TCR_Public/110118.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Tuesday, January 18, 2011, Vol. 15, No. 17

                            Headlines

315 UNION STREET: Court OKs Ch. 11 Trustee for Hotel Unit
702 SERRANO: Taps Levene Neale as Bankruptcy Counsel
AMR CORP: To Announce 4th Quarter Results Tomorrow
AMERICAN AXLE: Expects $2.4 Billion in Sales in 2011
AMERICAN GENERAL: S&P Raises Rating on Pref. Securities From 'B'

AMERICAN INT'L: To Issue Warrants to Buy 75MM Shares January 19
AMERICAN INT'L: Conditions to Dividend of Warrants Satisfied
ANGEL ACQUISITION: Ginew Buys Preferred Shares for $60,000
ANGEL ACQUISITION: Gateway CEO Now Chairman of Board
AWAL BANK: Files Schedules of Assets and Liabilities

AWAL BANK: Taps the Law Firm of Brown Rudnick as Bankr. Counsel
AXION INTERNATIONAL: Incurs $7.1-Mil. Net Loss in Fiscal 2010
BDC PROPERTIES: Case Summary & 4 Largest Unsecured Creditors
BORDERS GROUP: Gives Publishers Until Feb. 1 to Accept Proposal
BORDERS GROUP: Slashes 15 Managerial Positions

B.R. SUMMERLIN: Owns The Heights at Summerlin
CAESARS ENTERTAINMENT: Lynn Swann to Receive Additional Pay
CATALYST PAPER: Elects Early Redemption of Notes Due 2011
CATHOLIC CHURCH: Wilmington Files Plan With Options for Victims
CATHOLIC CHURCH: Wilmington Creditors Unhappy With Amended Plan

CATHOLIC CHURCH: Milwaukee Sec. 341 Meeting Set for Feb. 11
CENTRALIA OUTLETS: Taps Bush Strout as Bankruptcy Counsel
CHINA VILLAGE: Amends List of 20 Largest Unsecured Creditors
CHINA VILLAGE: Court Approves Cohen and Jacobson as Counsel
CITIGROUP INC: Remains "Too Big to Fail," TARP Watchdog Says

COMMERCIAL VEHICLE: Arnold Siemer Discloses 9.96% Equity Stake
COMSTOCK MINING: Committee OKs Selection of Deloitte as Auditor
CONSTELLATION ENT: Moody's Assigns 'B2' on Proposed $130MM Notes
CONSTELLATION ENT: S&P Assigns 'B' Rating on Proposed $130MM Notes
CONTRA COSTA: S&P Cuts LT Rating on Bonds to 'B'; Outlook Stable

CORNER DEVELOPMENT: Voluntary Chapter 11 Case Summary
CPJFK LLC: Ch. 11 Trustee Hires EisnerAmper as Fin'l Advisor
CPJFK LLC: Court OKs Windels Marx as Ch. 11 Trustee Counsel
CPJFK LLC: Taps Seidman & Pincus as Substitute Counsel
CREDIT-BASED ASSET: Authorized to Sell Collateral Mgt. Business

CROSS BORDER: Pure Gas Discloses 80% Equity Stake
CROSSED PALMS: Case Summary & 2 Largest Unsecured Creditors
DB CAPITAL: Seeks to Hire Lewis Brisbois as Bankr. Counsel
DELPHI CORP: Former Chief Executive Cleared of Fraud by Jury
DELPHI CORP: Initial Public Offering Up to New Owners

DELPHI CORP: Idled Warren, Ohio Plant to Be Demolished
DRESSER INC: S&P Keeps 'B' Corporate on CreditWatch Positive
EAST COAST RAILWAY: S&P Assigns 'B' Corporate; Outlook Stable
EASTMAN KODAK: Gustavo Oviedo Owns 14,068 Common Shares
EASTMAN KODAK: Laura Quatela Owns 19,348 Common Shares

ELBIE GROUP: Case Summary & Largest Unsecured Creditor
ENDEAVOUR HIGHRISE: Proofs of Claim Due by April 6, 2011
EXIDE TECHNOLOGIES: Wins Nod to Cease Distribution of Warrants
EXIDE TECHNOLOGIES: Claims Objection Deadline Moved to Jan. 31
EXIDE TECHNOLOGIES: Bay Corrugated Says Claims Should be Allowed

FGIC CORP: Negotiating Plan with Insurance-Policy Holders
FIRST COAST: Voluntary Chapter 11 Case Summary
FOX HILL: Asks for Court OK to Use Cash Collateral; BWF Objects
FOX HILL: Taps Crowley Liberatore as Bankruptcy Counsel
FRANK PARSONS: Court Extends Filing of Schedules Until Feb. 22

FRANK PARSONS: Gets Court's Interim Nod to Obtain DIP Financing
FRANK PARSONS: Taps Cole Schotz as Bankruptcy Counsel
FX REAL ESTATE: Now Known as Circle Entertainment Inc.
GAMETECH INT'L: Incurs $3.9MM Net Loss in August 1 Quarter
GENE MILLER: Case Summary & 21 Largest Unsecured Creditors

GEORGIA GULF: Moody's Lifts Rating to 'B1' on Good Performance
GREAT COMPANY: Case Summary & 2 Largest Unsecured Creditors
HAMPTON COURT: Voluntary Chapter 11 Case Summary
HERCULES OFFSHORE: Provides Offshore Fleet Status Report
HSH DELAWARE: Court to Consider Plan Confirmation Today

INFUSION BRANDS: Stock Now Trades OTC Under Symbol INBI
INNKEEPERS USA: Wants Plan Filing Deadline Extended Until May 30
INNOLOG HOLDINGS: Amends Form S-1 for 46.2MM Shares
INTEGRATED FREIGHT: OKs Issuance of 1.49-Mil. Common Shares
KEVEN A MCKENNA: Justices Examine Law Practice

KIEBLER SLIPPERY: Committee's Plan of Liquidation Wins Court OK
KLEEN AIR: Case Summary & 20 Largest Unsecured Creditors
LEHMAN BROTHERS: Derivatives Settlement Protocol Clarified
LEHMAN BROTHERS: Minibond Holders Want to Be Excluded From ADR
LEHMAN BROTHERS: LB Plan Exclusivity Extended Until Feb. 15

LEHMAN BROTHERS: Serve Subpoena to Pittsburgh University
LEHMAN BROTHERS: P. Waltz Wins Lift Stay to Continue Suit
LEVEL 3 COMMS: Confirms Increase in 4th Qtr. EBITDA
LEVEL 3 COMMS: Plans to Offer $300 Million of Senior Notes
LEVEL 3 COMMS: To Sell $305 Million of 11.875% Senior Notes

MAD CORP: Voluntary Chapter 11 Case Summary
MAJESTIC STAR: Heads to Plan Confirmation Hearing
MARTIN CADILLAC: Jay Lubetkin Appointed as Ch. 11 Trustee
MARTIN CADILLAC: Ch. 11 Trustee Taps Rabinowitz as Counsel
MARTIN CADILLAC: Court Consider Case Dismissal or Conversion Today

MOLECULAR INSIGHT: Highland in Talks on Restructuring Proposals
MOLECULAR INSIGHT: McDonnell in Talks on Restructuring Proposals
MOLECULAR INSIGHT: QVT Engaged in Talks on Restructuring Plan
MOLECULAR INSIGHT: Taconic in Talks on Restructuring Proposals
NOIR BROTHERS: Voluntary Chapter 11 Case Summary

NORTHEAST BIOFUELS: Creditors Seeks to Recoup $1.5M Hess Payment
OASIS AT WILD: Voluntary Chapter 11 Case Summary
OK ETON: Plan Outline Hearing Scheduled for Tomorrow
OPTI CANADA: Provides Update on Long Lake Project
ORIENTAL TRADING: S&P Assigns 'B' on Proposed $200MM Term Loan

OSIPTA ENTERPRISES: Case Summary & 9 Largest Unsecured Creditors
PARKS PETS: Case Summary & 20 Largest Unsecured Creditors
PETROHAWK ENERGY: Moody's Puts 'B3' Rating on Note Offering
PETROHAWK ENERGY: S&P Maintains 'B+' Rating on $300MM Add On Notes
PINNACLE ENT: Competitive Position Cues Fitch to Hold 'B' Rating

PINELLAS COUNTY: Case Summary & 20 Largest Unsecured Creditors
PLATINUM STUDIOS: Extends Due Dates of $2.4MM Loan to May 2011
POINT BLANK: Plan Outline Hearing Scheduled for February 14
QUALIA CLINICAL: Can Avoid Liens, Bankruptcy Appeals Court Says
QUIGLEY CO: New Pfizer Contribution Leading to Settlement

ROSARIO'S, INC.: Case Summary & 20 Largest Unsecured Creditors
ROSELAND VILLAGE: Case Summary & 4 Largest Unsecured Creditors
RSC EQUIPMENT: Moody's Lifts Ratings on Unsecured Notes to 'Caa1'
SAGECREST II: Mgt. & Committee Plan Outline Hearing on Feb. 15
SAGECREST II: Deutsche Plan Outline Hearing Continued to Feb. 15

SEALY CORP: Simon Brown Does Not Own Any Securities
SHARON LUGGAGE: Case Summary & 20 Largest Unsecured Creditors
SHUBH HOTELS DETROIT: Judge Dismisses Bankruptcy Case
SUVICHAR CORPORATION: Voluntary Chapter 11 Case Summary
SYNOVUS FINANCIAL: Cutting 850 Positions & 39 Bank Outlets

TAWK DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors
TENSAR CORP: S&P Raises Corporate Credit Rating to 'CCC'
TERRESTAR NETWORKS: Proposes to Extend Time to Remove Actions
TERRESTAR NETWORKS: Sets Timetable for Alternative Proposals
TERRESTAR NETWORKS: Wins Nod to Tap Ernst & Young as Auditors

TOWNSENDS INC: Committee Seeks to Hire JH Cohn as Advisor
TOWNSENDS INC: Committee Seeks to Hire Lowenstein as Counsel
TOWNSENDS INC: Sec. 341 Creditors' Meeting Set for Feb. 7
TRANSFIELD ER: Judge Recognizes Foreign Bankruptcy
TRIBUNE CO: Proposes to Use Examiner Report at Plan Hearing

TRIBUNE CO: Wants Protection of Waiver of Atty.-Client Privilege
TRIBUNE CO: Parties File Plan- & LBO-Related Discovery Requests
TWISS COLD: Case Summary & 6 Largest Unsecured Creditors
UNITED WESTERN: Extends JPM Forbearance Pact Until Feb. 15
U.S. EAGLE: Gets Court's Interim Okay to Use Cash Collateral

VALENCE TECHNOLOGY: Extends Maturity of iStar Loan by 1 Year
WASHINGTON MUTUAL: Hedge Funds Appeal Dismissal of $4-Bil. Suit

* Large Bankruptcy Filings Dip Slightly in December 2010

* Judge Surveys Law on Post-Confirmation Jurisdiction

* Buyer of Schutt Sports & Genmar Eyes Detroit Pistons Ballclub
* Kirkland & Ellis One of Law360's Bankruptcy Groups of 2010

* Large Companies With Insolvent Balance Sheets

                            **********

315 UNION STREET: Court OKs Ch. 11 Trustee for Hotel Unit
---------------------------------------------------------
Judge Keith M. Lundin of the U.S. Bankruptcy Court for the Middle
District of Tennessee, Nashville Division, approved the
appointment of Robert H. Waldschmidt, Esq., at Howell & Fisher,
PLLC, as Chapter 11 trustee to oversee the bankruptcy estate of
Union Street Plaza Operations, LLC, effective December 16, 2010.

Beth Roberts Derrick, U.S. trustee for Region 7, advised the Court
that Mr. Waldschmidt does not hold or represent any interest
adverse to the debtor's estate.

Mr. Waldschmidt will have all the powers of a trustee under
Section 1106 of the Bankruptcy Code and the authority to operate
the Debtor's business pursuant to Section 1108 of the Bankruptcy
Code.

Mr. Waldschmidt can be contacted at:

          Howell & Fisher, PLLC
          Court Square Building
          300 James Robertson Parkway
          Nashville, Tennessee 37201-1107
          Tel: (615) 244-3370
          Fax: (615) 259-2179
          E-mail: rhwaldschmidt@aol.com

The U.S. Trustee also filed a notice that no creditors' committee
has been appointed at this time.

In a separate order, the Bankruptcy Court granted the Chapter 11
Trustee's motion to employ himself as attorney for the trustee.
The Court found that Mr. Waldschmidt represents no adverse
interest to the Debtor's estate.  The Court also ordered Mr.
Waldschmidt to file a motion for approval of all fees.

315 Union Street Holdings, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Tenn. Case No. 10-13106) on December 3,
2010.  Steven L. Lefkovitz, Esq., at the Law Offices of Lefkovitz
& Lefkovitz, serves as the Debtor's bankruptcy counsel.  According
to its schedules, the Debtor had $13,162,646 in total assets and
$25,484,852 in total debts as of the Petition Date.

Affiliate Union Street Plaza Operations, LLC, dba Hotel Indigo
Nashville-Downtown, also based in Mount Juliet, Tenn., filed for
Chapter 11 bankruptcy (Bankr. M.D. Tenn. Case No. 10-13107) on the
same day.  Mr. Lefkovitz served as counsel to the Debtor.  In its
petition, the Debtor scheduled assets of $1,021,971 and debts of
$17,696,245.


702 SERRANO: Taps Levene Neale as Bankruptcy Counsel
----------------------------------------------------
702 Serrano Property, LLC, asks for authorization from the U.S.
Bankruptcy Court for the Central District of California to employ
Levene, Neale, Bender, Yoo & Brill L.L.P., as bankruptcy counsel,
effective as of the Petition Date.

LNBYB will, among other things:

     a. represent the Debtor in any proceeding or hearing in the
        Court involving its estate unless the Debtor is
        represented in the proceeding or hearing by other special
        counsel;

     b. conduct examinations of witnesses, claimants or adverse
        parties and represent the Debtor in any adversary
        proceeding except to the extent that any adversary
        proceeding is in an area outside of LNBYB's expertise or
        which is beyond LNBYB's staffing capabilities;

     c. prepare and assist the Debtor in the preparation of
        reports, applications, pleadings and orders including, but
        not limited to, applications to employ professionals,
        interim statements and operating reports, initial filing
        requirements, schedules and statement of financial
        affairs, lease pleadings, cash collateral pleadings,
        financing pleadings, and pleadings with respect to the
        Debtor's use, sale or lease of property outside the
        ordinary course of business; and

     d. represent the Debtor with regard to obtaining use of
        debtor in possession financing and cash collateral
        including, but not limited to, negotiating and seeking
        court approval of any debtor in possession financing and
        cash collateral pleading or stipulation and preparing any
        pleadings relating to obtaining use of debtor in
        possession financing and cash collateral.

LNBYB will be paid based on the rates of its professionals:

        David W. Levene                       $595
        David L. Neale                        $595
        Ron Bender                            $595
        Martin J. Brill                       $595
        Timothy J. Yoo                        $595
        Edward M. Wolkowitz                   $595
        David B. Golubchik                    $575
        Monica Y. Kim                         $550
        Beth Ann R. Young                     $550
        Daniel H. Reiss                       $550
        Irving M. Gross                       $550
        Philip A. Gasteier                    $550
        Jacqueline L. James                   $495
        Juliet Y. Oh                          $495
        Michelle S. Grimberg                  $495
        Todd M. Arnold                        $495
        Todd A. Frealy                        $495
        Anthony A. Friedman                   $435
        CARMELA T. Pagay                      $435
        Krikor J. Meshefejian                 $375
        John-Patrick M. Fritz                 $375
        Gwendolen D. Long                     $345
        Lindsey L. Smith                      $275
        Paraprofessionals                     $195

Monica Y. Kim, Esq., a partner at LNBYB, assures the Court that
the firm is a "disinterested person" as that term defined in
Section 101(14) of the Bankruptcy Code.

Los Angeles, California-based 702 Serrano Property, LLC, owns a
33-unit luxury condominium complex known as Serrano Place located
at 702 S. Serrano Avenue, Los Angeles, California 90005.  It filed
for Chapter 11 bankruptcy protection on January 6, 2011 (Bankr.
C.D. Calif. Case No. 11-10746).  The Debtor estimated its assets
and debts at $10 million to $50 million as of the Petition Date.

Affiliate NGBI Homes (Bankr. C.D. Calif. Case No. 10-30683) filed
a separate Chapter 11 petition on May 23, 2010.


AMR CORP: To Announce 4th Quarter Results Tomorrow
--------------------------------------------------
AMR Corporation, parent company of American Airlines, Inc.,
anticipates announcing fourth quarter 2010 earnings on Wednesday,
January 19, 2011.  In conjunction with the announcement, on that
date AMR will host a conference call with the financial community
at 2 p.m. Eastern Time.  During this conference call, senior
management of AMR will review, among other things, details of
AMR's fourth quarter financial results, the industry environment,
recent strategic initiatives, the revenue environment, cash flow
results, liquidity measures, capital requirements and will provide
an outlook for the future.

A live webcast of this call will be available on the Investor
Relations page of the American Airlines Web site
http://www.aa.com/ A replay of the webcast will also be available
for several days following the call.

                       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 stockholders' 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 from Standard &
Poor's.

In November 2010, Standard & Poor's Ratings Services 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 AXLE: Expects $2.4 Billion in Sales in 2011
----------------------------------------------------
In a Form 8-K filed with the Securities and Exchange Commission on
January 12, 2011, American Axle & Manufacturing Holdings, Inc.
disclosed 2010 and 2011 outlook.

AAM's 2010 outlook:

   * AAM expects full year sales in 2010 to be approximately $2.28
     billion.

   * AAM expects to generate earnings before interest expense,
     income taxes and depreciation and amortization (EBITDA)
     ranging from $335 million to $345 million, and as a
     percentage of sales in the range of 14.5% - 15.0% in 2010.

      - AAM believes that EBITDA is a meaningful measure of
        performance as it is commonly utilized by management and
        investors to analyze operating performance and entity
        valuation.  AAM management, the investment community and
        the banking institutions routinely use EBITDA, together
        with other measures, to measure AAM's operating
        performance relative to other Tier 1 automotive suppliers.
        EBITDA should not be construed as income from operations,
        net income or cash flow from operating activities as
        determined under generally accepted accounting principles
       (GAAP).  Other companies may calculate EBITDA differently.

   * AAM expects full year capital spending in 2010 to approximate
     4.7% of sales.

   * AAM expects to report positive free cash flow in fourth
     quarter of 2010.

      - AAM defines free cash flow to be net cash provided by (or
        used in) operating activities less capital expenditures
        net of proceeds from the sales of equipment and dividends
        paid.

      - AAM believes free cash flow is a meaningful measure as it
        is commonly utilized by management and investors to assess
        the ability to generate cash flow from business operations
        to repay debt and return capital to stockholders.  Other
        companies may calculate free cash flow differently.

   * AAM's total available liquidity position at December 31, 2010
     has grown to more than $600 million.

AAM's 2011 Outlook

   * AAM expects full year sales in 2011 to be approximately $2.4
     billion.  This sales projection is based on the anticipated
     launch schedule of programs in AAM's new business backlog and
     the assumption that the U.S. Seasonally Adjusted Annual Rate
     of sales increases from approximately 11.6 million vehicle
     units in 2010 to approximately 12.5 million vehicle units in
     2011.

   * AAM expects to generate earnings before interest expense,
     income taxes and depreciation and amortization (EBITDA)
     ranging from $348 million to $360 million, and as a
     percentage of sales in the range of 14.5% - 15.0% in 2011.

   * AAM expects full year capital spending in 2011 to approximate
     6.0% of sales to support AAM's $850 million new business
     backlog, launching between 2011 - 2013.

                        About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- is a Tier I
supplier to the automotive industry.  American Axle manufactures,
engineers, designs and validates driveline and drivetrain systems
and related components and chassis modules for light trucks, sport
utility vehicles, passenger cars, crossover vehicles and
commercial vehicles.  AXL has financial support from GM, its
largest customer which accounted for 78% of sales in 2009.

The Company's balance sheet at Sept. 30, 2010, showed
$2.07 billion in total assets, $2.54 billion in total liabilities,
and a stockholders' deficit of $469.1 million.

                           *     *     *

In September 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on American Axle & Manufacturing Holdings
to 'B+' from 'B-'.  The outlook is stable.  "The upgrade reflects
S&P's opinion that American Axle's credit measures will improve
further in 2011 under the gradual recovery in North American auto
demand, and that the company's gross margins will expand more than
S&P previously expected," said Standard & Poor's credit analyst
Larry Orlowski.  The company's second-quarter results improved
significantly over those of 2009.   Revenue was $559.6 million,
more than twice as much as second-quarter sales a year ago,
reflecting improving light-vehicle demand and extended shutdowns
of GM and Chrysler in 2009.

In August 2010, Moody's Investors Service raised American Axle's
Corporate Family Rating and Probability of Default Rating to 'B2'
from 'Caa1'.  The raising of American Axle's CFR rating to B2
reflects the company's improved operating performance over the
past two quarters and Moody's belief that this improvement will be
sustained over the intermediate term, supported by stable
automotive vehicle production in North America and cost structure
improvements completed by the company in 2009.  These conditions
no longer support the default risk indicated by the Caa rating.


AMERICAN GENERAL: S&P Raises Rating on Pref. Securities From 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the trust
preferred securities issued by American General Capital II,
American General Institutional Capital A, and American General
Institutional Capital B to 'BBB-' from 'B'.  In addition, S&P
lowered its short-term counterparty credit ratings on American
International Group Inc. (AIG) and certain subsidiaries to 'A-2'
from 'A-1'.  S&P also raised its preliminary rating on AIG's
preferred stock program to 'BBB-' from 'B'.

"As we have previously stated, it is our view that the completion
of the recapitalization plan mitigates the risk of the government
potentially vetoing the payment of dividends on AIG's trust
preferred shares," said Standard & Poor's credit analyst Steven
Ader.  "As a result, we raised our rating on these securities to
'BBB-'."

"The 'A-1' short-term counterparty credit rating on AIG reflected
our view of the strength and support of the liquidity that the
U.S. government provided," said Mr. Ader.  "As a result of AIG's
successful execution of the recapitalization plan, we lowered the
rating to 'A-2', reflecting the loss of excess liquidity provided
by the government."

The 'A-' long-term counterparty credit rating on AIG continues to
receive one notch of uplift from the stand-alone credit profile
because of the continued, albeit diminished, support from the U.S.
government, and it's unaffected by these transactions.  The 'A+'
ratings on AIG subsidiaries Chartis and SunAmerica Financial Group
reflect S&P's opinion of the companies' combined strong and
diverse competitive profile, consolidated capital adequacy, and
historically strong -- though diminished -- operating performance.

The outlook on AIG and its primary insurance operations remains
negative because of the uncertainty of the core insurance
companies' operating performance.  S&P will likely review its
ratings on both AIG and its insurance operations by early 2011,
following S&P's review of fourth-quarter and full-year 2010
operating performance, as well as discussions with AIG about its
updated enterprise risk management programs.


AMERICAN INT'L: To Issue Warrants to Buy 75MM Shares January 19
---------------------------------------------------------------
On January 12, 2011, American International Group, Inc., said in a
Form 8-A filing with the Securities and Exchange Commission that
it plans to register 75,000,000 warrants to purchase up to
75,000,000 shares of common stock, par value $2.50 per share of
the company.  AIG will issue the Warrants on or about January 19,
2011 as a dividend to holders of record of outstanding shares of
Common Stock as of January 13, 2011.  Holders of shares of Common
Stock will be issued 0.533933 Warrants for each share of Common
Stock owned on the Record Date.  The Warrants are being issued as
part of a series of integrated transactions among AIG, the United
States Department of the Treasury, the Federal Reserve Bank of New
York and the AIG Credit Facility Trust to recapitalize AIG.

The Warrants will be issued by AIG pursuant to the Warrant
Agreement, dated January 6, 2011, between AIG and Wells Fargo
Bank, N.A., as Warrant Agent.  The Warrants have not been
registered under the Securities Act of 1933, as amended because
the issuance of a dividend in the form of a Warrant is not a sale
or disposition of a security or interest in a security for value
pursuant to Section 2(a)(3) of the Securities Act.  AIG has
applied to list the Warrants on the New York Stock Exchange for
trading under the symbol "AIG WS".

Each Warrant will represent the right to purchase from AIG one
share of Common Stock at an initial exercise price of $45.00 per
share, payable in U.S. dollars.  The Warrants will expire on
January 19, 2021.  AIG will issue the Warrants in uncertificated,
direct registration form.  Holders of Warrants will not be
entitled to receive physical certificates.  Registration of
ownership will be maintained by the Warrant Agent.  AIG will at
all times reserve the aggregate number of shares of Common Stock
for which the Warrants may be exercised.  The Warrants will not be
redeemable by AIG.

                             About AIG

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

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

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


AMERICAN INT'L: Conditions to Dividend of Warrants Satisfied
------------------------------------------------------------
On January 12, 2011, American International Group, Inc., announced
that the condition to its previously announced dividend of
warrants to purchase shares of AIG's common stock, par value $2.50
per share, has been satisfied.  AIG will therefore proceed with
the distribution of the Warrants on January 19, 2011.

The Warrants are being issued as part of a series of integrated
transactions to recapitalize AIG announced on September 30, 2010.
The dividend, which was declared by the Board of Directors of AIG
on January 6, 2011, was subject to the condition that AIG, the
U.S. Department of the Treasury, the Federal Reserve Bank of New
York, and the AIG Credit Facility Trust each determined as of the
close of business on January 12, 2011, that it expected that the
recapitalization will close on January 14, 2011.  Although this
condition to the Warrant issuance has been satisfied, the
recapitalization itself remains subject to closing conditions and
there can be no assurance that facts, circumstances or conditions
will not change in a manner that would preclude the closing of the
recapitalization on January 14, 2011.

If the closing of the recapitalization occurs as scheduled, it
would involve, among other things, AIG applying proceeds from its
sale of 67% of the ordinary shares of AIA Group Limited in its
initial public offering and from AIG's sale of American Life
Insurance Company to repay the FRBNY approximately $21 billion
under the FRBNY credit facility and terminating the FRBNY credit
facility.  The repayment and termination of the FRBNY credit
facility would result in an approximately $3.6 billion charge in
the first quarter of 2011, representing the remaining balance of
the prepaid commitment fee asset.

                             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.


ANGEL ACQUISITION: Ginew Buys Preferred Shares for $60,000
----------------------------------------------------------
On January 1, 2011, Angel Acquisition Corp. entered into a Series
A Preferred Stock Purchase Agreement with Ginew Holdings, LLC,
pursuant to which the Purchaser purchased from the Company
5,641,591 shares of Series A Preferred Stock.  The purchase price
for the shares acquired was $60,000.  The Company believes the
issuance of the shares is exempt from the registration and
prospectus delivery requirement of the Securities Act of 1933 by
virtue of Section 4(2).

                      About Angel Acquisition

Carson City, Nev.-based Angel Acquisition Corp. was incorporated
under the laws of the state of Nevada on March 10, 1999, under the
name Palomar Enterprises, Inc.  On February 5, 2008, the Company
changed its name to Angel Acquisition Corp. to properly reflect
the change in business direction.  The Company assists private
companies in the process of going public as well as being a
licensed mortgage broker and developer.

The Company's balance sheet at Sept. 30, 2010, showed
$1.75 million in total assets, $2.16 million in total liabilities,
and a stockholders' deficit of $410,063.

Gruber & Company, LLC, in Lake Saint Louis, Mo., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's results for 2009.  The
independent auditors noted that the Company is dependent upon the
available cash on hand and either future sales of securities or
upon its current management or advances or loans from controlling
shareholders or corporate officers to provide sufficient working
capital.


ANGEL ACQUISITION: Gateway CEO Now Chairman of Board
----------------------------------------------------
On January 10, 2011, Angel Acquisition Corp. accepted the
resignation of Steve Bonenberger as Chairman of the Board of
Directors.  Mr. Bonenberger will continue to serve as Chief
Executive Officer, Chief Financial Officer, Secretary and a member
of the Board of Directors.  Effective as of the same date, to fill
the vacancy created by Mr. Bonenberger's resignation, the Board of
Directors appointed Vincent Molinari as Chairman of the Board of
Directors.

On January 10, 2011, the Company accepted the resignations of
Michael Edwards and Lew Graham from the Board of Directors.
Effective as of the same date, the Board of Directors appointed
Lori Livingston as a member of the Board of Directors.

On January 10, 2011, the Company accepted the resignation of
Milton C. Ault, III as President.  Effective on the same date to
fill the vacancy created by Mr. Ault's resignation, the Company
appointed Mr. Bonenberger as President.

On January 10, 2011, the Company accepted the resignation of Lew
Graham as Chief Operating Officer.  At this time, no one has been
chosen to fill the vacancy of Chief Operating Officer left by the
resignation of Mr. Graham.

The Board of Directors now consists of Steve Bonenberger, Lori
Livingston and Vincent Molinari.

Ms. Livingston is a Founder of Gateway Technologies, LLC, and the
founder, president and CEO of Transfer Online Inc. and Transfer
Online Technology Development.  She is a founder and the
technology innovator of Gateway Technology, having identified the
global trend line of illiquid/alternative asset trading platforms.
Ms. Livingston is an entrepreneur who has worked in the financial
services industry for over 27 years and is an advisor and
sometimes board member to several clients and network of
affiliates.  In 1999, she founded and is currently the president
and CEO of Transfer Online, Inc., a stock transfer and registrar
agency, and was one of the first in the industry to bring transfer
agent services and full reporting to the internet.  Although
originally for individual issuers and their shareholders, the
platform she developed evolved when she was approached by
MasterCard International to adapt the platform for the purpose of
trading their Class B securities held by institutions worldwide.
Soon after she was approached by others who sought to expand the
scope of the platform to serve their purposes until 2009 when she
co-founded Gateway Technologies, LLC with Vincent R. Molinari.
She holds a degree from California State University, Northridge
where she graduated with honors as the Julian Beck scholar.

Mr. Molinari is a Founder and the current Chief Executive Officer
of Gateway Technologies, LLC.  He has been the driving force
behind the Gateway Technologies, LLC, having identified the global
trend line of illiquid/alternative asset trading platforms.  Mr.
Molinari is responsible for the Company's strategic planning and
business initiatives, including corporate alliances and strategic
partnerships.  His vision is based on a core belief that
technologies can be re-purposed and customized for the emerging
and developed markets where they can close the technology gap,
create a leadership position and rapidly accelerate business
models.  He is also the founder of Global Access Holdings LLC, a
financial media and analytics company, which identified a global
trend line of illiquid securities and the potential market need
for alternative asset trading platforms.  Before Global Access
Holdings, Mr. Molinari was the Chairman & CEO of Burlington
Capital Markets LLC, a financial services company specializing in
institutional execution services and investment banking
activities.  In addition, he founded Inculab, a technology
business incubator, Voluto Ventures, a venture capital concern and
Cold Spring Advisors, LLC, an investment services provider.  Mr.
Molinari began his career at Lehman Brothers Inc., and he has held
senior positions at Janney Montgomery Scott Inc., and Ridgewood
Capital, where he specialized in mergers and acquisitions,
technology, and capital formation transactions.  During this time,
Mr. Molinari spearheaded the acquisition of Hemisphere Capital
Corporation, a New York broker-dealer and Registered Investment
Advisor, and managed its turnaround and profitable sale.  Mr.
Molinari is a board member of Transfer Online Inc. and Bigshare
Services Pvt., Ltd. He holds a B.B.A. in International Business
from the Frank G. Zarb School of Business at Hofstra University.

                      About Angel Acquisition

Carson City, Nev.-based Angel Acquisition Corp. was incorporated
under the laws of the state of Nevada on March 10, 1999, under the
name Palomar Enterprises, Inc.  On February 5, 2008, the Company
changed its name to Angel Acquisition Corp. to properly reflect
the change in business direction.  The Company assists private
companies in the process of going public as well as being a
licensed mortgage broker and developer.

The Company's balance sheet at Sept. 30, 2010, showed
$1.75 million in total assets, $2.16 million in total liabilities,
and a stockholders' deficit of $410,063.

Gruber & Company, LLC, in Lake Saint Louis, Mo., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's results for 2009.  The
independent auditors noted that the Company is dependent upon the
available cash on hand and either future sales of securities or
upon its current management or advances or loans from controlling
shareholders or corporate officers to provide sufficient working
capital.


AWAL BANK: Files Schedules of Assets and Liabilities
----------------------------------------------------
Awal Bank BSC files with the U.S. Bankruptcy Court for the
Southern District of New York its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property               Unknown
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           Unknown
                                 -----------      -----------
        TOTAL                        Unknown          Unknown

Schedule B identified "potential avoidance actions", whose value
is unknown, as the Debtor's lone personal property.

Schedule F identified HSBC as the loan creditor holding an
unsecured non-priority claim against the Debtor.  HSBC's claim,
however, is disputed by the Debtor, and "a proof of claim [has
been] filed in the foreign main proceeding; amount [is] awaiting
determination."

A full-text copy of the Schedules of Assets and Liabilities is
available for free at http://bankrupt.com/misc/AwalBank_SAL.pdf

                          About Awal Bank

Awal Bank BSC is a Bahrain lender owned by Saudi Arabian Saad
Group.  Awal Bank was principally an investment company that
provides wholesale banking services in Bahrain including the
acceptance of deposits and the making of loans.

Awal Bank was taken into administration by the Central Bank of
Bahrain on July 30, 2009, after defaulting on loans.  U.S. lawyers
for the bank said last year that under Bahrain law, Awal's
administrator had two years to decide if the bank should liquidate
or be returned to management and shareholders.

Stewart Hey, Esq., at Charles Russell LLP, as external
administrator of Awal Bank BSC, made a voluntary petition under
Chapter 15 of the U.S. Bankruptcy Code for the bank (Bankr.
S.D.N.Y. Case No. 09-15923) on Sept. 30, 2009, following the
administration proceedings.

Earlier this year, the bank began experiencing a liquidity
squeeze, brought on in part, by the global economic crisis.  The
bank has ceased to operate as a going concern since it was place
into administration.  In the Chapter 15 petition, the bank
estimated both assets and debts at more than $1 billion.

Awal Bank filed a chapter 11 petition (Bankr. S.D.N.Y. Case
No. 10-15518) in Manhattan on October 21, 2010.  The Debtor
estimated $50 million to $100 million and debts in excess of
$1 billion as of the petition date.


AWAL BANK: Taps the Law Firm of Brown Rudnick as Bankr. Counsel
---------------------------------------------------------------
The Hon. Allan L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York authorized Awal Bank BSC, to employ
the law firm of Brown Rudnick LLP, as counsel.

The firm is representing the Debtor in the Chapter 11 proceeding.

To the best of the Debtor's knowledge, the firm is a
?disinterested person? as that term is defined in Section 101(14)
of the Bankruptcy Code.

                          About Awal Bank

Awal Bank BSC is a Bahrain lender owned by Saudi Arabian Saad
Group.  Awal Bank was principally an investment company that
provides wholesale banking services in Bahrain including the
acceptance of deposits and the making of loans.

Awal Bank was taken into administration by the Central Bank of
Bahrain on July 30, 2009, after defaulting on loans.  U.S. lawyers
for the bank said last year that under Bahrain law, Awal's
administrator had two years to decide if the bank should liquidate
or be returned to management and shareholders.

Stewart Hey, Esq., at Charles Russell LLP, as external
administrator of Awal Bank BSC, made a voluntary petition under
Chapter 15 of the U.S. Bankruptcy Code for the bank (Bankr.
S.D.N.Y. Case No. 09-15923) on Sept. 30, 2009, following the
administration proceedings.

Earlier this year, the bank began experiencing a liquidity
squeeze, brought on in part, by the global economic crisis.  The
bank has ceased to operate as a going concern since it was place
into administration.  In the Chapter 15 petition, the bank
estimated both assets and debts at more than $1 billion.

Awal Bank filed a chapter 11 petition (Bankr. S.D.N.Y. Case
No. 10-15518) in Manhattan on October 21, 2010.  The Debtor
estimated $50 million to $100 million and debts in excess of
$1 billion as of the petition date.

Charles Russell, LLP, London, is the duly foreign representative
and external administrator of Awal Bank in a Kingdom of Bahrain
administration.


AXION INTERNATIONAL: Incurs $7.1-Mil. Net Loss in Fiscal 2010
-------------------------------------------------------------
Axion International Holdings, Inc., filed its annual report on
Form 10-K for the fiscal year ended September 30, 2010, reporting
a net loss of $7.1 million on $1.5 million of revenue for the
fiscal year ended September 30, 2010, compared with a net loss of
$5.7 million on $1.3 million of revenue for the same period a year
ago.

The Company's balance sheet at Sept. 30, 2010, showed
$1.7 million in total assets, $2.1 million in total liabilities,
and a $439,089 stockholders' deficit.

Jewett, Schwartz, Wolfe and Associates, in Hollywood, Florida,
expressed substantial doubt about the Company's ability to
continue as a going concern, following the Company's results for
the fiscal years ended September 30, 2009 and 2010.  The
independent auditors said that the Company's need to seek new
sources or methods of financing or revenue to pursue its business
strategy, raise substantial doubt about the Company's ability to
continue as a going concern.

A full-text copy of the annual report on Form 10-K is available
for free at http://ResearchArchives.com/t/s?7233

                     About Axion International

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


BDC PROPERTIES: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: BDC Properties, LLC
        3235 NW 132nd Place
        Portland, OR 97229

Bankruptcy Case No.: 11-30253

Chapter 11 Petition Date: January 13, 2011

Court: United States Bankruptcy Court
       District of Oregon

Judge: Randall L. Dunn

Debtor's Counsel: Matthew A. Arbaugh, Esq.
                  FIELD JERGER LLP
                  621 SW Morrison St, Suite 1225
                  Portland, OR 97205
                  Tel: (503) 228-9115
                  E-mail: matt@fieldjerger.com

Scheduled Assets: $3,857,300

Scheduled Debts: $3,212,790

A list of the Company's four largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/orb11-30253.pdf

The petition was signed by Bradley Boland, president.


BORDERS GROUP: Gives Publishers Until Feb. 1 to Accept Proposal
---------------------------------------------------------------
The New York Times' DealBook reports that publishers have been
given until February 1 to decide whether they are willing to
accept a proposal from Borders Group Inc. to turn overdue payments
into a loan, several people briefed on the situation said on
Friday.  According to DealBook, Borders is asking publishers to
take up to one-third of the company's reorganized debt, but the
exact percentage has not yet been determined.

In a separate report, Julie Bosman, writing for The New York
Times, says the law firm Lowenstein Sandler and the consulting
firm Alvarez & Marsal represented publishers during their meeting
with Borders.

Ms. Bosman relates people briefed on the matter said Borders at a
meeting Thursday laid out a more detailed proposal to publishers,
which includes asking publishers to provide money for a large
portion of Borders' debt as a loan.  Ms. Bosman reports the NY
Times' sources, speaking only on condition of anonymity, said
Borders executives told publishers that they were close to
securing refinancing from GE Capital and other lenders, and that
Borders intended to reduce costs, improve liquidity and expand
marketing efforts, as well as sell some assets.

According to Ms. Brosman, one publisher said Thursday that the
plan laid out by Borders was not a convincing strategy for turning
around the Company.

As reported by the Troubled Company Reporter on January 7, 2011,
The Wall Street Journal's Mike Spector said people familiar with
the matter indicated Borders has been in discussions with
restructuring advisers about ways to rework its debt-heavy balance
sheet.  The sources told the Journal Borders has been in talks
with Wall Street firms that have worked on many high-profile
bankruptcies and other types of restructuring deals, the people
said.  Sources said restructuring advisers at investment bank
Jefferies & Co. are among those in talks to represent Borders and
advise it on reworking its debt load.  One of the sources told the

On Saturday, Mr. Spector and WSJ's Jeffrey A. Trachtenberg
reported that people familiar with the matter said Borders has
hired law firm Kasowitz, Benson, Torres & Friedman to advise on
its current refinancing efforts.  One of the sources said
Kasowitz's instructions are to keep the company out of bankruptcy
court.

                        About Borders Group

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

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

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

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


BORDERS GROUP: Slashes 15 Managerial Positions
----------------------------------------------
Julie Bosman, writing for The New York Times, reports that
Mary Davis, a spokeswoman for Borders Group, said in an e-mail
15 managerial positions within the company were eliminated on
Thursday.

As reported by the Troubled Company Reporter on January 13, 2011,
Jeffrey A. Trachtenberg, writing for The Wall Street Journal, said
Borders on Wednesday indicated it was in the process of closing
its distribution center in Tennessee and that roughly 310 jobs
would be eliminated.  Borders said the decision wasn't related to
its ongoing refinancing effort or the delay of some vendor
payments.

                        About Borders Group

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

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

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

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


B.R. SUMMERLIN: Owns The Heights at Summerlin
---------------------------------------------
NetDockets reports that B.R. Summerlin Property, LLC, listed the
location of its principal assets as 10550 Park Run Dr. in Las
Vegas, Nevada, which is the address of a skilled nursing facility
known as The Heights at Summerlin.  The report relates that the
facility is operated by Skilled Healthcare, LLC.

Late last year, netDockets recounts, the Las Vegas Business Press
reported that B.R. Summerlin had defaulted on a $15 million loan
from Greystone Bank.

According to netDockets, two of B.R. Summerlin's affiliates also
filed chapter 11 petitions late last year in the Eastern District
of Wisconsin bankruptcy court.  Those two companies, B.R.
Brookfield Commons No. 1 LLC and B.R. Brookfield Commons No. 2
LLC, own a Wisconsin shopping centre known as The Shoppes at
Brookfield Commons.

                       About B.R. Summerlin

Woodland Hills, California-based B.R. Summerlin Property, LLC,
filed for Chapter 11 bankruptcy protection on January 5, 2011
(Bankr. D. Nev. Case No. 11-10148).  Gabrielle A. Hamm, Esq., at
Gordon Silver, serves as the Debtor's bankruptcy counsel.  The
Debtor estimated its assets and debts at $10 million to
$50 million.

Affiliates B.R. Brookfield Commons No. 1, LLC (Bankr. D. Nev. Case
No. 10-38835) and B.R. Brookfield Commons No. 2, LLC (Bankr. D.
Nev. Case No. 10-38838) filed separate Chapter 11 petitions on
November 29, 2010.


CAESARS ENTERTAINMENT: Lynn Swann to Receive Additional Pay
-----------------------------------------------------------
On December 10, 2010, Caesars Entertainment Corporation's Board of
Directors appointed Lynn Swann to the Company's Human Resources
Committee and Jinlong Wang to the Audit Committee.

On January 10, 2011 the Company's Human Resources Committee
approved the change to the compensation of Mr. Swann who will
receive an additional $15,000 in compensation per year for service
on the Human Resources Committee for a total of $90,000 per year
in compensation.  Mr. Wang will receive a base compensation of
$75,000 per year plus $25,000 per year for Audit Committee
service.

