgrade
reflects a decrease in Claire's probability of default given that
the company can now fully cover its interest expense.  This is due
to earnings improvement from solid comparable store sales growth,
improved merchandise margins, and continued expense discipline.

Claire's Caa2 Probability of Default Rating reflects Moody's view
that although Claire's credit metrics have improved, they remain
very weak as a result of its heavy debt load.  For the twelve
months ending October 30, 2010, Claire's debt to EBITDA was very
high at 9.3 times.


COG III: Case Summary & 18 Largest Unsecured Creditors
------------------------------------------------------
Debtor: COG III, Ltd.
        P.O. Box 80486
        Las Vegas, NV 89180

Bankruptcy Case No.: 11-10229

Chapter 11 Petition Date: January 7, 2011

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

Judge: Bruce A. Markell

Debtor's Counsel: Terry V. Leavitt, Esq.
                  601 S. 6th St.
                  Las Vegas, NV 89101
                  Tel: (702) 385-7444
                  Fax: (702) 385-1178
                  E-mail: terry@leavittbk.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 18 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nvb11-10229.pdf

The petition was signed by Charles Grigsby, managing member.


COMMUNITY CENTRAL: Has Until June 28 to Regain Nasdaq Compliance
----------------------------------------------------------------
On December 30, 2010, Community Central Bank Corporation received
a notice from The Nasdaq Stock Market stating that the minimum
market value of the Company's publicly held shares of common stock
was below $1,000,000 for 30 consecutive business days and that the
Company was therefore not in compliance with Nasdaq Marketplace
Rule 5550(a)(5).  The notification letter does not affect the
listing of the Company's common stock on The Nasdaq Capital Market
at this time and it will continue to trade under the symbol CCBD.

The notification letter states that the Company will be afforded
180 calendar days, or until June 28, 2011, to regain compliance
with the minimum market value requirement.  To regain compliance,
the minimum market value of the Company's publicly held shares of
common stock must meet or exceed $1,000,000 for at least ten
consecutive business days.  If the Company does not regain
compliance by June 28, 2011, Nasdaq will provide the Company a
written notification that its common stock will be delisted.

During the 180-day calendar period, the Company will monitor the
market value of the publicly held shares of its common stock and
will consider available options to resolve the deficiency and
regain compliance with the Nasdaq minimum market value
requirement.  There can be no assurance that the Company will be
able to regain or maintain compliance with the minimum market
value rule or other listing criteria.

                      About Community Central

Community Central Bank Corporation is the holding company for
Community Central Bank in Mount Clemens, Michigan.  The Bank
opened for business in October 1996 and serves businesses and
consumers across Macomb, Oakland, St. Clair and Wayne counties
with a full range of lending, deposit, trust, wealth management
and Internet banking services.  The Bank operates four full
service facilities in Mount Clemens, Rochester Hills, Grosse
Pointe Farms and Grosse Pointe Woods, Michigan.  Community Central
Mortgage Company, LLC, a subsidiary of the Bank, operates
locations servicing the Detroit metropolitan area and central and
northwest Indiana.  River Place Trust and Community Central Wealth
Management are divisions of Community Central Bank.  Community
Central Insurance Agency, LLC, is a wholly owned subsidiary of
Community Central Bank.  The Corporation's common shares currently
trade on The NASDAQ Capital Market under the symbol "CCBD".

The Company's balance sheet at September 30, 2010, showed
$513.7 million in total assets, $501.6 million in total
liabilities, and stockholders' equity of $12.1 million.

"As of September 30, 2010, due to the Corporation's significant
net loss from operations in the three and nine months ended
September 30, 2010, deterioration in the credit quality of the
loan portfolio, and the decline in the level of its regulatory
capital to support operations, there is substantial doubt about
the Corporation's ability to continue as a going concern," the
Corporation said in its Form 10-Q for the quarter ended Sept. 30,
2010.

The Bank is currently subject to a "consent order" with the
Federal Deposit Insurance Corporation and the Michigan Office of
Financial and Insurance Regulation and is "significantly
undercapitalized" under the FDIC's prompt corrective action (PCA)
rules and accordingly is operating under significant operating
restrictions.  The Consent Order requires Community Central Bank
to take corrective measures in a number of areas to strengthen and
improve the Bank's financial condition and operations.  The
Consent Order is effective as of November 1, 2010.  By entering
into the Consent Order, the Bank is directed and has agreed to
increase board oversight and conduct an independent study of
management, improve regulatory capital ratios, charge-off certain
classified assets, reduce its level of loan delinquencies and
problem assets, limit lending to certain borrowers, revise lending
and collection policies, adopt and implement new profit, strategic
and liquidity plans, and correct loan underwriting and credit
administration deficiencies.  The Consent Order also requires the
Bank to obtain prior regulatory approval before the payment of
cash dividends or the appointment of any senior executive officers
or directors.  The Bank also is not allowed to accept brokered
deposits without a waiver from the FDIC and must comply with
certain deposit rate restrictions.


CONSOLIDATED HORTICULTURE: Files Schedules of Assets & Liabilities
------------------------------------------------------------------
Consolidated Horticulture Group LLC has filed with the U.S.
Bankruptcy for the District of Delaware its schedules of assets
and liabilities, disclosing:

     Name of Schedule                 Assets       Liabilities
     ----------------              ------------   ------------
  A. Real Property                  $57,985,175
  B. Personal Property              $95,061,160
  C. Property Claimed as
     Exempt
  D. Creditors Holding                             $73,574,094
     Secured Claims
  E. Creditors Holding                              $2,195,226
     Unsecured Priority
     Claims
  F. Creditors Holding                              $7,691,147
     Unsecured Non-priority
     Claims
                                   ------------    -----------
        TOTAL                      $153,046,335    $83,460,467

A copy of the Schedules of Assets and Liabilities is available for
free at:

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

                       About Hines Nurseries

Irvine, California-based Consolidated Horticulture Group LLC,
doing business as Hines Nurseries LLC --
http://www.hineshorticulture.com/-- operates nursery facilities
located in Arizona, California, Oregon and Texas.  Through its
affiliate, the company produces and distributes horticultural
products.

Black Diamond Capital Management LLC purchased Hines
Nurseries Inc. in a bankruptcy sale in January 2009.  The
resulting reorganization plan, confirmed in January 2009, paid
secured creditors in full on their $35.9 million in claims while
providing as much as $12 million toward debt owing to suppliers
both before and after the bankruptcy filing.  The business bought
by Black Diamond was renamed to Consolidated Horticulture.

Consolidated Horticulture and its affiliates filed for Chapter 11
protection on October 12, 2010 (Bankr. D. Del. Lead Case No.
10-13308).  Laura Davis Jones, Esq. and Timothy P. Cairns, Esq. at
Pachulski Stang Ziehl & Jones LLP, serve as Delaware counsel to
the Debtors.  Attorneys at Jones, Walker, Waechter, Poitevent,
Carrere & Denegre, L.L.P., serve as bankruptcy counsel.  Epiq
Bankruptcy Solutions LLC is the claims agent.  Consolidated
Horticulture estimated $100 million to $500 million in assets and
$50 million to $100 million in debts in the Chapter 11 petition.


CONTROL PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Control Products, Inc.
        515 W. Boundary St.
        Wetumpka, AL 36092

Bankruptcy Case No.: 11-10017

Chapter 11 Petition Date: January 7, 2011

Court: United States Bankruptcy Court
       Middle District of Alabama (Dothan)

Judge: Dwight H. Williams Jr.

Debtor's Counsel: Collier H. Espy, Jr., Esq.
                  ESPY, METCALF & ESPY, P.C.
                  P.O. Drawer 6504
                  326 North Oates Street
                  Dothan, AL 36302-6504
                  Tel: (334) 793-6288
                  E-mail: kc@espymetcalf.com

Scheduled Assets: $457,003

Scheduled Debts: $1,895,438

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/almb11-10017.pdf

The petition was signed by Johnny Bagley, president.


CREDITWEST CORP: Debtor Withdraws Plan; Committee Plan Confirmed
----------------------------------------------------------------
The Hon. Alan Jaroslovsky of the U.S. Bankruptcy Court for the
Northern District of California confirmed the second modified
Chapter 11 plan of reorganization filed by the Official Committee
of Unsecured Creditors of CreditWest Corporation.

Judge Jaroslovsky appointed Linda Green as liquidating trustee of
the Debtor's estate.  Ms. Green is authorized to sell certain
assets of the estate to Automotive Funding Group Inc. dba County
Financial Services under the terms of the Committee's Plan, as
modified.

Under the Committee Plan, on or before the closing date, the
accounts receivable and other assets of the estate will be sold to
the successful bidder pursuant to terms substantially similar to
the asset purchase agreement.  This sale will be free and clear of
all liens, claims, and interests.  The confirmation order will
constitute the requisite authority for the estate to consummate
the sale.

According to the court document, the Debtor and secured creditor
Texas Capital Bank objected to the Committee Plan.  But both
withdrew their objections to confirmation, and in the case of the
Debtor, withdrew its competing plan of reorganization.

                    About CreditWest Corporation

Rohnert Park, California-based CreditWest Corporation's core
business, since formation, has been to purchase contracts by which
individuals have purchased used vehicles on credit.  Its portfolio
of contracts are sub-prime contracts.  The Company filed for
Chapter 11 bankruptcy protection on April 4, 2010 (Bankr. N.D.
Calif. Case No. 10-11212).  In its schedules, the Company
disclosed $14,752,863 in total assets and $15,418,251 in total
liabilities.

Sara L. Kistler, Acting U.S. Trustee for Region 17, appointed five
members to the official committee of unsecured creditors in the
Chapter 11 case of CreditWest Corporation.  John H. MacConaghy,
Esq., at MacConaghy & Barnier, PLC, represents the Committee.


DAIRY PRODUCTION: Can Use AFS's Cash Collateral Until February 28
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Georgia, in a
third interim order dated December 22, 2010, granted Dairy
Production Systems-Georgia LLC, et al., permission to use cash
collateral of Agricultural Funding Solutions, LLC, including
collections from accounts receivables and other cash and income
generated from the operation of the Debtors' businesses, until
February 28, 2011, at 5:00 p.m. (Eastern).  Expenses not
specifically identified in the Budget for the period starting
December 13, 2010, and ending the week of March 7, 2011, are not
allowed to be paid from cash collateral.

The motion to use cash collateral on a final basis is continued to
February 22, 2011, at 11:00 a.m. (Eastern).

As adequate protection for the Debtors' use of cash collateral,
AFS is granted a first priority replacement lien on all post-
petition property of the Debtors, subject only to validly
perfected and enforceable senior pre-petition liens, security
interests or rights of setoff or recoupment.  As additional
adequate protection of AFS' interest in the cash collateral, but
only to the extent the Debtors' post-petition property is
insufficient to protect AFS for the Debtor's use of its cash
collateral, AFS is granted a first priority lien in all
prepetition property and assets of the Debtor not subject to valid
liens or security interests on the petition date.

As further adequate protection, to the extent that the other forms
of adequate protection granted are insufficient to protect its
interest, AFS is granted super-priority administrative claims
pursuant to Section 507(b) of the Bankruptcy Code.

As reported in the Troubled Company Reporter on October 26, 2010,
as of the Petition Date, the Debtors were indebted to AFS in the
amount of at least $72,371,851 exclusive of accruing interest,
fees, and costs.  The Lender holds valid, perfected liens and
security interests in all or substantially all of the Debtors'
real and personal property and all assets and all proceeds
thereof, including all cash collateral.

A copy of the Third Interim DIP Order and a copy of the Budget is
available for free at:

  http://bankrupt.com/misc/dairyproduction_3rdinterimCCorder.pdf

                      About Dairy Production

Baconton, Georgia-based Dairy Production Systems - Georgia LLC,
dba Dairy Production Systems, was formed in November of 2008 and
owns the operating assets acquired from Aurora Dairy - Georgia,
LLC, exclusive of the real property owned by Aurora-Georgia.  DPS
Georgia owns approximately 3,490 head of cattle, along with
equipment and dairy improvements located on a 1,065-acre farm
leased from Aurora-Georgia.

DPS Georgia filed for Chapter 11 bankruptcy protection on
October 7, 2010 (Bankr. M.D. Ga. Case No. 10-11752).  Neil C.
Gordon, Esq., and Sean C. Kulka, Esq., at Arnall Golden Gregory
LLP, serves as the Debtor's bankruptcy counsel.  DPS Georgia
estimated its assets at $1 million to $10 million and debts at
$10 million to $50 million at the Petition Date.

Affiliates Dairy Production Systems - Mississippi, LLC (Bankr.
M.D. Ga. Case No. 10-11755), Dairy Production Systems, LLC (Bankr.
M.D. Ga. Case No. 10-11754), Heifer Haven, LLC (Bankr. M.D. Ga.
Case No. 10-11757), and New Frontier Dairy, LLC (Bankr. M.D. Ga.
Case No. 10-11756), filed separate Chapter 11 petitions.  Dairy
Production Systems, LLC, estimated its assets and debts at
$10 million to $50 million at the Petition Date.

The cases are jointly administered, with Dairy Production Systems
- Georgia as lead case.


DAIRY PRODUCTION: Wants Plan Filing Period Extended to May 9
------------------------------------------------------------
Dairy Production Systems - Georgia LLC, et al., ask the U.S.
Bankruptcy Court for the Middle District of Georgia to extend
their exclusive periods to file a plan and solicit acceptances of
those plans until May 9, 2011, and July 6, 2011, respectively,
without prejudice to the Debtors' right to seek and obtain further
extensions of the Exclusive Periods if necessary.

The Exclusive filing Period and Exclusive Solicitation Period
currently expire on February 7, 2011, and April 5, 2011,
respectively, absent an extension.

The Debtors relate that they require additional time to negotiate
the terms of a Chapter 11 Plan with their senior lender,
Agricultural Funding Solutions, LLC, and DPS-Georgia's landlord,
Aurora Dairy - Georgia, LLC, and prepare adequate information.

                      About Dairy Production

Baconton, Georgia-based Dairy Production Systems - Georgia LLC,
dba Dairy Production Systems, was formed in November of 2008 and
owns the operating assets acquired from Aurora Dairy - Georgia,
LLC, exclusive of the real property owned by Aurora-Georgia.  DPS
Georgia owns approximately 3,490 head of cattle, along with
equipment and dairy improvements located on a 1,065-acre farm
leased from Aurora-Georgia.

DPS Georgia filed for Chapter 11 bankruptcy protection on
October 7, 2010 (Bankr. M.D. Ga. Case No. 10-11752).  Neil C.
Gordon, Esq., and Sean C. Kulka, Esq., at Arnall Golden Gregory
LLP, serves as the Debtor's bankruptcy counsel.  DPS Georgia
estimated its assets at $1 million to $10 million and debts at
$10 million to $50 million at the Petition Date.

Affiliates Dairy Production Systems - Mississippi, LLC (Bankr.
M.D. Ga. Case No. 10-11755), Dairy Production Systems, LLC (Bankr.
M.D. Ga. Case No. 10-11754), Heifer Haven, LLC (Bankr. M.D. Ga.
Case No. 10-11757), and New Frontier Dairy, LLC (Bankr. M.D. Ga.
Case No. 10-11756), filed separate Chapter 11 petitions.  Dairy
Production Systems, LLC, estimated its assets and debts at
$10 million to $50 million at the Petition Date.

The cases are jointly administered, with Dairy Production Systems
- Georgia as lead case.


DARA BIOSCIENCES: Regains NASDAQ Stockholders' Equity Compliance
----------------------------------------------------------------
DARA BioSciences, Inc. disclosed that, on January 5, 2011, NASDAQ
notified the Company that it has regained compliance with the
minimum stockholders' equity requirement for continued listing on
The NASDAQ Capital Market, as set forth in NASDAQ Listing Rule
5550(b)(1).  On December 30, 2010, the Company filed a Current
Report on Form 8-K with the Securities and Exchange Commission
evidencing stockholders' equity of approximately $5.6 million on a
pro forma basis as of November 30, 2010, following completion of
the Company's registered public offering, as variously described
in the Company's press releases dated December 28 and 29, 2010,
and January 4, 2011.  Accordingly, the NASDAQ Listing
Qualifications Panel has determined to continue the Company's
listing on The NASDAQ Stock Market and the previously announced
delisting proceedings are now closed.

On August 18, 2010, DARA received notice from the Listing
Qualifications Staff of The NASDAQ Stock Market LLC indicating
that the Company did not satisfy the minimum stockholders' equity
requirement and that its securities were therefore subject to
delisting.  The Company appealed the Staff's determination and
appeared before the Panel in October 2010.

                     About DARA BioSciences

DARA BioSciences, Inc. is a Raleigh, North Carolina based
biopharmaceutical development company that acquires promising
therapeutic candidates and develops them through proof of concept
in humans for subsequent sale or out-licensing to larger
pharmaceutical companies. Presently DARA has two drug candidates
with cleared IND (Investigational New Drug) Applications from the
United States FDA.


DAVIS HERITAGE: Court Orders Dismissal of Chapter 11 Case
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida
issued on January 3, 2011, an order granting creditor Inervest
Capital, Ltd.'s motion to Davis Heritage GP Holdings, LLC's
Chapter 11 case, citing, among other things, that the Debtor's
Chapter 11 case was a bad faith filing and that the Debtor does
not own anything that it can reorganize.

The Debtor owns one parcel of vacant land in Mississippi that is
fully encumbered and the only other Section 541 property of the
estate is the Debtor's ownership interests in certain Middle Tier
LLCs whose only assets are its membership interests in certain
Lower Tier LLCs which own pieces of the real property that are not
Section 541 property of the estate.  With the dismissal of the
Debtor's case, Inervest can continue its levy on the Debtor's
membership interests in the Middle Tier LLCs.

Newberry, Florida-based Davis Heritage GP Holdings, LLC, owns 100%
membership interests in seven single-member LLCs and an undivided
0.0095% interest in an eighth LLC (together, the "Middle Tier
LLCs").  The Middle Tier LLCs have no employees, no income, and no
expenses.  The Middle Tier LLCs own nothing except for memberships
in similarly named single member LLCs (collectively, the "Lower
Tier LLCs").  The Debtor filed for Chapter 11 bankruptcy
protection (Bankr. N.D. Fla. Case No. 10-10515) on September 26,
2010.  Justin M. Luna, Esq., at Latham,
Shuker, Eden & Beaudine, LLP, serves as the Debtor's bankruptcy
counsel.  In its schedules, the Debtor disclosed assets of
$2,578,444 and liabilities of $22,852,728 as of the petition date.
Failed Banks Friday, January 7, 2011.


DAYCO PROPERTIES: MUNB Loan Holdings Seeks to Foreclose on Condo
----------------------------------------------------------------
Brian Bandell, writing for South Florida Business Journal, reports
that MUNB Loan Holdings filed a foreclosure lawsuit Dec. 17
against Ponce Trust, Dayco Properties and managing member Franco
D'Agostino.

Business Journal says MUNB Loan Holdings targets the 85 remaining
units in the office condominium at 1600 Ponce de Leon Blvd., in
downtown Coral Gables, Fla.

Business Journal relates the project was financed through a
$50 million mortgage granted in 2007 by Mellon United Nation Bank.
After the bank was acquired by Banco Sabadell, the loan was sold
to MUNB, an affiliate of Bank of New York Mellon.  The mortgage
with Ponce Trust was last modified at $32.4 million in August.

Business Journal says Ponce Trust sold 44 of its 129 units -- with
the most recent sale in November.  The loan was scheduled to
mature Jan. 8.

Alan Grunspan, Esq., in Miami, represents MUNB in the lawsuit.


DEEP DOWN: Cuming Acquisition Completed, Joint Venture Formed
-------------------------------------------------------------
Deep Down, Inc., announced the formation of a new joint venture,
Cuming Flotation Technologies, LLC with an affiliate of York
Capital Management, for the purpose of combining the operations of
Cuming Corporation and Deep Down's Flotation Technologies
subsidiary as of December 31, 2010.  Under the terms of the joint
venture agreement with York, Deep Down contributed the assets and
liabilities of Flotation Technologies Inc. into a new entity,
Flotation Tech, LLC plus $1.4 million in cash to the JV in
exchange for a 20% equity interest, and York contributed $22.35
million in cash in exchange for an 80% interest.  The cash
contributions will be used to partially fund the acquisition of
Cuming Corporation by the JV, with York providing a bridge loan to
fund the balance of the $42 million purchase price and to provide
working capital.  To fund its cash contribution to the JV, Deep
Down issued 20 million shares of common stock to York at $0.07 per
share for total proceeds of $1.4 million.  This issuance of stock
was substantially offset by the return of 18 million shares of
common stock previously issued in connection with the Cuming
acquisition.

As an important part of this transaction, Deep Down has entered
into two agreements with the JV.  Under a Management Services
Agreement, Deep Down will provide certain technical,
administrative and management services to the venture on a cost
reimbursable basis.  Secondly, a Sales and Service Agreement will
provide a platform for Deep Down, Cuming Corporation and Flotec to
combine their product and service offerings to better serve the
worldwide market.

The JV is expected to generate more than a $100 million of
revenues for the year ended December 31, 2011.  Deep Down will use
the equity method of accounting to recognize its proportionate
share of the earnings of the JV.

Deep Down's CEO, Ron Smith, commented, "This joint venture allows
Deep Down and its shareholders to participate in the benefits of
combining our flotation technologies business with Cuming
Corporation, without the dilutive impact of financing the
acquisition through the issuance of a large amount of equity.  We
believe York will make a strong partner that is supportive of our
objective of creating a global leader in syntactic foam products
and services primarily for the offshore oil and gas markets.  The
benefits of combining these manufacturing operations, as well as
the additional opportunities stemming from the other agreements,
will create significant value for our shareholders."

                   About York Capital Management

York Capital Management is an international private event-driven
investment fund group with approximately $14.8 billion of assets
under management.  York specializes in high quality, value
oriented public and private equity investments, as well as credit
securities.  York Capital was founded in 1991 and has primary
offices in New York, Washington, DC, London, and Hong Kong.

                          About Deep Down

Deep Down, Inc. -- http://www.deepdowncorp.com/-- is an oilfield
services company serving the worldwide offshore exploration and
production industry.  Deep Down's services include distribution
system installation support and engineering services, umbilical
terminations, loose-tube steel flying leads, distributed and drill
riser buoyancy, ROVs and tooling, marine vessel automation,
control, and ballast systems.  The Company's primary focus is on
more complex deepwater and ultra-deepwater oil production
distribution system support services and technologies, used
between the platform and the wellhead.

The Company's balance sheet at Sept. 30, 2010, showed
$49.31 million in total assets, $14.72 million in total
liabilities, and stockholders' equity of $34.58 million.

The Company's working capital declined by $1.7 million to negative
$554,000 at September 30, 2010 from $1.2 million at December 31,
2009 primarily as a result of reclassifying $2.5 million of its
long-term debt to current liabilities.  All of the debt from one
of the Company's lenders in the amount of $3.2 million is due
April 15, 2011.  As of September 30, 2010, the Company was in
compliance with all financial covenants associated with this debt.
The Company is currently in discussions with several lenders who
have expressed interest in refinancing the Company's debt.

Deep Down reported a net loss of $3.36 million after a
$4.5 million non-cash impairment of goodwill, on revenues of $11.4
million for three months ended Sept. 30, 2010, compared with a net
loss of $2.09 million on revenues of $8.4 million during the same
quarter last year.


DELTA PETROLEUM: Closes on $100-Mil. Loan Facility from Macquarie
-----------------------------------------------------------------
Delta Petroleum Corporation announced that it has closed on a new
senior secured credit facility with Macquarie Bank Limited.

The new credit facility is for $100 million, of which $50 million
will be initially available to the Company.  The $50 million is
comprised of a $30 million revolving line of credit (Tranche A)
and a $20 million advancing term loan (Tranche B).  The interest
rate is Libor plus 7% or Prime plus 6% for Tranche A borrowings
and Libor plus 9% or Prime plus 8% for Tranche B borrowings, and
is subject to a 2% closing fee on the initial commitment amount.
The credit facility matures on January 31, 2012.  The new credit
facility replaces Delta's prior credit facility.

Carl Lakey, President and CEO of Delta Petroleum, stated, "The
closing of this new credit facility is yet another step in the
restoration of the financial flexibility Delta needs to
successfully execute on its focused business plan of creating
greater value from its core asset in the Piceance Basin."

The Credit Agreement requires Delta to meet certain financial
tests, including a ratio of current assets to current liabilities,
minimum quarterly net operating cash flow, and maximum quarterly
general and administrative expenses.  The Credit Agreement also
contains additional covenants which, among other things, require
Delta to deliver to the lenders specified financial information,
including annual and quarterly financial information, and limit
Delta's ability to, subject to various exceptions and limitations,
(i) merge with other companies; (ii) create liens on its property;
(iii) incur additional indebtedness; (iv) enter into transactions
with affiliates, except on an arms-length basis; (v) enter into
sale leaseback transactions; (vi) pay dividends or make certain
other restricted payments; (vii) make certain investments; and
(viii) sell its assets.

                       About Delta Petroleum

Delta Petroleum Corporation (NASDAQ Global Market: DPTR)
-- http://www.deltapetro.com/-- is an oil and gas exploration and
development company based in Denver, Colorado.  The Company's core
areas of operations are the Rocky Mountain and Gulf Coast Regions,
which comprise the majority of its proved reserves, production and
long-term growth prospects.

The Company's balance sheet at Sept. 30, 2010, showed $1.14
billion in total assets, $242.79 million in total current
liabilities, $358.34 million in total long-term liabilities, and
stockholders' equity of $545.21 million.

                          *     *     *

As reported in the Troubled Company Reporter on March 15, 2010,
KPMG LLP, in Denver, 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 of the Company's ongoing
losses and working capital deficiency, and that in addition,
outstanding borrowings under the Company's credit facility are due
January 15, 2011.

In January 2011, Standard & Poor's Ratings Services assigned its
'CCC' corporate credit and unsecured debt ratings to Delta
Petroleum Corp.  S&P also assigned its '4' recovery rating to the
company's $150 million unsecured notes due 2015 and $115 million
senior convertible notes.  The outlook is negative.

"S&P's ratings on Delta reflect the company's uneconomic cost
structure, a small reserve base that is almost entirely natural
gas, very aggressive leverage, and weak liquidity," said Standard
& Poor's credit analyst Marc D. Bromberg.  Although it recently
closed a $100 million credit facility maturing Jan. 31, 2012 (with
a $50 million initial commitment), which allowed Delta to satisfy
its previous $35 million revolver that was due this month, S&P
think it is unlikely that the company will be able to meet its
operating obligations throughout 2011.  S&P characterize Delta's
business profile as vulnerable and its financial risk profile as
highly leveraged.


DELTA PETROLEUM: D. Taylor Owns 112,178 Shares of Common Stock
--------------------------------------------------------------
In a Form 5 filing with the Securities and Exchange Commission on
January 6, 2011, Daniel J. Taylor, a director at Delta Petroleum
Corp., disclosed that he disposed of 87,178 shares of common stock
of the Company on January 4, 2010.  On the same day, Mr. Taylor
acquired 87,178 shares of common stock.  At the end of the
transaction, Mr. Taylor indirectly beneficially owned 112,178
shares of common stock.

                       About Delta Petroleum

Delta Petroleum Corporation (NASDAQ Global Market: DPTR)
-- http://www.deltapetro.com/-- is an oil and gas exploration and
development company based in Denver, Colorado.  The Company's core
areas of operations are the Rocky Mountain and Gulf Coast Regions,
which comprise the majority of its proved reserves, production and
long-term growth prospects.

The Company's balance sheet at Sept. 30, 2010, showed $1.14
billion in total assets, $242.79 million in total current
liabilities, $358.34 million in total long-term liabilities, and
stockholders' equity of $545.21 million.

                          *     *     *

As reported in the Troubled Company Reporter on March 15, 2010,
KPMG LLP, in Denver, 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 of the Company's ongoing
losses and working capital deficiency, and that in addition,
outstanding borrowings under the Company's credit facility are due
January 15, 2011.

In January 2011, Standard & Poor's Ratings Services assigned its
'CCC' corporate credit and unsecured debt ratings to Delta
Petroleum Corp.  S&P also assigned its '4' recovery rating to the
company's $150 million unsecured notes due 2015 and $115 million
senior convertible notes.  The outlook is negative.

"S&P's ratings on Delta reflect the company's uneconomic cost
structure, a small reserve base that is almost entirely natural
gas, very aggressive leverage, and weak liquidity," said Standard
& Poor's credit analyst Marc D. Bromberg.  Although it recently
closed a $100 million credit facility maturing Jan. 31, 2012 (with
a $50 million initial commitment), which allowed Delta to satisfy
its previous $35 million revolver that was due this month, S&P
think it is unlikely that the company will be able to meet its
operating obligations throughout 2011.  S&P characterize Delta's
business profile as vulnerable and its financial risk profile as
highly leveraged.


DEX MEDIA WEST: Bank Debt Trades at 8% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Dex Media West LLC
is a borrower traded in the secondary market at 91.77 cents-on-
the-dollar during the week ended Friday, January 7, 2011,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 0.96
percentage points from the previous week, The Journal relates.
The Journal relates.  The Company pays 450 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
October 24, 2014, and is not rated.  The loan is one of the
biggest gainers and losers among 185 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.

About Dex Media West

Dex Media West LLC is a subsidiary of Dex Media West, Inc., and an
indirect wholly owned subsidiary of Dex Media, Inc.  Dex Media is
a direct wholly owned subsidiary of R.H. Donnelley Corporation.
Dex Media West is the exclusive publisher of the official yellow
pages and white pages directories for Qwest Corporation, the local
exchange carrier of Qwest Communications International, Inc., in
Arizona, Idaho, Montana, Oregon, Utah, Washington, and Wyoming.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media
East LLC, Dex Media West LLC and Dex Media, Inc., filed for
Chapter 11 protection on May 28, 2009 (Bank. D. Del. Case No. 09-
11833 through 09-11852), after missing a $55 million interest
payment on its senior unsecured notes due April 15.  James F.
Conlan, Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq.,
Jeffrey E. Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin
LLP, in Chicago, Illinois represent the Debtors in their
restructuring efforts.  Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP, in
Wilmington, Delaware, serve as the Debtors' local counsel.  The
Debtors' financial advisor is Deloitte Financial Advisory Services
LLP while its investment banker is Lazard Freres & Co. LLC.  The
Garden City Group, Inc., is claims and noticing agent.


DEX ONE: Moody's Changes Outlook to Negative, Affirms 'B1' Ratings
------------------------------------------------------------------
Moody's has changed Dex One Corporation's outlook to negative from
stable based on Moody's concerns that the pace of decline in
revenue and new orders (as indicated by the company's advertising
sales), which is faster than Moody's had anticipated, will persist
despite a recovery in overall U.S. advertising spending.  Although
improved from the cycle's trough of 4Q'09, Dex One's advertising
sales were down 15% for 3Q'10 amidst a generally improving
advertising sector.  Continued weakness in ad sales relative to
expected spending in other print-based channels and the overall
advertising market suggests that the cyclical recovery in client
advertising spending is not stabilizing revenue in the directory
industry.  Moody's thus believes the magnitude of the structural
challenges the directory industry faces is more severe than
previously anticipated.

Moody's has taken these rating actions:

Issuer: Dex One Corporation

  -- Outlook: Revised to Negative from Stable
  -- Corporate Family Rating: B1, unchanged
  -- Probability of Default Rating: B1, unchanged
  -- Senior Subordinate: B3 -- LGD6 (95%), unchanged
  -- Speculative Grade Liquidity: SGL-2, unchanged

Issuer: RH Donnelley Inc

  -- Senior Secured Bank Credit Facility: B1 -- LGD3 (43%),
     unchanged

Issuer: Dex Media East LLC

  -- Senior Secured Bank Credit Facility: B1 -- LGD3 (43%),
     unchanged

Issuer: Dex Media West LLC

  -- Senior Secured Bank Credit Facility: Ba3 -- LGD3 (42%),
     unchanged

"The directory publishing business has been left out of the mild
recovery that has occurred within the U.S. print advertising
industry" commented Moody's Senior Vice President Dennis Saputo.
Moody's estimates that the directory publishing industry is
lagging behind other print-based media sectors, some of which will
return to growth in 2011.  Moody's anticipate another double-digit
percentage decline in ad sales for directory publishers this year.

Dex One faces increasing competition from the rapidly evolving
online and mobile business directory services industry, and the
lingering effects of the recent recession continue to pressure
revenues.  While the company is attempting to transition its
business by reducing its reliance on print advertising through
development of online and mobile directory service applications,
Moody's is increasingly concerned that the company will not be
able to effect this change at a pace that would allow it to
stabilize its revenues over the intermediate term.  Further, Dex
One's high fixed costs could lead to steep margin compression
despite the company's efforts to aggressively manage down its cost
base.

Dex One has good liquidity based on Moody's projection of
$150 million in cash at year end 2010 and continued positive free
cash flow.  Similar to its competitors, the company requires
minimal capital investment, well below internally generated cash
flows.

Moody's could downgrade Dex One's ratings if the company's
revenues continue to decline at a double digit percentage rate, if
it becomes unable to generate free cash flow, or if its liquidity
becomes strained.

Moody's last rating action was on January 26, 2010, when the
company's ratings were assigned following its exit from bankruptcy
restructuring.

Dex One's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  Moody's compared these attributes against
other issuers both within and outside Dex One's core industry and
believes Dex One's ratings are comparable to those of other
issuers with similar credit risk.

Dex One, headquartered in Cary, North Carolina, is a local
business marketing services company that includes print
directories and online voice and mobile search.  Revenue was
approximately $1.1 billion for the LTM period ended September 30,
2010.


DOLPHIN DIGITAL: Converts $500,000 Notes to Preferred Stock
-----------------------------------------------------------
Dolphin Digital Media, Inc. announced that it has entered into an
agreement for a debt to equity conversion of a promissory note and
its accrued coupon owed to T Squared Capital LLC, a private
investment firm.  Under the terms of the agreement, effective
December 30, 2010, the Company will convert $500,000 of
convertible notes and accrued interest into Series A Preferred
Stock at a conversion price of $0.25 per share.  The conversion
price represents a 178% premium over Dolphin's closing stock price
of $0.09 on December 29, 2010.

"We are very pleased that T Squared Partners have chosen to
further support Dolphin Digital Media through their conversion of
debt to equity ownership, which substantially strengthens our
balance sheet," said Bill O'Dowd, chief executive officer of
Dolphin Digital Media.  "Given the recent progress and expansion
of our business model, coupled with the support from our investors
and shareholders, we are excited about 2011."

