TCR_Public/110127.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Thursday, January 27, 2011, Vol. 15, No. 26

                            Headlines

207 NEW MARKET: Case Summary & 2 Largest Unsecured Creditors
ALLY FINANCIAL: Banks to Audition Today for IPO Role
AMERICAN HOME: Gets Green Light to Destroy Most Loan Documents
AMERICAN NATURAL: CEO M. Paulk Owns 214,888 Common Shares
ANCHOR BLUE: Closing Medford Store, To Reject Rogue Valley Lease

ANF ASBURY: Obtains Dismissal of Chapter 11 Case
APF GROUP: Picture Frame Manufacturer Selling Its Assets
APPLESEED'S INTERMEDIATE: Seeks Nod of $80-Mil. Exit Commitment
APPLESEED'S INTERMEDIATE: Golden Gate's Keehner Steps Down
APPTIS INC: Moody's Upgrades Probability of Default Rating to Caa1

ARMORED AUTOGROUP: S&P Assigns 'B' Rating; Outlook 'Negative'
ARNIE KLEIN: Michael Jackson Doctor Files for Chapter 11
ARROW TRUCKING: N.D. Okla. Ct. Dismisses Bank Suit vs. Chairman
AVIV REIT: S&P Puts 'B+' Rating on Proposed $200-Mil. Unsec. Notes
BEACH VILLAGE: Case Summary & 3 Largest Unsecured Creditors

BELTWAY 8: Files Schedules of Assets and Liabilities
BI-LO LLC: Moody's Gives 'B2' Rating on Proposed $285MM Sr. Notes
BI-LO LLC: S&P Puts 'B' Rating on Proposed $285MM Sr. Sec. Notes
BIOLASE TECHNOLOGY: Expects to Report Positive Net Income in Q4
BISCAYNE PARK: Sells All Assets to Madison Realty

BISCAYNE PARK: Asks for Dismissal of Case Following Sale
BLUEKNIGHT ENERGY: MSD, 16.5% Owner, "Disagrees" With GTA Letter
BUCKTOWN STATION: Files for Chapter 11 to Finish Project
CARBON RESOURCES: Court Approves James LaGanke as Counsel
CARBON RESOURCES: Files Schedules of Assets and Liabilities

CARIS DIAGNOSTICS: Pursuing Covenant Relief; On Watch Neg. by S&P
CASELLA WASTE: S&P Keeps 'B+' Rating, Outlook Now 'Positive'
CATHOLIC CHURCH: All Milw. Committee Members Have Abuse Claims
CATHOLIC CHURCH: Milw. Employee Pension Plans Underfunded
CATHOLIC CHURCH: Wilmington Plan Outline Hearing Set for Feb. 15

CATHOLIC CHURCH: Wilmington Wants Until April 26 to Remove Actions
CDR-V LLC: Files Schedules of Assets and Liabilities
CDR-V LLC: 341 Meeting of Creditors Set for February 22
CELL THERAPEUTICS: Socius CG Discloses 9.7% Equity Stake
CHARYS HOLDING: Liquidating Trusts to Amend Suit v. Hades

CIRCLE ENTERTAINMENT: Appoints Gary McHenry as CFO
CITYCENTER HOLDINGS: S&P Assigns 'B-' Corporate; Outlook Negative
COLONIAL BANCGROUP: FDIC Has No Setoff Rights on BB&T Accounts
CORNERSTONE CROSSING: Case Summary & 2 Largest Unsecured Creditors
COSINE COMMUNICATIONS: Withdraws POS AM to Form S-8

COUNTRYWIDE FIN'L: MBS Buyers Sue for "Massive Fraud"
DANA HOLDING: S&P Lifts Corp. Credit Rating to BB-, Outlook Stable
DEL MONTE: Moody's Assigns '(P)B1' Corporate on Planned Buyout
DENNY HECKER: Says Former Lawyer & Bankruptcy Trustee Lied
DORA AJA: 1st Cir. BAP Upholds Chapter 7 Conversion

DUBAI GROUP: In Talks With Lenders for $6BB Debt Restructuring
DYNEGY INC: Icahn Extends Tender Offer; No Rival Offers Received
EMIVEST AEROSPACE: Creditors' Committee Hirings Approved
EMIVEST AEROSPACE: Seeks More Time to Pursue Going-Concern Sale
ENERGY FUTURE: Amends Prospectus for $1.06-Bil. Notes Offering

ENRON CORP: ECRC Files 25th Post-Confirmation Report
ENRON CORP: ECRC Files Notice of Distributions as of November
ENRON CORP: Regents Wins OK to Reject Claims Filed After Oct. 12
FKF MADISON: Developer Files Lawsuit Against Rival Investor
GENERAL MOTORS: NCR Corp. Files Lawsuit vs. Old GM for $2.2MM

GENERAL MOTORS: Nummi Insists on Claims vs. GM for Breach
GENERAL MOTORS: Old GM's Asbestos Liabilities Fixed at $625MM
GENERAL MOTORS: Toyota Insists on Claims vs. GM for NUMMI
GRAND BEAR: Seeks to Tap Lenders' Cash Collateral
GREYSTONE PHARMA: Has No Funding, Wants Ch. 7 Liquidation

GULFSTREAM INT'L: Creditor Appeals Bankruptcy-Sale Order
HARRY & DAVID: Will Likely Default, Says Moody's; PDR Now 'Ca'
HERTZ CORP: Fitch Expects to Put BB- Rating on $300MM Unsec. Notes
H.K. PORTER: To Purchase Great American Policy for $152,000
HOUGHTON INT'L: S&P Puts 'B' Rating on $500MM Credit Facilities

HUNTINGTON INGALLS: S&P Puts BB+ Rating on $1.25BB Credit Facility
IMH FINANCIAL: Amends Preliminary Prospectus for IPO
INNKEEPERS USA: Bankers Have Contacted 70 Potential Suitors
INTELLIGRATED INC: Moody's Assigns Initial 'B2' Corporate Rating
INVACARE CORP: Moody's Withdraws 'B1' Rating Following Redemption

ISC BUILDING: V. Maldonado Gets Lift As To Insurance
ISC BUILDING: Proposes February 4 Auction for Lot B
JENNIFER CONVERTIBLES: Ashley Continues Fight Over Trademark Use
KANG INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors
KURRANT MOBILE: CEO Pierre Turgeon Now Has 53.71% Equity Stake

LEHMAN BROTHERS: Amends Bankruptcy Plan, Has Committee Support
LEVEL 3 COMMS: Thornburg Investment Discloses 5.19% Equity Stake
LEVEL 3 COMMS: To Swap Convertible Notes with $300MM Sr. Notes
MARQUETTE TRANSPORTATION: S&P Affirms 'B' Corporate Credit Rating
MERUELO MADDUX: Plan Confirmation Hearing Begins Today

MOLECULAR INSIGHT: Gets Court OK to Assume Savitr Investment Deal
MOLECULAR INSIGHT: Common Stock Now Trades in Pink Sheets
MOLECULAR INSIGHT: Court Approves CRT Investment as Fin'l Advisor
MOLECULAR INSIGHT: Court Approves Riemer as Local Counsel
MOLECULAR INSIGHT: Court Approves Foley as Special Counsel

MOMENTIVE PERFORMANCE: Seeks Term Loans Extension Until 2015
MORTGAGE LENDERS: Judge Temporarily Blocks Bid to Destroy Docs.
NASSAU COUNTY, NY: State Oversight Board Seized Control Finances
NEXAIRA WIRELESS: Novatel Wireless Has 7.0% Equity Stake
NORD RESOURCES: Sprott Asset Discloses 7.8% Equity Stake

NORTH GENERAL: Examiner Taps Hughes Hubbard as Counsel
OASIS PETROLEUM: Moody's Assigns 'B3' Corporate Rating
OASIS PETROLEUM: S&P Puts 'B-' Rating on Planned Note Offering
OFFICEMAX INC: A&P Fights Lawsuit Over Executive Poaching Claims
PALM HARBOR: Wants Private Sale of Georgia Plant for $1.05-Mil.

PATHWAY HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
PATIENTFIRST HEALTHCARE: Expects to File Schedules February 2
PERFORMANCE FOOD: S&P Puts 'B' Corp. Credit Rating; Outlook Stable
RADIENT PHARMACEUTICALS: Gets NYSE Amex Delisting Notice
RIVER ROAD: Lenders May or May Not Take O'Hare Hotel Through Plan

RUGGED BEAR: Files for Chapter 11 Due to Cash Woes
RUGGED BEAR: Case Summary & 30 Largest Unsecured Creditors
SCO GROUP: Trustee Picks UnXis as Buyer for Assets
SEXY HAIR: Plan Sponsor Open to Competing Bids
SEXY HAIR: Has Interim Nod to Use Cash Collateral Until Feb. 3

SEXY HAIR: U.S. Trustee Appoints 5 Members to Creditors Panel
SEXY HAIR: Creditors Committee Taps Klee Tuchin as Counsel
SUMMIT BUSINESS: Files for Chapter 11 with Pre-Negotiated Plan
SUMMIT BUSINESS: Case Summary & 30 Largest Unsecured Creditors
TERRESTAR NETWORKS: Committee Wins Order on Confidential Info.