                    About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies, with annual revenue of $4.2 billion, 20 properties on
three continents, more than 25,000 hotel rooms, two million square
feet of casino space and 50,000 employees.  Caesars casino resorts
operate under the Caesars, Bally's, Flamingo, Grand Casinos,
Hilton and Paris brand names.  The Company has its corporate
headquarters in Las Vegas.

Harrah's announced its re-branding to Caesar's on mid-November
2010.  Harrah's carries 'Caa3' long term corporate family and
probability of default ratings, with 'positive' outlook, from
Moody's Investors Service.  It has a 'B-' issuer credit rating,
with 'stable' outlook, from Standard & Poor's.

Caesars Entertainment Inc. carries a 'Ca' long term rating from
Moody's.


CATALYST PAPER: Elects Early Redemption of Notes Due 2011
---------------------------------------------------------
Catalyst Paper Corporation announced that it has elected to redeem
on February 11, 2011 all its outstanding 8 5/8% Senior Notes due
June 15, 2011, in an aggregate principal amount of US$26,027,000,
at a redemption price of 100% of the face value of these Senior
Notes.

                       About Catalyst Paper

Based in Richmond, British Columbia, in Canada, Catalyst Paper
Corporation (TSX:CTL) manufactures diverse specialty mechanical
printing papers, newsprint and pulp.  Its customers include
retailers, publishers and commercial printers in North America,
Latin America, the Pacific Rim and Europe.  With six facilities
located in British Columbia and Arizona, Catalyst has a combined
annual production capacity of 2.5 million tonnes.

The Company's balance sheet at Sept. 30, 2010, showed
C$1.73 billion in total assets, C$1.32 billion in total
liabilities, and stockholders' equity of C$406.2 million.

                          *     *     *

In mid-March 2010, Moody's Investors Service downgraded Catalyst's
Corporate Family Rating to Caa1 from B3.  Catalyst's CFR downgrade
anticipates a marked deterioration in the company's financial
performance over the coming year, with significant EBITDA erosion
compared to 2009 levels and negative free cash flow generation.

In May 2010, Standard & Poor's Ratings Services revised the
outlook on Catalyst to stable from negative.  S&P affirmed the
'CCC+' long-term corporate credit rating on the Company.  The
ratings on Catalyst reflect S&P's view of the company's highly
leveraged capital structure, history of weak profitability, fiber
supply issues, and its participation in cyclical commodity
markets.  In Standard & Poor's opinion, these risks are partially
mitigated by the company's revenue diversity and improving cost
profile.


CATHOLIC CHURCH: Wilmington Files Plan With Options for Victims
---------------------------------------------------------------
The Catholic Diocese of Wilmington, Inc., delivered to Judge
Christopher S. Sontchi of the United States Bankruptcy Court for
the District of Delaware its Third Amended Chapter 11 Plan of
Reorganization and Disclosure Statement on January 10, 2011.

The Amended Plan provides for the establishment of a trust, to
which the Diocese will contribute the unrestricted assets of the
bankruptcy estate, less approximately $3 million, which will be
used as startup capital for the Reorganized Debtor following
confirmation of the Amended Plan.

The Amended Plan also offers two choices for the Abuse Survivors:

   (i) Settlement Plan.  An immediate, estimated $74 million
       global settlement of abuse claims against the Diocese,
       the Parish Corporations and the related Catholic
       Entities; and

  (ii) CDOW-Only Plan.  A pared-down option using only Diocesan
       assets, which may provide as little as $15 million,
       depending on litigation outcomes, to compensate all
       creditors and resolve claims against the Diocese alone.

Both options would bring the Diocese out of bankruptcy, but the
CDOW-Only Plan would leave much litigation still unsettled -- the
cost of which would further dilute compensation to creditors, the
Diocese explains in its Amended Disclosure Statement.

The Diocese assures parties-in-interest that it owns certain
insurance policies that provide coverage for Survivor Claims and
for a breach of fiduciary duty claim that has been threatened by
the Lay Employees Committee.

It has been suggested, the Diocese notes, that the Plan should
"substantively consolidate" the Debtor with one or more of the
Non-Debtor Catholic Entities.  Substantive consolidation is an
equitable remedy under federal law, which treats separate legal
entities as if they were merged into a single survivor left with
all the cumulative assets and liabilities (save for inter-entity
liabilities, which are erased).  The result is that claims of
creditors against the separate entities morph to claims against
the consolidated survivor, the Diocese points out.

If the Amended Plan is confirmed as a Settlement Plan, the Non-
Debtor Catholic Entities will contribute to the Plan Trust (i)
cash in the aggregate amount of $57,781,870, (ii) certain real
properties valued at approximately $9,793,000, and (iii) the
rights to proceeds of insurance.  The Amended Plan also proposes,
in a Settlement Plan, the provision of valuable non-cash
consideration by the Non-Debtor Catholic Entities, like the waiver
of Claims against the estate.

The hearing on the Amended Disclosure Statement is tentatively set
for February 15, 2010, The Wall Street Journal reports, citing the
Diocese's lawyer, Anthony Flynn, Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware.

                       J. Vai's Verdict

The Amended Plan also adds information regarding the recent
judgment in favor of John Vai, whose abuse litigation against
St. Elizabeth Roman Catholic Church had been permitted to go
forward by the Bankruptcy Court.  Mr. Vai obtained a verdict of
$3,000,001 against St. Elizabeth.  He has requested that the
Superior Court impose pre-judgment interest from January 1, 1967,
on the $3 million compensatory damages award, which request is
opposed by St. Elizabeth and is currently under advisement by the
Superior Court.

To the extent that Mr. Vai's verdict stands and is collectible, a
portion presumably will be satisfied by insurance proceeds, which
would otherwise be available for contribution to the Plan Trust,
as the Diocese was a co-insured with St. Elizabeth.

According to the WSJ report, Mr. Flynn has acknowledged in an
interview that the decision on Mr. Vai's case pushed the Diocese
to reconstruct the Amended Plan.

"The verdict in that case clearly was a spur to us to try to find
whatever way we can to get out of this bankruptcy," Mr. Flynn
said.

In relation to the filing of the Amended Plan, the Diocese posted
a statement containing a letter by Bishop W. Francis Malooly and
an article entitled "Catholic Diocese of Wilmington Offers Facts
about its Amended Plan of Reorganization" on its Web site at:

    http://www.cdow.org/cgi-bin/news/news.cgi?product=news

The postings explain the Diocese's proposed Amended Plan and
payout, as well as the effect of the Amended Plan on its creditors
and the bankruptcy proceeding.

                         Plan Options

A. Settlement Plan

A Trust would be formed to hold assets of the bankruptcy estate
and those contributed by or on behalf of non-debtor Catholic
entities for the benefit of creditors.  The Diocese would
contribute its insurance plus all but $3 million of its
unrestricted funds and all of the real estate owned by the
diocesan corporation, or the value thereof, including the Bishop's
residence.  Together, the value of these assets totals about
$30 million.  The $3 million set aside will be the working capital
of the Diocese post-bankruptcy.

Non-debtor Catholic entities, which are not part of the
bankruptcy, will contribute cash, real estate and other assets
totaling about $69 million.  Of that sum, the lion's share of
$53 million would come from the Catholic Diocese Foundation, which
would contribute all of its investment assets, including about
$46.6 million in cash and all of its investment property,
estimated at approximately $6.3 million.  Other entities that
would contribute assets to the Plan Trust under the Amended Plan
include Catholic Cemeteries, Siena Hall, Seton Villa and
Children's Home.  In exchange for these contributions, all of the
non-debtor Catholic entities will be released from any liability.

After set asides for pension obligations, health insurance,
workers compensation, and legal fees and other administrative
expenses related to the bankruptcy, under the Settlement Plan, the
net amount for survivors would be approximately $74 million.

It is estimated that this will result in average payouts to
survivors of abuse by diocesan priests in excess of $750,000 per
person.  Payouts would likely range from $75,000 to $3 million,
depending on the severity of the abuse suffered by the survivor-
claimant.

Moreover, the payouts would be far higher than in previous
diocesan bankruptcy settlements.

                            Average Award
     Diocese                  per Claim
     -------                -------------
     Fairbanks, AK                $33,000
     Davenport, IA                237,000
     Spokane, WA                  275,000
     Tucson, AZ                   330,000
     Portland, OR                 410,000
     Wilmington, DE               750,000

If creditors do not vote to approve the Settlement Plan, survivors
and other creditors will be compensated via a CDOW-Only Plan,
although likely only after years of additional litigation.

B. CDOW-Only Plan

Under this Plan, money available to survivors would be limited to
the assets of the Diocese.

After set-asides for health insurance, workers compensation and
administrative expenses, and depending on the outcome of the
pending appeal regarding the Pooled Investment Account, the
estimated total of assets available for distribution under a CDOW-
Only Plan could be as little as $15 million, depending on the
outcome of litigation.  This amount would then be apportioned
among all creditors, including abuse survivors and pension
beneficiaries.

               Confirmation of the Amended Plan

If the Amended Plan is confirmed as a Settlement Plan, then the
Non-Debtor Catholic Entities and Settling Insurers will contribute
Cash and other property to the Plan Trust for the benefit of
holders of Allowed Survivor Claims, in exchange for releases of
Survivor Claims and Causes of Action of the estate.  Aside from
the $74 million, additional contributions of approximately
$9.4 million will be made to the Lay Pension Plan Trust for the
benefit of lay pensioners.

The Amended Plan will be confirmed as a Settlement Plan only if
(i) at least two-thirds in amount and more than one-half in number
of Survivor Claims that vote on the Amended Plan vote in favor of
the proposed global settlement embodied in the Amended Plan, and
(ii) the Bankruptcy Court binds those who vote against the
proposed global settlement to the release and channeling
injunction provisions of the Amended Plan.

If the Amended Plan is confirmed as a CDOW-Only Plan, the Non-
Debtor Catholic Entities and the Settling Insurers will not
voluntarily provide any consideration to the Plan Trust and will
not be released from any Survivor Claims or Causes of Action.  The
Diocese anticipates that a CDOW-Only Plan would necessitate years
of additional litigation to determine the scope of the property of
the bankruptcy estate and to liquidate the amount of any
contribution and indemnity claims of Parish Corporations against
the Diocese.

                           Creditors

These creditors would be beneficiaries of the assets to be
distributed under the Amended Plan:

  * Clerical sex-abuse survivor-claimants;

  * Lay pension claimants, like teachers and other employees of
    parishes and the Diocese;

  * Allied Irish Bank, if the Bankruptcy Court rules that a
    restricted capital campaign fund, which was collected to
    underwrite the construction of a regional school, is part of
    the bankruptcy estate;

  * Clergy pension claimants, if the Bankruptcy Court rules that
    their pension assets are part of the bankruptcy estate; and

  * The diocesan-related entities and parishes with funds in the
    Pooled Investment Account, if the Bankruptcy Court ruling is
    upheld on appeal.

                   Pooled Investment Account

Still presently in dispute is approximately $74 million in a
Pooled Investment Account, including investment funds of the
Catholic Diocese Foundation, Catholic Charities, Catholic
Cemeteries and other entities.  The Bankruptcy Judge ruled that
the funds in the Pooled Investment Account, while intended to be
held in trust, are part of the bankruptcy estate.  The Bankruptcy
Court's decision is being appealed to the U. S. Court of Appeals
for the Third Circuit.

Under the Settlement Plan, the appeal will be dismissed, and about
75% of the disputed funds, in the Pooled Investment Account --
about $54 million -- will go into a trust for survivors.  The
amount is the contribution from non-debtor Catholic entities not
involved in the bankruptcy.  Under the CDOW-Only Plan, if the
Third Circuit agrees with the Bankruptcy Judge's ruling, these
funds will be included among the assets to be distributed to
creditors, and the investing entities will themselves become
creditors, and will share in the assets distributed under the
CDOW-Only Plan.

                          Litigation

According to the Diocese, numerous causes of action and litigation
settled under the Settlement Plan will be left unresolved under
the CDOW-Only Plan, and would need to be fully litigated before
meaningful distributions can be made to creditors.  The Diocese
estimates that the litigation could take at least two to three
years to be fully adjudicated, and the legal fees and other costs
would substantially reduce the assets in the Trust available to
pay creditors.  The Diocese notes that if the Third Circuit
upholds the Bankruptcy Judge's ruling regarding the Pooled
Investment Account, then the non-debtor investors in the Account,
including the Catholic Diocese Foundation, Catholic Charities,
Catholic Cemeteries and other entities, will themselves become
creditors and be entitled to recover a portion of their
investment.

                         Jurisdiction

Under either plan option, all clerical sex-abuse claims pending in
state court against the Diocese or a parish will be removed to the
U.S. District Court for the District of Delaware for disposition
as part of a claims estimation and liquidation process.

                   Clerical Sex-abuse Claims

Individual distributions to Abuse Survivors will be based on the
value of each claim as determined by the Plan Trust.

Under either plan option, Abuse Survivors will have three options
to determine the valuation of their claims:

  (a) Arbitration;

  (b) Trial in the District Court; and

  (c) "Convenience Treatment," with allowances, without the need
       for arbitration or trial, of $75,000 for claims involving
       diocesan priests and $25,000 for claims involving
       religious order priests.

                    Disclosure and Healing

Under either plan option, the Diocese will undertake these
voluntary steps, which are the most extensive ever provided for in
a diocesan bankruptcy settlement:

  -- The Bishop will meet with any survivor, who wishes.  He
     also will send a letter of apology to survivors and their
     families;

  -- The Diocese will annually post on its Web site the results
     of the annual audit by the United States Conference of
     Catholic Bishops of the Diocese's compliance with the
     Charter for the Protection of Children and Young People;

  -- After emerging from bankruptcy, the Diocese will establish
     a records repository open to the public for 10 years of all
     non-privileged documents in the Diocese's possession
     related to sexual abuse by, and supervision of, abusive
     clergy, religious, or lay employees;

  -- The Diocese will continue its current policy of releasing
     survivors from confidentiality agreements that they may
     have signed as part of prior legal settlements; and

  -- The Diocese will continue its annual child abuse prevention
     training of all priests, and any diocesan and parish
     employees and volunteers with regular contact with
     children, including training regarding the mandatory
     reporting of suspected abuse.

                            Pension

The value of the assets in the two Lay Employee Pension Plan funds
is approximately $9 million.  Based on the most recent actuarial
estimates, the accrued and vested benefit liability of the Pension
Plan is approximately $52 million.  Under the Settlement Plan, the
Lay Employee Pension Plan Trust will receive an additional
distribution of $5 million from the bankruptcy estate.  Coupled
with substantially increased annual contributions of $2 million by
the Diocese to the Lay Employee Pension Trust, this infusion of
assets will enable the Pension Plan to meet its obligations.

Under the CDOW-Only Plan, the pensioners will share with survivors
in the Plan Trust.  Under either plan option, the Diocese intends
to modify and reaffirm its obligations to the lay employees under
the Pension Plan.

                            Impact

According to the article posted at the Diocese's Web site, the
Settlement Plan will place a serious burden on the current
ministries of the Diocese.  The Catholic Diocese Foundation has
been the engine for growth in the Diocese for more than 80 years,
a behind-the-scenes benefactor of efforts as school building, new
parish construction and expansion, emergency maintenance,
education and a variety of other programs.  With the decimation of
its resources, that role will end.  The settlement will require
the imposition of severe budget cutbacks at the Diocesan level.
The Diocese will no longer be able to sustain all its ministries.
It is not clear exactly where the cuts will come from, but they
will be severe.  The Settlement Plan will allow parishes and
schools to continue operating, which is the goal of the Settlement
Plan.

The Diocese believes that the contribution of certain affiliate
reserve funds to the settlement pot also will reduce services
provided by Catholic Charities.

                            Urgency

The Diocese believes it is imperative that the Settlement Plan be
approved as quickly as possible.  Currently, the bankruptcy is
consuming nearly $800,000 a month in legal and other
administrative expenses, eroding the Diocese's ability to
compensate survivors and other creditors.  To date, these fees
total $8 million.  The Diocese avers that failure to approve the
Settlement Plan will mean years more of litigation, millions more
dollars to lawyers instead of survivors, and an indefinite delay
in getting survivors both the help they need and the closure they
have long sought.

                        Recommendation

The Diocese recommends that all creditors entitled to vote on the
Amended Plan cast their ballots to accept the plan, and that all
holders of Survivor Claims vote to approve the proposed global
settlement embodied in the Amended Plan.

The Diocese believes that confirmation of the Amended Plan as a
Settlement Plan will provide the greatest and earliest possible
recoveries to holders of Survivor Claims and will provide the best
possible outcome to other creditors.  In the absence of a global
settlement, the Diocese believes that confirmation of the Amended
Plan as a CDOW-Only Plan will provide the greatest and earliest
possible recoveries to creditors.

Failure to achieve confirmation of the Amended Plan could result
in the bankruptcy estate becoming administratively insolvent, the
Diocese says.

Copies of the Amended Plan and Disclosure Statement, as well as
their blacklined copies, may be accessed for free at:

  * http://bankrupt.com/misc/Church_W_3rdAmdPlan_011011.pdf
  * http://bankrupt.com/misc/Church_W_AmendedDS_011011.pdf
  * http://bankrupt.com/misc/Church_W_DS_Blacklined_011011.pdf
  * http://bankrupt.com/misc/Church_W_Plan_Blacklined_011011.pdf

                      Diocese's Statement

    WILMINGTON, Delaware -- January 11, 2011 -- The Most Rev. W.
Francis Malooly, Bishop of the Catholic Diocese of Wilmington, has
issued a letter to parishioners on the filing by the Catholic
Diocese of Wilmington, Inc. of its Amended Plan of Reorganization:

    My Dear People:

    Last night we filed with the Bankruptcy Court an Amended
    Plan of Reorganization that we believe offers an important
    choice for survivors of sexual abuse by diocesan priests.
    The choice is between an immediate, estimated $74-million
    global settlement of abuse claims against the Diocese and
    its parishes, and a pared down option using only the assets
    of the Catholic Diocese of Wilmington, Inc., which would
    provide perhaps $15 million, depending on the outcome of
    litigation, to compensate all creditors and resolve claims
    against the Diocese alone.  Both options would bring the
    Diocese out of bankruptcy, but the latter would leave much
    litigation still unsettled, the cost of which would further
    dilute compensation to creditors.

    Option One of the Amended Plan, the Settlement Plan, is
    informed by months of mediation conducted by a federal judge
    and a retired state court judge with representatives of
    abuse survivors, lay employees, insurers and others.  It
    also is informed by the outcomes of recent court cases, and,
    especially, by soul-searching discussions within the
    diocesan family.  These discussions have led to an offer by
    entities affiliated with the diocese but not involved in the
    bankruptcy filing to provide more than $60 million of their
    own assets in hopes of bringing the bankruptcy to a
    successful conclusion -- meaning a solution that fairly
    compensates abuse survivors while safeguarding the future of
    our parishes and schools, and making sure that the Diocese
    is able to meet its pension obligations to all employees and
    continue important ministries.

    These non-debtor Catholic entities, to use the legal term,
    include the Catholic Diocese Foundation, Catholic
    Cemeteries, Siena Hall, Seton Villa, Children's Home, and
    the parishes themselves.  The condition on which they are
    making their assets available is that the parishes, and all
    diocesan-related entities, be released from all litigation.

    Lawyers for some survivor-claimants have said that the
    parishes want to buy their way out of litigation cheaply.
    But a settlement fund of $74 million -- two-thirds of which
    would come from the non-debtor entities -- is hardly cheap.
    It would result in average compensation of approximately
    $750,000 for survivors of abuse by diocesan priests -- far
    higher than the amounts recovered by claimants in other
    diocesan bankruptcies.  Depending on the grievousness of the
    harm suffered by a survivor, as determined by an independent
    judicial process, compensation to individual survivors is
    expected to range from $75,000 to $3 million.

    The Settlement Plan would entail severe sacrifices in the
    diocesan family.  For example, because the Catholic Diocese
    Foundation would shoulder the largest financial burden --
    almost $53 million -- the plan would end the Foundation's
    historic role as the primary underwriter of the building of
    schools and churches, and the provider of financial support
    for a myriad of other good works.  Property, including the
    Bishop's home, will be sold, ministries will be curtailed,
    and some layoffs will be necessary.

    In the event that claimants vote to reject the Settlement
    Plan, the fallback would be Option Two, the Diocese-Only
    plan, which we view as a far inferior alternative.  Under
    this plan, money available to survivors would be limited to
    the assets of the Catholic Diocese of Wilmington, Inc., the
    sole entity named in the Chapter 11 filing.

    After set-asides for health insurance, workers compensation
    and administrative expenses relating to the bankruptcy, the
    estimated total of assets available for distribution could
    be as little as $15 million, depending on the outcome of the
    Pooled Investment Account litigation.  This amount would
    then be apportioned among all creditors, including abuse
    survivors and pension beneficiaries.

    Under both the Settlement Plan and the Diocese-Only Plan,
    steps would be taken to shore up the financial security of
    the employee pension plans.  The claims of our other
    creditors, principally Allied Irish Bank, also would be
    addressed under both plans.

    The Amended Plan also further enhances the voluntary
    undertakings by the Diocese, and by me, offered in the
    original plan.  These non-monetary provisions are designed
    to further promote healing and reconciliation, and reaffirm
    the commitment of the Diocese to preventing sexual abuse.
    In addition to our continued compliance with the Charter for
    the Protection of Children & Young People adopted by the
    U.S. Conference of Catholic Bishops in 2002, and our
    vigilant implementation of the For the Sake of God's
    Children program established by the Diocese in 2003, the
    non-monetary provisions of the Plan include making publicly
    available documents in diocesan files related to sexual
    abuse by abusive clergy, religious and lay employees.  These
    undertakings are the most extensive ever offered in a
    diocesan bankruptcy or settlement of clergy sex abuse
    claims.

    We expect that the [Bankruptcy] Court will consider and
    approve a disclosure statement by mid-February at which time
    creditors will be given the opportunity to vote on the
    Diocese's plan options.  We anticipate that a plan will be
    presented to the Bankruptcy Court for confirmation in April,
    and the Diocese will emerge from Bankruptcy under one of
    these options shortly thereafter.  Further litigation
    obviously could delay this schedule, but I sincerely hope
    that all parties will agree it is time to end the more than
    $800,000 per month in legal and professional fees being
    incurred by the Diocese in the bankruptcy process, all of
    which reduces the amount available for creditors

    As I said when we filed for bankruptcy in October of 2009,
    our goal is to fairly compensate all survivors of clergy
    sexual abuse in our diocese and to assure the continuation
    of our charitable, educational and spiritual ministries.
    The Settlement Plan fulfills both goals since the vast
    majority of our ministry happens on the parish/school level.

    I ask you to join me in prayer that this plan is approved by
    our creditors without delay so we can end this bankruptcy
    and begin the healing process.

    Most Rev. W. Francis Malooly
    Bishop of Wilmington

                Treatment and Classification of Claims

The Catholic Diocese of Wilmington, Inc.'s Amended Chapter 11 Plan
of Reorganization provides for these classification and treatment
of claims:

Class      Description       Treatment of Allowed Claims
-----      -----------       ---------------------------
N/A       Administrative    Paid in Cash equal to the Allowed
           Claims            amount of the Claim, which will not
                             include any interest, penalty, or
                             premium.

N/A       Priority Tax      Paid in Cash equal to the Allowed
           Claims, if any    Amount of the Claim, which will not
                             include any penalty or premium.

  1        Secured Claims    Legal, equitable, and contractual
                             rights to which the Claim entitles
                             its holder will be reinstated in
                             full on the Effective Date.

  2        Priority Claims   Paid in Cash equal to the Allowed
                             amount of the Claim, which will not
                             include any interest, penalty, or
                             premium.

3A        Survivor Claims   Settlement Plan: Receive a Pro Rata
                             distribution from the Plan Trust,
                             which will be funded by CDOW Assets
                             as well as Assets contributed by
                             the Non-Debtor Catholic Entities.
                             Survivors are free to elect between
                             convenience treatment, arbitration,
                             or litigation of their Claims.
                             Survivor claimants electing
                             convenience treatment receive 100%
                             payout on their Allowed Survivor
                             Convenience Claims.

                             CDOW-Only Plan: Receive a Pro Rata
                             distribution from the Plan Trust,
                             which will be funded solely by CDOW
                             Assets.  Survivors are free to
                             elect between convenience
                             treatment, arbitration, or
                             litigation of their Claims.
                             Survivors electing convenience
                             treatment receive no less than 50%
                             payout on their Allowed Survivor
                             Convenience Claims.

3B        Lay Pension       Settlement Plan: Receive (i) the
           Claims            Lay Pension Fund (valued at
                             $4,432,983 as of 11/30/10), and
                             (ii) distribution of $5 million,
                             both to be contributed to the Lay
                             Pension Plan Trust.

                             CDOW-Only Plan: Receive a Pro Rata
                             distribution from the Plan Trust,
                             contributed to the Lay Pension Plan
                             Trust.

3C        DEDA Bond         May elect to receive either (i)
           Transaction       promissory note from the
           Claims            Reorganized Debtor, on terms
                             agreeable to the Diocese, in its
                             absolute discretion, or (ii) Pro
                             Rata distribution from the Capital
                             Campaign Fund, a Restricted Asset.
                             However, if Plan is confirmed as
                             CDOW-Only Plan and the Capital
                             Campaign Fund is determined to be
                             an Unrestricted Asset of the
                             Estate, will receive a Pro Rata
                             distribution from the Plan Trust.

3D        Clergy Pension    Legal, equitable, and contractual
           Claims            rights to which the Claim entitles
                             its holder will be reinstated in
                             full on the Effective Date.
                             However, if Plan is confirmed as
                             CDOW-Only Plan and the Clergy
                             Pension Fund is determined to be an
                             Unrestricted Asset of the Estate,
                             will receive a Pro Rata
                             distribution from the Plan Trust.

3E        Gift Annuity      Legal, equitable, and contractual
           Claims            rights to which the Claim entitles
                             its holder will be reinstated in
                             full on the Effective Date.
                             However, if Plan is confirmed as
                             CDOW-Only Plan and the Gift Annuity
                             Funds are determined to be
                             Unrestricted Assets of the Estate,
                             will receive a Pro Rata
                             distribution from the Plan Trust.

3F        Other Unsecured   Settlement Plan: Legal, equitable,
           Claims            and contractual rights to which
                             the Claim entitles its holder will
                             be reinstated in full on the
                             Effective Date.

                             CDOW-Only Plan: Receive a Pro Rata
                             distribution from the Plan Trust.

  4        Penalty Claims    Not expected to retain or receive
                             any property on account of the
                             Claims.

Under the Amended Plan, the Claims in Class 1 Secured Claims and
Class 2 Priority Claims are unimpaired and conclusively presumed
to have accepted the Plan.  Holders of Claims in Class 3A Survivor
Claims, Class 3B Lay Pension Claims, Class 3C DEDA Bond
Transaction Claims, and Class 3F Other Unsecured Claims are
impaired and are entitled to vote to accept or reject the Plan.

Holders of Claims in Class 3D Clergy Pension Claims and Class 3E
Gift Annuity Claims are potentially impaired and are entitled to
vote to accept or reject the Plan.  Holders of Claims in Class 4
Penalty Claims are impaired, but are not expected to retain or
receive any property under the Plan and, accordingly, are
conclusively presumed to have rejected the Plan.

                  About the Diocese of Wilmington

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

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

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


CATHOLIC CHURCH: Wilmington Creditors Unhappy With Amended Plan
---------------------------------------------------------------
Abuse Survivors and their counsel accused the latest Amended Plan
of Reorganization filed by the Catholic Diocese of Wilmington,
Inc., as insincere and insufficient, both in terms of the
compensation offered to victims and disclosure of information
related to abuser priests, The News Journal reports.  They also
allege that the Amended Plan will prolong the dispute and
suffering on all sides.

Thomas S. Neuberger, Esq., who represents a majority of those with
claims against the Diocese, said simple math -- and a footnote in
the Amended Plan -- indicates the average settlement will be about
$506,000, and not in the range of $750,000 to $3 million as
indicated by the Diocese, Sean O'Sullivan of the News Journal
says.

Counsel to the Official Committee of Unsecured Creditors, James I.
Stang, Esq., at Pachulski Stang Ziehl & Jones LLP, in Los Angeles,
California, said that if Diocesan officials were truly interested
in reaching a global settlement, they should have at least tried
to talk to the Creditors Committee before filing the Amended Plan,
News Journal reports.  Mr. Stand asserted that the Diocese never
shared its original plan, which was filed in September last year,
the recent Amended Plan or the Disclosure Statements related to
the Plans before they were filed with the U.S. Bankruptcy Court
for the District of Delaware.

"The latest reorganization plan is the diocese's dictatorial and
highhanded effort to impose a nonconsensual solution to its sordid
history of facilitating and tolerating sexual abuse of the
children of the diocese," the News Journal quoted John Vai as
saying.  Mr. Vai, a survivor of clergy sexual abuse and also a co-
chair of the Creditors Committee, has received a $3 million
judgment against St. Elizabeth Roman Catholic Church.

"Critically, the amended plan does not represent a sincere effort
to disclose documents that demonstrate the sordid history of abuse
in the diocese," Mr. Vai added.

In another report, a member of the group Survivors Network of
those Abused by Priests, or SNAP, set up outside the Church of the
Holy Cross on January 13, 2011, to draw attention to the
accusations that the parish has been home to eight accused priests
from 1966 to 2000, DoverPost.com reports.

The western regional director for SNAP, Joelle Casteix, encouraged
those who have been victims of abuse at the parish to come
forward, the report says.  SNAP is also asking for full
transparency of documents related to sexual abuse cases from the
Diocese.

"We have to draw attention to this," DoverPost.com quoted Ms.
Casteix as saying.  "The public needs to know.  I know there are
dozens of victims from Holy Cross who feel as if they are alone
and need to know they aren't.  And I know there are witnesses out
there who don't know how to come forward," she continued.

Bob Krebs, the Diocese's director of the office of communications,
said that the Diocese has already complied with the other demands
of SNAP, DoverPost.com reports.  He added that the Diocese "has
never insisted or asked for any documents not to be released by
any of the courts.  We are committed to dealing as openly and
honestly as possible."

                  About the Diocese of Wilmington

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

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

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


CATHOLIC CHURCH: Milwaukee Sec. 341 Meeting Set for Feb. 11
-----------------------------------------------------------
The U.S. Trustee for Region 11 will convene a meeting of
creditors of the Archdiocese of Milwaukee, on February 11, 2011,
at 11:00 a.m., at U.S. Courthouse, Room 190, 517 East Wisconsin
Avenue, in Milwaukee, Wisconsin.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in the Archdiocese's bankruptcy
case.

Attendance by the Debtors' creditors at the meeting is welcome,
but not required.  The Section 341(a) meeting offers the creditors
a one-time opportunity to examine the Debtor's representative
under oath about the Debtor's financial affairs and operations
that would be of interest to the general body of creditors.

               About the Archdiocese of Milwaukee

The Diocese of Milwaukee was established on November 28, 1843, and
was elevated to an Archdiocese on February 12, 1875, by Pope Pius
IX.  The region served by the Archdiocese consists of 4,758 square
miles in southeast Wisconsin which includes counties Dodge, Fond
du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha.  There are 657,519 registered Catholics
in the Region.

The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for
Chapter 11 bankruptcy protection (Bankr. E.D. Wisc. Case No.
11-20059) on January 4, 2011, to address claims over sexual abuse
by priests on minors.

The Archdiocese became at least the eighth Roman Catholic diocese
in the U.S. to file for bankruptcy to settle claims from current
and former parishioners who say they were sexually molested by
priests.

Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel.

The Archdiocese estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.

(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


CENTRALIA OUTLETS: Taps Bush Strout as Bankruptcy Counsel
---------------------------------------------------------
Centralia Outlets, LLC, is asking Judge Paul B. Snyder for
authority to hire James L. Day, Esq., at Bush Strout & Kornfeld,
LLP, in Seattle, Washington, as its bankruptcy counsel.

Mr. Day has filed a proposed order with the U.S. Bankruptcy Court
for the Western District of Washington authorizing the limited
appointment of the firm as interim bankruptcy counsel to Centralia
Outlets.

Mr. Day says Bush Strout & Kornfeld LLP does not hold or represent
any interest adverse to the estate in connection with the matters
upon which the firm will be engaged, and is a disinterested person
within the meaning of 11 U.S.C. Sec. 101(14).

The firm can be reached at:

          James L. Day, Esq.
          BUSH STROUT & KORNFELD LLP
          5000 Two Union Square
          601 Union Street
          Seattle, WA 98101-2373
          Tel: (206) 292-2110
          Fax: (206) 292-2104
          E-mail: jday@bskd.com

Tacoma, Washington-based Centralia Outlets LLC is the owner of the
Centralia Factory Outlets mall in Centralia, Washington.  The
Debtor filed for Chapter 11 protection on Dec. 3, 2010 (Bankr.
W.D. Wash. Case No. 10-24529), after receiving an order sending
the mall to receivership.  The Debtor estimated assets and debts
of $10 million to $50 million.


CHINA VILLAGE: Amends List of 20 Largest Unsecured Creditors
------------------------------------------------------------
China Village, LLC, filed an amended list of creditors holding the
20 largest unsecured claims, disclosing:

  Unsecured Creditor                           Claim Amount
  ------------------                           ------------
  Last & Faoro                                       $3,776
  520 S. El Camino
  Real, Ste. 430
  San Mateo, CA 94402

  Statewide Roofing                                  $4,106
  5542 Monterey Road
  #201
  San Jose, CA 95138

  Structural Engineers, Inc.                         $5,000
  4970 El Camino Real, Ste. 100
  Los Altos, CA 94022

  Acanthus Architecture & Design                     $7,320
  751 Baker Street
  San Francisco, CA 94115

  Twinwood                                           $8,893
  320 13th Street, Ste. 206
  Oakland, CA 94162

  Republic ITS                                       $9,275
  371 Bel Marin Keys
  Blvd. #200
  Novato, CA 94949

  Do, Le & Co                                       $10,000
  2150 Ringwood Ave.
  San Jose, CA 95131

  City of Fremont                                   $12,893
  P.O. Box 5006
  Fremont, CA 94537

  Kleinfelder                                       $14,189
  981 Garcia Ave., Ste. A
  Pittsburg, CA 94565

  Gates & Associates                                $17,734
  2671 Crow Canyon Road
  San Ramon, CA 94583

  Sandis                                            $25,440
  3007 Douglas Blvd., Ste. 105
  Roseville, CA 95661

  RTKL                                              $27,000
  P.O. Box 402336
  Atlanta, GA 30301

  Professional Services Industries                  $27,297
  1901 South Meyers Road
  Suite 400
  Oakbrook Terrace, IL 60181

  Berliner Cohen                                    $34,928
  10 Almaden Blvd., 11th Floor
  San Jose, CA 95113

  Kobza & Associates Architecture                   $49,859
  2083 Old Middlefield Way
  Mountain View, CA 94043

  Dennis Brown                                      $61,912
  111 N. Market Street, Ste. 1010
  San Jose, CA 95113

  Interface Engineering, Inc.                      $103,783
  708 SW Third Ave., Ste. 400
  Portland, OR 97204

  BSB Design                                       $148,304
  1601 West Lake Parkway, Ste. 200
  Des Moines, IA 50266

  A Dong Supermarket                               $152,499
  Attn: Ken Huynh
  13075 Euclid St.
  Garden Grove, CA 92843

  Fresh & Natural, Inc.                            $500,000
  426 South Main Street
  Milpitas, CA 95035

                        About China Village

Milpitas, California-based China Village, LLC, is a limited
liability company that company that was created on May 10, 2005.
The members of Debtor are Thomas Nguyen, the Responsible
Individual in this case (8%), Joseph Nguyen (9%) and Tuyet Minh Le
(83%).  The Debtor is in the business of purchasing, leasing,
renovating and selling commercial real property.  The Debtor
currently owns a significant commercial property in Fremont,
California, that has 370,019 square feet of rentable space on
25.07 acres of land.

China Village filed for Chapter 11 bankruptcy protection on
October 4, 2010 (Bankr. N.D. Calif. Case No. 10-60373).  Lawrence
A. Jacobson, Esq., Sean M. Jocobson, Esq., at Cohen And Jacobson,
LLP, assists the Debtor in its restructuring effort.  The Debtor
estimated its assets and debts at $10 million to $50 million as of
the Petition Date.


CHINA VILLAGE: Court Approves Cohen and Jacobson as Counsel
-----------------------------------------------------------
Judge Arthur S. Weissbrodt of the U.S. Bankruptcy Court for the
Northern District of California approved the application of China
Village, LLC, to employ Cohen and Jacobson, LLP, as its counsel.

The Court also approved the terms and scope of the firm's
employment.

The firm can be reached at:

           Lawrence A. Jacobson, Esq.
           Sean M. Jacobson, Esq.
           COHEN AND JACOBSON, LLP
           900 Veterans Boulevard, Suite 600
           Redwood City, CA 94063
           Tel: (650) 261-6280
           Fax: (650) 368-6221
           E-mail: laj@cohenandjacobson.com
                   sean@cohenandjacobson.com

                        About China Village

Milpitas, California-based China Village, LLC, is a limited
liability company that company that was created on May 10, 2005.
The members of Debtor are Thomas Nguyen, the Responsible
Individual in this case (8%), Joseph Nguyen (9%) and Tuyet Minh Le
(83%).  The Debtor is in the business of purchasing, leasing,
renovating and selling commercial real property.  The Debtor
currently owns a significant commercial property in Fremont,
California, that has 370,019 square feet of rentable space on
25.07 acres of land.

China Village filed for Chapter 11 bankruptcy protection on
October 4, 2010 (Bankr. N.D. Calif. Case No. 10-60373).
The Debtor estimated its assets and debts at $10 million to
$50 million as of the Petition Date.


CITIGROUP INC: Remains "Too Big to Fail," TARP Watchdog Says
------------------------------------------------------------
Dow Jones Newswires' Jeffrey Sparshott reports that the Office of
the Special Inspector General for the Troubled Asset Relief
Program said on Thursday the U.S. government's 2008 rescue of
Citigroup Inc. encouraged the kind of risky behavior that
contributed to the financial crisis and leaves standing a
financial institution that remains "too big to fail."

Dow Jones relates that, according to Sigtarp, "Unless and until
institutions like Citigroup can be left to suffer the full
consequences of their own folly, the prospect of more bailouts
will potentially fuel more bad behavior with potentially
disastrous results."

Dow Jones reports that U.S. Treasury Secretary Timothy Geithner,
in comments to Sigtarp last month included in the report, said
regulators now have better tools to manage crises but acknowledged
that the government could again be forced to take "exceptional"
measures to protect the financial system.

Dow Jones relates Treasury spokesman Steve Adamske said the
"exceptional" comment was taken out of context.  "The Secretary
was right. It's an exceptional thing to wind down a firm in the
future, in an orderly way, at no cost to taxpayers, using the new
tools provided by Dodd-Frank," Mr. Adamske said, referring to a
financial overhaul passed by Congress this summer, according to
Dow Jones.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets, which will remain on Citigroup's balance sheet.
As a fee for this arrangement, Citigroup issued preferred shares
to the Treasury and FDIC.  The Federal Reserve agreed to backstop
residual risk in the asset pool through a non-recourse loan.

Citigroup also received $45 billion in bailout aid.  Citigroup
sold assets to repay the bailout funds.

Dow Jones notes the government effort helped restore confidence in
the bank and turned a $12 billion profit for taxpayers as
Citigroup repaid programs and regained its independence, the
inspector general said.  But it also encouraged high-risk behavior
by insulating risk takers from the consequences of failure, and
enables the biggest financial institutions to raise funds more
cheaply than smaller competitors.

Dow Jones relates Citigroup on Thursday said it owed a debt of
gratitude to the government and to taxpayers for providing funds
that restored confidence in the financial system, and that it is
now operating on a strong financial foundation.

                       About Citigroup Inc.

Based in New York, Citigroup Inc. (NYSE: C) -- is a global
diversified financial services holding company whose businesses
provide a broad range of financial services to consumer and
corporate customers.


COMMERCIAL VEHICLE: Arnold Siemer Discloses 9.96% Equity Stake
--------------------------------------------------------------
In a Schedule 13G filing with the Securities and Exchange
Commission on January 12, 2011, Arnold B. Siemer disclosed that he
beneficially owns 2,763,226 shares of common stock of Commercial
Vehicle Group, Inc., representing 9.96% of the shares outstanding.
The number of shares outstanding of the Company's common stock,
par value $.01 per share, at September 30, 2010 was 28,545,253
shares.

                   About Commercial Vehicle Group

New Albany, Ohio-based Commercial Vehicle Group, Inc., (Nasdaq:
CVGI) supplies fully integrated system solutions for the global
commercial vehicle market, including the heavy-duty truck market,
the construction and agricultural markets, and the specialty and
military transportation markets.  The Company has facilities
located in the United States in Arizona, Indiana, Illinois, Iowa,
North Carolina, Ohio, Oregon, Tennessee, Virginia and Washington
and outside of the United States in Australia, Belgium, China,
Czech Republic, Mexico, Ukraine and the United Kingdom.

The Company's balance sheet at Sept. 30, 2010, showed
$289.32 million in total assets, $294.99 million in total
liabilities, and a stockholders' deficit of $5.67 million.

                          *     *     *

Commercial Vehicle carries a 'Caa2' Corporate Family Rating and
'Caa2/LD' Probability of Default Rating from Moody's.  It has
'CCC+' issuer credit ratings from Standard & Poor's.

In mid-October 2010, Moody's Investors Service upgraded Commercial
Vehicle Group, Inc.'s Corporate Family Rating to Caa1 from Caa2,
and revised the ratings outlook to positive from negative.  These
positive actions recognize the continuing improvement in the build
rates for commercial vehicles and the realized benefits of the
company's operating and capital restructurings.  According to
Moody's, the Caa1 CFR reflects modest size, high debt leverage,
and exposure to highly cyclical commercial vehicle end markets.
Demand for commercial vehicle components is sensitive to both
economic cycles and regulatory implementation schedules.


COMSTOCK MINING: Committee OKs Selection of Deloitte as Auditor
---------------------------------------------------------------
On January 4, 2011, the Audit and Finance Committee of the Board
of Directors of Comstock Mining Inc., upon completion of a formal
selection process, approved the selection of Deloitte & Touche LLP
as its independent, registered public accounting firm to audit the
consolidated financial statements of the Company for the fiscal
year ended December 31, 2010.  On January 4, 2010, the Company
dismissed Jewett, Schwartz, Wolfe & Associates as its independent
registered public accounting firm.