"We are very impressed with the progress made by Dolphin Digital
Media over the past several months," stated Mark Jensen, co-
founder and portfolio manager of T Squared Partners.  "The need
for Internet security for children worldwide is greater than ever
as parents are continually faced with the challenges of protecting
their children against cyber-bullying and online predators.  We
believe that Dolphin's products not only provide online safety and
security for the children of the world, but also enable them to
experience high-quality entertainment and educational content via
Dolphin Digital Studios and the Company's Dolphin Surf social
network.  We look forward to following the continued success of
the Dolphin Digital Media team as they continue to roll out their
exciting suite of products."

                   About T Squared Capital LLC

T Squared Partners is a fundamentally oriented private investment
firm focusing on high-growth micro-cap public and private
companies.  The fund's philosophy is to work with companies to
enhance their shareholder value through friendly investment
structures in addition to providing industry-leading strategic
advice.  T Squared Partners provides its companies with capital
for the following objectives: expansion capital, working capital,
acquisition capital and restructuring capital.

                       About Dolphin Digital

Miami, Fla.-based Dolphin Digital Media, Inc (OTC BB: DPDM)
-- http://www.dolphindigitalmedia.com/-- is a creator of secure
social networking websites for children utilizing ground breaking
fingerprint identification technology.

The Company's balance sheet at September 30, 2010, showed
$2.26 million in total assets, $3.53 million in total liabilities,
and a stockholders' deficit of $1.27 million.

"As of September 30, 2010 the Company recorded an accumulated
deficit of approximating $30.16 million.  Further, the Company has
inadequate working capital to maintain or develop its operations,
and is dependent upon funds from private investors and the support
of certain stockholders," the Company said in its latest Form 10-
Q.

Jewett, Schwartz, Wolfe & Associates, in Hollywood, Florida,
expressed substantial doubt about Dolphin Digital's ability to
continue as a gong concern, following the Company's 2009 results.
The independent auditors noted that the Company has operating and
liquidity concerns, has incurred net losses approximating
$27,500,000 as of December 31, 2009.


DUNE ENERGY: Zazove Associates Discloses 1.80% Equity Stake
-----------------------------------------------------------
In a Schedule 13G filing with the Securities and Exchange
Commission on January 5, 2010, Zazove Associates, LLC disclosed
that it beneficially owns 737,687 shares of common stock of Dune
Energy, Inc., representing 1.80% of the shares outstanding.

The 1.80% was calculated based on 41,074,712 shares of common
stock outstanding, which number is calculated by adding (i)
40,343,892 (the number of shares of common stock outstanding as
reported in issuers 10Q as reported on November 5, 2010 and (ii)
730,820 (the number of shares of common stock deemed held under
Rule 240.13d-3(d)(1) as a result of the beneficial ownership of
the Convertible Preferred Securities).

                         About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/
-- is an independent energy company based in Houston, Texas.
Since May 2004, the Company has been engaged in the exploration,
development, acquisition and exploitation of natural gas and crude
oil properties, with interests along the Louisiana/Texas Gulf
Coast.  The Company's properties cover over 90,000 gross acres
across 27 producing oil and natural gas fields.

The Company's balance sheet at Sept. 30, 2010, showed
$296.72 million in total assets, $343.46 million in total
liabilities, and a stockholders' deficit of $248.48 million.

                          *     *     *

Dune Energy carries a 'CCC-' corporate credit rating, with
negative outlook, from Standard & Poor's, and 'Ca' corporate
family and probability of default ratings, with negative outlook,
from Moody's Investors Service.

S&P said in April 2010 that "the company's heavy debt burden makes
the prospects of a distressed exchange or bankruptcy a distinct
possibility."


DYCOM INVESTMENTS: Moody's Assigns 'Ba3' Rating to $175 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Dycom
Investments, Inc.'s proposed $175 million, ten year senior
subordinated notes.  Concurrently, the outlook was changed from
negative to stable based on Dycom's ability to effectively control
costs, maintain very good liquidity and opportunity to capitalize
on positive trends in wireless backhaul and expansion of broadband
in rural areas of the U.S.  All ratings, including the Ba2
corporate family rating, have been affirmed.  Dycom maintains a
speculative grade liquidty rating of SGL-1 characterized by
healthy cash balances, expectation of positive cash from
operations over the next twelve months, and no near-term debt
maturities.

Ratings assigned:

Dycom Investments, Inc.

  -- Proposed $175 million senior subordinated notes due 2021, Ba3
     (LGD-5, 75%)

Ratings affirmed:

Dycom Industries Inc.

  -- Corporate family rating at Ba2

  -- Probability of default rating at Ba2

  -- SGL-1 Speculative Grade Liquidity

  -- Outlook changed to stable

  -- Existing senior subordinated notes due 2015, Ba3 (LGD-5,
     78%)*

* The Ba3 rating on Dycom's existing senior subordinated notes
  will remain LGD-5, 78% pending their planned redemption.

These ratings have been assigned subject to Moody's review of
final documentation following completion of the notes offering.
Assuming substantially all of the notes are redeemed, the
instrument rating will be withdrawn.  For additional information,
please refer to the Credit Opinion to be posted on moodys.com.

                        Ratings Rationale

The change in rating outlook reflects Moody's expectation of
continued improvements in profitability as demonstrated by signs
of year-over-year revenue growth, increased capital spending by
some of Dycom's top telecommunications customers combined with an
expectation that the company's operating results would benefit
from an improvement in overall domestic economic conditions.
Further, the change in outlook anticipates that Dycom will
maintain its strong liquidity and low leverage while investing its
free cash flow prudently among acquisitions and share repurchases.
The stable outlook anticipates modest revenue growth in fiscal
2011 and fiscal 2012.  The stability of the outlook is sensitive
to the telecommunications and cable industry cycles, the company's
success at renewing its many master service agreements and the
continuation of positive end-market trends, including increased
outsourcing by the major providers and carriers and the consumers'
need for greater bandwidth.

Proceeds from the issuance of the proposed subordinated notes
are expected to be used in part to repurchase the existing
$135 million of senior subordinated notes with the majority of
the remaining proceeds expected to be used for working capital and
general corporate purposes.  Moody's expects that the notes will
be issued on a subordinated basis and will be guaranteed by Dycom
Industries, Inc., the parent company, as well as all downstream
domestic subsidiaries on a senior unsecured subordinated basis.
The notes are expected to be sold according to Rule 144A.  The
notes also may be offered and sold in offshore transactions in
reliance on Regulation S.

The Ba2 corporate family rating balances low financial leverage,
ability to control direct expenses, and a strong liquidity profile
against economically sensitive demand, a competitive industry and
a relatively high re-investment requirement.  Capital expenditure
budgets of major telecommunications and cable television
providers, which are subject to both seasonality and cyclicality,
drive Dycom's revenues.  Increased outsourcing by the major
broadband carriers and consumers' need for greater bandwidth bode
well for long-term demand prospects.  As a specialized
construction business exposed to long-term demand trends for
telecommunication network maintenance and expansion spending, the
Ba2 corporate family rating encompasses some tolerance for
cyclicality.

However, Dycom's return measures and EBIT-to-interest ratio
presently remain weak for the rating category.  On a pro forma
basis at October 30, 2010, using Moody's standard adjustments,
debt/EBITDA is in the mid-2 times range and EBITA/interest is in
the 1.5 times range.  Financial leverage remains low enough that a
pick-up in revenue and earnings would translate into return and
coverage metrics more on par with the Ba2 corporate family rating.
The rating agency expects continued strong cash from operations
over the next few years.

A ratings increase is considered unlikely at this time given the
highly cyclical nature of the end-markets the company operates in,
the company's revenue scale as well as Dycom's acquisition
strategy.  Positive rating momentum would likely be accompanied by
expectation of strong, sustained revenue growth as well as the
achievement and maintenance of these credit metrics: debt/EBITDA
below 1.5x, EBITA/interest coverage of 3.5 times and return on
assets of approximately 8% or greater.

Large debt financed acquisitions or excessive share repurchases
that diminish the company's liquidity profile or raise leverage
could have adverse rating implications.  Despite low leverage,
Dycom's total return measures and its EBITA/interest ratio are
presently weak for the rating and, if sustained, would drive a
rating downgrade.  Any deceleration in revenue trends, loss of a
key customer and an expectation that the EBITA/interest ratio will
remain below 2.0 times for a prolonged period could have adverse
rating implications as would debt/EBITDA levels exceeding and
sustained above 3.0 times .

Dycom Industries, Inc., located in Palm Beach Gardens, Florida, is
a leading provider of specialty contracting services in North
America.  Dycom provides engineering, construction and maintenance
services that assist telecommunication and cable television
providers expand and monitor their network infrastructure in a
cost effective manner.  To a lesser extent, Dycom provides
underground locating services for telephone, cable, power, gas,
water, and sewer utilities.  Dycom generated contract revenues of
$991 million for the twelve months ended October 30, 2010.


DYCOM INVESTMENT: S&P Assigns 'BB-' Rating to $175 Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned a 'BB-'
issue-level rating to Palm Beach Gardens, Fla.-based Dycom
Industries Inc. wholly owned subsidiary Dycom Investment Inc.'s
proposed new $175 million senior subordinated notes due 2021, one
notch below the parent company's corporate credit rating.

The recovery rating is '5', indicating S&P's expectation of modest
(10%-30%) recovery in the event of a default scenario.  Standard &
Poor's expects the company to use the proceeds from the new notes
to redeem the existing $135 million in 8.125% senior subordinated
notes, for working capital, and for general corporate purposes.
The company has no significant debt maturities until 2015.

"The ratings on Dycom reflect its fair business profile and
significant financial risk profile, highlighted by share
repurchases and some moderate-size acquisitions," said Standard &
Poor's credit analyst Sarah Wyeth.

Dycom provides services in the engineering and construction
sector.  Roughly three-quarters of its annual sales of about
$1 billion are from specialty contracting services, including
installation and maintenance, which the company provides primarily
to cable and telecommunications companies.  The company also
provides utility-line locating services to those industries and
certain electric utilities and provides electric and other
construction and maintenance services to electric utilities.

                           Ratings List

                       Dycom Industries Inc.

           Corporate Credit Rating          BB/Stable/--

                            New Rating

                       Dycom Investments Inc.


        Subordinated $175 mil notes due 2021         BB-
          Recovery Rating                            5


DYNAVAX TECH: Offers 15MM Shares Under Equity Incentive Plan
------------------------------------------------------------
In a Form S-8 filing with the Securities and Exchange Commission
on January 6, 2011, Dynavax Technologies Corporation said that it
is offering an aggregate of 15,250,000 shares of common stock to
its employees via benefit or incentive plans:

   (a) 15,000,000 shares are offered under the Dynavax
       Technologies Corporation 2011 Equity Incentive Plan; and

   (b) 250,000 shares are offered under the Dynavax Technologies
       Corporation 2004 Employee Stock Purchase Plan.

A full-text copy of the prospectus is available for free at:

             http://ResearchArchives.com/t/s?71e5

                    About Dynavax Technologies

Berkeley, Calif.-based Dynavax Technologies Corporation (NASDAQ:
DVAX) -- http://www.dynavax.com/-- is a clinical-stage
biopharmaceutical company.  The Company discovers and develops
novel products to prevent and treat infectious diseases.  The
Company's lead product candidate is HEPLISAV, an investigational
adult hepatitis B vaccine designed to enhance protection more
rapidly and with fewer doses than current licensed vaccines.

As of September 30, 2010, the Company had $61,790,000 in total
assets; $21,026,000 total current liabilities, $6,012,000 deferred
revenue, $10,540,000 long-term note payable to holdings, $944,000
long-term contingent liability to holdings, and $60,000 other
long-term liabilities and $23,208,000 in stockholders' equity.

As reported in the Troubled Company Reporter on March 18, 2010,
Ernst & Young LLP, in San Francisco, Calif., 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 operating losses
and negative cash flows from operations since its inception.


DYNAVAX TECHNOLOGIES: To Issue 100-Mil. Additional Shares
---------------------------------------------------------
On January 5, 2011, the stockholders of Dynavax Technologies
Corporation approved an amendment to the Company's Sixth Amended
and Restated Certificate of Incorporation to increase the number
of authorized shares of the Company's Common Stock, par value
$0.001 from 150,000,000 shares to 250,000,000 shares.  The
increase in authorized shares was effected pursuant to a
Certificate of Amendment to the Sixth Amended and Restated
Certificate of Incorporation, filed with the Secretary of State of
the State of Delaware on January 5, 2011.

A Special Meeting of Stockholders of the Company was held on
January 5, 2011.  Proxies for the Special Meeting were solicited
by the Board of Directors of the Company pursuant to Section 14(a)
of the Securities Exchange Act of 1934, as amended, and there was
no solicitation in opposition to the Board's solicitation.  There
were 115,575,069 shares of common stock entitled to vote at the
Special Meeting.  A total of 100,419,955 shares were represented
at the Special Meeting in person or by proxy.

At the meeting, stockholders approved:

   (a) the amendment to the Company's Sixth Amended and Restated
       Certificate of Incorporation to increase the authorized
       number of shares of common stock from 150,000,000 to
       250,000,000; and

   (b) the Dynavax Technologies Corporation 2011 Equity Incentive
       Plan.

                    About Dynavax Technologies

Berkeley, Calif.-based Dynavax Technologies Corporation (NASDAQ:
DVAX) -- http://www.dynavax.com/-- is a clinical-stage
biopharmaceutical company.  The Company discovers and develops
novel products to prevent and treat infectious diseases.  The
Company's lead product candidate is HEPLISAV, an investigational
adult hepatitis B vaccine designed to enhance protection more
rapidly and with fewer doses than current licensed vaccines.

As of September 30, 2010, the Company had $61,790,000 in total
assets; $21,026,000 total current liabilities, $6,012,000 deferred
revenue, $10,540,000 long-term note payable to holdings, $944,000
long-term contingent liability to holdings, and $60,000 other
long-term liabilities and $23,208,000 in stockholders' equity.

As reported in the Troubled Company Reporter on March 18, 2010,
Ernst & Young LLP, in San Francisco, Calif., 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 operating losses
and negative cash flows from operations since its inception.


DYNEGY INC: Files Amendment to Icahn's $5.50 Per Share Offer
------------------------------------------------------------
On January 6, 2011, Dynegy Inc., and Icahn Enterprises Holdings LP
and related parties filed with the Securities and Exchange
Commission an Amendment No. 2 to the Tender Offer Statement on
Schedule TO, dated December 22, 2010, as amended by the Amendment
No. 1 to the Schedule TO, dated December 28, 2010, relating to the
tender offer by IEH Merger Sub LLC, a Delaware limited liability
company to purchase for cash all of the issued and outstanding
shares of common stock of Dynegy Inc., including the associated
rights issued pursuant to the Stockholder Protection Rights
Agreement, dated as of November 22, 2010, and as amended on
December 15, 2010, between the Company and Mellon Investor
Services LLC, as Rights Agent, that are issued and outstanding at
a price of $5.50 per Share, without interest and less any required
withholding taxes, if any.

As of December 9, 2010, based on information provided by Dynegy,
there were 120,972,824 Shares issued and outstanding.

Pursuant to the Merger Agreement, IEH Merger Sub agreed to
commence a tender offer to purchase for cash all outstanding
Shares.  Pursuant to the Guarantee, IEH has absolutely,
irrevocably and unconditionally guaranteed to Dynegy Inc. the full
and timely performance by IEH Merger Sub of its payment and other
obligations under the Merger Agreement, including its obligation
to commence and consummate the Offer.  Both IEH Merger Sub and IEH
are co-bidders for all purposes in the Offer.

A full-text copy of the Amended Schedule TO is available for free
at http://ResearchArchives.com/t/s?71e6

                         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'.

Moody's Investors Service said in December 2010 that it 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.

"The current Caa1 Corporate Family Rating captures many of the
fundamental risks facing Dynegy," said A.J. Sabatelle, Senior Vice
President at Moody's.  "While weak operating cash flow, high debt
levels, and negative free cash flow are expected to persist over
the intermediate term, the planned acquisition by IEP adds
incremental uncertainty to an already challenged credit story",
adds Sabatelle.


E-DEBIT GLOBAL: Requests Hearing to Appeal Cease Trade Order
------------------------------------------------------------
E-Debit Global Corporation has delivered to the British Columbia
Securities Commission notice requesting a hearing with the
Commission to appeal a Cease Trade Order delivered to E-Debit by
facsimile on December 23, 2010.

"We are very disappointed in the issuance of the British Columbia
Securities Commission "Cease Trade Order" which was delivered to
our Calgary, Alberta headquarters by facsimile at 2:30 pm on
December 23, 2010 and acknowledged by the Company at or near 1:30
pm upon receipt on December 29, 2010," stated Doug Mac Donald, E-
Debit's President and CEO.

"For the past 10 years we have met all our filing requirements
related to our publicly traded status on the Over the Counter
Bulletin Board under the trading symbol "WSHE" and have been
continually fully compliant in regards to all regulatory filings
related to our business activities both in Canada and the United
States.

Our advice to date received from the BCSC is they have deemed the
Company's retention of Open Waters Investments Inc. as it's
contracted Investment Relations Firm, as grounds to determine that
E-Debit has a "significant connection" to the Province of British
Columbia and as a result has determined E-Debit Global Corporation
a Colorado corporation, as an OTC reporting issuer under BC
Instrument 51-509 Issuers Quoted in the U.S.  Over-the Counter
Markets (BCI 51-509).  The Company disagrees.

In our notice to the BCSC, the Company outlined its grounds for
appeal as "E-Debit does not have any significant connections with
British Columbia through its management, investor relations, or
sale of seed stock".

The Company has requested that the BCSC set the hearing date of
its appeal at its earliest possible convenience to the Commission
as time is of the essence in this matter for the Company and our
shareholders.

All related correspondence with the BCSC will be posted shortly on
the E-Debit Website for review.  In addition the Company has
requested from the BCSC an exemption to allow for the filing of
our SEC documents on Cedar and be granted reporting issuer status.
The Company will advise the results of its efforts in bringing
this matter to a suitable close as they are received." Mr. Mac
Donald advised.

                     About E-Debit Global Corp.

E-Debit Global Corporation is a financial holding company in
Canada.  The Company's primary business is the sale and operation
of cash vending (ATM) and point of sale (POS) machines in Canada.

The Company's balance sheet at September 30, 2010, showed
$1,791,984 in total assets, $1,956,942 in total liabilities, and a
stockholders' deficit of $164,958.

As of September 30, 2010, the Company had a working capital
deficit of $769,970 and an accumulated deficit of $4,082,227.

Cordovano and Honeck LLP, in Englewood, Colorado, expressed
substantial doubt about E-Debit Global Corporation'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, has a working capital deficit at December 31,
2009, and has an accumulated deficit of $760,509 as of
December 31, 2009.


ECOSPHERE TECHNOLOGIES: Grants D. McGuire 9-Mil. Stock Options
--------------------------------------------------------------
As part of an ongoing negotiation for his next employment
agreement, Dennis McGuire was granted 9,000,000 non-qualified
options exercisable at $0.4799 per share over a five-year period.
Of these options, none vest until a definitive agreement with a
third party is executed.  Additionally, they vest as follows: (i)
3,000,000 options vest upon the execution of the definitive
agreement and (ii) the remaining vest in equal increments each
June 30 and December 31 over the term of the agreement with the
third party.

                   About Ecosphere Technologies

Stuart, Fla.-based Ecosphere Technologies, Inc. (OTC BB: ESPH)
-- http://www.ecospheretech.com/-- is a diversified water
engineering and environmental services company.  Ecosphere
Technologies provides environmental services and technologies for
use in large-scale and sustainable applications across industries,
nations and ecosystems.

During the nine months ended September 30, 2010, the Company
incurred a loss from operations of approximately $18.9 million,
and used cash in operations of approximately $1.1 million.  At
September 30, 2010, the Company had a working capital deficiency
of approximately $3.9 million, a stockholders' deficit of
approximately $1.2 million and had outstanding convertible
preferred stock that is redeemable under limited circumstances for
approximately $3.9 million (including accrued dividends).

As reported in the Troubled Company Reporter on April 6, 2010,
Salberg & Company, P.A., in Boca Raton, Fla., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted of the Company's net loss for 2009, and working
capital, stockholders' and accumulated deficits at December 31,
2009.


ELECTRICAL COMPONENTS: S&P Assigns 'B+' Rating to $190 Mil. Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
issue-level rating (one notch above the company's corporate
credit rating) to St. Louis, Mo.-based Electrical Components
International Inc.'s proposed new $190 million senior secured
credit facility.  The recovery rating is '2', indicating S&P's
expectation of substantial (70%-90%) recovery in the event of a
default scenario.  S&P expects the company to use the proceeds to
refinance existing debt and for general corporate and working
capital purposes.  The company has no significant debt maturities
until 2015.

"The ratings on ECI reflect its weak business risk profile
characterized by its narrow scope of operations; exposure to
stabilizing, but still soft, end markets relative to historical
levels; and meaningful customer concentration.  The business
profile also takes into account the company's leading market
positions in what is typically a stable growth industry," said
Standard & Poor's credit analyst Sarah Wyeth.

ECI manufactures electrical wire harnesses and generated about
$530 million in sales in the 12 months ended Sept. 30, 2010.  Wire
harnesses are configurations of wires and cables outfitted with
connectors and plugs.  They transmit electricity throughout
appliances or pieces of machinery, such as refrigerators, stoves,
and washing machines.

                           Ratings List

             Electrical Components International Inc.

         Corporate credit rating                B/Stable

                            New Rating

             Electrical Components International Inc.

             $190 mil sr sec credit fac            B+


EMPIRE RESORTS: Gregg Polle Does Not Own Any Securities
-------------------------------------------------------
In a Form 3 filing with the Securities and Exchange Commission on
January 5, 2011, Gregg Polle, a director at Empire Resorts Inc.,
disclosed that he does not own any securities of the company.

                       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.


ENERJEX RESOURCES: 100% of Debentures Converted to Common Stock
---------------------------------------------------------------
EnerJex Resources, Inc. announced that 100% of its remaining
Senior Secured Debentures, in the aggregate amount of $2,676,436,
have been converted into EnerJex common stock based on a price of
$0.80 per share.

EnerJex also announced that its Chief Executive Officer and entire
Board of Directors resigned from the Company effective December
31, 2010.  EnerJex is pleased to announce that Robert Watson, Jr.
has joined the Company as its Chief Executive Officer and that
four new members have been appointed to its Board of Directors
including Mr. Watson, James Miller, Lance Helfert and Atticus
Lowe.

Mr. Watson co-founded Black Sable Energy, LLC approximately 3
years ago and served as its Chief Executive Officer.  During his
tenure at Black Sable, Mr. Watson was responsible for the
company's acquisition and development of two grassroots oil
projects in South Texas, both of which have been partnered with
larger oil and gas companies on a promoted basis.  Prior to
founding Black Sable, he was a Senior Associate at American
Capital, Ltd. (NASDAQ: ACAS), a publicly traded private equity
firm and global asset manager with $18 billion in capital
resources under management.  Mr. Watson began his career in the
Energy Investment Banking Group at CIBC World Markets and
subsequently founded and served as the Managing Partner of
Centerra Energy Partners.

Lance Helfert is the President and a co-founder of West Coast
Asset Management, Inc., a registered investment advisor with
approximately $200 million in assets under management.  Prior to
founding West Coast Asset Management, he oversaw a $1 billion
portfolio at Wilshire Associates and was involved in a full range
of financial strategies at M.L. Stern & Co.  Mr. Helfert is a co-
author of The Entrepreneurial Investor, a book published by John
Wiley & Sons, and he has been a featured speaker at the Value
Investing Congress in New York and California.  Mr. Helfert has
also served on the board of directors for Junior Achievement of
Southern California and the Tri-Counties Make-A-Wish Foundation.

James Miller retired in 2002 after serving as the Chief Executive
Officer of Utilicorp United, Inc.'s business unit responsible for
the company's electricity generation and electric and natural gas
transmission and distribution businesses which served 1.3 million
customers in seven mid-continent states.  Utilicorp traded on the
New York Stock Exchange and the company was renamed Aquila in
2002.  In 2007 its electricity assets in northwest Missouri were
acquired by Great Plains Energy Incorporated (NYSE: GXP) for $1.7
billion and its natural gas properties and other assets were
acquired by Black Hills Corporation (NYSE: BKH) for $940 million.
Mr. Miller joined Utilicorp in 1989 through its acquisition of
Michigan Gas Utilities, for which he served as the president from
1983 to 1991.  Mr. Miller currently serves as Vice Chairman of The
Nature Conservancy, Missouri Chapter, for which he has been a
Board member for the past 10 years.

Atticus Lowe is the Chief Investment Officer of West Coast Asset
Management, Inc., a registered investment advisor that has
invested more than $200 million in the oil and gas industry on
behalf of its principals and clients during the past 10 years.
Mr. Lowe serves as a Director and Chairman of the Audit Committee
for a privately held oil and gas company headquartered in Denver,
CO with leases covering approximately 180,000 net acres in the DJ
Basin.  He is a CFA charterholder and a co-author of The
Entrepreneurial Investor, a book Published by John Wiley & Sons.
Mr. Lowe has also been profiled in Oil and Gas Investor magazine
and Value Investor Insight, and he has been a featured speaker at
the Value Investing Congress in New York and California.

Mr. Watson commented, "I am excited and eager to join EnerJex and
believe the Company's rich asset base provides an excellent
platform from which to aggressively grow oil production and
reserves. Going forward, the Company will execute its business
plan with a keen focus on operational efficiency, prudent debt
levels, and strict cost controls with the ultimate goal of
significantly increasing value on a per-share basis."

                     About EnerJex Resources

Overland Park, Kansas-based EnerJex Resources, Inc., formerly
known as Millennium Plastics Corporation, is an oil and natural
gas acquisition, exploration and development company.  The
Company's oil and natural gas acquisition and development
activities are currently focused in Eastern Kansas.

The Company's balance sheet at September 30, 2010, showed
$6.41 million in total assets, $14.05 million in total
liabilities, and a stockholders' deficit of $7.63 million.

As reported in the Troubled Company Reporter on July 21, 2010,
Weaver & Martin, LLC, in Kansas City, Missouri, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's results for the year ended
March 31, 2010.  The independent auditors noted that the Company
suffered recurring losses and had negative cash flows.


ENERJEX RESOURCES: Acquires Assets for 49 Million Common Shares
---------------------------------------------------------------
On December 31, 2010, Enerjex Resources, Inc. entered into a
Securities Purchase and Asset Acquisition Agreement among West
Coast Opportunity Fund, LLC; Montecito Venture Partners, LLC; RGW
Energy, LLC, J&J Operating Company, LLC; Working Interest Holding,
LLC; and Frey Living Trust under which the Company acquired
certain assets owned by West Coast, et al., for 49,118,625 shares
of its restricted common stock, 4,779,460 shares of Series A
Preferred Stock, and $1,500,000 in cash.

On December 31, 2010, as partial consideration for the assets
acquired from WIH, the Company entered into a Stock Repurchase
Agreement with WIH, whereby WIH has the right, under certain
conditions, to require the Company to purchase from WIH up to
3,750,000 shares of common stock at a price of $0.40 per share.

On December 31, 2010, the Company entered into a Securities
Purchase Agreement among 24 accredited investors for the sale of
12,500,000 shares of the Company's restricted common stock for
$5,000,000.

In accordance with the terms of the SP&AA, the Company acquired
certain assets from the Acquisition Parties as follows:

   (a) In exchange for 10,550,049 shares of the Company's common
       stock, WCOF (i) assigned all rights, effectively
       cancelling, to the secured debentures in the original
       principal amount of $1,960,000, on which the Company was
       indebted to WCOF as of September 30, 2010, in the aggregate
       amount of $2,498,007, (ii) assigned title to 617,317 shares
       of common stock in Oakridge Energy, Inc. valued at
       $1,676,016, and (iii) assigned title to 700,000 shares of
       common stock in Spindletop Oil & Gas Co. valued at
       $1,295,000.

   (b) In exchange for 15,595,540 shares of the Company's common
       stock and 4,779,460 shares of the Company's newly
       authorized Series A Preferred Stock, MVP contributed its
       88% membership interest in Black Sable Energy, LLC, a Texas
       limited liability company.

   (c) In exchange for 4,000,000 shares of the Company's common
       stock, RGW contributed its 12% membership interest in Black
       Sable Energy, LLC, a Texas limited liability company.

   (d) In exchange for 18,750,000 shares of the Company's common
       stock, $1,500,000 in cash and the right to cause the
       Company to repurchase up to $1,500,000 of the common stock
       issued to WIH pursuant to the terms of the Stock Repurchase
       Agreement, WIH contributed its 100% membership interest in
       Working Interest, LLC, a Kansas limited liability company.

   (e) In exchange for 223,036 shares of the Company's common
       stock, Frey assigned all rights, effectively cancelling, to
       the secured debentures in the original principal amount of
       $140,000, on which the Company was indebted to WCOF as of
       September 30, 2010, in the aggregate amount of $178,429.

                     About EnerJex Resources

Overland Park, Kansas-based EnerJex Resources, Inc., formerly
known as Millennium Plastics Corporation, is an oil and natural
gas acquisition, exploration and development company.  The
Company's oil and natural gas acquisition and development
activities are currently focused in Eastern Kansas.

The Company's balance sheet at September 30, 2010, showed
$6.41 million in total assets, $14.05 million in total
liabilities, and a stockholders' deficit of $7.63 million.

As reported in the Troubled Company Reporter on July 21, 2010,
Weaver & Martin, LLC, in Kansas City, Missouri, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's results for the year ended
March 31, 2010.  The independent auditors noted that the Company
suffered recurring losses and had negative cash flows.


EOS PREFERRED: Parent Consents to OTS Cease and Desist Order
------------------------------------------------------------
On November 30, 2010, Aurora Bank FSB, the parent of EOS Preferred
Corporation, entered into a Stipulation and Consent to Issuance of
Amended Order to Cease and Desist with the Office of Thrift
Supervision whereby the Bank consented to the issuance of an
Amended Order to Cease and Desist issued by the OTS, which amended
the original Cease and Desist Order issued by the OTS on January
26, 2009.  In addition, on November 30, 2010, the OTS terminated
the Prompt Corrective Action Directive, originally issued to the
Bank on February 4, 2009.

The Amended Order did not amend provisions in the Original Order
that require the Bank to ensure that each of its subsidiaries,
including the Corporation, complies with the Original Order as
amended.  These operating restrictions, among other things,
restrict transactions with affiliates, capital distributions,
contracts outside the ordinary course of business and changes in
senior executive officers, board members or their employment
arrangements without prior written notice to the OTS.

Under the Amended Order, the Corporation must continue to seek and
receive approval from the OTS for the declaration, payment and
distribution of dividends to its preferred and common
shareholders.  There is no assurance that the OTS will approve any
request for the declaration, payment or distribution of dividends.
As an operating subsidiary of the Bank, the Corporation remains
subject to all of the terms and conditions of the Amended Order
which would apply to such operating subsidiaries.

On December 17, 2010, the Bank, on behalf of the Corporation
submitted an Application for Capital Distribution to the OTS
requesting permission to pay the fourth quarter 2010 dividends to
the Corporation's preferred and common shareholders.  On December
30, 2010, the OTS provided a non-objection to the Bank permitting
its operating subsidiary, the Corporation, to declare and pay the
fourth quarter 2010 dividends to its shareholders.

Accordingly, the Board of Directors of the Corporation declared on
December 31, 2010, a dividend payable on January 14, 2011, for the
quarter ended December 31, 2010, to holders of record on December
31, 2010 of each of: (1) the Corporation's 8.50% Non-Cumulative
Exchangeable Preferred Stock, Series D, in the amount of $0.53125
per share; (2) the Corporation's Preferred Stock, Series B, par
value $0.01 per share, in the amount of $20 per share; and (3) the
Corporation's common stock in the amount of $884,385.

The OTS has not approved or provided a non-objection to any
further dividend distributions.  There can be no assurance that
approval or non-objection for the payment of future dividends will
be received from the OTS or when or if such OTS approval
requirement will be removed.  Furthermore, any future dividends on
the Series D preferred stock will be payable only when, as and if
declared by the Board of Directors.  The terms of the Series D
preferred stock provide that dividends on the Series D preferred
stock are not cumulative and if no dividend is declared for a
quarterly dividend period, the holders of the Series D preferred
stock will have no right to receive a dividend for that period,
and the Corporation will have no obligation to pay a dividend for
that period, whether or not dividends are declared and paid for
any future period.

In order to continue to qualify as a real estate investment trust,
under the Internal Revenue Code of 1986, as amended, the
Corporation generally is required each year to distribute to its
stockholders at least 90% of its net taxable income, excluding net
capital gains.  As a REIT, the Corporation generally is not
required to pay federal income tax if it continues to meet this
and a number of other requirements.  If the OTS fails to remove
the requirement for approval and does not grant further approval
or non-objection to the Corporation to pay dividends to its
stockholders in an amount necessary to maintain the Corporation's
REIT qualification prospectively, the Corporation will fail to
qualify as a REIT and, as a result, will be subject to federal
income tax.

                        About EOS Preferred

Based in New York, EOS Preferred Corporation (formerly Capital
Crossing Preferred Corporation) is a Massachusetts corporation
with the principal business objective to hold mortgage assets that
will generate net income for distribution to stockholders.  The
Company was organized on March 20, 1998, to acquire and hold real
estate assets and Aurora Bank FSB, an indirect wholly-owned
subsidiary of Lehman Brothers Holdings Inc., owns all of the
Company's common stock.  Effective June 21, 2010, the Company
changed its corporate name to EOS Preferred Corporation.

The Company operates in a manner intended to allow its to be taxed
as a real estate investment trust, or a "REIT," under the Internal
Revenue Code of 1986, as amended.  As a REIT, EOS will not be
required to pay federal or state income tax if it distributes its
earnings to its shareholders and continues to meet a number of
other requirements.

The Company's balance sheet at June 30, 2010, showed $85.0 million
in total assets, $147,000 in total liabilities, and stockholders'
equity of $84.9 million.


EXECUTIVE AIRPORT: Foreclosure Sale of Offices Set for Jan. 26
--------------------------------------------------------------
South Florida Business Journal's Brian Bandell reports that Bank
of America, representing a CMBS fund, won a foreclosure judgment
against Executive Airport Associates, a company managed by Stewart
Denholtz, over a $3.8 million mortgage, plus interest and fees.
The report relates that the offices at Fort Lauderdale Executive
Airport are headed to foreclosure auction after the owner lost a
$4.2 million judgment.

According to the report, a January 26 online auction has been set
for the leasehold interest in 76,273 square feet at 801 N.W. 50th
St. (West Commercial Boulevard).  Tenants include Barry
University.

Business Journal says the offices are leased from the city of Fort
Lauderdale.  The winner of the auction would assume that lease.