TERRESTAR NETWORKS: Jefferies Wants Claim Allowed for Voting
TERRESTAR NETWORKS: Kirkland Also Represents Potential Bidder
TOWNSENDS INC: Proposes Feb. 15 Auction; No Stalking Horse So Far
VITRO SAB: Wants Delay in Trial on Texas Involuntary Cases
UNITED WESTERN: Shares to be Delisted on NASDAQ Global Market

VIDEO WAREHOUSE: Case Summary & 21 Largest Unsecured Creditors
WINDCHASE ENTERPRISES: Voluntary Chapter 11 Case Summary

* Johnson & Freedman Promotes January N. Taylor to Partner
* Phoenix Adds J. Koskiewicz as Managing Director in Dallas Office

* Retired Oklahoma Judge Richard Bohanon Died January 18

* Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

207 NEW MARKET: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: 207 New Market Street, LLC
        13547 Ventura Boulevard, Suite 404
        Sherman Oaks, CA 91423

Bankruptcy Case No.: 11-00390

Chapter 11 Petition Date: January 25, 2011

Court: U.S. Bankruptcy Court
       District of South Carolina (Spartanburg)

Judge: John E. Waites

Debtor's Counsel: James Calhoun Sarratt, Esq.
                  SARRATT & CLARKE
                  P.O. Box 10293
                  Greenville, SC 29603
                  Tel: (864) 271-4100
                  E-mail: jimsarratt@bellsouth.net

Scheduled Assets: $1,624,700

Scheduled Debts: $3,408,005

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/scb11-00390.pdf

The petition was signed by Robert Rukavina, managing member.


ALLY FINANCIAL: Banks to Audition Today for IPO Role
----------------------------------------------------
Michael J. de la Merced, writing for The New York Times' DealBook,
reports that people briefed on the matter told DealBook on
Wednesday that several major banks are expected to give
presentations to Ally Financial this week in an effort to win a
leading role in the impending sale of the government's stake in
the company.  Sources told DealBook the banks are expected to make
their presentations on Thursday.  The sources spoke on condition
of anonymity because they were not authorized to speak publicly on
the matter.  A decision on the underwriters will come several days
after that, DealBook says.

Mr. de la Merced says Gina Proia, a spokeswoman for Ally
Financial, declined to comment.  News of the bank presentations
was reported earlier on Wednesday by CNBC.

The Treasury Department owns nearly 74% of Ally, having converted
some of its preferred shares in the lender into common stock with
the aim of selling that holding off over time.

                        About Ally Financial

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

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

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

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

As reported by the Troubled Company Reporter on January 26, 2011,
Standard & Poor's Ratings Services raised its rating on the
preferred stock of Ally Financial Inc. (Ally; B/Stable/C) to 'CC'
from 'C'.  The ratings firm noted that Ally improved its liquidity
position and alleviated some funding pressure at its holding
Company in recent months, making it easier to meet obligations on
its preferred stock.  Nevertheless, the Company faces significant
debt maturities at its holding Company in 2011 and 2012, which is
reflected in the 'CC' rating.


AMERICAN HOME: Gets Green Light to Destroy Most Loan Documents
--------------------------------------------------------------
Scot J. Paltrow, writing for Reuters, reports that Bankruptcy
Judge Christopher Sontchi on Monday allowed American Home Mortgage
to destroy most of the 4,100 boxes of original loan files it still
has.

Reuters says Judge Sontchi also granted a request by Margaret
Becker, a lawyer in Staten Island for the Legal Aid Society, to
require the American Home trustee to set aside and cull through a
few hundred of the boxes which may contain records still relevant
to possible foreclosures.  Mr. Becker said many low income
homeowners were victims of deception about how much their loans
actually would cost, and records from the boxes could help prove
that they had been defrauded.

As reported by the Troubled Company Reporter, Steven Sass, the
liquidating trustee for American Home Mortgage, sought Judge
Sontchi's permission to destroy 4,100 boxes of loan documents
stored in a dank parking garage beneath the company's former
headquarters in Melville, Long Island.  Mr. Sass stated that the
local fire marshal wants the documents removed as a fire hazard,
and he said the cost of moving them would be prohibitive.  In
accordance with a 2009 court order, the bankrupt company earlier
had destroyed the contents of thousands of other boxes after banks
and other loan servicers had been given a chance to request and
pick up particular files.

                        About American Home

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- was a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for Chapter 11
protection on August 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq., at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.  As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.

American Home filed a de-consolidated plan of liquidation on
August 15, 2008.  The former home mortgage lender's liquidating
Chapter 11 plan was confirmed in February 2009.


AMERICAN NATURAL: CEO M. Paulk Owns 214,888 Common Shares
---------------------------------------------------------
In a Form 5 filing with the Securities and Exchange Commission on
January 24, 2011, Michael K. Paulk, chief executive officer at
American Natural Energy Corp., disclosed that he beneficially owns
214,888 shares of common stock of the Company.  In addition, Mr.
Paulk directly beneficially owns derivative securities: options to
purchase (a) 150,000 shares of common stock exercisable on
September 8, 2014, at a price of $0.9 per share and (b) 660,000
shares of common stock exercisable on November 30, 2015, at $0.3
per share.

                      About American Natural

American Natural Energy Corporation (TSX Venture: ANR.U) is a
Tulsa, Oklahoma-based independent exploration and production
company with operations in St. Charles Parish, Louisiana.

The Company's balance sheet at Sept. 30, 2010, showed
$17.74 million in total assets, $9.42 million in total
liabilities, and stockholders' equity of $8.32 million.

                           *     *     *

MaloneBailey, LLP, in Houston, after auditing the Company's 2009
results, expressed substantial doubt about the Company's ability
to continue as a going concern.  The independent auditors noted
that the Company has substantial cash used for operating
activities during 2009, has a working capital deficiency and an
accumulated deficit at December 31, 2009.


ANCHOR BLUE: Closing Medford Store, To Reject Rogue Valley Lease
----------------------------------------------------------------
Greg Stiles, writing for The Mail Tribune, Inc., reports that
Anchor Blue will close its Medford, Oregon store at the end of the
month.  Anchor Blue Inc. has moved to reject the lease of its
Rogue Valley Mall store in Medford effective Jan. 31, 2011.

With the closing, Medford consumers will have to travel to the
nearest stores in Lancaster Mall in Salem or Clackamas Town Center
to return goods after Jan. 31, according to The Mail Tribune.

The Statesman Journal reports that Anchor Blue has agreed to allow
limited returns and use of gift cards.  All goods purchased before
January 7 can be returned for exchange or store credit until
February 5 or 30 days after initial purchase, whichever is
earlier, according to a consumer alert issued by the Oregon
Attorney General's Office.  Medford consumers will have to come to
the Salem or Clackamas Town Center stores to return any goods
after January 31.

Anchor Blue plans to close 117 stores as part of its bankruptcy.

                         About Anchor Blue

Anchor Blue is a specialty retailer of casual apparel and
accessories for the teenage market.  Founded in 1972, the Company
has 117 stores located in nine western and southwestern states:
Arizona, California, Colorado, New Mexico, Oregon, Texas, Utah and
Washington.  The Company employs 1,400 full and part-time
employees in their stores and their corporate headquarters in
Corona, California.  Anchor Blue is an indirect affiliate of Sun
Capital Partners, a Florida-based investment firm.

Anchor Blue Holding Corp., together with Anchor Blue Inc., filed
for Chapter 11 bankruptcy protection on January 11, 2011 (Bankr.
D. Del. Lead Case No. 11-10110).

Neil Herman, Esq., and Rachel Mauceri, Esq., at Morgan Lewis, in
Philadelphia, Pennsylvania, serves as counsel to the Debtors.
Kenneth J. Enos, Esq., and Michael R. Nestor, Esq., at Young,
Conaway, Stargatt & Taylor, serve as co-counsel.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.  An Official
Committee of Unsecured Creditors has been formed in the Chapter 11
cases.

As of January 1, 2011, the Debtors' books and records reflected
total combined assets of roughly $24.7 million (book value) and
total combined liabilities of roughly $38.5 million.


ANF ASBURY: Obtains Dismissal of Chapter 11 Case
------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved on January 18, 2011, ANF Asbury Park, LLC's motion to
dismiss its Chapter 11 case.

As reported in the Dec. 29, 2010 edition of the Trouble Company
Reporter, the Debtor sought the dismissal after its lender, PA
Asbury, LLC, obtained relief from stay with regards to the
Debtor's 234 unit apartment building community known as Asbury
Park Apartments, aka Park Plaza Apartments, located in Miami
Gardens, Florida.