The reports of JSWA on the consolidated financial statements of
the Company as of and for the fiscal years ended December 31, 2009
and 2008 did not contain any adverse opinion or disclaimer of
opinion.  These reports were not qualified or modified as to audit
scope or accounting principles, with the exception of a statement
regarding the uncertainty of the Company's ability to continue as
a going concern.  During the fiscal years ended December 31, 2009
and 2008 and during the period between December 31, 2009 and
January 4, 2011, there were no disagreements between JSWA and the
Company on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of JSWA,
would have caused JSWA to make reference to the subject matter of
the disagreements in connection with their reports.  Furthermore,
during the fiscal years ended December 31, 2009 and 2008 and
during the period between December 31, 2009 and January 4, 2011,
there were no reportable events.  The fiscal years ended December
31, 2009 and 2008 are the Company's two most recent completed
fiscal years.

During the fiscal years ended December 31, 2009 and 2008 and
during the period between December 31, 2009 and January 4, 2011,
neither the Company nor anyone on its behalf consulted Deloitte
regarding (i) either: the application of accounting principles to
a specified transaction; or the type of audit opinion that might
be rendered on the Company's consolidated financial statements,
and either a written report was provided to the Company or oral
advice was provided that Deloitte concluded was an important
factor considered by the Company in reaching a decision as to the
accounting, auditing or financial reporting issue or (ii) any
matter that was either the subject of a disagreement or a
reportable event.

                       About Comstock Mining

Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,
gold and silver mining company with extensive, contiguous property
in the historic Comstock district.  The Company began acquiring
properties in the Comstock in 2003.  Since then, the Company has
consolidated a substantial portion of the Comstock district,
secured permits, built an infrastructure and brought the
exploration project into test mining production.  The Company
continues acquiring additional properties in the Comstock
district, expanding its footprint and creating opportunities for
exploration and mining.  The goal of the Company's strategic plan
is to deliver stockholder value by validating qualified resources
(measured and indicated) and reserves (probable and proven) of
3,250,000 gold equivalent ounces by 2013, and commencing
commercial mining and processing operations by 2011, with annual
production rates of 20,000 gold equivalent ounces.

The Company's balance sheet at September 30, 2010, showed
$5.6 million in total assets, $46.6 million in total liabilities,
and a stockholders' deficit of $41.0 million.

As reported in the Troubled Company Reporter on April 15, 2010,
Jewett, Schwartz, Wolfe & Associates expressed substantial doubt
about Goldspring, Inc.'s ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has operating and liquidity concerns and
has incurred historical net losses approximating $55.0 million as
of December 31, 2009.  The Company also used cash in operating
activities of $3.6 million in 2009.


CONSTELLATION ENT: Moody's Assigns 'B2' on Proposed $130MM Notes
----------------------------------------------------------------
Moody's Investors Service assigned to Constellation Enterprises
LLC a B2 Corporate Family Rating, B2 Probability of Default
Rating, and a B2 rating to its proposed $130 million senior
secured notes due 2016.  Its proposed $25 million asset-based
revolving credit facility due 2016 will be unrated.  The rating
outlook is stable.  This is a first time rating for Constellation.

These ratings were assigned:

Constellation Enterprises LLC

  * Corporate Family Rating, B2
  * Probability of Default Rating, B2
  * Proposed $130 million senior secured notes due 2016, B2 LGD4
    55%

All ratings are subject to the completion of the proposed
transaction and Moody's review of final documentation.

Proceeds from the proposed senior secured notes reportedly will be
used to refinance existing bank credit facilities and pay
transaction fees and expenses.  The revolver is expected to be
undrawn at closing.

The B2 CFR reflects Constellation's modest size, geographic
concentration, exposure to cyclical end markets, and leverage
position as measured by pro forma debt leverage of approximately
4.7x.  The CFR favorably reflects significant barriers to entry
provided by a combination of short lead times, high freight costs,
long-term customer relationships, a niche market focus, and
improved order bookings and backlog.  The ratings also reflect
Moody's expectation of gradual improvement in economic conditions
which could have a moderately positive impact on the various end
markets that Constellation's five operating subsidiaries serve.
Through its subsidiaries, Constellation is a forger and
manufacturer of custom metal components for end markets such as
rail transportation, oil & gas, general industrial, nuclear,
aerospace, and small gas engine markets.  The CFR further
acknowledges the company's success in reducing its cost structure
to limit the negative effects of the economic downturn and
maintain reasonable gross margins despite a significant decline in
revenue.

Moody's believes liquidity is adequate to support operations over
the near-term.  Moody's expects minimal balance sheet cash at
closing and believe Constellation will generate modestly positive
free cash flow in 2011.  External liquidity is provided by the
$25 million asset-based revolving credit facility, which may be
used for working capital purposes to fund seasonal needs or semi-
annual bond interest payments.  Moody's expects the only financial
maintenance covenant will be a fixed charge coverage ratio on the
revolver that is applicable if availability falls below a modest
threshold.  Alternate liquidity is minimal, as substantially all
assets will be substantially encumbered.

The stable rating outlook reflects Moody's expectation that a
gradual, broad-based economic recovery will support improved
business conditions across most of the company's end markets.
Moody's expects leverage to decline to below 4x and free cash flow
generation to be modestly positive over the next twelve to
eighteen months.

Even though the ratings upside is limited currently given the
company's modest size, positive pressure could build if the
company is able to de-lever or if leverage is likely to reduce
sustainably due to material earnings improvement.  Moody's could
consider a positive action if adjusted debt to EBITDA falls below
3.0x-3.2x range and free cash flow to debt remains above 8% on a
sustainable basis.

The ratings and the outlook would be negatively pressured if it
seems likely that leverage could remain above 5.0x, the company
could generate negative free cash flow, or liquidity could
deteriorate on a sustainable basis.  Moody's would also be
concerned about sustained outages of major equipment,
deterioration in key oilfield services end markets, or a reversal
of continued improvement in order bookings across the business.

Constellation Enterprises LLC, wholly owned by Protostar Partners
since June 2008, has five operating subsidiaries: The Jorgensen
Forge Corporation, Commercial Metal Forming Inc., Columbus Steel
Castings Company, Zero Manufacturing Inc., and Eclipse
Manufacturing Company.  The first three subsidiaries have
historically accounted for over 75% of Constellation's sales.  The
company's main end markets include rail transportation, oil & gas,
general industrial, nuclear, aerospace, and small gas engine
markets.  Revenues for 2010 were roughly $215 million.

The principal methodologies used in this rating were Global
Manufacturing Industry published in December 2010, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.


CONSTELLATION ENT: S&P Assigns 'B' Rating on Proposed $130MM Notes
------------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' preliminary
corporate credit rating to Delaware-based Constellation
Enterprises LLC (Constellation) and a 'B' preliminary issue-level
rating to the Company's proposed $130 million senior secured notes
due 2016.  The preliminary recovery rating on this debt is '4',
indicating S&P's expectation of average recovery (30%-50%) in a
default scenario.  The outlook is stable.

"The preliminary ratings on Constellation reflect its highly
leveraged financial risk profile, marked by substantial leverage,
and our expectation that credit measures, while satisfactory for
the rating based on the proposed refinancing transaction, could
remain volatile," said Standard & Poor's credit analyst Gregoire
Buet.  "These factors are partially tempered by the Company's
relative end market diversity, its well-established position as a
custom supplier to various niche industrial sectors, and S&P's
expectation that revenues and operating profits should increase
over the next few years amid improving demand fundamentals in key
segments and operating efficiencies."

The outlook is stable.  S&P expects the Company's operating
performance to improve in 2011 amid gradual recovery in key
markets, such as railcar manufacturing.  The preliminary ratings
incorporate S&P's expectation of revenue growth in the mid-teens
in 2011 along with adjusted operating margins (before depreciation
and amortization) expanding from the low teens to the mid-teens.
This should lead to gradually strengthening credit measures,
towards levels that are comfortable for the rating, including debt
to EBITDA improving towards 4x, thus providing some flexibility
for weaker than expected operating performance.

"We could lower the ratings if subpar operating performance,
higher-than-expected cash outflows and/or debt-financed activities
adversely affect liquidity or result in a significant
deterioration of credit measures, for example, if debt to EBITDA
is meaningfully higher than 5x for an extended period," Mr. Buet
continued.  "On the other hand, if the long-term competitiveness
of Constellation's businesses remains healthy, if its credit
measures are sustained at less than 4x adjusted debt to EBITDA,
and if its liquidity and financial policies support a higher
rating, we could, over time consider a one-notch upgrade."


CONTRA COSTA: S&P Cuts LT Rating on Bonds to 'B'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'B' from 'BBB' on Contra Costa County Public Financing Authority,
Calif.'s outstanding series 1999 tax allocation bonds, issued for
Contra Costa County Redevelopment Agency.  The outlook is stable.
"The rating action reflects our view of credit quality of the Bay
Point Project Area and a deterioration in the regional real estate
market that we calculate will substantially reduce coverage of
maximum annual debt service to 0.41x in the Bay Point Project Area
during fiscal 2011," said Standard & Poor's credit analyst Bryan
Moore.  "In addition, the volatility ratios of the project areas
that generate pledged revenues are moderately high, in our view,
which suggests that even minor further assessed value declines
will likely have a proportionally larger effect on pledged
revenues."  Also limiting credit quality is S&P's view of
increased taxpayer concentration.

Bay Point Project Area has what S&P views as the lowest credit
quality of all the project areas and, at 1,550 acres, is also the
largest participant.  The area has experienced what S&P considers
to be significant decreases in assessed value (AV) in fiscals
2009, 2010, and 2011.  In fiscal 2007, the area had a total AV of
$616.19 million and 1.59x coverage of maximum annual debt service
(MADS).  However, due to the softening in the local housing
market, total AV dropped by 8.3%, 31.4% and 6.1% in fiscal 2009,
fiscal 2010, and fiscal 2011, respectively, to a total value of
$396.7 million.  Incremental AV declined to $218.8 million in
fiscal 2011 from $438.3 million in fiscal 2007.  As a result, the
MADS coverage has dropped well below 1x to 0.41x. Management
reported that the agency will likely meet its debt service
obligations in fiscal 2011 primarily through ongoing tax increment
and the use of unspent bond proceeds.

The project area's 10 leading taxpayers are, in S&P's view,
diverse representing 23.0% of total AV but a concentrated 41.6% of
incremental AV.  The volatility ratio, which measures the
sensitivity of incremental revenues to overall AV changes, is
moderately high, in S&P's opinion, at 0.45.  The area does have an
additional bonds test (ABT) requiring 1.50x coverage of existing
and proposed MADS.  Once the 1999 loans are retired in 2028, the
ABT drops to 1.25x.

The series 1999 bonds are secured by four separate loan payments
to the authority from the agency; the loan payments are each
severally secured by a senior-lien pledge of tax increment
revenues from each of the project areas, net of housing set-aside
payments and statutory passthrough payments.  The four project
areas are Contra Costa Centre (formerly the Pleasant Hill/Bay Area
Rapid Transit, or BART, Project Area), North Richmond, Bay Point,
and Rodeo.


CORNER DEVELOPMENT: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: The Corner Development, LLC
        422 Roosevelt
        Missoula, MT 59801

Bankruptcy Case No.: 11-60040

Chapter 11 Petition Date: January 13, 2011

Court: United States Bankruptcy Court
       District of Montana (Butte)

Judge: Ralph B. Kirscher

Debtor's Counsel: Harold V. Dye, Esq.
                  DYE & MOE, PLLP
                  P.O. Box 9198
                  Missoula, MT 59807-9198
                  Tel: (406) 542-5205
                  E-mail: hdye@dyemoelaw.com

Estimated Assets: $0 to $50,000

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 Eric Hefty, managing member.

Debtor-affiliates that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Eric & Cheryl Hefty                    11-60039    01/12/11


CPJFK LLC: Ch. 11 Trustee Hires EisnerAmper as Fin'l Advisor
------------------------------------------------------------
Judge Carla E. Craig of the U.S. Bankruptcy Court for the Eastern
District of New York approved the retention of EisnerAmper, LLP as
accountant and financial advisor to Alan Nisselson, the Chapter 11
trustee for CPJFK, LLC, effective December 10, 2010.

EisnerAmper will provide accounting services and advice to the
Chapter 11 Trustee in CPJFK's bankruptcy case.

EisnerAmper holds or represents no interest adverse to the Chapter
11 Trustee or to the estate and is a disinterested party under
Section 101(14) of the Bankruptcy Code with respect to the matters
for which it is to be retained.

The firm will apply for compensation and reimbursement in
accordance with applicable Bankruptcy Rules, the Local Bankruptcy
Rules, the guidelines established by the U.S. Trustee, and other
procedures that may be fixed by Court order.

                          About CPJFK LLC

Atlanta, Georgia-based CPJFK, LLC, owns and operates a 183 room
hotel under the name of the JFK Plaza Hotel located at 151-20
Baisley Blvd., in Jamaica, New York.  The Hotel operations
constitute the Debtor's sole source of income.  The Debtor filed
for Chapter 11 bankruptcy protection on October 4, 2010 (Bankr.
N.D. Ga. Case No. 10-89928).

On October 19, 2010, the U.S. Trustee for Region 21 filed a motion
to transfer the Debtor's case to the U.S. Bankruptcy Court for the
Eastern District of New York.  On November 9, 2010, the Debtor's
case was transferred to this Court and Debtor's case was assigned
Case No. 10-50566.

On November 12, 2010, Neshgold, LP, filed a motion pursuant to
Bankruptcy Code Section 1104(a) to appoint a Chapter 11 trustee to
operate the Debtor's business and administer the Debtor's estate.
On November 19, 2010, the Court entered an Order directing the
appointment of a Chapter 11 trustee.

On November 23, 2010, the U.S. Trustee for Region 2 filed a Notice
appointing Alan Nisselson as chapter 11 Trustee.  The next day,
the Court approved the appointment of Alan Nisselson as trustee.
No official committee of unsecured creditors has been appointed in
the case.  Alan Nisselson selected Choice Consultants LLC as his
managing agent, nunc pro tunc to November 29, 2010.  Windels Marx
Lane & Mittendorf, LLP, is the Chapter 11 trustee's counsel.


CPJFK LLC: Court OKs Windels Marx as Ch. 11 Trustee Counsel
-----------------------------------------------------------
Judge Carla E. Craig of the U.S. Bankruptcy Court for the Eastern
District of New York approved the retention of Windels Marx Lane &
Mittendorf, LLP, as counsel to Alan Nisselson, the Chapter 11
Trustee for the Chapter 11 estate of CPJFK, LLC, effective
November 23, 2010.

The Chapter 11 Trustee is authorized and empowered to employ
Windels Marx (i) under a general retainer and (ii) with respect to
tax certiorari matters, on a contingent basis equal to 20% of the
real estate tax benefits obtained by reducing the actual
assessment for each tax year in which a reduction is achieved,
together with any interest received in any year as a result of the
reduction, plus reimbursement of actual and necessary expenses
incurred.

Upon appropriate application pursuant to Sections 328, 330 and 331
of the Bankruptcy Code, the applicable Federal Rules of Bankruptcy
Procedure, the Local Rules of the Court, and the Guideline of the
Office of the U.S. Trustee, the Court will hereafter fix
compensation of Windels Marx for its services rendered on behalf
of the Chapter 11 Trustee and reimbursement of expenses with
respect to the tax certiorari legal services.

                          About CPJFK LLC

Atlanta, Georgia-based CPJFK, LLC, owns and operates a 183 room
hotel under the name of the JFK Plaza Hotel located at 151-20
Baisley Blvd., in Jamaica, New York.  The Hotel operations
constitute the Debtor's sole source of income.  The Debtor filed
for Chapter 11 bankruptcy protection on October 4, 2010 (Bankr.
N.D. Ga. Case No. 10-89928).

On October 19, 2010, the U.S. Trustee for Region 21 filed a motion
to transfer the Debtor's case to the U.S. Bankruptcy Court for the
Eastern District of New York.  On November 9, 2010, the Debtor's
case was transferred to this Court and Debtor's case was assigned
Case No. 10-50566.

On November 12, 2010, Neshgold, LP, filed a motion pursuant to
Bankruptcy Code Section 1104(a) to appoint a Chapter 11 trustee to
operate the Debtor's business and administer the Debtor's estate.
On November 19, 2010, the Court entered an Order directing the
appointment of a Chapter 11 trustee.

On November 23, 2010, the U.S. Trustee for Region 2 filed a Notice
appointing Alan Nisselson as chapter 11 Trustee.  The next day,
the Court approved the appointment of Alan Nisselson as trustee.
No official committee of unsecured creditors has been appointed in
the case.  Alan Nisselson selected Choice Consultants LLC as his
managing agent, nunc pro tunc to November 29, 2010.


CPJFK LLC: Taps Seidman & Pincus as Substitute Counsel
------------------------------------------------------
The hearing on CPJFK, LLC's application to hire substitute counsel
has been adjourned until February 7, 2011, at 3:00 p.m.

CPJFK is seeking permission from the U.S. Bankruptcy Court for the
Eastern District of New York to employ Seidman & Pincus, LLC, as
its substitute counsel, effective November 26, 2010.

According to Charles Morais, managing member of CPJFK, S&P's
service will include:

     * providing legal advice to the Debtor with respect to its
       rights and obligations under the Bankruptcy Code, the
       Federal Rules of Bankruptcy Procedure, other laws, and
       the Court's orders;

     * preparing all necessary motions, applications, complaints,
       answers, objections, orders, reports, and other legal
       papers on behalf of the Debtor;

     * appearing before the Court and protecting and representing
       the interests of the Debtors in all matters pending before
       the Court;

     * negotiating with creditors and other parties-in-interest
       to formulate and propose a plan of reorganization and
       taking the necessary legal steps to effectuate that plan;
       and

     * performing all other legal services for the Debtor, which
       may be necessary for the preservation of the Debtor's
       estate and to promote the best interests of the Debtor,
       its creditors and its estate.

Mr. Morais and Sunil Mir operate through a management company,
Soho Hotel Group, LLC.

The Debtor and S&P have agreed that the firm will be compensated
for its services at its ordinary billing rates and in accordance
with its customary billing practices with respect to other charges
and expenses pursuant to Sections 330 and 331 of the Bankruptcy
Code.  The Debtor understands that these hourly rates are subject
to periodic adjustment to reflect economic and other conditions.

S&P has also requested a $30,000 retainer as a condition precedent
to its retention.  Mr. Morais has paid $5,000 to S&P and has
promised to pay the firm the balance of the requested retainer
within two weeks, according to the filing.

To the best of the Debtor's knowledge, S&P is a disinterested
person as that term is defined in Section 101(14) of the
Bankruptcy Code, and the firm represents and holds no interests
adverse to the interests of the estate with respect to matters
upon which it is to be employed.

S&P can be contacted at:

          Mitchell B. Seidman, Esq.
          Andrew Pincus, Esq.
          SEIDMAN & PINCUS, LLC
          777 Terrace Avenue, 5th Floor
          Hasbrouck Heights, New Jersey 07604
          Telephone: (201) 473-0047

                          About CPJFK LLC

Atlanta, Georgia-based CPJFK, LLC, owns and operates a 183 room
hotel under the name of the JFK Plaza Hotel located at 151-20
Baisley Blvd., in Jamaica, New York.  The Hotel operations
constitute the Debtor's sole source of income.  The Debtor filed
for Chapter 11 bankruptcy protection on October 4, 2010 (Bankr.
N.D. Ga. Case No. 10-89928).

On October 19, 2010, the U.S. Trustee for Region 21 filed a motion
to transfer the Debtor's case to the U.S. Bankruptcy Court for the
Eastern District of New York.  On November 9, 2010, the Debtor's
case was transferred to this Court and Debtor's case was assigned
Case No. 10-50566.

On November 12, 2010, Neshgold, LP, filed a motion pursuant to
Bankruptcy Code Section 1104(a) to appoint a Chapter 11 trustee to
operate the Debtor's business and administer the Debtor's estate.
On November 19, 2010, the Court entered an Order directing the
appointment of a Chapter 11 trustee.

On November 23, 2010, the U.S. Trustee for Region 2 filed a Notice
appointing Alan Nisselson as chapter 11 Trustee.  The next day,
the Court approved the appointment of Alan Nisselson as trustee
for the Debtor's Chapter 11 estate.  No official committee of
unsecured creditors has been appointed in the case.  Alan
Nisselson selected Choice Consultants LLC as his managing agent,
nunc pro tunc to November 29, 2010.  Windels Marx Lane &
Mittendorf, LLP, is the Chapter 11 trustee's proposed counsel.


CREDIT-BASED ASSET: Authorized to Sell Collateral Mgt. Business
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Credit-Based Asset Servicing & Securitization LLC
received authorization from the bankruptcy court to sell the
collateral-management business for $2.4 million to FIG LLC.

C-BASS previously sought and obtained approval to auction off its
collateral management business where FGIC was the stalking horse
bidder with its $2.4 million offer.  C-BASS proposed a December 14
auction.  The Court-approved rules set a January 10 auction, if
qualified bids were received by December 31.

                About Credit-Based Asset Servicing

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

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

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

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

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


CROSS BORDER: Pure Gas Discloses 80% Equity Stake
-------------------------------------------------
In a Scheduled 13D filing with the Securities and Exchange
Commission on January 12, 2011, Pure Gas Partners II, L.P.,
disclosed that it beneficially owns 9,981,536 shares of common
stock of Cross Border Resources, Inc. representing 80% of the
shares outstanding.

Effective January 3, 2011, Cross Border Resources, Inc., completed
the acquisition of Pure Energy Group, Inc. as contemplated
pursuant to the Agreement and Plan of Merger dated December 2,
2010 among the Company, Doral Acquisition Corp., the Company's
wholly owned subsidiary, Pure Gas Partners II, L.P. and Pure Sub,
a wholly owned subsidiary of Pure L.P.

Pursuant to the provisions of the Pure Merger Agreement, all of
Pure L.P.'s oil and gas assets were transferred to Pure Sub.  Pure
Sub was then merged with and into Doral Sub, with Doral Sub
continuing as the surviving corporation.  Upon completion of the
Pure Merger, the outstanding shares of Pure Sub were converted
into an aggregate of 9,981,536 shares of the Company's common
stock.

As a result of the Pure Merger, Pure L.P. owns approximately 80%
of the Company's total outstanding shares on a fully diluted
basis, with the Company's previous stockholders owning the
remaining 20%.

Effective January 4, 2011, following closing of the Pure Merger,
Doral Sub was merged with and into the Company, with the Company
continuing as the surviving corporation. Upon completing the
merger of Doral Sub with and into the Company, the Company changed
its name to "Cross Border Resources, Inc."  No other amendments
were made to the Company's Articles of Incorporation.

Pure Gas acquired the Shares pursuant to a merger.  Pure Gas
intends to distribute the Shares to its limited partners pro-rata.

                    About Cross Border Resources

Cross Border Resources, Inc. f/k/a Doral Energy Corp. (OTC BB:
DRLY) -- http://www.DoralEnergy.com/-- is a licensed oil and gas
operator in the state of New Mexico.  The Company is headquartered
in Midland, Texas.

The Company's balance sheet at October 31, 2010, showed
$2.77 million in total assets, $2.81 million in total liabilities,
and a stockholders' deficit of $37,846.

As reported in the Troubled Company Reporter on November 23, 2010,
MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt
about Doral Energy'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
negative working capital and recurring losses from operations.


CROSSED PALMS: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Crossed Palms Development, Ltd.
        9788 Shore Cliff Road
        Angola, NY 14006

Bankruptcy Case No.: 11-10119

Chapter 11 Petition Date: January 14, 2011

Court: United States Bankruptcy Court
       Western District of New York (Buffalo)

Judge: Carl L. Bucki

Debtor's Counsel: Robert B. Gleichenhaus, Esq.
                  GLEICHENHAUS, MARCHESE & WEISHAAR, P.C.
                  930 Convention Tower, 43 Court Street
                  Buffalo, NY 14202
                  Tel: (716) 845-6446
                  Fax: (716) 845-6475
                  E-mail: RBG_GMF@hotmail.com

Scheduled Assets: $1,800,000

Scheduled Debts: $130,455

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/nywb11-10119.pdf

The petition was signed by George Donald Beckstein, Jr.,
president.


DB CAPITAL: Seeks to Hire Lewis Brisbois as Bankr. Counsel
----------------------------------------------------------
DB Capital Holdings, LLC, seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Lewis Brisbois
Bisgaard & Smith LLP as its bankruptcy counsel.

According to Thomas M. DiVenere, managing member of Dancing Bear
Management, LLC, the sole manager of DB Capital Holdings, the
services to be performed by Lewis Brisbois include:

    * advising the Debtor generally regarding matters of
      bankruptcy law with respect to its assets and claims of its
      creditors;

    * conducting examinations of witnesses, claimants or adverse
       parties, and to prepare and assist in the preparation of
       pleadings, exhibits, applications, reports, accountings,
       schedules and other documents necessary to the
       administration of these proceedings as required by the
       Bankruptcy Code, the Federal Rules of Bankruptcy
       Procedure, the local rules of the Court, and the
       requirements of the U.S. Trustee;

     * performing legal services necessary to the proper
       administration of the Debtor's Chapter 11 estate;

     * advising the Debtor concerning a Chapter 11 plan; and

     * taking any and all other actions necessary for the proper
       preservation and administration of the Debtor's Chapter 11
       estate.

The Debtor intends to employ Lewis Brisbois on a general retainer
at its customary hourly rates and reimburse applicable expenses.
To the best of the Debtor's knowledge and belief, Lewis Brisbois
does not represent any interest adverse to the Debtor or its
estate and is a disinterested person under Sections 101(14) and
327(a) of the Bankruptcy Code.

On the Net: http://www.lbbslaw.com/

                         About DB Capital

DB Capital Holdings, LLC, is a limited liability company organized
under the laws of the State of Colorado.  Its assets include its
membership interest in Dancing Bear Land, LLC, as well as Dancing
Bear Realty, LLC, and LCH, LL.  Those entities were used to
develop and sell a luxury fractional ownership condominium project
(made up of two buildings located across the street from each
other) in Aspen, Colorado known as the "Dancing Bear Aspen".
Dancing Bear Land holds title to the two parcels of real property
on which the Project is being constructed.  The Debtor has one
Class A member, Aspen HH Ventures, LLC, and one Class B member,
Dancing Bear Development, LP.  The general partner of Dancing Bear
Development, LP, is Dancing Bear Management, LLC, which has no
membership or other interest in the Debtor, and is solely owned by
Tom DiVenere.  The Debtor is managed, pursuant to its Operating
Agreement, by Dancing Bear Management, LLC.

Fred Funk, William Dennis, G.D.B.S. at Snowmass, Inc., Realty
Financial Resources, Inc., and O'Bryan Partnership, Inc., filed an
involuntary Chapter 11 bankruptcy petition (Bankr. D. Colo. Case
No. 10-25805) against DB Capital Holdings on June 24, 2010.  Judge
Elizabeth E. Brown presides over the case.  Jeffrey S. Brinen,
Esq., represents the filers.  In its schedules, the Debtor
disclosed zero assets and liabilities of $57,456,046.

On October 19, 2010, Dancing Bear Development, LP, filed for
Chapter 11 relief (Bankr. D. Colo. Case No. 10-36493) in order to
stay foreclosure of its membership interest in the Debtor.  DB
Development estimated assets and debts below $1 million.

On November 23, 2010, Dancing Bear Land, LLC, filed for Chapter 11
relief (Bankr. D. Colo. Case No. 10-39584), in order to stay
foreclosure of its Property.  In its petition, DB Land estimated
assets between $10 million and $50 million, and estimated debts
between $50 million and $100 million.


DELPHI CORP: Former Chief Executive Cleared of Fraud by Jury
------------------------------------------------------------
A federal jury found Delphi Corp.'s former chief executive J.T.
Battenberg III not guilty of fraud in a civil case filed by the
U.S. Securities and Exchange Commission, Ed White of The Canadian
Press related in a January 13 report.

The jurors concluded that Mr. Battenberg III was liable on three
of the seven charges relating to Delphi's accounting of a
$237 million paid to General Motors Corp. in 2000, The Canadian
Press stated.  The four remaining charges to which Mr. Battenberg
was found not guilty of were described as the most serious charges
by The Canadian Press.

The jury further found Mr. Battenberg and former Delphi chief
accountant Paul Free liable for bookkeeping errors and
misrepresentations to accountants, The Canadian Press related.
In addition, Mr. Free faced liability on several charges
regarding other transactions at Delphi, including a so-called
round-trip trade of parts and materials with suppliers,
Automotive News noted in a January 5 article.

"The finding of no fraud is extremely gratifying," Mr. Battenberg
said in an interview with The Associated Press.  Mr. Battenberg's
counsel, William Jeffress Jr. commented that while the verdict
was satisfying, he was disappointed that the jury found his
client violated anything, The Canadian Press relayed.  Mr.
Jeffress stated his intent to press Judge Avern Cohn of the U.S.
District Court for the Eastern District of Michigan to overrule
the jury's findings of liability against his client, the report
disclosed.

Messrs. Free and Battenberg are likely to face financial
penalties, The Canadian Press added.

The SEC originally commenced the lawsuit against 13 former Delphi
executives in 2006.  Former Delphi pension analyst Milan Belans
and financial accounting director Catherine Rozanski settled with
the SEC and agreed to pay $87,500 and $40,000 respectively in
penalties, The Canadian Press noted.  Former Delphi chief
financial officer Alan Dawes also agreed to pay $687,000 in fees
and restitution in 2006, the report cited.  Delphi was not
penalized because it cooperated with the SEC investigation, the
report added.

The Canadian Press noted that the jury heard about 30 days of
testimony since the trial commenced in October 2010 and started
deliberating on January 5.  A related Associated Press report
disclosed that the jurors were expected to hand down a verdict on
January 13.  The jury reached a verdict earlier, according to AP,
but Judge Cohn directed the jurors to continue deliberations
through January 12 on certain unsettled issues.

                       Closing Arguments

Before the jury reached its verdict on the SEC civil case, Judge
Cohn heard closing arguments from the parties' counsel, David
Barkholz noted in a January 5 Automotive News report.

In closing arguments, SEC counsel Jan Folena, Esq., insisted that
Mr. Battenberg had an obligation to ensure that Delphi accurately
disclosed the $237 million payment it made to GM.  Mr. Folena
argued that Messrs. Battenberg and Free are required to book the
payment as an expense to give investors a true picture of the
company, Automotive News stated.

A separate Automotive News report also dated January 5 mentioned
that SEC attorney Gregory Miller, Esq. raised the point that the
accounting of the GM payment as pension costs enabled Delphi to
post higher earnings in the third quarter of 2000 and for the 200
full year.  This in turn helped Mr. Battenberg and other
executives to meet their earning targets and receive higher
bonuses, Mr. Miller alleged, Automotive News noted.

In closing arguments, Mr. Jeffress, counsel to Mr. Battenberg,
insisted that the Government had it wrong in projecting his
client as a scheming executive who benefited from the alleged
accounting errors in 2000, Automotive News reported.  Mr.
Jeffress emphasized that the former CEO relied on the advice of
the company's accounting staff and outside auditors on how to
book the GM payment, the report noted.  Moreover, Mr. Jeffress
contended that the Government did not provide evidence to support
its claim of higher bonuses for the former Delphi executives
based on the GM payment accounting, Automotive News cited.

                         About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- is a global supplier of electronics and
technologies for automotive, commercial vehicle and other market
segments.  Delphi operates major technical centers, manufacturing
sites and customer support facilities in 30 countries.

The Company filed for Chapter 11 protection on October 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represented the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represented the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court confirmed Delphi's plan on January 25, 2008.  The Plan
was not consummated after a group led by Appaloosa Management,
L.P., backed out from their proposal to provide US$2,550,000,000
in equity financing to Delphi.  At the end of July 2009, Delphi
obtained confirmation of a revised plan, build upon a sale of the
assets to a entity formed by some of the lenders who provided
$4 billion of debtor-in-possession financing, and General Motors
Company.

On October 6, 2009, Delphi Corp.'s Chapter 11 plan of
reorganization became effective.  A Master Disposition Agreement
executed among Delphi Corporation, Motors Liquidation Company,
General Motors Company, GM Components Holdings LLC, and DIP Holdco
3, LLC, divides Delphi's business among three separate parties --
DPH Holdings LLC, GM Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings will
remain responsible for the post-Effective Date administration and
eventual closing of the Chapter 11 cases as well as the
disposition of certain retained assets and payment of certain
retained liabilities as provided under the Modified Plan.

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


DELPHI CORP: Initial Public Offering Up to New Owners
-----------------------------------------------------
Delphi Automotive LLP has the main management pieces in place to
launch an initial public offering, but the 'when' and 'how' of
such move is up to its owners, Delphi Chief Executive Officer
Rodney O'Neal told Reuters.

Mr. O'Neal, in an interview at a Detroit auto show, made clear
that an IPO is not his focus although the IPO 'would be a great
moment if it were to occur for Delphi.'  He elaborated to
Reuters, "Our basic model has always been set.  We spent the last
few years making sure we had it definitely done.  So yes, I think
the major pieces are in place."

Since its emergence in 2009, Delphi has focused on safety
products, car connectivity and green car components, Reuters
related.  Delphi gets 40% of its revenue from Europe, 30% from
North America and the rest from other regions, the report noted.

Mr. O'Neal pointed out that there is still plenty of work to do.
"You are never done in this business," Mr. O'Neal was quoted by
Reuters as saying.

In a related development, Mr. O'Neal received a lifetime
achievement award at the 15th Annual Urban Wheel Awards, Maraline
Kubik of Business Journal reported.  The Urban Wheel Awards aims
to promote multicultural inclusion in the auto industry and is
presented by the Emerging Diversity Education Fund and Decisive
Media, the report added.

                         About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- is a global supplier of electronics and
technologies for automotive, commercial vehicle and other market
segments.  Delphi operates major technical centers, manufacturing
sites and customer support facilities in 30 countries.

The Company filed for Chapter 11 protection on October 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represented the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represented the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court confirmed Delphi's plan on January 25, 2008.  The Plan
was not consummated after a group led by Appaloosa Management,
L.P., backed out from their proposal to provide US$2,550,000,000
in equity financing to Delphi.  At the end of July 2009, Delphi
obtained confirmation of a revised plan, build upon a sale of the
assets to a entity formed by some of the lenders who provided
$4 billion of debtor-in-possession financing, and General Motors
Company.

On October 6, 2009, Delphi Corp.'s Chapter 11 plan of
reorganization became effective.  A Master Disposition Agreement
executed among Delphi Corporation, Motors Liquidation Company,
General Motors Company, GM Components Holdings LLC, and DIP Holdco
3, LLC, divides Delphi's business among three separate parties --
DPH Holdings LLC, GM Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings will
remain responsible for the post-Effective Date administration and
eventual closing of the Chapter 11 cases as well as the
disposition of certain retained assets and payment of certain
retained liabilities as provided under the Modified Plan.

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


DELPHI CORP: Idled Warren, Ohio Plant to Be Demolished
------------------------------------------------------
The city of Warren officials are determined to demolish an idled
Delphi Packard Electric plant in Dana and Grisworld Streets over
concerns of safety, according to a demolition order filed by a
chief building official, Marly Kosinski and Raymond L. Smith of
Tribune Chronicle reported.

According to city mayor Michael O'Brien, the facility has been a
target of vandalism and theft since it was abandoned three years
ago by Delphi Corp., the report said.  Mr. O'Brien further
disclosed that Delphi Automotive LLP has found a buyer for the
buildings and is expected to make an announcement in the coming
weeks, the report added.

                         About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- is a global supplier of electronics and
technologies for automotive, commercial vehicle and other market
segments.  Delphi operates major technical centers, manufacturing
sites and customer support facilities in 30 countries.

The Company filed for Chapter 11 protection on October 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represented the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represented the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court confirmed Delphi's plan on January 25, 2008.  The Plan
was not consummated after a group led by Appaloosa Management,
L.P., backed out from their proposal to provide US$2,550,000,000
in equity financing to Delphi.  At the end of July 2009, Delphi
obtained confirmation of a revised plan, build upon a sale of the
assets to a entity formed by some of the lenders who provided
$4 billion of debtor-in-possession financing, and General Motors
Company.

On October 6, 2009, Delphi Corp.'s Chapter 11 plan of
reorganization became effective.  A Master Disposition Agreement
executed among Delphi Corporation, Motors Liquidation Company,
General Motors Company, GM Components Holdings LLC, and DIP Holdco
3, LLC, divides Delphi's business among three separate parties --
DPH Holdings LLC, GM Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings will
remain responsible for the post-Effective Date administration and
eventual closing of the Chapter 11 cases as well as the
disposition of certain retained assets and payment of certain
retained liabilities as provided under the Modified Plan.

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


DRESSER INC: S&P Keeps 'B' Corporate on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Dresser Inc., including the 'B' corporate credit rating, remain on
CreditWatch, where they were placed with positive implications on
Oct. 6, 2010.  The CreditWatch placement followed the announcement
that the Company has entered into an agreement to be acquired by
General Electric Co. (GE; AA+/Stable/A-1+).

Under terms of the agreement, GE has agreed to acquire Dresser for
$3 billion.  Terms of the financing have not been disclosed. The
positive CreditWatch listing for Dresser reflects GE's superior
credit strength.

Standard & Poor's will resolve the CreditWatch listing once the
transaction closes.  The agreement is subject to regulatory
approval.


EAST COAST RAILWAY: S&P Assigns 'B' Corporate; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Jacksonville, Fla.-based Florida East Coast
Railway Corp.  The outlook is stable.

"The ratings on FECR reflect the Company's limited geographic and
end-market diversity, highly leveraged capital structure, and very
aggressive financial policy," said Standard & Poor's credit
analyst Anita Ogbara.  "The Company's participation in the
relatively stable U.S. freight railroad industry, along with its
efficient operations and minimal capital expenditure requirements,
partially offset these weaknesses.  We characterize the Company's
business profile as fair, financial profile as highly leveraged,
and liquidity as adequate."

The outlook is stable.  In the near term, S&P expects rail volumes
and intermodal market conditions to continue to strengthen and
improve FECR's operating profitability, cash flow, and liquidity.
"We could raise the ratings if FFO to debt rises above 10% on a
sustained basis," Ms. Ogbara continued.  "Although less likely, we
could lower ratings if earnings and cash flow improvement does not
materialize and FFO remains in the mid-single-digit percent
range."


EASTMAN KODAK: Gustavo Oviedo Owns 14,068 Common Shares
------------------------------------------------------
In a Form 3 filing with the Securities and Exchange Commission on
January 12, 2011, Gustavo Oviedo, vice president at Eastman Kodak
Co., disclosed that he beneficially owns 14,068 shares of common
stock of the company.  Mr. Oviedo also has the option to buy an
aggregate of up to 81,430 shares of common stock.  He also owns an
aggregate of 134,585 restricted stock units.

                        About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company
(NYSE:EK) -- http://www.kodak.com/-- provides imaging technology
products and services to the photographic and graphic
communications markets.

On February 19, 2010, Moody's revised its rating outlook on the
Company from negative to stable, and affirmed its B3 corporate
rating and Caa1 senior unsecured rating.

On February 11, 2010, S&P revised its B- rating outlook on the
Company to stable from negative.  All ratings on the Company,
including the B- Corporate Rating, were affirmed.


EASTMAN KODAK: Laura Quatela Owns 19,348 Common Shares
------------------------------------------------------
In a Form 3 filing with the Securities and Exchange Commission on
January 12, 2011, Laura Quatela, senior vice president at Eastman
Kodak Co., disclosed that she beneficially owns 19,348 shares of
common stock of the Company.  Ms. Quatela also has option to buy
up to 44,620 shares of common stock.  She also beneficially owns
restricted stock units totaling 119,674.

                        About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company
(NYSE:EK) -- http://www.kodak.com/-- provides imaging technology
products and services to the photographic and graphic
communications markets.

On February 19, 2010, Moody's revised its rating outlook on the
Company from negative to stable, and affirmed its B3 corporate
rating and Caa1 senior unsecured rating.

On February 11, 2010, S&P revised its B- rating outlook on the
Company to stable from negative.  All ratings on the Company,
including the B- Corporate Rating, were affirmed.


ELBIE GROUP: Case Summary & Largest Unsecured Creditor
------------------------------------------------------
Debtor: The Elbie Group, LLC
        336 Orange Street
        Charlotte, NC 28205

Bankruptcy Case No.: 11-30087

Chapter 11 Petition Date: January 14, 2011

Court: United States Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: George R. Hodges

Debtor's Counsel: Jack G. Lezman, Esq.
                  SCHWILM AND LEZMAN PA
                  181 N. Main Street, Suite 215
                  Mooresville, NC 28115
                  Tel: (704) 567-3824
                  Fax: (704) 536-0179
                  E-mail: schwilmlezman@gmail.com

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

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

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

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Equity Funding, LLC                              $1,532,420
12505 Bel-Red Road,
Suite 200
Bellevue, WA 98055

The petition was signed by Elbie Dewitt Wallace, Mbr manager.


ENDEAVOUR HIGHRISE: Proofs of Claim Due by April 6, 2011
--------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
Texas has entered an Order establishing April 6, 2011, as the last
day for all persons and entities to file proofs of claim against
Endeavour Highrise, L.P.

Classified as a single-asset, real estate debtor, Endeavour
Highrise, L.P., sought Chapter 11 protection (Bankr. S.D.
Tex. Case No. 09-33151) on May 4, 2009.  Matthew Hoffman, Esq.,
at the Law Offices of Matthew Hoffman, p.c., represents the
Debtor.  Wonmore Ltd. has invested more than $10 million in
the Debtor post-petition in a variety of transactions.  On the
petition date, the Debtor disclosed total assets of about
$9.5 million and total liabilities of $31.0 million.  It's
primary asset consisted of its interest in a condominium
highrise project in Seabrook, Tex.

On June 12, 2009, the Bankruptcy Court appointed David R.
Jones as trustee of the Debtor's Chapter 11 estate.  Susan
J. Taylor, Esq., at Taylor Law Group in Houston, Tex.,
represents the Chapter 11 Trustee.

The case has been converted to a Chapter 7 liquidation proceeding.


EXIDE TECHNOLOGIES: Wins Nod to Cease Distribution of Warrants
--------------------------------------------------------------
Judge Kevin Carey of the U.S. Bankruptcy Court for the District
of Delaware issued an order authorizing Exide Technologies to
stop the distribution of warrants issued under a 2004 agreement
with American Stock Transfer & Trust Company after their
expiration.

Under the terms of Exide's Joint Plan of Reorganization, the new
Exide warrants will expire on May 5, 2011, or seven years after
the effective date of the restructuring plan.

The new Exide warrants are warrants to purchase up to
6.25 million shares of new Exide common stock at a strike
price originally set at $32.11.  Pursuant to the restructuring
plan, holders of allowed claims in Class P4 receive a pro rata
distribution of 10% of the new Exide common stock and the new
Exide warrants.

Judge Carey ordered the inclusion of open Class P4 claims that
are allowed on or before March 31, 2011, in Exide's quarterly
distribution scheduled for April 20, 2011.

The bankruptcy judge authorized Exide to make a special
distribution on April 28, 2011, for any Class P4 claims that are
allowed during the period March 31 to April 21, 2011.

Any open Class P4 claim that is allowed by agreement of the
parties or by order of the Court on or before April 21, 2011,
will be included in the April 28 special distribution.
Meanwhile, any claim allowed after April 21 will not receive new
Exide warrants as part of its distribution, according to Judge
Carey's order.