FALLBROOK DEVELOPMENT: Involuntary Chapter 11 Case Summary
----------------------------------------------------------
Alleged Debtor: Fallbrook Development Group, LLC
                501 Ammunition Road
                Fallbrook, CA 92028

Bankruptcy Case No.: 11-00195

Involuntary Chapter 11 Petition Date: January 6, 2011

Court: U.S. Bankruptcy Court
       Southern District of California (San Diego)

Debtor's Counsel: Pro Se

Petitioner's Counsel: Edward Medina, Esq.
                      MEDINA LAW GROUP
                      4025 Camino Del Rio South, Suite 300
                      San Diego, CA 92108
                      Tel: (619) 542-7865
                      Fax: (619) 609-0703
                      E-mail: emedina@medina-lawgroup.com

Creditors who signed the Chapter 11 petition:

    Petitioners                    Nature of Claim    Claim Amount
    -----------                    ---------------    ------------
Sylvia M. Kane                     Money Loaned/          $300,000
7330 Las Brisas Court              Indemnity
Carlsbad, CA 92009


FIRST COMMERCIAL: Closed, First Southern Bank Assumes Deposits
--------------------------------------------------------------
First Commercial Bank of Florida of Orlando, Fla., was closed on
Friday, January 7, 2011, by the Florida Office of Financial
Regulation, which appointed the Federal Deposit Insurance
Corporation as receiver.  To protect the depositors, the FDIC
entered into a purchase and assumption agreement with First
Southern Bank of Boca Raton, Fla., to assume all of the deposits
of First Commercial Bank of Florida.

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

As of September 30, 2010, First Commercial Bank of Florida had
around $598.5 million in total assets and $529.6 million in total
deposits.  First Southern Bank did not pay the FDIC a premium for
the deposits of First Commercial Bank of Florida.  In addition to
assuming all of the deposits of the failed bank, First Southern
Bank agreed to purchase essentially all of the assets.

The FDIC and First Southern Bank entered into a loss-share
transaction on $484.3 million of First Commercial Bank of
Florida's assets.  First Southern Bank will share in the losses on
the asset pools covered under the loss-share agreement.  The loss-
share transaction is projected to maximize returns on the assets
covered by keeping them in the private sector.  The transaction
also is expected to minimize disruptions for loan customers. For
more information on loss share, visit:

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

Customers who have questions about the transaction can call the
FDIC toll-free at (800) 423-6395.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $78.0 million.  Compared to other alternatives, First
Southern Bank's acquisition was the least costly resolution for
the FDIC's DIF.  First Commercial Bank of Florida is the first
FDIC-insured institution to fail in the nation this year, and the
first in Florida.  The last FDIC-insured institution closed in the
state was The Bank of Miami, Coral Gables, on December 17, 2010.


FOX HILL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Fox Hill Mutual Homes, Inc.
        200 Ranalet Drive
        Hampton, VA 23664

Bankruptcy Case No.: 11-50038

Chapter 11 Petition Date: January 6, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Virginia (Newport News)

Judge: Frank J. Santoro

Debtor's Counsel: Karen M. Crowley, Esq.
                  CROWLEY, LIBERATORE, & RYAN, P.C.
                  1435 Crossways Boulevard, Suite 300
                  Chesapeake, VA 23320
                  Tel: (757) 333-4500
                  Fax: (757) 333-4501
                  E-mail: kcrowley@clrfirm.com

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

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

The petition was signed by Andrea Weathersby, president.

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
ACA Architects                     --                     $197,098
933 First Colonial Road, #206
Virginia Beach, VA 23454

Whiteford, Taylor & Preston LLP    --                     $116,000
7 Saint Paul Street
Baltimore, MD 21202-1636

Atlantic Protective Srvs           --                      $18,775
700 S. Military Highway
Virginia Beach, VA 23464

Watt, Tieder, Hoffar & Fitzgerald, --                      $14,764
LLP

Tribbles                           --                      $13,694

McCarthy, Burgess& Wolff (Citibank)--                      $10,204

Home Depot                         --                       $8,732

C&J Lawn Service                   --                       $5,810

Burt & Associates (Noland)         --                       $4,070

Choice Painting                    --                       $4,060

Mr. Mercado CPA                    --                       $3,605

Peerless                           --                       $3,250

Office Depot                       --                       $3,060

Pitney Bowes                       --                       $2,943

Paint Supply                       --                       $2,165

Abbey Carpet                       --                       $2,109

Optima Health                      --                       $1,745

Remedy Staffing                    --                       $1,420

Walmart                            --                         $844

JR Heating and Cooling             --                         $650


FRANK PARSONS: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Frank Parsons Inc.
          aka Frank Parsons Paper Company Inc.
        1300 Mercedes Drive
        Hanover, MD 21076

Bankruptcy Case No.: 11-10338

Chapter 11 Petition Date: January 6, 2011

Court: U.S. Bankruptcy Court
       District of Maryland (Baltimore)

Debtor's Counsel: Gary H. Leibowitz, Esq.
                  Irving Edward Walker, Esq.
                  COLE SCHOTZ MEISEL FORMAN & LEONARD, PA
                  300 E. Lombard Street, Suite 2000
                  Baltimore, MD 21202-3171
                  Tel: (410) 528-2970
                  Fax: (410) 230-0667
                  E-mail: gleibowitz@coleschotz.com
                          iwalker@coleschotz.com

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

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

The petition was signed by J. Michael Lane, chief executive
officer.

Debtor's List of 30 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
National Envelope Corporation      Trade Payable        $2,070,794
Ne Opco, Inc.
P.O. Box 535420
Atlanta, GA 30353

Global Fibres, Inc.                Trade Payable        $1,702,224
P.O. Box 35592
Newark, NJ 71930

International Paper Company        Trade Payable          $834,773
P.O. Box 644095
Pittsburgh, PA 15264

P.H. Glatfelter Company            Trade Payable          $742,548
P.O. Box 642485
Pittsburgh, PA 15264

Bowater Incorporated               Trade Payable          $615,918
P.O. Box 100207
Atlanta, GA 30384

West Linn Paper Company            Trade Payable          $509,057
P.O. Box 96074
Chicago, IL 60693

United Stationers Inc.             Trade Payable          $500,596
P.O. Box 7780-1724
Philadelphia, PA 19182

Synnex Information                 Trade Payable          $366,094
Technologies, Inc.
P.O. Box 406748
Atlanta, GA 30384

SD Warren Services Company         Trade Payable          $312,264
Dept 1705 Pay Sphere Circle
Chicago, IL 60674

Newton Falls Fine Paper Co., LLC   Trade Payable          $279,627
P.O. Box 847869
Boston, MA 22847

DuPont Co., Inc.                   Trade Payable          $271,608
P.O. Box 93244
Chicago, IL 60673

Ingram Micro Inc.                  Trade Payable          $226,936

Twin Rivers Paper Company          Trade Payable          $217,485

Imation Corp.                      Trade Payable          $208,319

FUJIFILM Recording Media U.S.A.,   Trade Payable          $184,403
Inc.

Boise Inc.                         Trade Payable          $178,535

Cascades Fine Papers Group Inc.    Trade Payable          $173,106

Mohawk Fine Papers, Inc.           Trade Payable          $157,254

State of Maryland                  3% Unsecured Notes     $150,000

Accu-Tech                          Trade Payable          $146,704

Lincoln Paper and Tissue, LLC      Trade Payable          $143,016

Park Place International           Trade Payable          $131,387

Digitek Computer Products Inc.     Trade Payable          $106,896

Xerox Corporation                  Trade Payable          $102,858

Highland Computer Forms, Inc.      Trade Payable           $93,883

Infinity Data Solutions, LLC       Trade Payable           $87,407

Supply One, Inc.                   Trade Payable           $65,121

Printsouth Corporation             Trade Payable           $58,976

Clover Technologies Group, Inc.    Trade Payable           $58,747

Louisiana Association for the      Trade Payable           $57,767
Blind


G. FORCE INVESTMENTS: Terminated Lease Can't Be Assumed
-------------------------------------------------------
Under Ohio law, WestLaw reports, a Chapter 11 debtor's lease was
effectively terminated prepetition when a state court entered a
judgment of entry and awarded a right to retake possession to the
debtor's landlord.  Thus, the debtor could not assume the lease in
bankruptcy.  It did not matter that the debtor's appeal from the
state court's judgment was still pending.  In re G. Force
Investments, Inc., --- B.R. ----, 2010 WL 5392888 (Bankr. N.D.
Ohio).

G. Force Investments, Inc., filed a Chapter 11 petition (Bankr.
N.D. Ohio Case No. 10-34877) on July 16, 2010, and a copy of the
Debtor's chapter 11 petition is available at
http://bankrupt.com/misc/ohnb10-34877.pdfat no charge.


GATEWAY MEDICAL: Case Summary & 10 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Gateway Medical Center, III, LLC
        2501 NE 134th Street, Ste.300
        Vancouver, WA 98686

Bankruptcy Case No.: 11-40100

Chapter 11 Petition Date: January 6, 2011

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

Judge: Brian D. Lynch

Debtor's Counsel: John D. Nellor, Esq.
                  NELLOR RETSINAS CRAWFORD PLLC
                  1201 Main St
                  P.O. Box 61918
                  Vancouver, WA 98666
                  Tel: (360) 695-8181
                  E-mail: jd@nellorlaw.com

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

Estimated Debts: $0 to $50,000

A list of the Company's 10 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/wawb11-40100.pdf

The petition was signed by Michael J. Defrees, member.


GREAT ATLANTIC: Moody's Assigns 'Ba2' Rating to $450 Mil. Loan
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the
$450 million super priority senior secured revolver (DIP revolver)
and a rating of B2 to the $350 million super priority senior
secured term loan of The Great Atlantic & Pacific Tea Company,
Inc., as Debtor-in-Possession.  Both DIP credit facilities mature
June 14, 2012.  The higher rating of the DIP revolver reflects the
"first out" structure of the facility whereby it will be repaid
prior to the DIP term loan.  Both ratings take into consideration
the size of the DIP facilities versus an estimated recovery value
under either a reorganization or liquidation scenario.

Other key considerations include: the structural features of the
DIP facilities, the nature of the bankruptcy and reorganization,
and the DIP size as a percentage of pre-petition debt.  This
rating is also in the context of the uncertainty of creditor
support for a restructuring plan that provides more than adequate
liquidity to address the challenges of historically low operating
margins, high fixed costs, persistent economic weakness, lack of
strategic direction, and a shrinking revenue base.

Moody's withdrew all previous ratings for A&P on December 16,
2010.  The current ratings are being assigned on a point-in-time
basis and will not be monitored going forward and therefore no
outlook will be assigned.

Ratings assigned to A&P as Debtor-in-Possession are:

  -- $450 million super priority senior secured revolver, rated
     Ba2

  -- $350 million super priority senior secured term loan, rated
     B2

Numerous factors led to A&P's financial problems and subsequent
Chapter 11 filing.  These include the lack of coordinated
business, marketing, and merchandising strategy, heavy debt burden
unfavorable supply and logistics agreements, and significant
employee and pension obligations.  Issues also include challenges
in completing the integration of Pathmark which was acquired in
December 2007, and the expense of continuing to pay rents on over
100 closed stores.  These problems were made worse by high
management turnover, intense price competition within the
supermarket industry, deflationary food pricing environment and
persistent economic weakness.

Although A&P has yet to formulate a definitive restructuring plan,
the bankruptcy process should enable the company to reduce costs
and improve liquidity by closing or divesting unprofitable stores,
rejecting unfavorable leases, renegotiating vendor and union
contracts and moving to a more manageable capital structure.
Despite the company's restructuring efforts, Moody's expects A&P
to be cash flow negative through the term of the credit
facilities.  As a result, the primary source of liquidity during
the next 18 months will be cash balances provided by DIP term
loan, and borrowings under the DIP revolver.  Although Moody's
expects liquidity to be adequate during the term of the DIP credit
facilities, the company's highly concentrated vendor base could
strain liquidity if supply is disrupted or if the company is
unable to renegotiate supply terms with its major vendors
resulting in COD terms.

Moody's is concerned that given the magnitude of problems facing
A&P, it may be unable to successfully complete a restructuring and
exit from Chapter 11 bankruptcy over the term of its DIP credit
agreements.  It will be difficult for the company to cut costs and
improve operating margins while making much needed investments in
store improvements -- especially when cost cuts would need to
include concessions from employee unions.  Additionally, an
extended period of underperformance and lack of strategic
direction has resulted in brand erosion which may be difficult to
reverse.  A&P has hired a new management team with restructuring
and turnaround experience to take on these challenges.

Both the DIP credit facilities contain upstream guarantees from
all principal operating subsidiaries and benefit from a security
package that includes a first lien on all unencumbered assets of
the company and its subsidiaries.  These assets include capital
stock and material owned real estate.  Facilities also receive
first priority priming liens on all assets securing pre-petition
debt.

The DIP revolver has better protection for lenders than does the
DIP term loan as it has a borrowing base structure with advances
primarily against eligible inventory, receivables, and owned real
estate regulates cash advances based on the availability of
collateral protection.  The DIP term loan is structured as a
"first in last out" facility.  Therefore in a default scenario
borrowings under the DIP revolver must be repaid before any
repayment is made to the DIP term loan lenders.  Additionally, all
mandatory prepayments associated with asset sales, insurance
awards, and debt issuance will be first applied to amounts owed
under the DIP revolver, second to cash collateralize letter of
credit utilizations, and third to the DIP term loan.  No voluntary
prepayments can be made to DIP term loan lenders until the DIP
revolver is fully repaid.

With regards to the value of collateral coverage available to the
DIP lenders, A&P's business model results in a relatively low
level of tangible asset value overall.  The use of operating
leases limits real estate ownership while the value of inventories
is limited by its perishable nature.  Moody's estimate a
conservative valuation (after discounts from reported and
appraised valuations) of A&P's tangible current assets,
unencumbered real estate, leaseholds and leasehold improvements as
of December 4, 2010, to be approximately $620 million.  While this
valuation would be more than sufficient to cover the maximum
allowed utilization under the $450 million DIP revolver, it would
result in some level of impairment for the $350 million DIP term
loan.

The DIP credit agreement contains a number of negative covenants
which include a minimum excess availability covenant which
requires the company to maintain a minimum of $100 million in
excess revolver availability (gradually reducing to $50 million on
November 5, 2011).  This effectively reduces the maximum allowed
utilization of the DIP revolver, thereby affording better
protection and coverage for DIP lenders.

Further support to DIP lenders is provided by a minimum liquidity
covenant that requires the company to maintain minimum
unrestricted cash balance of $100 million through the term of the
DIP credit facilities resulting in improved collateral coverage
for the DIP lenders on a net debt basis.  In addition, the DIP
credit agreement also includes a covenant requiring minimum
cumulative EBITDA amounts for periods commencing April 24, 2011
through April 21, 2012, and a minimum twelve month trailing EBITDA
covenant of $150 million on May 19, 2012, and $175 million on
June 16, 2012.

A&P is a supermarket chain operating 395 stores in the northeast
US.  The company operates its business through four segments
consisting of complementary formats: Fresh (A&P, Waldbaum's and
Superfresh), Price Impact (Pathmark), Gourmet (Food Emporium) and
Discount (Food Basics, Best Cellars and A&P liquor stores).


GREAT ATLANTIC: S&P Assigns Ratings to $800 Mil. Credit Facility
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned ratings to The
Great Atlantic & Pacific Tea Co. Inc.'s $800 million debtor-in-
possession credit facility.  The company's corporate credit rating
remains 'D'.  A&P filed a voluntary petition under Chapter 11 of
the Bankruptcy Code on Dec. 13, 2010.

On Jan. 5, 2011, Standard & Poor's Rating Services assigned
ratings to A&P's $800 million DIP credit facility comprised
of a $450 million first-out revolving credit facility and a
$350 million second-out term loan due June 2012.  S&P rates the
$450 million revolving credit facility 'BB+' and the $350 million
DIP term loan 'BB-'.  The higher rating on the DIP revolver
reflects its senior repayment position relative to the term loan
under a liquidation scenario and S&P's expectation that the
revolving facility has good repayment prospects even in a
liquidation scenario.

"The rating reflects S&P's view of the likelihood of repayment of
the DIP loans in full upon the company's reorganization and
emergence from bankruptcy," said Standard & Poor's credit analyst
Ana Lai, "as well as S&P's assessment of lenders' prospect for
full recovery of principal in the event that liquidation becomes
necessary."  The DIP loan ratings are point-in-time ratings
assigned on the date S&P performed the analysis, based on
information provided and available at such time and the
assumptions that S&P outlines in this report.  These ratings will
be withdrawn shortly after publishing and Standard & Poor's will
not review, modify, or monitor the ratings based on subsequent
information or changes to market conditions.

"S&P believes that A&P remains a viable business and the company's
likely reorganization and emergence from bankruptcy are supported
by its good market position as a supermarket operator in the New
York and New Jersey metropolitan areas," added Ms. Lai, "as well
as prospects for meaningfully reducing its high cost structure in
bankruptcy (through lease rejections, supply agreement and labor
negotiations), and S&P's belief that it should have sufficient
liquidity to complete necessary restructuring actions."  S&P also
believes there is potential for A&P to improve sales through
changes in its merchandising and promotional strategies, but this
may take some time since it is difficult to regain customer
loyalty following its past ineffective promotional strategies and
subpar store execution.  While A&P faces various challenges and
risks that may hinder its ability to restructure its debt, fully
realign its cost structure, and obtain necessary financing to
emerge from bankruptcy, S&P believes that reorganization is a more
likely scenario for the company than liquidation.



GUITAR CENTER: Bank Debt Trades at 7% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Guitar Center,
Inc., is a borrower traded in the secondary market at 93.29 cents-
on-the-dollar during the week ended Friday, January 7, 2011,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.23
percentage points from the previous week, The Journal relates.
The Journal relates.  The Company pays 350 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
October 9, 2014, and carries Moody's Caa1 rating and Standard &
Poor's B1 rating.  The loan is one of the biggest gainers and
losers among 185 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

Guitar Center, Inc., headquartered in Westlake Village, Calif., is
the largest musical instrument etailer with 312 stores and a
direct response segment, which operates its websites.  It operates
three distinct musical retail business - Guitar Center (about 70%
of revenue), Music & Arts (about 7% of revenue), and Musician's
Friend (its direct response subsidiary with 24% of revenue).
Total revenue is about $2 billion.

Guitar Center carries 'Caa1' corporate family and probability of
default ratings from Moody's Investors Service.  In December 2009,
Moody's said, "The Caa1 Corporate Family Rating reflects Guitar
Center's very weak credit metrics, particularly its interest
coverage, as a result of its very high level of debt."


HAMPTON ROADS: Names Former WTC Market Manager to Board
-------------------------------------------------------
Hampton Roads Bankshares, Inc., the holding company for Bank of
Hampton Roads and Shore Bank, announced that W. Thomas Mears had
been elected to the Bank's Board of Directors effective January 3,
2011, coincident with the beginning of his tenure as the Bank's
President and CEO.  With this election, the Bank expanded its
Board of Directors to nine members.

Mears joins the Bank from Wilmington Trust, where he was Market
Manager - Lower Delaware and Eastern Shore of Maryland.  Prior to
Wilmington Trust, Mears served in positions of increasing
responsibility with Peninsula Bank, an affiliate of Mercantile
Bankshares Corp., from 1989 to 2006, then served as Regional
President/Market Executive for PNC after its acquisition of
Mercantile Bankshares Corp.  He brings over 20 years of banking
experience in markets on the Eastern Shore of Maryland and
surrounding areas.

                  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: Fails in Bid to Compel NBV to Produce Docs.
---------------------------------------------------------
Bankruptcy Judge A. Jay Cristol denied the request of Harbour East
Development, Ltd., to compel secured creditor 7935 NBV, LLC's
production of documents.

NBV is the assignee and successor-in-interest to Northern Trust
Bank, which previously served as the Debtor's primary secured
lender.  On December 28, 2005, Northern Trust made a commitment to
loan the Debtor the principal amount of $16,900,000.

NBV asserts that it has produced all non-attorney/client
privileged documents in its possession, custody or control.  The
only documents not produced pursuant to NBV's objections concern
the relationship between NBV and Thibault Messier Savard &
Associates.

A copy of the Court's January 6, 2011 Order is available
at http://is.gd/kiokOfrom Leagle.com.

As reported by the Troubled Company Reporter on January 5, 2011,
Harbour East Development submitted to the U.S. Bankruptcy Court
for the Southern District of Florida a proposed Plan of
Reorganization and an explanatory Disclosure Statement, as amended
for the first time.  Acording to the Plan, the Debtor will
continue to operate CIELO on the Bay, as a rental pool for
purposes of generating net rental income to pay the operating
expenses of the Debtor and to fund distributions to holders, until
the time as the Debtor closes on the sale of all of the
condominium units.  The Debtor will also continue to market, sell
and offer purchase money mortgages with respect to ongoing sales
of the condominium units at the property.

General unsecured claims will be paid from remaining net rental
income, net purchase money principal and interest income, and net
proceeds of sale condominium units -- and after operating
expenses, administrative expenses, allowed priority and allowed
secured claims are paid.  Existing old limited partnership equity
interests will be cancelled and the holders of old limited
partnership equity interests will get nothing.  A full-text
copy of the Amended Disclosure Statement is available for free
at http://bankrupt.com/misc/HARBOUREAST_AmendedDS.pdf

As reported by the TCR on Jan 4, 2011, Judge Cristol denied the
request of 7935 NBV LLC's request to dismiss the case.

                       About Harbour East

Harbour East Development, Ltd., is the developer and owner of the
luxury residential condominium development known as CIELO on the
Bay
located at 7935 East Drive, North Bay Village.  CIELO contains 35
residential condominium units.  Harbour East filed for Chapter 11
bankruptcy (Bankr. S.D. Fla. Case No. 10-20733) on April 22, 2010.

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.


HARRISBURG, PA: Workers Get Paychecks Despite Lack Of 2011 Budget
-----------------------------------------------------------------
Dow Jones' Small Cap reports that employees in the distressed
capital city of Harrisburg, Pa., are getting their paychecks,
after a dispute over protocol was resolved.  The report relates
that city Controller Dan Miller had said he would bar the release
of paychecks for the city's 543 workers because the 2011 budget
hasn't been enacted.

Mayor Linda Thompson's administration argued the paychecks should
be released because the pay period was for 2010, according to Dow
Jones'.

But Miller decided to release the paychecks after he received
confirmation that the five council members who voted for the
budget on Dec. 30 would also vote to override a possible veto by
the mayor, the report notes.

Dow Jones' discloses that Ms. Thompson received the budget
Wednesday and she has 10 days to sign it, veto it or let it pass
without her signature, according to spokesman Chuck Ardo.

"Whether she vetoes it or not, that's the budget we have for 2011
and I felt comfortable issuing the paychecks," Dow Jones' quoted
Ms. Miller as saying.

                        About Harrisburg, PA

The city of Harrisburg is coping with debt related to a failed
revamp of an incinerator.  The outstanding principal on the
Incinerator debt is $288 million.  Total principal and interest on
this debt would amount to approximately $458 million.  Debt
service payments on the total incinerator debt are $20 million per
year.  Of this total, Dauphin County, Pennsylvania, is responsible
for roughly $10 million and Harrisburg is responsible for the
other $10 million.   The city is guarantor on 100% of the
$288 million Incinerator debt.

The City Council of Harrisburg, Pennsylvania, voted 5-2 on
September 28 to seek professional advice on bankruptcy or state
oversight.  Harrisburg needed state aid to avoid default on
$3.3 million of bond payments this month.

The city has missed about $8 million in debt-service payments this
year on bonds issued in connection with a trash-to-energy
incinerator.  The city owes another $40 million by the end of the
year, and was sued by its home county Dauphin County; bond insurer
Assured Guaranty Municipal Corp., a unit of Assured Guaranty Ltd.;
and bond trustees TD Bank and M&T Bank Corp. over $19 million in
skipped bond payments.

In November 2010, the city council tapped Cravath, Swaine and
Moore LLP as debt restructuring advisors.  Cravath is working on
"pro bono" basis.


HAWKER BEECHCRAFT: Bank Debt Trades at 12% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Hawker Beechcraft
is a borrower traded in the secondary market at 88.23 cents-on-
the-dollar during the week ended Friday, January 7, 2011,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.45
percentage points from the previous week, The Journal relates.
The Journal relates.  The Company pays 200 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
March 26, 2014, and carries Moody's Caa1 rating and Standard &
Poor's CCC+ rating  The loan is one of the biggest gainers and
losers among 185 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

About Hawker Beechcraft

Hawker Beechcraft Acquisition Company, LLC, headquartered in
Wichita, Kansas, is a leading manufacturer of business jets,
turboprops and piston aircraft for corporations, governments and
individuals worldwide.

Hawker Beechcraft Acquisition Company LLC reported net sales for
the three months ended September 30, 2010, of $594.7 million, a
decrease of $163.0 million compared to the third quarter of 2009.
During the three months ended September 30, 2010, the Company
recorded an operating loss of $81.4 million, compared to an
operating loss of $721.1 million during the comparable period in
2009.  The improved operating loss versus the prior period was
primarily due to charges of $581.5 million related to asset
impairments recorded during the three months ended September 27,
2009.

The Company's balance sheet at June 27, 2010, showed
$3.420 billion in total assets, $3.408 billion in total
liabilities, and stockholders' equity of $11.6 million.

Hawker Beechcraft reported a net loss of $56.8 million on
$639.3 million of total sales for the three months ended June 27,
2010, compared with net income of $172.2 million on $816.3 million
of sales for the three months ended June 28, 2009.

Hawker Beechcraft carries 'Caa2' corporate family and probability
of default ratings from Moody's Investors Service.


HERCULES OFFSHORE: Bank Debt Trades at 6% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Hercules Offshore,
Inc., is a borrower traded in the secondary market at 94.18 cents-
on-the-dollar during the week ended Friday, January 7, 2011,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.15
percentage points from the previous week, The Journal relates.
The Journal relates.  The Company pays 650 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
July 11, 2013, and carries Moody's Caa1 rating and Standard &
Poor's B- rating.  The loan is one of the biggest gainers and
losers among 185 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

About Hercules Offshore

Hercules Offshore, Inc. (NASDAQ: HERO) --
http://www.herculesoffshore.com/-- provides shallow-water
drilling and marine services to the oil and natural gas
exploration and production industry in the United States, Gulf of
Mexico and internationally.  The Company provides these services
to integrated energy companies, independent oil and natural gas
operators and national oil companies.  The Company operates in six
business segments: Domestic Offshore, International Offshore,
Inland, Domestic Liftboats, International Liftboats and Delta
Towing.

The Troubled Company Reporter said on November 17, 2010, Moody's
Investors Service downgraded the Corporate Family Rating of
Hercules Offshore Inc. and the Probability of Default Rating to
Caa1 from B2.  Moody's also downgraded Hercules' 10.5% senior
secured notes due 2017, its senior secured revolving credit
facility due 2012, and its senior secured term loan B due 2013,
all to Caa1 with LGD3, 45%.  The outlook remains negative.

"The inability of Hercules to generate meaningful free cash flow
despite limited reinvestment in its aging fleet of rigs is cause
for concern," commented Stuart Miller, Moody's Senior Analyst.
"Without a significant de-leveraging of its balance sheet,
Hercules is following a path that could lead to financial hardship
at the first sign of a market softening."  Hercules' Caa1 CFR
rating reflects its highly leveraged balance sheet and limited
ability to generate free cash flow.  The Caa1 rating on the senior
secured notes reflects their pari passu secured position in
Hercules' capital structure relative to the senior secured credit
facilities.


HEREFORD 480: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Hereford 480, LLC
        fka Kings Ranch Estates, LLC
        c/o McEvoy, Daniels, & Darcy, PC
        4560 East Camp Lowell Drive
        Tucson, AZ 85712

Bankruptcy Case No.: 11-00281

Chapter 11 Petition Date: January 5, 2011

Court: United States Bankruptcy Court
       District of Arizona (Tucson)

Judge: James M. Marlar

Debtor's Counsel: Sally M. Darcy, Esq.
                  MCEVOY, DANIELS & DARCY P.C.
                  Camp Lowell Corporate Center
                  4560 East Camp Lowell Drive
                  Tucson, AZ 85712
                  Tel: (520) 326-0133
                  Fax: (520) 326-5938
                  E-mail: DarcySM@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 Kenneth C. Komenda, manager.


HERMITAGE DEVELOPERS: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Hermitage Developers, Inc.
        4307 Central Pike
        Hermitage, TN 37076

Bankruptcy Case No.: 11-00145

Chapter 11 Petition Date: January 7, 2011

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Marian F. Harrison

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  LAW OFFICES LEFKOVITZ & LEFKOVITZ
                  618 Church St Ste 410
                  Nashville, TN 37219
                  Tel: (615) 256-8300
                  Fax: (615) 255-4516
                  E-mail: slefkovitz@lefkovitz.com

Scheduled Assets: $5,885,360

Scheduled Debts: $3,708,134

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/tnmb11-00145.pdf

The petition was signed by Dwight Holland, president.


HGROUP LLC: Case Summary & Largest Unsecured Creditor
-----------------------------------------------------
Debtor: HGroup, LLC
        4307 Central Pike
        Hermitage, TN 37076

Bankruptcy Case No.: 11-00144

Chapter 11 Petition Date: January 7, 2011

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Marian F. Harrison

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  LAW OFFICES LEFKOVITZ & LEFKOVITZ
                  618 Church St. Ste 410
                  Nashville, TN 37219
                  Tel: (615) 256-8300
                  Fax: (615) 255-4516
                  E-mail: slefkovitz@lefkovitz.com

Scheduled Assets: $5,640,000

Scheduled Debts: $2,040,000

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Wilson Bank & Trust       4307 Central Pike      $500,000
P.O. Box 768              5 acres and house
Lebanon, TN 37088

The petition was signed by Dwight Holland, president.


HOSPITAL DAMAS: Can Obtain UP to $1-Mil. of DIP Financing
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
authorized Hospital Damas, Inc., to obtain post-petition senior
secured financing of up to $1,008,547.54 from Banco Popular de
Puerto Rico.  Banco Popular is the owner, as of April 30, 2010, of
all credit relationships among the Debtor and its affiliate, and
Westernbank Puerto Rico.

Unless accelerated by an Event of Default, the maturity date
of the DIP Facility will be the earliest to occur of (i)
consummation of any consensual or nonconsensual Chapter 11 plan of
reorganization or liquidation of or for the DIP Borrower, whether
proposed by the DIP Borrower or any other party, or (ii) May 1,
2011.

Outstanding amounts under the DIP Facility will accrue interest,
payable monthly, at a rate of 0.25 basis points per annum over and
above a Base Rate, a fluctuating interest rate per annum that will
at all times be equal to the prime or base rate as published by
Citibank in New York in the Wall Street Journal.

The DIP Facility will be treated for all purposes as an extension
of the credit available under the Pre-petition Loan documents
(specifically, the Term Loan and Line of Credit Agreement dated
December 18, 2006, as amended on October 8, 2008).

All of the DIP Obligations will constitute allowed claims against
the Debtor with priority, with certain exceptions, over any and
all administrative expenses, diminution claims, and all other
claims against the Debtor.

The DIP Obligations will be secured by postpetition first priority
liens on all prepetition and pospetition properties and assets of
the Debtor.

Upon a determination by the Court that an Event of Default has
occurred, the automatic stay is lifted, allowing foreclosure on
the collateral.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection on September 24, 2010 (Bankr. D. P.R.
Case No. 10-08844).  Charles A. Cuprill-Hernandez, Esq., at
Charles A. Cuprill, P.S.C., Law Offices, serves as the Debtor's
bankruptcy counsel.  In October 2010, the United States Trustee
appointed five creditors to serve on the Official Committee of
Unsecured Creditors of the Debtor.  Todd C. Meyers, Esq., and
Colin M. Bernardino, Esq., at Kilpatrick Stockton LLP, represents
the Committee as legal counsel, and Edgardo Munoz, Esq., at
Edgardo Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities as of the petition date.


ICON HEALTH: S&P Assigns Corporate Credit Rating at 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Logan, Utah-based ICON Health & Fitness Inc., a
manufacturer and marketer of home fitness equipment.

At the same time, S&P assigned ICON's $205 million secured notes
due 2016 its issue-level rating of 'B-' (one notch lower than
S&P's 'B' corporate credit rating on the company) with a recovery
rating of '5', indicating its expectation of modest (10% to 30%)
recovery for debtholders in the event of a payment default.

"The 'B' corporate credit rating on ICON incorporates S&P's
assumption of revenue stabilization and margin growth from mix
shift, as well as lower input costs, over the intermediate term,"
said Standard & Poor's credit analyst Ariel Silverberg.

Similar to most consumer products categories, fitness experienced
some decline in 2009 from the recession.  On a relative basis, the
category fared better than most others, registering a mid-single-
digit decline in 2009.  Some notable risks associated with the
company are significant customer and product concentration in the
highly competitive home fitness equipment market, fluctuating
operating performance, low EBITDA margin, working capital
management requirements, and high debt leverage.

ICON is the largest U.S. manufacturer and marketer of home fitness
equipment, which is sold through multiple distribution channels.
The company's products are marketed under the brand names
NordicTrack, Weider, ProForm, HealthRider, and others.


INGRAM BROTHERS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Ingram Brothers, LLC
        P.O. Box 488
        Morgantown, KY 42261

Bankruptcy Case No.: 11-10018

Chapter 11 Petition Date: January 6, 2011

Court: United States Bankruptcy Court
       Western District of Kentucky (Bowling Green)

Debtor's Counsel: Scott A. Bachert, Esq.
                  Stephanie L. McGehee-Shacklette, Esq.
                  HARNED BACHERT & MCGEHEE PSC
                  324 E 10th St., P.O. Box 1270
                  Bowling Green, KY 42102
                  Tel: (270) 782-3938
                  Fax: (270) 781-4737
                  E-mail: bachert@hbmfirm.com
                          mcgehee@hbd-law.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/kywb11-10018.pdf

The petition was signed by Dennis Ingram, manager.


INN OF THE MOUNTAIN: Extends Exchange Offer for Defaulted Notes
---------------------------------------------------------------
Inn of the Mountain Gods Resort and Casino on Friday extended its
private offer to exchange its outstanding 12% Senior Notes due
2010 for (1) new 8.750% Senior Notes due 2020 -- 1st-Out Notes --
(2) new Senior PIK Notes due 2020 -- 2nd-Out Notes; and (3) a pro
rata amount of $18 million in cash.

The purpose of the extension is to allow sufficient time for the
receipt of regulatory approvals necessary for the Exchange Offer.

The Exchange Offer will now expire at 5:00 p.m., New York City
time, on January 21, 2011, unless extended further.  The Exchange
Offer was previously scheduled to expire at 5:00 p.m., New York
City time, on January 7, 2011.