Irvine, California-based ANF Asbury Park, LLC, filed for Chapter
11 bankruptcy protection on March 5, 2010 (Bankr. C.D. Calif. Case
No. 10-12819).  The Company estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.  Michael G.
Spector, Esq., and Vicki L. Schennum, Esq., at the Law Offices of
Michael G. Spector, in Santa, California, represent the Debtor in
its restructuring effort.


APF GROUP: Picture Frame Manufacturer Selling Its Assets
--------------------------------------------------------
APF Group, Inc., intends to sell substantially all of the its
assets, including: (a) its interests in real property leases;
(b) all furniture, fixtures and equipment appurtenant thereto,
(c) inventory, accounts, and (d) all customer-related assets.

Bids for the Debtor's assets must be submitted by 5:00 p.m.,
prevailing Eastern Time, on Feb. 14, 2011, and an auction to flush
out the highest and best bid is scheduled for 10:00 a.m.,
prevailing Eastern Time, on Feb. 16, 2011.

For additional information about the uniform Bidding Procedures
approved by Bankruptcy Court and other terms and conditions of any
sale transaction, contact:

         Julie A. Cvek, Esq.
         Rattet, Pasternak & Gordon Oliver, LLP
         550 Mamaroneck Avenue, Suite 510
         Harrison, NY 10528
         Telephone: (914) 381-7400
         E-mail: jcvek@rattetlaw.com

Picture frame manufacturer APF Group, Inc., dba APF Master
Framemakers, APF MUNN Master Framemakers and Michael Thomas
Framemakers, located in Yonkers, N.Y., sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 09-23696) on Sept. 11, 2009.
Jonathan S. Pasternak, Esq., and Julie A. Cvek, Esq., at Rattet,
Pasternak & Gordon-Oliver, LLP, represent the Debtor.  In its
petition, the Debtor estimated its assets and debts at $10 million
to $50 million.


APPLESEED'S INTERMEDIATE: Seeks Nod of $80-Mil. Exit Commitment
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that subsidiaries of Orchard Brands Corp. on January 24
filed a motion for approval of a commitment from lenders to
provide $80 million in financing to underpin their emergence from
Chapter 11.  The hearing for approval of the commitment will take
place February 11.  There will be a separate hearing to approve
the loan itself.

Mr. Rochelle relates that the contemplated exit loan has optional
interest rates.  One is for 3.5 percentage point above the London
interbank borrowed rate, with a Libor floor of 1.5%.  The lenders
are UBS Loan Finance LLC, Wells Fargo Bank NA, and Ally Commercial
Finance LLC.

                         Plan Support Deal

Before filing for bankruptcy protection, Appleseed reached an
agreement with over 80% of its first lien secured lenders
and 100% of its second lien secured lenders on the terms of a
reorganization that will eliminate approximately $420 million of
indebtedness (over 55%) to approximately $310 million, and improve
the Company's operating flexibility.

Under the Plan, first lien lenders will receive 95% of the new
stock plus term loans, and second lien lenders will receive 5% of
the new stock.  Except for holders of "qualified unsecured trade
claims", general unsecured claimants will not receive any
distributions.  Holders of existing also won't receive any
distributions on account of the cancellation of the stock.

The Debtors will seek approval of the disclosure statement
explaining the Plan at a hearing on March 1, 2011, at 3:30 p.m.

The Support Agreement binds the Lenders to support the Plan if the
Debtors are successful in taking the steps necessary to meet the
milestone deadlines included therein, and also provides the
"backstop" that a sale will be triggered if certain deadlines are
not met.   Among other deadlines, the Debtors are required to
obtain confirmation of a Plan within 90 days from the Petition
Date.

                  About Appleseed's Intermediate

Based in Beverly, Massachusetts, Appleseed's Intermediate Holdings
LLC, aka Appleseed's Intermediate Holdings, Inc., aka Orchard
Brands sells clothing to people 55 and older.  Orchard Brands has
17 brands including Appleseed's, Draper's & Damon's, Gold Violin,
Haband and Norm Thompson.  It publishes catalogs and has stores
under its Appleseed's and Draper's & Damon's brands.  It has
annual sales of about $1 billion and earnings before interest,
taxes, depreciation and amortization are about $50 million,
sources said told Bloomberg.

Appleseed's is owned by Golden Gate Capital Corp., which also
holds stakes in retailers Express Inc., Eddie Bauer Holdings Inc.
and Zale Corp.

Appleseed's Intermediate and its affiliates filed for Chapter 11
bankruptcy protection on January 19, 2011 (Bankr. D. Del. Lead
Case No. 11-10160).  Richard M. Cieri, Esq., Joshua A. Sussberg,
Esq., at Brian E. Schartz, at Kirkland & Ellis LLP, serve as the
Debtors' bankruptcy counsel.  Domenic E. Pacitti, Esq., at Klehr
Harrison Harvey Branzburg LLP, serves as local counsel to the
Debtors.  Moelis & Company LLC is the Debtors' investment banker
and financial advisor.  Alvarez & Marshal North America, LLC, is
the Debtors' restructuring advisor.  Pricewaterhousecoopers LLP is
the Debtors' independent auditor.  Kurtzman Carson Consultants LLC
is the notice, claims and balloting agent.  Appleseed's
Intermediate estimated assets at $100 million to $500 million and
debts at $500 million to $1 billion in its Chapter 11 petition.


APPLESEED'S INTERMEDIATE: Golden Gate's Keehner Steps Down
----------------------------------------------------------
Bloomberg News' Jonathan Keehner in New York reports that Golden
Gate Capital Corp. managing director Stefan Kaluzny is leaving the
San Francisco-based private equity firm, according to an e-mailed
statement from the company.  Mr. Kaluzny is a director of Golden
Gate Investments, Eddie Bauer Inc., Zale Corp., J Jill Group Inc.,
Express Inc., and Orchard Brands.

"After 10 years with the firm, Stefan Kaluzny has elected to
pursue other interests," the company's statement said, according
to Bloomberg.  "Structural changes are in process at Golden Gate
Capital, which will leverage current opportunities in the retail
sector."

                  About Appleseed's Intermediate

Based in Beverly, Massachusetts, Appleseed's Intermediate Holdings
LLC, aka Appleseed's Intermediate Holdings, Inc., aka Orchard
Brands sells clothing to people 55 and older.  Orchard Brands has
17 brands including Appleseed's, Draper's & Damon's, Gold Violin,
Haband and Norm Thompson.  It publishes catalogs and has stores
under its Appleseed's and Draper's & Damon's brands.  It has
annual sales of about $1 billion and earnings before interest,
taxes, depreciation and amortization are about $50 million,
sources said told Bloomberg.

Appleseed's is owned by Golden Gate Capital Corp., which also
holds stakes in retailers Express Inc., Eddie Bauer Holdings Inc.
and Zale Corp.

Appleseed's Intermediate and its affiliates filed for Chapter 11
bankruptcy protection on January 19, 2011 (Bankr. D. Del. Lead
Case No. 11-10160).  Richard M. Cieri, Esq., Joshua A. Sussberg,
Esq., at Brian E. Schartz, at Kirkland & Ellis LLP, serve as the
Debtors' bankruptcy counsel.  Domenic E. Pacitti, Esq., at Klehr
Harrison Harvey Branzburg LLP, serves as local counsel to the
Debtors.  Moelis & Company LLC is the Debtors' investment banker
and financial advisor.  Alvarez & Marshal North America, LLC, is
the Debtors' restructuring advisor.  Pricewaterhousecoopers LLP is
the Debtors' independent auditor.  Kurtzman Carson Consultants LLC
is the notice, claims and balloting agent.  Appleseed's
Intermediate estimated assets at $100 million to $500 million and
debts at $500 million to $1 billion in its Chapter 11 petition.


APPTIS INC: Moody's Upgrades Probability of Default Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service changed the probability of default
rating for Apptis (DE), Inc., to Caa1 from Caa1/LD due to the
deferral of cash payment on Apptis' subordinated notes due to its
private equity owner from January 2011 to February 2013, which
lies outside the maturity of Apptis' term loan due December 2012.
In addition, Moody's affirmed the B1 ratings on the first lien
term loan and revolver.  Concurrently, the outlook was changed to
positive from stable based on the positive trend in credit metrics
over the last twelve months as a result of both an improvement in
operating performance and debt reduction.

These ratings were upgraded:

  -- Probability of default rating to Caa1 from Caa1/LD;

These ratings were affirmed (including updated loss given default
assessments):

  -- Corporate family rating at Caa1

  -- $25 million senior secured revolving credit facility rating
     to B1 (LGD-2, 20%) from B1 (LGD-2, 23%);

  -- $79 million senior secured term loan rating to B1 (LGD-2,
     20%) from B1 (LGD-2, 23%)

The change in rating outlook to positive is based on Moody's
recognition of Apptis' improvement in financial performance which,
if sustained, could facilitate a complete refinancing of the
entire debt structure including the revolving credit facility
coming due in December 2011 and term loan due December 2012.  The
likely conversion of the company's backlog, over half of which is
funded, supports the expectation of continued profitability.