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The Company filed for Chapter 11 protection on April 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill,
Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors
in their successful restructuring.  The Court confirmed Exide's
Amended Joint Chapter 11 Plan on April 20, 2004.  The plan took
effect on May 5, 2004.  While it has emerged from Bankruptcy,
reorganized Exide is still resolving claims filed against it in
the Bankruptcy Court.

                           *     *     *

Reorganized Exide carries 'B' issuer credit ratings from Standard
& Poor's.  "The ratings on Exide Technologies reflect what we
consider to be the Company's aggressive financial risk profile,
which incorporates S&P's expectation that sales and profitability
will improve gradually as demand increases," said Standard &
Poor's credit analyst Nancy Messer

Exide has 'B3' corporate family and probability of default ratings
from Moody's Investors Service.  In July 2008, Moody's upgraded
the rating to 'B3' from 'Caa1'.  Exide's B3 Corporate Family
Rating continues to incorporate the company's leveraged profile,
cyclical industry characteristics, and raw material pricing
pressure, Moody's said in January 2011.


EXIDE TECHNOLOGIES: Claims Objection Deadline Moved to Jan. 31
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Exide Technologies to file its objections to claims until
January 31, 2011.

In the extension request filed by Exide, James O'Neill, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, says
the proposed extension will give Exide enough time to evaluate or
even resolve the remaining claims that were filed against the
company.

Over 6,100 proofs of claim aggregating $4.4 billion were filed
against Exide.  These do not include about 1,100 proofs of claim
that were filed as unliquidated claims.

As of October 29, 2010, about 6,062 claims have been reviewed and
resolved, reducing the total amount of outstanding claims by over
$3.4 billion.  Exide has also completed 21 quarterly
distributions to creditors under its confirmed restructuring
plan, consisting of distributions on approximately 2,608 claims
for about $1.67 billion.

Since July 28, 2010, Exide has not filed any omnibus objections
to claims but has filed individual objections to claims and made
considerable progress including continued settlement negotiations
with respect to the remaining claims, according to Mr. O'Neill.

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The Company filed for Chapter 11 protection on April 14, 2002
(Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill,
Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors
in their successful restructuring.  The Court confirmed Exide's
Amended Joint Chapter 11 Plan on April 20, 2004.  The plan took
effect on May 5, 2004.  While it has emerged from Bankruptcy,
reorganized Exide is still resolving claims filed against it in
the Bankruptcy Court.

                           *     *     *

Reorganized Exide carries 'B' issuer credit ratings from Standard
& Poor's.  "The ratings on Exide Technologies reflect what we
consider to be the Company's aggressive financial risk profile,
which incorporates S&P's expectation that sales and profitability
will improve gradually as demand increases," said Standard &
Poor's credit analyst Nancy Messer

Exide has 'B3' corporate family and probability of default ratings
from Moody's Investors Service.  In July 2008, Moody's upgraded
the rating to 'B3' from 'Caa1'.  Exide's B3 Corporate Family
Rating continues to incorporate the
company's leveraged profile, cyclical industry characteristics,
and raw material pricing pressure, Moody's said in January 2011.


EXIDE TECHNOLOGIES: Bay Corrugated Says Claims Should be Allowed
----------------------------------------------------------------
Bay Corrugated Container Inc. asked the Court to overrule Exide
Technologies' objection to its claims.

Exide earlier sought to disallow and expunge Claim Nos. 5515 and
3827 on grounds that Bay Corrugated did not file documents in
support of its claims and that the creditor failed to allege
facts or damages necessary to support a compensable claim.

Paula Hall, Esq., at Brooks Wilkins Sharkey & Turco, PLLC, in
Birmingham, Michigan, said the claims comply with the format
prescribed by the bankruptcy rules and include the requisite
written statement detailing those claims.

The claims also contain multiple summaries of underlying facts,
are well-documented, and are supported by voluminous documents,
according to Ms. Hall.

"Bay Corrugated submits that the claims were properly documented.
Even if the Court finds otherwise, the appropriate penalty is not
disallowance of the claims," Ms. Hall said.

In a related development, Exide obtained an order reducing and
allowing Total Tool Supply Inc.'s Claim No. 5586 for $49,622 as
general unsecured, non-priority Class P4-A claim.

The company also dropped its objection to Claim No. 3225 and
entered into a stipulation with EMS Chemie North America Inc.

Pursuant to the stipulation, EMS Chemie will receive an allowed
nonpriority, general unsecured, Class P4-A claim for $3,723, to
be distributed in stock and warrants in accordance with the Joint
Plan of Reorganization.  In exchange, Claim No. 3225 or any other
claims held by EMS Chemie will be deemed withdrawn, waived and
discharged.

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The Company filed for Chapter 11 protection on April 14, 2002
(Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill,
Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors
in their successful restructuring.  The Court confirmed Exide's
Amended Joint Chapter 11 Plan on April 20, 2004.  The plan took
effect on May 5, 2004.  While it has emerged from Bankruptcy,
reorganized Exide is still resolving claims filed against it in
the Bankruptcy Court.

                           *     *     *

Reorganized Exide carries 'B' issuer credit ratings from Standard
& Poor's.  "The ratings on Exide Technologies reflect what we
consider to be the Company's aggressive financial risk profile,
which incorporates S&P's expectation that sales and profitability
will improve gradually as demand increases," said Standard &
Poor's credit analyst Nancy Messer

Exide has 'B3' corporate family and probability of default ratings
from Moody's Investors Service.  In July 2008, Moody's upgraded
the rating to 'B3' from 'Caa1'.  Exide's B3 Corporate Family
Rating continues to incorporate the company's leveraged profile,
cyclical industry characteristics, and raw material pricing
pressure, Moody's said in January 2011.


FGIC CORP: Negotiating Plan with Insurance-Policy Holders
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that FGIC Corp. is working on a new reorganization plan
with holders of policies issued by its bond insurance subsidiary,
Financial Guaranty Insurance Co.  FGIC provided this update in its
request for an extension until April 1 of its exclusive period to
propose a Chapter 11 plan.

According to Mr. Rochelle, the hearing to extend exclusivity is
set for Jan. 25.

Mr. Rochelle recounts that FGIC filed for reorganization in August
and immediately submitted a plan where creditors in effect would
become owners of the insurance subsidiary.  The reorganized
company would benefit from $4 billion in net tax-loss
carryforwards.  Hopes for implementing the plan were shot down
with the failure of an exchange offer.  As a result, FGIC was
concerned that New York insurance regulators would take over and
liquidate the insurance subsidiary.

                           About FGIC Corp

New York-based FGIC Corporation is a privately held insurance
holding company.  FGIC Corp's main business interest lies in the
holdings of the bond insurer Financial Guaranty Insurance Company
-- http://www.fgic.com/-- and it depends on dividend payments by
FGIC for sustaining its operations.  FGIC had stopped paying
dividends to parent FGIC Corp. since January 2008.

FGIC Corp. filed for Chapter 11 bankruptcy protection on August 3,
2010 (Bankr. S.D.N.Y. Case No. 10-14215).  The bond insurer
subsidiary did not file for bankruptcy.

Paul M. Basta, Esq., Brian S. Lennon, Esq., and Patrick J. Nash,
Jr., Esq., at Kirkland & Ellis LLP, serve as counsel to the
Debtor.  Garden City Group, Inc., is the Debtor's claims and
notice agent.  The Company disclosed $11,539,834 in assets and
$391,555,568 in liabilities as of the petition Date.

In August 2010, FGIC filed a plan of reorganization and disclosure
statement.  The Plan negotiated between FGIC Corp. and its key
creditors and shareholders will allow the FGIC Corp. to cancel
debt obligations in the aggregate amount of $391.5 million.  The
Plan provides that holders of general unsecured claims against
FGIC Corp. -- which include holders of outstanding debt under FGIC
Corp.'s prepetition revolving credit facility and holders of FGIC
Corp.'s 6% Senior Notes due 2034 -- will receive substantially all
of its $11.5 million in cash and the common stock in Reorganized
FGIC Corp.  The three largest common shareholders of FGIC Corp.,
representing over 90% of its common stock, have agreed to the
cancellation of their equity interests pursuant to the Plan and
have agreed to waive general unsecured claims against the estate
in the aggregate amount of $7.2 million.  As agreed upon with FGIC
Corp.'s major creditors, Reorganized FGIC Corp. will be
capitalized with no more than $400,000 to fund its business needs
and will continue to operate as an insurance holding company after
the Effective Date


FIRST COAST: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: First Coast Hospitality, LLC
          dba Candlewood Suites Hotel East Jacksonville
        9100 Merrill Road, #9-100
        Jacksonville, FL 32225

Bankruptcy Case No.: 11-00252

Chapter 11 Petition Date: January 14, 2011

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

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

Estimated Assets: $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 Balvantrai G. Patel, managing member.


FOX HILL: Asks for Court OK to Use Cash Collateral; BWF Objects
---------------------------------------------------------------
Fox Hill Mutual Homes, Inc., asks for authorization from the U.S.
Bankruptcy Court for the Eastern District of Virginia to use cash
collateral until March 2011.

On May 29, 2009, BWF-FHM Loan, LLC, agreed to make a loan to the
Debtor in the aggregate principal amount of $4.53 million.  The
loan is evidenced by a promissory note dated May 29, 2009, in the
original principal amount of $4.53 million made, executed and
delivered by the Debtor and payable to the order of BWF.  The
total debt BWF claims to be owed is approximately $4.53 Million,
although it acknowledges significant amounts held in reserve
accounts.  The Debtor disputes the amount owed to BWF and reserves
its right to contest the claim of BWF, including the amount of the
principal, interest and late charges owed to BWF and the
collateral position of BWF.

Karen M. Crowley, Esq., at Crowley, Liberatore & Ryan, P.C.,
explains that the Debtor needs the money to fund its Chapter 11
case, pay suppliers and other parties.  The Debtor will use the
collateral pursuant to a budget, a copy of which is available for
free at http://bankrupt.com/misc/FOX_HILL_budget.pdf

In exchange for using the cash collateral, the Debtor proposes to:
(i) place any and all cash, checks or monies it collects, receives
or derives from the operation of its business or the use of the
Collateral into the Debtor's or the property management company's
Debtor-in-Possession bank account.  Without further authorization
from the Court, the Debtor will pay from the Account only
reasonable and necessary operating expenses incurred in the
ordinary course of the Debtor's business, as set forth on the
Budget; (ii) provide BWF with replacement liens in and to all
property of the estate of the kind presently securing repayment
of the BWF Debt, such liens to attach to the Post-Petition
Collateral to the same extent, validity and priority as such liens
exist on the Collateral; (iii) maintains all rights to contest the
amount, extent, validity and priority of liens and its BWF Debts;
(iv) move for approval of a contract for the management of the
Complex by a third party management company.  The Debtor has
negotiated a contract for the continued management of the Complex
by Harbour Group Management Co, which has been involved in the
management of the Complex via its affiliate HG Receiver, LLC.

BWF objects to the Debtor's request for court authorization to use
of cash collateral.  BWF says that the Debtor's motion to use cash
collateral doesn't provide a means by which BWF's interest in the
cash collateral will be adequately protected.  According to BWF,
the proposed budget provides for unnecessary expenditures and
proposes to operate the Debtor's property at a loss.

BWF is represented by Kaufman and Canoles, a professional
corporation.

                         About Fox Hill

Hampton, Virginia-based Fox Hill Mutual Homes, Inc., is a non-
profit, non-stock Maryland corporation created effective June 3,
1969, for the purpose of acquiring, maintaining and operating a
cooperative residential housing complex.  It filed for Chapter 11
bankruptcy protection on January 6, 2011 (Bankr. E.D. Va. Case No.
11-50038).  Karen M. Crowley, Esq., at Crowley, Liberatore, &
Ryan, P.C., serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets at $10 million to $50 million and debts at
$1 million to $10 million.


FOX HILL: Taps Crowley Liberatore as Bankruptcy Counsel
-------------------------------------------------------
Fox Hill Mutual Homes, Inc., asks for authorization from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Crowley, Liberatore & Ryan, P.C., as bankruptcy counsel.

CLR will, among other things:

     a. prepare the petition, lists, schedules and statements; the
        pleadings, motions, notices and orders required for the
        orderly administration of the estate and to ensure the
        progress of this case; and to consult with and advise the
        Debtor in the reorganization of their financial affairs
        and, if applicable, the orderly administration of his
        assets;

     b. prepare for, prosecute, defend, and represent the Debtor's
        interest in all contested matters, adversary proceedings,
        and other motions and applications arising under, arising
        in, or related to the Chapter 11 case;

     c. prepare a Disclosure Statement and Plan of Reorganization
        for the Debtor, and negotiate with all creditors and
        parties in interest who may be affected thereby; obtain
        confirmation of a Plan, and perform all acts reasonably
        calculated to permit the Debtors to perform them and
        consummate a Plan; and

     d. investigate the existence of other assets of the estate;
        and, if any exist, to take appropriate action to have the
        same turned over to the estate, including instituting
        lawsuits and investigating whether lawsuits exist.

Prior to the filing, CLR received $20,000 in payments from the
Debtor.  Approximately $15,900 of the retainer was used to pay
pre-petition fees incurred with CLR.  The balance of these funds
are held as a retainer to pay accrued and outstanding professional
fees incurred during the case only to be disbursed upon proper
application and order of this Court.

Karen M. Crowley, Esq., a member at CLR, assures the Court that
the firm is a "disinterested person" as that term defined in
Section 101(14) of the Bankruptcy Code.

Hampton, Virginia-based Fox Hill Mutual Homes, Inc., is a non-
profit, non-stock Maryland corporation created effective June 3,
1969, for the purpose of acquiring, maintaining and operating a
cooperative residential housing complex.  It filed for Chapter 11
bankruptcy protection on January 6, 2011 (Bankr. E.D. Va. Case No.
11-50038).  The Debtor estimated its assets at $10 million to
$50 million and debts at $1 million to $10 million.


FRANK PARSONS: Court Extends Filing of Schedules Until Feb. 22
--------------------------------------------------------------
The Hon. Robert a. Gordon of the U.S. Bankruptcy Court for the
District of Maryland has extended, at the behest of Frank Parsons
Inc., the deadline for the filing of schedules of assets and
liabilities and statements of financial affairs for an additional
30 days or until February 22, 2011.

The Debtor said that to prepare the Schedules and Statements, it
would have to compile information from books, records, and
documents related to the claims of a substantial number of
creditors, as well as its assets and contracts.  "This information
is voluminous and assembling the necessary information would
require a significant expenditure of time and effort on the part
of the Debtor, who has very limited staffing and resources
available to gather, process, and complete the Schedules and
Statements," the Debtor stated.  The Debtor said that during the
initial stages of the Chapter 11 case, it will be focused on
stabilizing its operations for the Business Products business, and
evaluating all options for a successful Chapter 11 case.

                         About Frank Parsons

Frank Parsons, Inc. -- http://www.frankparsons.com/-- is the
largest employee-owned, business products, technology, and office
supplies company in the United States, offering more than 180,000
products from companies such as Avery, Fujifilm, Hewlett Packard,
IBM, Sony, Xerox, Xiotech, and more.  Frank Parsons is an approved
contractor on the GSA Schedule and an authorized AbilityOne
Distributor.  The company holds several environmental
certifications, including FSC, SFI, and PEFC.

Hanover, Maryland-based Frank Parsons Inc., aka Frank Parsons
Paper Company Inc., filed for Chapter 11 bankruptcy protection on
January 6, 2011 (Bankr. D. Md. Case No. 11-10338).  Gary H.
Leibowitz, Esq., and Irving Edward Walker, Esq., at Cole Schotz
Meisel Forman & Leonard, PA, serve as the Debtor's bankruptcy
counsel.  The Debtor has also tapped Weinsweig Advisors LLC as a
restructuring advisor and SSG Capital as an investment banker to
explore strategic options.  The Debtor estimated its assets and
debts at $10 million to $50 million.


FRANK PARSONS: Gets Court's Interim Nod to Obtain DIP Financing
---------------------------------------------------------------
Frank Parsons, Inc., sought and obtained interim authorization
from the Hon. Robert A. Gordon of the U.S. Bankruptcy Court for
the District of Maryland to obtain postpetition secured financing
from a syndicate of lenders led by from Wells Fargo Bank, N.A., as
administrative agent.

The DIP lenders have committed to provide up to $5 million.
The Court authorized the Debtor to use up to $3.4 million --
$2.3 million, if Final Hearing is within two weeks; $3.4 million
if Final Hearing is in three weeks.  More information is available
for free in the Ratification And Amendment Agreement, a copy of
which is available for free at:

               http://ResearchArchives.com/t/s?7238

Gary H. Leibowitz, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, P.A., explained that the Debtor needs the money to fund
its Chapter 11 case, pay suppliers and other parties.

The DIP facility will mature on (i) the sixth-month anniversary of
the Petition Date; (ii) the confirmation of a plan of
reorganization in the Chapter 11 case; or (iii) the last
termination date set forth in the interim court order, unless the
final court order has been entered prior to such date, and in such
event, then the last termination date set forth in the final court
order.  The DIP facility will incur interest at Prime plus 21/2%.

All advances made under the Wells Fargo DIP credit agreement and
all obligations and duties of the Debtor under the agreement shall
be secured by valid, binding, continuing, enforceable, fully
perfected and unavoidable first priority senior security interests
in, and liens upon, all prepetition collateral and postpetition
collateral.

The DIP lien is subject to a $100,000 carve-out for U.S. Trustee
and Clerk of Court fees, fees payable to professional employed in
the Debtors' case, and fees of the committee in pursuing actions
challenging the DIP Lenders' lien.

The Debtor is required to pay the Agent a $50,000 fee.

The Court has set a final hearing for January 31, 2011, at
2:00 p.m. on the Debtor's request to obtain DIP financing.
Objections to the interim court order must be filed by 5:00 p.m.
on January 27, 2011.

                         About Frank Parsons

Frank Parsons, Inc. -- http://www.frankparsons.com/-- is the
largest employee-owned, business products, technology, and office
supplies company in the United States, offering more than 180,000
products from companies such as Avery, Fujifilm, Hewlett Packard,
IBM, Sony, Xerox, Xiotech, and more.  Frank Parsons is an approved
contractor on the GSA Schedule and an authorized AbilityOne
Distributor.  The company holds several environmental
certifications, including FSC, SFI, and PEFC.

Hanover, Maryland-based Frank Parsons Inc., aka Frank Parsons
Paper Company Inc., filed for Chapter 11 bankruptcy protection on
January 6, 2011 (Bankr. D. Md. Case No. 11-10338).  Gary H.
Leibowitz, Esq., and Irving Edward Walker, Esq., at Cole Schotz
Meisel Forman & Leonard, PA, serve as the Debtor's bankruptcy
counsel.  The Debtor has also tapped Weinsweig Advisors LLC as a
restructuring advisor and SSG Capital as an investment banker to
explore strategic options.  The Debtor estimated its assets and
debts at $10 million to $50 million.


FRANK PARSONS: Taps Cole Schotz as Bankruptcy Counsel
-----------------------------------------------------
Frank Parsons Inc. asks the U.S. Bankruptcy Court for the District
of Maryland for permission to employ Cole, Schotz, Meisel, Forman
& Leonard, P.A., as bankruptcy counsel, nunc pro tunc to the
Petition Date.

Cole Schotz will, among other things:

     (a) represent the Debtor in proceedings and hearings in the
         Court;

     (b) prepare applications, motions, pleadings, draft orders,
         notices, and other documents, and reviewing all financial
         and other reports to be filed in the case;

     (c) assist the Debtor in the preparation of the schedules and
         statements of financial affairs; and

     (d) advise the Debtor concerning, and preparing responses to,
         applications, motions, pleadings, notices and other
         papers that may be filed and served in this Chapter 11
         case.

Cole Schotz will be paid based on the rates of its professionals:

         Irving E. Walker, Partner                  $535
         Gary H. Leibowitz, Partner                 $425
         Sanjay Bhatnagar, Associate                $315
         Jason Finkelstein, Associate               $240
         Sandi Van Dyk, Paralegal                   $200

Irving E. Walker, Esq., a member at Cole Schotz, assures the
Court that the firm is a "disinterested person" as that term
defined in Section 101(14) of the Bankruptcy Code.

                         About Frank Parsons

Frank Parsons, Inc. -- http://www.frankparsons.com/-- is the
largest employee-owned, business products, technology, and office
supplies company in the United States, offering more than 180,000
products from companies such as Avery, Fujifilm, Hewlett Packard,
IBM, Sony, Xerox, Xiotech, and more.  Frank Parsons is an approved
contractor on the GSA Schedule and an authorized AbilityOne
Distributor.  The company holds several environmental
certifications, including FSC, SFI, and PEFC.

Hanover, Maryland-based Frank Parsons Inc., aka Frank Parsons
Paper Company Inc., filed for Chapter 11 bankruptcy protection on
January 6, 2011 (Bankr. D. Md. Case No. 11-10338).  The Debtor has
also tapped Weinsweig Advisors LLC as a restructuring advisor and
SSG Capital as an investment banker to explore strategic options.
The Debtor estimated its assets and debts at $10 million to $50
million.


FX REAL ESTATE: Now Known as Circle Entertainment Inc.
------------------------------------------------------
On January 11, 2011, FX Real Estate and Entertainment Inc. changed
its corporate name to "Circle Entertainment Inc."  The name change
was made pursuant to Section 253 of the General Corporation Law of
the State of Delaware by merging a wholly-owned subsidiary of the
Company with and into the Company.

The Company is the surviving corporation in the merger, and in
connection with the merger, amended Article First of its Amended
and Restated Certificate of Incorporation, as amended, to change
the Company's name to Circle Entertainment Inc. by filing a
Certificate of Ownership and Merger with the Secretary of State of
the State of Delaware.

Upon the merger becoming effective, the Company amended its
Amended and Restated By-Laws to reflect the name change.

The Company's common stock will begin being quoted on the Pink
Sheets under the symbol "CEXE.PK" on January 13, 2011, and has
been assigned the CUSIP number 17256R 105.  The Company's
stockholders are not required to take any action with regard to
their ownership of shares of stock of the Company in connection
with the name change.

                        About FX Real Estate

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

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

                           *     *     *

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

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

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


GAMETECH INT'L: Incurs $3.9MM Net Loss in August 1 Quarter
----------------------------------------------------------
GameTech International, Inc., filed its quarterly report on Form
10-Q on January 12, 2011, reporting a net loss of $3.9 million on
$7.4 million of revenue for the 13-week period ended August 1,
2010, compared with a net loss of $91,000 on $11.4 million of
revenue for the 13-week period ended August 2, 2009.

The Company's balance sheet at August 1, 2010, showed
$47.5 million in total assets, $37.7 million in total liabilities,
and $9.8 million in stockholders' equity.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?7227

                   About GameTech International

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

GameTech has a forbearance agreement from lenders that expires
January 31.  Under the agreement, lenders agreed to forbear from
exercising certain rights and remedies under the Company's
senior secured credit facility as a result of certain defaults
existing as of June 21, 2010.   The Company said that while it
does not expect to have adequate cash to make the requisite
payments on January 31, the Company is involved in ongoing
negotiations with its Lenders to further extend the forbearance
period, obtain waivers, or otherwise reach a satisfactory
agreement.  Absent an extension, all amounts outstanding under the
current credit facility becoming immediately due and payable,
which could lead to the financial and operational failure of the
Company, according to a regulatory filing.


GENE MILLER: Case Summary & 21 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Gene Miller Company, Inc.
        5125 East University
        Des Moines, IA 50327

Bankruptcy Case No.: 11-00117

Chapter 11 Petition Date: January 14, 2011

Court: United States Bankruptcy Court
       Southern District of Iowa (Des Moines)

Judge: Lee M. Jackwig

Debtor's Counsel: Jerrold Wanek, Esq.
                  GARTEN & WANEK
                  835 Insurance Exchange Bldg.
                  505 Fifth Avenue
                  Des Moines, IA 50309
                  Tel: (515) 243-1249
                  Fax: (515) 244-4471
                  E-mail: wanek@dwx.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 21 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/iasb11-00117.pdf

The petition was signed by Brandon Young, vice president of
operations.


GEORGIA GULF: Moody's Lifts Rating to 'B1' on Good Performance
--------------------------------------------------------------
Moody's raised the Corporate Family Rating of Georgia Gulf
Corporation to B1 from B2 due to its improved financial
performance in 2010 and the expectation that it will be able to
generate near breakeven or positive operating profits in its first
and fourth calendar quarters going forward.  The outlook is
stable.

Moody's also raised the rating on GGC's senior secured notes to B2
from B3 and its unsecured and subordinated notes to B3 from Caa1.

Like many U.S. petrochemical companies, Georgia Gulf's financial
performance has benefitted from relatively low natural gas and
related feedstock prices in the U.S. relative to the vast majority
of international producers outside of the Middle East", stated
John Rogers, Senior Vice President at Moody's.  "The combination
of relatively low energy and ethylene prices will continue to
bolster exports and limit negative PVC margin pressure in the U.S.
over the next few years."

Georgia Gulf's B1 rating reflects its improved financial profile
in 2010 with LTM September 30, 2010 Debt/EBITDA falling below 5x
and Retained Cash Flow/Debt of 15%.  The company has benefited
from the restructuring actions taken in 2008 and 2009, along with
a sustained improvement in the export market for PVC from the U.S.
Management expects a substantial year-over-year improvement in
fourth quarter profitability largely due to improved operating
rates with exports offsetting much of the seasonal decline in PVC
and building products demand.  Moody's views this as especially
important given that the seasonal weakness subsequent to the
housing downturn has resulted in an EBITDA/Interest ratio of less
than 1x during the first and fourth quarters.

Moody's notes that the GGC metrics above reflect the restated
financials published in late November.  While GGC's restatements
were material, the impact on its key credit metrics, except for
Debt/Book Capitalization, was not.  GGC has and will take
additional steps to address the material weaknesses that led to
these restatements.  As these deficiencies are largely related to
tax accruals, Moody's doesn't view them as material at the current
rating level.

GGC's stable outlook reflects our assumption that GGC's EBITDA
will remain in the $180-210 million range in 2011 and that
financial metrics will improve modestly.  Moody's also assumes
that 2011 Debt/EBITDA falls modestly below 4x, Retained Cash
Flow/Debt remains close to 15% and Free Cash Flow/Debt remains in
the 5-6% range.  These projections assume a very slow recovery in
the U.S. housing market, which limits any improvement in U.S. PVC
demand.  To the extent that GGC outperforms these projections with
EBITDA rising meaningfully above $210 million and Debt/EBITDA
falling toward 3.5x, Moody's would likely assess the
appropriateness of a higher rating.  There is limited downside to
the rating at the current time due to improved export markets and
low energy prices.

Ratings upgraded:

Georgia Gulf Corporation

  * Corporate Family Rating to B1 from B2
  * Probability of Default Rating to B1 from B2
  * Senior secured notes to B2 (LGD4, 63%) from B3 (LGD4, 63%)
  * Senior unsecured notes to B3 (LGD6, 91%) from Caa1 (LGD5, 79%)
  * Senior subordinated notes to B3 (LGD6, 95%) from Caa1 (LGD6,
    95%)

The principal methodologies used in this rating were Global
Chemical Industry published in December 2009, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

Georgia Gulf Corporation, headquartered in Atlanta, Georgia, is a
producer of commodity chemicals including chlorovinyls, PVC
fabricated products, and aromatics.  The company generated
revenues of $2.6 billion for the LTM ending September 30, 2010.


GREAT COMPANY: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Great Company
        208 A West 7th Street, Unit 1
        Ketchum, ID 83340

Bankruptcy Case No.: 11-40065

Chapter 11 Petition Date: January 14, 2011

Court: United States Bankruptcy Court
       District of Idaho (Twin Falls)

Judge: Jim D. Pappas

Debtor's Counsel: Soo Y. Kang, Esq.
                  GREENER BURKE SHOEMAKER P.A.
                  950 W. Bannock Street, Suite 900
                  Boise, ID 83702
                  Tel: (208) 319-2600
                  Fax: (208) 319-2601
                  E-mail: skang@greenerlaw.com

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

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

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/idb11-40065.pdf

The petition was signed by Morris K. Ebeling, president.


HAMPTON COURT: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Hampton Court Apartments LLC
        11511 S. Strang Line Road, Ste F
        Olathe, KS 66062

Bankruptcy Case No.: 11-40170

Chapter 11 Petition Date: January 14, 2011

Court: United States Bankruptcy Court
       Western District of Missouri (Kansas City)

Judge: Jerry W. Venters

Debtor's Counsel: Joel Pelofsky, Esq.
                  BERMAN DELEVE KUCHAN & CHAPMAN, LC
                  2230 Commerce Tower
                  911 Main Street
                  Kansas City, MO 64105
                  Tel: (816) 471-5900
                  Fax: (816) 842-9955
                  E-mail: jpelofsky@bdkc.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 Tony Pourmemar, member.


HERCULES OFFSHORE: Provides Offshore Fleet Status Report
--------------------------------------------------------
On January 12, 2011, Hercules Offshore, Inc. posted on its Web
site at http://www.herculesoffshore.com/a report entitled
"Hercules Offshore Fleet Status Report".  The Fleet Status Report
includes the Hercules Offshore Rig Fleet Status (as of January 12,
2011), which contains information for each of the Company's
drilling rigs, including contract dayrate and duration.  The Fleet
Status Report also includes the Hercules Offshore Liftboat Fleet
Status Report, which contains information by liftboat class for
December 2010, including revenue per day and operating days.  The
Fleet Status Report is available for free at:

                http://ResearchArchives.com/t/s?7228

                   Potential Management Contract

The Company is currently considering alternatives for entering
into a fee-based management contract to market, manage, crew and
operate two new-build high specification harsh environment jackup
drilling rigs, each with a maximum water depth of 400 feet.
Subject to negotiation of contractual terms, the Company would
also invest up to $10 million in cash but would not incur any debt
or further financial obligations with respect to the contract or
the rigs.  The rigs would be scheduled for delivery in 2013.
There can be no assurances that the Company will be able to
negotiate satisfactory terms and arrangements with respect to the
management of the two new-build drilling rigs.

                      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, that
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.


HSH DELAWARE: Court to Consider Plan Confirmation Today
-------------------------------------------------------
The Hon. Mary F. Walrath of U.S. Bankruptcy Court for the District
of Delaware will convene a hearing today, January 18, 2011 at
10:30 am., to consider the confirmation of HSH Delaware GP LLC's
Plan of Reorganization.

The Plan provides for, among other things, the capitalization of
all outstanding and unpaid interest and costs under the

The Debtor's lenders include Commerzbank AG, Credit Agricole
Corporate and Investment Bank, Landsbanki Islands hf, Lloyds TSB
Bank plc, The Royal Bank of Scotland, N.V. and The Royal Bank of
Scotland plc, and any of their assignees or transferees.

As Troubled Company Reporter on September 3, 2010, the Plan will
convert the lenders' unpaid fees and expenses into principal owing
on the debt.  The maturity will be extended to Dec. 31, 2014.  The
Plan gives the company time to sell the equity or the assets.  If
there is a surplus above the debt to the lenders, the Plan
contains an agreed sharing of the excess between the company and
the lenders.  Unsecured creditors will be paid in full.

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

                       About HSH Delaware

HSH Delaware GP LLC is based in Wilmington, Del.  Nine HSH
partnerships were created in 2006 to buy a 26% stake in
HSH Nordbank AG, the world's largest shipping financier, from
WestLB AG for about EUR1.25 billion ($1.76 billion).  The
partnerships received unsecured term and revolving loans of
EUR375 million from ABN AMRO bank to fund the purchase of HSH
Nordbank shares.

In September 2009, creditors with claims aggregating $27.8 million
petitioned (Bankr. D. Del. Case No. 09-13145) to send affiliate
HSH Delaware LP into Chapter 7 liquidation.  Commerzbank AG,
Lloyds TSB Bank Plc, ABN Amro Bank NV, Calyon, Royal Bank of
Scotland Plc and Landsbanki Islands HF filed the involuntary
Chapter 7 petition.

HSH Delaware filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 10-10187) on January 21, 2010.  The
Company estimated its assets and debts at $100 million to
$500 million at the time of the filing.

HSH Delaware's affiliates -- HSH Delaware L.P.; HSH Luxembourg
S.a.r.l.; HSH Luxembourg Coinvest S.a.r.l.; HSH Delaware GP LLC;
HSH Alberta I L.P.; HSH Alberta II L.P.; HSH Alberta V L.P.; HSH
Coinvest (Alberta) L.P.; JCF HSH (DE) GP LP; HSH Delaware L.P.;
HSH Luxembourg S.a.r.l.; and HSH Luxembourg Coinvest S.a.r.l. --
filed separate Chapter 11 petitions.

John Henry Knight, Esq.; Lee E. Kaufman, Esq.; Mark D. Collins,
Esq.; and Robert J. Stearn Jr., Esq., at Richards, Layton &
Finger, P.A., in Wilington, Del., assist the Debtors in their
restructuring effort.

The Debtors' Canadian Counsel is McCarthy Tetrault LLP.  The
Debtors' Chief Restructuring Officer is H. Ronald Weissman.


INFUSION BRANDS: Stock Now Trades OTC Under Symbol INBI
-------------------------------------------------------
Infusion Brands International, Inc. announced that it has obtained
a new ticker symbol, as approved by the Financial Industry
Regulatory Authority (FINRA), effective January 7, 2011.  The
Company's stock now trades on the "Over-the-Counter Bulletin Board
under the new ticker symbol "INBI (INBI.OB)."

Robert J. DeCecco, the Company's Chief Executive Officer, said,
"The board of directors and management are thrilled to obtain our
new ticker symbol.  This new ticker symbol is yet another step
forward in the evolution of our Company."

                       About Infusion Brands

Infusion Brands International, Inc. is a global consumer products
company.  Its wholly owned operating subsidiary, Infusion Brands,
Inc. specializes in building and marketing profitable brands
through international direct-to-consumer channels of distribution.

On December 16, 2010, as part of its quasi-reorganization in order
to change its business model from that of an acquisition strategy
to a singular operating model as a consumer products company which
builds and markets brands internationally through direct-to-
consumers channels of distribution, OmniReliant Holdings, Inc.
entered into an agreement and plan of merger with Infusion Brands
International, Inc., a Nevada corporation and the Company's
wholly-owned subsidiary.  Pursuant to the terms and subject to the
conditions set forth in the Merger Agreement, the Company merged
with and into Infusion Brands International, Inc., solely to
effect a name change of the Company.

OmniReliant's balance sheet as of September 30, 2010, showed
$10.9 million in total assets, $15.0 million in total
liabilities, $8.6 million in redeemable preferred stock, and a
stockholders' deficit of $12.6 million.

As reported in the Troubled Company Reporter on October 18, 2010,
Meeks International LLC, in Tampa, Florida, expressed substantial
doubt about OmniReliant's ability to continue as a going concern,
following the Company's results for the fiscal year ended June 30,
2010.  The independent auditors noted that the Company has
incurred significant recurring losses from operations and is
dependent on outside sources of financing for continuation of its
operations.


INNKEEPERS USA: Wants Plan Filing Deadline Extended Until May 30
----------------------------------------------------------------
BankruptcyData.com reports that Innkeepers USA Trust filed with
the U.S. Bankruptcy Court a motion seeking to extend for the
second time the exclusive period that the Company can file a
Chapter 11 Plan and solicit acceptances thereof through and
including May 30, 2011 and July 29, 2011, respectively.  The Court
scheduled a January 26, 2011 hearing on Innkeepers' request for a
second exclusivity extension.

                     About Innkeepers USA Trust

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

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

Apollo Investment Corporation acquired Innkeepers in June 2007.

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

Paul M. Basta, Esq., at Kirkland & Ellis LLP, in New York; Anup
Sathy, P.C., Esq., Marc J. Carmel, Esq., at Kirkland & Ellis in
Chicago; and Daniel T. Donovan, Esq., at Kirkland & Ellis in
Washington, DC, serve as counsel to the Debtors.  AlixPartners is
the restructuring advisor and Marc A. Beilinson is the chief
restructuring officer.  Moelis & Company is the financial advisor.
Omni Management Group, LLC, is the claims and notice agent.  The
petition estimated assets and debts of more than $1 billion as of
the bankruptcy filing.

The Company's consolidated assets for 2009 totaled approximately
$1.5 billion.  As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.


INNOLOG HOLDINGS: Amends Form S-1 for 46.2MM Shares
---------------------------------------------------
Innolog Holdings Corporation filed an amended Form S-1 with the
Securities and Exchange Commission on January 12, 2011, regarding
its registration of 46.2 million shares of common stock.

Innolog said that the average of the bid and ask prices of the
common stock on December 27, 2010 was $0.035 per share.

As reported in the Troubled Company Reporter on Jan. 5, 2011,
Innolog Holdings filed a registration statement on Form S-1 to
register 46,277,303 shares of its common stock, which may be
offered for resale by selling stockholders, which include:

  -- 8,882,545 shares of common stock; and

  -- 37,394,758 shares of common stock issuable upon conversion of
     Series A Convertible Preferred Stock.

The Company will not receive any of the proceeds from the sale of
these shares.  The selling stockholders may be deemed
"underwriters" within the meaning of the Securities Act of 1933,
as amended, in connection with the sale of their common stock
under this prospectus.  The Company will pay all the expenses
incurred in connection with the offering with the exception of
brokerage expenses, fees, discounts and commissions, which will
all be paid by the selling stockholders.

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

               http://ResearchArchives.com/t/s?7234

The Company also disclosed that it has sold or issued the
following securities not registered under the Securities Act of
1933, as amended by reason of the exemption afforded under Section
4(2) of the Securities Act within the past three years.  No
underwriting discounts or commissions were payable with respect to
any of the following transactions.

On November 9, 2010, the Company issued 30,000 shares of its
Series A Convertible Preferred Stock to Verle Hammond to
extinguish a $57,332 loan made by him to the company.  It was
determined that the shares had no value at the time of issue.  The
Company relied on Section 4(2) of the Securities Act of 1933, as
amended, as providing an exemption from registering the sale of
these securities because the investor was an accredited investor
and represented his intention to acquire the securities for
investment only and not with a view to distribute or sell the
securities.  No general advertising or solicitation was used in
selling the securities.

On November 1, 2010, the Company granted warrants for 150,000
shares of its common stock to Mel Booth with a strike price of
$.01 and an expiration date of November 1, 2015.  These were
issued to him as additional interest on a loan made by him to the
company that is past due.  It was determined that the shares had
no value at the time of issue.  The Company relied on Section 4(2)
of the Securities Act of 1933, as amended, as providing an
exemption from registering the sale of these securities because
the investor was an accredited investor and represented his
intention to acquire the securities for investment only and not
with a view to distribute or sell the securities.  No general
advertising or solicitation was used in selling the securities.

On August 23, 2010, the Board of Directors exercised the authority
to increase the available shares under the 2006 Stock Option Plan
to 100% of the fully diluted common shares outstanding.  In
addition, the Company granted stock options for 13,429,500 shares
of the Company's common stock to officers, directors, and
employees of the company with a strike price of $.50 and an
expiration date of August 23, 2015.  The options vest immediately
or over 3 years.  It was determined that the shares had no value
at the time of issue.

On August 18, 2010, in connection with a merger described in the
Company's Current Report on Form 8-K filed with the Securities and
Exchange Commission on August 16, 2010, the Company issued
8,882,455 shares of its common stock and 37,364,758 shares of its
Series A Preferred Stock to the Innolog stockholders in exchange
for 100% of the capital stock of Innolog Holdings Corporation.
The Company also issued 44,351,857 warrants to purchase common
stock in exchange for 44,351,857 warrants to purchase Innolog
common stock.

On August 11, 2010, the Executive Committee of the Board of
Directors approved the issuance of 400,000 shares of the Company's
Series A Convertible Preferred Stock to a lender in consideration
of a loan and consulting services provided to the Company.  It was
determined that the shares had no value at the time of issue.  The
Company relied on Section 4(2) of the Securities Act of 1933, as
amended, as providing an exemption from registering the sale of
these securities because the investor was an accredited investor
and represented his intention to acquire the securities for
investment only and not with a view to distribute or sell the
securities.  No general advertising or solicitation was used in
selling the securities.

On September 17, 2009, the Company issued 250,000 restricted
shares of its common stock to Maher Khoury in connection with a
loan made by him to the Company in the amount of $2,500.  The
Company relied on Section 4(2) of the Securities Act of 1933, as
amended, as providing an exemption from registering the sale of
these shares of common stock under the Securities Act.

On August 17, 2009, the Company issued 200,000 restricted shares
of its common stock to Leonard Panzer in connection with a loan
made by him to the Company in the amount of $2,000.  The Company
relied on Section 4(2) of the Securities Act of 1933, as amended,
as providing an exemption from registering the sale of these
shares of common stock under the Securities Act.

On to June 11, 2009, the Company issued 714,250 shares of its
common stock to Fred Tannous in consideration for $14,285 in fees
for consulting services rendered to the Company.  The Company
relied on Section 4(2) of the Securities Act of 1933, as amended,
as providing an exemption from registering the sale of these
shares of common stock under the Act.

On to June 11, 2009, we issued 500,000 shares of our common stock
to Mark Lindon in consideration for $10,000 in fees for legal
services rendered to the Company.  The Company relied on Section
4(2) of the Securities Act of 1933, as amended, as providing an
exemption from registering the sale of these shares of common
stock under the Act.

On June 11, 2009, the Company issued 17,348,271 shares of its
common stock to Bill Glaser in consideration for $202,734 in debt
conversion and $144,230.70 in deferred and accrued compensation.
The Company relied on Section 4(2) of the Securities Act of 1933,
as amended, as providing an exemption from registering the sale of
these shares of common stock under the Act.

On June 11, 2009, the Company issued 300,000 shares of its common
stock to Leonard Panzer in consideration for a $6,000 loan to the
Company.  The Company relied on Section 4(2) of the Securities Act
of 1933, as amended, as providing an exemption from registering
the sale of these shares of common stock under the Act.

From January 13, 2009 to March 18, 2009, the Company sold an
aggregate 1,288,266 shares of its common stock in exchange for
gross proceeds of $139,000.  The price per share ranged from $0.06
to $0.15.  These sales were made in a private placement offering.
The Company relied on the exemption from registration as set forth
in Section 4(2) of the Securities Act of 1933, as amended (the
"Act"), for the issuance of these shares.  The stockholders took
the shares for investment purposes without a view to distribution
and had access to information concerning the Company and our
business prospects, as required by the Act.  In addition, there
was no general solicitation or advertising for the issuance of the
shares.  The stockholders were permitted access to our management
for the purpose of acquiring investment information.  Due to the
stockholders' dealings with companies similar to the Company's,
the Company deem the stockholders sophisticated for the purposes
of Section 4(2) of the Act.