IMG Resort and Casino issued $200.0 million of the Notes on
November 3, 2003.  The Notes matured on November 15, 2010.  The
Company has not made the scheduled $12.0 million interest payments
on the Company's Notes since November 15, 2008.  Under the terms
of the Indenture, the Company had a 30-day grace period with
respect to each interest payment but did not make these payments.
Failure to make the May 15, 2009, November 15, 2009 and May 15,
2010 interest payments on or before June 15, 2009, December 15,
2009 and June 15, 2010, respectively, constituted separate events
of default under the Indenture.  Upon the occurrence of an event
of default, the trustee or holders of at least 25% of the
outstanding principal amount of the Notes could declare all of the
Notes immediately due and payable.

The fair value of the Notes were roughly $82.0 million at June 30,
2010.

The Exchange Offer was announced November 24.  For each $1,000
principal amount of Existing Notes validly tendered and accepted
for exchange in the Exchange Offer, the holder will receive (1)
$300 principal amount of new 1st-Out Notes; (2) $675 principal
amount of new 2nd-Out Notes; and (3) a pro rata amount of
$18 million in cash.

The Exchange Offer is subject to certain conditions, including
that at least 99.5% of the outstanding principal amount of the
Existing Notes are tendered and accepted in the Exchange Offer and
the Company's receipt of written documentation from the National
Indian Gaming Commission providing that the indenture governing
the New Notes and the primary collateral documents are not
management contracts required to be approved by the chairperson of
the NIGC.  The Company has the right to waive these conditions --
including the minimum tender condition -- or to terminate,
withdraw, amend or extend the Exchange Offer or delay or refrain
from accepting for exchange or exchanging the Existing Notes at
any time and for any reason prior to the fulfillment or waiver of
the conditions to the Exchange Offer.

The New Notes will be guaranteed by the Company's existing and
future restricted subsidiaries, which includes the subsidiaries
that guarantee the Existing Notes.  The New Notes will be senior
obligations of the Company, secured by (1) a first priority
security interest perfected under the laws of the Apache Tribe of
the Mescalero Reservation in (a) the Company's and the guarantors'
revenues prior to the deposit into a deposit account and (b) any
assets distributed by the Company or any guarantor to the Tribe or
any of its affiliates if such distribution was not permitted by
the terms of the indenture governing the New Notes and (2) a first
priority security interest perfected under applicable law in (a)
the deposit accounts owned by the Company and the guarantors and
(b) all of the Company's and the guarantors' personal property, in
each case, other than excluded assets.

Through 5:00 p.m., New York City time, on January 7, 2011, holders
have validly tendered $73,797,000 aggregate principal amount of
the Existing Notes.  As a result of the extension, tendered
Existing Notes received to date may continue to be withdrawn at
any time prior to the new expiration date, except under certain
limited circumstances.  Holders of Existing Notes who have already
tendered their Existing Notes need not take any additional action
in order to tender their Existing Notes.

The New Notes have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements, and will therefore be subject to substantial
restrictions on transfer.

i-Deal LLC is acting as the Exchange Agent and Information Agent
for the Exchange Offer.  Eligible holders of Existing Notes can
contact the Information Agent to request Exchange Offer documents
at (212) 849-5000 or toll free at (888) 593-9546.

                   About IMG Resort and Casino

Headquartered in Mescalero, New Mexico, Inn of the Mountain Gods
Resort and Casino and subsidiaries is an unincorporated business
enterprise of the Mescalero Apache Tribe.  The Company was
established April 30, 2003, and manages and owns all resort, hotel
and gaming enterprises of the Tribe including the Inn of the
Mountain Gods Resort and Casino, a gaming, hotel and resort
complex opened on March 15, 2005, and its wholly-owned
subsidiaries.  The Resort, which opened for commercial business on
March 15, 2005, is located on tribal land in Mescalero, New
Mexico.

The Company's balance sheet at June 30, 2010, showed $199,626,334
in total assets, $234,953,388 in total liabilities, and a
stockholders' deficit of $35,327,054.

BDO Seidman, LLP, in Los Angeles, California, in August 2009,
after auditing the Company's fiscal 2009 results, said that the
Company has suffered recurring losses, negative cash flows, has
negative working capital, accumulated deficits, and negative
equity which raise substantial doubt about its ability to continue
as a going concern.

The Company said in its June Form 10-Q that it has incurred
significant losses and did not generate sufficient cash to make
the interest payments on its 12% senior Notes due 2010 since
November 15, 2008.  This non-payment of interest constitutes an
event of default under the Indenture governing the Notes.  The
Company is in discussions with certain of its debtholders
regarding these issues.

As of June 30, 2010, the Company had negative working capital of
approximately $240.1 million and a total deficit of approximately
$56.1 million.


INN OF THE MOUNTAIN: Has Yet to File Sept. 2010 Annual Report
-------------------------------------------------------------
The Inn of the Mountain Gods Resort and Casino said in a
December 30 filing with the Securities and Exchange Commission
that it has been unable to file its Form 10-K for the fiscal year
ended September 30, 2010, within the prescribed time period
because of unanticipated delays in the compilation and review of
information required for the completion of the 2010 Form 10-K.
IMG Resort and Casino intends to file its 2010 Form 10-K as soon
as reasonably practicable upon its completion.

Headquartered in Mescalero, New Mexico, Inn of the Mountain Gods
Resort and Casino and subsidiaries is an unincorporated business
enterprise of the Mescalero Apache Tribe.  The Company was
established April 30, 2003, and manages and owns all resort, hotel
and gaming enterprises of the Tribe including the Inn of the
Mountain Gods Resort and Casino, a gaming, hotel and resort
complex opened on March 15, 2005, and its wholly-owned
subsidiaries.  The Resort, which opened for commercial business on
March 15, 2005, is located on tribal land in Mescalero, New
Mexico.

The Company's balance sheet at June 30, 2010, showed $199,626,334
in total assets, $234,953,388 in total liabilities, and a
stockholders' deficit of $35,327,054.

BDO Seidman, LLP, in Los Angeles, California, in August 2009,
after auditing the Company's fiscal 2009 results, said that the
Company has suffered recurring losses, negative cash flows, has
negative working capital, accumulated deficits, and negative
equity which raise substantial doubt about its ability to continue
as a going concern.

The Company said in its June Form 10-Q that it has incurred
significant losses and did not generate sufficient cash to make
the interest payments on its 12% senior Notes due 2010 since
November 15, 2008.  This non-payment of interest constitutes an
event of default under the Indenture governing the Notes.  The
Company is in discussions with certain of its debtholders
regarding these issues.

As of June 30, 2010, the Company had negative working capital of
approximately $240.1 million and a total deficit of approximately
$56.1 million.


INTELSAT S.A.: Former Marriot Int'l CFO is New Sr. VP
-----------------------------------------------------
Effective January 3, 2011, Linda Bartlett, aged 52, became the
Senior Vice President and Controller of Intelsat Corporation.

Prior to her Intelsat appointment, Ms. Bartlett served as
Executive Vice President, Global Finance/Chief Financial Officer
of the International Lodging Division of Marriott International,
Inc., from November 2002.  Before that, she held a variety of
other positions at Marriott, including: Executive Vice President,
Global Asset Management; Executive Vice President, Mergers,
Acquisitions & Development Planning; Senior Vice President,
Finance/Corporate Controller; and Senior Vice President, Chief
Financial Officer - Marriott Vacation Club International, which is
Marriott's Timeshare/Interval Ownership Division.

Ms. Bartlett holds a Bachelor's degree in Accounting and a
Master's degree in Finance from Loyola College in Baltimore,
Maryland, and is a Certified Public Accountant.

In connection with her appointment, Ms. Bartlett was granted
options to purchase 17,700 Class A Shares of Intelsat Global S.A.,
the indirect parent of Intelsat S.A.  Ms. Bartlett's option
agreement has terms substantially similar to option agreements
entered into with certain other employees of Intelsat S.A. and its
subsidiaries.

                           About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of December 31, 2009, and
ground facilities related to the satellite operations and control,
and teleport services.  It had $2.5 billion in revenue in 2009.

Intelsat S.A. had $17.56 billion in assets, $18.15 billion in
debts, noncontrolling interest of $1.90 million, and shareholders'
deficit of $597.06 million as of Sept. 30, 2010.

Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's.  It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of Intelsat
S.A., its indirect parent.  Intelsat Corp. had $7.70 billion in
assets against $4.86 billion in debts as of Dec. 31, 2010.


IMAGE METRICS: Buys Big Stage Inventories for 2 Million Shares
--------------------------------------------------------------
On December 30, 2010, pursuant to an Asset Purchase Agreement,
dated December 30, 2010, Image Metrics Inc. agreed to purchase
certain intellectual property, inventories and receivables of Big
Stage Entertainment, Inc., for 2,000,000 shares of Image Metrics
common stock, the assumption of $575,343 of Big Stage bank debt
and the payment of $60,000 of deal-related expenses on behalf of
Big Stage.  The purchase price was determined as a result of
arm's-length negotiations between the parties.  Image Metrics did
not acquire all of the assets or business previously conducted by
Big Stage, or any of its employees.

Big Stage develops technologies for the creation of three
dimensional facial models for use in television, video games and
consumer markets.  Big Stage did not have any material
relationship or association with Image Metrics prior to the
acquisition.

                        About Image Metrics

Santa Monica, Calif.-based Image Metrics Inc., formerly
International Cellular Accessories, Inc., is a global provider of
technology-based facial animation services to the interactive
entertainment and film industries.

On March 10, 2010, the Company acquired through an exchange offer
all of the outstanding ordinary shares and preferred shares of
Image Metrics Limited, a private company incorporated in England
and Wales, in exchange for 11,851,637 shares of its common stock,
par value $.001 per share.  The historical consolidated financial
statements of the Company do not include the operations of
International Cellular Accessories prior to March 10, 2010, but
only reflect the operations of Image Metrics Limited and its
subsidiary.

The Company's balance sheet as of June 30, 2010, showed
$1.2 million in total assets, $10.0 million in total liabilities,
and a stockholders' deficit of $8.8 million.

The Company has incurred significant operating losses and has
accumulated a $32.7 million deficit as of June 30, 2010.  The
Company said in its Form 10-Q for the quarter ended June 30, 2010
that its ability to continue as a going concern is dependent upon
it being able to successfully raise further capital through equity
or debt financing and continued improvement of its results of
operations.


IPC AIC II: Cigna Unit Seeks Foreclosure of Industrial Bldg
-----------------------------------------------------------
South Florida Business Journal's Brian Bandell reports that Corac
LLC, an affiliate of insurance company Cigna, filed a foreclose
suit against IPC AIC II on December 27 to foreclose on an
industrial building in Miami.

The report says the lawsuit concerns a mortgage made for
$11 million in 2006.  the report relates IPC AIC bought the
180,810-square-foot light manufacturing facility on 11.2 acres, at
6100 N.W. 74th Ave., for $14.1 million in 2006.

Jon Chassen, Esq., in Miami, represents Cigna in the lawsuit.


IRVINE SENSORS: 9 Investors Agree to Convert Bridge Notes
---------------------------------------------------------
Irvine Sensors Corporation previously sold 10% Unsecured
Convertible Promissory Notes due May 31, 2011 to investors in an
aggregate principal amount of $3,000,000, the terms of which
permit the holders of the Bridge Notes to convert up to and
including the aggregate outstanding principal amount of such
Bridge Notes and any accrued interest thereon into the same
securities issued in, and upon the same terms and conditions of,
the Company's secured convertible note financing that occurred on
December 23, 2010.

On December 31, 2010, the Company entered into Joinder Agreements
with 9 accredited Bridge Note Holders who held Bridge Notes in the
aggregate principal amount of $620,000, pursuant to which such
Bridge Note Holders agreed to be bound by the terms of the
Securities Purchase Agreement entered into in the Financing and
converted the Conversion Amount under their Bridge Notes into the
same securities issued in the Financing, with 31.8% of such
aggregate Conversion Amount being allocated to the purchase of an
aggregate of 2,848,222 of the Company's common stock for $199,375,
or $0.07 per share, and the remaining $427,592 of the aggregate
Conversion Amount being allocated to the purchase of 12%
Subordinated Secured Convertible Notes due December 31, 2015.

The Notes bear interest at a rate of 12% per annum, due and
payable quarterly within 10 business days of the end of each
calendar quarter, calculated on the simple interest basis of a
365-day year for the actual number of days elapsed.  For the first
two years of the Notes, the Company has the option, subject to the
satisfaction of certain customary equity conditions, to pay all or
a portion of the interest due on each interest payment date in
shares of common stock, with the price per share calculated based
on the weighted average price of the Company's Common Stock over
the last 20 trading days ending on the second trading day prior to
the interest payment date.  The foregoing notwithstanding, until
that certain Secured Promissory Note dated April 14, 2010 by and
between the Company to Timothy Looney is repaid in full, cash
interest on the Notes must instead be paid by adding the amount of
such interest to the outstanding principal amount of the Notes as
"PIK" interest.  The principal and accrued but unpaid interest
under the Notes is convertible at the option of the holder, any
time after amendment of the Company's Certificate of Incorporation
to increase the Company's authorized Common Stock, into shares of
the Company's Common Stock at an initial conversion price of $0.07
per share.  The conversion price is subject to full ratchet
adjustment for certain price dilutive issuances of securities by
the Company and proportional adjustment for events such as stock
splits, dividends, combinations and the like.  Beginning after the
first two years of the Notes, the Company can force the Notes to
convert to Common Stock if certain customary equity conditions
have been satisfied and the volume weighted average price of the
Common Stock is $0.25 or greater for 30 consecutive trading days.

The Notes will be secured by substantially all of the assets of
the Company pursuant to a Security Agreement dated December 23,
2010 between the Company and Costa Brava Partnership III L.P. as
representative of the Note holders, but the liens securing the
Notes are subordinate to the liens securing the indebtedness of
the Company to Summit Financial Resources, L.P. under that certain
Financing Agreement dated as of June 16, 2009, and subordinate in
right of payment to the Looney Note.

Subject to the subordination to the Looney Note, the amounts owing
under the Notes may be accelerated, and a 25% premium charged on
such amounts, upon the occurrence of certain events of default.

                       About Irvine Sensors

Headquartered in Costa Mesa, Calif., Irvine Sensors Corporation
(OTC BB: IRSN) -- http://www.irvine-sensors.com/-- is a vision
systems company engaged in the development and sale of
miniaturized infrared and electro-optical cameras, image
processors and stacked chip assemblies and sale of higher level
systems incorporating said products.  Irvine Sensors also conducts
research and development related to high density electronics,
miniaturized sensors, optical interconnection technology, high
speed network security, image processing and low-power analog and
mixed-signal integrated circuits for diverse systems applications.

Squar, Milner, Peterson, Miranda & Williamson, LLP, in Irvine,
Calif., expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
as of October 3, 2010, the Company has negative working capital of
$10.1 million and a stockholders deficit of $10.1 million.

The Company reported a net loss of $11.16 million on
$11.72 million of revenues for the fiscal year ended October 3,
2010, compared with a net loss of $914,700 on $11.54 million of
revenues for the fiscal year ended September 27, 2009.

The Company's balance sheet at October 3, 2010, showed
$6.32 million in total assets, $16.42 million in total
liabilities, and a stockholders' deficit of $10.10 million.


IRVINE SENSORS: Three Directors Do Not Own Any Securities
---------------------------------------------------------
In separate Form 3 filings with the Securities and Exchange
Commission on January 6, 2011, Scott Reed, Edward J. Scollins and
Marcus A. Williams, directors at Irvine Sensors Corp., disclosed
that they do not own any securities of the company.

Griffin Fund LP disclosed that it beneficially owns 14,141,561
shares of the Company's common stock.  The securities may be
deemed to be indirectly beneficially owned by Griffin Partners
LLC, and Chester White.  Chester White is the Managing member of
Griffin Partners LLC, which is the General Partner of The Griffin
Fund LP.

In a separate Form 3 filing, Costa Brava Partnership III LP
disclosed that it beneficially owns 41,400,260 shares of common
stock.  The securities reported may be deemed to be indirectly
beneficially owned by Roark, Rearden & Hamot, LLC and Seth W.
Hamot.  Seth W. Hamot is the President and sole member of Roark,
Rearden & Hamot, LLC which is the General Partner of Costa Brava
Partnership III LP.

                       About Irvine Sensors

Headquartered in Costa Mesa, Calif., Irvine Sensors Corporation
(OTC BB: IRSN) -- http://www.irvine-sensors.com/-- is a vision
systems company engaged in the development and sale of
miniaturized infrared and electro-optical cameras, image
processors and stacked chip assemblies and sale of higher level
systems incorporating said products.  Irvine Sensors also conducts
research and development related to high density electronics,
miniaturized sensors, optical interconnection technology, high
speed network security, image processing and low-power analog and
mixed-signal integrated circuits for diverse systems applications.

Squar, Milner, Peterson, Miranda & Williamson, LLP, in Irvine,
Calif., expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
as of October 3, 2010, the Company has negative working capital of
$10.1 million and a stockholders deficit of $10.1 million.

The Company reported a net loss of $11.16 million on
$11.72 million of revenues for the fiscal year ended October 3,
2010, compared with a net loss of $914,700 on $11.54 million of
revenues for the fiscal year ended September 27, 2009.

The Company's balance sheet at October 3, 2010, showed
$6.32 million in total assets, $16.42 million in total
liabilities, and a stockholders' deficit of $10.10 million.


JAMES CORRIGAN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: James Patrick Corrigan
        2124 North Miramar
        Mesa, AZ 85213

Bankruptcy Case No.: 11-00498

Chapter 11 Petition Date: January 7, 2011

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

Judge: Charles G. Case, II

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.


JARDEN CORPORATION: Management Plans Won't Move Moody's Ba3 Rating
------------------------------------------------------------------
Moody's Investors Service said Jarden Corporation's announcement
that it plans to separate the Chairman and Chief Executive Officer
role is good corporate governance, but it does not affect its Ba3
corporate family rating or stable outlook.

The last rating action on Jarden was to rate its $275 million
senior unsecured notes Ba3 on November 2, 2010.

Jarden Corporation is a manufacturer and distributor of niche
consumer products used in and around the home.  The company's
primary segment include Consumer Solutions (which distributes
kitchen appliances, and home vacuum packaging systems), Branded
Consumables (which distributes playing cards, arts and crafts,
plastic cutlery and firelogs), and Outdoor solutions (which
distributes a variety of outdoor leisure products under the K2,
PureFishing, Coleman and Campingaz brands).  Headquartered in Rye,
NY the company reported net sales of approximately $5.7 billion
for the twelve months ended September 30, 2010.


JONES STEPHENS: Emerges From Chapter 11
---------------------------------------
Jones Stephens Corp. has successfully emerged from Chapter 11.

"We are thrilled to have emerged from the restructuring process
with a stronger balance sheet and excellent positioning for future
growth," said Byron Shaw, the Company's president.  "The entire
management team extends our sincere gratitude for the commitment
of our customers, suppliers, employees and lenders throughout this
process."

The Company further announced that American Capital, Ltd., one of
the Company's largest unsecured creditors before the filing, will
lead its Board of Directors after having worked successfully with
the Company to navigate the Chapter 11 process.  "The management
team is excited and confident that the continued partnership with
American Capital, Ltd. will lead to a promising future," said
Shaw.

The plan of reorganization was confirmed by the Hon. Christopher
S. Sontchi of the U.S. Bankruptcy Court for the District of
Delaware in late December 2010. The plan is effective on January
6, 2011.

                        About Jones Stephens

Headquartered in Moody, Alabama, Jones Stephens Corp. --
http://www.plumbest.com/-- is a designer, manufacturer, and
distributor of specialty plumbing products, primarily serving
plumbing wholesalers, do-it-yourself retailers and hardware
stores. Jones Stephens offers its products under the Jones
Stephens(TM) and PlumBest(R) brand names. Products are used in
repair, remodel and new construction applications within both the
residential and commercial markets.

Jones Stephens Corp., together with affiliate Plumbing Holdings
Corp., filed for Chapter 11 on Dec. 15, 2009 (Bankr. D. Del. Case
No. 09-14414).  Howard A. Cohen, Esq., at Drinker Biddle & Reath
LLP, represents the Debtor in its restructuring effort.  The
petition says it has assets of $84 million and debt of
$101 million.

The company hired AlixPartners LLP as its financial adviser and
Drinker Biddle & Reath LLP as its bankruptcy counsel.


JUMA TECHNOLOGY: Adam Benowitz Discloses 82.6% Equity Stake
-----------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 6, 2011, Adam Benowitz disclosed that he
beneficially owns 215,678,806 shares of common stock of Juma
Technology Corp. representing 82.6% of the shares outstanding.
Vision Capital Advisors, LLC also disclosed ownership of
215,678,806 shares.

On December 30, 2010, the Company entered into a Note and Warrant
Purchase Agreement with Vision Opportunity Master Fund, Ltd.
Under the Purchase Agreement, the Company executed and delivered
to the Master Fund (a) a 10% bridge note in the aggregate
principal amount of $150,000 and (b) a Series A Warrant to
purchase an aggregate of 1,000,000 shares of the Company's common
stock.  The principal amount of the Note is payable within five
days after demand.  The Note accrues interest at 10% per annum
from the date of issuance, which interest is payable in cash
within five days after demand. The Note does not contain any
conversion provisions.  The Warrant is exercisable into shares of
Common Stock at any time at the option of the Master Fund at an
initial exercise price of $0.15 per share, provided that it cannot
be exercised or converted to the extent that after giving effect
thereto the beneficial ownership of the Master Fund, Vision
Capital Advantage Fund, L.P and their affiliates would exceed
4.99% of the Company's outstanding Common Stock.  The term of the
Warrant expires March 31, 2015.

                       About Juma Technology

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

The Company's balance sheet at Sept. 30, 2010, showed
$4.29 million in total assets, $22.01 million in total
liabilities, and a stockholders' deficit of $17.72 million.

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



KUBOTA HOLDINGS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Kubota Holdings, LLC
        3040 Gulf to Bay Blvd.
        Clearwater, FL 33759

Bankruptcy Case No.: 11-00122

Chapter 11 Petition Date: January 5, 2011

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

Debtor's Counsel: Langfred W White, Esq.
                  LAW OFFICES OF LANGFRED W. WHITE, PA
                  25400 U.S. Highway 19 North, Suite 160
                  Clearwater, FL 33763
                  Tel: (727) 797-5599
                  Fax: (727) 797-5695
                  E-mail: lan@lwwhiteattorney.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 Frank Mongelluzzi, president.

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
FM Aviation II, LLC                   10-24832    10/17/10
Mr. Excitement, LLC                   10-27459    11/16/10
Kubota Tractors & Rentals, LLC        11-00120    01/04/11


KUBOTA TRACTORS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Kubota Tractors & Rentals, LLC
        3040 Gulf to Bay Blvd
        Clearwater, FL 33759

Bankruptcy Case No.: 11-00120

Chapter 11 Petition Date: January 5, 2011

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

Debtor's Counsel: Langfred W White, Esq.
                  LAW OFFICES OF LANGFRED W. WHITE, PA
                  25400 U.S. Highway 19 North, Suite 160
                  Clearwater, FL 33763
                  Tel: (727) 797-5599
                  Fax: (727) 797-5695
                  E-mail: lan@lwwhiteattorney.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 Frank Mongelluzzi, president.

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
FM Aviation II, LLC                   10-24832    10/17/10
Mr. Excitement, LLC                   10-27459    11/16/10
Kubota Holdings LLC                   11-00122    01/04/11


LA CAILLE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: La Caille Restaurant Corporation
        9565 S. Wasatch Blvd.
        Sandy, UT 84092

Bankruptcy Case No.: 11-20205

Chapter 11 Petition Date: January 6, 2011

Court: United States Bankruptcy Court
       District of Utah (Salt Lake City)

Judge: Joel T. Marker

Debtor's Counsel: James W. Anderson, Esq.
                  MILLER GUYMON, PC
                  165 South Regent Street
                  Salt Lake City, UT 84111
                  Tel: (801) 363-5600
                  Fax: (801) 363-5601
                  E-mail: anderson@mmglegal.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/utb11-20205.pdf

The petition was signed by Mark D. Hashimoto, chief restructuring
officer.


LAW OFFICES: Case Summary & 21 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Law Offices of Patrick E. Catalano
        a CA Professional Law Corp
        aka Catalano & Catalano
        655 West Broadway, Suite 880
        San Diego, CA 92101

Bankruptcy Case No.: 11-00169

Chapter 11 Petition Date: January 6, 2011

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

Judge: Peter W. Bowie

Debtor's Counsel: Mark Adams Poppett, Esq.
                  CATALANO & CATALANO
                  655 West Broadway, Suite 880
                  San Diego, CA 92101
                  Tel: (619) 233-3565

Scheduled Assets: $179,040

Scheduled Debts: $1,357,480

A list of the Company's 21 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/casb11-00169.pdf

The petition was signed by Patrick E. Catalano, owner/principal.


LCO PROPERTIES: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: LCO Properties, L.P.
        7112 Burnet Road
        Austin, TX 78757-2213

Bankruptcy Case No.: 11-10049

Chapter 11 Petition Date: January 4, 2011

Court: U.S. Bankruptcy Court
       Western District of Texas (Austin)

Judge: Craig A. Gargotta

Debtor's Counsel: B. Weldon Ponder, Jr., Esq.
                  Building 3, Suite 200
                  4601 Spicewood Springs Road
                  Austin, TX 78759-7841
                  Tel: (512) 342-8222
                  Fax: (512) 342-8444
                  E-mail: welpon@austin.rr.com

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

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

A list of the Company's four largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/txwb11-10049.pdf

The petition was signed by Ingrid D. Oler, general partner.


LEGACY BANK: Closed; Enterprise Bank & Trust Assumes All Deposits
-----------------------------------------------------------------
Legacy Bank of Scottsdale, Ariz., was closed on Friday, January 7,
2011, by the Arizona Department of Financial Institutions, which
appointed the Federal Deposit Insurance Corporation as receiver.
To protect the depositors, the FDIC entered into a purchase and
assumption agreement with Enterprise Bank & Trust of St. Louis,
Mo., to assume all of the deposits of Legacy Bank.

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

As of September 30, 2010, Legacy Bank had around $150.6 million in
total assets and $125.9 million in total deposits.  Enterprise
Bank & Trust will pay the FDIC a premium of 1.0% to assume all of
the deposits of Legacy Bank.  In addition to assuming all of the
deposits of the failed bank, Enterprise Bank & Trust agreed to
purchase essentially all of the assets.

The FDIC and Enterprise Bank & Trust entered into a loss-share
transaction on $119.8 million of Legacy Bank's assets.  Enterprise
Bank & Trust will share in the losses on the asset pools covered
under the loss-share agreement.  The loss-share transaction is
projected to maximize returns on the assets covered by  keeping
them in the private sector.  The transaction also is expected to
minimize disruptions for loan customers.  For more information on
loss share, visit:

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

Customers who have questions about the transaction can call the
FDIC toll-free at (800) 405-8357.  Interested parties also can
visit the FDIC's Web site at:

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

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $27.9 million.  Compared to other alternatives, Enterprise
Bank & Trust's acquisition was the least costly resolution for the
FDIC's DIF.  Legacy Bank is the second FDIC-insured institution to
fail in the nation this year, and the first in Arizona.  The last
FDIC-insured institution closed in the state was Copper Star Bank,
Scottsdale, on November 12, 2010.


LOCAL INSIGHT: Ends Registration of 11% Sr. Subordinated Notes
--------------------------------------------------------------
In a Form 15 filing with the Securities and Exchange Commission on
January 5, 2011, Local Insight Regatta Holdings, Inc. notified the
Commission regarding the termination of registration of its 11.00%
Series B Senior Subordinated Notes due 2017 under Section under
Section 12(g) of the Securities Exchange Act of 1934 or suspension
of duty to file reports under Sections 13 and 15(d) of the
Securities Exchange Act of 1934.

                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.


LONG ISLAND: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Long Island Business LLC
        350 Northern Boulevard, Suite 301
        Great Neck, NY 11021

Bankruptcy Case No.: 11-70029

Chapter 11 Petition Date: January 5, 2011

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

Judge: Robert E. Grossman

Debtor's Counsel: Gary C. Fischoff, Esq.
                  STEINBERG, FINEO, BERGER & FISCHOFF
                  40 Crossways Park Drive
                  Woodbury, NY 11797
                  Tel: (516) 747-1136
                  E-mail: gfischoff@sfbblaw.com

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

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 Mordechay Movtady, managing member.


LPATH INC: Barclays PLC Discloses 8.80% Equity Stake
----------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 5, 2011, Barclays PLC disclosed that it
beneficially owns 5,307,300 shares of common stock of LPath, Inc.
representing 8.80% of the shares outstanding.  Its subsidiary,
Barclays Bank PLC, also owns 5,307,300 shares.

The number of shares of the Company's outstanding Class A common
stock as of November 9, 2010 was 53,361,901.

On December 21, 2010 Barclays Bank PLC  made the following open
market sales of the Common Stock :

   Date           Quantity Sold           Price
   ----           -------------           -----
   01/03/2011     1,100,000               $0.72 / Share
   01/04/2011        13,800               $0.80 / Share

                            About LPath

San Diego, Calif.-based Lpath, Inc. is a biotechnology company
focused on the discovery and development of lipidomic-based
therapeutics, an emerging field of medical science whereby
bioactive lipids are targeted to treat human diseases.

According to the Company's 2009 annual report on Form 10-K, Moss
Adams LLP, 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 had incurred
significant cash losses from operations since inception and
expects to continue to incur cash losses from operations in 2010
and beyond.

At September 30, 2010, LPath had total assets of $4,915,794, total
liabilities of $5,891,142, and a stockholders' deficit of
$975,348.


LPG WAREHOUSES: Case Summary & 11 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: LPG Warehouses, Ltd.
          dba Water Tower Storage
        5900 Southwest Parkway, Suite 520
        Austin, TX 78735-6202

Bankruptcy Case No.: 11-10048

Chapter 11 Petition Date: January 4, 2011

Court: U.S. Bankruptcy Court
       Western District of Texas (Austin)

Judge: Craig A. Gargotta

Debtor's Counsel: B. Weldon Ponder, Jr., Esq.
                  Building 3, Suite 200
                  4601 Spicewood Springs Road
                  Austin, TX 78759-7841
                  Tel: (512) 342-8222
                  Fax: (512) 342-8444
                  E-mail: welpon@austin.rr.com

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

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

A list of the Company's 11 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/txwb11-10048.pdf

The petition was signed by J. Erwin Lewis, president of general
partner, LPG J-V Company, LLC.



LTAP US: Court to Consider Wells Fargo's Stay Relief on January 26
------------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware will convene a hearing on January 26, 2011, at
4:00 p.m., to consider Wells Fargo Securities, LLC and Wells Fargo
Bank, N.A.'s request for relief of the automatic stay.

According to Wells Fargo, the Debtor owes at least $222,346,070 in
principal plus accrued and unpaid interest thereon on account of
loan advances, plus additional amounts owing under terminated
interest rate swap agreements, plus attorneys' fees and expenses
and other out-of-pocket expenses.

The indebtedness is secured by senior and perfected liens and
security interests in substantially all of the Debtor's assets
consisting of its ownership of 410 life insurance policies that
insure the lives of 313 individuals under which the Debtor is the
beneficiary.

Wells Fargo asserts that:

   -- cause exists to modify the automatic stay, not only because
      Wells Fargo is inadequately protected given the Debtor's
      liquidity crisis, but because this case was instituted by
      the Debtor in bad faith; and

   -- the Debtor has no equity in the property and the property is
      not necessary for an effective reorganization

Wells Fargo is represented by:

   Richard W. Riley, Esq.
   DUANE MORRIS LLP
   222 Delaware Avenue, Suite 1600
   Wilmington, DE 19801-1659

   Thomas S. Kiriakos, Esq.
   Matthew V. Wargin, Esq.
   Joshua M. Grenard, Esq.
   MAYER BROWN LLP
   71 South Wacker Drive
   Chicago, IL 60606-4637
   Tel: (312) 782-0600
   Fax: (312) 701-7711

                          About LTAP US

Atlanta, Georgia-based LTAP US, LLLP, fka Life Trust Asset Pool
US, LLLP, filed for Chapter 11 bankruptcy protection on
December 22, 2010 (Bankr. D. Del. Case No. 10-14125).  Adam G.
Landis, Esq., Kerri K. Mumford, Esq., and Kimberly A. Brown, Esq.,
at Landis Rath & Cobb LLP, serve as the Debtor's bankruptcy
counsel.  The Debtor estimated assets and debts at $100 million to
$500 million.


MARITIME STEEL AND FOUNDRIES: Forced Into Receivership
------------------------------------------------------
The Canadian Press reports that Maritime Steel and Foundries has
been forced into receivership.  The report relates that parent
company Cameron Corporation called in a $17.8-million loan that
couldn't be paid.

Carl Holm, a Halifax lawyer representing Cameron Corp., says it
didn't make sense to keep pouring in money, according to the
report.

The Canadian Press discloses that Holm persuaded a Nova Scotia
Supreme Court judge to appoint BDO Canada as the receiver for the
company.

The report notes that Maritime Steel is in arrears to Nova Scotia
Power which has been threatening to cut off power.  The report
relates company officials say other industry players are already
expressing interest in acquiring the plant's assets.

At full capacity, Maritime Steel employed as many as 170 people
but it has been operating with a crew of 50 to 60 for a few
months, the report adds.

Headquartered in Nova Scotia, Maritime Steel and Foundries is a
steel foundry, which started up in 1902.


MARK CARROLL: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Mark Carroll, LLC
        105 W. Second Street
        Frederick, MD 21701

Bankruptcy Case No.: 11-10154

Chapter 11 Petition Date: January 4, 2011

Court: U.S. Bankruptcy Court
       District of Maryland (Greenbelt)

Debtor's Counsel: Bruce H. Kaplan, Esq.
                  LAW OFFICE OF BRUCE H. KAPLAN
                  44 Wall Street, 12th Floor
                  New York, NY 10005
                  Tel: (212) 639-9000
                  E-mail: brucehkaplan@gmail.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 five largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/mdb11-10154.pdf

The petition was signed by Richard R. Kline, president.

Debtor-affiliates that filed separate Chapter 11 petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Agilusfor Inc.                        10-25699            07/13/10
Bentz Street Hill, LLC                10-28111            08/09/10


MANHASSET HOLDINGS: Case Summary & 15 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Manhasset Holdings LLC
        49 Sunhill Road
        Nesconset, NY 11767

Bankruptcy Case No.: 11-70073

Chapter 11 Petition Date: January 6, 2011

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

Judge: Alan S. Trust

Debtor's Counsel: Jerome Reisman, Esq.
                  REISMAN PEIREZ & REISMAN LLP
                  1305 Franklin Avenue
                  Garden City, NY 11530
                  Tel: (516) 746-7799
                  Fax: (416) 742-4946
                  E-mail: jreisman@reismanpeirez.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 15 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nyeb11-70073.pdf

The petition was signed by Peter Lampeas, manager.