The Caa1 corporate family rating continues to be constrained by
the expiration of the company's revolver in less than a year
combined with the near term need to address the December 2012
maturity of the company's bank term loan.  Moody's views the
current capital structure as an unsustainable structure going
forward.  The size of the $79 million outstanding term loan due
December 2012 is a concern as current liquidity resources are not
expected to be sufficient to address the full amounts of the
maturing term loan.  The Caa1 CFR also acknowledges the company's
long-term relationships with diverse agencies within the federal
government counterbalanced with the high degree of customer
concentration.  In addition, the company's use of improving free
cash flow to pay down debt in fiscal 2010 is also reflected in the
ratings.

Any deceleration in revenue trends or profitability and loss of a
key customer/contract could have adverse rating implications as
would debt/EBITDA levels exceeding and sustained above 6.0 times.
In addition, debt-financed acquisitions that diminish the
company's liquidity profile or raise leverage could exert downward
pressure on the ratings.  A ratings increase is considered
unlikely at this time given the near-term need to re-capitalize
the entire capital structure.

The last rating action was on July 30,2010, when Moody's assigned
a limited default "LD" designation to the Caa1 probability of
default rating of Apptis and affirmed Apptis' Caa1 corporate
family rating.  For further information please refer to the credit
opinion to be posted on moodys.com.

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

Apptis (DE), Inc., headquartered in Chantilly, Virginia, provides
information technology services and solutions primarily to federal
government agencies.  The company's core offerings include
software development and engineering, network infrastructure
deployment and support services, and product fulfillment. Gross
revenues for fiscal year 2010 were roughly $1 billion.


ARMORED AUTOGROUP: S&P Assigns 'B' Rating; Outlook 'Negative'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Danbury, Conn.-based Armored AutoGroup Inc.  The
rating outlook is negative.

At the same time, S&P assigned the Company's $50 million revolving
credit facility due 2015 and $300 million term loan due 2016 an
issue-level rating of 'B+' (one notch higher than the 'B+'
corporate credit rating).  The recovery rating on the senior
secured credit facilities is '2', indicating S&P's expectation of
substantial (70% to 90%) recovery for lenders in the event of a
payment default.

S&P also assigned the Company's $275 million senior unsecured
notes due 2018 an issue-level rating of 'CCC+' (two notches lower
than the 'B+' corporate credit rating).  The recovery rating on
the notes is '6', indicating S&P's expectation of negligible (0%
to 10%) recovery for noteholders in the event of a payment
default.

Net proceeds of the term loan and unsecured notes, along with
about $258 million of equity, were used to finance Avista Capital
Partners' acquisition of Armored AutoGroup, formerly a division of
Clorox Co.

The 'B' rating on Armored AutoGroup reflects Standard & Poor's
Ratings Services' opinion that the Company's financial profile is
highly leveraged and its business profile is vulnerable.  S&P's
business risk assessment incorporates the Company's narrow
business focus, vulnerability to commodity price volatility and
the economy, and its lack of track record as a stand-alone
Company.  There is also some concentration risk, as one customer
accounted for about 30% of sales.  The Company benefits from its
well-recognized brands, primarily ArmorAll, STP, Oomph!, Son of a
Gun, Tuff Stuff, and Car Buddy.  The auto care business was part
of Clorox Co., but now operates as an independent entity.
Although the lack of a track record as a stand-alone Company is a
key rating factor, the new CEO has extensive industry experience,
and other key senior management members have been with the
business for numerous years.  S&P view the Company's financial
policy as aggressive because of the mostly debt-financed
acquisition, which resulted in a highly leveraged capital
structure.

S&P estimates that adjusted total debt to EBITDA at the close of
the transaction was in the 6.0x range, funds from operations to
total debt was only about 4%, and EBITDA interest coverage was
thin at about 2x.  These measures are weak compared with 'B'
category medians.   S&P expects Armored to maintain its EBITDA
margins in the 29% area and keep its credit measures close to
post-transaction levels over the outlook period, as S&P believes
the Company will need to invest in and reinvigorate its brands.
S&P believes that credit measures could quickly deteriorate given
Armored's relatively small revenue and adjusted EBITDA base
(about $300 million and $90 million, respectively).  Moreover, S&P
views the Company's products as vulnerable to changes in the
economy, discretionary spending, and commodity prices.


ARNIE KLEIN: Michael Jackson Doctor Files for Chapter 11
--------------------------------------------------------
Arnold Klein, a dermatologist who treated celebrity clients,
including Michael Jackson, filed for Chapter 11 protection
(Bankr. C.D. Calif. Case No. 11-12718) on Jan. 20, 2011, in Los
Angeles, California.

Dr. Klein estimated assets of up to $50,000 and debts between
$1,000,000 and $10,000,000 in his bankruptcy petition.

BankruptcyHome.com reports that the list of creditors holding the
20 largest unsecured claims against Dr. Klein amounts to
$3,518,584.  RadarOnline.com reports that the biggest accumulative
debts against Dr. Klein was with City National Bank totaling some
$2,695,150 in credit lines and unpaid mortgage loans.  Dr. Klein
also owes American Express $79,493 in credit card fees, Bank Of
America $79,852 in credit card and banking fees, Chase $17,579 in
credit card fees and $51,857 with Citibank in credit card fees.
Also among his creditors are the IRS, owed $127,000, one of his
lawyers, the landlord of his office building, and various medical
partners, according to BankruptcyHome.

BankruptcyHome relates that by filing for Chapter 11 bankruptcy,
Dr. Klein signified that he plans to organize his debt, while not
liquidating any assets, as a Chapter 7 filing would have
indicated.


ARROW TRUCKING: N.D. Okla. Ct. Dismisses Bank Suit vs. Chairman
---------------------------------------------------------------
Tulsa World staff writer D.R. Stewart, reports that U.S. District
Judge Gregory K. Frizzell of the Northern District of Oklahoma has
dismissed four claims of alleged financial irregularities filed by
a lender against Arrow Trucking Co.'s former owner, director and
chairman Carol Pielsticker.  The report says Judge Frizzell
granted motions filed by Ms. Pielsticker's lawyers to dismiss the
four claims filed against her by Transportation Alliance Bank of
Ogden, Utah.

The report relates TAB's lawsuit alleges Arrow Trucking,
Ms. Pielsticker, former President and CEO Doug Pielsticker, former
Chief Financial Officer Jonathan Moore and former General Counsel
Joseph Mowry breached loan and guaranty agreements, committed
fraud and conspiracy, breached their fiduciary duties and made
fraudulent transfers of Arrow assets.

The bank filed the lawsuit Jan. 8, 2010, the same day lawyers for
Arrow filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in
Tulsa.

According to the report, Judge Frizzell, however, found there is
no evidence that Ms. Pielsticker negotiated, signed or benefitted
from the loan or accounts receivable purchase agreement.

The report notes Arrow bankruptcy trustee Patrick J. Malloy III
estimates Arrow Trucking's assets at $8.55 million and liabilities
at $98.97 million.

                       About Arrow Trucking

Tulsa-based Arrow Trucking was a 61-year-old trucking business
that suspended operations Dec. 22, 2009.  Arrow Trucking filed a
Chapter 7 bankruptcy petition Jan. 8, 2010.


AVIV REIT: S&P Puts 'B+' Rating on Proposed $200-Mil. Unsec. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Aviv REIT Inc. (Aviv), and two of its
subsidiaries, Aviv Healthcare Properties L.P. and Aviv Healthcare
Capital Corp.  In addition, S&P assigned a 'B+' rating and a
recovery rating of '3' to a proposed $200 million senior unsecured
note.  The note is being co-issued by Aviv Healthcare Properties
L.P. and Aviv Healthcare Capital Corp., and guaranteed by Aviv and
several of its other operating subsidiaries.  The '3' recovery
rating indicates S&P's expectation for a meaningful (50%-70%)
recovery for noteholders in the event of a payment default.  The
outlook is stable.

S&P's rating on Aviv reflects the Company's aggressive financial
risk profile, which is marked by moderate overall debt levels and
a manageable debt maturity schedule against higher levels of
secured, floating-rate debt and low debt coverage measures
compared with peers, and some reliance upon third-party equity
sources to achieve targeted growth.  S&P considers the Company's
business risk profile to be weak, given its heavy reliance on
Medicaid reimbursement to drive tenant revenues, seasoned but lean
management team, and low tenant rent coverage metrics and
occupancy relative to peers.

Chicago-based Aviv is a private owner of skilled nursing
facilities in the U.S., with 185 owned or managed properties
housing almost 18,000 licensed beds.  The Company finances
predominantly local and regional nursing home operators through
the sale and leaseback of properties with long-term triple-net
leases. Aviv is among the smallest of S&P's rated REITs and has an
undepreciated book asset value of approximately $800 million,
which equates to a moderate $40,000 average cost per bed.
However, the Company maintains a geographically diverse portfolio
of properties in 24 states with concentrations in California
(18%), Texas (14%), Arkansas (9%), Missouri (9%), and Washington
(7%).