In February 2009 the Company closed an offering of shares of its
common stock.  The Company sold an aggregate 2,893,147 restricted
shares of its common stock to 15 investors, all of whom were
accredited investors, in exchange for gross proceeds of $376,245.
This issuance was exempt from registration under the Securities
Act pursuant to Rule 506 of Regulation D promulgated thereunder.
The Company made this determination based on the investor's
representations made in the purchase agreements.

On August 15, 2008, the Company issued 151,250 shares of its
common stock to a consultant as payment for services rendered to
the Company.  On September 26, 2008, the Company issued 250,000
shares of its common stock to a consultant as payment for investor
relations services rendered to the Company.

In October 2007, the Company issued to Mark Abdou a 5-year warrant
to purchase up to 80,000 shares of its common stock at an exercise
price of $0.25 per share in connection with a conversion of a
Promissory Note issued to Mr. Abdou by the Company on June 26,
2007.

In October 2007, the Company issued to Mark Abdou 80,952 shares of
its common stock in connection with a conversion of a Promissory
Note issued to Mr. Abdou by the Company on June 26, 2007.

In October 2007, we issued to Alicia McDonald 123,199 shares of
our common stock in connection with a conversion of a Promissory
Note issued to Ms. McDonald by the Company on April 10, 2007.

                      About Innolog Holdings

Fairfax, Virginia-based Innolog Holdings Corporation is a holding
company designed to make acquisitions of companies in the
government services industry.  The Company's first acquisition,
Innovative Logistics Techniques, Inc., is a solutions oriented
provider of logistics services primarily to agencies of the U.S.
government, but also to state and local agencies and to private
businesses.

The Company's balance sheet at September 30, 2010, showed
$1.19 million in total assets, $7.74 million in total liabilities,
all current, and a stockholders' deficit of $6.55 million.

"The Company has sustained substantial operating losses in the
prior year and increasing losses in the current periods, and has a
stockholders' deficit of $6.54 million and $2.49 million at
September 30, 2010, and December 31, 2009, respectively," the
Company said in its Form 10-Q for the quarter ended Sept. 30,
2010.  "There are many delinquent claims and obligations, such as
payroll taxes, employee income tax withholdings, employee benefit
plan contributions, loans payable and accounts payable, that could
ultimately cause the Company to cease operations."


INTEGRATED FREIGHT: OKs Issuance of 1.49-Mil. Common Shares
-----------------------------------------------------------
Integrated Freight Corporation has approved the issuance of
1,493,843 shares of its common stock to a total of sixteen
persons.  These shares will be issued and delivered by the
Company's transfer agent over a period of up to ten days beginning
January 5, 2011.  The Company's board of directors approved the
issue of these shares as of December 22, 2009.

As of December 22, 2010, the Company's board of directors also
confirmed and approved the issue of 7,591,009 common stock
purchase warrants to a total of 23 persons and an estimated
500,000 common stock purchase warrants to certain of the Company's
stockholders prior to the Company's reverse stock split in August
2010.  Of these common stock purchase warrants, 5,373,104 warrants
have been issued in connection with debt and equity funding,
312,022 warrants have been issued in connection with the sale of
our subsidiary, PlanGraphics, Inc., in December 2010; and
1,905,883 warrants have been issued in payment of a combination of
legal fees and finders' fees.  The Company's obligation to issue
many of these warrants derives from the original Integrated
Freight Corporation which the Company merged into itself in
December 2010.  The exercise period of the warrants range between
three and five years, inclusive, from the date of the related debt
or equity funding and carry exercise prices primarily in a range
between $0.30 and $0.50, inclusive, with 910,000 warrants
exercisable at $0.01.  The Company also confirmed and approved
2,658,808 warrants issuable as penalties in the event of the
Company's default on the related debt funding and 250,000 warrants
for each sixty day period an obligation to repay $90,000 is not
paid after March 9, 2010.

                       About Integrated Freight

Integrated Freight Corporation, formerly PlanGraphics, Inc., (OTC
BB: IFCR) -- http://www.integrated-freight.com/-- is a Sarasota,
Florida headquartered motor freight company providing long-haul,
regional and local service to its customers.  The Company
specializes in dry freight, refrigerated freight and haz-waste
truckload services, operating primarily in well-established
traffic lanes in the upper mid-West, Texas, California and the
Atlantic seaboard.  IFCR was formed for the purpose of acquiring
and consolidating operating motor freight companies.

On August 19, 2010, at a special stockholders' meeting the Company
approved a reverse stock split, a relocation of its State of
Incorporation to Florida and a change of its name to Integrated
Freight Corporation.  The Company's name change and State of
Incorporation have been approved and are effective as of
August 18, 2010.  The reverse stock split has been approved but is
not effective as of the date of this filing.

                          *     *     *

Sherb & Co., LLP, in Boca Raton, Fla., expressed substantial doubt
about the Company's ability to continue as a going concern,
following its results for the fiscal year ended March 31, 2010.
The independent auditors noted that the Company has suffered
recurring losses and has a negative working capital position and a
stockholders' deficit.

The Company's balance sheet at Sept. 30, 2010, showed
$8.96 million in total assets, $11.91 million in total
liabilities, and a stockholders' deficit of $2.95 million.


KEVEN A MCKENNA: Justices Examine Law Practice
----------------------------------------------
Tracy Breton, a staff writer at the Providence Journal, reports
that five justices of the Rhode Island Supreme Court peppered
Keven A. McKenna with questions about how he is operating his law
practice.  They wanted to know whether he was operating a law
business under two corporate names, which is prohibited by
statute, or as a solo practitioner.  They also wondered whether
the current situation was leading to client confusion or somehow
violated court rules or the law.

In January 2010 Keven A. McKenna filed for Chapter 11 bankruptcy
for himself and Keven A. McKenna law firm.  Mr. McKenna disclosed
$751,000 in assets and $45,700 in liabilities in his bankruptcy
petition.  His firm estimated debts of between $100,000 and
$500,000.  Mr. McKenna's case was dismissed but his personal
bankruptcy protection claim remains active as he continues to
fight a Workers' Compensation Court order that he pay his former
paralegal Summer D. Stone for injuries.

A federal bankruptcy judge appointed Providence bankruptcy lawyer
Thomas P. Quinn as Chapter 11 trustee of McKenna PC to take over
management of the law firm from Mr. McKenna.


KIEBLER SLIPPERY: Committee's Plan of Liquidation Wins Court OK
---------------------------------------------------------------
The Hon. Randolph Baxter of the U.S. Bankruptcy Court for the
Northern District of Ohio approved the Disclosure Statement and
confirmed the Plan of Liquidation proposed by The Official
Committee of Unsecured Creditors of Kiebler Slippery Rock, LLC.

The Debtor has withdrawn the Chapter 11 plan that it has proposed.
The Debtor also obtained Court's approval to sell all its assets.

According to the Committee's Disclosure Statement, the Debtor's
assets have been liquidated pursuant to the sale.  The Plan
provides for the distribution of the remaining $200,000 carved out
of the sale proceeds by agreement with Huntington National Bank
for distribution to unsecured creditors with allowed claims.  On
the Effective Date, the $200,000 will be distributed as set forth
in the Plan.

The holder of the secured claims has received the net proceeds of
the sale and other proceeds of its collateral.  Each holder of an
allowed general unsecured claim will receive in full and final
satisfaction of such Claim, its pro rata share, up to 50% of its
claim, of the funds held in the Creditor Trust, based on the
principal amount of each holders' allowed claim.  Holders of
equity interests will not be entitled to distributions of any kind
on account of the Equity Interests.

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

The Creditors Committee is represented by:

     Jessica E. Price, Esq.
     BROUSE MCDOWELL
     600 Superior Avenue, Suite 1600
     Cleveland, OH 44114

                   About Kiebler Slippery Rock

Chardon, Ohio-based Kiebler Slippery Rock LLC filed for Chapter 11
on Sept. 25, 2009 (Bankr. N.D. Ohio Case No. 09-19087).  Andrew L.
Turscak Jr., Esq., Mark A. Weintraub, Esq., and Robert C. Folland,
Esq., at Thompson Hine LLP represent the Debtor.  The Debtor
estimated assets and debts at $10 million to $50 million.


KLEEN AIR: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Kleen Air Research, Inc.
        4510 Helton Drive
        Florence, AL 35630

Bankruptcy Case No.: 11-80145

Chapter 11 Petition Date: January 14, 2011

Court: U.S. Bankruptcy Court
       Northern District of Alabama (Decatur)

Judge: Jack Caddell

Debtor's Counsel: Stuart M. Maples, Esq.
                  MAPLES & RAY, PC
                  401 Holmes Avenue, Suite H
                  Huntsville, Al 35801
                  Tel: (256) 489-9779
                  Fax: (256) 489-9720
                  E-mail: smaples@maplesandray.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/alnb11-80145.pdf

The petition was signed by Dwight Holley, president.


LEHMAN BROTHERS: Derivatives Settlement Protocol Clarified
----------------------------------------------------------
U.S. Bankruptcy Jude James Peck has issued an order clarifying the
scope of the procedures for settling Lehman Brothers Holdings'
pre-bankruptcy derivative contracts.

The Debtors earlier filed a motion seeking clarification of the
scope of the court-approved procedures for the settlement of
claims which stem from the termination of derivative contracts.
The move came after some counterparties to the contracts
reportedly showed reluctance to reach a settlement because of
concerns about the breadth of authority granted to the Debtors
under the procedures.

The Debtors specifically asked the Court to clarify that the
initial order dated December 16, 2008, and the supplemental
orders it issued approving the procedures also authorize them to
terminate and settle agreements related to their derivatives
contracts regardless of the identity of the signatories; and to
settle and dismiss any adversary proceeding or other plenary
litigation which stemmed from those contracts.

In an order dated January 13, 2011, Judge Peck held that the
procedures also authorize the Debtors to enter into and
consummate a deal terminating any agreement related to their
derivatives contracts regardless of the identity of the
signatories to that agreement.  The Debtors are also given a go-
signal under the procedures to settle and dismiss any adversary
proceeding or other plenary litigation related to the derivatives
contracts, according to the order.

The Bank of New York Mellon and The Bank of New York Mellon Trust
Company N.A. previously opposed the approval of the motion,
saying there is no need to change the procedures which for them
have worked "extraordinarily well."  The objection was eventually
withdrawn.

As of September 30, 2010, the Debtors have entered into
settlement agreements with respect to more than 2,900 derivative
contracts, and recovered as much as $11.3 billion, according to
their lawyer, , Jacqueline Marcus, Esq., at Weil Gotshal & Manges
LLP, in New York.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Minibond Holders Want to Be Excluded From ADR
--------------------------------------------------------------
A group of noteholders led by a certain Siu Lui Ching sought a
court ruling directing the exclusion of claims pertaining to the
so-called "minibond program" from the alternative dispute
resolution process.

Lehman Brothers Holdings Inc. and its affiliated debtors earlier
filed a motion to implement the ADR process to settle their
claims under derivatives contracts with special purpose vehicles.

The group's lawyer, Jason Davis, Esq., at Robbins Geller Rudman &
Dowd LLP, in San Francisco, California -- jdavis@rgrdlaw.com --
said that all claims pertaining to the minibond program should
not be subject to the proposed process since the program was
structured by the Debtors to be exempt from an ADR process under
the auspices of the Court.

The proposed ADR process does not also provide safeguards for the
noteholders, according to Mr. Davis.

The members of the group are reportedly the owners of the
minibonds issued by Pacific International Finance Limited and the
beneficiaries of the trust administered by HSBC Bank USA N.A.
with respect to the property the bank holds for the group.  The
property includes the notes purchased by Pacific International
through the group's capital to collateralize the minibonds.

In a related development, Credit Agricole Corporate and
Investment Bank, and Aviva S.p.A. and its affiliates dropped
their objections to the proposed procedures.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: LB Plan Exclusivity Extended Until Feb. 15
-----------------------------------------------------------
U.S. Bankruptcy Judge James Peck authorized LB Somerset LLC and LB
Preferred Somerset LLC until February 15, 2011, to file their
Chapter 11 plan, and until April 15, 2011, to solicit votes for
the restructuring plan.

Prior to the court order, Somerset Associates LLC and Somerset
Properties SPE LLC dropped their objection to the proposed
extension of deadline.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Serve Subpoena to Pittsburgh University
--------------------------------------------------------
Lehman Brothers Holdings Inc. and its units have served the
University of Pittsburgh-Of the Commonwealth System of Higher
Education with a subpoena requiring it to produce documents by
February 9, 2011, at the New York-based offices of Weil Gotshal &
Manges LLP.

The Debtors served the subpoena in accordance with the Court's
November 23, 2009 order, which authorized them to subpoena those
who may be put under investigation as part of the administration
of their Chapter 11 cases.  Among those who may be investigated
include former employees, lenders, investors, creditors and those
involved in the Debtors' various transactions.

The Debtors need the documents and information they would obtain
from the investigation to evaluate their financial status and
negotiate and propose their Chapter 11 plans.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: P. Waltz Wins Lift Stay to Continue Suit
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
lifted the automatic stay solely to permit Prudence Waltz to
continue with her lawsuit against Aurora Loan Services LLC.

Ms. Waltz filed the lawsuit against Aurora Loan, a subsidiary of
Aurora Bank FSB, to claim her ownership of a real property in Los
Angeles, California.  Aurora Loan reportedly holds a stake in the
property.

The lawsuit, which is overseen by the Superior Court of
California, was stayed following the bankruptcy filing of Lehman
Brothers Holdings Inc., the parent company of Aurora Bank.

Following the Bankruptcy Court's decision, the California
Superior Court issued an order restoring the case, and set a
trial setting conference for hearing on January 11, 2011.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEVEL 3 COMMS: Confirms Increase in 4th Qtr. EBITDA
---------------------------------------------------
Level 3 Communications, Inc., announced that the following
statement can be attributed to the Company in connection with its
proposed private offering of senior notes to "qualified
institutional buyers" as defined in Rule 144A under the Securities
Act of 1933, as amended, and outside the United States under
Regulation S under the Securities Act of 1933, as amended.

"The Company is confirming its previously issued expectation that
for the fourth quarter 2010, the Company continues to expect Core
Network Services revenue and Consolidated Adjusted EBITDA to
increase in the fourth quarter compared to the Company's results
in the third quarter 2010.  The Company also expects to be free
cash flow positive for the fourth quarter 2010."

                   About Level 3 Communications

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

The Company's balance sheet at Sept. 30, 2010, showed
$8.36 billion in total assets, $8.45 billion in total liabilities,
and a stockholders' deficit of $86.0 million.

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


LEVEL 3 COMMS: Plans to Offer $300 Million of Senior Notes
----------------------------------------------------------
Level 3 Communications, Inc., announced that it plans to offer
$300 million aggregate principal amount of senior notes that will
mature in 2019 and will bear interest at a fixed rate in a
proposed private offering to "qualified institutional buyers", as
defined in Rule 144A under the Securities Act of 1933, as amended,
and non-U.S. persons outside the United States under Regulation S
under the Securities Act.  The Senior Notes will not be guaranteed
by any of the Company's subsidiaries.

A portion of the net proceeds from the offering are expected to be
used to redeem the Company's outstanding 5.25% Convertible Senior
Notes due 2011.  The remaining net proceeds from the offering are
expected to be used for general corporate purposes, including
working capital, capital expenditures and potential repurchases,
redemptions or refinancing of the Company's and its subsidiaries'
indebtedness from time to time.

The Senior Notes will not be registered under the Securities Act
or any state securities laws and, unless so registered, may not be
offered or sold except pursuant to an applicable exemption from
the registration requirements of the Securities Act and applicable
state securities laws.

                    About Level 3 Communications

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

The Company's balance sheet at Sept. 30, 2010, showed
$8.36 billion in total assets, $8.45 billion in total liabilities,
and a stockholders' deficit of $86.0 million.

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


LEVEL 3 COMMS: To Sell $305 Million of 11.875% Senior Notes
-----------------------------------------------------------
Level 3 Communications, Inc., announced that it has agreed to sell
$305 million aggregate principal amount of its 11.875% Senior
Notes due 2019 in a private offering to "qualified institutional
buyers," as defined in Rule 144A under the Securities Act of 1933,
as amended, and non-U.S. persons outside the United States under
Regulation S under the Securities Act of 1933, as amended.  The
Senior Notes were priced to investors at 98.173% of their
principal amount.  The Senior Notes will not be guaranteed by any
of the Company's subsidiaries.

A portion of the net proceeds from the offering will be used to
redeem the Company's outstanding 5.25% Convertible Senior Notes
due 2011.  The remaining net proceeds from the offering will be
used for general corporate purposes, including working capital,
capital expenditures and potential repurchases, redemptions or
refinancing of the Company's and its subsidiaries' indebtedness
from time to time.

The offering is expected to be completed on January 19, 2011,
subject to the satisfaction or waiver of customary closing
conditions.

The Senior Notes will not be registered under the Securities Act
of 1933, as amended, or any state securities laws and, unless so
registered, may not be offered or sold except pursuant to an
applicable exemption from the registration requirements of the
Securities Act of 1933, as amended, and applicable state
securities laws.

                    About Level 3 Communications

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

The Company's balance sheet at Sept. 30, 2010, showed
$8.36 billion in total assets, $8.45 billion in total liabilities,
and a stockholders' deficit of $86.0 million.

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


MAD CORP: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: MAD Corp., LLC
        dba Oyster Bar Grill Restaurant
        P.O. Box 786
        Oak Bluffs, MA 02557

Bankruptcy Case No.: 11-10277

Chapter 11 Petition Date: January 14, 2011

Court: United States Bankruptcy Court
       District of Massachusetts (Boston)

Judge: William C. Hillman

Debtor's Counsel: Richard J. Cohen, Esq.
                  RICHARD J. COHEN, ESQ., P.C.
                  Monument Square
                  P.O. Box 1085
                  Centerville, MA 02632
                  Tel: (508) 771-6401
                  Fax: (508) 771-6216
                  E-mail: rjcbkcy@hotmail.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 Michael D. Gillespie, manager.


MAJESTIC STAR: Heads to Plan Confirmation Hearing
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Majestic Star Casino LLC received approval of the
disclosure statement explaining its proposed Chapter 11 plan.  As
a result, creditors can begin voting on the reorganization plan.

According to Mr. Rochelle, the Plan, revised again on Jan. 6,
offers senior secured credit facility lenders, owed $65.3 million,
full payment by receiving some cash and rolling over remaining
debt.  If new financing is available, the existing facility will
be paid in cash.  Holders of $348.4 million in senior secured
notes are in line for a 52% recovery from 58% of the new equity
and $100.6 million in cash.  If new financing isn't available,
noteholders will receive new debt instead of cash.  Holders of the
senior notes are to be given 42% of the new equity for their
approximately $233 million in debt, resulting in a 25% recovery.
General unsecured creditors are being offered 25% in cash or a
share in $1 million, whichever is less.  Holders of $72.6 million
in discount notes are to receive nothing.

According to the Disclosure Statement, under the Plan, the Debtors
will retain and reorganize around their casino gaming properties
in Gary, Indiana, Tunica County, Mississippi, and Black Hawk,
Colorado, subject, in the case of the Black Hawk, Colorado gaming
property, to obtaining all governmental licenses, suitability
determinations, and other approvals required for such property on
or prior to 240 days following the Confirmation Date.

                         About Majestic Star

The Majestic Star Casino, LLC -- aka Majestic Star Casino, aka
Majestic Star -- is based in Las Vegas, Nev., and is a wholly
owned subsidiary of Majestic Holdco, LLC, which is a wholly owned
subsidiary of Barden Development, Inc.  The Company was formed on
December 8, 1993, as an Indiana limited liability company to
provide gaming and related entertainment to the public.  The
Company commenced gaming operations in the City of Gary at
Buffington Harbor, located in Lake County, Inc., on June 7, 1996.
The Company is a multi-jurisdictional gaming company with
operations in three states -- Indiana, Mississippi and Colorado.

The Company sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-14136) on November 23, 2009.  The Company's
affiliates -- The Majestic Star Casino II, Inc., The Majestic Star
Casino Capital Corp., Majestic Star Casino Capital Corp. II,
Barden Mississippi Gaming, LLC, Barden Colorado Gaming, LLC,
Majestic Holdco, LLC, and Majestic Star Holdco, Inc. -- filed
separate Chapter 11 petitions.

The Majestic Star Casino's balance sheet at June 30, 2009,
Showed total assets of $406.42 million and total liabilities of
$749.55 million.

Kirkland & Ellis LLP is the Debtors' bankruptcy counsel.  James E.
O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, are the Debtors'
Delaware counsel.  Xroads Solutions Group, LLC, is the Debtors'
financial advisor, while EPIQ Bankruptcy Solutions LLC serves as
the Debtors' claims and notice agent.


MARTIN CADILLAC: Jay Lubetkin Appointed as Ch. 11 Trustee
---------------------------------------------------------
The Honorable Rosemary Gambardella of the U.S. Bankruptcy Court
for the District of New Jersey approved the appointment of Jay
Lubetkin as the Chapter 11 Trustee for Martin Cadillac, LLC.

Englewood Cliffs, New Jersey-based Martin Cadillac, LLC, filed for
Chapter 11 bankruptcy protection on June 25, 2010 (Bankr. D.N.J.
Case No. 10-29520).  Gregory S. Kinoian, Esq., and Paul S.
Hollander, Esq., at Okin, Hollander & DeLuca, LLP, represent the
Debtor.  The Company estimated assets and debts at $10 million to
$50 million.


MARTIN CADILLAC: Ch. 11 Trustee Taps Rabinowitz as Counsel
----------------------------------------------------------
Jay L. Lubetkin, the Chapter 11 Trustee for Martin Cadillac, LLC,
seeks approval from the Honorable Rosemary Gambardella of the U.S.
Bankruptcy Court for the District of New Jersey to retain
Rabinowitz, Lubetkin & Tully, LLC, as his counsel during the
pendency of the case.

As counsel, Rabinowitz Lubetkin will:

     * advise the Chapter 11 Trustee with respect to his powers
       and duties;

     * assist the Chapter 11 Trustee in evaluating the viability
       of the Debtor's ability to reorganize;

     * assist in the filing of a plan of reorganization or sale
       and liquidation of the estate's assets;

     * prosecute any claims which may arise;

     * prosecute any claims' motions or related matters;

     * evaluate the Debtor's rights under contracts; and

     * perform other legal services, as may be necessary and
       appropriate.

The firm will be compensated on an hourly basis.

Barry J. Roy, Esq., at Rabinowitz, Lubetkin & Tully, LLC,
disclosed that Jonathan I. Rabinowitz, a partner at the firm, has
served as a Chapter 11 trustee in an unrelated matter.  He attests
that the firm does not hold or represent an adverse interest to
the estate and is a disinterested person under Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

          Barry J. Roy, Esq.
          RABINOWITZ, LUBETKIN & TULLY, LLC
          293 Eisenhower Parkway, Suite 100
          Livingston, NJ 07039
          Tel: (973) 597-9100

                      About Martin Cadillac

Englewood Cliffs, New Jersey-based Martin Cadillac, LLC, filed for
Chapter 11 bankruptcy protection on June 25, 2010 (Bankr. D.N.J.
Case No. 10-29520).  Gregory S. Kinoian, Esq., and Paul S.
Hollander, Esq., at Okin, Hollander & DeLuca, LLP, represents the
Debtor.  The Company estimated assets and debts at $10 million to
$50 million.


MARTIN CADILLAC: Court Consider Case Dismissal or Conversion Today
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey will
convene a hearing today, January 18, 2011, at 11:00 a.m., to
consider the motion to dismiss, or in the alternative, convert the
Chapter 11 case of Martin Cadillac, LLC, to one under Chapter 7 of
the Bankruptcy Code.

The U.S. Trustee is asking the bankruptcy Court dismiss or convert
the Debtor's due to substantial or continuing loss to the estate.

Englewood Cliffs, New Jersey-based Martin Cadillac, LLC, filed for
Chapter 11 bankruptcy protection on June 25, 2010 (Bankr. D.N.J.
Case No. 10-29520).  Gregory S. Kinoian, Esq., and Paul S.
Hollander, Esq., at Okin, Hollander & DeLuca, LLP, represents the
Debtor.  The Company estimated assets and debts at $10 million to
$50 million.


MOLECULAR INSIGHT: Highland in Talks on Restructuring Proposals
---------------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 12, 2011, Highland Capital Management, L.P.,
Strand Advisors, Inc., and James D. Dondero, disclosed that they
are engaged in discussions with certain other stakeholders of the
Molecular Insight Pharmaceuticals, Inc. regarding certain
restructuring proposals presented by the Company to its
Stakeholders on June 21, 2010.  The Other Stakeholders are
Quintessence Fund L.P.; QVT Fund LP; Taconic Opportunity Fund LP;
McDonnell Loan Opportunity Fund Ltd.; and Pioneer Floating Rate
Trust.  Highland, et al., and the Other Stakeholders collectively
hold approximately $200 million in principal amount of the
Company's Senior Secured Floating Rate Bonds due 2012.

Highland, et al., and the Other Stakeholders may engage in
discussions with the Company's Board of Directors, officers,
stockholders or third parties with respect to the Company's
financial condition, the Company Proposals, alternative strategies
to maximize stockholder value, additional or alternate plans or
proposals to refinance or restructure the Company's indebtedness
or methods to improve the Company's governance and may discuss or
take such other actions with respect to the investments in the
Company made by Highland, et al.

Highland, et al., and the Other Stakeholders delivered to the
Company (a) a written response to the Company Proposals on June
27, 2010, the date of the event that required the filing of this
Schedule 13D, and various subsequent amendments, modifications and
revisions of the Written Response thereafter and (b) a modified
written response to the Company Proposals on January 7, 2011, the
date of the event that required the filing of Amendment No. 1 to
this Schedule 13D.  The Written Response and the subsequent
amendments, modifications and revisions thereto contemplated,
among other things, a deleveraging of the Company through a debt
for equity exchange.  The Modified Written Response contemplates,
among other things, (a) a deleveraging of the Company through a
debt for equity exchange and (b) a delisting of the Company's
Common Stock and a deregistering of the Company's securities under
the Securities and Exchange Act of 1934.  Highland, et al., have
discussed and expect to continue to discuss the Modified Written
Response with the Company.

                     About Molecular Insight

Cambridge, Massachusetts-based Molecular Insight Pharmaceuticals,
Inc., is a clinical-stage biopharmaceutical company that provides
services on the detection and treatment of various forms of cancer
and other life-threatening diseases.  The Debtor disclosed
$36,453,000 in total assets and $198,829,000 in total debts as of
September 30, 2010.

Molecular Insight filed for Chapter 11 bankruptcy protection on
December 9, 2010 (Bankr. D. Mass. Case No. 10-23355).  Alan L.
Braunstein, Esq., at Riemer & Braunstein, LLP, serves as
the Debtor's local Massachusetts counsel.  Kramer Levin Naftalis &
Franklin LLP serves as the Debtor's lead bankruptcy counsel.
Foley & Lardner LLP is the Debtor's bankruptcy counsel.  CRT
Capital Group LLC is the Debtor's financial advisor.  Tatum LLC, a
division of SFN Professional Services LLC, is the Debtor's
financial consultant.  Omni Management Group, LLC, is the claims,
and balloting agent.


MOLECULAR INSIGHT: McDonnell in Talks on Restructuring Proposals
----------------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 12, 2011, McDonnell Loan Opportunity Ltd.,
and McDonnell Investment Management, LLC, disclosed that they are
engaged in discussions with certain other stakeholders of
Molecular Insight Pharmaceuticals, Inc., regarding certain
restructuring proposals presented by the Company to its
Stakeholders on June 21, 2010.  The Other Stakeholders are
Quintessence Fund L.P.; QVT Fund LP; Taconic Opportunity Fund LP;
Highland Capital Management, L.P.; and Pioneer Floating Rate
Trust.  McDonnell, et al., and the Other Stakeholders collectively
hold approximately $200 million in principal amount of the
Company's Senior Secured Floating Rate Bonds due 2012.

The Company presented proposals to McDonnell, et al., and the
Other Stakeholders on June 21, 2010.  McDonnell, et al., have
evaluated the Company Proposals and discussed the Company
Proposals with the Other Stakeholders since such date.  McDonnell,
et al., and the Other Stakeholders delivered to the Company (a)
the Written Response on June 27, 2010, the date of the event that
required the filing of this Schedule 13D, and various subsequent
amendments, modifications and revisions of the Written Response
thereafter and (b) the Modified Written Response on January 7,
2011, the date of the event that required the filing of Amendment
No. 1 to this Schedule 13D.  The Written Response and the
subsequent amendments, modifications and revisions thereto
contemplated, among other things, a deleveraging of the Company
through a debt for equity exchange.  The Modified Written Response
contemplates, among other things, (a) a deleveraging of the
Company through a debt for equity exchange and (b) a delisting of
the Company's Common Stock and a deregistering of the Company's
securities under the Securities and Exchange Act of 1934.  The
Reporting Persons and the Other Stakeholders have discussed and
expect to continue to discuss the Modified Written Response with
the Company.

                      About Molecular Insight

Cambridge, Massachusetts-based Molecular Insight Pharmaceuticals,
Inc., is a clinical-stage biopharmaceutical company that provides
services on the detection and treatment of various forms of cancer
and other life-threatening diseases.  The Debtor disclosed
$36,453,000 in total assets and $198,829,000 in total debts as of
September 30, 2010.

Molecular Insight filed for Chapter 11 bankruptcy protection on
December 9, 2010 (Bankr. D. Mass. Case No. 10-23355).  Alan L.
Braunstein, Esq., at Riemer & Braunstein, LLP, serves as
the Debtor's local Massachusetts counsel.  Kramer Levin Naftalis &
Franklin LLP serves as the Debtor's lead bankruptcy counsel.
Foley & Lardner LLP is the Debtor's bankruptcy counsel.  CRT
Capital Group LLC is the Debtor's financial advisor.  Tatum LLC, a
division of SFN Professional Services LLC, is the Debtor's
financial consultant.  Omni Management Group, LLC, is the claims,
and balloting agent.


MOLECULAR INSIGHT: QVT Engaged in Talks on Restructuring Plan
-------------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 12, 2011, QVT Financial LP disclosed that it
beneficially owns 2,050,530 shares of Molecular Insight
Pharmaceuticals, Inc. representing 7.6% of the shares outstanding.
The number of shares outstanding of the Company's common stock as
of November 1, 2010 was 25,268,327.

Other affiliates of QVT Financial LP also disclosed beneficial
ownership of shares:

                                           Amount       Equity
                                   Beneficially Owned   Stake
                                   ------------------   ------
QVT Financial GP LLC                    2,050,530      7.6%
QVT Fund LP                             1,848,724      6.9%
QVT Associates GP LLC                   2,050,530      7.6%

The QVT Financial entities are engaged in discussions with certain
other stakeholders of the Company regarding certain restructuring
proposals presented by the Company to its Stakeholders on June 21,
2010.  The Other Stakeholders are Taconic Opportunity Fund LP,
McDonnell Loan Opportunity Fund Ltd., Highland Capital Management,
L.P. and Pioneer Floating Rate Trust.  The Reporting Persons and
one or more of the Other Stakeholders collectively hold
approximately $200 million in principal amount of the Company's
Senior Secured Floating Rate Bonds due 2012.

QVT Financial entities or any of the Other Stakeholders may engage
in discussions with the Company's Board of Directors, officers,
stockholders or third parties with respect to the Company's
financial condition, the Company Proposals, alternative strategies
to maximize stockholder value, additional or alternate plans or
proposals to refinance or restructure the Company's indebtedness
or methods to improve the Company's governance and may discuss or
take such other actions with respect to the investments in the
Company made by the Reporting Persons or the Other Stakeholders as
each such person may determine to be necessary or appropriate.

The QVT Financial entities and the Other Stakeholders delivered to
the Company (a) a written response to the Company Proposals on
June 27, 2010, the date of the event that required the filing of
the Schedule 13D, and various subsequent amendments, modifications
and revisions of the Written Response thereafter and (b) a
modified written response to the Company Proposals on January 7,
2011, the date of the event that required the filing of Amendment
No. 1 to the Schedule 13D.  The Written Response and the
subsequent amendments, modifications and revisions thereto
contemplated, among other things, a deleveraging of the Company
through a debt for equity exchange.  The Modified Written Response
contemplates, among other things, (a) a deleveraging of the
Company through a debt for equity exchange and (b) a delisting of
the Company's Common Stock and a deregistering of the Company's
securities under the Securities and Exchange Act of 1934.  The
Reporting Persons and the Other Stakeholders have discussed and
expect to continue to discuss the Modified Written Response with
the Company.

The Company presented the Company Proposals to the QVT Financial
entities and the Other Stakeholders on June 21, 2010.  The
Reporting Persons have evaluated the Company Proposals and
discussed the Company Proposals with the Other Stakeholders since
such date.  The QVT Financial entities and the Other Stakeholders
delivered to the Company (a) the Written Response on June 27,
2010, the date of the event that required the filing of this
Schedule 13D, and various subsequent amendments, modifications and
revisions of the Written Response thereafter and (b) the Modified
Written Response on January 7, 2011, the date of the event that
required the filing of Amendment No. 1 to this Schedule 13D.  The
Written Response and the subsequent amendments, modifications and
revisions thereto contemplated, among other things, a deleveraging
of the Company through a debt for equity exchange.  The Modified
Written Response contemplates, among other things, (a) a
deleveraging of the Company through a debt for equity exchange and
(b) a delisting of the Company's Common Stock and a deregistering
of the Company's securities under the Securities and Exchange Act
of 1934.  The Reporting Persons and the Other Stakeholders have
discussed and expect to continue to discuss the Modified Written
Response with the Company.

                      About Molecular Insight

Cambridge, Massachusetts-based Molecular Insight Pharmaceuticals,
Inc., is a clinical-stage biopharmaceutical company that provides
services on the detection and treatment of various forms of cancer
and other life-threatening diseases.  The Debtor disclosed
$36,453,000 in total assets and $198,829,000 in total debts as of
September 30, 2010.

Molecular Insight filed for Chapter 11 bankruptcy protection on
December 9, 2010 (Bankr. D. Mass. Case No. 10-23355).  Alan L.
Braunstein, Esq., at Riemer & Braunstein, LLP, serves as
the Debtor's local Massachusetts counsel.  Kramer Levin Naftalis &
Franklin LLP serves as the Debtor's lead bankruptcy counsel.
Foley & Lardner LLP is the Debtor's bankruptcy counsel.  CRT
Capital Group LLC is the Debtor's financial advisor.  Tatum LLC, a
division of SFN Professional Services LLC, is the Debtor's
financial consultant.  Omni Management Group, LLC, is the claims,
and balloting agent.


MOLECULAR INSIGHT: Taconic in Talks on Restructuring Proposals
--------------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 12, 2011, Taconic Capital Advisors L.P.,
Taconic Capital Advisors UK LLP, Taconic Associates LLC, Kenneth
D. Brody, and Frank P. Brosens disclosed that they are engaged in
discussions with certain other stakeholders of the Company
regarding certain restructuring proposals presented by the Company
to its Stakeholders on June 21, 2010.  The Other Stakeholders are
Quintessence Fund L.P.; QVT Fund LP; McDonnell Loan Opportunity
Fund Ltd.; Highland Capital Management, L.P.; and Pioneer Floating
Rate Trust.

The Reporting Persons and one or more of the Other Stakeholders
collectively hold approximately $200 million in principal amount
of the Company's Senior Secured Floating Rate Bonds due 2012.

The Reporting Persons or any of the Other Stakeholders may engage
in discussions with the Company's Board of Directors, officers,
stockholders or third parties with respect to the Company's
financial condition, the Company Proposals, alternative strategies
to maximize stockholder value, additional or alternate plans or
proposals to refinance or restructure the Company's indebtedness
or methods to improve the Company's governance and may discuss or
take such other actions with respect to the investments in the
Company made by the Reporting Persons or the Other Stakeholders as
each such person may determine to be necessary or appropriate.

The Reporting Persons and the Other Stakeholders delivered to the
Company (a) a written response to the Company Proposals on June
27, 2010, the date of the event that required the filing of this
Schedule 13D, and various subsequent amendments, modifications and
revisions of the Written Response thereafter and (b) a modified
written response to the Company Proposals on January 7, 2011, the
date of the event that required the filing of Amendment No. 1 to
this Schedule 13D.  The Written Response and the subsequent
amendments, modifications and revisions thereto contemplated,
among other things, a deleveraging of the Company through a debt
for equity exchange.  The Modified Written Response contemplates,
among other things, (a) a deleveraging of the Company through a
debt for equity exchange and (b) a delisting of the Company's
Common Stock and a deregistering of the Company's securities.

The Company presented the Company Proposals to the Reporting
Persons and the Other Stakeholders on June 21, 2010.  The
Reporting Persons have evaluated the Company Proposals and
discussed the Company Proposals with the Other Stakeholders since
such date.  The Reporting Persons and the Other Stakeholders
delivered to the Company (a) the Written Response on June 27,
2010, the date of the event that required the filing of this
Schedule 13D, and various subsequent amendments, modifications and
revisions of the Written Response thereafter and (b) the Modified
Written Response on January 7, 2011, the date of the event that
required the filing of Amendment No. 1 to this Schedule 13D.  The
Written Response and the subsequent amendments, modifications and
revisions thereto contemplated, among other things, a deleveraging
of the Company through a debt for equity exchange.  The Modified
Written Response contemplates, among other things, (a) a
deleveraging of the Company through a debt for equity exchange and
(b) a delisting of the Company's Common Stock and a deregistering
of the Company's securities under the Securities and Exchange Act
of 1934.  The Reporting Persons and the Other Stakeholders have
discussed and expect to continue to discuss the Modified Written
Response with the Company.

                      About Molecular Insight

Cambridge, Massachusetts-based Molecular Insight Pharmaceuticals,
Inc., is a clinical-stage biopharmaceutical company that provides
services on the detection and treatment of various forms of cancer
and other life-threatening diseases.  The Debtor disclosed
$36,453,000 in total assets and $198,829,000 in total debts as of
September 30, 2010.

Molecular Insight filed for Chapter 11 bankruptcy protection on
December 9, 2010 (Bankr. D. Mass. Case No. 10-23355).  Alan L.
Braunstein, Esq., at Riemer & Braunstein, LLP, serves as
the Debtor's local Massachusetts counsel.  Kramer Levin Naftalis &
Franklin LLP serves as the Debtor's lead bankruptcy counsel.
Foley & Lardner LLP is the Debtor's bankruptcy counsel.  CRT
Capital Group LLC is the Debtor's financial advisor.  Tatum LLC, a
division of SFN Professional Services LLC, is the Debtor's
financial consultant.  Omni Management Group, LLC, is the claims,
and balloting agent.


NOIR BROTHERS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Noir Brothers Restaurants
        906 Kessler Parkway
        Dallas, TX 75208

Bankruptcy Case No.: 11-30390

Chapter 11 Petition Date: January 14, 2011

Court: United States Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Harlin DeWayne Hale

Debtor's Counsel: Barbara L. Emerson, Esq.
                  BELLINGER & DEWOLF, LLP
                  10000 N. Central Expressway, Suite 900
                  Dallas, TX 75231
                  Tel: (214) 954-9540
                  Fax: (214) 954-9541
                  E-mail: bemerson@bd-law.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 Keith Black, president.


NORTHEAST BIOFUELS: Creditors Seeks to Recoup $1.5M Hess Payment
----------------------------------------------------------------
Unsecured creditors are on the warpath to recover payments
Northeast Biofuels LP before its Chapter 11 liquidation, filing 18
actions in two days over roughly $1.5 million it paid to Hess
Corp. and other contractors, according to Bankruptcy Law360.

                     About Northeast Biofuels

Northeast Biofuels, LP, is a limited partnership formed to
develop, own and operate an ethanol facility in Fulton, New York.
NEB is 100% owned by an intermediate holding company, NEB
Holdings, LP, which is in turn 85% owned by Permolex
International, L.P., and 15% by other project developers.

The Company and two of its affiliates filed for Chapter 11
protection on January 14, 2009 (Bankr. N.D. N.Y. Lead Case No.
09-30057).  Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece,
P.C., represents the Debtors in their restructuring efforts.
Blank Rome LLP will serve as the Debtors' counsel.  The U.S.
Trustee for Region 2 appointed creditors to serve on an Official
Committee of Unsecured Creditors.  Sara C. Bond, Esq., and Stephen
A. Donato, Esq., Bond, Schoeneck & King, PLLC, represent the
Committee.  When the Debtors filed for protection from their
creditors, they estimated assets and debt between $100 million to
$500 million each.

The Bankruptcy Court confirmed Northeast Biofuels LP's
Chapter 11 liquidation plan in February 2010.


OASIS AT WILD: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Oasis At Wild Horse Ranch, LLC
        6801 N. Camino Verde
        Tucson, AZ 85743

Bankruptcy Case No.: 11-01124

Chapter 11 Petition Date: January 14, 2011

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

Judge: James M. Marlar

Debtor's Counsel: Elizabeth S. Fella, Esq.
                  Kasey C. Nye, Esq.
                  QUARLES & BRADY LLP
                  One South Church Street, Suite 1700
                  Tucson, AZ 85701-1621
                  Tel: (520) 770-8755
                  Fax: (520) 770-2228
                  E-mail: elizabeth.fella@quarles.com
                          kasey.nye@quarles.com

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

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

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

The petition was signed by Judy Fernando, manager.


OK ETON: Plan Outline Hearing Scheduled for Tomorrow
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas will
convene a hearing tomorrow, January 19, 2011, at 9:15 a.m., to
consider adequacy of the Disclosure Statement explaining OK Eton
Square, LP's Plan of Reorganization.

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

According to the Disclosure Statement, the Debtor proposes to
restructure the current indebtedness to pay all creditors.  The
Debtor will continue to lease the property to a number of
different tenants.  Pursuant to the current leases the Debtor
collects approximately $150,000 per month.  To the extent the cash
on hand at anytime is insufficient to make the required payments
under the Plan, equity will provide any needed cash infusion.
Based upon the projected income the Debtor does not believe any
additional cash infusions will be necessary.

Under the Plan, the Debtor will pay Bank of the West in full with
interest at the rate of Prime Rate adjusted annually of the
anniversary of the Effective Date by 0.25%.

Unsecured creditors will be paid in full in 60 equal monthly
payments commencing on the Effective Date.

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

                     About OK Eton Square, LP

OK Eton Square, LP, based in Dallas, Texas, filed for Chapter 11
bankruptcy on May 24, 2010 (Bankr. N.D. Tex. Case No. 10-33583).
Judge Barbara J. Houser presides over the case.  The Debtor is
represented by Eric A. Liepins, Esq., at Eric A. Liepins, P.C.,
in Dallas, Texas.  The Debtor estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.


OPTI CANADA: Provides Update on Long Lake Project
-------------------------------------------------
OPTI Canada Inc. has updated its corporate presentation, a copy of
which is available on its Web site at http://www.opticanada.com/
The presentation contains certain operational updates for the Long
Lake Project, including estimated average bitumen production of
approximately 29,100 barrels per day (bbl/d) (10,200 bbl/d net to
OPTI) for the month of December 2010.