MARTURIN GROUP: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: The Marturin Group, Inc.
        240 E. Congress Street
        Colton, CA 92324

Bankruptcy Case No.: 11-10547

Chapter 11 Petition Date: January 7, 2011

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

Judge: Deborah J. Saltzman

Debtor's Counsel: William J. Wall, Esq.
                  THE WALL LAW OFFICE
                  9900 Research Drive
                  Irvine, CA 92618-4309
                  Tel: (949) 387-4300
                  Fax: (800) 722-8196
                  E-mail: wwall@wall-law.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/cacb11-10547.pdf

The petition was signed by Michael Griffin, president.


MERCO GROUP: CMBS Fund Seeks to Foreclose on Rio Apartments
-----------------------------------------------------------
Brian Bandell, writing for South Florida Business Journal, reports
that BACM 2000-2 Fontainebleau, an affiliate of a CMBS fund with
Miami Beach-based LNR Partners as the special servicer, filed a
foreclosure lawsuit Dec. 23 against Rio Apartments, along with
Merco Group principals Homero Meruelo and Belinda Meruelo.  The
lawsuit targets 294 apartment units in Miami controlled by Merco
Group.

Business Journal relates that, according to a November report from
CMBS analysis firm Trepp LLC, the mortgage had $11.5 million
outstanding and matured.

Business Journal notes the Rio Apartments has 498 bedrooms in 294
units at 8801 Fontainebleau Blvd., west of Miami International
Airport. The five-floor property, built in 1971, totals 366,237
square feet.  It obtained a $13 million mortgage in 2000, and the
loan matured in April 2010.

Business Journal says Merco Group has been unable to sell the
property or refinance the loan and has been hit with numerous
foreclosure lawsuits in the past two years.

David Trench, Esq., in Miami, represents BACM in the lawsuit.


METRO ENTERPRISES: In Receivership; New Company Takes Over
----------------------------------------------------------
Ted Whipp at The Windsor Star, in Windsor, Ontario, reports that
with Metro Enterprises in receivership, a new company has been
formed and taken over the Company's operation.  "I'm very
optimistic," Ryan Soulliere, said of prospects for the new
company, Metro Catering & Vending Services Inc, the report
relates.

According to The Windsor Star, the son of Ed Soulliere, CEO of
Metro Enterprises, Mr. Soulliere is president of the new company
and said he's looking ahead to opportunities that include
construction of the new parkway-border link and other
institutional, industrial and commercial projects planned or
underway.  The report relates Mr. Soulliere said that the new
company has about 50 employees and 22 trucks as well as an
occupation agreement in place for the assets with the receiver
PricewaterhouseCoopers Inc.  The new company's operation includes
vending services and mobile vehicle vendors as well as the large-
scale food production to supply them, the report notes.

The Windsor Star discloses that essentially, the area's weak
economy proved a factor in the receivership, said Mr. Soulliere,
who was director of operations for Metro Enterprises.  The new
company starts without a debt burden, Soulliere said, adding he
plans to restructure and re-position the commercial catering
operation, the report adds.

Metro Enterprises operates commercial food catering and vending
located in 2825 County Rd. 42.


MEXICANA AIRLINES: Bankruptcy Should Be Resolved by January 24
--------------------------------------------------------------
Jose Enrique Arrioja and Jonathan Levin at Bloomberg report that
Humberto Trevino, Mexico's deputy minister of transportation, said
Compania Mexicana de Aviacion or Mexicana Airlines should have its
bankruptcy process resolved before January 24, 2011.

The bankruptcy process is "going well" and ticket sales should
resume the week of January 24, Mr. Trevino told Bloomberg in
interview broadcast on Radio Formula.  Flights should resume
shortly after ticket sales, he added.

The Latin America Herald relates that Mexicana Airlines is nearing
an agreement with its creditors.  Fifty-one percent of them --
including state-owned bank Bancomext, Banorte and government-owned
Aeropuertos y Servicios Auxiliares, which oversees Mexico's
airports -- have expressed a willingness to sign a restructuring
agreement, Mr. Trevino said, according to Latin America Herald.

"We're certain the (bankruptcy proceedings) will be resolved
before Jan. 24," Mr. Trevino said, adding that the airline will
seek to obtain navigability certificates by carrying out some test
flights and have its crew re-accredited, Latin America Herald
discloses.  The most important part is the international
operation, Mr. Trevino added.

Mr. Trevino, Latin America Herald notes, said the company has been
in contact with U.S. airports to re-establish its installations
and secure landing and take-off spots.

Mexicana, which will remain in the hands of its main investor, PC
Capital, will resume flights with a fleet of between 28 and 30
planes, compared with 112 prior to August, when the Mexicana group
also included affiliated budget airlines Click and Link, Trevino
said, Latin America Herald says.  Those two low-cost airlines will
merge with Mexicana de Aviacion, Mr. Trevino added.

As reported in the Troubled Company Reporter-Latin America on
December 13, 2010, Fox News said unnamed sources said Mexicana
Airlines' pilots, flight attendants and ground crew agreed to a
new labor contract that could allow the bankrupt airline to resume
operations in the second half of January 2011.  Fox News noted
that in November, Mexican investment group PC Capital was named as
potential new owner of the airline.

                        About Mexicana Airline

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


MIDDLEBROOK PHARMACEUTICAL: Chapter 11 Plan Declared Effective
--------------------------------------------------------------
Middlebrook Pharmaceutical Inc. aka Advancis Pharmaceuticals
Corporation announced that the modified Chapter 11 plan of
liquidation dated Dec. 30, 2010, became effective on Jan. 3, 2011.
The U.S. bankruptcy Court for the District of Delaware has
approved the adequacy of the Debtor's disclosure statement
and confirmed the liquidation plan.

The Modified Plan provides for the resolution of outstanding
claims against and interests in the Company.  As provided in the
Modified Plan, allowed administrative expenses, allowed priority
tax and priority non-tax claims, and allowed general unsecured
claims will be paid in full from the bankruptcy estate as shortly
after the Effective Date as practicable or the date on which such
claims become allowed, as defined in the modified plan.  The
remaining cash in the bankruptcy estate, if any, will be
distributed to the holders of allowed interests on a pro
rata basis, as provided in the modified plan.

At Jan. 6, 2011, the Company had one share of common stock issued
and outstanding.  Under the terms of the Modified Plan, all shares
of the Company's common stock were canceled on the Effective Date
and one share was issued to Ronald L. Glass, the plan
administrator.  No shares of common stock will be issued with
respect to claims or interests under the Modified Plan

A full-text copy of the Modified Plan Of Liquidation is available
for free at http://ResearchArchives.com/t/s?71e0

                 About MiddleBrook Pharmaceuticals

Westlake, Texas-based Middlebrook Pharmaceuticals, Inc., aka
Advancis Pharmaceuticals Corporation, is a pharmaceutical company
focused on commercializing anti-infective products that fulfill
unmet medical needs.  MiddleBrook's proprietary delivery
technology, PULSYS, enables the pulsatile delivery, or delivery in
rapid bursts, of certain drugs.  MiddleBrook currently markets
MOXATAG, the first and only FDA-approved once-daily amoxicillin,
and KEFLEX, the immediate-release brand of cephalexin.

The Company filed for Chapter 11 bankruptcy protection on
April 30, 2010 (Bankr. D. Del. Case No. 10-11485).  Joel A. Waite,
Esq., at Young, Conaway, Stargatt & Taylor, assists the Company in
its restructuring effort.  The Company estimated its assets and
debts at $10 million to $50 million.


MONEY TREE: $29.2MM Remains Unsold in $35MM Notes Offering
----------------------------------------------------------
The Money Tree Inc. filed a post-effective Amendment No.5 to Form
S-1 on January 6, 2011, regarding its offer of up to $35.0 million
in aggregate principal amount of its Subordinated Demand Notes on
a continuous basis.  A minimum initial investment of $100 is
required.  As of December 25, 2010, the Company had raised a total
of $5.8 million in gross offering proceeds from the sale of Demand
Notes and had a total of $29.2 million remaining to be sold in
this offering.

The Company will issue the Demand Notes in denominations of at
least $1, subject to the initial minimum investment requirement of
$100.  The Demand Notes shall have no stated maturity and shall be
payable or redeemable, in whole or in part, at any time at your
option, subject to the subordination provisions.  The Company is
offering the Demand Notes through its designated selling officer,
Jennifer Ard, without an underwriter and on a continuous basis.
The Company does not have to sell any minimum amount of Demand
Notes to accept and use the proceeds of the offering.

The Company may at its option redeem at any time the Demand Notes
(1) upon at least 30 days' written notice, or (2) if the principal
balance falls below $100, for a redemption price equal to the
principal amount plus any unpaid interest thereon to the date of
redemption.  Demand Notes shall be payable or redeemable, in whole
or in part, subject to subordination.  All payments or redemptions
must be made either in person or by mail at the Company's
executive offices in Bainbridge, Georgia.

A full-text copy of the prospectus is available for free at:

             http://ResearchArchives.com/t/s?71e7

                       About The Money Tree

Based in Bainbridge, Ga., The Money Tree, Inc.
-- http://themoneytreeinc.com/-- originates direct consumer loans
and sales finance contracts in 91 locations throughout Georgia,
Alabama, Louisiana and Florida.  The Company is also engaged in
sales of merchandise (principally furniture, appliances, and
electronics) at certain finance company locations, and operates
two used automobile dealerships in Georgia.

Carr, Riggs & Ingram, LLC, in Tallahassee, Fla., expressed
substantial doubt about The Money Tree's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred recurring losses from operations and negative cash
flows from operating activities and has a net shareholders'
deficit.

The Company reported a net loss of $12.1 million on $10.86 million
of net revenues for fiscal 2010, compared with a net loss of
$12.94 million on $14.92 million of net revenues for fiscal 2009.

The Company's balance sheet at September 25, 2010, showed
$43.22 million in total assets, $89.13 million in total
liabilities, and a stockholders' deficit of $45.91 million.


MONEY TREE: $50.8MM Remains Unsold in $75.0MM Series B Offering
---------------------------------------------------------------
The Money Tree Inc. filed with the Securities and Exchange
Commission, on January 6, 2011, a post-effective Amendment No.5 to
a Form S-1 registration pertaining to its offering of up to $75.0
million in aggregate principal amount of its Series B Variable
Rate Subordinated Debentures on a continuous basis.
A minimum initial investment of $500 is required.  As of
December 25, 2010, we had raised a total of $24.2 million
in gross offering proceeds from the sale of Debentures and had
$50.8 million remaining to be sold in this offering.

The Company will issue the Debentures in varying purchase amounts
that it will establish each month.  Although all Debentures will
have a maturity date of four years from the date of issuance, for
each purchase amount, the Company will establish an interest rate
and an interest adjustment period that may range from one year to
four years.  The established features will be available for each
calendar month and will apply to all Debentures that the Company
sells during that month.  At the end of each interest adjustment
period, the interest rate will automatically adjust to the then-
current rate for that interest adjustment period.  The interest
rate for the new period could be lower than the interest rate for
the previous period.

The Company is offering the Debentures through its designated
selling officer, Dellhia "Cissie" Franklin, without an underwriter
and on a continuous basis.  The Company does not have to sell any
minimum amount of Debentures to accept and use the proceeds of
this offering.

The Company may redeem the Debentures, upon at least 30 days'
written notice, at any time prior to maturity for a redemption
price equal to the principal amount plus any unpaid interest
thereon to the date of redemption.

A full-text copy of the prospectus is available for free at:

               http://ResearchArchives.com/t/s?71e8

                       About The Money Tree

Based in Bainbridge, Ga., The Money Tree, Inc.
-- http://themoneytreeinc.com/-- originates direct consumer loans
and sales finance contracts in 91 locations throughout Georgia,
Alabama, Louisiana and Florida.  The Company is also engaged in
sales of merchandise (principally furniture, appliances, and
electronics) at certain finance company locations, and operates
two used automobile dealerships in Georgia.

Carr, Riggs & Ingram, LLC, in Tallahassee, Fla., expressed
substantial doubt about The Money Tree's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred recurring losses from operations and negative cash
flows from operating activities and has a net shareholders'
deficit.

The Company reported a net loss of $12.1 million on $10.86 million
of net revenues for fiscal 2010, compared with a net loss of
$12.94 million on $14.92 million of net revenues for fiscal 2009.

The Company's balance sheet at September 25, 2010, showed
$43.22 million in total assets, $89.13 million in total
liabilities, and a stockholders' deficit of $45.91 million.


MOORE JAGUAR: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Moore Jaguar/Aston Martin, Inc.
          dba Moore Jaguar
        14116 Manchester Road
        Ballwin, MO 63011

Bankruptcy Case No.: 11-40070

Chapter 11 Petition Date: January 4, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Missouri (St. Louis)

Judge: Charles E. Rendlen, III

Debtor's Counsel: Steven Goldstein, Esq.
                  GOLDSTEIN & PRESSMAN, P.C.
                  10326 Old Olive Street Road
                  St. Louis, MO 63141
                  Tel: (314) 727-1717
                  Fax: (314) 727- 1447
                  E-mail: sg@goldsteinpressman.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/moeb11-40070.pdf

The petition was signed by Ronald W. Moore, president.


MOUNTAIN RESORT: Must File Settlement Pact With SOF-VIII Jan. 18
----------------------------------------------------------------
The Hon. Sidney B. Brooks of the U.S. Bankruptcy Court for the
District of Colorado has ordered Mountain Resort Properties, LLC,
to prepare and file a status report or a settlement agreement by
January 18, 2011.

On September 29, 2010, the Court ordered the Debtor to prepare and
file a Status Report by October 23, 2010.  On October 23, 2010,
the Debtor filed a Status Report indicating that a settlement
agreement was to be filed by and between Debtor and its sole
secured creditor, SOF-VIII Aspen-MRP, LLC.  The settlement
agreement would be executed by the end of October 2010.  To date
nothing further has been filed with respect to the settlement.

San Diego, California-based Mountain Resort Properties, LLC, is a
California limited liability company formed on September 27, 2007
to hold title to certain real property in the Bachelor Gulch area
of the Beaver Creek Resort.  The Property is a single family house
of roughly 10,000 square feet.  It has five bedroom suites, each
with its own bath and numerous amenities.

MRP filed for Chapter 11 protection on April 5, 2010 (Bankr. D.
Colo. Case No. 10-17709).   F. Kelly Smith, Esq., is the Debtor's
bankruptcy counsel.  The Company disclosed $10,518,745 in
total assets and $6,018,207 in total liabilities as of the
Petition Date.


MPI AZALEA: Has Access to Cash Collateral Until March 6
-------------------------------------------------------
The Hon. Margaret H. Murphy of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized, under an interim order,
MPI Azalea, LLC, and its debtor-affiliates to use cash collateral
until March 6, 2011.  A full-text copy of the cash collateral use
order is available for free at
http://ResearchArchives.com/t/s?71df

Atlanta, Georgia-based MPI Azalea, LLC, aka Highland Brooke
Apartments and its affiliates filed for Chapter 11 on January 8,
2010 (Bankr. N.D. Ga. Lead Case No. 09-60803).  Jimmy C. Luke,
Esq., at Foltz Martin, LLC assists the Debtor in its restructuring
effort.  The Debtors reported $118,657,795 in total assets, and
$86,265,949 in total liabilities.


N/S SAWGRASS: Met Life Unit Seeks to Foreclose on Tech Park
-----------------------------------------------------------
South Florida Business Journal's Brian Bandell reports that MLIC
Asset Holdings II, an affiliate of Metropolitan Life Insurance
Co., filed a foreclosure lawsuit on Dec. 10 against N/S Sawgrass
Office Associates.  The borrower is managed by Stiles Capital
Partners, an affiliate of the Fort Lauderdale-based developer.

According to Mr. Bandell, Stiles Corp. was not named in the
lawsuit, which concerns two mortgages made for a combined
$55 million in 2005.  N/S Sawgrass bought the 63-acre Sawgrass
Technology Park at 1601 N.W. 136th Ave. in Sunrise, in 2008 for
$79 million.  It has 653,155 square feet in 12 Mediterranean
Hacienda-style buildings with courtyards and covered walkways.

According to the report, Stiles President Doug Eagan said in a
statement that the loan is past its maturity date, thus triggering
a default.  Mr. Eagan said Stiles "continues its intermediary role
between the lender and our primary investor/partner in working
toward a modified loan renewal. We anticipate a resolution of this
matter in the very near future."

Business Journal notes that the Sawgrass Technology Park is part
of the Westerra project that Stiles Corp. proposed building in
Sunrise.

The centerpiece of that project, which was to include both retail
and residential, was a vacant 32-acre site alongside the
technology park.

That property is not part of the foreclosure lawsuit and is
secured by an $8 million mortgage from Miami-based City National
Bank of Florida.

John Hart, Esq., in West Palm Beach, represents MLIC.


NEW LEAF: COO Resigns Following Misconduct Allegations
------------------------------------------------------
New Leaf Brands, Inc.'s Chief Operating Officer, William Alan
Sipper, has resigned.  The Company and Mr. Sipper are currently
negotiating the full terms of Mr. Sipper's resignation which was
effective on December 31, 2010.  The resignation follows an
allegation of personal misconduct made by a female subcontractor
during recent trade show.  Although correspondence regarding the
matter imply liability on the part of the Company as well as Mr.
Sipper, the alleged incident is unrelated to his role as Chief
Operating Officer.  The Company is in the process of notifying its
insurance carriers of the claim but does not yet know the extent,
if any, of its coverage.  Eric Skae, the Company's Chief Executive
Officer has re-assigned Mr. Sipper's duties to other senior staff
members internally.

                       About New Leaf Brands

Scottsdale, Ariz.-based New Leaf Brands, Inc. develops, markets
and distributes healthy and functional ready-to-drink teas under
the New Leaf(R) brand.

According to the Troubled Company Reporter on April 8, 2010, Mayer
Hoffman McCann P.C., in Phoenix, Ariz., following the Company's
2009 results, 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, has a working capital deficiency, was not in
compliance with certain financial covenants related to debt
agreements, and has a significant amount of debt maturing in 2010.

The Company's balance sheet at Sept. 30, 2010, showed $5.31
million in total assets, $8.34 million in total liabilities, and a
stockholders' deficit of $3.03 million.


NLP COOLEY: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: NLP Cooley Associates, LP
        1750 Valley View Lane, Suite 400
        Dallas, TX 75234

Bankruptcy Case No.: 11-30209

Chapter 11 Petition Date: January 4, 2011

Court: U.S. Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Stacey G. Jernigan

Debtor's Counsel: John P. Lewis, Jr., Esq.
                  LAW OFFICE OF JOHN P. LEWIS, JR.
                  1412 Main Street, Suite 210
                  Dallas, TX 75202
                  Tel: (214) 742-5925
                  Fax: (214) 742-5928
                  E-mail: jplewisjr@mindspring.com

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 Richard D. Morgan, vice president of
general partner.


NNN 2003: CEO Resigns; GERI Executive Named Replacement
-------------------------------------------------------
Effective as of December 31, 2010, Kent W. Peters resigned as NNN
2003 Value Fund, LLC's chief executive officer.  On December 31,
2010, the Company's manager, Grubb & Ellis Realty Investors, LLC,
or GERI, appointed Steven M. Shipp to serve as the Company's
principal executive officer, in connection with Mr. Shipp's
position as the executive vice president, portfolio management of
GERI.

Mr. Shipp, age 49, serves as the executive vice president,
portfolio management of GERI, responsible for the day-to-day
operations of GERI's asset management and structured finance and
refinance efforts, which is a position he has held since November
2010.  From November 2008 to November 2010, Mr. Shipp previously
served as GERI's managing director of structured finance.  From
October 1997 to June 2008, Mr. Shipp served as a special
consultant to several of the largest commercial real estate
lenders in the nation, including Nomura Securities North America,
The Bank of New York Mellon and Prudential Asset Management, which
is a role that overlapped his career at PDG America, LLC.  Between
February 2000 and March 2001, Mr. Shipp served as senior vice
president of finance for a regional commercial retail development
group, PDG America, LLC.  Prior to PDG America, LLC, Mr. Shipp
served as vice president of Bank of America's commercial mortgage-
backed securities asset management and securitized debt portfolio
from June 1993 to June 1997.  He also served as vice president and
regional manager of loan administration for Bank of America, N.A.
from September 1990 to August 1993.  Mr. Shipp began his career
working for Far West Savings and Loan Association in the
construction loan management department.  Mr. Shipp received his
B.A. degree in Economics from the University of California,
Irvine.

                          About NNN 2003

Santa Ana, Calif.-based NNN 2003 Value Fund, LLC, was formed as a
Delaware limited liability company on June 19, 2003.  The Company
was organized to acquire, own, operate and subsequently sell its
ownership interests in a number of unspecified properties believed
to have higher than average potential for capital appreciation, or
value-added properties.  As of September 30, 2010, the Company
held interests in three commercial office properties, including
two consolidated properties and one unconsolidated property.  The
Company currently intends to sell, or otherwise dispose of, all of
its remaining properties and pay distributions to its unit holders
from available funds.  The Company does not anticipate acquiring
any additional real estate properties at this time.

The Company's balance sheet at September 30, 2010, showed
$33.7 million in total assets, $45.1 million in total liabilities,
and a stockholders' deficit of $11.4 million.

Ernst & Young LLP, in Irvine, Calif., 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 recurring losses, continued
deficit cash flows from operating activities and will not have
sufficient cash flow to repay mortgage loans that are past due or
will become due in 2010.


NNN 2003: Steven Shipp Does Not Own Any Securities
--------------------------------------------------
In a Form 3 filing with the Securities and Exchange Commission on
January 6, 2011, Steven M. Shipp, principal executive officer at
NNN 2003 Value Fund LLC, disclosed that he does not own any
securities of the company.  Mr. Shipp serves as the principal
executive officer of NNN 2003 Value Fund, LLC in connection with
his position as the executive vice president, portfolio management
of Grubb & Ellis Realty Investors, LLC, the manager of NNN 2003
Value Fund, LLC.

                          About NNN 2003

Santa Ana, Calif.-based NNN 2003 Value Fund, LLC, was formed as a
Delaware limited liability company on June 19, 2003.  The Company
was organized to acquire, own, operate and subsequently sell its
ownership interests in a number of unspecified properties believed
to have higher than average potential for capital appreciation, or
value-added properties.  As of September 30, 2010, the Company
held interests in three commercial office properties, including
two consolidated properties and one unconsolidated property.  The
Company currently intends to sell, or otherwise dispose of, all of
its remaining properties and pay distributions to its unit holders
from available funds.  The Company does not anticipate acquiring
any additional real estate properties at this time.

The Company's balance sheet at September 30, 2010, showed
$33.7 million in total assets, $45.1 million in total liabilities,
and a stockholders' deficit of $11.4 million.

Ernst & Young LLP, in Irvine, Calif., 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 recurring losses, continued
deficit cash flows from operating activities and will not have
sufficient cash flow to repay mortgage loans that are past due or
will become due in 2010.


NORTEL NETWORKS: CTDI Fights to Dismiss Counterfeiting Suit
-----------------------------------------------------------
Bankruptcy Law360 reports that Communications Test Design Inc.
argued in court Wednesday to dismiss claims brought by Nortel
Networks Inc. that it sold counterfeit Nortel telephones under the
guise of a repair contract between the two companies.

                     About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.


NOVADEL PHARMA: Common Stock Reinstated on OTCBB
------------------------------------------------
On December 20, 2010, the stock quotation of NovaDel Pharma Inc.
under the symbol "NVDL" was deleted from the OTC Bulletin Board,
as a new market maker was sought to file a Form 211 application
with the Financial Industry Regulatory Authority in order to have
the Company's common stock reinstated on OTCBB.

Roth Capital Partners has filed a Form 211 with FINRA and will act
as a market maker for the Company's common stock.  As a result,
the Company's common stock has been reinstated on the OTCBB
effective January 5, 2011.

                      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.


NURSES IN PARTNERSHIP: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Nurses in Partnership, Inc.
        22144 Clarendon Street, Suite 100
        Woodland Hills, CA 91367

Bankruptcy Case No.: 11-10200

Chapter 11 Petition Date: January 6, 2011

Court: United States Bankruptcy Court
       Central District Of California (San Fernando Valley)

Judge: Maureen Tighe

Debtor's Counsel: Lewis R. Landau, Esq.
                  23564 Calabasas Rd Ste 104
                  Calabasas, CA 91302
                  Tel: (888) 822-4340
                  Fax: (888) 822-4340
                  E-mail: lew@landaunet.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 Ephraim Barsam, chief executive
officer.


OCP II: Shopping Center Foreclosure Auction Set for March 3
-----------------------------------------------------------
Brian Bandell, writing for South Florida Business Journal, reports
that the Sawgrass Commons shopping center in Sunrise is headed to
auction after its owner lost a $5.8 million foreclosure judgment.
The report relates that Bank of America, representing a CMBS fund
originated by Morgan Stanley, won the foreclosure judgment against
OCP II, which defaulted on its $5.3 million mortgage.  The online
auction is set for March 3.

The report relates the 46,199-square-foot shopping center is at
13001 W. Sunrise Blvd., on the outskirts of Sawgrass Mills.
Tenants include Visionworks, New York Lighting and Just for Feet.
OCP II bought the property for $8.5 million in 2003.

Business Journal says according to a report by CMBS analysis firm
Trepp LLC, the center was 44% vacant.  The property was appraised
at $4.2 million in June, down from its $8.7 million appraisal when
the loan was issued.


ONKAR INC: Case Summary & Largest Unsecured Creditor
----------------------------------------------------
Debtor: Onkar, Inc.
        516 Rio View Circle
        Fresno, CA 93711

Bankruptcy Case No.: 11-40136

Chapter 11 Petition Date: January 7, 2011

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

Judge: Brian D. Lynch

Debtor's Counsel: Larry B. Feinstein, Esq.
                  VORTMAN & FEINSTEIN
                  500 Union St., Ste 500
                  Seattle, WA 98101
                  Tel: (206) 223-9595
                  E-mail: feinstein2010@gmail.com

Scheduled Assets: $2,060,000

Scheduled Debts: $1,556,000

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Citibank                                         $255,000

The petition was signed by Manjit Sanghera, owner.


PETRA FUND: Jan. 31 Deadline to File Proofs of Claim
----------------------------------------------------
The Honorable Shelly C. Chapman directs creditors of Petra Fund
REIT Corp., and its debtor affiliates, to file their proofs of
claim by Jan. 31, 2011.  Governmental units have until April 18,
2011, to file their claims.

Petra Fund REIT Corp., which invests in commercial real estate-
backed loans, sought chapter 11 protection (Bankr. S.D.N.Y. Case
No. 10-15500) on Oct. 20, 2010, and is represented by Shaya M.
Berger, Esq., and Brian E. Goldberg, Esq., at Dickstein Shapiro,
LLP.  At the time of the filing, the Debtor estimated its assets
at less than $10 million and its debts at more than $100 million.


PIN KNOXS: Case Summary & 8 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Pin Knoxs, Inc.
        1621 Murdoch Road
        Philadephia, PA 19150

Bankruptcy Case No.: 11-22013

Chapter 11 Petition Date: January 6, 2011

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

Judge: Robert D. Drain

Debtor's Counsel: Lawrence F. Morrison, Esq.
                  MEISTER SEELIG & FEIN LLP
                  140 East 45th Street, 19th Floor
                  New York, NY 10017
                  Tel: (212) 655-3582
                  Fax: (646) 539-3682
                  E-mail: morrlaw@aol.com

Estimated Assets: $0 to $50,000

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

A list of the Company's eight largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nysb11-22013.pdf

The petition was signed by Jack Pinnock, president.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Jack Pinnock                           11-22011   01/06/11


PORT HARBOR: Case Summary & 16 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Port Harbor Holdings, LLC, a California corporation
        800 S. Pacific Avenue
        San Pedro, CA 90731-3206

Bankruptcy Case No.: 11-10779

Chapter 11 Petition Date: January 6, 2011

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

Judge: Ernest M. Robles

Debtor's Counsel: Marc C. Forsythe, Esq.
                  GOE & FORSYTHE, LLP
                  18101 Von Karman Avenue, Suite 510
                  Irvine, CA 92612
                  Tel: (949) 798-2460
                  Fax: (949) 955-9437
                  E-mail: kmurphy@goeforlaw.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 16 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb11-10779.pdf

The petition was signed by Meenesh Mehta, chief financial officer.


PORT TOWN: Case Summary & 4 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Port Town Hall, LLC, a California corporation
        812-814 South Pacific Avenue
        San Pedro, CA 90731-3206

Bankruptcy Case No.: 11-10783

Chapter 11 Petition Date: January 6, 2011

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

Judge: Thomas B. Donovan

Debtor's Counsel: Marc C. Forsythe, Esq.
                  GOE & FORSYTHE, LLP
                  18101 Von Karman Avenue, Suite 510
                  Irvine, CA 92612
                  Tel: (949) 798-2460
                  Fax: (949) 955-9437
                  E-mail: kmurphy@goeforlaw.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 four largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb11-10783.pdf

The petition was signed by Meenesh Mehta, chief financial officer

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Port Harbor Holdings, LLC             11-10779            01/06/11


PRESTIGE IMPORTS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Prestige Imports of Thomasville, Inc.
          dba Prestige Imports
        3355 Capital Circle NE
        Tallahassee, FL 32308

Bankruptcy Case No.: 11-40010

Chapter 11 Petition Date: January 6, 2011

Court: U.S. Bankruptcy Court
       Northern District of Florida (Tallahassee)

Debtor's Counsel: Thomas B. Woodward, Esq.
                  THOMAS B. WOODWARD, ATTY.
                  P.O. Box 10058
                  Tallahassee, FL 32302
                  Tel: (850) 222-4818
                  Fax: (850) 561-3456
                  E-mail: woodylaw@embarqmail.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/flnb11-40010.pdf

The petition was signed by M. Craig Hornsby, president.


PRESTIGE MOTORCAR: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Prestige Motorcar Gallery, Inc.
          dba Prestige Infiniti
        3355 Capital Circle NE
        Tallahassee, FL 32308

Bankruptcy Case No.: 11-40011

Chapter 11 Petition Date: January 6, 2011

Court: U.S. Bankruptcy Court
       Northern District of Florida (Tallahassee)

Debtor's Counsel: Thomas B. Woodward, Esq.
                  THOMAS B. WOODWARD, ATTY.
                  P.O. Box 10058
                  Tallahassee, FL 32302
                  Tel: (850) 222-4818
                  Fax: (850) 561-3456
                  E-mail: woodylaw@embarqmail.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/flnb11-40011.pdf

The petition was signed by M. Craig Hornsby, president.


PRIME PROPERTIES: Case Summary & 5 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Prime Properties USA, LLC
        514 Belle Isle Avenue
        Belleair Beach, FL 33786

Bankruptcy Case No.: 11-00188

Chapter 11 Petition Date: January 7, 2011

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

Debtor's Counsel: Michael C. Markham, Esq.
                  JOHNSON POPE BOKOR RUPPEL & BURNS LLP
                  P.O. Box 1368
                  Clearwater, FL 33757
                  Tel: (727) 461-1818
                  Fax: (727) 443-6548
                  E-mail: mikem@jpfirm.com

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

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

A list of the Company's five largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb11-00188.pdf

The petition was signed by Sunil S. Abhyankar, president.


PRM DEVELOPMENT: Econometric Gets OK for Linares Law as Counsel
---------------------------------------------------------------
Econometric Management, Inc., a consolidated debtor in the PRM
Development, LLC, et al. bankruptcy case, sought and obtained
authorization from the U.S. Bankruptcy Court for the Northern
District of Texas to employ The Linares Law Firm, P.L.L.C., as
counsel.

Linares Law will, among other things:

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

     b. prepare applications, motions, answers, orders, reports,
        and other legal papers on behalf of Econometric
        Management;

     c. appear in Court and to protect the interests of
        Econometric Management before the Court; and

     d. perform all other legal services for Econometric
        Management which may be necessary and proper in the
        proceedings.

Linares Law will be paid based on the rates of its professionals:

        Attorneys                               $250
        Legal Assistants & Paralegals            $75

Julie A. Linares, Esq., a member at Linares Law, assured the
Court that the firm is a "disinterested person" as that term
defined in Section 101(14) of the Bankruptcy Code.

Chicago, Illinois-based PRM Development, LLC, filed for Chapter 11
protection on August 6, 2010 (Bankr. N.D. Tex. Case No. 10-35547).
Gerrit M. Pronske, Esq., at Pronske & Patel, P.C., assists the
Debtor in its restructuring effort.  The Debtor estimated its
assets at $10 million to $50 million and debts at $1 million to
$10 million as of the Petition Date.

Affiliates Bon Secour Partners, LLC; PRS II, LLC; PRM Realty
Group, LLC; PMP II, LLC; Maluhia Development Group, LLC; Maluhia
One, LLC; Maluhia Eight, LLC; Maluhia Nine, LLC; and Long Bay
Partners, LLC, filed separate Chapter 11 petitions.

On October 14, 2010, the Court jointly administered Econometric
Management, Inc., with the Debtors.


PRM DEVELOPMENT: Taps Firm of Kevin Wiley as Counsel
----------------------------------------------------
PRM Development LLC asks the U.S. Bankruptcy Court for the
Northern District of Texas for permission to employ the Law
Offices of Kevin S. Wiley, Jr., as counsel.

The firm is expected to:

  a) counsel and prepare the Debtor's existing appeal to the
     District Court on the "Lift Stay Order";

  b) advise the Debtor's management with respect to the Debtor's
     powers and duties in the Chapter 11 case with regard to
     strategy for exit from bankruptcy, disclosure statements and
     plans, and other issues that typically arise or may arise in
     Chapter 11 cases;

  c) appear in this Court to protect the interests of the Debtor;

  d) attend meetings as requested by the Debtor;

  e) perform all other legal services for the Debtor that may be
     necessary and proper in this case, including, but not limited
     to, provision of advice in areas such as corporate,
     bankruptcy, tort, employment, governmental, and secured
     transactions; and

  f) perform other functions as requested by the Debtor or the
     Court consistent with professional standards.

The firm proposed to charge fees on the Debtor based upon the same
prevailing hourly rates charged to its regular client for similar
services.  The documents did not disclose the firm's hourly rates.
The firm tells the Court that it has not received any compensation
from the Debtor at this point.

To the best of the Debtor's knowledge, the firm is a disinterested
person as defined in Section 101 of the Bankruptcy Code.

Chicago, Illinois-based PRM Development, LLC, filed for Chapter 11
protection on August 6, 2010 (Bankr. N.D. Tex. Case No. 10-35547).
Gerrit M. Pronske, Esq., at Pronske & Patel, P.C., assists the
Debtor in its restructuring effort.  The Debtor estimated its
assets at $10 million to $50 million and debts at $1 million to
$10 million as of the Petition Date.

Affiliates Bon Secour Partners, LLC; PRS II, LLC; PRM Realty
Group, LLC; PMP II, LLC; Maluhia Development Group, LLC; Maluhia
One, LLC; Maluhia Eight, LLC; Maluhia Nine, LLC; and Long Bay
Partners, LLC, filed separate Chapter 11 petitions.