S&P's stable outlook reflects S&P's expectation for relatively
stable cash flow as Aviv extends its existing tenant relationships
and steadily expands its asset base.  S&P would consider lowering
the rating if the Company's coverage measures were to fall below
1.8x, perhaps due to tenant stress resulting from changes in
Medicaid reimbursement or failure to manage cost controls.  S&P
would also consider a downgrade if the Company increased dividends
to a level that reduced total coverage below 1.0x or pursued a
large leveraged acquisition, particularly outside of their SNF
core competency.  While S&P does not view an upgrade as likely in
the next 12 months, S&P would consider raising its rating
if the Company continued to unencumber and expand its asset base
and cash flows, while improving operating performance in the core
portfolio, particularly tenant occupancy and rent coverage.


BEACH VILLAGE: Case Summary & 3 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Beach Village Development, L.L.C.
        4402 West Broad Street
        Richmond, VA 23230

Bankruptcy Case No.: 11-30486

Chapter 11 Petition Date: January 25, 2011

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

Judge: Douglas O. Tice Jr.

Debtor's Counsel: Roy M. Terry, Jr., Esq.
                  DURRETTEBRADSHAW PLC
                  1111 East Main Street, 16th Floor
                  Richmond, VA 23219
                  Tel: (804) 775-6948
                  E-mail: rterry@durrettebradshaw.com

Estimated Assets: $100,001 to $500,000

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

A list of the Company's three largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/vaeb11-30486.pdf

The petition was signed by Mark T. Motley, member.


BELTWAY 8: Files Schedules of Assets and Liabilities
----------------------------------------------------
Beltway 8 Associates LP filed with the U.S. Bankruptcy Court of
the Middle District of Louisiana its schedules of assets and
liabilities, disclosing:

    Name of Schedule              Assets         Liabilities
    ----------------            -----------      -----------
A. Real Property               $25,000,000
B. Personal Property              $298,413
C. Property Claimed as
    Exempt
D. Creditors Holding
    Secured Claims                               $23,188,770
E. Creditors Holding
    Unsecured Priority
    Claims                                                $0
F. Creditors Holding
    Unsecured Non-priority
    Claims                                        $2,199,376
                                -----------      -----------
       TOTAL                    $25,298,413      $25,388,146

Judge Douglas D. Dodd had extended the deadline for Beltway 8 to
file schedules of assets and liabilities, and statement of
financial affairs through January 26, 2011.  The schedules,
statement of affairs and all other documents were originally due
on January 18, 2011.

                         About Beltway 8

Baton Rouge, Louisiana-based Beltway 8 Associates, LP, dba
Watermarke Apartments, owns and operates Watermarke Apartments, a
280 unit residential apartment complex located on approximately
15.6 acres in Houston, Texas.  It filed for Chapter 11 bankruptcy
protection on January 3, 2011 (Bankr. M.D. La. Case No. 11-10001).

William E. Steffes, Esq., at Steffes, Vingiello & McKenzie, LLC,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.


BI-LO LLC: Moody's Gives 'B2' Rating on Proposed $285MM Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded BI-LO, LLC's Corporate Family
and Probability of Default ratings to B2 from B1.  A B2 rating was
assigned to the company's proposed $285 million senior secured
notes due 2019.  The rating outlook is stable.

The proposed notes are being issued to refinance BI-LO's existing
$195 million senior secured term loan due 2015 and fund a
$74 million cash distribution to the company's equity sponsor.
The $74 million dividend represents about half of the cash equity
investment made by the sponsor in conjunction with BI-LO's
emergence from bankruptcy in April 2010.

Rating assigned:

  -- $285 million senior secured notes maturing 2019 at B2 (LGD 4,
     57%)

Ratings downgraded:

  -- Corporate Family Rating to B2 from B1
  -- Probability of Default Rating to B2 from B1

Rating affirmed and to be withdrawn once the proposed transaction
closes:

  -- $195 million senior secured term loan maturing 2015 at B2

"The downgrade to B2 considers that BI-LO is pursuing a financial
policy that is more aggressive than what was originally expected
when we assigned a rating to the company in April 2010 following
its emergence from bankruptcy," stated Mickey Chadha, Senior
Analyst at Moody's.  "The large debt-financed dividend along with
the elimination of the cash flow sweep mechanism suggests there
will not be any meaningful reduction in funded debt through
operating cash flow.  As a result, we expect debt/EBITDA will
likely remain over 5 times, a level more consistent with a B2
Corporate Family Rating."

The rating outlook is stable and assumes that regional business
conditions and credit metrics will not deteriorate.

Ratings improvement is not likely in the near-to-intermediate term
given the company's more aggressive financial policy.  Ratings
could be upgraded over the longer-term if the company demonstrates
the ability and willingness to achieve and maintain debt to EBITDA
at or below 4.5 times and EBITA to interest at or above 1.5 times.

Ratings could be downgraded if debt to EBITDA rises above 6.0
times or if EBITA to interest drops and remains below 1.0 time.
Ratings could also be downgraded if the company's cash flow
deteriorates or if operating performance indicates loss of
customer traffic.

The last rating action for BI-LO, LLC was the assignment of the
Corporate Family Rating and a rating to the $200 million senior
secured term loan due 2015 on April 22, 2010.

The principal methodologies used in this rating were Global Retail
Industry published in December 2006, and Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

BI-LO, LLC, owns and operates supermarkets in the Southeastern
U.S. The company has 207 stores under the BI-LO generates annual
revenues of about $2.6 billion BI-LO LLC is privately held by an
affiliate of Lone Star, a private equity investor headquartered in
Dallas, Texas.


BI-LO LLC: S&P Puts 'B' Rating on Proposed $285MM Sr. Sec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Greenville, S.C.-based BI-LO LLC.  At the same
time, S&P assigned a 'B' issue-level rating and '4' recovery
rating to the Company's proposed $285 million senior secured
notes.  The '4' recovery rating indicates S&P's expectation of
average (30%-50%) recovery of principal in the event of default.
The Company intends to use the proceeds of the note issuance to
pay off its term loan, fund a dividend the equity sponsors, and
pay fees associated with the transaction.

"The rating on BI-LO mostly reflects our assessment of the
Company's highly leveraged financial risk," said Standard & Poor's
credit analyst Charles Pinson-Rose.  S&P currently foresees higher
sales propelling better operating performance and modest credit
metric improvement.  S&P characterizes BI-LO's business risk as
vulnerable, reflecting intense competition in the U.S. supermarket
industry.  Because S&P believes BI-LO may not fully pass along
near-term food inflation to customers, margin could erode.


BIOLASE TECHNOLOGY: Expects to Report Positive Net Income in Q4
---------------------------------------------------------------
BIOLASE Technology, Inc., announced that, based on a preliminary
review of its financial performance for the fourth quarter ended
December 31, 2010, the Company expects to report net revenue
ranging between $9.5 million to $10 million with positive net
income excluding non-cash stock option expense.

The Company also issued annual revenue guidance for 2011 of net
revenue in the range of $55 million to $60 million, a growth of
approximately 120% to 140% over 2010, compared to analyst
stimates of $40.4 million.  Net revenue for the first quarter
ended March 31, 2011, traditionally the lowest quarter of the
year, is expected to range between $8.75 million to $9.25 million,
up from $4.4 million in the first quarter of 2010, with positive
net income.

Effective January 19, 2011, BIOLASE's Board of Directors approved
a stock dividend of one percent, payable March 31, 2011, to
shareholders of record on March 15, 2011.  In addition, the Board
adopted a four% annual stock dividend policy.

Federico Pignatelli, Chairman and CEO, said, "We are extremely
pleased with our prompt turnaround.  The programs that we put in
place late this past summer, as I became the CEO, have already
produced quantifiable results, in particular our shift to selling
direct, instead of the exclusive distribution model that was
terminated August 30, 2010.  Just as importantly, we were able to
achieve our revenue goal per our guidance, despite being
negatively affected by the limited availability of a critical
component for the iLaseTM new wireless 5 watt diode laser that
delayed the sale of approximately $700,000 in revenue until the
first quarter of 2011.  As a result, BIOLASE has moved to
additional suppliers to meet the demand for the iLase.

"Furthermore, BIOLASE's newly launched e-commerce store --
http://www.biolasestore.com/-- surpassed our internal revenue
goals by more than 40% and we expect the site to became a multi-
million dollar revenue contributor in 2011," Pignatelli added.

Sales to Henry Schein, Inc., one of the Company's major
distributors, accounted for approximately 20% of the revenue in
the fourth quarter.  Schein continues to be an important long-term
distribution partner in the Company's new model of using its own
direct sales force and a selected group of high end distributors.