                         About OPTI Canada

OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing major oil sands projects in Canada using its
proprietary OrCrude(TM) process.  OPTI's common shares trade on
the Toronto Stock Exchange under the symbol OPC.

                            *     *     *

OPTI Canada carries a 'CCC+' long-term corporate credit rating
from Standard & Poor's Ratings Services.  It has a 'Caa2'
corporate family rating from Moody's Investors Service.

"S&P base its decision to lower the ratings on the increasing
financing burden associated with OPTI's debt and the widening gap
between potential cash flow generation, and financing and spending
obligations," said Standard & Poor's credit analyst Michelle
Dathorne in August 2010, to explain S&P's downgrade of the
corporate rating to 'CCC+' from 'B-'.  "Our estimates of the
operating cash flows necessary for the company to fund all
required financing obligations and capital spending internally
provide no allowances for production shortfalls or commodity-price
weakness from now until 2012.  This lack of financial flexibility
is characteristic of a credit profile in the 'CCC' category," Ms.
Dathorne added.


ORIENTAL TRADING: S&P Assigns 'B' on Proposed $200MM Term Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
issue-level rating, with a preliminary '4' recovery rating to
Oriental Trading Co. Inc.'s (OTC) proposed $200 million secured
term loan.  S&P also expects to assign the reorganized Company its
'B' corporate credit rating with a stable rating outlook upon its
emergence from bankruptcy protection.

The rating action reflects OTC's announcement that the U.S.
Bankruptcy Court for District of Delaware entered an order
confirming the Company's reorganization plan under Chapter 11 of
the U.S. Bankruptcy Code.  OTC expects to emerge from bankruptcy
on Jan. 28, 2011.  Under the terms of the plan, it would reduce
its total debt to about $221 million from about $735 million prior
to bankruptcy filing.

The preliminary issue-level rating and S&P's expected 'B'
corporate credit rating are subject to OTC's timely emergence from
bankruptcy and consummation of its plan of reorganization in line
with S&P's expectations, including its proposed exit financing as
confirmed by the bankruptcy court on Dec. 16, 2016.

The preliminary and expected ratings are subject to final
documentation and S&P's review of legal matters that S&P believe
are relevant to S&P's analysis, as outlined in S&P's criteria.

"The expected 'B' corporate credit rating reflects our view of
OTC's vulnerable business risk profile," said Standard & Poor's
credit analyst Mariola Borysiak," characterized by its presence in
a very competitive and fragmented toys, novelties, party supplies,
and home decor retailing industry."  S&P believe that intense
competition in the industry, coupled with significant cost
increases, will continue to strain operating performance.  In
S&P's opinion, OTC's value proposition did not isolate the Company
from reduced consumer spending during the recent economic
downturn.

However, recent operating trends show signs of stabilization with
some improvement in sales per customer and increase in average
order value," added Ms. Borysiak.  Still, S&P expects only modest
sales growth during the Company's fiscal 2012 due to a significant
reduction in efforts to attract new customers during the past two
years as well as continually weak discretionary spending.   As a
result, S&P believes OTC now faces higher costs for prospecting
and acquisition of new customers, which, in S&P's view, could
pressure profitability in the near term.


OSIPTA ENTERPRISES: Case Summary & 9 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Osipta Enterprises, Inc.
        531 East Arrow Highway
        Glendora, CA 91740
        Tel: (949) 756-9050

Bankruptcy Case No.: 11-11756

Chapter 11 Petition Date: January 13, 2011

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

Judge: Ernest M. Robles

Debtor's Counsel: Robert Sabahat, Esq.
                  MADISON HARBOR ALC
                  17702 Mitchell North, Suite 100
                  Irvine, CA 92614
                  Tel: (949) 756-9050
                  Fax: (949) 756-9060
                  E-mail: rsabahat@madisonharbor.com

Scheduled Assets: $19,715

Scheduled Debts: $1,502,028

A list of the Company's nine largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/cacb11-11756.pdf

The petition was signed by Kamala Sargent, president.


PARKS PETS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Parks Pets, LLC
        dba Queen City Pets
        fdba Petland Arboretum
        8120 Providence Road, Suite 500
        Charlotte, NC 28277

Bankruptcy Case No.: 11-30077

Chapter 11 Petition Date: January 13, 2011

Court: United States Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: J. Craig Whitley

Debtor's Counsel: David M. Grogan, Esq.
                  SHUMAKER, LOOP & KENDRICK, LLP
                  128 S. Tryon St., Ste. 1800
                  Charlotte, NC 28202
                  Tel: (704) 375-0057
                  Fax: (704) 332-1197
                  E-mail: dgrogan@slk-law.com

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

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

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/ncwb11-30077.pdf

The petition was signed by Todd Parks, manager.


PETROHAWK ENERGY: Moody's Puts 'B3' Rating on Note Offering
-----------------------------------------------------------
Moody's Investors Service assigned a B3 rating to PetroHawk Energy
Corporation's proposed senior unsecured note offering.  The
outlook is stable.

Proceeds from the notes offering will be used to fund the
company's $272 million of senior unsecured due April 1, 2012.  The
new notes are pari-passu HK's existing senior unsecured notes
maturing in 2018.

"The B2 CFR continues to reflect the company's relatively high
leverage on its proven developed reserves but with a rapidly
improving leverage on daily production," said Ken Austin, Moody's
Vice President.  HK's recent shift of focus to Eagle Ford liquid
rich shale development does carry a relevant degree of drillbit
and execution risk but the company's scale provides cushion while
the company completes this transition.

The B2 also reflects HK's scale which is considerably larger than
its similarly rated peers and takes note of HK's drillbit success
operational improvements in the past twelve months.  HK's
considerable midstream operations including the KinderHawk joint
venture is considered credit accretive.  Moody's expects HK to
further expand its midstream operations particularly in the Eagle
Ford area where demand for both gathering and processing
infrastructure surpasses current supply.  HK's midstream assets is
considered a complimentary source of steady cash flow and a future
funding source should HK decide to further monetize its midstream
assets.

A positive rating/outlook action can be considered if HK reduces
leverage towards $12/boe range and the company's operational
results clearly demonstrates sequential sustainable reserves and
production growth at reasonable costs.

Moody's last rating action for Petrohawk Energy Corporation was on
August 3, 2010, when Moody's moved the outlook to stable following
the issuance of new notes following a successful major asset
divestiture program .

The principal methodologies used in this rating were the Global
Exploration and Production rating methodology published in
December 2008, and Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

Petrohawk Energy Corporation is headquartered in Houston, Texas.


PETROHAWK ENERGY: S&P Maintains 'B+' Rating on $300MM Add On Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' issue-level
and '5' recovery ratings on Petrohawk Energy Corp.'s senior
unsecured notes due 2018 would remain unchanged following a
$300 million add on, bringing the total issue amount to
$1.125 billion.

The '5' recovery rating on these notes indicates S&P's expectation
of modest (10% to 30%) recovery in a payment default.  Petrohawk
will use proceeds from the new notes to redeem its senior notes
due 2012 and for general corporate purposes.

The corporate credit rating on independent exploration and
production Company Petrohawk is 'BB-' and the outlook is stable.
Ratings on the Company reflect Standard & Poor's expectations of
high levels of capital spending in excess of organic cash flows in
2011, a weak near-term outlook for natural gas prices, and an
aggressive financial risk profile.  The ratings also take into
account healthy production and reserve growth, significantly
hedged production, and the likelihood of ample liquidity to fund
expected 2011 cash flow deficits.
                            Ratings List
Corporate credit rating                      BB-/Stable/--
$1.125 bil sr unsecured notes due 2018       B+
   Recovery rating                            5


PINNACLE ENT: Competitive Position Cues Fitch to Hold 'B' Rating
----------------------------------------------------------------
Fitch Ratings affirms Pinnacle Entertainment Inc.'s Issuer Default
Rating (IDR) at 'B'.  Fitch also affirms these ratings on the
company:

  * $375 million bank credit facility at 'BB/RR1';
  * $450 million senior unsecured notes at 'BB/RR1';
  * $735 million of outstanding subordinated notes at 'B-/RR5'.

The Rating Outlook remains Stable.

Pinnacle's 'B' IDR and Stable Outlook reflect the company's
strengthening competitive position in two core gaming markets, the
prudent bottom-up building of its capital structure, and the
attractive debt maturity profile.  The IDR and Outlook also
incorporate a negative near-term net free cash flow outlook
related to development spending and the company's cash flow
concentration in markets that are vulnerable to increased
competition.

Operating performance improved by most measures through the first
three quarters in fiscal 2010 over the poor second half of 2009.
Driving the improvement was the expansion of margins;
stabilization in revenues; and good ramp-up at the River City, a
St. Louis casino which opened in March 2010.  EBITDA margins for
Pinnacle's Louisiana properties and Belterra Casino Resort
returned to their pre-recession ranges of 25%-30% and about 20%,
respectively.  The margin improvements can be largely attributed
to a renewed focus on operating efficiencies and more targeted
marketing/promotional spending.  Fitch estimates that 2010 revenue
declined in Pinnacle's Louisiana and southern Indiana markets by
roughly 1% and 7%, respectively.  Fitch's base case incorporates
mid-single digit revenue growth in 2011 fuelled by the continued
ramp up in River City and low-single digit growth on a same-store
basis.  Revenue growth in 2011 will be supported by the economic
recovery in Pinnacle's markets, including Dallas and Houston
areas, as well as minimal new supply expected for 2011.  Fitch's
base case incorporates the realization of additional efficiencies
in Pinnacle's St. Louis properties and the EBITDA margin there to
level off around 20%.  Fitch's base case also incorporates a ramp-
up of Pinnacle's St. Louis properties to $70 million-$75 million
of EBITDA over the next couple of years.

Fitch views the increased scope of the Baton Rouge project as
credit neutral.  In September 2010, Pinnacle revised the expected
cost of the project from $250 million to $357 million and also
pushed forward the planned opening to late 2011 from the
previously reported mid-2012.  Fitch believes that the incremental
development and execution risks associated with increased cost and
scope of the project are offset by Pinnacle's ample available
liquidity and, in Fitch's opinion, the strategic soundness of the
increased scope.  The latter consideration takes into account the
additional level of diversification Pinnacle will gain within
Louisiana, which addresses some of the concern related to
potential gaming legalization in Texas.  Also, there are currently
three bidders for the final Louisiana gaming license, with two of
the three applicants intending to build in the Lake Charles area.
The third applicant -- Penn National -- is vying for a casino in a
suburb of New Orleans, where it would compete with Pinnacle's
Boomtown New Orleans.  The project may also provide Pinnacle with
a third market where the company will be the market leader, in
addition to Lake Charles and St. Louis.  Currently, there are two
properties operating in Baton Rouge, both of which are relatively
aged and do not provide the same level of amenities expected from
the Pinnacle property.

On a latest 12 months basis as of Sept. 30, 2010, reported
consolidated adjusted EBITDA was roughly $185 million compared to
$1.2 billion in debt for a debt/EBITDA leverage ratio of 6.3
times.  Leverage would be below 6x according to the bank facility
calculation, which permits the annualization of EBITDA at River
City.  The IDR and the Outlook incorporate an expectation that
leverage may continue to trend in the low 6x range through 2011,
with the draw on the revolver to fund the Baton Rouge project
being offset by what Fitch expects to be modest EBITDA growth,
primarily from the ramp-up of River City.  Likewise, Fitch
estimates that interest coverage should remain stable around 2x,
relative to the 1.5x covenant.  The maximum leverage covenant in
the credit agreement steps down to 7.25x by the end of 2011 and
declines to 4.75x by the end of 2013, while the coverage covenant
starts to step up incrementally in June 2012 and peaks at 2.0x at
Sept. 30, 2013.

Fitch estimates pro forma annual gross interest expense of roughly
$100 million through 2011, assuming $185 million will drawn on the
credit facility to fund the Baton Rouge, LA, project, while annual
maintenance capital expenditures will trend around $40 million.
Fitch's base case reflects Pinnacle's EBITDA at around
$200 million and $210 million for 2010 and 2011, respectively,
implying a healthy discretionary cash flow profile.  Spending on
the Baton Rouge project will pressure the FCF profile until 2012,
and possibly slightly beyond, if the video lottery terminals are
approved at Ohio racetracks.  Fitch estimates that if legalization
occurs, Pinnacle could spend $100 million or more to develop its
recent River Downs racetrack acquisition to accommodate VLTs.

Pinnacle's maturity profile is attractive, with decent cushion
relative to covenant levels, $479 million of available liquidity
as of Sept. 30, 2010, no debt maturing until 2014 and solid
operating cash flow.  The primary liquidity concerns are largely
discretionary, centering on spending plans for the company's
development pipeline.

As of Sept. 30, 2010, Pinnacle's cash balance was $228 million,
with roughly $158 million available excluding the $70 million
required for daily operations and cage cash.  Pinnacle's revolving
credit facility was amended on Feb. 5, 2010, pushing out its
expiration to March 2014 from December 2010 and reducing the
commitment on the revolver to $375 million from $531 million.  As
of Sept. 30, 2010, the revolver was undrawn and approximately
$9.6 million of LOCs were outstanding, providing the company with
a total of $524 million of available liquidity.  Fitch expects
that the available liquidity plus the projected cash from
operations should amply cover Pinnacle's capital expenditures over
the next two years.  The credit facility matures in March 2014 and
the next bond maturity date is not until June 2015.

Based on Fitch's recovery analysis, and Pinnacle's prudent bottom
heavy capital structure, estimated recovery values are solid
relative to their ranking in the capital structure.  Fitch rates
both the bank facility and senior unsecured debt 'BB/RR1',
estimating full recovery in the event of default based on the
current capital structure.  The subordinated debt rating is 'B-
/RR5', which benefited from the downsizing of the bank facility in
February 2010 to $375 million from $531 million.  As senior debt
availability increases or is issued, there could be additional
rating pressure on the subordinated debt Recovery Rating, and
possibly the senior unsecured Recovery Rating.


PINELLAS COUNTY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: The Pinellas County Jewish Day School, Inc.
        1775 S. Highland Avenue
        Clearwater, FL 33756

Bankruptcy Case No.: 11-00511

Chapter 11 Petition Date: January 13, 2011

Court: U.S. 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 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb11-00511.pdf

The petition was signed by Saul Schechter, treasurer.


PLATINUM STUDIOS: Extends Due Dates of $2.4MM Loan to May 2011
--------------------------------------------------------------
On December 20, 2010, Platinum Studios, Inc., entered into a
series of agreements with its CEO, Chairman and major note holder,
Scott M. Rosenberg, to extend the due dates of certain existing
loans made by Rosenberg to the Company.  Pursuant to the terms of
the agreements, the new due date for certain loans totaling
$2,400,000 will be May 6, 2011, and the new due date for other
loans totaling $1,350,000 will be June 3, 2011.  The interest rate
on all of these loans has been increased from 8% to 10%, effective
upon the original due dates of May 6, 2010, and June 3, 2010,
respectively.

In exchange for these due date extensions, the Company granted to
Rosenberg:

   (1) two additional sets of warrants to purchase the Company's
       common stock.  The first set allowing for the exercise of
       up to 40,000,000 warrants to purchase shares of the
       Company's common stock, at an exercise price of $0.11 per
       share, and the second set allowing for the acquisition of
       up to $3,750,000 in stock, by exercise of warrants at $0.11
       per share.  Both sets will expire on October 22, 2020; and

   (2) a co-ownership interest in certain intellectual property
       owned by the Company.

                       About Platinum Studios

Los Angeles, Calif.-based Platinum Studios, Inc., controls a
library consisting of more than 5,000 characters and is engaged
principally as a comics-based entertainment company adapting
characters and storylines for production in film, television,
publishing and all other media.

The Company's balance sheet as of September 30, 2010, showed
$15.90 million in total assets, $24.48 million in total
liabilities, and a stockholders' deficit of $8.58 million.

HJ Associates & Consultants, LLP, in Salt Lake City, Utah,
expressed substantial doubt about Platinum Studios, Inc.'s ability
to continue as a going concern, following the Company's 2009
results.  The independent auditors noted that the Company has
suffered recurring losses from operations which have resulted in
an accumulated deficit.


POINT BLANK: Plan Outline Hearing Scheduled for February 14
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on February 14, 2011, at 2:00 p.m. (prevailing
Eastern time), to consider adequacy of the Disclosure Statement
explaining the proposed Plan of Reorganization for Point Nlank
Solutions, Inc., et al.  Objections, if any, are due February 8,
at 4:00 p.m.

The Plan Proponents are the Debtors, the Official Committee of
Unsecured Creditors, the Official Committee of Equity Security
Interest Holders, Privet Fund Management LLC, as investment
manager for Privet Opportunity Fund I, LLC and Privet Fund LP,
Privet Opportunity Fund I, LLC, Prescott Group Capital Management,
LLC, and Lonestar Capital Management, LLC, as investment advisor
to Lonestar Partners, LP and manager of PB Funding, LLC.

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

According to the Disclosure Statement, the Plan contemplates the
reorganization and continuation of the Debtors' business
through a restructuring of each Debtor's debt obligations and the
generation of new capital through a Rights Offering of new common
stock in the Reorganized Debtors, backstopped by the Backstop
Parties.  The Rights Offering, combined with the Debtors'
available cash from operations going forward and exit financing,
if necessary and available, will provide the funding necessary to
consummate the Plan and pay remaining secured and unsecured
creditors in accordance with the terms of the Plan.  All of the
prepetition equity Interests in Parent will be surrendered, and
100% of the equity securities interests in the Reorganized Parent
will be acquired pursuant to the Rights Offering.

The Plan contemplates the reorganization of the Debtors'
businesses and the resolution of the outstanding Claims against
and Interests in the Debtors.

Generally, the Plan is structured around three key components.

   a) The Rights Offering/Direct Subscription.  In addition to
      cash on hand and an Exit Facility, if one is necessary and
      available, the Debtors intend to fund their reorganization
      effort-including the payment of all amounts due under the
      Plan-through the issuance and sale of shares of New Common
      Stock in Reorganized Parent in a minimum amount of
      $15,000,000 and (subject to certain consents and other
      conditions) up to a maximum of $25,000,000.  The New Common
      Stock will be sold (i) through a Rights Offering to eligible
      holders of Allowed General Unsecured Claims and Allowed Old
      Equity Interests, backstopped by the Debtors' existing DIP
      Lenders, and (ii) through a direct subscription of shares to
      two of the existing DIP Lenders, Privet and Prescott.

   b) The Inter-Debtor Compromise.  The Plan Proponents have
      identified several potential Claims, Causes of Action and
      other disputes that may exist between the several Debtors,
      including existing and potential disputes regarding (i) the
      value and disposition of Intercompany Claims, (ii) the
      valuation of the individual Debtor's Estates, (iii) the
      individual Debtor's respective ownership interest in certain
      potentially valuable lawsuits, (iv) the susceptibility of
      two or more of the Debtors' Estates to substantive
      consolidation and (v) the consideration, if any, that should
      be paid by Parent to retain its existing Interests in the
      Debtor Subsidiaries.

   c) The Recovery Trust. Under the Plan, holders of Allowed
      General Unsecured Claims, Allowed Subordinated Unsecured
      Claims, Allowed Class Action Claims and Allowed Old Equity
      Interests will be issued beneficial interests in a Recovery
      Trust established for the purpose of liquidating certain
      assets and distributing the proceeds thereof to the trust
      beneficiaries and making certain disbursements or
      distributions to Reorganized Parent.  On the Effective Date,
      the Reorganized Debtors will fund a Recovery Trust with a
      cash payment of $3 million, an additional $1 million for
      expenses and rights to certain potentially valuable Causes
      of Action, the proceeds of which will be distributed to the
      beneficiaries of the Recovery Trust in accordance with the
      waterfall.

The Debtors intend to pay in full administrative claims and
secured claims.

General unsecured claims will receive ratable proportion of
distributions from the recovery trust, and rights to participate
in the rights offering.  Holders of subordinated unsecured claims
will receive ratable proportion of distributions, if any, from the
recovery trust after payment in full of the general unsecured
claims.

Holders of equity interests will receive ratable proportion of
distributions from the recovery trust, pari passu, and rights to
participate in the rights offering.

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

Counsel for Debtors is:

     PACHULSKI STANG ZIEHL & JONES LLP
     Laura Davis Jones, Esq.
     David M. Bertenthal, Esq.
     Joshua Fried, Esq.
     919 N. Market Street, 17th Floor
     P.O. Box 8705
     Wilmington, DE 19899-8705
     Tel: (302) 652-4100
     Fax: (302) 652-4400

Counsel to Lonestar Capital Management, LLC, are:

     PEPPER HAMILTON LLP
     David B. Stratton, Esq.
     Hercules Plaza, Suite 5100
     1313 N. Market Street
     P.O. Box 1709
     Wilmington, DE 19899-1709

     AKIN GUMP STRAUSS HAUER & FELD LLP
     David P. Simonds, Esq.
     2029 Century Park East, Suite 2400
     Los Angeles, CA 90067

     AKIN GUMP STRAUSS HAUER & FELD LLP
     Michael P. Cooley, Esq.
     1700 Pacific Avenue, Suite 4100
     Dallas, TX 75201-4675

Privet Opportunity Fund I, LLC and Privet Fund Management LLC is
represented by:

     REED SMITH LLP
     Edward J. Estrada, Esq.
     599 Lexington Avenue, 22nd Floor
     New York, NY 10022
     REED SMITH LLP
     Kurt F. Gwynne, Esq.
     1201 Market Street, Suite 1500
     Wilmington, DE 19801

Counsel to Prescott Group Capital Management is:

     ASHBY & GEDDES
     Ricardo Palacio, Esq.
     500 Delaware Avenue
     P.O. Box 1150
     Wilmington, DE 19899

Counsel for the Equity Committee are:

     MORRISON COHEN LLP
     Joseph T. Moldovan, Esq.
     909 Third Avenue
     New York, NY 10022-4731

     BAYARD, P.A.
     Neil B. Glassman, Esq.
     222 Delaware Avenue, Suite 900
     Wilmington, DE 19899

The Creditors Committee is represented by:

     MESSANA ROSNER & STEM LLP
     Brian L. Arban, Esq.
     Fred Rosner, Esq.
     1000 N. West Street, Suite 1200
     Wilmington, DE 19801

     ARENT FOX LLP
     Robert M. Hirsh, Esq.
     George Angelich, Esq.
     1675 Broadway
     New York, NY 10019

                        About Point Blank

Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.

The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.

Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection on April 14, 2010 (Bankr. D. Del. Case No.
10-11255).  Laura Davis Jones, Esq., and Timothy P. Cairns, Esq.,
at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel
to the Debtor.  Olshan Grundman Frome Rosenweig & Wolosky LLP
serves as corporate counsel.  T. Scott Avila of CRG Partners Group
LLC is the restructuring officer.  Epiq Bankruptcy Solutions
serves as claims and notice agent.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case.  The Equity Committee has tapped Morrison
Cohen LLP, and The Bayard, P.A., as counsel.  Robert M. Hirsh,
Esq., and Heike M. Vogel, Esq., at Arent Fox LLP, serve as counsel
to the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at Messana Rosner & Stern LLP, serve as co-
counsel.


QUALIA CLINICAL: Can Avoid Liens, Bankruptcy Appeals Court Says
---------------------------------------------------------------
Bankruptcy Law360 reports that a federal bankruptcy appeals court
affirmed Friday a ruling allowing Qualia Clinical Services Inc. to
recover on security interests transferred to Inova Capital Funding
Inc. as part of an invoice purchase agreement, saying the liens
constituted preferential transfers.

The case is Rick D. Lange, Trustee of the Chapter 7 Bankruptcy
Estate of Qualia Clinical Service, Inc., v. Inova Capital Funding,
LLC; Inova Capital Funding, Inc., No. 10-6021 (8th BAP).

A copy of the BAP's decision dated January 14, 2011, is available
at http://is.gd/EGjd2cfrom Leagle.com.

The panel consists of Bankruptcy Judges Robert J. Kressel for the
District of Minnesota bankruptcy court, Judge Barry S. Schermer
for the Eastern District of Missouri bankruptcy court, and Judge
Charles L. Nail for the District of South Dakota bankruptcy court.
Judge Kressel penned the decision.

                       About Qualia Clinical

Qualia Clinical Services Inc. is a full-service Contract Research
Organization with facilities in North America and Europe. Qualia
serves the pharmaceutical, biotechnology and generic industries
with Early and Late Phase clinical research, clinical
pharmacology, bioequivalence, PK/PD analysis, data management and
statistical services.

Qualia filed for Chapter 11 bankruptcy (Bankr. District of
Nebraska Case No. 09-80629) on March 18, 2009.  Robert F. Craig,
Esq. -- robert@craiglaw.org -- Robert F. Craig, P.C., in Omaha,
Nebraska, serves as the Debtor's counsel.  In its petition, the
Debtor estimated $1 million to $10 million in assets and
liabilities.


QUIGLEY CO: New Pfizer Contribution Leading to Settlement
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Quigley Company Inc. is near a settlement with
asbestos claimants in a Chapter 11 reorganization more than six
years old.  A lawyer for asbestos claimants said that working out
details of the settlement may take another two weeks.

Mr. Rochelle relates that settlement was reached as Quigley and
Pfizer faced a motion by the U.S. Trustee and an ad hoc group of
asbestos claimants seeking dismissal of the Chapter 11 case begun
in September 2004.  The motions to dismiss came on the heels of an
opinion from the bankruptcy judge in September refusing to confirm
Quigley's reorganization plan.

According to the report, the judge found that the plan was filed
in bad faith and wasn't feasible.  Objectors argued that Quigley's
bankruptcy was being used improperly to shield Pfizer from
liability.  Although Quigley's plan was accepted by the required
majorities of creditors, the bankruptcy judge found that improper
incentives were given to some creditors to obtain their "yes"
votes.  Through the plan, including contributions from Pfizer,
$757 million would have been distributed, according to the
disclosure statement.

                         About Quigley Co.

Quigley Co. was acquired by Pfizer in 1968 and sold small amounts
of products containing asbestos until the early 1970s. In
September 2004, Pfizer and Quigley took steps that were intended
to resolve all pending and future claims against the Company and
Quigley in which the claimants allege personal injury from
exposure to Quigley products containing asbestos, silica or mixed
dust. Quigley filed for bankruptcy in 2004 and has a Chapter 11
plan and a settlement with Chrysler.

Quigley filed for Chapter 11 bankruptcy protection on Sept. 3,
2004 (Bankr. S.D.N.Y. Case No. 04-15739) to implement a proposed
global resolution of all pending and future asbestos-related
personal injury liabilities.

Lawrence V. Gelber, Esq., and Michael L. Cook, Esq., at Schulte
Roth & Zabel LLP, represent the Debtor in its restructuring
efforts.  Elihu Inselbuchm Esq., at Caplin & Drysdale, Chartered,
represents the Official Committee of Unsecured Creditors.  When
the Debtor filed for protection from its creditors, it disclosed
$155,187,000 in total assets and $141,933,000 in total debts.


ROSARIO'S, INC.: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Rosario's, Inc.
        2930 N. Elizabeth
        Pueblo, CO 81008

Bankruptcy Case No.: 11-10571

Chapter 11 Petition Date: January 13, 2011

Court: U.S. Bankruptcy Court
       District of Colorado (Denver)

Judge: Elizabeth E. Brown

Debtor's Counsel: Scott A. Midgley, Esq.
                  503 North Main Street, Suite 350
                  Pueblo, CO 81003
                  Tel: (719) 543-9100
                  E-mail: samidgleyesq@msn.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/cob11-10571.pdf

The petition was signed by Tracy Ianne, president.


ROSELAND VILLAGE: Case Summary & 4 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Roseland Village, LLC
        3736 Winterfield Road, Suite 200
        Midlothian, VA 23113

Bankruptcy Case No.: 11-30223

Chapter 11 Petition Date: January 13, 2011

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

Judge: Kevin R. Huennekens

Debtor's Counsel: Bruce E. Arkema, Esq.
                  DURRETTEBRADSHAW, PLC
                  1111 East Main Street, 16th Floor
                  Richmond, VA 23219
                  Tel: (804) 343-4370
                  Fax: (804) 225-8706
                  E-mail: barkema@durrettebradshaw.com

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

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

The petition was signed by George B. Sowers, Jr., president of
G.B.S. Holding, Ltd., member.

Debtor's List of four Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Chesterfield County Treasurer      Real Estate Taxes      $220,066
P.O. Box 26585
Richmond, VA 23285

Urban Design Associates            Open Account            $30,296
707 Grant Street
Pittsburgh, PA 15219

FloranceGordonBrown, PC            Attorney's Fees          $9,244
1900 One James Center
901 East Cary Street
Richmond, VA 23219

Fidelity Title Services, Inc.      Open Account               $265


RSC EQUIPMENT: Moody's Lifts Ratings on Unsecured Notes to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service affirmed certain ratings of RSC
Equipment Rental Inc., raised the ratings on the company's
unsecured notes to Caa1 from Caa2 and assigned a Ba2 rating to the
company's new $1.1 billion asset based Revolving Credit Facility.
Moody's assigned a Caa1 to the company's new senior unsecured
notes.  The new bank facility and unsecured notes are co-issued by
RSC Holdings III, LLC, and RSC Equipment Rental, Inc.

The company's B3 CFR and PDR reflect its high leverage and
incorporates the expectation for improved operating performance as
a result of increasing demand.  The ratings on the notes reflect
their senior unsecured position in the company's capital structure
and their junior position to its $1.1 billion ABL.  The notes and
ABL proceeds will go towards paying down the company's second lien
term loan and pay for other related fees and expenses.  The notes
have RSC Equipment Rental Inc. as a co borrower while the ABL also
has RSC Equipment Rental of Canada Ltd.  The new ABL will
refinance the company's existing ABL.  The notes will be
guaranteed by certain of the company's domestic subsidiaries, if
any.

RSC's speculative grade liquidity rating, now rated at RSC
Holdings III, LLC, still reflects adequate liquidity with a SGL-3
rating.  Moody's believes that the company will maintain an
adequate liquidity profile over the next twelve months.  Moody's
expects that the company's operating cash flow generation should
be sufficient to fund the majority of its capital expenditures,
the company also has significant availability in its revolver.  As
demand strengthens, Moody's expects the company to be free cash
flow negative as it will need to add to its rental equipment fleet
to meet higher rental demand.  This revolver is expected to be
sufficient to fund any increase in demand that may occur over the
intermediate term.  The stable ratings outlook reflects the
expectation that the while the company's fleet utilization should
improve over the next twelve months, the company remains highly
leveraged.  Even with improving rental demand, the company's
financial metrics are expected to continue to be consistent with
the B3 CFR through 2011.

Actions:

Issuer: RSC Holdings III, LLC

  * Senior Secured $1.1 billion ABL Facility, Assigned a Ba2
    (LGD2; 17%)

  * Senior Unsecured notes, Assigned a Caa1 (LGD5; 78%)

Upgrades:

Issuer: RSC Equipment Rental, Inc.

  * Senior Unsecured $200 million notes due 2019 Upgraded to Caa1
    from Caa2

  * Senior Unsecured $620 million notes due 2014 Upgraded to Caa1
    from Caa2

Affirmations:

  * Senior Secured $400 million notes due 2017, affirmed at B1
    (LGD3; 33%)

Changes:

Issuer: RSC Equipment Rental, Inc.

  * B3 Probability of Default Rating, previously assigned at RSC
    Equipment Rental, Inc.; now assigned at RSC Holdings III, LLC

  * SGL-3 Speculative Grade Liquidity Rating, previously assigned
    at RSC Equipment Rental, Inc.; now assigned at RSC Holdings
    III, LLC

  * B3 Corporate Family Rating, previously assigned at RSC
    Equipment Rental, Inc.; now assigned at RSC Holdings III, LLC

The upgrade in the company's senior unsecured instrument ratings
to Caa1 from Caa2 reflect the anticipated paydown in the company's
second lien notes that were senior to the unsecured instruments.
The company's new ABL rating is one notch higher than the LGD
implied rating as a result of the anticipated recovery in the
event of bankruptcy that flow from its characteristics including
its perfected liens, asset reporting process, and the recovery
track record of ABLs in bankruptcy.

The last rating action was on November 2, 2009 when Moody's
assigned a Caa2 rating to RSC Equipment Rental, Inc's proposed
issuance of $200 million of unsecured debt and affirmed the B3
Corporate Family Rating.  The CFR and PDR have been moved to RSC
Holdings, III.

The Methodology grid based outcome of the Global Equipment and
Automobile Rental Industry indicates a rating of B3, in line with
the assigned rating.

The ratings could be upgraded if the company reduces its debt
leverage to under 5 times, has positive net income on a current
year and on a projected basis and enjoys improved coverage metrics
including fixed charge coverage over 1.5 times as defined in their
bank credit agreement.  Improving credit metrics including higher
asset turnover, improved return on assets, greater sales, and
improved margins would also support positive ratings traction.
The ratings or outlook may decline if debt to EBITDA increases to
over 6 times, or if free cash flow from operations before capital
expenditures turned negative.

The principal methodologies used in this rating were Global
Equipment and Automobile Rental Industry published in December
2010, and Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

RSC holdings III, is an intermediate holding company that is the
direct parent to RSC Equipment Rental, Inc.  RSC is one of the
largest equipment rental companies in North America operating 457
locations throughout the United States and Canada.  The company
maintains over 900 categories of equipment having an original
equipment cost of $2.4 billion.  Total revenues for the LTM period
ended in September 30, 2010, totaled $1.1 billion.


SAGECREST II: Mgt. & Committee Plan Outline Hearing on Feb. 15
--------------------------------------------------------------
The U.S. Bankruptcy Court for the the District of Connecticut has
continued to February 15, 2011, at 10:00 a.m., the hearing on the
Disclosure Statement explaining the Joint Chapter 11 Plan of
Liquidation filed by SageCrest II, LLC, SageCrest Finance, LLC,
SageCrest Holdings Limited, SageCrest Dixon, Inc., and the
Official Committee of Equity Security Holders.

Generally, the Plan provides that SC Management, a new entity
created under the Plan, will liquidate the Debtors' assets in an
orderly fashion over roughly four years and distribute the net
proceeds to Holders of Allowed Claims and Allowed Interests in the
priority prescribed by the Bankruptcy Code and according to the
specific provisions of the Plan.

The Plan proposes the following treatment for the various claims
and interests in the Debtors:

Class 1. Non-Tax Priority Claims.  Unimpaired.  Holders of Class 1
        Claims will receive, (y) Cash in an amount equal to the
        Allowed amount of its Non-Tax Priority Claim, or (z) such
        other, less favorable treatment as may be agreed upon in
        writing.  To the extent an Allowed Non-Tax Priority Claim
        entitled to priority treatment under 11 U.S.C. Sections
        507(a)(4) or (5) exceeds the statutory cap applicable to
        such Claim, such excess amount will be treated as a Class
        6 General Unsecured Claim against the relevant Debtor.

Class 2. Secured Tax Claims.  Unimpaired.  With respect to any
        Allowed Secured Tax Claim for tax years prior to 2009, the
        Holder of such Allowed Secured Tax Claim will receive (x)
        Cash equal to the value of its Allowed Secured Tax
        Claim, including interest, (y) the Collateral securing the
        Allowed Secured Tax Claim, or (z) such other, less
        favorable treatment as may be agreed upon in writing.  The
        Holder of a Secured Tax Claim for ad valorem taxes for any
        tax year from 2009 and thereafter will retain all rights
        and remedies for payment thereof in accordance with
        applicable non-bankruptcy law.

Class 3. Deutsche Bank Secured Claims.  Impaired.  The DB Secured
        Claims against SC Finance and SC Holdings are separately
        classified in Class 3A (Estimated Amount: $7,369,464.73,
        plus interest, costs and fees) and Class 3B
        ($100,160,583.15, plus interest, costs and fees),
        respectively.  Deutsche Bank will receive, on or as soon
        as practicable after the later of the Effective Date of
        the Plan or the Allowance Date with respect to the DB
        Secured Claims: (i) property of the Debtors that is the
        indubitable equivalent of all or a portion of such Allowed
        Claims; and/or (ii) the DB Promissory Note, which will be
        issued by SC Finance, SC II, SC Holdings, SCFR, SC Limited
        and SC Management in the principal amount of the Allowed
        DB Secured Claims less an amount equal to the value of the
        property of the Debtors, if any, that is transferred to
        Deutsche Bank pursuant to the foregoing clause (i).  The
        Plan Supplement will identify the property of the Debtors,
        if any, to be transferred to Deutsche Bank pursuant to the
        foregoing clause (i), the value of such property as of the
        Effective Date, and the principal amount of the DB
        Promissory Note, and the Plan Supplement will include the
        form of the DB Promissory Note.

        On or before the fifth (5th) Business Day following the
        last day of each calendar quarter, commencing after the
        fourth (4th) full calendar quarter following the Effective
        Date of the Plan, SC Management will make a principal
        payment on the DB Promissory Note in an amount equal to
        the amount of cash held by SC Management on the last
        Business Day of the immediately preceding calendar quarter
        less the aggregate Budgeted Expenses for the following
        twelve (12)-month period.  The DB Promissory Note will
        mature on December 31, 2014.

Class 4. SageCrest Regal Secured Claim Against SC Dixon.
        (Estimated Amount: $48,842,759).  Impaired.  The Holder of
        the Allowed SageCrest Regal Secured Claim will receive
        from SC Dixon, a Cash payment equal to the Allowed amount
        of such Claim within thirty (30) days after the later of
        (a) the closing on a sale of the Collateral that secures
        the Allowed SageCrest Regal Secured Claim or (b) the
        Allowance Date with respect to the Allowed SageCrest Regal
        Secured Claim.  If the Allowed SageCrest Regal Secured
        Claim exceeds the value of the Collateral securing such
        Claim, then pursuant to Bankruptcy Code section 506(a),
        any such excess amount will be deemed to be and will be
        treated as a Class 6D General Unsecured Claim against SC
        Dixon.

Classes 5A-5C. Miscellaneous Secured Claims against SC Finance,
        SC Holdings and SC II.  Unimpaired.  Each Holder of an
        Allowed Miscellaneous Secured Claim in Class 5A, 5B or 5C
        will receive from SC Management, (i) Cash equal to the
        value of its Allowed Miscellaneous Secured Claim, (ii) the
        Collateral securing the Allowed Miscellaneous Secured
        Claim, or (iii) such other, less favorable treatment as
        may be agreed upon in writing.  If any Allowed
        Miscellaneous Secured Claim in Class 5A, 5B or 5C exceeds
        the value of the Collateral securing such Claim, then
        pursuant to Bankruptcy Code section 506(a), any such
        excess amount will be deemed to be and will be treated as
        a Class 6 General Unsecured Claim.

Class 5D. Miscellaneous Secured Claims against SC Dixon
       (Estimated Amount: $3,851,928).  Impaired.

       T. Harris Environmental Management, Inc., a separate
       subclass under Class 5D.1, will receive a Cash payment from
       SC Dixon in the amount of C$55,000, without interest,
       within thirty (30) days after the earlier of (A) the sale
       by SC Dixon of the Collateral that secures the Allowed
       Other Secured Claim held by Harris; (B) the refinancing of
       such Collateral by SC Dixon, or (C) the fifth (5th)
       anniversary of the Effective Date of the Plan.

       The Holder of an Allowed Miscellaneous Secured Claim
       against SC Dixon in Class 5D.2 will receive from SC Dixon,
       a Cash payment equal to the Allowed amount of such
       Claim within thirty (30) days after the later of (i) the
       closing on a sale of the Collateral that secures such
       Allowed Claim or (ii) the Allowance Date with respect to
       such Allowed Claim.  If an Allowed Miscellaneous Secured
       Claim against SC Dixon in Class 5D.2 exceeds the value of
       the Collateral securing such Claim, then pursuant to
       Bankruptcy Code section 506(a), any such excess amount
       will be deemed to be and will be treated as a Class 6D
       General Unsecured Claim against SC Dixon.

Class 6A-6C. General Unsecured Claims against SC Finance, SC
       Holdings and SC II.  Impaired.  Each Allowed General
       Unsecured Claim in Class 6A (SC Finance), Class 6B (SC
       Holdings), and Class 6C (SC II) will include interest
       thereon, at the Case Interest Rate, from the Petition Date
       through the date such Allowed General Unsecured Claim is
       paid in full.

       If all of Classes 6A, 6B and 6C vote in favor of the Plan,
       then each Holder of an Allowed General Unsecured Claim in
       Classes 6A, 6B, and 6C will receive from SC Management
       quarterly Cash payments, commencing with the first full
       calendar quarter after the Effective Date of the Plan and
       continuing until all Allowed General Unsecured Claim in
       Classes 6A, 6B, and 6C are paid in full, totaling the
       Allowed amount of such Claim.  Each quarterly Cash payment
       will be made no later than ten (10) Business Days after the
       end of each calendar quarter.  Each quarterly Cash payment
       to a Holder of a General Unsecured Claim under Section
       5.06(b) of the Plan will be of an amount equal to the
       lesser of such Holder's Pro Rata (calculated using all
       Allowed and Disputed General Unsecured Claims in Classes
       6A, 6B and 6C) share of $300,000 or the unpaid balance of
       such Allowed General Unsecured Claim.

       If Class 6A, 6B or 6C votes to reject the Plan, then each
       Holder of an Allowed General Unsecured Claim in Classes 6A,
       6B, and 6C will receive from SC Management a payment of
       Cash equal to the amount of such Allowed General Unsecured
       Claim, plus interest at the Case Interest Rate from the
       Petition Date through the date of payment, on the later of
       (i) the Allowance Date or (ii) the first (1st) Business Day
       that is four (4) years after the Effective Date.

Class 6D. General Unsecured Claims against SC Dixon.  Impaired.
       On or as soon as practicable after the later of (i) the
       first Distribution Date after all Allowed Claims in Classes
       4 and 5D have been paid or otherwise satisfied in full, or
       (ii) the Allowance Date, each Holder of an Allowed General
       Unsecured Claim in Class 6D (SC Dixon), will receive from
       SC Dixon or SC Management a Cash payment equal to a Pro
       Rata share of the Cash, if any, derived from the
       liquidation of the Assets of SC Dixon that remain after all
       Allowed Claims in Classes 4 and 5D have been paid or
       otherwise satisfied in full.  Each Allowed General
       Unsecured Claim against SC Dixon will be satisfied solely
       from such Cash of SC Dixon.  SC Dixon anticipates that it
       is unlikely that any Cash will be available for
       distribution to Holders of Allowed General Unsecured Claims
       against SC Dixon in Class 6D.

Class 7. Deutsche Bank Guaranty Claim (against SC II only).
       Impaired.  In exchange for the Allowed DB Guaranty Claim,
       SC II will execute the DB Promissory Note on the Effective
       Date of the Plan and SC II will be jointly and severally
       liable for all obligations arising under the DB Promissory
       Note.

Class 8. Redemption Claims against SC II.  Impaired.  Each Holder
       of an Allowed Redemption Claim against SC II will receive
       Cash payments from SC II up to the allowed amount of such
       Claim, without interest, in full satisfaction of such
       Claim.