PRM REALTY: Trustee Wants Case Converted to Chapter 7 Liquidation
-----------------------------------------------------------------
William T. Neary, the U.S. Trustee for Region 6, asks the Hon.
Harlin D. Hale of the U.S. Bankruptcy Court for the Northern
District of Texas to convert the Chapter 11 case of PRM Realty
Group LLC to a Chapter 7 liquidation proceeding.

A hearing is set for Jan. 27, 2011, at 9:00 a.m., to consider the
trustee's request.

The trustee tells the Court that there is (i) diminution of assets
of the Debtor's estate with no hope of reorganization because the
Debtor has not yet proposed a plan of reorganization, (ii) gross
mismanagement of the estate because Debtor paid postpetition loan
without court approval, and (ii) failure to pay taxes because
Debtor has not timely paid taxes owed.

                     About PRM Realty Group

Chicago, Illinois-based PRM Realty Group, LLC, filed for Chapter
11 bankruptcy protection on January 6, 2010 (Bankr. N.D. Tex. Case
No. 10-30241).  The Company's affiliates -- Peter R. Morris; Bon
Secour Partners, LLC; PM Transportation, LLC; Rangeline
Properties, LLC; PRS II, LLC; and Morris Radio Enterprises, LLC --
filed separate Chapter 11 bankruptcy petitions.  Gerrit M.
Pronske, Esq., at Pronske & Patel, P.C., assists PRM Realty in its
bankruptcy effort.  PRM Realty disclosed $34,054,818 in
total assets and $225,611,600 in total liabilities as of the
Petition Date.  No committee of unsecured creditors has been
appointed.


QSR PARTNERS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: QSR Partners, LLC
        2 Hickory Grove Way
        Savannah, GA 31405

Bankruptcy Case No.: 11-40047

Chapter 11 Petition Date: January 6, 2011

Court: United States Bankruptcy Court
       Southern District of Georgia (Savannah)

Debtor's Counsel: C. James McCallar, Jr., Esq.
                  MCCALLAR LAW FIRM
                  P.O. Box 9026
                  Savannah, GA 31412
                  Tel: (912) 234-1215
                  Fax: (912) 236-7549
                  E-mail: mccallar@mccallarlawfirm.com

Scheduled Assets: $2,879,554

Scheduled Debts: $7,672,320

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/gasb11-40047.pdf

The petition was signed by Edward J. Winters, Jr., managing
member.


RAINBOW SUNSET: Court Converts Chapter Bankr. 11 Case to Chapter 7
------------------------------------------------------------------
The Hon. Hon. Linda B. Riegle of the U.S. Bankruptcy Court for the
District of Nevada has converted, at the behest of Rainbow Sunset
Pavilion Building, LLC, the Debtor's Chapter 11 bankruptcy case to
one under Chapter 7 of the U.S. Bankruptcy Code.

As reported by the Troubled Company Reporter on November 10, 2010,
the Debtor asked the Court to convert its Chapter 11 case to
Chapter 7.  The Debtor said that since the automatic stay on its
primary asset, a real property located at 6325 South Rainbow
Boulevard in Las Vegas, Nevada, had been lifted and would be sold,
it had no resources to fund its operations.  The Debtor also said
that despite efforts to sell some or all of the property, the
Debtor was unable to sell the assets in an orderly fashion outside
the context of a Chapter 7 liquidation.

                       About Rainbow Sunset

Las Vegas, Nevada-based Rainbow Sunset Pavilion Building A, LLC,
filed for Chapter 11 bankruptcy protection on September 7, 2010
(Bankr. D. Nev. Case No. 10-26963).  Jon E. Field, Esq., at Field
Law Group, serves as the Debtor's bankruptcy counsel.  The
Debtor estimated its assets and debts at $10 million to
$50 million as of the petition date.


REALOGY CORP: Bank Debt Trades at 5% Off in Secondary Market
------------------------------------------------------------
Participations in a syndicated loan under which Realogy
Corporation is a borrower traded in the secondary market at 94.93
cents-on-the-dollar during the week ended Friday, January 7, 2011,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.35
percentage points from the previous week, The Journal relates.
The Journal relates.  The Company pays 300 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
September 30, 2013, and carries Moody's B1 rating and Standard &
Poor's CCC- rating.  The loan is one of the biggest gainers and
losers among 185 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.

As reported by the Troubled Company Reporter on January 7, 2011,
Moody's changed the Probability of Default Rating of Realogy
Corporation to Caa3/LD (indicating a limited default) from Caa3
following the closing of its debt exchange offer.  The exchange
offer was considered a distressed exchange by Moody's.  Moody's
also affirmed the Caa2 Corporate Family RatinG and SGL-4
Speculative Grade Liquidity Rating and assigned Caa3 and Ca
ratings, respectively, to the senior unsecured notes and senior
subordinated notes issued in the exchange.  The rating outlook
remains stable.

Realogy Corporation -- http://www.realogy.com/-- a global
provider of real estate and relocation services with a diversified
business model that includes real estate franchising, brokerage,
relocation and title services.  Realogy's world-renowned brands
and business units include Better Homes and Gardens Real Estate,
CENTURY 21, Coldwell Banker, Coldwell Banker Commercial, The
Corcoran Group, ERA, Sotheby's International Realty, NRT LLC,
Cartus and Title Resource Group.  Collectively, Realogy's
franchise systems have around 15,000 offices and 270,000 sales
associates doing business in 92 countries around the world.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.

The Company's balance sheet at Sept. 30, 2010, showed
$2.67 billion in total assets, $9.14 billion in total liabilities,
and a stockholders' deficit of $981.0 million.

Realogy carries a 'CC' corporate credit rating with a "developing"
outlook from Standard & Poor's.  S&P noted that leverage was high,
at 15x at March 2010, although this was an improvement compared to
20x one year ago.

It has 'Caa2' corporate family and probability of default ratings,
with negative outlook, from Moody's.


REALOGY CORP: Exchange Offers Cue S&P's 'C' Rating on New Notes
---------------------------------------------------------------
On Jan. 6, 2011, Parsippany, N.J.-based Realogy Corp. announced
the final results of its exchange offers, and that approximately
$2.75 billion aggregate principal amount out of $3.045 billion in
outstanding principal of existing notes were validly tendered and
not withdrawn.  The exchange was contingent upon a minimum of
$2.65 billion in aggregate principal amount of existing notes.

Following this announcement, Standard & Poor's Ratings Services
assigned each of Realogy's new notes issued upon consummation of
the exchange offers its 'C' issue-level rating with a recovery
rating of '6', indicating S&P's expectation of negligible (0% to
10%) recovery for noteholders in the event of a payment default.
S&P issued its preliminary 'C' issue-level rating to these notes
on Dec. 15, 2010, upon the company's announcement of the exchange
offer.

The exchange notes issued include:

* $492 million 11.5% cash pay senior notes due 2017;

* $130 million 12% cash pay senior notes due 2017;

* $10 million 13.375% subordinated notes due 2018;

* $1.144 billion 11% series A convertible subordinated notes due
  2018;

* $291 million 11% series B convertible subordinated notes due
  2018; and

* $675 million 11% series C convertible subordinated notes due
  2018.

In addition, S&P lowered its issue-level ratings on the company's
10.5% senior notes due 2014, 11.00%/11.75% senior toggle notes due
2014, and 12.375% subordinated notes due 2015 to 'D' from 'C'.
Realogy's senior secured revolver, term loan, and synthetic LOC
facilities will remain rated at 'CCC-', and the company's senior
secured second-lien term loan will remain at 'C'.  Recovery
ratings on these debt issues remain unchanged.  The corporate
credit rating remains at 'CC' and the rating outlook is
developing.

Realogy announced the final results of the exchange offers, and
that holders have validly tendered these existing notes at par:

* $1.636 billion 10.5% senior notes due 2014 for $492 million in
  11.5% senior notes due 2017 and $1,144 million in 11% series A
  convertible subordinated notes due 2018;

* $421 million 11.75% senior toggle notes due 2014 for
  $130 million in 12% senior unsecured notes due 2017 and
  $291 million in 11% series B convertible subordinated notes due
  2018; and

* $685 million 12.375% subordinated notes due 2015 for $10 million
  in 13.375% subordinated notes due 2018 and $675 million in 11%
  series C convertible subordinated notes due 2018.

S&P lowered its issue-level ratings to 'D' on the existing notes,
reflecting its view that the exchange was tantamount to a default
according to its criteria, notwithstanding the offer at par.
This view considers the distressed financial profile of Realogy.
At September 2010, debt balances were large, totaling about
$7.8 billion, including operating leases and securitization debt.
Leverage was high at 14x, and EBITDA coverage of cash interest was
about 0.95x.  In addition, the exchange extended the original
maturity and resulted in a more junior ranking for many
debtholders that tendered.

S&P's corporate credit rating on Realogy is not affected by the
exchange offer, as S&P already lowered this rating to 'SD'
(selective default) on Sept. 29, 2009, following an earlier
exchange.  The current exchange offer reflects a continuing effort
on the part of the company to find solutions to manage its highly
leveraged capital structure, which was put in place to fund its
leveraged buyout several years ago.  In addition, the current
exchange is not a deleveraging event, although Realogy will
benefit from an extended maturity profile.  As soon as practical -
- likely in the coming days -- S&P expects to raise its issue-
level ratings on the existing notes to 'C' from 'D'.

                           Ratings List

                         Ratings Affirmed

                           Realogy Corp.

   Corporate Credit Rating                      CC/Developing/--
   Senior Secured First Lien                    CCC-
     Recovery Rating                            2
   Senior Secured Second Lien                   C
     Recovery Rating                            6

                            Downgraded

                           Realogy Corp.

                                                  To        From
                                                  --        ----
     Senior Unsecured                             D         C
       Recovery Rating                            6         6
     Subordinated                                 D         C
       Recovery Rating                            6         6

                           New Ratings

                           Realogy Corp.

          11.5% cash pay sr nts due 2017               C
            Recovery Rating                            6
          12% cash pay sr nts due 2017                 C
            Recovery Rating                            6
          13.375% sub nts due 2018                     C
            Recovery Rating                            6
          11% series A conv sub nts due 2018           C
            Recovery Rating                            6
          11% series B conv sub nts due 2018           C
            Recovery Rating                            6
          11% series C conv sub nts due 2018           C
            Recovery Rating                            6


RECIPROCAL OF AMERICA: Receiver Inks Key Settlement Agreements
--------------------------------------------------------------
Alfred W. Gross, the Commissioner of the Bureau of Insurance, in
his role as Deputy Receiver, is asking the Circuit Court of the
City of Richmond, Virginia, to approve two settlements resolving
claims against certain former officers and directors of Reciprocal
of America and the Reciprocal Group, the companies' outside
counsel and their insurer.  In exchange for dismissal of the
Deputy Receiver's claims and releases, the target defendants agree
to pay $2,290,000.  The Court will review the Deputy Receiver's
request at a hearing at 10:00 a.m., prevailing Eastern Time, on
Feb. 15, 2011.

The Deputy Receiver is represented by:

         Patrick H. Cantilo, Esq.
         CANTILO & BENNETT, L.L.P.
         11401 Century Oaks Terrace, Suite 300
         Austin, TX 78758
         E-mail: phcantilo@cb-firm.com

Reciprocal of America, in Receivership --
http://www.reciprocalgroup.com/-- is a reciprocal
insurance company, providing professional, workers' compensation
and other liability coverage for health systems, hospitals,
health professionals, managed care organizations and other
health care providers.  Based in Virginia, the company
is licensed in 42 states and operates in 18 states and the
District of Columbia.  In 2001, the company assumed the assets
and liabilities of Coastal Insurance Enterprise, Coastal
Insurance Exchange, and Alabama Hospital Association and
Healthcare Workers' Compensation Trust Fund.


RENFRO CORPORATION: Moody's Assigns 'B2' Rating to Senior Loan
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Renfro
Corporation's amended senior secured term loan.  Moody's also
affirmed Renfro's B2 Corporate Family and Probability of Default
Ratings.  The outlook remains stable.

The rating assignment follows Renfro's execution of an amendment
to its senior secured credit facility, which facilitated the
acquisition of KBell Holdings, Inc.  The amendment increases
Renfro's term loan by $55 million to $163.8 million and extends
the maturity date to October 2016 from October 2013, as well as
extending the maturity of the asset based revolver (unrated by
Moody's) to October 2015 from April 2013.

Renfro Corporation

  -- Senior Secured Term Loan, Assigned B2, LGD4, 54 %

  -- Senior Secured Term Loan, Withdrawn, previously rated B2,
     LGD4, 55 %

                        Ratings Rationale

Renfro's B2 corporate family rating continues to reflect the
company's modest scale, sole product focus, and significant
customer concentration.  Its strong portfolio of brands and good
liquidity support the rating.

The stable outlook incorporates expectations that Renfro will
continue to generate positive free cash flow and that credit
metrics will improve (from the pro forma metrics incorporating the
transaction) through EBITDA growth.  The stable outlook also
assumes Renfro will maintain adequate or better liquidity.

Lack of scale and limited customer diversification somewhat
constrain the rating, notwithstanding the benefits of the
acquisition.  However, Moody's would consider a ratings upgrade
with expectations for sustained debt-to-EBITDA below 3.5 times and
EBITA-to-interest above 3.5 times.  A higher rating would also
require good liquidity and expectations for positive free cash
flow.

The rating is fairly strongly positioned within the B2 corporate
family rating.  However, Moody's would consider a downgrade based
on expectations for debt-to-EBITDA approaching 6 times, EBITA-to-
interest falling below 2 times, or negative free cash flow.  A
deterioration of the liquidity profile could also result in a
negative ratings action.

Headquartered in Mount Airy, North Carolina, Renfro Corporation
designs, manufactures, and sells socks primarily within the United
States, Canada, Mexico and Europe.  Its annual revenue is
approximately $400 million.  Kelso & Company, L.P., is the primary
owner of Renfro.


RITE AID: Bank Debt Trades at 7% Off in Secondary Market
--------------------------------------------------------
Participations in a syndicated loan under which Rite Aid
Corporation is a borrower traded in the secondary market at 92.73
cents-on-the-dollar during the week ended Friday, January 7, 2011,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 1.92
percentage points from the previous week, The Journal relates.
The Journal relates.  The Company pays 175 basis points above
LIBOR to borrow under the facility.  The bank loan matures on May
25, 2014, and carries Moody's B3 rating and Standard & Poor's B+
rating.  The loan is one of the biggest gainers and losers among
185 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- based in Camp Hill, Pennsylvania, has
more than 4,700 stores in 31 states and the District of Columbia
and fiscal 2010 annual revenues of $25.7 billion.

Rite Aid carries 'Caa2' probability of default and corporate
family ratings from Moody's Investors Service.  It has a 'B-'
corporate credit rating from Standard & Poor's Ratings Services.

The Company's balance sheet at November 27, 2010, showed
$7.8 billion in total assets, $9.8 billion in total liabilities,
and a stockholders' deficit of $2.0 billion.


RITE AID: Incurs $79.1 Million Net Loss for Qtr. Ended Nov. 27
--------------------------------------------------------------
On January 6, 2011, Rite Aid Corporation filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q for the
quarter ended November 27, 2010.  The Company reported a net loss
of $79.1 million on $6.2 billion of revenue for the quarter ended
November 27, 2010, compared to a net loss $83.8 million on
$6.3 billion of revenue for the quarter ended November 28, 2009.

The Company's balance sheet at November 27, 2010, showed
$7.8 billion in total assets, $9.8 billion in total liabilities
and $2.0 billion in stockholders' deficit.

                       About Rite Aid Corp.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- based in Camp Hill, Pennsylvania, has
more than 4,700 stores in 31 states and the District of Columbia
and fiscal 2010 annual revenues of $25.7 billion.

                          *     *     *

Rite Aid carries 'Caa2' probability of default and corporate
family ratings from Moody's Investors Service.  It has a 'B-'
corporate credit rating from Standard & Poor's Ratings Services.


ROBDAV DISTRIBUTORS: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Robdav Distributors, Inc
          dba The Pork Roll Store
        1251 Yardville-Allentown Road
        Allentown, NJ 08501

Bankruptcy Case No.: 11-10462

Chapter 11 Petition Date: January 7, 2011

Court: U.S. Bankruptcy Court
       District of New Jersey (Trenton)

Judge: Kathryn C. Ferguson

Debtor's Counsel: Carol L. Knowlton, Esq.
                  TEICH GROH
                  691 State Highway 33
                  Trenton, NJ 08619
                  Tel: (609) 890-1500
                  E-mail: cknowlton@teichgroh.com

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

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

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/njb11-10462.pdf

The petition was signed by Roberta J. Goldstein, president.


ROMA II: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: Roma II - Waterford LLC
        N8416 County Road ES
        East Troy, WI 53120

Bankruptcy Case No.: 11-20164

Chapter 11 Petition Date: January 6, 2011

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

Judge: Pamela Pepper

Debtor's Counsel: Patrick J. Hudec, Esq.
                  HUDEC LAW OFFICES, S.C.
                  2100 Church Street
                  East Troy, WI 53120
                  Tel: (262) 642-3000
                  E-mail: pat@hudeclaw.com

Estimated Assets: $0 to $50,000

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

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

The petition was signed by Mark T. Galluzzo, president.


ROVI CORP: S&P Gives Stable Outlook, Affirms 'BB-' Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Santa Clara, Calif.-based digital home entertainment
technology company Rovi Corp. to stable from positive.  At the
same time, S&P affirmed its 'BB-' corporate credit rating on the
company.

"S&P's outlook revision follows Rovi's agreement to acquire Sonic
Solutions for about $720 million in a combination of cash and
stock," said Standard & Poor's credit analyst Andy Liu.  "The
stable outlook reflects S&P's view that upgrade potential pushed
into the intermediate term as Rovi digests and develops this
relatively new business."

"The 'BB-' corporate credit rating reflects its expectation that
Rovi's strong operating performance will continue and that its new
product rollouts will improve its competitive position," said Mr.
Liu.  "The acquisition of Sonic and its RoxioNow product has the
potential to open up another significant revenue stream for the
company.  However, the company will be indirectly competing
against several sizable firms including Netflix, Amazon, and
iTunes."

For the 12 months ended Sept. 30, 2010, Sonic generated total
revenue of about $103 million and was slightly above breakeven
EBITDA (after adding back stock compensation).  This is not pro
forma for Sonic's acquisition of DivX Inc., which closed in
October 2010.  S&P considers Rovi's business risk profile as fair,
based primarily on its good EBITDA margin and high barriers to
entry, balanced by its narrow business platform and significant
technology risk.  S&P assesses its financial risk profile as
significant based on its somewhat high pro forma debt leverage.

Cash paid in conjunction with the exchange offer for Sonic
common stock will equal 55% of the transaction value (about
$400 million).  However, if the initial exchange offer and related
actions permitted by the agreement don't result in Rovi owning at
least 90% of outstanding Sonic shares, the consideration paid to
Sonic shareholders in the merger may consist entirely of Rovi
shares.

Separately, Rovi has proposed to raise $500 million through term
loan financing for general corporate purposes, including the
repurchase of its common stock and its outstanding convertible
notes.  The $500 million term loan financing will boost liquidity.
Rovi's board has authorized up to $400 million in stock
repurchases and up to $200 million in repurchases of outstanding
convertible notes.

In the third quarter of 2010, Rovi increased sales about 21% and
EBITDA about 33% year over year.  The company reported solid
performance in its two segments: service providers (principal
cable system operators) and consumer electronics manufacturers
(CE).  Service providers segment sales increased 15%, aided by
digital cable conversion and international licenses.  CE segment
sales increased 31%, benefiting from higher shipments of products
incorporating the company's IPG and patent/product licensing.

S&P could raise its rating on Rovi if the company maintains its
operating momentum and successfully integrates and supports Sonic
products, such that Sonic delivers a solid return on investment.
More specifically, if Rovi regains its 37% EBITDA margin and
adopts a more conservative financial policy, S&P could raise the
rating to 'BB'.  On the other hand, if the integration of Sonic is
not successful, causing a reduction in EBITDA and becoming a cash
use, S&P could lower the rating.


SANDRIDGE ENERGY: S&P Affirms 'B+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
corporate credit rating and 'CCC+' preferred stock rating on
Oklahoma City, Okla.-based SandRidge Energy Inc.

At the same time, S&P lowered the company's senior unsecured debt
rating to 'B' (one notch lower than the corporate credit rating)
from 'B+'.  S&P revised the recovery rating to '5', which
indicates its expectation of modest (10% to 30%) recovery in the
event of a payment default, from '4'.  S&P removed this rating
from CreditWatch with negative implications where it was placed on
Nov. 10, 2010.  Approximately $3.0 billion of funded debt was
outstanding as of Sept. 30, 2010.

"The ratings on SandRidge Energy reflect its highly leveraged
financial profile and geographic concentration in Texas and
Oklahoma, as well as Standard & Poor's expectation that near-term
natural gas prices will remain weak," said Standard & Poor's
credit analyst Patrick Jeffrey.  The ratings also reflect
SandRidge's strategic shift to increase oil production and natural
gas liquids from natural gas in response to weak near-term natural
gas prices.

SandRidge's acquisition of certain oil and gas properties from
Forest Oil Corp. in December 2009 and its more recent acquisition
of Arena Resources in July 2010 have improved its business risk
profile.  The acquisitions provided the company with a more
balanced production mix between natural gas and liquids, as well
as an increased position in the Permian Basin.  As a result of the
acquisition, liquids production now constitutes more than 50% of
proved reserves as a result of these transactions.

The negative outlook reflects S&P's concern that SandRidge's
increased capital expenditure plans will result in significant
negative cash flow through 2011.  If the company is not able to
achieve planned asset sales with proceeds at the high end of its
guidance, S&P believes its adjusted total debt to EBITDAX could be
about 5x at the end of 2011, which S&P would consider well above
the 4.5x threshold for the ratings.  S&P could consider a
downgrade if the company is not able to reduce debt leverage to
below 4.5x by the end of 2011 or if liquidity becomes tighter in
the near term as a result of weak natural gas prices combined with
its aggressive capital spending plan.  S&P would consider a stable
outlook if the company is able to sustain debt leverage below 4.5x
and maintain adequate liquidity.


SAVOY DEVELOPMENT: 2nd Mortgage Lenders File Foreclosure Suit
-------------------------------------------------------------
South Florida Business Journal's Brian Bandell reports that
lenders Ice LLC, 3120 Associates and Saxon Development Co. filed a
foreclosure lawsuit Dec. 21 against co-borrowers Savoy Development
and Vallejo Investments concerning a second mortgage issued for
$8.3 million in 2007.  The lenders seek to foreclose on the site
of a stalled residential development project on Biscayne Bay in
Miami.

Business Journal relates that the first mortgage, a $7.5 million
loan with Harvard Lending Services, is not in foreclosure.  Both
of the loans matured in February, the report says.

According to Business Journal, Savoy and Vallejo own 13 lots that
combine for two acres along Northeast 32nd Street and Northeast
Seventh Avenue.  They are zoned for single-family homes and
high-density residential development.  Only demolition has taken
place there.

Keith Gaudioso, Esq., in Miami, represents the three lenders.


SBARRO INC: Cut by S&P to 'CC'; Rothschild Hired
------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Melville, N.Y.-based Sbarro Inc. to 'CC' from
'CCC-'.  The outlook is negative.

S&P also lowered the ratings on the company's $21.5 million
revolving facility and $183 million first-lien term loan to 'CC'
from 'CCC-'.  The '4' recovery rating on these facilities remains
unchanged.  Concurrently, S&P lowered the rating on the company's
$150 million senior unsecured notes to 'C' from 'CC' and kept the
recovery rating of '6' on this debt issue unchanged.

"The ratings on Sbarro reflect S&P's belief that the company's
current capital structure is unsustainable and that it is unable
to service its existing debt," said Standard & Poor's credit
analyst Mariola Borysiak.  Sbarro has engaged Rothschild Inc. as
its financial advisor to explore strategic alternatives addressing
its current capital structure.

The Jan. 3, 2011 forbearance agreement with its first-lien lenders
follows the company's expectation that it will not be able to
comply with its minimum EBITDA covenant under the first-lien
credit agreement.  At Sept. 26, 2010, Sbarro had an EBITDA cushion
of only $400,000 for this covenant.  That minimum EBITDA covenant
increased to $43 million at Jan. 2, 2011 fiscal year-end.

The forbearance agreement takes into account the company's receipt
on Dec. 29, 2010 of a notice of default from a holder of a
majority of its senior unsecured notes.  The unsecured debtholders
claim that Sbarro's incurrence of its second-lien credit facility
in 2009 violated certain provisions of the indenture.  Although
the holders claim that this violation constitutes a default under
the indenture, the notice of default is not a notice of
acceleration.  The company believes that its incurrence of the
second-lien debt was permitted by the indenture.


SBARRO INC: Enters Into Forbearance Agreement With Lenders
----------------------------------------------------------
Effective January 3, 2011, Sbarro, Inc., together with its parent,
Sbarro Holdings, LLC, entered into a Forbearance Agreement with
its lenders under its First Lien Credit Agreement and Bank of
America, N.A., as Administrative Agent under the First Lien Credit
Agreement, anticipating that it would not be in compliance with
one of the financial covenants in its First Lien Credit Agreement
as of January 2, 2011.

On January 3, 2011, the Company provided a notice of default to
the First Lien Holders regarding this anticipated failure to meet
a financial covenant in the First Lien Credit Agreement.

Pursuant to the Forbearance Agreement, the First Lien Holders have
agreed to temporarily forbear from exercising certain rights and
remedies under the First Lien Credit Agreement solely by reason of
the First Lien Default or the delivery of the Indenture Notice.
Specifically, until the Forbearance Agreement terminates, the
First Lien Holders have agreed not to terminate the commitments,
accelerate the loans, require cash collateral for the letter of
credit obligations, enforce liens granted under the collateral
documents or exercise any other rights or remedies that may be
available under the loan documents in respect of the First Lien
Default or the delivery of the Indenture Notice.

The Company has acknowledged that as a result of the First Lien
Default (i) the Company's consent right in respect of certain
assignments is no longer in effect, (ii) all outstanding loans
bear interest at the default rate (contract rate + 2%), which will
result in incremental interest of approximately $860,000 for the
first quarter of fiscal year 2011, and (iii) the Company is not
entitled to convert eurodollar loans to, or continue any
eurodollar loans for additional interest periods as, eurodollar
loans having an interest period in excess of one month.  The
Company has also agreed to pay a fee to each lender that consents
to the Forbearance Agreement of 15 basis points on the principal
amount of loans held by such lender under the First Lien Credit
Agreement.  As of January 3, 2011, the Company has paid consenting
lenders a forbearance fee of $246,063 in aggregate.

The Forbearance Agreement terminates on the earliest of (i)
January 31, 2011, (ii) the date on which any event of default
under the First Lien Credit Agreement other than the First Lien
Default shall occur, (iii) the date of any breach by Holdings or
the Company of the Forbearance Agreement, and (iv) the date on
which any holder of the Company's senior notes or any of the
Company's second lien lenders (A) accelerates any of the Company's
obligations under the Indenture or the second lien credit facility
or (B) enforces any rights to collect payment under their
respective agreements with the Company.  Approximately 95% of the
Company's outstanding second lien debt is held by an affiliate of
MidOcean Partners.  MidOcean Partners, through various investment
funds that it manages, is the indirect, majority stockholder of
the Company.

The Forbearance Agreement takes into account the Company's
receipt, on December 29, 2010, of a "Notice of Default", dated
December 28, 2010, from AFII US BD Holdings, L.P., a holder of a
majority of the Company's senior notes, contending that the
Company's incurrence of its second lien credit facility in March
2009 violated certain provisions of the Senior Notes Indenture,
dated as of January 31, 2007, among the Company, the guarantors
named therein and The Bank of New York, as Trustee, pursuant to
which the Company's senior notes were issued in January 2007.
While claiming that this constitutes a default under the
Indenture, the Indenture Notice also states that it is not a
notice of acceleration.  The Company continues to believe that its
entry into the second lien credit facility in March 2009, the
proceeds of which were used to pay down outstanding indebtedness
under the First Lien Credit Agreement, was permitted by the
Indenture.

The Company remains in discussions with its creditors and other
stakeholders regarding the Company's long-term capital structure
and potential strategic alternatives to address its long-term
needs.  The Company intends to continue these discussions during
the forbearance period provided for in the Forbearance Agreement
and may request one or more extensions of the forbearance period,
if deemed necessary or appropriate, although there can be no
assurance that any extension would be available on terms
acceptable to the Company or at all.  The Company has engaged
Rothschild Inc. as its financial advisor to assist the Company in
exploring strategic alternatives and discussing these matters with
its various stakeholders.

On January 3, 2011 the Company provided the First Lien Default
notice to the First Lien Holders, stating that based upon its
preliminary financial results for the fourth quarter and full
fiscal year of 2010, the Company would not meet the EBITDA
covenant contained in Section 7.16 of the Credit Agreement, dated
January 31, 2007, by and among the Company, Holdings, the First
Lien Holders and Bank of America, N.A., as Administrative Agent.

                         About Sbarro Inc.

Melville, N.Y.-based Sbarro, Inc. -- http://www.sbarro.com/-- is
the world's leading Italian quick service restaurant concept and
the largest shopping mall-focused restaurant concept in the world.
The Company has 1,056 restaurants in 41 countries.

The Company's balance sheet at Sept. 30, 2010, showed
$455.55 million in total assets, $29.98 million in total current
liabilities, $7.47 million in deferred rent, $70.64 million in
deferred tax liabilities, $13.26 million in due to former
shareholders and other liabilities, $341.80 million in long-term
debt, and stockholder's equity of $16.17 million.

Standard & Poor's Ratings Services in January 2011 said it lowered
its corporate credit rating on Melville, N.Y.-based Sbarro Inc. to
'CC' from 'CCC-'.  The outlook is negative.

"The ratings on Sbarro reflect S&P's belief that the company's
current capital structure is unsustainable and that it is unable
to service its existing debt," said Standard & Poor's credit
analyst Mariola Borysiak.  Sbarro has engaged Rothschild Inc. as
its financial advisor to explore strategic alternatives addressing
its current capital structure.


SHIVSHAKTI REALTY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Shivshakti Realty, LLC
        3867 Shore Parkway
        Brooklyn, NY 11235

Bankruptcy Case No.: 11-40099

Chapter 11 Petition Date: January 7, 2011

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

Judge: Carla E. Craig

Debtor's Counsel: Andrew J. Pincus, Esq.
                  SEIDMAN & PINCUS, LLC
                  777 Terrace Avenue
                  Hasbrouck Heights, NJ 07604
                  Tel: (201) 473-0047
                  Fax: (201) 288-7009
                  E-mail: ap@seidmanllc.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/nyeb11-40099.pdf

The petition was signed by Harshad Patel, manager of East End
Hospitality Mgmt.


SHIPLEY GARCIA: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Shipley Garcia Enterprises, LLC
          dba Rio Grande Valley Harley Davidson
          dba RGV Harley Davidson
          dba Road Runner Harley Davidson
        1201 South Bentsen Road
        McAllen, TX 78501

Bankruptcy Case No.: 11-20016

Chapter 11 Petition Date: January 5, 2011

Court: United States Bankruptcy Court
       Southern District of Texas (Corpus Christi)

Judge: Richard S. Schmidt

Debtor's Counsel: Nathaniel Peter Holzer, Esq.
                  JORDAN HYDEN WOMBLE CULBRETH & HOLZER PC
                  500 N Shoreline Dr, Ste 900
                  Corpus Christi, TX 78471
                  Tel: (361) 884-5678
                  Fax: (361) 888-5555
                  E-mail: ecf@jhwclaw.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 Omar Romero, vice president, finance
and operations.


SIGNATURE ATHLETIC: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Signature Athletic Limited Partnership
        1750 Valley View Lane, Suite 400
        Dallas, TX 75234

Bankruptcy Case No.: 11-30208

Chapter 11 Petition Date: January 4, 2011

Court: U.S. Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Stacey G. Jernigan

Debtor's Counsel: John P. Lewis, Jr., Esq.
                  LAW OFFICE OF JOHN P. LEWIS, JR.
                  1412 Main Street, Suite 210
                  Dallas, TX 75202
                  Tel: (214) 742-5925
                  Fax: (214) 742-5928
                  E-mail: jplewisjr@mindspring.com

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 Richard D. Morgan, vice president of
general partner.


SINOBIOMED INC: Issues 10 Million Shares to Michael Tan
-------------------------------------------------------
On December 6, 2010, Sinobiomed Inc. entered into a settlement and
conversion of debt letter agreement, dated December 2, 1010, with
Mr. Michael Tan, whereby Mr. Tan agreed to convert the debt of
$561,370 owing to him from the Company into 10,000,000 shares of
the Company's common stock.  A full-text copy of the Settlement
and Conversion Agreement is available for free at:

               http://ResearchArchives.com/t/s?71e3

On December 29, 2010, Sinobiomed issued 10,000,000 shares of its
common stock to Mr. Michael Tan with respect to the conversion of
a debt of $561,370 owing to him from the Company.  On the same
day, the Company also issued 3,400,000 shares of its common stock
to two offshore individuals due to the third closing of its
private placement at $0.015 per share for total gross proceeds of
$51,000.

The Company believes that the issuances are exempt from
registration under Regulation S or Section 4(2) under the
Securities Act of 1933, as amended, as the securities were issued
to the individuals through offshore transactions which were
negotiated and consummated outside of the United States.

In relation to the Company's private placement offering at $0.015
per share, the Company have paid a cash finder's fee in the amount
of $4,080 to one individual in Hong Kong.

The Company said proceeds from the transactions have been or will
be used for general corporate purposes.

                         About Sinobiomed

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware.  The Company is a Chinese developer of genetically
engineered recombinant protein drugs and vaccines.  Based in
Shanghai, Sinobiomed currently has 10 products approved or in
development: three on the market, four in clinical trials and
three in research and development.  The Company's products respond
to a wide range of diseases and conditions, including: malaria,
hepatitis, surgical bleeding, cancer, rheumatoid arthritis,
diabetic ulcers and burns, and blood cell regeneration.

                      Going Concern Doubt

Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended December 31, 2007.  The auditing
firm reported that the Company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.

The Company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible.  Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.


SKATING INVESTMENTS: Case Summary & 4 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Skating Investments, LLC
        P.O. Box 8030
        Clearwater, FL 33760

Bankruptcy Case No.: 11-00088

Chapter 11 Petition Date: January 5, 2011

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

Debtor's Counsel: Angelina E. Lim, Esq.
                  JOHNSON POPE BOKOR RUPPEL & BURNS
                  911 Chestnut Street
                  Clearwater, FL 33756-5643
                  Tel: (727) 461-1818
                  E-mail: angelinal@jpfirm.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 four largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb11-00088.pdf

The petition was signed by Michael Malki, member.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Tampa Skating, LLC,
  dba Clearwater Ice Arena             11-00085   01/05/11


SMILE BRANDS: S&P Assigns Corporate Credit Rating at 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
corporate credit rating to Irvine, Calif.-based Smile Brands Group
Inc.  The rating outlook is stable.