Mr. Pignatelli continued, "At the recent Greater New York Dental
Tradeshow, I was very impressed by the current demand for laser
dental products, as more dentists are looking to incorporate laser
dentistry in their practices.  The message that I got at the trade
show is that there is a strong demand for high tech capital
equipment purchases and lasers are becoming a standard of care in
the industry.

"We foresee a very promising 2011 with revenue and earnings growth
on a quarterly basis," Mr. Pignatelli said.  "Following a
restricted marketplace brought on by the recession and constricted
credit, the dental high tech capital equipment market has now
shown strong signs of a turnaround and there is reason to believe
that it is poised for substantial growth, with the laser dental
market at the high end of the spectrum of choices.  We see rapid
and substantial progress being made towards laser dentistry
becoming the standard of care.  Diode lasers have been accepted
and adopted by a large part of the dental community and we expect
the next step to be a larger and deeper adoption of the more
sophisticated and clinically superior hard- and all-tissue lasers,
with particular reference to our patented and world leading
Waterlase(R) YSGG technology.  Our new and revolutionary Waterlase
iPlusTM, the most advanced all-tissue laser ever produced and
scheduled to be launched in Boston at the upcoming Yankee Dental
Meeting on January 27th, will be BIOLASE's best opportunity to
capture a significant portion of this growing cutting edge dental
market.

"As a strong commitment to the Company, its shareholders and
employees, and in my continuing pursuit to substantially increase
shareholder value, I will maintain my $1 annual salary for 2011,"
Mr. Pignatelli concluded.

The Company will provide additional details on a quarterly
conference call and Webcast when it reports full financial results
in March.

                      About BIOLASE Technology

Irvine, Calif.-based BIOLASE Technology, Inc. (NASDAQ: BLTI)
-- http://www.biolase.com/-- is a dental laser company.  The
Company develops, manufactures and markets Waterlase technology
and lasers and related products that advance the practice of
dentistry and medicine.

The Company's balance sheet at Sept. 30, 2010, showed
$19.49 million in total assets, $23.04 million in total
liabilities, and a stockholders' deficit of $3.54 million.

As reported in the Troubled Company Reporter on March 22, 2010,
BDO Seidman, LLP, in Costa Mesa, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company has suffered recurring losses from operations, has had
declining revenues, has limited financial resources at
December 31, 2009, and is substantially dependent upon its primary
distributor for future purchases of the Company's products.


BISCAYNE PARK: Sells All Assets to Madison Realty
-------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
confirmed the sale of all of Biscayne Park LLC's assets, including
but not limited to the real property located at 8360 Biscayne
Boulevard, in Miami, Florida, to Biscayne Park Acquisition Group,
LLC.

Madison Realty Capital, LP, a prepetition lender to the Debtor
submitted the highest and best bid for the assets at the Court-
ordered auction on December 1, 2010.  Madison designated Biscayne
Park Acquisition to be the purchaser of the assets.

At the Auction, Madison submitted a credit bid of $1,000,000 of
its claims against the Debtor.  Madison Realty holds an allowed
claim of not less than $10,607,711 secured by the Debtor's assets.

The assets will be conveyed to Biscayne Park Acquisition free and
clear of all Claims, provided that the first priority lien of the
Miami-Dade County Tax Collector for real estate taxes owed with
respect to the Assets will continue to attach to the Assets.

Biscayne Park Acquisition agrees that the assets sold will not
include (a) the mobile home of Christiane Desir, and (b) the
$230,000 supersedeas bond posted by Walmart in Miami-Dade County
Circuit Court under Case Number 08-67361 CA 22.

The Debtor has since turned over management of the property to
Madison.

                      About Biscayne Park LLC

Miami, Florida-based Biscayne Park LLC filed for Chapter 11
bankruptcy protection on April 26, 2010 (Bankr. S.D. Fla. Case No.
10-20941).  Joel M. Aresty, Esq., who has an office in North Miami
Florida, assists the Company in its restructuring effort.  The
Company disclosed $13,285,500 in assets and $14,318,965 in
liabilities as of the Petition Date.


BISCAYNE PARK: Asks for Dismissal of Case Following Sale
--------------------------------------------------------
Biscayne Park LLC has asked the U.S. Bankruptcy Court for the
Southern District of Florida to dismiss its bankruptcy case and to
establish an administrative claims bar date.

On December 30, 2010, the U.S. Bankruptcy Court for the Southern
District of Florida confirmed the sale of all of the assets of
Biscayne, including the Debtor's Miami real property located at
8360 Biscayne Boulevard, to Madison Park Realty, LP.  Madison,
which has an allowed claim of roughly $10.6 million secured by the
Assets of the Debtor, submitted the highest and best bid for the
Assets at the Court-ordered auction on December 1, 2010, via a
credit bid of $1.0 million of its claims.

The Debtor says it desires to now close this case in an organized
and expeditious manner.  The Debtor tells the Court that Madison
froze the debtor-in-possession account in December and has
diverted December rental receipts due in December to a different
account.

The Debtor also wants the Court to immediately set an
administrative claims bar date so that, among other things, claims
and fee applications can be considered and paid.

The Court has set hearing to consider the Debtor's request on
February 8, 2011, at 2:30 p.m.

                      About Biscayne Park LLC

Miami, Florida-based Biscayne Park LLC filed for Chapter 11
bankruptcy protection on April 26, 2010 (Bankr. S.D. Fla. Case No.
10-20941).  Joel M. Aresty, Esq., who has an office in North Miami
Florida, assists the Company in its restructuring effort.  The
Company disclosed $13,285,500 in assets and $14,318,965 in
liabilities as of the Petition Date.


BLUEKNIGHT ENERGY: MSD, 16.5% Owner, "Disagrees" With GTA Letter
----------------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 24, 2011, each of MSD Capital, L.P. and
MSD Torchlight, L.P., disclosed beneficial ownership of 3,576,944
shares of common stock of Blueknight Energy Partners LP,
representing 16.5% of the shares outstanding.  As of November 5,
2010, there were 21,538,462 preferred units, 21,727,724 common
units and 12,570,504 subordinated units outstanding.

On January 24, 2011, MSD Capital, L.P. and MSD Torchlight, L.P.
sent a letter to James C. Dyer, IV, the chief executive officer of
the General Partner, and Jon M. Biotti, the manager of CB-
Blueknight, LLC, a co-owner of the General Partner, expressing
disagreement with certain of the statements set forth in a letter
dated January 18, 2011 sent by Mr. Dyer to other unitholders of
the Partnership and reiterating their willingness to engage in
further discussions with Mr. Dyer regarding modifications to the
Global Transaction Agreement.

MSD Capital and MSD Torchlight now intend to have further
discussions and other communications with the General Partner's
management, members of the General Partner's Board of Directors,
including Mr. Dyer and Mr. Biotti, regarding the subject matter of
the correspondence.  MSD Capital and MSD Torchlight may also
communicate with other unitholders of the Partnership.

                    Vitol Deal, GTA Modification

As reported in the Jan. 21, 2011 edition of the Troubled Company
Reporter, Blueknight Energy Partners, L.P., have exchanged letters
with Solus Alternative Asset Management LP, owner of 7.2% of the
common units of the Partnership, and Swank Capital, LLC, owner of
16.2%, in connection with the shareholders' objections to further
implementation of a Global Transaction Agreement.

As contemplated by the Global Transaction Agreement entered into
on October 25, 2010, by and among Blueknight Energy Partners,
L.P., Blueknight Energy Partners G.P., L.L.C., the general partner
of the Partnership (the "General Partner"), Blueknight Energy
Holding, Inc. ("Vitol Holding") and CB-Blueknight, LLC
("Charlesbank Holding"), on November 12, 2010, the General Partner
purchased 433,758 General Partner Units in the Partnership to
maintain the General Partner's approximate 2% general partner
interest in the Partnership in exchange for aggregate
consideration of approximately $2.8 million.  The General Partner
Units were issued and sold in a private transaction exempt from
registration under Section 4(2) of the Securities Act of 1933, as
amended, and certain rules and regulations promulgated under that
section.

In a Jan. 5 letter to Blueknight, Swank Capital said, "Although we
are disappointed with the GTA and believe that it violates the
intent of fair dealings set forth in the Partnership Agreement, we
are encouraged that you are willing to consider modifications in
order to better align the long-term interests of all stakeholders
of the Partnership."

Solus also raised "serious" objections to the transactions
outlined in the GTA.  Solus believes that the General Partner has
acted improperly with regard to the terms of the Phase I
Transactions.  In a January 12 letter to Blueknight, Solus said,
"We ask that you reconsider the Global Transaction Agreement, an
option which the General Partner and its Conflicts Committee
specifically retained."