Class 9. Intercompany Claims.  Impaired.  On the Effective Date of
       the Plan, all Intercompany claims will be canceled,
       discharged, and eliminated in full, and the Holders of
       Intercompany Claims will not receive or retain any property
       or any interest in property on account of such Intercompany
       Claims.

Class 10A. Interests in SC Finance.  Unimpaired.  SC II, the sole
       Holder of all Allowed Interests in SC Finance, will retain
       its Interest in SC Finance, as reorganized under the terms
       of the Plan.  SC II will contribute its Interests in SC
       Finance to SC Management.

Class 10B. Interests in SC Holdings.  Impaired.  Each Holder of an
       Allowed Interest in SC Holdings will retain its Interest in
       SC Holdings, as SC Holdings in reorganized under the terms
       of the Plan.  No distribution will be made unless and until
       all Allowed Administrative Claims and Allowed Priority
       Claims against all Debtors, and all Allowed Claims against
       SC Holdings in Classes 1B, 2B, 3B, 5B, and 6B have been
       paid in full.

Class 10C. Interests in SC II.  Impaired.  Each Holder of an
       Allowed Interest in SC II will retain its Interest in SC
       II, as SC II is reorganized under the terms of the Plan
       pursuant to an amended SC II Operating Agreement that will
       be included in the Plan Supplement.  No distribution will
       be made unless and until all Allowed Administrative Claims
       and Allowed Priority Claims against all Debtors, and all
       Allowed Claims against SC II in Classes 1C, 2C, 5C, 6C and
       7, and all payments to Holders of Allowed Class 8 Claims
       have been paid if full.

Class 10D. Interests in SC Dixon. Impaired.  The Holder of Allowed
       Interests in SC Dixon will retain such Allowed Interests in
       SC Dixon, as SC Dixon is reorganized under the terms of the
       Plan, but such Holder will not be entitled to receive or
       retain, and will not receive or retain, any Cash or other
       property under the Plan on account of its Allowed Interests
       in SC Dixon.

A copy of the Disclosure Statement explaining the Joint Chapter 11
Plan of Liquidation filed by SageCrest II, LLC, SageCrest Finance,
LLC, SageCrest Holdings Limited, SageCrest Dixon, Inc., and the
Official Committee of Equity Security Holders, is available for
free at http://bankrupt.com/misc/SageCrestII.DS.pdf

                        About SageCrest II

SageCrest II, LLC, SageCrest Finance, LLC, SageCrest Dixon, Inc.,
SageCrest Holdings Ltd., SCFR and SC Limited are part of a group
of funds commonly known as SageCrest Funds.  SageCrest II serves
as the domestic fund within the SageCrest Funds.  SCFR and SC
Limited serve as the offshore funds within the SageCrest Funds.

SC II directly on indirectly owns several special purpose entities
that hold (directly or indirectly) specific investments
investments of the SageCrest Funds, including a life insurance
portfolio, specialty finance loans to third parties an real estate
investments.

SC Limited and SCFR are Bermuda exempted companies limited by
shares and are not debtors in the Bankruptcy cases.  SC Holdings
is also a Bermuda exempted company limited by shares and is a
wholly owned subsidiary of SC Limited and SCFR.

SageCrest Finance is a Delaware limited liability company that was
formed as a wholly owned subsidiary of SageCrest II on March 22,
2007.

SageCrest Dixon is a special purpose entity within the SageCrest
Funds that owns real property at 900 Dixon Road in Toronto,
Canada, formerly the site of the Constellation Hotel.  SageCrest
Dixon is a wholly owned subsidiary of SageCrest Canada Holdings,
Inc., which is a wholly owned subsidiary of SageCrest II.

The Debtors primarily operate through through two lines of
business: structured finance and real estate investment and
development.

SageCrest Finance and SageCrest II filed Chapter 11 petitions on
August 17, 2008 (Bankr. D. Conn. Case Nos. 08-50755 and 08-50754),
and filings by SageCrest Holdings Limited (Bankr. D. Conn. Case
No. 08-50763) and SageCrest Dixon, Inc. (Bankr. D. Conn. Case No.
08-50844), followed.  The cases are jointly administered under
Lead Case No. 08-50754.

The Debtors estimate their assets at $100 million to $500 million.

On October 7, 2008, the United States Trustee appointed a
committee of equity security holders, including in its membership
defendants Topwater Exclusive Fund III, LLC, and Wood Creek Multi-
Asset Fund, LP.  The Equity Committee is comprised of former
investors in SageCrest II with all committee members claiming they
redeemed their investments in that debtor.  Asserting they are
creditors -- and not equity holders -- of SageCrest II, both
Topwater and Wood Creek resigned from the Equity Committee.

Affiliate Antietam Funding LLC sought Chapter 11 bankruptcy
protection (Bankr. D. Conn. 10-52523) on October 20.  Antietam
Funding LLC estimated assets of $50 million to $100 million and
debts of $100 million to $500 million.

Antietam's primary asset is a portfolio of life insurance
investments.


SAGECREST II: Deutsche Plan Outline Hearing Continued to Feb. 15
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut has
continued to February 15, 2011, at 10:00 a.m., the hearing on the
Disclosure Statement explaining the Joint Chapter 11 Plan of
Liquidation for SageCrest II, LLC, et al., proposed by Deutsche
Bank AG, as agent for B Structure Products, Inc.  The hearing on
the disclosure statement for the Deutsche Bank Plan is scheduled
on the same day and time as the hearing on the Debtors' Chapter 11
Plan of Liquidation filed jointly with the Official Committee of
Equity Security Holders.

The Debtors and the Equity Committee had earlier filed a Joint
Chapter 11 Plan of Liquidation, which calls for a liquidation of
the Debtors' assets over four years.  Under the Debtors' Plan,
unsecured creditors will be paid in full, Deutsche Bank will be
provided with property of the Debtors that the Debtors claim will
be the indubitable equivalent of all or a portion of its claims
and/or with a promissory note, and equity interests will retain
100% ownership of the Debtors.  Deutsche Bank says that the
Debtors' Joint Plan provides no information as to how the Debtors
will fund such a lengthy liquidation, or when and if there will be
cash available for distribution to creditors on a reasonable
timetable.

Deutsche Bank has adopted the core structure of the Debtors' Plan,
which involves the establishment of and transfer of assets to SC
Management, a new entity to be created under the Plan, which will
liquidate substantially all of the Debtors' assets over roughly
two (2) years and distribute the net proceeds to Holders and
Allowed Interests according to the specific provisions of the
Plan.

Claims against the Debtors in Classes 3, 4, 5D, 6, 7, 8 and 9, and
Interests in SageCrest Holdings, LLC (Class 10B), SageCrest II
(Class 10C), and SageCrest Dixon, LLC (Class 10D) are impaired
under Plan.  Claims against the Debtors in Classes 1, 2, 5A, 5B
and 5C, and Interests in SageCrest Finance, LLC (Class 10A), are
not impaired under the Plan, and the Holders of those Claims and
Interests and are conclusively presumed to have accepted the Plan
and are thus not entitled to vote on the Plan.

The Plan proposes the following treatment for the various claims
and interests in the Debtors:

Deutsche Bank Secured Claims under Class 3 will receive on the
Effective Date of the Plan the DB Credit Agreement, which will be
issued by SC Finance, SC II, SC Holdings, SCFR, SC Limited and SC
Management in the principal amount of the asserted amount of the
prepetition DB Secured Claims plus fees, costs, and default
interest.  The DB Credit Agreement will contain the terms set
forth in Section 5.03 of the Plan and the term sheet attached as
Exhibit C to the Plan.

The Holder of the Allowed SageCrest Regal Secured Claim under
Class 4 will receive from SC Dixon a Cash payment to the Allowed
amount of such Claim within thirty (30) days after the later of
a) the closing on a sale of the Collateral that secured the
Allowed SageCrest Regal Secured Claim or (b) the Allowance Date
with respect to such Claim.  If the Allowed SageCrest Regal
Secured Claim exceeds the value of the Collateral securing such
Claim, then any deficiency will be treated as a Class 6D General
Unsecured Claim against SC Dixon.

Miscellaneous Secured Claims against SC Dixon under Class 5D will
contain a separate subclass for each Miscellaneous Secured Claim
against SC Dixon.  T. Harris Environmental Management, Inc. under
subclass 5D.1 will receive a Cash payment from SC Dixon in the
amount of C$55,000, without interest, within thirty (30) days
after the earlier of (A) the sale by SC Dixon of the Collateral
that secures the Allowed Other Secured Claim held by Harris; (B)
the refinancing of such Collateral by SC Dixon, or (C) the fifth
(5th) anniversary of the Effective Date of the Plan.

The Holder of an Allowed Miscellaneous Secured Claim against SC
Dixon in Class 5D.2 will receive from SC Dixon, a Cash payment
equal to the Allowed amount of such Claim within thirty (30) days
after the later of (i) the closing on a sale of the Collateral
that secures such Allowed Claim or (ii) the Allowance Date with
respect to  such Allowed Claim.

Holders of Allowed General Unsecured Claims in Classes 6A , 6B,
and 6C will receive interest at the Case Interest Rate from the
Petition Date through the date such Allowed General Unsecured
Claim is paid in full.  After indefeasible payment in full in Cash
of the DB Secured Claims other than that portion of the DB Secured
Claims attributable to default interest, Cash payments will be
made by the Plan Administrator in Classes 6A, 6B, and 6C, on a pro
rata basis with payments to be made to Deutsche Bank on account of
the DB Secured Default Interest claim from the Excess Cash Flow
with respect to the preceding month.

General Unsecured Claims against SC Dixon under 6D will receive
from SC Dixon or SC Management a Cash payment equal to a pro rata
share of the Cash, if any, derived from the liquidation of the
Assets of SC Dixon after the satisfaction in full of Allowed
Claims in Classes 4 and 5D.  It is unlikely that any Cash will be
available for distribution to Holders of Claims in Class 6D.

In full satisfaction of the Allowed DB Guaranty Claim under
Class 7, SC II will execute the DB Credit Agreement on the
Effective Date of the Plan and SC II will be jointly and severally
liable for all the objections arising under the DB Credit
Agreement.

After indefeasible payment in full in Cash of (a) the Deutsche
Bank Secured Claim and (b) all Allowed Claims in 6A, 6B, and 6C,
payments will be made by the Plan Administrator to Holders of
Allowed Redemption Claims against SC II under Class 8 on a pro
rata basis from the Excess Cash Flow Amount with respect to the
preceding month.

All Intercompany claims under Class 9 will be extinguished,
canceled, discharged, and eliminated in full,  Holders of Class 9
Claims will receive no distribution.

A copy of the Disclosure Statement explaining the Joint Chapter 11
Plan of Liquidation proposed by Deutsche Bank is available for
free at http://bankrupt.com/misc/SageCrestII.DeutscheBankDS.pdf

                        About SageCrest II

SageCrest II, LLC, SageCrest Finance, LLC, SageCrest Dixon, Inc.,
SageCrest Holdings Ltd., SCFR and SC Limited are part of a group
of funds commonly known as SageCrest Funds.  SageCrest II serves
as the domestic fund within the SageCrest Funds.  SCFR and SC
Limited serve as the offshore funds within the SageCrest Funds.

SC II directly on indirectly owns several special purpose entities
that hold (directly or indirectly) specific investments
investments of the SageCrest Funds, including a life insurance
portfolio, specialty finance loans to third parties an real estate
investments.

SC Limited and SCFR are Bermuda exempted companies limited by
shares and are not debtors in the Bankruptcy cases.  SC Holdings
is also a Bermuda exempted company limited by shares and is a
wholly owned subsidiary of SC Limited and SCFR.

SageCrest Finance is a Delaware limited liability company that was
formed as a wholly owned subsidiary of SageCrest II on March 22,
2007.

SageCrest Dixon is a special purpose entity within the SageCrest
Funds that owns real property at 900 Dixon Road in Toronto,
Canada, formerly the site of the Constellation Hotel.  SageCrest
Dixon is a wholly owned subsidiary of SageCrest Canada Holdings,
Inc., which is a wholly owned subsidiary of SageCrest II.

The Debtors primarily operate through through two lines of
business: structured finance and real estate investment and
development.

SageCrest Finance and SageCrest II filed Chapter 11 petitions on
August 17, 2008 (Bankr. D. Conn. Case Nos. 08-50755 and 08-50754),
and filings by SageCrest Holdings Limited (Bankr. D. Conn. Case
No. 08-50763) and SageCrest Dixon, Inc. (Bankr. D. Conn. Case No.
08-50844), followed.  The cases are jointly administered under
Lead Case No. 08-50754.

The Debtors estimate their assets at $100 million to $500 million.

On October 7, 2008, the United States Trustee appointed a
committee of equity security holders, including in its membership
defendants Topwater Exclusive Fund III, LLC, and Wood Creek Multi-
Asset Fund, LP.  The Equity Committee is comprised of former
investors in SageCrest II with all committee members claiming they
redeemed their investments in that debtor.  Asserting they are
creditors -- and not equity holders -- of SageCrest II, both
Topwater and Wood Creek resigned from the Equity Committee.

Affiliate Antietam Funding LLC sought Chapter 11 bankruptcy
protection (Bankr. D. Conn. 10-52523) on October 20.  Antietam
Funding LLC estimated assets of $50 million to $100 million and
debts of $100 million to $500 million.

Antietam's primary asset is a portfolio of life insurance
investments.


SEALY CORP: Simon Brown Does Not Own Any Securities
---------------------------------------------------
In a Form 3 filing with the Securities and Exchange Commission on
January 12, 2011, Simon Brown, a director at Sealy Corp.,
disclosed that he does not own any securities of the company.

                         About Sealy Corp.

Trinity, North Carolina-based Sealy Corp. (NYSE: ZZ) --
http://www.sealy.com/-- is the largest bedding manufacturer in
the world with sales of $1.5 billion in fiscal 2008.  The Company
manufactures and markets a broad range of mattresses and
foundations under the Sealy(R), Sealy Posturepedic(R), including
SpringFree(TM), PurEmbrace(TM) and TrueForm(R); Stearns &
Foster(R), and Bassett(R) brands.  Sealy operates 25 plants in
North America, and has the largest market share and highest
consumer awareness of any bedding brand on the continent.  In the
United States, Sealy sells its products to approximately 3,000
customers with more than 7,000 retail outlets.

The Company's balance sheet at Aug. 29, 2010, showed
$964.88 million in total assets, $206.78 million in total current
liabilities, $749.66 million in long-term obligations,
$58.00 million in other liabilities, $875,000 in deferred income
tax liabilities, and a stockholders' deficit of $95.43 million.

Sealy carries 'B' local and issuer credit ratings from Standard &
Poor's.


SHARON LUGGAGE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Sharon Luggage Ltd.
        8000 Arrowridge Boulevard
        Charlotte, NC 28273

Bankruptcy Case No.: 11-30074

Chapter 11 Petition Date: January 13, 2011

Court: United States Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: J. Craig Whitley

Debtor's Counsel: T. Jonathan Adams, Esq.
                  HAMILTON MOON STEPHENS ET AL.
                  201 South College Street, Suite 2020
                  Charlotte, NC 28244-2020
                  Tel: (704) 344-1117
                  Fax: (704) 344-1483
                  E-mail: jadams@lawhms.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/ncwb11-30074.pdf

The petition was signed by H. Paul Steiger, president.


SHUBH HOTELS DETROIT: Judge Dismisses Bankruptcy Case
-----------------------------------------------------
The Wall Street Journal's Jeff Bennett reports that Detroit's
Hotel Pontchartrain is heading for foreclosure after a Florida
judge dismissed the hotel owner's bankruptcy proceeding.

According to Mr. Bennett, Michael Popok, Esq., counsel to United
Central Bank, owed millions by the hotel's former owner Shubh
Hotels LLC, said the bank will likely foreclose on the property
sometime in February.  The Journal says barring an unexpected
sale, the hotel will sit in limbo for six months until the title
is transferred back to the bank.  Mr. Popok said the bank wants to
find a buyer as quick as possible.

The Journal relates Shubh's attorney Susan Lasky, Esq., said
assessors have pegged the property's value at $2 million.
"Potentially it could be a great buy for somebody," she said.

The 25-story Pontch was built in 1965.  It was once a luxury
landmark in Detroit.  According to a prior report by Mr. Bennett,
Shubh acquired the hotel in 2006, spent $35 million on renovations
and reopened it in 2007 as the Sheraton Detroit Riverside Hotel.
But Sheraton quickly withdrew its brand after Shubh stopped paying
its franchise fees, according to court documents.  By mid-2009,
with the loss of its national brand and an economic crisis
gripping Detroit, the Pontch struggled to pay its debt and staff
and maintain services.

Shubh Hotels Detroit, LLC, filed for Chapter 11 protection on
October 21, 2010 (Bankr. S.D. Fla. Case No. 10-42163).  Susan D.
Lasky, Esq., at Susan D. Lasky, PA, in Wilton Manors, Florida,
represents the Debtor.  The Debtor estimated up to $50,000 in
assets and debts of $10 million to $50 million in the Chapter 11
petition.


SUVICHAR CORPORATION: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Suvichar Corporation
          dba Holiday Inn Express Hotel & Suites
        11262 St. Augustine Road
        Jacksonville, FL 32257

Bankruptcy Case No.: 11-00250

Chapter 11 Petition Date: January 14, 2011

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

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

Estimated Assets: $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 Vinod M. Patel, president.


SYNOVUS FINANCIAL: Cutting 850 Positions & 39 Bank Outlets
----------------------------------------------------------
Synovus Financial Corp. unveiled last week efficiency and growth
initiatives intended to streamline operations, boost productivity,
reduce expenses and increase revenue.  The efficiency initiatives
are expected to generate an estimated $100 million in annual
expense savings by the end of 2012, with roughly $75 million of
these savings to be realized in 2011.

Additionally, Synovus expects to recognize in 2011 roughly
$28 million in restructuring charges associated with these
initiatives, including roughly $24 million during the first
quarter of the year.

According to the Company, the $100 million in annual expense
savings will be achieved primarily through the reduction of
roughly 850 positions during 2011 over Synovus' five-state
footprint.  Of these 850 positions, roughly 470 will be eliminated
within 30 days and the substantial majority of the remaining
positions will be eliminated during the second quarter of 2011.
Synovus has already reduced its workforce by more than 300
positions during 2010.  The total workforce reduction over the
18-month period ending December 31, 2011, will be roughly 1,150.

The Company will also realize expense savings through the expected
closing of 39 bank branches across Synovus' five-state footprint
during the first half of 2011.  As of December 31, 2010, total
loans outstanding and deposits from the branches to be closed
represented 1% and less than 4% of Synovus' total loans and
deposits, respectively.

Synovus has identified opportunities to consolidate service
coverage within the remaining 283 branches, while continuing to
provide customers with alternative banking locations within
reasonable proximity of their current branch.  The total revenue
impact associated with the branch closures is expected to be
minimal.

According to the Company's Form 10-Q report for the September 30,
2010 quarter, filed in November, Synovus had 324 banking locations
and total employee headcount of 6,257 at September 30, 2010.

"While we have already taken many significant steps forward, our
leadership team is determined to return Synovus to sustained
profitability as soon as possible," Kessel D. Stelling, President
and CEO of Synovus, said in a news statement.  "We do not take
lightly the decision to eliminate even one position, but we are
confident that these are the right and necessary next steps to
make our Company stronger for the long term."

Mr. Stelling continued, "Our leadership team has completed an in-
depth review of our entire organization, including our staffing
model, to identify these efficiency initiatives and to best
position our people and resources to meet customers' needs.  We
are committed to maintaining a strong presence and position of
influence in the communities we serve, and ensuring our service
levels remain high throughout this transition. This work is part
of our ongoing effort to run our business more efficiently and
provide optimal levels of customer service."

In addition, one of Synovus' major areas of focus for revenue
growth involves more strategically aligning bankers with targeted
customer segments while leveraging the Company's long-time and
strong commitment to local relationship banking.  Commercial and
industrial banking is a key component of Synovus' growth plans.
The Company is already investing in additional expertise to lead
its targeted segments, especially to strengthen its asset-based
lending and treasury management offerings to small, middle and
large market commercial customers, and has invested in new
technology to enhance its treasury management product line and
investment services, as well as reduce fraud risk.

Synovus believes it is well positioned for growth within the C&I
market because of its high-touch approach to service delivery and
its deep ties to its communities.  Complementing the Company's
investment in bolstering its C&I growth, Synovus will continue its
focus on streamlining and enhancing its product lines, especially
for traditional retail, small business and professional services
customers.

Mr. Stelling concluded, "We are reshaping and improving service
delivery so that every interaction and transaction throughout our
30 locally-branded, locally-managed bank divisions provides our
retail and commercial customers with an unparalleled experience.
We are confident in our belief that the initiatives outlined today
will further strengthen our business model, enhance our customer
relationships and grow our market share."

                           About Synovus

Columbus, Georgia-based Synovus Financial Corp. (NYSE: SNV) --
http://www.synovus.com/-- is a financial services company with
$30 billion in assets based in Columbus, Georgia.  Synovus
provides commercial and retail banking, investment and mortgage
services to customers in Georgia, Alabama, South Carolina, Florida
and Tennessee.

                           *     *     *

As reported by the Troubled Company Reporter on August 4, 2010,
Moody's Investors Service confirmed the ratings of Synovus
Financial Corporation (subordinate debt at B3) and its subsidiary
bank, Synovus Bank (standalone bank financial strength rating at
D-; deposits at Ba3).

The Company raised $1.15 billion in common equity in May 2010.

As reported by the TCR on May 7, 2010, Standard & Poor's Ratings
Services affirmed its counterparty credit rating on Synovus
Financial Corp. at 'BB-' and the ratings on its banking
subsidiaries at 'BB+/B'.

The TCR on June 9, 2010, reported that Fitch Ratings has withdrawn
its ratings on numerous banking subsidiaries of Synovus Financial
Corporation following the company's multi-state charter
consolidation into the Georgia-chartered Columbus Bank & Trust,
Co., which has subsequently been renamed Synovus Bank.


TAWK DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Tawk Development, LLC
          dba Falcon Landing
        c/o Gordon Silver
        Attn: Talitha B. Gray, Esq.
        3960 Howard Hughes Parkway, 9th Floor
        Las Vegas, NV 89169

Bankruptcy Case No.: 11-10584

Chapter 11 Petition Date: January 14, 2011

Court: U.S. Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Mike K. Nakagawa

Debtor's Counsel: Talitha B. Gray, Esq.
                  GORDON & SILVER, LTD.
                  3960 Howard Hughes Parkway, 9th Floor
                  Las Vegas, NV 89169
                  Tel: (702) 796-5555
                  E-mail: athalrose@gordonsilver.com

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

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

The petition was signed by Michael S. Talbott, manager.

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Principal Financial Group          --                     $711,710
Dept. 400
P.O. Box 14416
Des Moines, IA 50306-3416

Bart Walker                        --                     $327,871
P.O. Box 35799
Las Vegas, NV 89133

Desert Inn Management              --                      $78,828
5067 Madre Mesa Drive, #2069
Las Vegas, NV 89108

Elliott, Lewis, Lleber & Stumpf,   --                      $47,530
Inc.

Charles, Kane & Dye LLP            --                      $39,645

Dan Marx                           --                      $21,391

Pro-Tect Security                  --                      $20,425

Republic Services of Southern      --                       $7,112
Nevada

Apartment Guide                    --                       $5,976

NV Energy                          --                       $3,235

Nevada Home Group                  --                       $3,000

A-1 National Fire Co., Inc.        --                       $2,837

Las Vegas Valley Water District    --                       $2,815

Realty Pest Services               --                       $1,040

HD Supply Facilities               --                         $873

AkzoNobel                          --                         $414

Cherokee Blind & Door              --                         $321

Southwest Gas                      --                         $144

Mobile Carpet & Upholstery         --                          $50

BB&G Electric                      --                      unknown


TENSAR CORP: S&P Raises Corporate Credit Rating to 'CCC'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Alpharetta, Ga.-based Tensar Corp. to 'CCC' from 'CC'.
At the same time, S&P raised the issue-level rating on TCO Funding
Corp.'s revolving credit facility and first-lien term loan to 'B-'
from 'CCC+', two notches higher than the corporate credit rating,
and raised the recovery rating to '1' from '2', indicating S&P's
expectation of very high recovery (90% to 100%) in the event of a
payment default.  The rating outlook is developing.

All ratings on TCO Funding Corp. were removed from CreditWatch,
where they were placed with developing implications on Nov. 19,
2010.

"The rating actions reflect the completion of Tensar's balance
sheet restructuring and the reduction of approximately $97 million
of debt," said Standard & Poor's credit analyst Megan Johnson.
"Specifically, Tensar Corp. paid down approximately $16 million
of first-lien term loan debt held at TCO Funding Corp."  In
addition, Tensar reduced its payment-in-kind (PIK) debt at TCH
Funding Corp. by approximately $81 million, through the redemption
of $26 million of the PIK notes for cash and conversion of
$55 million of the PIK debt into equity, which were unrated by
Standard & Poor's and held at an unrated entity.

However, despite this reduction in debt, Tensar faces significant
maturities in 2012, when it must begin to make amortization
payments of $40 million per quarter on its first-lien term loan
debt that matures in October 2012.  In addition, Tensar's new
$27 million revolving credit facility matures in April 2012.  The
rating also takes into account the covenants that govern Tensar's
restructured credit agreement, which allow for 15% headroom.

The 'CCC' rating reflects what S&P considers to be the combination
of Tensar's vulnerable business risk profile, influenced by its
exposure to cyclical construction markets and its narrow product
offering dedicated primarily to site development work, and its
highly leveraged financial risk profile; post restructuring,
Tensar will have about $330 million in reported debt.

Tensar's primary business is the manufacturing and marketing of
polyethylene and polypropylene-based structural materials that
stabilize soil, provide building and roadway foundation support,
and control erosion, with a majority of earnings generated from
the sale of structural "geogrids" for soil stabilization and
pavement support.  Tensar faces competition from a host of
alternative products, including such traditional construction
materials as aggregates, earth fill, asphalt, concrete, and other
plastic geo-textile solutions.

The developing rating outlook is based on S&P's view that a
refinancing of Tensar Corp.'s capital structure over the next 12
months will need to occur given that large amortization payments
on the Company's first-lien term loan begin in the first quarter
of 2012.  S&P could potentially raise the ratings if restructuring
either successfully reduces leverage or pushes out maturities.
Conversely, S&P could lower the ratings if the Company is unable
to reach a refinancing agreement with its lenders prior to the
first quarter of 2012.  In addition, S&P would consider a
downgrade if operating performance is worse than S&P expects,
which could lead to a potential covenant breach.


TERRESTAR NETWORKS: Proposes to Extend Time to Remove Actions
-------------------------------------------------------------
TerreStar Networks, Inc., and its debtor affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to extend
the period within which they may remove civil actions pursuant to
Section 1452 of the Judiciary and Judicial Procedure and Rule
9027 of the Federal Rules of Bankruptcy Procedure.

Section 1452(a) provides:

  "A party may remove any claim or cause of action in a civil
  action other than a proceeding before the United States Tax
  Court or a civil action by a governmental unit to enforce such
  governmental unit's police or regulatory power, to the
  district court for the district where such civil action is
  pending, if such district court has jurisdiction of such claim
  or cause of action under section 1334 of this title."

Rule 9027(a)(2) further provides, in pertinent part:

  "If the claim or cause of action in a civil action is pending
  when a case under the [Bankruptcy] Code is commenced, a notice
  of removal may be filed in the bankruptcy court only within
  the longest of (A) 90 days after the order for relief in the
  case under the Code, (B) 30 days after entry of an order
  terminating a stay, if the claim or cause of action in a civil
  action has been stayed under Section 362 of the [Bankruptcy]
  Code, or (C) 30 days after a trustee qualifies in a chapter 11
  reorganization case but not later than 180 days after the
  order for relief."

Accordingly, the Debtors currently have until January 17, 2011, to
file notices of removal for the civil actions.

The Debtors aver that as of the Petition Date, they were party to
at least one significant civil action, which is subject to
removal.

Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, tells the Court that since the commencement of their
Chapter 11 cases and in light of the case's expedited timeline,
the Debtors have worked diligently on a number of critical
matters and as result, have not had sufficient time to consider
whether to remove the Civil Action.

Mr. Dizengoff specifies that as of the Petition Date, the Debtors
and their professionals have focused on, among other things:

  a. obtaining interim and final approval of the Debtors'
     postpetition debtor-in-possession financing agreement;

  b. preparing the Debtors' schedules of assets and liabilities
     and statements of financial affairs, which is a time-
     consuming undertaking given the Debtors' complexity and
     limited personnel;

  c. responding to due diligence requests of the Official
     Committee of Unsecured Creditors;

  d. drafting and filing the TSN Debtors' disclosure statement
     and its various amendments and responding to objections;

  e. drafting and filing the backstop commitment agreement and
     responding to objections thereto;

  f. drafting and filing the proposed plan of reorganization of
     the TSN Debtors; and

  g. concurrently with the drafting, filing and prosecution of
     the proposed plan of reorganization, conducting a
     comprehensive and robust marketing process in an effort to
     sell or lease any or all of the TSN Debtors' assets.

The proposed extension of the action removal period will enable
the Debtors to make decisions concerning removal, if appropriate,
Mr. Dizengoff asserts.  On the contrary, if the extension is not
granted, the Debtors believe they will not have sufficient time
to consider adequately whether removal of the Civil Action is
necessary and the result could hinder their ability to prosecute
successfully their Chapter 11 cases.

Mr. Dizengoff further points out that the Court may extend the
Actions Removal Period pursuant to Rule 9006(b) of the Federal
Rules of Bankruptcy Procedure, which provides that:

  "When an act is required or allowed to be done at or within a
  specified period by these rules or by a notice given
  thereunder or by order of court, the court for cause shown may
  at any time in its discretion . . . with or without motion or
  notice order the period enlarged if the request therefore is
  made before the expiration of the period originally prescribed
  or as extended by a previous order."

The rights of any party to the Civil Action will not be
prejudiced by an extension of the Action Removal Period, Mr.
Dizengoff maintains.  He explains that inasmuch as Section 362(a)
of the Bankruptcy Code automatically stays actions against the
Debtors, the Civil Action will not be proceeding in its court
with respect to the Debtors without the Bankruptcy Court's
authority.

Moreover, if the Debtors ultimately seek to remove any action
pursuant to Bankruptcy Rule 9027, any party to the litigation can
seek to have that action remanded, Mr. Dizengoff points out.

For these reasons, the Debtors ask the Court to grant their
extension request.

The Debtors intend to present the extension request to the Court
on January 27, 2011, at 12:30 p.m. prevailing Eastern time.

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases.  Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and  Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors.  Blackstone Advisory Partners LP is the
financial advisor.

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


TERRESTAR NETWORKS: Sets Timetable for Alternative Proposals
------------------------------------------------------------
Daniella S. Golshani, a senior project manager employed by The
Garden City Group, Inc., certified that she caused the publication
of a "Notice of Filing of Sales and Marketing Process Letter and
the Sales and Marketing Process Letter" in the national edition of
The Wall Street Journal on December 29, 2010.

The Letter discloses key dates intended to provide guidance to
interested parties who are considering proposals for an
alternative transaction for the sale or lease of any or all of
the assets of TerreStar Networks Inc. and its debtor affiliates.

The Key Dates indicated are:

    Dec. 6, 2010 to
    Jan. 25, 2011       Time period for conduct of management
                          meetings and due diligence

    Jan. 25, 2011         Due date for non-binding letter of
                          intent

    Feb. 2, 2011         Due date for Binding Commitments,
                          with minimal conditions or
                          contingencies (e.g., no financing or
                          diligence "outs")

    Feb. 7, 2011         Deadline for delivery of full
    (noon)                documentation regarding the potential
                          alternative transaction, inclusive of
                          terms of a replacement DIP Facility

In order for the TSN Debtors to proceed, any Alternative
Transaction must be deemed of greater value than the value which
will result from Joint Plan of Reorganization proposed by the TSN
Debtors, which plan is premised on a $1.215 billion enterprise
valuation.

The Letter was previously attached as Exhibit K to the Disclosure
Statement of the TSN Debtors' Plan.

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

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

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases.  Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and  Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors.  Blackstone Advisory Partners LP is the
financial advisor.

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


TERRESTAR NETWORKS: Wins Nod to Tap Ernst & Young as Auditors
-------------------------------------------------------------
TerreStar Networks Inc. and its units sought and obtained the
Bankruptcy Court's authority to employ Ernst & Young LLP as
auditors for TerreStar Networks Inc., TerreStar National Services,
TerreStar License, 0887729 B.C., TerreStar Holdings and TerreStar
Canada or the "TSN Debtors" nunc pro tunc to the Petition Date.

The TSN Debtors note that they have previously employed Ernst &
Young to provide auditing services and thus, the firm is familiar
with their business affairs to the extent necessary for the scope
of the firm's proposed and anticipated services.

As auditors, Ernst & Young is expected to provide these services
to the TSN Debtors:

  -- audit and report on the consolidated financial statements
     of TerreStar Networks, Inc. for the year ended December 31,
     2010; and

  -- perform the Audit Services for each of TSN's subsequent
     fiscal years until termination of the engagement or upon
     the effective date of TSN's confirmed plan of
     reorganization, or liquidation of TSN's assets, under
     Chapter 11 or 7 of the Bankruptcy Code, or otherwise.

The Debtors will pay Ernst & Young for the auditing services
based on the firm's hourly rates, which are:

              Partners             $350
              Senior Managers      $290
              Managers             $225
              Seniors              $175
              Staff                $120

Fees for any special audit-related projects, like proposed
business combinations or research or consultation on special
business or financial issues, will be billed separately from
Ernst & Young's usual fees, subject to the Court's approval and
the subject of other written agreements.

In addition to the hourly rates, the Debtors will also reimburse
Ernst & Young for any expenses incurred by the firm in connection
with its retention in the Debtors' Chapter 11 cases and the
performance of the contemplated auditing services.

Gregory Kuykendall, a partner at Ernst & Young, assures the Court
that his firm is a "disinterested person" as the term is defined
under Section 101(14) of the Bankruptcy Code.

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases.  Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and  Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors.  Blackstone Advisory Partners LP is the
financial advisor.

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


TOWNSENDS INC: Committee Seeks to Hire JH Cohn as Advisor
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Townsend Farms,
Inc., et al., seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to retain J.H. Cohn LLP as its financial
advisor, nunc pro tunc to December 29, 2010.

JH Cohn will be paid in accordance to its hourly professional
charges and reimbursed for applicable expenses.

The Creditors Committee believes JH Cohn does not hold or
represent any interest adverse to the Debtors, their estates or
creditors, and is a disinterested person within the meaning of
Section 101(14) of the Bankruptcy Code.

On the Net: http://www.jhcohn.com/

                        About Townsends Inc.

Georgetown, Delaware-based Townsends, Inc. -- fka Townsend
Speciality Foods -- filed for Chapter 11 bankruptcy protection on
December 19, 2010 (Bankr. D. Del. Case No. 10-14092).

Affiliates Townsend Farms, Inc (Bankr. D. Del. Case No. 10-14093),
Townsends of Arkansas, Inc. (Bankr. D. Del. Case No. 10-14094),
Townsend Farms of Arkinsas, Inc. (Bankr. D. Del. Case No. 10-
14095), and CrestwoodFamrs LLC (Bankr. D. Del. Case No. 10-14096)
filed separate Chapter 11 petitions.

The bankruptcy cases are jointly administered, with Townsends,
Inc., as the lead case.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.

Donlin, Recano & Company, Inc., is the Debtors' claims, noticing
and balloting agent.

In its Chapter 11 petition, Townsends, Inc., estimated assets of
$10 million to $50 million and debts of $50 million to
$100 million.

As of December 5, 2010, the Debtors disclosed $131 million in
total assets and $127 million in total debts.


TOWNSENDS INC: Committee Seeks to Hire Lowenstein as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors in the bankruptcy
cases of Townsends, Inc., et al., seeks permission from the U.S.
Bankruptcy Court for the District of Delaware to retain Lowenstein
Sandler PC as its counsel, effective December 29, 2010.

Lowenstein Sandler's services will include:

     * providing legal advice as necessary with respect to the
       Creditors' Committee's powers and duties as an official
       committee appointed under Section 1102 of the Bankruptcy
       Code;

     * assisting the Creditors' Committee in investigating the
       acts, conduct, assets, liabilities, and financial
       condition of the Debtors, the operation of the Debtors'
       businesses, potential claims, and any other relevant
       matters, to the sale of assets or to the formulation of a
       plan of reorganization;

     * participating in the formulation of a Plan;

     * providing legal advice as necessary with respect to any
       disclosure statement and Plan filed in this case and with
       respect to the process for approving or disapproving
       disclosure statements and confirming or denying
       confirmation of a Plan;

     * preparing on behalf of the Creditors' Committee, as
       necessary, applications, motions, complaints, answers,
       orders, agreements and other legal papers;

     * appearing in Court to present necessary motions,
       applications, and pleadings, and otherwise protecting the
       interests of those represented by the Creditors'
       Committee;

     * assisting the Creditors' Committee in requesting the
       appointment of a trustee or examiner, should it be
       necessary; and

     * performing other legal services as may be required and
       that are in the best interests of the Creditors' Committee
       and creditors.

Lowenstein Sandler will be compensated on an hourly basis and
reimbursed of actual and necessary expenses incurred in accordance
with the ordinary and customary rates in effect on the date the
services are rendered.  The firm's current hourly rates are:

     Members (principals) of the firm      $440 - $825
     Senior Counsel                        $390 - $575
     Counsel                               $340 - $575
     Associates                            $235 - $450
     Paralegals and Assistants             $145 - $215

The hourly rates are subject to periodic adjustments, generally on
July 1st of each year, to reflect economic and other conditions.

To the best of the Creditors' Committee's knowledge, Lowenstein
Sandler is a disinterested person as that term is defined in
Section 101(14) of the Bankruptcy Code, and does not hold or
represent any interest adverse to the Creditors' Committee with
respect to the matters upon which it is to be employed.

On the Net: http://www.lowenstein.com/

                        About Townsends Inc.

Georgetown, Delaware-based Townsends, Inc. -- fka Townsend
Speciality Foods -- filed for Chapter 11 bankruptcy protection on
December 19, 2010 (Bankr. D. Del. Case No. 10-14092).

Affiliates Townsend Farms, Inc. (Bankr. D. Del. Case No. 10-
14093), Townsends of Arkansas, Inc. (Bankr. D. Del. Case No. 10-
14094), Townsend Farms of Arkinsas, Inc. (Bankr. D. Del. Case No.
10-14095), and CrestwoodFamrs LLC (Bankr. D. Del. Case No. 10-
14096) filed separate Chapter 11 petitions.

The bankruptcy cases are jointly administered, with Townsends,
Inc., as the lead case.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.

Donlin, Recano & Company, Inc., is the Debtors' claims, noticing
and balloting agent.

In its Chapter 11 petition, Townsends, Inc., estimated assets of
$10 million to $50 million and debts of $50 million to
$100 million.

As of December 5, 2010, the Debtors disclosed $131 million in
total assets and $127 million in total debts.


TOWNSENDS INC: Sec. 341 Creditors' Meeting Set for Feb. 7
---------------------------------------------------------
The Office of the U.S. Trustee for Region 3 has scheduled a
meeting of creditors pursuant to Section 341(a) of the Bankruptcy
Code for the bankruptcy case of Townsends, Inc., to be held on
February 7, 2011, at 1:00 p.m.  The creditors' meeting will be
held at J. Caleb Boggs Federal Building, 2nd Floor, Room 2112.

                        About Townsends Inc.

Georgetown, Delaware-based Townsends, Inc. -- fka Townsend
Speciality Foods -- filed for Chapter 11 bankruptcy protection on
December 19, 2010 (Bankr. D. Del. Case No. 10-14092).

Affiliates Townsend Farms, Inc (Bankr. D. Del. Case No. 10-14093),
Townsends of Arkansas, Inc. (Bankr. D. Del. Case No. 10-14094),
Townsend Farms of Arkinsas, Inc. (Bankr. D. Del. Case No. 10-
14095), and CrestwoodFamrs LLC (Bankr. D. Del. Case No. 10-14096)
filed separate Chapter 11 petitions.

The bankruptcy cases are jointly administered, with Townsends,
Inc., as the lead case.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.

Donlin, Recano & Company, Inc., is the Debtors' claims, noticing
and balloting agent.

In its Chapter 11 petition, Townsends, Inc., estimated assets of
$10 million to $50 million and debts of $50 million to
$100 million.

As of December 5, 2010, the Debtors disclosed $131 million in
total assets and $127 million in total debts.


TRANSFIELD ER: Judge Recognizes Foreign Bankruptcy
--------------------------------------------------
American Bankruptcy Institute reports that Transfield ER Cape Ltd.
has gained final protection of its U.S. assets over the life of
its British Virgin Islands bankruptcy through recognition of its
foreign main proceeding.

                      About Transfield ER

Transfield ER Cape Ltd., an operator of bulk cargo ships
liquidating in British Virgin Islands courts, sought protection
from claims and lawsuits in the United States by filing a Chapter
15 petition in Manhattan (Bankr. S.D.N.Y. Case No. 10-16270).

Casey McDonald, Bob Yap Cheng Ghee and Patrick Cowley, as foreign
representatives, filed the Chapter 15 petition.  James H. Power,
Esq., at Holland & Knight, LLP, in New York, serves as counsel to
the foreign representatives.

The Debtor has assets of $273.1 million and liabilities of
$432 million, according to its financial statements.


TRIBUNE CO: Proposes to Use Examiner Report at Plan Hearing
-----------------------------------------------------------
Tribune Company and its debtor affiliates ask Judge Kevin J. Carey
of the U.S. Bankruptcy Court for the District of Delaware to
approve a stipulation regarding the use of the report of Kenneth
Klee, the Court-appointed Examiner, at the confirmation hearing
scheduled on March 7, 2011.

In connection with the Court's approval of the Discovery and
Scheduling Order for the Plan Confirmation, the issue of the use
of the Examiner's Report at the Confirmation Hearing was raised.
The proponents or co-proponents of the three plans of
reorganization that have been filed in connection with the
Debtors' cases sought additional time to consider the issue.

According to the Debtors, the parties have had an opportunity to
engage in discussions and each of the Parties agrees that the
Examiner's Report should be available for use at the Confirmation
Hearing.

In particular, the stipulation provides that:

  (a) The opinions expressed by the Examiner regarding the law
      or the facts will be admissible for all purposes to the
      same extent as the opinions testified to by an expert
      witness under the Federal Rules.  The Examiner's Opinions
      will not be binding on the Court or other parties, nor
      will there be any presumption of correctness attributed to
      those opinions.

  (b) "Statements of Historical Facts" contained in the
      Examiner's Report will be admissible for all purposes and
      will be presumed to be correct, unless disputed.  In
      general, the Stipulation provides that "Statements of
      Historical Facts" means facts which are capable of being
      verified by reference to documents or deposition or
      interview testimony cited by the Examiner.  The
      Stipulation specifies an orderly procedure whereby,
      between January 10 and January 21, the parties can jointly
      identify those portions of the Examiner's Report that
      constitute Statements of Historical Facts and any party
      may dispute those Statements.