At the same time, S&P assigned the company's $240 million senior
secured term loan due 2017 and $35 million revolving credit
agreement due 2015 a rating of 'B' (the same as the corporate
credit rating).  S&P also assigned this debt a recovery rating of
'3', indicating S&P's expectation of meaningful (50% to 70%)
recovery for lenders in the event of a payment default.

"S&P's low speculative-grade rating on Smile Brands reflects the
company's weak business profile and high financial leverage," said
Standard & Poor's credit analyst Gail I. Hessol.  Pro forma for
the transaction as of Dec. 31, 2010, S&P estimate debt to EBITDA
(adjusted to capitalize operating leases and including holding
company debt) was approximately 6.8x.

Smile Brands narrowly focuses on the provision of dental practice
management services to 325 affiliated group dental offices in 17
states, with significant concentrations in Texas and California.
Accordingly, changes in economic, regulatory, or legal conditions
in these states could meaningfully affect operations.  Unfavorable
economic conditions reduced revenue growth during 2008-2010 and
led the company to temporarily curtail new office openings.
Similar to retailers, the company markets its brands, selects
highly visible locations, and offers customers convenient hours,
comprehensive treatment, prices typically 15% to 20% below those
of traditional dentists and financing.  Still, the dental services
sector is extremely fragmented and highly competitive.  Revenues
could be affected by the level of traffic at its retail locations,
while operating costs could be subject to the difficulty of
attracting and retaining dentists.


SOURCEMEDIA INC: S&P Assigns 'CCC+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned SourceMedia Inc. and
affiliate company Accuity Inc. (analyzed on a consolidated basis)
its 'CCC+' corporate credit rating.  S&P placed this rating on
CreditWatch with positive implications, reflecting the likelihood
of an upgrade following the successful closing of the company's
proposed refinancing transaction.

At the same time, S&P assigned the company's new senior secured
credit facilities S&P's 'B+' issue-level rating with a recovery
rating of '2', indicating its expectation of substantial (70% to
90%) recovery for lenders in the event of a payment default.
SourceMedia Inc. is the borrower of a $5 million floating-rate
revolver due 2016 and $35 million floating-rate term loan due
2017, and Accuity Inc. is the borrower of a $20 million revolver
due 2016 and a $110 million term loan due 2017.

In addition, S&P assigned ratings to SourceMedia's existing
$100 million term loan B and Accuity's existing $85 million term
loan B, both due in 2011.  S&P rated this debt 'CCC+' with a
recovery rating of '3', indicating S&P's expectation of meaningful
(50% to 70%) recovery for lenders in the event of a payment
default.  The 'CCC+' issue-level rating on this debt was placed on
CreditWatch with positive implications, in accordance with the
Watch placement of the corporate credit rating.  S&P expects to
withdraw its ratings on this debt once the company's proposed
refinancing transaction is closed.

"The positive CreditWatch listing reflects the assumed improvement
in the company's liquidity if the refinancing transaction is
completed," explained Standard & Poor's credit analyst Chris
Valentine.

SourceMedia and Accuity plan to use proceeds of the new senior
secured term loan to refinance its entire capital structure.  The
refinancing transaction would relieve pressure from the company's
near-term debt maturities.  S&P will likely raise the corporate
credit rating by two notches -- to 'B' with a stable rating
outlook -- if and when the proposed refinancing transaction
successfully closes.

The 'CCC+' corporate credit rating reflects SourceMedia's
significant cash flow concentration in a small number of financial
publications, an aggressive financial policy, and a focus around
the volatile financial and technology industries.  It also
reflects SourceMedia's significant maturities in the second half
of 2011, if the refinancing is not completed.


SOUTH CANAAN CELLULAR: Court Denies Request for Appraiser
---------------------------------------------------------
Bankruptcy Judge Bruce Fox denied a joint post-confirmation motion
by South Canaan Cellular Equity, LLC, seeking appointment of an
appraiser who would value a limited partnership in which the
Debtors hold interests; and the establishment of an information
gathering process by which the court-appointed appraiser would
value the limited partnership.  USCIC of Pennsylvania 5, Inc. --
formerly known as South Canaan Cellular Telephone Co. (Delaware)
-- which holds an interest in the limited partnership, objected to
the motion, arguing that the Court has no power to grant the
relief requested and that the parties' dispute over these two
issues must be resolved via arbitration.  Secured creditor
Lackawaxen Telecom, Inc., orally supported SCCTC's opposition.

The Debtors held interests in the limited partnership known as
South Canaan Cellular Communications Company, L.P., d/b/a Cellular
One of Northeast Pennsylvania, a limited partnership that provides
wireless communications services in Pennsylvania Rural Service
Area 5 located in Pike and Wayne Counties, Pennsylvania.  SCCCC LP
holds a cellular B-side FCC license.  SCCCC, LP has four limited
partners: South Canaan Telephone Co. holds a 10.2% limited
partnership interest; South Canaan Cellular Telephone Co., DE, a
wholly owned subsidiary of US Cellular, which is in turn a
subsidiary of TDS Telecommunications Corp., holds a 49% limited
partnership interest; debtor South Canaan Cellular Equity, LLC,
holds a 39.8% limited partnership interest; and debtor South
Canaan Cellular Investments, LLC, is the general partner of SCCCC,
LP, and holds a 1% limited partnership interest.

The Debtors held interests in the limited partnership known as
South Canaan Cellular Communications Company, L.P., d/b/a Cellular
One of Northeast Pennsylvania, a limited partnership that provides
wireless communications services in Pennsylvania Rural Service
Area 5 located in Pike and Wayne Counties, Pennsylvania.  SCCCC LP
holds a cellular B-side FCC license.

Pursuant to the Debtors' jointly proposed second amended
Chapter 11 plan, dated September 28, 2009 and confirmed under 11
U.S.C. Sec. 1129(b) on March 5, 2010, with an effective date of
May 7, 2010, the Debtors assumed a limited partnership agreement
with SCCTC and SCTC regarding SCCCC LP.  Funding for the plan
requires the sale of either SCCCC LP or the Debtors' interests in
the limited partnership, which sale is to occur within one year
from the effective date of the plan.

The Debtors were unable to procure a buyer for SCCCC LP, nor
obtain an offer to purchase that was acceptable to them within the
four months following the plan effective date.  Thus, they
executed the "put" provisions of the partnership agreement.

The parties agree that the Debtor general partner, SCCI, and SCCTC
exchanged their valuations of SCCCC LP, and that those valuations
differed by more than 10%.  They further concur that SCCI and
SCCTC could not agree upon an appraiser to value the limited
partnership.

SCCI and SCCTC each chose expert appraisers, as required by the
partnership agreement.

In their motion, the Debtors proposed a "protocol" or methodology
by which their independent appraiser would determine the fair
market value of the limited partnership.

A copy of Judge Fox's January 6, 2011 Memorandum is available
at http://is.gd/kilj9from Leagle.com.

South Canaan Cellular Investments, LLC, and South Canaan Cellular
Equity, LLC, filed for Chapter 11 bankruptcy (Bankr. E.D. Pa. Case
Nos. 09-10473 and 09-10474) on January 25, 2009.  At the time of
the filing, the Debtors estimated their assets at $10 million to
$50 million and their liabilities at less than $10 million.  The
Bankruptcy Court has approved a chapter 11 plan for the Debtors
that would pay creditors' claims in full.


SOUTH EDGE: Bankruptcy Ruling to Impact Home Builders
-----------------------------------------------------
Bankruptcy Judge Bill Parker remands the action, Blue Water
Endeavors, LLC, Robert Nordberg, and Dawn Nordberg, v. AC & Sons,
Inc., Colburn R. McClelland, Angie McClelland, and Robert O.
Grote, Adv. Pro. No. 10-1015 (Bankr. E.D. Tex.), to state court,
holding that all issues that remain are exclusively state law
issues among non-debtor parties.  The sole issue involving
bankruptcy jurisprudence has been resolved.

Blue Water, along with its individual owners, originally filed
suit in the 58th Judicial District Court of Jefferson County,
Texas under Cause No. A 187-070, styled Blue Water Endeavors, LLC
d/b/a Fat Mac's Smokehouse, et al. v. AC & Sons, Inc., et al.  The
action was commenced on June 14, 2010, almost 15 months after the
Debtor's plan was confirmed.

The Plaintiffs seek relief for various claims arising in the
prepetition period including, inter alia, breach of contract,
breach of duty of good faith and fair dealing, several different
types of fraud, and various forms of misrepresentation.  The
defendants played some role in the original sale of Fat Mac's
Smokehouse to the Blue Water group.  The McClelland Defendants
removed the case to federal district court on July 30, 2010
pursuant to 28 U.S.C. Sec. 1334(b) as a matter arising under,
arising in, or relating to, the Blue Water bankruptcy case.  The
United States District Court then referred the case to the
Bankruptcy Court, which had previously handled the Blue
Water bankruptcy case.

A copy of the Court's January 6, 2011 Memorandum of Decision is
available at http://is.gd/kivxGfrom Leagle.com.

                    About Blue Water Endeavors

Blue Water Endeavors, LLC, purchased Fat Mac's Smokehouse, a
barbeque restaurant located in Beaumont, Texas, in November 2006.
Robert and Dawn Nordberg serve as the principals and sole owners
of Blue Water.

Blue Water filed for Chapter 11 bankruptcy (Bankr. E.D. Tex. Case
No. 08-10466) on August 27, 2008. Floyd A. Landrey, Esq. --
wphillips@moorelandrey.com -- at Moore Landrey, L.L.P., served as
the Debtor's counsel.  In its petition, the Debtor estimated
assets of $100,000 to $500,000 and debts of $1 million to
$10 million.

On January 20, 2009, Blue Water proposed a Chapter 11 plan of
reorganization as a small business debtor and filed an
accompanying disclosure statement. The Court confirmed Blue
Water's Chapter 11 plan as amended on March 3, 2009.5 The
bankruptcy case for Blue Water was closed through the entry of a
final decree on September 9, 2009.


SPRINGBOK SERVICES: Court Converts Chapter 11 Case to Chapter 7
---------------------------------------------------------------
The Hon. Howard R. Tallman of the U.S. Bankruptcy Court for the
District of Colorado has converted, at the behest of Springbok
Services, Inc., the Debtor's Chapter 11 bankruptcy case to
Chapter 7.

The Court found that the case was not initiated as an involuntary
case under Chapter 11, and that the case has not been converted to
a case under Chapter 11 on other than the Debtor-in-Possession's
request.

Charles F. McVay, U.S. Trustee for Region 19, has appointed Joseph
Rosania, as Chapter 7 trustee to administer the estate.

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


STANFORD INT'L: Investors Rush to Sue United States Government
--------------------------------------------------------------
Caribbean360.com reports that victims of Robert Allen Stanford's
alleged multi-billion dollar fraud are racing against time to sue
the United States government in an attempt to get back the money
they lost.

Because of the Statute of Limitations of two years, they have just
a few days to get their chance to sue the U.S. government for the
failure of the Securities and Exchange Commission to conduct
appropriate enforcement in Mr. Stanford's fraud, according to
Caribbean360.com.  The report relates that the suit argues that
despite receiving information years ago that Mr. Stanford was
likely running a Ponzi scheme, the SEC fell down on its duty to
investigate and stop him.

Caribbean360.com notes that the investors are being represented by
Dr. Gaytri Kachroo, the attorney who last November filed the class
action in the case of convicted American Ponzi schemer Bernard
Madoff.

"Dr. Kachroo indicates that if investors want to participate in an
action against the SEC, most likely a class action, they must file
claims immediately and no later than February 16, 2011. . . She
strongly advises international investors to contact and file all
documentation with Kachroo Legal Services prior to January 15,
2011 in order to timely process their claims," a statement from
the investors said, the report discloses.

Caribbean360.com adds that the deadline for the filing of the
claim comes two year after Mr. Stanford was charged, on
February 17, 2009, with multiple civil fraud and criminal charges
for allegedly running an US$8 billion Ponzi scheme.

            About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


STRATEGIC AMERICAN: Alan Lindsay Resigns From Board of Directors
----------------------------------------------------------------
Strategic American Oil Corporation, on December 31, 2010,
received and accepted a letter of resignation from Alan Lindsay
regarding his position as a member of the Board of Directors.

Mr. Lindsay has served with the Company since incorporation and
has helped the Company in developing a strategic vision and
implementing plans to see that vision actualized.  The Company
thanks Mr. Lindsay for his years of service and wishes him the
best success in his future endeavors.

Jeremy Driver, President and CEO stated, "It has been a pleasure
to work with Mr. Lindsay over the past year.  His vast experience
and knowledge in the finance and resource sectors has been key in
the development of this Company.  We appreciate all he has done to
help build Strategic American Oil  and wish him the greatest
success in the future."

                      About Strategic American

Corpus Christi, Tex.-based Strategic American Oil Corporation (OTC
BB: SGCA) -- http://www.strategicamericanoil.com/-- is a growth
stage oil and natural gas exploration and production company with
operations in Texas, Louisiana, and Illinois.  The Company's team
of geologists, engineers, and executives leverage 3D seismic data
and other proven exploration and production technologies to locate
and produce oil and natural gas in new and underexplored areas.

The Company's balance sheet at October 31, 2010, showed
$1.89 million in total assets, $2.96 million in total liabilities,
and a stockholders' deficit of $1.07 million.

MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt
about Strategic American Oil's ability to continue as a going
concern following the Company's results for the fiscal year ended
July 31, 2010.  The independent auditors noted that the Company
has suffered losses from operations and has a working capital
deficit.


STRATFORD APARTMENTS: Case Summary & Creditors List
---------------------------------------------------
Debtor: The Stratford Apartments, LLC
        501 N. Church Street, Suite 100
        Charlotte, NC 28202

Bankruptcy Case No.: 11-30041

Chapter 11 Petition Date: January 7, 2011

Court: U.S. Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: J. Craig Whitley

Debtor's Counsel: Andrew T. Houston, Esq.
                  HAMILTON MOON STEPHENS STEELE & MARTIN
                  201 South College Street, Suite 2020
                  Charlotte, NC 28244
                  Tel: (704) 227-1072
                  Fax: (704) 344-2278
                  E-mail: ahouston@lawhms.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 19 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ncwb11-30041.pdf

The petition was signed by Tom Thornburg, manager.


SUNDALE LTD: Kendall Hotel Faces Foreclosure Suit
-------------------------------------------------
Brian Bandell, writing for South Florida Business Journal, reports
that Los Angeles-based Florida Associates Capital Enterprises
filed a $6.3 million foreclosure lawsuit on Dec. 28 against
Sundale Ltd., Kendall Hotel and Suites and managing member Phillip
Scutieri Jr., according to Miami-Dade County Circuit Court
records.  It concerns the 158-room, four-story hotel at 9100 N.
Kendall Drive, not far from Baptist Hospital.  Built in 1979, the
hotel has a pool and tennis courts.

According to Business Journal, Miami attorney James C. Cunningham
said Sundale defaulted on the terms of its $6.3 million mortgage
with his client, Florida Associates Capital.  It either wants to
get repaid or take over the property, but its mortgage is
subordinate to a first mortgage from Miami-based Ocean Bank.

Business Journal also relates bankruptcy court records show that
Sundale also defaulted on its Ocean Bank mortgage under the
reorganization plan, but the parties agreed to a forbearance
agreement until June 1.  Sundale must pay Ocean Bank $14.5 million
by then or it could attempt to seize the property.

Business Journal relates Mr. Cunningham said Florida Associates
Capital has the option of paying off Ocean Bank or refinancing the
property. The hotel remains open, he added.

Headquartered in Miami, Florida, Sundale Ltd. fka Sundale
Associates Ltd. is an operative builder.  The Company filed for
Chapter 11 protection on December 12, 2007 (S.D. Fla. Case No.
07-21016).  Peter D. Russin, Esq., at Meland, Russin & Budwick
PA, represented the Debtor.  When the Debtor filed for
protection from its creditors, it estimated assets between
$50 million and $100 million and debts between $10 million
and $50 million.


SUPERMEDIA INC: Moody's Changes Default Rating to 'Ca/LD'
---------------------------------------------------------
Moody's Investors Service has changed SuperMedia Inc.'s
Probability of Default Rating to Ca/LD from Caa1 following the
company's voluntary prepayment of $264 million of par value debt
for $185 million in cash.  The revision of the PDR to Ca/LD
reflects Moody's view that the transaction constitutes a
distressed exchange.  The PDR also reflects Moody's view that
additional exchanges at a discount are possible in the future.  In
3 days, Moody's will remove the LD designation and change the PDR
back to Caa1.

Simultaneously, Moody's has changed SuperMedia's outlook to
negative from stable based on Moody's concerns that the pace of
decline in revenue and new orders (as indicated by the company's
advertising sales), which is faster than Moody's had anticipated,
will persist despite a recovery in overall U.S. advertising
spending.  Although improved from the cycle's trough of down 21%
in 1Q'10/4Q'09, advertising sales were down 15% for 3Q'10 amidst a
generally improving advertising sector.  Continued weakness in ad
sales relative to expected spending in other print-based channels
and the overall advertising market suggests that the cyclical
recovery in client advertising spending is not stabilizing revenue
in the directory industry.  Moody's thus believes the magnitude of
the structural challenges the directory industry faces are more
severe than previously anticipated.

Moody's has taken these rating actions:

Issuer: SuperMedia Inc.

These ratings were changed:

  -- Probability of Default Rating, Ca/LD from Caa1 prior
  -- Outlook: Negative from Stable prior

These ratings are unchanged:

  -- Corporate Family Rating, B3
  -- $2.2 billion Term Loan, B3 LGD3-35%
  -- Speculative Grade Liquidity, SGL 2

                        Ratings Rationale

Supermedia is struggling as increasing competition from the
rapidly evolving online and mobile business directory services
industry and the lingering impacts of the weak economy keeps
pressure on revenues.  While the company is attempting to
transition the business away from its reliance on print
advertising through development of online and mobile directory
service applications, Moody's is increasingly concerned that the
company will not be able to make this change quickly enough to
stabilize the revenue base over the intermediate term.  Further,
the high fixed cost nature of SuperMedia's business could lead to
steep margin compression, notwithstanding continued aggressive
cost management.

SuperMedia has good liquidity, supported by Moody's projection of
$150 million in cash at year end 2010 and ongoing positive free
cash flow.  The company requires minimal capital investment, well
below internally generated cash flows.  Additionally, SuperMedia
can opt to accrue approximately 20% of interest as principal,
offering additional flexibility.

Moody's could lower SuperMedia's ratings if the company's revenues
continue to fall at a double digit percentage rate, if it becomes
unable to produce free cash flow without exercising the PIK
option, or if its liquidity becomes strained.

The last rating action Moody's took on SuperMedia was on
January 29, 2010, when the company's ratings were assigned
following its exit from bankruptcy restructuring.

SuperMedia's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  Moody's compared these attributes against
other issuers both within and outside SuperMedia's core industry
and believes SuperMedia's ratings are comparable to those of other
issuers with similar credit risk.

SuperMedia Inc., headquartered in D/FW Airport, Texas, is the
second largest U.S. yellow pages publisher.  The company reported
revenues of $1.3 billion for the twelve months ended September 30,
2010.


T3 MOTION: Exchanges Warrants to 2.1-Mil. Common Shares
-------------------------------------------------------
On December 31, 2010, T3 Motion, Inc., entered into a Securities
Exchange Agreement with Vision Opportunity Master Fund, Ltd.
pursuant to which the company exchanged 3.5 million Class G
Warrants into 2.1 million shares of its common stock.

The transaction was completed through a private placement to
accredited investors and is exempt from registration pursuant to
Section 4(2) of the Securities Act of 1933, as amended.

On December 31, 2009, the Company issued 10% Senior Secured
Convertible Debentures in the principal amount of $3,500,000 to
Vision Opportunity Master Fund, Ltd.  The Lender and the Company
executed an amendment of the Debenture on December 31, 2010 and
extended the maturity date from December 31, 2010 to March 31,
2011.  All other provisions of the Debenture remained unchanged.

                          About T3 Motion

Costa Mesa, Calif.-based T3 Motion, Inc., was organized on
March 16, 2006, under the laws of the state of Delaware.  The
Company develops and manufactures T3 Series vehicles, which are
electric three-wheel stand-up vehicles that are directly targeted
to the public safety and private security markets.

The Company's balance sheet as of September 30, 2010, showed
$3.81 million in total assets, $16.56 million in total
liabilities,  and a stockholders' deficit of $12.75 million.  At
September 30, 2010, the Company has an accumulated deficit of
$40.41 million, a working capital deficit of $14.32 million and a
cash balance of $40,966.

KMJ Corbin & Company LLP, in Costa Mesa, Calif., 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 operating losses and had negative cash flows from
operations since inception and at December 31, 2009, has a working
capital deficit of $11.01 million and an accumulated deficit of


TASANN TING: Files Schedules of Assets & Liabilities
----------------------------------------------------
Tasann Ting Group, Inc. A Calif. Corp has filed with the U.S.
Bankruptcy Court for the Northern District of California its
schedules of assets and liabilities, disclosing:

  Name of Schedule                      Assets         Liabilities
  ----------------                      ------         -----------
A. Real Property                     $18,948,000
B. Personal Property                    $492,960
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $20,826,434
E. Creditors Holding
   Unsecured Priority
   Claims                                                       $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                                 $226,302
                                     -----------       -----------
      TOTAL                          $19,440,960       $21,052,736

A copy of the Schedules of Assets & Liabilities is available for
free at:

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

Sunnyvale, California-based Tasann Ting Group, Inc. A Calif. Corp
filed for Chapter 11 bankruptcy protection on December 28, 2010
(Bankr. N.D. Calif. Case No. 10-63154).  Ted Z. Wolny, Esq., at
Miller Wolny Legal Group, serves as the Debtor's bankruptcy
counsel.  According to its scheduled, the Debtor disclosed
$19,440,960 in total assets and $21,052,736 in total debts as of
the Petition Date.


TASANN TING: Section 341(a) Meeting Scheduled for Jan. 26
---------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of Tasann
Ting Group, Inc. A Calif. Corp's creditors on January 26, 2011, at
12:30 p.m.  The meeting will be held at U.S. Federal Building, 280
S. First Street #268, San Jose, CA 95113.

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

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

Sunnyvale, California-based Tasann Ting Group, Inc. A Calif. Corp
filed for Chapter 11 bankruptcy protection on December 28, 2010
(Bankr. N.D. Calif. Case No. 10-63154).  Ted Z. Wolny, Esq., at
Miller Wolny Legal Group, serves as the Debtor's bankruptcy
counsel.  According to its scheduled, the Debtor disclosed
$19,440,960 in total assets and $21,052,736 in total debts as of
the Petition Date.


TEMPEST GROUP: Case Summary & 5 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Tempest Group, LLC
        457 State Street
        Beaver, PA 15009

Bankruptcy Case No.: 11-20123

Chapter 11 Petition Date: January 7, 2011

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

Debtor's Counsel: Edgardo D. Santillan, Esq.
                  PROSTKO & SANTILLAN, LLC
                  650 Corporation Street, Ste 304
                  Beaver, PA 15009
                  Tel: (724) 770-1040
                  Fax: (412) 774-2266
                  E-mail: edscourt@debtlaw.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 five largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/pawb11-20123.pdf

The petition was signed by Werner I Staaf, president.


TRANSCONTINENTAL REALTY: Affiliates File for Bankruptcy in Dallas
-----------------------------------------------------------------
NetDockets reports that three affiliates of Transcontinental
Realty Investors, Inc. voluntarily filed for chapter 11 bankruptcy
protection in Dallas.  The report relates that the three companies
that filed bankruptcy petitions are FRE Real Estate, Inc. (f.k.a.
TCI Park West II, Inc.), NLP Cooley Associates, LP, and Signature
Athletic Limited Partnership.

According to the report, both NLP Cooley Associates and Signature
Athletic estimated assets and liabilities in the $1 to $10 million
range on their chapter 11 petitions.  The report notes that FRE
Real Estate, however, reported assets and liabilities both in the
range of $100 to $500 million.  According to the most recent
annual report available on TCI's website, FRE Real Estate is a
wholly-owned subsidiary which is incorporated in Nevada, the
report says.

NetDockets discloses that the company appears to own the Fenton
Center (Park West II) office complex in Dallas, which has almost
700,000 square feet of rental space and had occupancy of slightly
less than 75% as of December 31, 2009.  Signature Athletic is also
a wholly-owned subsidiary and is incorporated in Texas.

The report says that NLP Cooley Associates was not listed in TCI's
Form 10-K filing for 2009, but its petition lists TCI's
headquarters as its primary address as well.  Neither court
filings nor TCI's SEC filings identify which of TCI's 85 apartment
buildings and commercial properties are owned by either NLP Cooley
Associates or Signature Athletic, the report relates.

Dallas-based Transcontinental Realty Investors, Inc. is a real
estate investment company that owns a portfolio of income-
producing properties and land held for development. The Company's
portfolio of income-producing properties includes residential
apartment communities, office buildings, hotels and other
commercial properties.


TRIBUNE CO: Bank Debt Trades at 31% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Tribune Co. is a
borrower traded in the secondary market at 69.19 cents-on-the-
dollar during the week ended Friday, January 7, 2011, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.03 percentage
points from the previous week, The Journal relates.  The Journal
relates.  The Company pays 300 basis points above LIBOR to borrow
under the facility. The bank loan matures on May 17, 2014.
Moody's has withdrawn its rating on the bank debt.  The loan is
one of the biggest gainers and losers among 185 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. And Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.  Chadbourne & Parke LLP
and Landis Rath LLP serve as co-counsel to the Official Committee
of Unsecured Creditors.  AlixPartners LLP is the Committee's
financial advisor.  Landis Rath Moelis & Company serves as the
Committee's investment banker.  Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.

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


TRIBUNE CO: Multi-Plan Confirmation Hearing Set for March 7
-----------------------------------------------------------
The Honorable Kevin J. Carey has scheduled a hearing for
10:00 a.m. on Mar. 7, 2011, to consider confirmation of one of the
three plans of reorganization proposed for Tribune Company and
certain of its subsidiaries in its chapter 11 proceeding.  Judge
Carey approved a General Disclosure Statement and three Specific
Disclosure Statements describing the competing plans on Dec. 9,
2010.  The competing plans before the Court are proposed by:

(1) Tribune Company and its debtor affiliates, the Official
     Committee of Unsecured Creditors, Oaktree Capital
     Management, L.P., Angelo, Gordon & Co., L.P., and JPMorgan
     Chase Bank, N.A.;

(2) Aurelius Capital Management, LP, Deutsche Bank Trust
     Company Americas, Law Debenture Trust Company of New York,
     and Wilmington Trust Company; and

(3) King Street Acquisition Company, LLC, King Street Capital,
     LLP and Marathon Asset Management, L.P.

Jan. 28, 2011, is the deadline for creditors to cast their ballots
to accept or reject the Plans.  Confirmation objections must be
filed and served by Feb. 15, 2011.

                      About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.

Chadbourne & Parke LLP and Landis Rath LLP serve as co-counsel to
the Official Committee of Unsecured Creditors.  AlixPartners LLP
is the Committee's financial advisor.  Landis Rath Moelis &
Company serves as the Committee's investment banker.  Thomas G.
Macauley, Esq., at Zuckerman Spaeder LLP, in Wilmington, Delaware,
represents the Committee in connection with the lawsuit filed
against former officers and shareholders for the 2007 LBO of
Tribune.

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


TRICO MARINE: PACC Cancels "Mystic" MOA, Seeks Release of Escrow
----------------------------------------------------------------
In a regulatory filing Monday, Trico Marine Services, Inc.,
discloses that PACC Offshore Services Holding Pte Ltd. ("Buyer"),
on January 3, 2011, sent notice to Trico Marine Assets, Inc.
("Seller"), of Buyer's intention to cancel that certain Memorandum
of Agreement (the "MOA") dated November 23, 2010, regarding the
sale by Seller to Buyer of the Trico Mystic (the "Vessel").  Buyer
also requested immediate release of the purchase price (the "Sale
Proceeds").

By letter dated January 6, 2010, counsel to Seller advised Buyer
of Seller's position that neither the MOA nor the related Order
entered on December 1, 2010, by the United States Bankruptcy Court
for the District of Delaware Granting Motion to Approve the Sale
of Assets Free and Clear of Liens, Claims, and Encumbrances to
Buyer (the "Order") confers upon Buyer a right to a return of the
escrowed Sale Proceeds at this time.  Seller thereby advised Buyer
that Seller is prepared to close immediately and has satisfied all
performance conditions set forth in the Agreement.  Seller
believes that any refusal to close in accordance with the Order
may be in bad faith, and Seller reserves all rights to seek any
appropriate remedy to effectuate the provisions of the Order.

Seller, however, seeks a consensual closing of the sale of the
Vessel promptly.  However, no assurance can be given whether or
when a consensual closing will be consummated.

           Proceeds from Sale of Trico Mystic Have Not
             Been Applied to Tennenbaum Obligations

Reference is made to that certain Senior Secured, Super-Priority
Debtor-in-Possession Credit Agreement dated as of August 24, 2010,
as amended by Amendment No. 1 thereto dated as of September 21,
2010, and Amendment No. 2 thereto dated as of October 1, 2010,
(the "DIP Credit Agreement"), the Company, the Guarantors party
thereto from time to time, the Lenders party thereto from time to
time and Obsidian Agency Services, Inc., as agent.

As previously disclosed, on November 29, 2010, the Company,
Seller, Trico Marine Operators, Inc., Trico Marine International,
Inc., Trico Holdco, LLC, and Trico Cayman, L.P. (collectively, the
"Debtors") and Tennenbaum Capital Partners, LLC ("Tennenbaum"),
the Lender under the DIP Credit Agreement, reached an agreement
regarding use of Cash Collateral under the DIP Credit Agreement.
The Debtors agreed to (i) comply with the budget filed with the
Bankruptcy Court on November 29, 2010, and (ii) use a portion of
proceeds from the sale of the Trico Mystic and Trico Moon, as
disclosed in the budget and along with proceeds from other asset
sales, to reduce its obligations to Tennenbaum.  Tennenbaum, in
return, agreed to consent to the use of its Cash Collateral.  The
Bankruptcy Court approved this agreement at the hearing on
November 29, 2010, and the sale of the Trico Moon closed on
December 10, 2010.

As a result of the failure to timely close the sale of the Trico
Mystic, the Sales Proceeds have to date not been applied to, among
other things, reduce the Debtors' obligations to Tennenbaum as
disclosed in the budget.

                       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.


TRICO MARINE: U.S. Trustee Criticizes Proposal to Hand Over Units
-----------------------------------------------------------------
American Bankruptcy Institute reports that U.S. Trustee Roberta A.
DeAngelis joined a chorus of protest over a Trico Marine Services
Inc. proposal to hand over valuable operating units to a leading
group of lenders in a pact that the company says is vital to its
restructuring.

                         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.


TWIN SHIN: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Twin Shin Corporation
        34427 and 34431 Pacific Hwy So
        Federal Way, WA 98003

Bankruptcy Case No.: 11-10118

Chapter 11 Petition Date: January 6, 2011

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

Judge: Marc Barreca

Debtor's Counsel: Michael M. Yahng, Esq.
                  CORNERSTONE LAW OFFICE
                  30810 Pacific Hwy South
                  Federal Way, WA 98003
                  Tel: (253) 946-9428
                  E-mail: yahng@yahoo.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 Sang Hun Om, president.


U.S. EAGLE: Files for Chapter 11 Bankruptcy in New Jersey
---------------------------------------------------------
Elizabeth, New Jersey-based U.S. Eagle Corporation and six
subsidiaries filed for Chapter 11 protection on Jan. 6, 2011
(Bankr. D. N.J. Lead Case No. 11-10392).

Samuel Jason Teele, Esq., at Lowenstein Sandler PC, in Roseland,
New Jersey, serves as counsel to the Debtors.

The Debtors' businesses are comprised of three separate and
distinct lines.  The most significant line of business consists of
the sale and rental of traffic control-related equipment, such as
traffic barricades, crash barrels and message boards, as well as
trench shoring equipment and steel plates.  This line of business
services customers primarily located in California, Nevada and
Arizona.  In addition, the Debtors design and distribute golf
course maintenance products to customers located principally in
the United States.  The third line of business consists of the
ownership of certain parcels of commercial real estate in Nevada
and California and the rental under a long term operating lease of
real property located in Trenton, New Jersey.

                  Prepetition Capital Structure

U.S. Eagle estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.

As of the Petition Date, the Debtors owed $16,000,000 to Comerica
Bank pursuant to a Credit Agreement dated March 5, 2006, as
amended on March 27, 2007, November 30, 2007, November 14, 2008
and February 12, 2010 and two separate Secured Real Estate Loans
respecting (a) 2180 Pama Lane, Las Vegas, Nevada and (b) 6680
Surrey Street, Las Vegas, Nevada.  All of the Debtors' personal
and real property is pledged as collateral to Comerica in
connection with the Credit Agreement and Mortgages, respectively.

As of December 31, 2010, the Debtors are indebted to various
parties in the aggregate approximate amount of $438,591 pursuant
to a $300,000 12% Subordinated Debenture dated November 1, 1989
issued by U.S. Eagle Corp. to Dawn E. Westphal (now Dawn
Thompson), a $300,000 12% Subordinated Debenture dated November 9,
1989 issued by U.S. Eagle Corp. to Margaret H. Westphal, and a
promissory note dated December 31, 1998 issued by TCS California
to Mark C. Sjobom in connection with the TCS California's 1998
acquisition of the business of Allied Trench Shoring Service, Inc.

In the ordinary course of business, the Debtors incur unsecured
trade debt by vendors, suppliers and service providers.  As of the
Petition Date, the aggregate amount of trade debt outstanding
totaled approximately $2 million.

James J. Westphal, Jr., and JJW Trust own 43.66% of equity in the
Debtors and five other Westphal entities own the remaining shares.

                   Events Leading to Chapter 11

According to a court filing, although the Debtors' operations
remain fundamentally sound, the recent economic downturn led to a
decrease in sales across the enterprise.  This decline was
particularly noticeable in the TCS business, which is heavily
dependent upon road and housing construction.

The decline in business forced the Debtors to borrow additional
funds from Comerica under the Credit Agreement and, as of the
Petition Date, the Debtors were in an over-advance position of
nearly $1,150,000.  The Debtors were unable to repay the over-
advance at the aggressive rate sought by Comerica, and the Debtors
and Comerica were unable to agree on a repayment schedule that the
Debtors' businesses could more readily support.