On January 18, 2011, Solus and Swank received a written response
from Mr. Dyer, the CEO of the General Partner.  "Everyone is well
aware that Blueknight faced great uncertainty and many risks
following the bankruptcy filing of SemCrude, et. al.  The loss of
a majority of Blueknight's revenues, its excessive debt, defaults
and restrictive covenants under its credit facility, increased
interest payments and costly bank fees, and its ongoing
shareholder litigation created for Blueknight a set of narrow and
unsatisfactory options.  You and other of our significant
unitholders have access to capital and were certainly more than
welcome to have submitted proposals for restructuring of
the partnership.  To our knowledge, only one such proposal was
ever submitted.  That proposal suggested an all-debt refinancing
option, a notion determined to be infeasible by every investment
banker with whom we discussed possible recapitalization ideas,
including the same institution that had originally suggested the
all-debt refinancing option," Mr. Dyer stated in the letter.

"Blueknight went to great lengths to figure out terms on which
equity capital -- true risk capital -- could be made available to
underwrite a refinancing plan.   We were well aware that without
Vitol leading the refinancing, with both the equity infusion and
with a new bank facility, there was no path to financial recovery.
None.  We were able to convince Vitol and later Charlesbank that
bankruptcy was not the best solution for the Partnership, an
option we did consider and one that would have certainly all but
eliminated any remaining value for the Common Unitholders."

A full-text copy of Mr. Dyer's response to Swank Capital and Solus
is available for free at http://ResearchArchives.com/t/s?724e

In response to the letter, Solus and Swank jointly stated January
19, "Notwithstanding the statements made in your letter, we wish
to emphasize that at no time was Solus made "welcome" to submit a
proposal for a restructuring of the Partnership.  In fact, we are
extremely disappointed that the general partner of the Partnership
did not approach us for access to the capital which you apparently
know that we have. Your contention that Vitol presented the only
path for the Partnership's financial recovery is unsupportable. We
remain ready to discuss a possible debt/equity infusion, or
another transaction, for the Partnership on significantly better
economic terms than those which the general partner obtained from
its controlling persons."

                      About Blueknight Energy

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

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

                          *     *     *

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


BUCKTOWN STATION: Files for Chapter 11 to Finish Project
--------------------------------------------------------
Andrew Schroedter, writing for Crain's Chicago Business'
ChicagoRealEstateDaily.com, reports that Bucktown Station, LLC, a
venture controlled by Bruce Fogelson, president of Chicago-based
Paramount Homes, filed a Chapter 11 petition about seven months
after PNC Bank filed to foreclose on the Bucktown Station's
condominium development.

According to the report, the venture has sold just three of the
condos in the project at 1845 N. Western Ave., which was completed
in late 2008.

The Chapter 11 filing offers the "chance to catch my breath and
finish the project," says Mr. Fogelson, son of South Loop condo
developer Gerald Fogelson.  "I have to have time to reorganize."

ChicagoRealEstateDaily reports that the project has been in
receivership since November, at the request of Pittsburgh-based
PNC Bank.  The lender sued the Fogelson-led venture in June to
collect a past-due construction loan from Cleveland-based National
City Bank, which PNC acquired in 2008.  The loan, issued in
November 2006, has a remaining balance of just under $5.6 million,
according to a filing in the bankruptcy case.  Mr. Fogelson said
the loan matured in September 2008 but he kept making monthly
payments until mid-2010, when the bank stopped cashing his checks.

Bucktown Station is a triangle-shaped development at Western and
Winnebago avenues has 15 two-and-three bedroom units, 21 indoor
parking spaces and 3,000-square-feet of retail space.

Bucktown Station, LLC, filed for Chapter 11 protection (N.D. Ill.
Case No. 11-02004) in Chicago, Illinois on January 19, 2011.
Karen J. Porter, Esq., at Porter Law Firm, in Chicago, represents
the Debtor.  The Debtor estimated assets of $1,000,001 to
$10,000,000 and debts of up to $50,000 in its Chapter 11 petition.


CARBON RESOURCES: Court Approves James LaGanke as Counsel
---------------------------------------------------------
The Honorable Robert H. Jacobvitz of the U.S. Bankruptcy Court for
the District of New Mexico approved the application of Carbon
Resources, LLC, to employ the law firm of James M. LaGanke
P.L.L.C. as its bankruptcy counsel, effective as of December 27,
2010.

The firm may be reached at:

          James M. LaGanke, P.L.L.C.
          13236 North 7th Street, Suite 4-257
          Phoenix, Arizona 85022
          Tel: (602) 279-6399
          Fax: (602) 993-5323
          E-mail: jameslaganke@aol.com

Sandia Park, New Mexico-based Carbon Resources LLC filed for
Chapter 11 bankruptcy protection on December 10, 2010 (Bankr. N.M.
Case No. 10-16104).  M.J. Keefe, Esq., at Gilpin & Keefe, PC, and
the law firm of James M. LaGanke P.L.L.C., serve 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.


CARBON RESOURCES: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Carbon Resources, LLC, filed with the U.S. Bankruptcy Court for
the District of New Mexico its schedules of assets and
liabilities, disclosing:

    Name of Schedule              Assets         Liabilities
    ----------------            -----------      -----------
A. Real Property               $22,200,000
B. Personal Property               $10,696
C. Property Claimed as
    Exempt
D. Creditors Holding
    Secured Claims                                $4,484,338
E. Creditors Holding
    Unsecured Priority
    Claims                                            $8,176
F. Creditors Holding
    Unsecured Non-priority
    Claims                                          $923,440
                                -----------      -----------
       TOTAL                    $22,210,696       $5,416,004

Sandia Park, New Mexico-based Carbon Resources LLC filed for
Chapter 11 bankruptcy protection on December 10, 2010 (Bankr. N.M.
Case No. 10-16104).  M.J. Keefe, Esq., at Gilpin & Keefe, PC, and
the law firm of James M. LaGanke P.L.L.C. serve as the Debtor's
bankruptcy counsel.


CARIS DIAGNOSTICS: Pursuing Covenant Relief; On Watch Neg. by S&P
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Irving, Texas-based Caris Diagnostics, Inc., remain on CreditWatch
with negative implications, where they were placed on Nov. 24,
2010.  The CreditWatch placement was based on Caris' tightened
liquidity and potential for breaching a credit agreement covenant.

It is S&P's understanding that the Company is actively negotiating
with its lenders to amend the loan agreement including a
modification of the covenants.

If the proposed modifications are approved, Standard & Poor's
expects to affirm its 'B' corporate credit rating on the Company,
along with all related credit and recovery ratings on the
Company's debt issues.  The rating outlook would be negative.

The negative outlook would reflect S&P's expectations of
decelerating revenue and EBITDA growth.  S&P expects modest debt
repayment over the next few quarters, as the Company continues to
operate within its new, but still restrictive, loan covenants.
S&P could lower S&P's rating if S&P believes another covenant
breach is imminent or borrowing capacity under the revolving
credit agreement shrinks substantially.  This could relate to
EBITDA margins dropping 300 basis points, suggesting a more
vulnerable business position, or the ongoing prospect of losses in
the hematopathology business.


CASELLA WASTE: S&P Keeps 'B+' Rating, Outlook Now 'Positive'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Casella Waste Systems Inc. and revised the
outlook to 'positive' from 'stable'.  S&P also affirmed its 'BB'
issue rating and '1' recovery rating on the Company's existing
first-lien senior secured credit facility; raised S&P's issue
rating and revised S&P's recovery rating on the Company's second-
lien notes to 'BB-' and '2', respectively, from 'B+' and '4'; and
assigned S&P's 'B-' issue rating and '6' recovery rating to the
Company's proposed $200 million senior subordinated notes due
2019.

"Our affirmation of the corporate credit rating and revision of
the outlook reflect Casella's commitment to and progress toward
reducing debt leverage," said Standard & Poor's credit analyst
James Siahaan.  "The rating action also incorporates what we
believe will be a more manageable debt maturity schedule following
the debt repayment and refinancing transactions."

Casella has signed a definitive agreement to divest certain
recycling facilities along with a transfer station to CE Holdings-
-a Company formed by Pegasus Capital Advisors LP and Intersection
LLC, and financially backed by Pegasus, MissionPoint Capital
Partners LLC, HarbourVest Partners LLC, and Ares Capital Corp.
S&P believes that the Company is likely to use the entire
divestiture proceeds along with borrowings under its revolving
credit facility to repay its term loan B due April 2014.

Rutland, Vermont-based Casella Waste Systems Inc. is a vertically
integrated provider of collection, recycling, transfer, and
disposal services to residential, commercial, and industrial
customers.  The Company operates predominantly in the northeastern
U.S. and focuses on competing in secondary and tertiary markets.
Casella occupies the largest or second-largest market position in
about 80% of the markets it serves.


CATHOLIC CHURCH: All Milw. Committee Members Have Abuse Claims
--------------------------------------------------------------
Patrick S. Layng, the United States Trustee for Region 11,
appointed five members to the Official Committee of Unsecured
Creditors in the Archdiocese of Milwaukee's Chapter 11 case:

  (1) Charles Linneman, acting chairperson;
  (2) Dean Weissmueller;
  (3) Kevin Wester;
  (4) Karen Konter; and
  (5) Peter Neels

The newly appointed members are among those holding the largest
unsecured claims against the Archdiocese, and are willing to serve
in the Creditors Committee, according to the U.S. Trustee's Court
filing.