  (c) The documents and transcripts relied upon by the Examiner
      will be deemed authentic.  Subject to any further
      stipulations or orders of the Court, all other objections
      to the introduction into evidence or use of those
      documents and transcripts are preserved.

  (d) The Stipulation will apply only to the Confirmation
      Hearing.  To the extent there are further proceedings with
      regard to the causes of action arising from Tribune's 2007
      leveraged buyout, all parties' rights regarding the
      admissibility of any part of the Examiner's Report are
      reserved.

                           Plan Schedule

The Honorable Kevin J. Carey has scheduled a hearing for
10:00 a.m. on March 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)


TRIBUNE CO: Wants Protection of Waiver of Atty.-Client Privilege
----------------------------------------------------------------
Pursuant to Rule 502(d) of the Federal Rules of Evidence, Tribune
Co. and its units ask the Bankruptcy Court to enter an order
providing for certain protections against waiver of the attorney-
client privilege and work product doctrine in connection with the
production of documents and information in connection with the
confirmation hearing.

A hearing on the possible confirmation of the plans of
reorganization proposed for the Debtors is scheduled to commence
on March 7, 2011.

In connection with the Court's consideration and approval of the
Discovery and Scheduling Order for the Plan Confirmation, the
issue of waiver of privilege and work product protection with
respect to the production of documents or other information in
connection with the Confirmation Hearing was raised by the
proponents or co-proponents of the plans of reorganization.

As the discovery process proceeds, parties will request certain
documents and information relating to confirmation of a plan, says
James F. Conlan, Esq., at Sidley Austin LLP, in Chicago, Illinois.
The Debtors wish to retain the attorney-client privilege and work
product protection over those information in the event of
disclosure, he tells the Court.

Pursuant to Rule 502, a federal court may order that disclosure of
attorney-client privileged or product protected information does
not waive the privilege or protection.

In light of the size and magnitude of the pending cases and the
volume of disclosure that can therefore reasonably be expected,
the Debtors believe that it would be prudent and beneficial to the
administration of their estates to obtain an order affording
parties the protection of Rule 502(d).

The proposed order submitted by the Debtors provides, among other
things, that:

  (a) If, in response to a document request, deposition notice,
      or document or deposition subpoena served in connection
      with the Confirmation Hearing, any person produces
      documents or other information to any other person and the
      Responding Party thereafter concludes that those documents
      or other information were subject to a claim of privilege
      or work product protection prior to being produced to the
      Requesting Party, pursuant to Rule 502(d) the
      disclosure of those documents or information to the
      Requesting Party will not constitute or be deemed to be a
      waiver or forfeiture of any claim of attorney-client
      privilege or work-product protection that the Responding
      Party would otherwise be entitled to assert with respect
      to the documents or other information in question, either
      in connection with the Confirmation Hearing or in any
      other Federal or State proceeding; and

  (b) If the Responding Party notifies the Requesting Party in
      writing that the Responding Party is asserting privilege
      or work product protection for documents previously
      provided to the Requesting Party, the Requesting Party
      will, within five business days of receipt of that
      writing, at the Responding Party's election, either return
      to the Responding Party or destroy all copies of documents
      covered by that claim of privilege or work product, and
      will advise the Responding Party in writing that it has
      done so.

                      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: Parties File Plan- & LBO-Related Discovery Requests
---------------------------------------------------------------
In connection with the confirmation of the plans of reorganization
filed in the Chapter 11 cases of Tribune Co. and its units and the
pending dispute regarding claims and causes of action related to
the 2007 leveraged buyout, several parties-in-interest filed
requests for discovery and production of documents.

Among those parties who served and were served with the discovery
requests are:

  * Debtors

  * Official Committee of Unsecured Creditors

  * Wells Fargo Bank, N.A., as Administrative Agent under the
    Bridge Credit Agreement,

  * JPMorgan Chase Bank, N.A.,

  * Bank of America, N.A.,

  * Merrill Lynch Capital Corp. and Merrill Lynch, Pierce,
    Fenner & Smith Inc.

  * Aurelius Capital Management, LP,

  * Citigroup

  * Angelo, Gordon & Co., L.P.,

  * Oaktree Capital Management, L.P.,

  * Citicorp North America, Inc.,

  * Citigroup Global Markets Inc.,

  * Buena Vista Television

  * Law Debenture Trust Company of New York

  * Deutsche Bank Trust Company Americas

  * Centerbridge Partners, LLP

  * Anchorage Advisors, L.L.C.

  * Avenue Investments, LP, Avenue Special Situations Fund IV,
    L.P., Avenue CDP Global Opportunities Fund L.P. (US), Avenue
    International Master, LP (Master), and Avenue Special
    Situations Fund V, L.P.

  * Contrarian Funds LLC

  * CVI GVF (Lux) Master S.a.r.l.

  * GoldenTree Asset Management, LP, GoldenTree Credit
    Opportunities Financing I, Limited, GoldenTree 2004 Trust,
    GoldenTree Leverage Loan Master Fund, Ltd., GoldenTree
    Credit Opportunities Second Financing, Limited, GoldenTree
    MultiStrategy Subsidiary, LLC, GoldenTree MultiStrategy
    Financing, Limited, and GN3 SIP Limited

  * Goldman Sachs Loan Partners

  * Knighthead Master Fund, L.P. and LMA SPC for and on behalf
    of MAP84 Segregated Portfolio

  * Luxor Capital Group, LP

  * Mason Capital Management, LLC, on behalf of itself and as
    investment manager

  * Special Situations Investing Group, Inc.

  * Thracia LLC

  * Varde Investment Partners, L.P.

  * Viking Global Equities LP, Viking Global Equities II LP, and
    VGE III Portfolio Ltd.

  * Canyon Capital Advisors, LLC

  * Franklin Floating Rate Master Series, Franklin Floating Rate
    Daily Access Fund, Franklin Templeton Series II Funds
    Franklin Rate II Fund, Blue Shield of California, FT
    Opportunistic Distressed Funds Ltd., Franklin Strategic
    Series Franklin Strategic Income Fund, Templeton Global
    Investment Trust Templeton Income Fund, Franklin Strategic
    Income Fund (Canada), Franklin Templeton Variable Insurance
    Products Trust Franklin Strategic Income Securities Fund,
    and Franklin Total Return Fund

  * McCarter & English, LLP

Recently, counsel for Aurelis and JPMorgan exchanged letters
regarding the discovery requests.  Aurelis' counsel, Deborah
Newman, Esq., at Akin Gump Strauss Hauer & Feld LLP, told
Judge Kevin J. Carey that the letter sent by Benjamin
Kaminetzky, Esq., at David Polk & Wardwell LLP, counsel to JP
Morgan, suggests that Aurelius's discovery demands are designed
to delay the confirmation hearing scheduled for March 7, 2011.
Ms. Newman clarified that Aurelius only targeted discovery aimed
at eliciting information bearing on the issues to be determined
at confirmation.  That discovery, she noted, includes six document
requests regarding the 2007 leveraged buyout transaction, with
each document seeking information that has not previously been
produced.

Ms. Newman also asserted that JPMorgan's refusal to meet and
confer with Aurelius prior to sending its letter is a direct
violation of the Court's case management order and an unnecessary
drain on judicial and party resources.  While it may be the case
that JPMorgan and Aurelius will ultimately be unable reach
consensus regarding JPMorgan's search protocol, the issues
currently raised in JPMorgan's letter simply are not ripe for
judicial consideration, Ms. Newman maintains.

Having reviewed the January 4 letter from Mr. Kaminetzky on behalf
of JP Morgan, and the response thereto by the January 6 letter
from Ms. Newman on behalf of Aurelius Capital; and the January 7
letter from James Johnston on behalf of certain clients who are
not plan proponents, the Court:

  (a) directed the parties to each dispute to meet and confer in
      an attempt to resolve those disputes; and

  (b) scheduled a telephonic hearing for the parties to report
      to the Court the results of their "meet and confer."

In a letter dated January 9, Sheron Korpus, Esq., at Kasowitz,
Benson, Torres & Friedman LLP, in New York, counsel to Law
Debenture Trust Company of New York, responded to Mr. Johnston's
January 7 letter with respect to 12 subpoenas issued by Law
Debenture to certain clients of Hennigan, Bennett & Dorman LLP in
connection with discovery related to the plan confirmation
process.

The parties said that on January 4 they held a meet and confer.
Mr. Korpus related that during the call, Law Debenture indicated
that it was willing to negotiate the scope of the subpoenas.  HBD,
however, maintained the position that the Non-Proponent Credit
Agreement Lenders should be exempt from any discovery because
they are not sources of relevant information for the March 7
confirmation hearing as they are not proponents of a plan and
have not directly participated in the Debtors' cases.

According to Mr. Korpus, the NPCALS' refusal to comply with
discovery because they only possess a limited amount of relevant
information is not only baseless but irreconcilable with the
facts.

Mr. Korpus told the Court that Law Debenture remains willing to
discuss the Subpoenas further with NPCALS' counsel, but given
their categorical refusal to produce any documents whatsoever, Law
Debenture is grateful that the Court has scheduled a hearing to
advance this matter.

             Noteholders Seek Court Intervention

In a letter dated January 7, David M. Zensky, Esq., at Akin Gump
Strauss Hauer & Feld LLP, on behalf of Aurelius, Deutsche Bank,
Law Debenture, and Wilmington Trust -- or the Noteholder Plan
Proponents -- sought the Court's intervention with respect to
certain key objections to discovery raised by the Debtors, the
Official Committee of Unsecured Creditors, Oaktree Capital
Management, L.P., Angelo Gordon & Co., L.P., and JP Morgan Chase
Bank, N.A.

The documents and communications in dispute relate to the
negotiations that resulted in the proposed settlement of the
leveraged buyout-related claims that forms the cornerstone of the
Debtor/Committee/Lender Plan.  According to Mr. Zensky, the
parties have met and conferred in good faith regarding the matter,
but are at an impasse.

Mr. Zensky related that the Noteholders have sought in discovery,
among other things, information relating to the parties'
discussions concerning the strength of LBO-related claims,
negotiations respecting the Settlement through the filing of the
final Plan, negotiations resulting in the plan of reorganization
filed with the Court on April 12, 2010, and any other discussions
concerning the potential resolution of the LBO-related claims.
Mr. Zensky clarified that the function of the Settlement Discovery
is not to obtain admissions from the senior lenders to prove
liability on the merits of the claims should the settlement be
rejected, but instead to assess the alleged arms' length nature of
the negotiations and the degree to which the Debtors and the
Committee properly acquitted themselves as estate fiduciaries
seeking to maximize recoveries for non-LBO lenders.

Nevertheless, Mr. Zensky told the Court, all of the proponents of
the Plan have objected to Settlement Discovery on three grounds:
the Depository Order, the Mediation Order and Federal Rule of
Evidence 408.

The Depository Order provides that any oral or written
communications made in connection with efforts to settle the LBO-
related claims and designated as a "Settlement Communication" may
not be disclosed outside of settlement discussions and may not be
introduced at trial.  The Mediation Order provides that all
discussions by the Mediation parties relating to the Mediation,
and all correspondence, offers, and counteroffers produced for or
as a result of the Mediation, will not be admissible for any
purpose in any judicial proceeding.

The parties have met and conferred regarding the Settlement
Discovery and exchanged various proposed stipulations, but have
been unable to come to an agreement.

The Noteholders have proposed that the parties exchange full
Settlement Discovery except for private communications with the
Mediator.  The Plan Proponents have suggested that Settlement
Discovery occurring after September 1, 2010 should remain wholly
precluded by the Mediation Order with the exception of
communications exchanged on days other than the dates on which a
mediation session was held, unless those communications reflect
discussions, offers, counter-offers, or agreements occurring on a
mediation date, in which case discovery would also be foreclosed.

The Noteholders believe that any limited or partial disclosure of
the negotiations is patently unfair and should be rejected.

                         DCLPP Responds

In a letter dated January 11, James F. Bendernagel Jr., Esq.,
at Sidley Austin LLP, counsel to the Debtor/Committee/Lender
Plan Proponent Group, asks the Court to enter an order embodying
the DCLPP Group's proposal and reject the Noteholder's request.
Mr. Bendernagel asserts that the DCLPP Group's proposal
accommodates and respects the strong policy in favor of court
ordered mediation, and that it is only by enforcing the
confidentiality provisions of the mediation rules and the
reasonable expectations of the parties that the Court can further
this policy.

"If parties were required to disclose the contents of core
mediation communications or otherwise be precluded from presenting
evidence as to the process and result of mediation, parties would
be loath to engage in mediation, thereby undermining the vitality
of the process," Mr. Bendernagel says.

The DCLPP Group proposes that these documents or communications be
protected from discovery:

  -- written or oral communication between a Mediation Party and
     Judge Gross;

  -- written or oral communication between or among Mediation
     Parties concerning the Mediation to the extent those
     communications were exchanged on any Mediation Day;

  -- written or oral communications reflecting the substance of
     any discussions between or among Mediation Parties on a
     Mediation Day or documenting any offers or counter-offers
     exchanged or agreements reached on a Mediation Day; and

  -- written or oral communications between Judge Gross and the
     Examiner or the Examiner's professionals concerning the
     Mediation.

                      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)


TWISS COLD: Case Summary & 6 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Twiss Cold Storage, Inc.
        1501 Lake Avenue, S.E.
        Largo, FL 33771

Bankruptcy Case No.: 11-00528

Chapter 11 Petition Date: January 14, 2011

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

Debtor's Counsel: David W. Steen, Esq.
                  DAVID W STEEN, P.A.
                  13902 N. Dale Mabry Highway, Suite 110
                  Tampa, FL 33618
                  Tel: (813) 251-3000
                  Fax: (813) 251-3100
                  E-mail: dwsteen@dsteenpa.com

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

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

A list of the Company's six largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/flmb11-00528.pdf

The petition was signed by Ernest P. Twiss, president.


UNITED WESTERN: Extends JPM Forbearance Pact Until Feb. 15
----------------------------------------------------------
United Western Bancorp, Inc. and Equi-Mor Holdings, Inc., a direct
subsidiary of the Company, entered into that certain Sixth
Forbearance and Amendment Agreement with JPMorgan Chase Bank, N.A.
on January 10, 2011.

The terms of the Sixth Forbearance Agreement provide, among other
things, that (i) JPMorgan agrees to forbear from exercising its
rights and remedies under the Loan Documents on account of the
Sixth Forbearance Disclosed Defaults provided the Company and the
Pledgor satisfy all obligations set forth in the Sixth Forbearance
Agreement and the Loan Documents until the earlier of: (i) the end
of business on February 15, 2011; or (ii) the occurrence of a
default, other than the Sixth Forbearance Disclosed Defaults,
under any of the Loan Documents, the Sixth Forbearance Agreement
or any other agreement required to be entered into by the Sixth
Forbearance Agreement.  The forbearance by JPMorgan is conditioned
upon, among other things, the Company entering into an investment
agreement with at least two anchor investors on or before October
31, 2010 with such investment agreement providing for the
investment by such anchor investors of no less than $91 million
and collectively, an investment of approximately $200 million of
new money capital in the Company.

As previously reported by the Company on Form 8-K filed with the
Securities and Exchange Commission on October 29, 2010, the
Company entered into an investment agreement on October 28, 2010
with Oak Hill Capital Partners III, L.P. and Oak Hill Capital
Management Partners III, L.P., Lovell Minnick Equity Partners III
LP and Lovell Minnick Equity Partners III-A LP, Legent Group, LLC
and Henry C. Duques.  Pursuant to the Investment Agreement, the
Company will seek to raise in the aggregate at least $200,000,000
but not more than $205,000,000, and the Lead Anchor Investors will
each purchase 117,500,000 shares of common stock, par value
$0.0001 per share, of the Company for $0.40 per share, for a total
investment of $94,000,000.  The Legent Group will purchase
7,500,000 shares of Common Stock for $0.40 per share, for a total
investment of $3,000,000, and Duques will purchase 15,000,000
shares of Common Stock for $0.40 per share, for a total investment
of $6,000,000.  In addition, each Anchor Investor will each
receive warrants to purchase 10.0% of the number of shares of
Common Stock that they purchased under the Investment Agreement.

The terms of the Sixth Forbearance Agreement also provide that the
Company will pay JPMorgan monthly interest payments for the months
of November and December of 2010 and January of 2011; provided,
however, that the Sixth Forbearance Interest Payments are subject
to the Company's prior receipt of the written non-objection of the
Office of Thrift Supervision.

In addition, the terms of the Sixth Forbearance Agreement provide
that the Company will cause the proceeds of any Stated Capital
Raise to be used, first and foremost, to pay off all the
Liabilities the Company owes to JPMorgan under the Loan Documents,
provided, however, that the Liabilities under the Loan Documents
shall be deemed to be fully satisfied if: (A) on or before
February 15, 2011, the Company pays to JPMorgan an amount from the
proceeds of the Stated Capital Raise equal to the sum of: (i)
$10,562,500, (ii) all accrued but unpaid interest due under the
Loan Documents and (iii) all other fees, costs and expenses due
under the Loan Documents and (B) no Forbearance Default occurs
prior to receipt of the Capital Proceeds Payment.  The payment by
the Company of the Capital Proceeds Payment to JPMorgan is subject
to the Company's prior receipt of the written non-objection of the
OTS.

                       About United Western

Denver, Colorado-based United Western Bancorp, Inc. (NASDAQ: UWBK)
-- http://www.uwbancorp.com/-- is a holding company whose
principal subsidiary, United Western Bank, is a community bank
focused on Colorado's Front Range market and selected mountain
communities.  United had $2.21 billion in assets and debts of
$2.1 billion as of June 30, 2010.


U.S. EAGLE: Gets Court's Interim Okay to Use Cash Collateral
------------------------------------------------------------
U.S. Eagle Corporation, et al., sought and obtained interim
authorization from the Hon. Novalyn L. Winfield of the U.S.
Bankruptcy Court for the District of New Jersey to use cash
collateral until January 23, 2011.

As of the Petition Date, the Debtors owed $16 million 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.

S. Jason Teele, Esq., at Lowenstein Sandler PC, explained that the
Debtors need the money to fund their Chapter 11 case, pay
suppliers and other parties.  The Debtors will use the collateral
pursuant to a budget, a copy of which is available for free at:

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

As adequate protection for the Debtors' use of cash collateral,
the Debtors will (i) grant Comerica Bank a postpetition security
interest in and replacement lien upon all present and future real
and personal property of the Debtors' estates; (ii) maintain and
insure the post-petition collateral in accordance with the
requirements of the credit agreement and mortgages; (iii) provide
Comerica Bank a list of all depository institutions at which it
maintains any of its deposit accounts together with a list of
account numbers; and (iv) reimburse Comerica Bank for its
reasonable attorneys' fees and costs within 10 business days of
the submission of an invoice by Comerica Bank.

To the extent that the adequate protection provided fails to
protect Comerica Bank against any diminution in the value of
Comerica Bank's interests, Comerica Bank will be entitled to an
administrative expense claim with priority over any and all other
administrative expense claims.

The Court has set a final hearing for January 21, 2011, at
2:00 p.m. on the Debtors' request to use the cash collateral.

                         About U.S. Eagle

Elizabeth, New Jersey-based U.S. Eagle Corporation sells and rents
traffic control related equipment, as well as trench shoring
equipment and steel plates primarily in California, Nevada, and
Arizona.  It designs and distributes golf course maintenance
products to customers located principally in the United States.
It also owns certain parcels of commercial real estate in Nevada
and California and rents them under a long term operating lease of
real property located in Trenton, New Jersey.

U.S. Eagle filed for Chapter 11 bankruptcy protection on January
6, 2011 (Bankr. D. N.J. Case No. 11-10392).  Samuel Jason Teele,
Esq., at Lowenstein Sandler PC, serves as the Debtor's bankruptcy
counsel.  The Debtor estimated its assets and debts at $10 million
to $50 million.

Affiliates U.S. Eagle Litho, Inc. (Bankr. D. N.J. Case No. 11-
10401), Eagle One Golf Products, Inc. (Bankr. D. N.J. Case No. 11-
10397), Julius Realty Corporation (Bankr. D. N.J. Case No. 11-
10393), Traffic Control Service, Inc., An Arizona Corporation
(Bankr. D. N.J. Case No. 11-10398), Traffic Control Service, Inc.,
A California Corporation (Bankr. D. N.J. Case No. 11-10403), and
Traffic Control Service, Inc., A Nevada Corporation (Bankr. D.
N.J. Case No. 11-10392) filed separate Chapter 11 petitions on
January 6, 2011.


VALENCE TECHNOLOGY: Extends Maturity of iStar Loan by 1 Year
------------------------------------------------------------
On January 11, 2011, Valence Technology, Inc., entered into an
Amendment No. 3 to Loan and Security Agreement and Other Loan
Documents with iStar Tara LLC, and Carl E. Berg, the Chairman of
our Board of Directors and our principal stockholder, to amend the
Loan and Security Agreement dated as of July 13, 2005 among the
Company, iStar and Mr. Berg.  Pursuant to the terms of the
Original Loan Agreement, iStar's predecessor in interest, SFT 1,
Inc., extended a $20,000,000 loan to the Company, which Loan is
guaranteed by Mr. Berg and secured by certain of Mr. Berg's
assets.  The outstanding principal balance on the Loan was $14.0
million as of January 11, 2011.

The Amendment extends the maturity date of the Loan from February
13, 2011 to March 10, 2012.  The Company will be obligated
continue to make monthly interest payments to iStar, as set forth
in the Original Loan Agreement; provided that the Company shall
also be obligated to continue to make monthly principal payments
equal to $1,000,000, commencing with the monthly principal payment
scheduled for February 2011.  The remainder of the principal and
any other outstanding obligations under the Loan shall be payable
in full on the New Maturity Date.

Additionally, in connection with the Amendment, the Company issued
to iStar a Warrant to Purchase Common Stock of Valence Technology,
Inc., pursuant to which iStar may purchase up to 100,000 shares of
the Company's common stock, par value $0.001 per share, at an
exercise price of $1.45 per share on or before January 11, 2014.

Additionally, in connection with the Amendment, the Company paid
iStar an extension fee of $260,000 upon the execution of the
Amendment.

On January 11, 2011, in connection with the Amendment, the Company
issued to iStar the Warrant to purchase up to 100,000 shares of
Common Stock at an exercise price of $1.45 per share on or before
January 11, 2014, in a private placement transaction exempt from
the registration requirements of the Securities Act of 1933, as
amended, pursuant to Section 4(2) thereof.

                      About Valence Technology

Austin, Texas-based Valence Technology, Inc. (NASDAQ: VLNC) --
http://www.valence.com/-- is a global leader in the development
of safe, long-life lithium iron magnesium phosphate energy storage
solutions and provides the enabling technology behind some of the
world's most innovative and environmentally friendly applications.
Valence Technology has its Research & Development Center in
Nevada, its Europe/Asia Pacific Sales office in Northern Ireland
and global fulfillment centers in North America and Europe.

The Company's balance sheet at June 30, 2010, showed
$22.75 million in total assets, $94.51 million in total
liabilities, and a stockholders' deficit of $80.37 million.

PMB Helin Donovan LLP expressed substantial doubt about Valence
Technology Inc.'s ability as a going concern following the
Company's fiscal 2010 results.  The Company has incurred operating
losses each year since its inception in 1989 and had an
accumulated deficit of $581 million as of March 31, 2010.  For the
fiscal years ended March 31, 2010, 2009, and 2008 the Company
sustained net losses available to common stockholders of
$23.2 million, $21.4 million, and $19.6 million, respectively.

The Company's balance sheet at Sept. 30, 2010, showed
$34.19 million in total assets, $36.92 in total current
liabilities, $28.87 million in long-term interest payable to
stockholder, $34.86 million in long-term debt to stockholder,
$118,000 in other long-term liabilities, and a stockholders'
deficit of $75.20 million.


WASHINGTON MUTUAL: Hedge Funds Appeal Dismissal of $4-Bil. Suit
---------------------------------------------------------------
Bankruptcy Law360 reports that hedge funds seeking to claw back
$4 billion in securities to be transferred from Washington Mutual
Inc. to JPMorgan Chase & Co. as part of WaMu's reorganization plan
have appealed a bankruptcy court judge's dismissal of their suit.

                       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.


* Large Bankruptcy Filings Dip Slightly in December 2010
--------------------------------------------------------
There was a dip in large Chapter 11 filings in December 2010 from
November 2010.  There were a total of 8 companies with assets of
at least $100 million that filed for Chapter 11 bankruptcy in
December 2010, compared to 13 mega filers in November, 3 in
October and 6 in September.

There was only one Chapter 11 case involving more that $1 billion
in total assets in December.  The Great Atlantic & Pacific Tea
Company Inc., which filed on Dec. 12, was the second largest
company to file for Chapter 11 in 2010, with $2.53 billion in
assets and $3.21 billion in liabilities.  It was edged out as the
largest bankruptcy in 2010 by Metro-Goldwyn-Mayer Studios Inc.
which filed on Nov. 3, with $2.67 billion in assets and
$3.45 billion in liabilities.

RHI Entertainment Inc. was the second largest bankruptcy filing in
December, with $524.72 million in total assets and $834.09 million
in total liabilities.

Other large bankruptcy filings for December 2010 include LTAP US
LLP, which listed total assets of $358.78 million and $231.01
million in total liabilities, Osceola Development Project LP,
which listed $144.03 million in total assets and $133.40 million
in total liabilities, and Townsends Inc., which listed $131
million in total assets and $127 million in total liabilities.

In addition, Insight Health Services Holdings Corp., MMFX
Technologies Corp. and Philadelphia Rittenhouse Developer LP
listed estimated assets of between $100 million to $500 million as
of the petition date.

Chapter 11 bankruptcy filings by large companies remain low the
past 12 months, compared to 2009.

Last year saw 105 Chapter 11 cases commenced by companies with
more than $100 million in total assets (an average of 9 cases per
month).  In 2009, 208 chapter 11 cases were commenced by companies
with assets of more than $100 million (an average of 17 cases per
month).

Only 12 billion-dollar companies declared Chapter 11 bankruptcy,
or an average of one case per month.  During 2009, billion-dollar
filers totaled 44 (about 3.5 cases per month).

RHI Entertainment Inc. commenced pre-negotiated cases in December.
A total of 35 prepacks/pre-arranged cases were filed in 2010 --
about one in every three filings.

                   2010 Large Chapter 11 Cases

                   $100MM   $500MM
    Month        - $500MM     $1BB   > $1BB  Prepacks  Total
    -----        --------   ------   ------  --------  -----
    January          14        2         1       8       17
    February          6        1         3       3       15
    March             9        3         -       5       12
    April             7        1         -       3        8
    May              12        -         -       2       12
    June              4        1         -       1        5
    July              5        1         2       3        8
    August            3        2         1       1        6
    September         4        0         1       2        6
    October           2        0         1       1        3
    November         10        1         2       4       13
    December          6        1         1       1        8

Of the December mega-cases, two cases went to Delaware, bringing
the year's total to 40.  In addition, three mega-cases went to the
Southern District of New York, raising that total to 26.  In 2009,
79 mega-cases went to Delaware while 32 cases went to Manhattan.

The top filers for the year by total assets, thus far, are:

    Case                   Total Assets     Court   Petition Date
    ----                   ------------     -----   -------------
    Metro-Goldwyn-Mayer    $2.67 Billion    SDNY     3-Nov
      Studios Inc.
    Great Atlantic &       $2.53 Billion    SDNY    10-Dec
      Pacific Tea Co. Inc.
    TerreStar Networks     $1.40 Billion    SDNY    19-Oct
    Blockbuster Inc.       $1.02 Billion    SDNY    23-Sept
    Movie Gallery, Inc.    More than $1BB   VAEB     2-Feb
    Vertis Holdings Inc.   More than $1BB   SDNY    17-Nov
    Aleris Deutschland     More than $1BB   Del      5-Feb
      (affiliate of
      Aleris Int'l)
    Capmark Investments    More than $1BB   Del     15-Jan
      (affiliate of
       Capmark Financial)
    ESA P Portfolio        More than $1BB   Del     18-Feb
      TXNC GP L.L.C.
      (affiliates of
      Extended Stay)
    Innkeepers USA Trust   More than $1BB   SDNY    19-Jul
    Protech Holdings C     More than $1BB   Del     29-Jul
      (affiliate of
       Capmark Financial)
    Boston Generating LLC  More than $1BB   SDNY    18-Aug
    Mesa Air Group Inc.    $975,487,000     SDNY     5-Jan
    Xerium Technologies    $693,511,000     Del     30-Mar
    RHI Entertainment Inc. $524,722,000     NYSB    10-Dec
    Almatis B.V.           $500MM - $1BB    CASB    30-Apr
    Centaur, LLC           $500MM - $1BB    Del      6-Mar
    Penton Media           $500MM - $1BB    SDNY    10-Feb
    Sargent Ranch LLC      $500MM - $1BB    CASB     4-Jan
    South Bay Expressway   $500MM - $1BB    CASB    22-Mar
    Garlock Sealing        $500MM - $1BB    CASB    22-Mar

Lehman Brothers Holding Corp. remains the biggest corporate bust
in history.  Lehman, which filed in 2008, had $639 billion in
total assets and $613 billion in total debts at that time of its
filing.

                Bankruptcy Boom Set to Fade in 2011

Dow Jones' DBR Small Cap reports that after two years punctuated
by a historic economic downturn, a rash of mega-bankruptcy cases
and sky-rocketing default rates, 2010 appears to have ushered in a
new era of normalcy when it comes to restructuring.

Thanks to burgeoning credit markets and the recession's recent
purge of the weakest companies, today's survivors are largely
keeping themselves out of bankruptcy court, according to Dow
Jones.

The DBR report notes that the lull in filings is giving bankruptcy
experts a chance to breathe, regroup and take stock of the new
restructuring landscape, which is expected to be populated mainly
by middle-market companies.

"Everyone's gotten so used to these multibillions of dollar cases,
but I don't think that that ever became or should be expected to
be the long-term norm," the report quoted Adam Rogoff, a
bankruptcy partner with Kramer Levin Naftalis & Frankel, as
saying.


* Judge Surveys Law on Post-Confirmation Jurisdiction
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. District Judge Amul R. Thapar in London,
Kentucky, wrote a tour de force opinion on Jan. 12 surveying the
law on post-confirmation jurisdiction.

Mr. Rochelle relates that the case involved a liquidating trust
created under a Chapter 11 plan. The trustee for the trust sued
company managers and advisers, alleging mismanagement before and
during the Chapter 11 case.  The suit was in state court.
Defendants removed the suit to federal district court.

According to Mr. Rochelle, although the judge said other courts
believe otherwise, Judge Thapar said it was incumbent on him to
decide if there is bankruptcy jurisdiction before referring the
case to the bankruptcy judge.  He said it wasn't appropriate for
the bankruptcy judge to make the first ruling on the existence or
non-existence of bankruptcy jurisdiction.  Judge Thapar didn't
follow district courts that automatically refer removed lawsuits
to bankruptcy court.

Mr. Rochelle says that the opinion, written in an engaging,
conversational style, is a "must read" for experts on bankruptcy
jurisdiction.  It is most notable for its lengthy survey of
differing rulings from circuit courts around the country on the
question of the extent to which bankruptcy jurisdiction narrows
after plan confirmation.

The case is McKinstry v. Sergent, 10-110, U.S. Bankruptcy Court,
Eastern District of Kentucky (Pikeville).


* Buyer of Schutt Sports & Genmar Eyes Detroit Pistons Ballclub
---------------------------------------------------------------
Eric Morath, writing for Dow Jones' Daily Bankruptcy Review,
reports that billionaire Tom Gores is seeking to acquire the
Detroit Pistons basketball team in the National Basketball
Association.

Mr. Gores' Platinum Equity firm in 2010 purchased Schutt Sports
Inc., a football helmet maker, and Genmar Holdings Inc., the
manufacturer of Four Winns and Ranger boats, out of bankruptcy.
Platinum Equity was rebuffed in an attempt to buy auto supplier
Delphi Corp. out of bankruptcy in 2009.

Mr. Morath relates Mr. Gores has an exclusive 30-day window to
negotiate the purchase of the Pistons from Karen Davidson, the
widow of longtime Pistons owner Bill Davidson.  The report relates
Mr. Gores has emerged as the lead bidder for the Pistons after Ms.
Davidson apparently broke off talks with pizza mogul Mike Ilitch.

DBR notes the Pistons team is thought to be financially sound as
it owns its Auburn Hills, Mich., arena and the valuable luxury
box, concessions and parking rights that go with it.


* Kirkland & Ellis One of Law360's Bankruptcy Groups of 2010
------------------------------------------------------------
Kirkland & Ellis LLP's restructuring group counseled several
clients reorganizing massive debt loads toward successful
emergence from bankruptcy in 2010, including hundreds of General
Growth Properties Inc. affiliates holding $15 billion in debt,
earning the firm a place among Law360's Bankruptcy Groups of 2010.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                              Total     Share-
                                  Total     Working   Holders'
                                 Assets     Capital     Equity
Company           Ticker         ($MM)       ($MM)      ($MM)
-------           ------        ------     -------   --------
ABRAXAS PETRO       AXAS US        178.1        (5.2)      (1.7)
ABSOLUTE SOFTWRE    ABT CN         124.2        (6.0)      (6.2)
ACCO BRANDS CORP    ABD US       1,097.3       261.9      (97.3)
AEGERION PHARMAC    AEGR US          2.9       (29.5)     (27.3)
ALASKA COMM SYS     ALSK US        624.8         2.6      (15.3)
AMER AXLE & MFG     AXL US       2,071.4        61.9     (469.1)
AMR CORP            AMR US      25,357.0    (2,102.0)  (3,643.0)
ANACOR PHARMACEU    ANAC US         20.4        (1.6)      (8.2)
ARQULE INC          ARQL US         94.1        45.1       (9.7)
ARVINMERITOR INC    ARM US       2,879.0       331.0   (1,023.0)
AUTOZONE INC        AZO US       5,640.5      (584.3)    (817.2)
BLUEKNIGHT ENERG    BKEP US        296.0      (427.8)    (152.8)
BOARDWALK REAL E    BEI-U CN     2,343.6         -       (100.8)
BOARDWALK REAL E    BOWFF US     2,343.6         -       (100.8)
BOSTON PIZZA R-U    BPF-U CN       111.3         5.0     (116.3)
BRAVO BRIO RESTA    BBRG US        162.8       (28.9)     (61.5)
CABLEVISION SY-A    CVC US       7,501.6      (157.7)  (6,222.8)
CAMPUS CREST COM    CCG US         327.5         -        (60.7)
CC MEDIA-A          CCMO US     17,393.5     1,410.4   (7,219.6)
CENTENNIAL COMM     CYCL US      1,480.9       (52.1)    (925.9)
CENVEO INC          CVO US       1,393.6       220.0     (332.5)
CHENIERE ENERGY     CQP US       1,797.0        30.3     (521.9)
CHENIERE ENERGY     LNG US       2,616.5      (137.1)    (431.0)
CHOICE HOTELS       CHH US         403.3       (11.5)     (75.5)
CLEVELAND BIOLAB    CBLI US         11.9        (9.7)     (10.0)
COMMERCIAL VEHIC    CVGI US        289.3       114.0       (5.7)
CONSUMERS' WATER    CWI-U CN       869.7         9.9     (263.6)
CUMULUS MEDIA-A     CMLS US        324.1        (2.5)    (349.3)
DENNY'S CORP        DENN US        312.7       (10.7)    (102.4)
DISH NETWORK-A      DISH US      9,292.9       733.1   (1,416.5)
DISH NETWORK-A      EOT GR       9,292.9       733.1   (1,416.5)
DOMINO'S PIZZA      DPZ US         425.7       104.1   (1,241.9)
DUN & BRADSTREET    DNB US       1,727.3      (612.4)    (717.4)
EASTMAN KODAK       EK US        6,929.0     1,406.0     (213.0)
EPICEPT CORP        EPCT SS          6.7        (1.1)     (14.2)
EXELIXIS INC        EXEL US        372.9       (11.8)    (217.6)
FORD MOTOR CO       F US       180,330.0   (18,558.0)  (1,740.0)
FORD MOTOR CO       F BB       180,330.0   (18,558.0)  (1,740.0)
GENCORP INC         GY US          981.8       150.8     (224.9)
GLG PARTNERS INC    GLG US         400.0       156.9     (285.6)
GLG PARTNERS-UTS    GLG/U US       400.0       156.9     (285.6)
GRAHAM PACKAGING    GRM US       2,840.3       259.1     (580.3)
HEALTHSOUTH CORP    HLS US       1,796.9       124.3     (394.9)
HICKS ACQUISITIO    HKACU US         0.8        (0.8)      (0.1)
HOVNANIAN ENT-A     HOV US       1,817.6     1,101.9     (337.9)
HOVNANIAN ENT-B     HOVVB US     1,817.6     1,101.9     (337.9)
IDENIX PHARM        IDIX US         63.1        24.0      (21.3)
INCYTE CORP         INCY US        464.6       305.0     (128.9)
INTERMUNE INC       ITMN US        143.9        10.2      (67.7)
IPCS INC            IPCS US        559.2        72.1      (33.0)
ISTA PHARMACEUTI    ISTA US        112.2         8.8      (71.8)
JAZZ PHARMACEUTI    JAZZ US        108.0       (13.3)      (0.8)
JUST ENERGY INCO    JE-U CN      1,834.1      (578.0)    (497.2)
KNOLOGY INC         KNOL US        658.7        53.5       (5.3)
LIGAND PHARM-B      LGND US        112.6        (1.4)      (1.1)
LIGHTING SCIENCE    LSCG US         60.0        28.3     (122.4)
LIN TV CORP-CL A    TVL US         782.4        21.2     (146.9)
LORILLARD INC       LO US        3,504.0     1,665.0      (38.0)
MAINSTREET EQUIT    MEQ CN         399.4         -         (8.5)
MANNKIND CORP       MNKD US        305.1        76.5     (181.4)
MEAD JOHNSON        MJN US       2,217.6       414.5     (415.7)
MOODY'S CORP        MCO US       2,348.2       508.8     (297.6)
MORGANS HOTEL GR    MHGC US        759.1        47.0      (42.1)
NATIONAL CINEMED    NCMI US        836.1        40.5     (340.8)
NAVISTAR INTL       NAV US       9,730.0     2,246.0     (924.0)
NEWCASTLE INVT C    NCT US       3,760.1         -       (591.2)
NEXSTAR BROADC-A    NXST US        607.6        31.2     (189.9)
NORTH AMERICAN G    NMGL US          0.0        (0.1)      (0.1)
NPS PHARM INC       NPSP US        228.8       147.8     (149.8)
NYMOX PHARMACEUT    NYMX US          0.9        (1.0)      (1.8)
OTELCO INC-IDS      OTT US         331.6        27.5       (3.5)
OTELCO INC-IDS      OTT-U CN       331.6        27.5       (3.5)
PALM INC            PALM US      1,007.2       141.7       (6.2)
PDL BIOPHARMA IN    PDLI US        257.5        26.1     (304.5)
PETROALGAE INC      PALG US          5.9        (8.2)     (51.6)
PHARMATHENE INC     PIP US          21.6       (17.7)     (11.4)
PLAYBOY ENTERP-A    PLA/A US       165.8       (16.9)     (54.4)
PLAYBOY ENTERP-B    PLA US         165.8       (16.9)     (54.4)
PRIMEDIA INC        PRM US         215.5        (5.8)     (97.8)
PRIMO WATER CORP    PRMW US         29.0       (29.4)      (9.6)
PROTECTION ONE      PONE US        562.9        (7.6)     (61.8)
QUALITY DISTRIBU    QLTY US        284.3        26.9     (132.9)
QUANTUM CORP        QTM US         459.6       127.8      (83.7)
QUEPASA CORP        QPSA US          3.4         2.0       (3.3)
QWEST COMMUNICAT    Q US        18,959.0    (1,163.0)  (1,425.0)
REGAL ENTERTAI-A    RGC US       2,670.3       114.1     (267.3)
REVLON INC-A        REV US         794.8        86.9     (991.8)
RIGNET INC          RNET US         93.2         9.5      (11.6)
RSC HOLDINGS INC    RRR US       2,736.4      (175.7)     (37.5)
RURAL/METRO CORP    RURL US        293.7        46.4      (95.1)
SALLY BEAUTY HOL    SBH US       1,589.4       387.1     (460.3)
SINCLAIR BROAD-A    SBGI US      1,536.2        37.8     (156.0)
SINCLAIR BROAD-A    SBTA GR      1,536.2        37.8     (156.0)
SMART TECHNOL-A     SMT US         559.1       201.9      (63.2)
SMART TECHNOL-A     SMA CN         559.1       201.9      (63.2)
SPECTRAL CAPITAL    FCCN US          0.0        (0.0)      (0.0)
STEREOTAXIS INC     STXS US         47.5        (6.2)      (5.3)
SUN COMMUNITIES     SUI US       1,164.1         -       (131.0)
SWIFT TRANSPORTA    SWFT US      2,666.1       101.3     (826.2)
SYNERGY PHARMACE    SGYP US          2.7        (2.3)      (1.8)
TAUBMAN CENTERS     TCO US       2,529.7         -       (541.1)
TEAM HEALTH HOLD    TMH US         886.9         4.7      (18.2)
THERAVANCE          THRX US        212.6       161.1     (141.1)
UNISYS CORP         UIS US       2,840.1       472.1   (1,034.2)
UNITED CONTINENT    UAL US           -      (1,186.0)  (2,206.0)
UNITED RENTALS      URI US       3,744.0       188.0      (15.0)
VECTOR GROUP LTD    VGR US         859.0       245.3      (37.7)
VENOCO INC          VQ US          766.2        20.4      (94.8)
VIRGIN MOBILE-A     VM US          307.4      (138.3)    (244.2)
WARNER MUSIC GRO    WMG US       3,779.0      (592.0)    (211.0)
WEIGHT WATCHERS     WTW US       1,103.1      (377.9)    (708.2)
WHX CORP            WXCO US        374.2        62.1       (8.9)
WORLD COLOR PRES    WC CN        2,641.5       479.2   (1,735.9)
WORLD COLOR PRES    WCPSF US     2,641.5       479.2   (1,735.9)
WORLD COLOR PRES    WC/U CN      2,641.5       479.2   (1,735.9)
WR GRACE & CO       GRA US       4,209.6     1,333.7     (175.1)
YRC WORLDWIDE IN    YRCW US      2,673.1      (288.2)    (121.7)
ZOGENIX INC         ZGNX US         55.0        (0.9)     (34.5)

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases by individuals and business entities estimating
assets and debts or disclosing assets and liabilities at less than
$1,000,000.  The list includes links to freely downloadable images
of the small-dollar business-related petitions in Acrobat PDF
format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                          *********

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

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

Copyright 2011.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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