Based on certain statements made by Comerica and positions taken
by it in respect of the over-advance the Debtors grew concerned
that Comerica may take precipitous action -- such as sweeping the
Debtors' operating accounts -- which would cripple the Debtors'
businesses.  Moreover, Comerica likely was unaware of the full
extent of the over-advance, which heightened the Debtors' concerns
about dramatic action by Comerica that would impede operations.
Accordingly, the Debtors took the unavoidable and necessary step
of commencing these cases to protect their businesses and assets
for all stakeholders.

The Debtors are cautiously optimistic that in the context of a
chapter 11 proceeding, they will be able to quickly and
efficiently restructure the Comerica debt, rehabilitate their
businesses, and maximize distributions to all (secured and
unsecured) creditors.


U.S. EAGLE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: U.S. Eagle Corporation
        582 Progress Road
        Elizabeth, NJ 07201

Bankruptcy Case No.: 11-10392

Chapter 11 Petition Date: January 6, 2011

Court: U.S. Bankruptcy Court
       District of New Jersey (Newark)

Judge: Novalyn L. Winfield

Debtor's Counsel: Samuel Jason Teele, Esq.
                  LOWENSTEIN SANDLER PC
                  65 Livingston Avenue
                  Roseland, NJ 07068
                  Tel: (973) 597-2500
                  E-mail: jteele@lowenstein.com

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

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

The petition was signed by Frank Della Fera, chief financial
officer.

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
U.S. Eagle Litho, Inc.                11-10401         1/06/11
Eagle One Golf Products, Inc.         11-10397         1/06/11
Julius Realty Corporation             11-10393         1/06/11
Traffic Control Service, Inc.,
  An Arizona Corporation              11-10398         1/06/11
Traffic Control Service, Inc.,
  A California Corporation            11-10403         1/06/11
Traffic Control Service, Inc.,
  A Nevada Corporation                11-10392         1/06/11

U.S. Eagle Corp.'s List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Tangent Technologies               Trade Debt              $99,411
100 Sullivan Road
Aurora, IL 60506

Maneri Sign Co. Inc.               Trade Debt              $54,835
1928 West 135th Street
Gardena, CA 90249

Swarco                             Trade Debt              $48,443
270 Rutherford Lane
Columbia, TN 38402

Univar USA Inc.                    Trade Debt              $46,492

Standard Golf Company              Trade Debt              $46,061

Energy Absorption System           Trade Debt              $37,858

AT&T Advertising Solution          Trade Debt              $37,394

Par Aide Products Co.              Trade Debt              $30,696

Potters Industries, Inc.           Trade Debt              $27,154

GNR Technologies                   Trade Debt              $26,588

Advantage Sealing System           Trade Debt              $26,199

Woodbury Morris & Brown            Trade Debt              $24,888

Supermedia LLC                     Trade Debt              $23,641

Bent Manufacturing Co.             Trade Debt              $23,341

Sign-Up Corp.                      Trade Debt              $20,959

3M                                 Trade Debt              $20,748

Wittek Golf Supply Co., Inc.       Trade Debt              $19,651

Golf City Products                 Trade Debt              $16,790

Optimus Group, Inc.                Trade Debt              $16,533

Schrimmer-Cavanaugh Insurance      Trade Debt              $16,203


USEC INC: Richard Morris Does Not Own Any Securities
----------------------------------------------------
Richard Smith Morris, a director at USEC Inc., disclosed in a Form
3 filing with the Securities and Exchange Commission on January 3,
2011, that he does not own any securities of the company.

                          About USEC Inc.

Headquartered in Bethesda, Maryland, USEC Inc. (NYSE: USU) --
http://www.usec.com/-- supplies enriched uranium fuel for
commercial nuclear power plants.

                           *     *     *

USEC Inc. carries 'Caa1' corporate and probability of default
ratings, with "developing" outlook, from Moody's, and 'CCC+' long
term foreign issuer credit rating and 'CCC-' long term local
issuer credit rating, with outlook "developing", from Standard &
Poor's.

In May 2010, S&P said that its rating and outlook on USEC Inc. are
not affected by the announcement that Toshiba Corp. and Babcock &
Wilcox Investment Co., an affiliate of The Babcock & Wilcox Co.,
have signed a definitive investment agreement for $200 million
with USEC.


USEC INC: Richard Smith Acquires 6,000 Shares of Common Stock
-------------------------------------------------------------
In a Form 4 filing with the Securities and Exchange Commission on
January 4, 2011, Richard Smith Morris, a director at USEC Inc.,
disclosed that he acquired 6,444 shares of common stock of USEC
Inc. on January 1, 2011 pursuant to the company's equity incentive
plan.

                          About USEC Inc.

Headquartered in Bethesda, Maryland, USEC Inc. (NYSE: USU) --
http://www.usec.com/-- supplies enriched uranium fuel for
commercial nuclear power plants.

                           *     *     *

USEC Inc. carries 'Caa1' corporate and probability of default
ratings, with "developing" outlook, from Moody's, and 'CCC+' long
term foreign issuer credit rating and 'CCC-' long term local
issuer credit rating, with outlook "developing", from Standard &
Poor's.

In May 2010, S&P said that its rating and outlook on USEC Inc. are
not affected by the announcement that Toshiba Corp. and Babcock &
Wilcox Investment Co., an affiliate of The Babcock & Wilcox Co.,
have signed a definitive investment agreement for $200 million
with USEC.


VEP HOUSING: Condo Tower Foreclosure Auction on Jan. 27
-------------------------------------------------------
South Florida Business Journal's Brian Bandell reports that
Boca Raton-based Jericho All-Weather Opportunity Fund won a
$49.7 million foreclosure judgment against Weston-based VEP
Housing Developers, along with managing members Rommel Este,
Carlos Piar and Luis Vigoa, over a $38 million mortgage, plus
interest and fees.

The report says a partially completed condominium tower near the
University of Miami School of Medicine and Jackson Health System
will be auctioned off online on Jan. 27.  The auction will be
handled through Broward County Circuit Court.

According to Business Journal, the foreclosure suit targets the
1.4-acre site, at 1444 N.W. 14th Ave., where construction of a
150-unit condo began in 2007.  The foreclosure also covers a 7.5-
acre agricultural site at 19000 Griffin Road in Southwest Ranches.


VIN VIK: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: VIN VIK Inc.
        1614 Highway 34 South
        Terrell, TX 75160

Bankruptcy Case No.: 11-30215

Chapter 11 Petition Date: January 4, 2011

Court: U.S. Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Harlin DeWayne Hale

Debtor's Counsel: Rakhee V. Patel, Esq.
                  PRONSKE & PATEL, P.C.
                  2200 Ross Avenue, Suite 5350
                  Dallas, TX 75201
                  Tel: (214) 658-6500
                  Fax: (214) 658-6509
                  E-mail: rpatel@pronskepatel.com

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 Gautam J. Desai, president.


VITESSE SEMICONDUCTOR: Columbia Pacific Has 9.99% Equity Stake
--------------------------------------------------------------
In a Schedule 13G filing with the Securities and Exchange
Commission on January 6, 2011, Columbia Pacific Opportunity Fund,
L.P., disclosed that it beneficially owns 2,396,268 shares of
common stock of Vitesse Semiconductor Corp., representing 9.99% of
the shares outstanding.

Each of Columbia Pacific Advisors, LLC, Alexander B. Washburn,
Daniel R. Baty, Stanley L. Baty, and Brandon D. Baty beneficially
owns 2,396,268 shares.

The Company had 23,986,531 shares of common stock outstanding as
of December 1, 2010, as reported on the Company's Form 10-K for
the period ended September 30, 2010, as filed on December 1, 2010.

                           About Vitesse

Based in Camarillo, California, Vitesse Semiconductor Corporation
(Pink Sheets: VTSS.PK) -- http://www.vitesse.com/-- designs,
develops and markets a diverse portfolio of semiconductor
solutions for Carrier and Enterprise networks worldwide.

In October 2009, Vitesse completed a debt restructuring
transaction that resulted in the conversion of 96.7% of the
Company's 2024 Debentures into a combination of cash, common
stock, Series B Preferred Stock and 2014 Debentures.  With respect
to the remaining 3.3% of the 2024 Debentures, Vitesse settled its
obligations in cash.  Additionally, Vitesse repaid $5.0 million of
its $30.0 million Senior Term Loan, the terms of which were
amended as part of the debt restructuring transactions.

The Company's balance sheet at Sept. 30, 2010, showed
$97.53 million in total assets, $118.73 million in total
liabilities, and a stockholders' deficit of $21.20 million.


VISTEON CORP: Stock to Resume NYSE Trading Today
------------------------------------------------
The Associated Press reports that Visteon Corp. said Friday its
stock will return to the New York Stock Exchange on Monday, when
it begins trading under the "VC" ticker symbol it used before
entering bankruptcy protection in 2009.  Visteon's stock currently
is trading under the symbol VSTO.OB on the Over-the-Counter
Bulletin Board, an electronic quotation service.  They climbed
$1.50, or 2%, to $73.65 in Friday morning trading.

The AP notes Visteon in December filed an amended registration
statement with the Securities and Exchange Commission that would
allow shareholders to sell nearly 47 million shares of stock.  The
SEC declared that registration effective December 30, which lets
shareholders resell their shares without restrictions.  Visteon
will not receive any proceeds from these potential sales.

According to the AP, Visteon spokesman Jim Fisher said the company
has about 50 million shares of outstanding stock, counting the
total from the recent registration statement.

                         About Visteon Corp

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for automakers.  The
Company has corporate offices in Van Buren Township, Michigan
(U.S.); Shanghai, China; and Kerpen, Germany.  It has facilities
in 27 countries and employs roughly 35,500 people.  The Company
disclosed assets of US$4,561,000,000 and debts of US$5,311,000,000
as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represented the Debtors in their restructuring
effort.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, served as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor were Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent was Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor was Alvarez & Marsal North America,
LLC.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware entered an order on August 31, 2010,
confirming the Fifth Amended Plan of Reorganization of Visteon
Corporation and its debtor-affiliates.  Visteon emerged from
Chapter 11 on October 1.

                           *     *     *

In December 2010, Standard & Poor's Ratings Services assigned its
'B+' corporate credit rating on reorganized Visteon.  Moody's
Investors Service gave Visteon Corporate Family and Probability of
Default Ratings of 'B1'.


WASHINGTON LOOP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Washington Loop
        37894 Washington Loop Road
        Punta Gorda, FL 33955

Bankruptcy Case No.: 11-00147

Chapter 11 Petition Date: January 6, 2011

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

Judge: David H. Adams

Debtor's Counsel: Lynn V. H. Ramey, Esq.
                  THE LAW OFFICES OF LYNN RAMEY
                  P.O. Box 2163
                  Tampa, FL 33611
                  Tel: (813) 787-3467
                  E-mail: lynn@lynnrameylaw.com

Scheduled Assets: $113,000

Scheduled Debts: $5,329,179

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb11-00147.pdf

The petition was signed by Lovina Lehr, managing member.


WASHINGTON MUTUAL: Court Upholds FDIC, JPM Global Settlement
------------------------------------------------------------
Washington Mutual, Inc. issued the following statement regarding
the Opinion issued by the United States Bankruptcy Court for the
District of Delaware:

WMI is pleased that the Bankruptcy Court found that the Global
Settlement Agreement is fair and reasonable and that WMI performed
a reasonable evaluation of the merits of the underlying
litigation.  WMI is also pleased that the Court suggested that the
Plan of Reorganization is confirmable subject to limited
modifications.  WMI believes that the expeditious distribution of
funds to holders of allowed claims is of paramount importance and
intends to modify the Plan consistent with the Court's suggestions
and will seek confirmation as soon as practicable.

WMI is also pleased that today the Court granted the Company's
motion for summary judgment and denied the motions filed by
holders of certain Trust Preferred Securities, finding that the
holders no longer have any interests in the Trust Preferred
Securities.

                     About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  Fred S. Hodera, Esq., at Akin Gump Strauss Hauer &
Fled LLP in New York City and David B. Stratton, Esq., at Pepper
Hamilton LLP in Wilmington, Del., represent the Official Committee
of Unseucred Creditors.  Stephen D. Susman, Esq., at Susman
Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A.,
represent the Equity Committee.  Stacey R. Friedman, Esq., at
Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath &
Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which
acquired WaMu's assets prior to the Petition Date.


WASHINGTON MUTUAL: Judge Asks for Corrections to Chapter 11 Plan
----------------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reports that Judge Mary F. Walrath on Friday refused to confirm
the Chapter 11 plan of Washington Mutual Inc.  According to DBR,
Judge Walrath ruled the settlement underpinning the distribution
scheme for Washington Mutual was fair and reasonable.  Judge
Walrath, however, found deficiencies in the Chapter 11 plan that
will require correction if it is to pass legal muster.

DBR says Judge Walrath disapproved many of the lawsuit releases
Washington Mutual wanted to extend, but not those that protect
J.P. Morgan Chase & Co. and the Federal Deposit Insurance Corp.
from continued litigation aimed at them by WaMu or creditors who
may ultimately collect under the plan.  Judge Walrath also found
fault with a decision to bar smaller holders of so-called PIERS
claims, one of many classes of securities issued by the bank
holding company in its heyday, from participating in a rights
offering for the reorganized Washington Mutual.

DBR relates Judge Walrath held that the split of cash, tax refunds
and other assets was a reasonable deal, given the complexities of
the legal issues and the determination of those on the other side
of the tug-of-war: regulators and JPMorgan.

The Chapter 11 plan settlement gives WaMu the cash in its bank
accounts, more than $4 billion, and an estimated $2.2 billion
share of tax refunds.  The FDIC gets some tax refund cash to dish
out to WaMu's creditors.

JPMorgan, which paid $1.8 billion for WaMu, gets more than
$2.3 billion of the WaMu tax refunds, corporate-owned and
business-owned life insurance worth as much as $5 billion, and
trust preferred securities with a liquidation value of $4 billion,
as well as the branches and other assets of the thrift.

JPMorgan gets the WaMu name and trademarks under the deal.  Judge
Walrath noted the company contended that the name and trademarks
aren't worth much to Washington Mutual "because they are
associated with the largest bank failure in the country's
history."

In the absence of a settlement, Washington Mutual's creditors
would have to wait years to know whether lawsuits would pay off,
the judge said, according to DBR.  In the meantime, Washington
Mutual would be racking up $30 million per month of interest on
debts owed its most senior creditors and spending $10 million per
month on legal fees.

DBR notes that if the plan is ultimately approved, WaMu will
continue to exist after bankruptcy, largely under the control of
four hedge funds: Appaloosa Management, Centerbridge Partners, Owl
Creek Asset Management and Aurelius Capital Management.  WaMu will
no longer be in the banking business, but will exist only to
manage an existing portfolio of reinsurance business.

According to the report, plan objectors noted that reorganized
WaMu could potentially be transformed into a massive tax shelter,
taking advantage of up to $5 billion worth of net operating losses
stemming from the loss of the bank operations.

DBR says WaMu contended the reorganized company will have little
income-generating business, and would have limited ability to use
the NOL tax breaks.  Judge Walrath disagreed with WaMu, finding
the ability to participate in the rights offering is worth
something.

"Therefore, the court cannot accept, as the plan supporters
contend, that the rights offering is of no value," Judge Walrath
wrote, ordering WaMu to rewrite its Chapter 11 plan to allow all
holders of PIERS claims to participate in the rights offering, the
report says.

          Noteholders' Claims Pushed to Back of Line

Bankruptcy Law360 reports that Washington Mutual Bank NA
noteholders on Thursday had their securities misrepresentation
claims subordinated to the lowest rung of creditors in the
bankruptcy case of the bank's former parent Washington Mutual Inc.

                      About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  Fred S. Hodera, Esq., at Akin Gump Strauss Hauer &
Fled LLP in New York City and David B. Stratton, Esq., at Pepper
Hamilton LLP in Wilmington, Del., represent the Official Committee
of Unseucred Creditors.  Stephen D. Susman, Esq., at Susman
Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A.,
represent the Equity Committee.  Stacey R. Friedman, Esq., at
Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath &
Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which
acquired WaMu's assets prior to the Petition Date.


WESTINGHOUSE AIR: S&P Affirms Corporate Credit Rating at 'BB'
-------------------------------------------------------------
Standard & Poor's Rating Services said that it has affirmed
its ratings, including the 'BB' corporate credit rating, on
Westinghouse Air Brake Technologies Corp. and revised the
outlook to positive from stable.

"The outlook revision to positive reflects S&P's expectation that,
despite weak conditions in some of its end markets, Wabtec will
likely continue to demonstrate good operating performance and
credit measures," said Standard & Poor's credit analyst Robyn
Shapiro.

The ratings on Wabtec reflect the company's significant financial
risk profile, characterized by an acquisitive growth strategy, and
its satisfactory business risk profile.  Wabtec is a global
provider of value-added, technology-based products and services
for rail and industrial markets.  The company manufactures a range
of products for locomotives, freight cars, and passenger transit
vehicles.  It also builds new switcher and commuter locomotives,
and provides aftermarket services, including locomotive overhauls
and fleet maintenance, supplier-managed inventory, component
repair, upgrade, and reconditioning.  Wabtec maintains about a 50%
market share in braking products and leading positions in its
other product lines in North America.  Its significant installed
base supports its aftermarket parts and services business, which
represents about half of the company's revenue.

The positive outlook reflects S&P's expectations that Wabtec will
sustain adequate credit protection measures, even with its
acquisitive growth strategy.  "S&P could raise the ratings if, for
example, Wabtec continues to deliver FFO to total adjusted debt
greater than 30%, and total adjusted debt to EBITDA less than 3x,"
Ms. Shapiro continued.  "S&P could revise the outlook back to
stable if FFO to total debt falls to and remains around 20% to 25%
for an extended period."


YRC WORLDWIDE: Thomas Gerke Does Not Own Any Securities
-------------------------------------------------------
In a Form 3 filing with the Securities and Exchange Commission on
January 4, 2011, Thomas A. Gerke, executive VP and general counsel
at YRC Worldwide Inc., disclosed that he does not own any
securities of the company.

                        About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that through
wholly owned operating subsidiaries offers its customers a wide
range of transportation services.  These services include global,
national and regional transportation as well as logistics.

The company's balance sheet for June 30, 2010, showed $2.8 billion
in total assets, $1.1 billion in total current liabilities, $913.4
million in long term debt, $146.2 million deferred income taxes,
$352.6 million pension and post retirement, $359.2 million claims
and other liabilities, $37,000 noncurrent liabilities, and
a $77.2 million stockholders' deficit.

                           *     *     *

As reported in the Troubled Company Reporter on March 18, 2010,
KPMG LLP, in Kansas City, Missouri, expressed substantial doubt
about YRC Worldwide's ability to continue as a going concern in
its report on the Company's consolidated financial statements as
of and for the year ended December 31, 2009.  The independent
auditors noted that the Company has experienced significant
declines in operations, cash flows, and liquidity.


* Chapter 11 Sale Offers a New Way of Dealing with Bank Failures
----------------------------------------------------------------
American Bankruptcy Institute reports that the recent sale of a
Washington state bank out of chapter 11 created a new tool that
potentially could rescue hundreds of similarly troubled
institutions and save the Federal Deposit Insurance Corp. billions
of dollars.


* Orlando & Arizona Banks Are 2011's First Bank Failures
--------------------------------------------------------
U.S. banking regulators shuttered two lenders, one each in Florida
and Arizona.

First Southern Bancorp purchased First Commercial Bank of Florida
while St. Louis-based Enterprise Bank & Trust bought Legacy Bank
of Scottsdale, Arizona.  The closures cost the Federal Deposit
Insurance Corp.'s deposit-insurance fund $105.9 million.

ABC News Radio notes that Florida, the state with the most bank
failures in 2010, begins the new year with the first bank failure
of 2011 in the United States.

Boca Raton's First Southern Bank has taken over ownership of First
Commercial.  Legacy has been taken over by Enterprise Bank and
Trust out of St. Louis.

Real-estate losses have driven 2010 bank failures to 157.
Regulators have closed 322 banks since the start of 2008.

ABC News notes that the FDIC last week announced it is going after
bank executives associated with failed banks, seeking $2.5 billion
from 109 individuals.

                  2011 Failed Banks List

The FDIC was appointed as receiver for the closed banks.  To
protect the depositors, the FDIC entered into a purchase and
assumption agreement with various banks that agreed to assume the
deposits of most of the closed banks.  The FDIC also entered into
loss-share transactions on assets bought by the banks.

For this year, the failed banks are:

                                   Loss-Share
                                 Transaction Party     FDIC Cost
                     Assets of    Bank That Assumed   to Insurance
                    Closed Bank  Deposits & Bought      Fund
   Closed Bank       (millions)   Certain Assets       (millions)
   -----------       ----------   --------------      -----------
Legacy Bank, Arizona     $150.6  Enterprise Bank & Trust    $27.9
First Commercial Bank    $598.5  First Southern Bank        $78.0

In 2010, there were 157 failed banks, compared with 140 in 2009
and just 25 for 2008.

A complete list of banks that failed since 2000 is available at:

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

             860 Banks Now in FDIC's Problem List

The Federal Deposit Insurance Corporation said in is latest
quarterly banking profile that the number of institutions on its
"Problem List" rose to 860 as of Sept. 30, 2010, from 829 at
June 30, 2010.  There were 775 banks on the list at the end of the
first quarter.

The FDIC, however, pointed out that the total assets of "problem"
institutions declined from $403 billion to $379 billion.  The
number of "problem" institutions is the highest since March 31,
1993, when there were 928.  Forty-one insured institutions failed
during the third quarter, bringing the total number of failures
for the first three quarters of the year to 127.

The number of insured commercial banks and savings institutions
reporting quarterly financial results fell from 7,830 in the
second quarter to 7,760 in the third quarter.  Five new reporting
institutions were added during the quarter, while 30 institutions
were absorbed into other charters through mergers.

The FDIC noted that the number of employees (full-time equivalent)
increased for a second consecutive quarter, after falling in each
of the previous 12 quarters.  The 0.4% (8,195) increase lifted the
industry's total employment to 2.04 million, which is still 8.2%
below the peak of 2.22 million reported in first quarter 2007.

The Deposit Insurance Fund (DIF) balance improved for the third
consecutive quarter.  The DIF balance -- the net worth of the fund
-- improved from negative $15.2 billion to negative $8 billion
during the third quarter.  The improvement stemmed primarily from
assessment revenues and from a reduction in the contingent loss
reserve.  This reserve, which covers the costs of expected
failures, declined from $27.5 billion to $21.3 billion during the
quarter.  While part of the decline reflects the removal of
amounts reserved for banks that failed, part also reflects lower
costs for future failures.

The FDIC added that its liquid resources -- cash and marketable
securities -- remained strong.  Liquid resources stood at
$43.7 billion at the end of the third quarter, essentially
unchanged from the second quarter.

"While we expect demands on cash to continue," Chairman Bair said,
"our projections indicate that our current resources are more than
enough to resolve anticipated failures and meet outstanding
obligations for banks that have already failed."

Total insured deposits declined by 0.3% ($15 billion) during the
quarter.

Chairman Bair said, "The industry has come a long way in cleaning
up balance sheets, building capital, and adjusting to changes in
financial markets and the economy.  But the adjustments are not
over, and this is no time for complacency."

                Problem Institutions        Failed  Institutions
                --------------------        --------------------
Year           Number  Assets (Mil)        Number  Assets (Mil)
----           ------  ------------        ------  ------------
2009              702      $402,800         140       $169,700
2008              252      $159,405          25       $371,945
2007               76       $22,189           3         $2,615
2006               50        $8,265           0             $0
2005               52        $6,607           0             $0
2004               80       $28,250           4           $170


* Investors Say Corporate Debt Party Will Continue to Rage in 2011
------------------------------------------------------------------
Dow Jones' Small Cap reports that think of the credit markets in
2010 as the midpoint of a wild party stoked with free-flowing
money courtesy of Federal Reserve Chairman Ben Bernanke.

According to the report, the festivities look ready to kick into
full swing in 2011 and, when they peak, many of the partiers will
put on trades they may well regret in the morning.


* Lindquist & Vennum Taps Dennis O'Malley as New Managing Partner
-----------------------------------------------------------------
Lindquist & Vennum PLLP disclosed that Dennis O'Malley will be the
firm's new managing partner, effective January 2011.  O'Malley, a
partner and chair of the firm's corporate law department, succeeds
Daryle Uphoff, who served as managing partner for 16 years.
O'Malley, who has been with Lindquist & Vennum for 30 years, most
recently served a two-year term on the firm's executive committee.
Daryle Uphoff will return to full-time practice as a partner and
leader in the firm's bankruptcy and creditor's remedies group.

Daryle Uphoff, exiting managing partner, on the recent
appointment: "Dennis has demonstrated exceptional leadership
qualities in many different roles in which he has served the firm.
He enjoys the respect of all our lawyers and staff, and I am
confident that the firm will continue to prosper under his
leadership."

Dennis O'Malley, on Uphoff's term end: "Daryle will be a tough act
to follow.  His easy-going personality really set the tone for
Lindquist & Vennum's collegiality and success during the 16 years
of his term.  He has a knack for bringing people together to solve
a problem; everyone trusts his judgment and respects his
decisions.  I imagine that I'll still be knocking on his door for
advice, even as he continues his very busy bankruptcy practice.
He's a great friend to all of us. Plus, he has one of the best
laughs in the world."

Regarding his goals as managing partner, O'Malley says "I want to
maintain and grow Lindquist & Vennum's reputation as a client-
centered, entrepreneurial law firm.  We've got a tremendously
talented group of lawyers practicing in a well-balanced mix of
practices.  I believe our lawyers provide our clients with
pragmatic legal solutions that really add value to their
businesses.  In addition, our founder Leonard Lindquist was
intensely committed to serving the less fortunate in our
communities.  I'm very proud of our involvement in pro bono
activities, all of which will continue. I will work to keep
Lindquist & Vennum known as a great place to work."

As managing partner, O'Malley will chair the firm's executive
committee, which is responsible for day-to-day operational
decisions; and the firm's management committee, which focuses on
strategic vision and implementation of the firm's strategic plan.
O'Malley will continue to manage a significant portion of his
legal practice while serving as managing partner, particularly for
long-standing clients.

O'Malley joined Lindquist & Vennum as an associate in 1981, was
named partner in 1986, and served on the firm's management
committee from 1992-1995.  His legal practice is focused primarily
on business transactions.  He has extensive experience in mergers
and acquisitions, management buyouts, and complex financing
transactions.  He regularly represents entrepreneurs, private
equity funds, and other investors in middle-market transactions
across a broad spectrum of industries and locales.  O'Malley is a
graduate of the University of Michigan Law School (J.D., cum
laude, 1981) and of the University of Michigan (B.B.A., with high
distinction, 1978).

                  About Lindquist & Vennum PLLP

Lindquist & Vennum's nearly 200 attorneys provide a full array of
corporate finance, transactional, and litigation services from
offices in Minneapolis and Denver.  The firm serves corporate,
governmental, and individual clients across the nation and around
the world.


* Former Greenberg Associate Sent to Prisons for $500K Theft
------------------------------------------------------------
A former Greenberg Traurig LLP associate who specialized in
bankruptcy and commercial foreclosure has been sentenced to 15
months in prison for his admitted role in a scheme to steal more
than $500,000 from the firm, Bankruptcy Law360 reports.

Greenberg Traurig, LLP -- http://www.gtlaw.com/-- is an
international, full-service law firm with more than 1,800
attorneys and governmental affairs professionals in the United
States, Europe and Asia.  The firm was selected as the 2007 USA
Law Firm of the Year by Chambers and Partners.


* BOND PRICING -- For the Week From Jan. 3 to 7, 2011
-----------------------------------------------------

  Company            Coupon     Maturity   Bid Price
  -------            ------     --------   ---------
155 E TROPICANA       8.750%     4/1/2012     4.659
ABITIBI-CONS FIN      7.875%     8/1/2009    15.125
ADVANTA CAP TR        8.990%   12/17/2026    13.500
AMBAC INC             5.950%    12/5/2035    12.500
AMBAC INC             6.150%     2/7/2087     0.757
AMBAC INC             7.500%     5/1/2023    12.100
AMBAC INC             9.500%    2/15/2021    11.563
AMBASSADORS INTL      3.750%    4/15/2027    38.800
BAC-CALL01/11         5.000%    1/15/2014    99.000
BANK NEW ENGLAND      8.750%     4/1/1999    12.250
BANK NEW ENGLAND      9.875%    9/15/1999     9.000
BANKUNITED FINL       6.370%    5/17/2012     7.750
BLOCKBUSTER INC       9.000%     9/1/2012     2.000
BOSTON SCIENTIFC      4.250%    1/12/2011   100.095
BOWATER INC           6.500%    6/15/2013    31.000
BOWATER INC           9.500%   10/15/2012    36.500
C&D TECHNOLOGIES      5.250%    11/1/2025    60.000
C&D TECHNOLOGIES      5.500%   11/15/2026    73.000
CAPMARK FINL GRP      5.875%    5/10/2012    42.250
COLONIAL BANK         6.375%    12/1/2015     0.200
CS FINANCING CO      10.000%    3/15/2012     2.900
EDDIE BAUER HLDG      5.250%     4/1/2014     5.000
ELEC DATA SYSTEM      3.875%    7/15/2023    96.000
EVERGREEN SOLAR       4.000%    7/15/2013    39.500
F-CALL01/11           5.700%    1/20/2012    98.925
FAIRPOINT COMMUN     13.125%     4/1/2018    10.220
FAIRPOINT COMMUN     13.125%     4/2/2018    10.500
GENERAL MOTORS        7.125%    7/15/2013    35.200
GENERAL MOTORS        9.450%    11/1/2011    33.125
GREAT ATLA & PAC      5.125%    6/15/2011    34.000
GREAT ATLA & PAC      6.750%   12/15/2012    34.500
GREAT ATLANTIC        9.125%   12/15/2011    27.625
INTEL-CALL01/11       9.250%    8/15/2014   108.000
KEYSTONE AUTO OP      9.750%    11/1/2013    47.500
LEHMAN BROS HLDG      1.500%    3/23/2012    22.875
LEHMAN BROS HLDG      1.985%    6/29/2012    10.000
LEHMAN BROS HLDG      4.500%     8/3/2011    21.125
LEHMAN BROS HLDG      4.700%     3/6/2013    21.750
LEHMAN BROS HLDG      4.800%    2/27/2013    22.500
LEHMAN BROS HLDG      4.800%    3/13/2014    24.500
LEHMAN BROS HLDG      5.000%    1/22/2013    19.704
LEHMAN BROS HLDG      5.000%    2/11/2013    20.250
LEHMAN BROS HLDG      5.000%    3/27/2013    20.000
LEHMAN BROS HLDG      5.000%     8/3/2014    21.250
LEHMAN BROS HLDG      5.000%     8/5/2015    20.400
LEHMAN BROS HLDG      5.100%    1/28/2013    23.652
LEHMAN BROS HLDG      5.150%     2/4/2015    21.750
LEHMAN BROS HLDG      5.250%     2/6/2012    24.500
LEHMAN BROS HLDG      5.250%    1/30/2014    19.625
LEHMAN BROS HLDG      5.250%    2/11/2015    21.750
LEHMAN BROS HLDG      5.500%     4/4/2016    24.500
LEHMAN BROS HLDG      5.625%    1/24/2013    24.250
LEHMAN BROS HLDG      5.750%    7/18/2011    21.150
LEHMAN BROS HLDG      5.750%    5/17/2013    22.400
LEHMAN BROS HLDG      5.750%     1/3/2017     0.010
LEHMAN BROS HLDG      5.875%   11/15/2017    20.500
LEHMAN BROS HLDG      6.000%    7/19/2012    21.695
LEHMAN BROS HLDG      6.000%    6/26/2015    21.000
LEHMAN BROS HLDG      6.000%   12/18/2015    20.750
LEHMAN BROS HLDG      6.000%    2/12/2018    21.750
LEHMAN BROS HLDG      6.200%    9/26/2014    25.000
LEHMAN BROS HLDG      6.625%    1/18/2012    24.000
LEHMAN BROS HLDG      8.050%    1/15/2019    21.750
LEHMAN BROS HLDG      8.400%    2/22/2023    19.000
LEHMAN BROS HLDG      8.500%     8/1/2015    21.250
LEHMAN BROS HLDG      8.500%    6/15/2022    18.250
LEHMAN BROS HLDG      8.800%     3/1/2015    20.400
LEHMAN BROS HLDG      9.000%     3/7/2023    21.750
LEHMAN BROS HLDG      9.500%   12/28/2022    21.750
LEHMAN BROS HLDG      9.500%    1/30/2023    21.750
LEHMAN BROS HLDG      9.500%    2/27/2023    20.000
LEHMAN BROS HLDG     10.000%    3/13/2023    21.425
LEHMAN BROS HLDG     10.375%    5/24/2024    21.000
LEHMAN BROS HLDG     11.000%    6/22/2022    21.750
LEHMAN BROS HLDG     11.000%    3/17/2028    20.500
LEHMAN BROS INC       7.500%     8/1/2026    12.000
LOCAL INSIGHT        11.000%    12/1/2017    22.500
MAGNA ENTERTAINM      7.250%   12/15/2009     4.900
MOHEGAN TRIBAL        8.375%     7/1/2011    59.000
NETWORK COMMUNIC     10.750%    12/1/2013    18.500
NEWPAGE CORP         10.000%     5/1/2012    58.500
NEWPAGE CORP         12.000%     5/1/2013    30.000
PALM HARBOR           3.250%    5/15/2024    44.000
PL-CALL01/11          5.000%    1/15/2015    99.250
PL-CALL01/11          5.350%    1/15/2019    99.550
RASER TECH INC        8.000%     4/1/2013    35.250
RESTAURANT CO        10.000%    10/1/2013    30.000
RESTAURANT CO        10.000%    10/1/2013    28.125
RJ TOWER CORP        12.000%     6/1/2013     1.000
RYERSON TULL INC      8.250%   12/15/2011    65.020
SPHERIS INC          11.000%   12/15/2012     2.875
THORNBURG MTG         8.000%    5/15/2013     3.250
TIMES MIRROR CO       7.250%     3/1/2013    43.500
TOM'S FOODS INC      10.500%    11/1/2004     1.704
TRANS-LUX CORP        8.250%     3/1/2012    14.750
TRICO MARINE          3.000%    1/15/2027     6.500
TRICO MARINE SER      8.125%     2/1/2013    10.250
VERTIS INC           13.500%     4/1/2014    29.750
VERTIS INC           18.500%    10/1/2012    23.875
VIRGIN RIVER CAS      9.000%    1/15/2012    50.000
WCI COMMUNITIES       4.000%     8/5/2023     1.302
WCI COMMUNITIES       9.125%     5/1/2012     1.250
WOLVERINE TUBE       15.000%    3/31/2012    35.100



                           *********

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.


                  *** End of Transmission ***