According to a report from Journal Sentinel, Mike Finnegan, Esq.,
at Jeff Anderson & Associates, in St. Paul, Minnesota, has
confirmed that all five committee members have abuse claims
against Catholic clergy.

Jeff Anderson represents the five committee members, and hence,
all of their addresses are listed as c/o Jeff Anderson, 366
Jackson Street, in St. Paul, Minnesota 55101 with telephone number
(651) 227-9990 and facsimile number (651) 297-6543.

               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)


CATHOLIC CHURCH: Milw. Employee Pension Plans Underfunded
---------------------------------------------------------
The Archdiocese of Milwaukee revealed at a meeting held last
January 21, 2011, that its employees' pension plans are
underfunded, the Journal Sentinel reports.

The meeting was among Milwaukee, its creditors, and David W.
Asbach, assistant U.S. Trustee for Region 11, for the selection of
the members of an official committee of unsecured creditors,
relates Annysa Johnson of the Journal Sentinel.

According to the Daily Reporter, Jerry Topczewski, chief of staff
for Archbishop Jerome E. Listecki, could not estimate the extent
of the shortfall, but that it affects only the Archdiocese's
employees and retirees, and not those of schools, parishes or
other participating employers.  The shortfall is attributed to
poor investment performance.

"It's not because we haven't made payments.  They're made on time
and based on actuarial projections," Mr. Topczewski was quoted by
the Journal Sentinel as saying.  Mr. Topczewski is one of nearly
5,800 people covered in a pension plan for lay employees.

Mr. Topczewski also said that all investment stocks took a hit in
2008, and the plans are still trying to recover from that.  "You
could call all kinds of pension funds around town and find a lot
are underfunded," he said.

Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, disclosed at the meeting that the
Archdiocese participates in four retiree plans: three pension
funds for lay workers, priests and union workers; and a retired
priest's health plan, the Journal Sentinel reports.

The plans are held in trusts, and hence, are not assets available
to fund a settlement between the Archdiocese and its creditors,
Mr. Topczewski said.

               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)


CATHOLIC CHURCH: Wilmington Plan Outline Hearing Set for Feb. 15
----------------------------------------------------------------
The Catholic Diocese of Wilmington, Inc., notified parties-in-
interest that it will seek approval of the disclosure statement
explaining its proposed Chapter 11 plan at a hearing on February
15, 2011, before Judge Christopher S. Sontchi of the United States
Bankruptcy Court for the District of Delaware.

Deadline to file objections to the adequacy of the Disclosure
Statement, as amended, is on February 5, 2011.

To recall, the Diocese filed with the Court its Third Amended
Chapter 11 Plan of Reorganization and accompanying 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.

Under either plan option, the Diocese proposes to undertake
voluntary steps and non-monetary actions for the Abuse Survivors,
including the sending by the Bishop of letters of apology to
survivors and their families, and the posting on the Diocese's 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.

The Abuse Survivors and their counsel, however, are not happy with
the Archdiocese's Amended Plan and Disclosure Statement, alleging
that the Amended Plan is insincere and insufficient, both in terms
of the compensation offered to victims and disclosure of
information related to abuser priests.  They argued, among other
things, that the Amended Plan will prolong the dispute and
suffering on all sides.

                  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 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.

The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19, 2009.
There were 131 cases filed against the Diocese, with 30 scheduled
for trial, as of the bankruptcy filing.

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


CATHOLIC CHURCH: Wilmington Wants Until April 26 to Remove Actions
------------------------------------------------------------------
The Catholic Diocese of Wilmington, Inc., asks the U.S. Bankruptcy
Court for the District of Delaware to extend through April 26,
2011, the period within which it may remove various civil actions
pending as of the Petition Date.

The Diocese also asks Judge Sontchi that the proposed April 26
Removal Period apply to all matters specified in Rules
9027(a)(2)(A), (B) and (C) of the Federal Rules of Bankruptcy
Procedure, and that the order approving the request be without
prejudice to (i) any position the Diocese may take regarding
whether Section 362 of the Bankruptcy Code applies to stay any
given civil action pending against the Diocese, and (ii) the right
to seek further extensions of the Removal Period.

The Diocese's current Removal Period expires on January 26, 2011.
Judge Sontchi, however, will convene a hearing on February 16,
2011, to consider the request, with objections due on February 7.
Pursuant to Del.Bankr.L.R. 9006-2, the Removal Period is
automatically extended until the conclusion of that hearing
without the necessity for the entry of a bridge order.

The Diocese believes that there is ample cause to extend the
deadline for removal of the Actions, given that the Actions assert
personal injury tort claims over which the Bankruptcy Court has
limited subject-matter jurisdiction, and the liquidation and
estimation of the claims in the U.S. District Court for the
District of Delaware may well be necessary in order to move the
bankruptcy case forward.

James L. Patton, Jr., Esq., at Young Conaway Stargatt & Taylor,
LLP, in Wilmington, Delaware, asserts that since the filing of the
last extension request, the Diocese has engaged in additional plan
negotiations and discussions with its key constituencies, the
culmination of which was the filing on January 10, 2011, of the
Amended Plan of Reorganization and Disclosure Statement.

The Amended Plan expressly contemplates the Diocese exercising its
removal rights under Rule 9001 of the Federal Rules of Bankruptcy
Procedure and Section 1452 of the Judicial and Judiciary
Procedures Code to allow for an efficient and consistent process
to liquidate claims, Mr. Patton points out.  Accordingly, the
Current Deadline should be extended to allow the Bankruptcy Court
to consider confirmation of the Amended Plan and the important
removal provision, he maintains.

                  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 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.

The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19, 2009.
There were 131 cases filed against the Diocese, with 30 scheduled
for trial, as of the bankruptcy filing.

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


CDR-V LLC: Files Schedules of Assets and Liabilities
----------------------------------------------------
CDR-V LLC filed with the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, its schedules of
assets and liabilities, disclosing:

    Name of Schedule              Assets         Liabilities
    ----------------            -----------      -----------
A. Real Property                  $863,000
B. Personal Property                $3,077
C. Property Claimed as
    Exempt
D. Creditors Holding
    Secured Claims                                $1,300,000
E. Creditors Holding
    Unsecured Priority
    Claims                                                $0
F. Creditors Holding
    Unsecured Non-priority
    Claims                                                $0
                                -----------      -----------
       TOTAL                       $866,077       $1,300,000

Lancaster, California-based CDR-V, LLC filed for Chapter 11
bankruptcy protection on December 23, 2010 (Bankruptcy Case No.
10-64829).  Judge Vincent P. Zurzolo presides over the case.  The
Debtor estimated its assets at $10 million to $50 million, and
debts at $1 million to $10 million.  The Debtor is represented by
Gary L. Harre, Esq., at Global Capital Law PC.


CDR-V LLC: 341 Meeting of Creditors Set for February 22
-------------------------------------------------------
A Section 341 meeting of creditors in the Chapter 11 case of
CDR-V, LLC is set for February 22, 2011, at 1:15 p.m.  The meeting
will be held at 725 S Figueroa St., Room 2610, in Los Angeles,
California 90017.

During the meeting, creditors can question the Debtor's
representative.  Creditors are welcome to attend, but are not
required to do so.  The meeting may be continued and concluded at
a later date without further notice.

Lancaster, California-based CDR-V, LLC filed for Chapter 11
bankruptcy protection on December 23, 2010 (Bankruptcy Case No.
10-64829).  Judge Vincent P. Zurzolo presides over the case.  The
Debtor is represented by Gary L. Harre, Esq., at Global Capital
Law PC.


CELL THERAPEUTICS: Socius CG Discloses 9.7% Equity Stake
--------------------------------------------------------
In a Schedule 13G filing with the Securities and Exchange
Commission on January 24, 2011, each of Socius CG II, Ltd.,
Socius Capital Group, LL, Sabra ICG, LLC, Patricia Peizer and
Terren S. Peizer disclosed beneficial ownership of 87,029,396
shares of common stock of Cell Therapeutics, Inc. representing
9.7% of the shares outstanding.  As of October 22, 2010, there
were 814,781,932 shares of common stock of the company
outstanding.

On January 12, 2011, Cell Therapeutics, Inc. entered into a
Securities Purchase Agreement between the Company and Socius CG
II, Ltd.  Pursuant to the Purchase Agreement, the Company agreed
to issue to the Socius CG II, Ltd. in a registered offering:

   (i) up to 25,000 shares of the Company's Series 8 Non-
       Convertible Preferred Stock, no par value per share;

  (ii) warrants to purchase up to 22,563,177 shares of the
       Company's common stock, no par value per share; and

(iii) an additional investment right to purchase up to 25,000
       shares of the Company's Series 9 Convertible Preferred
       Stock, no par value per share, for an aggregate offering
       price of $25 million.

The closing of the Offering is subject to certain conditions.

The shares of Series 8 Preferred Stock will accrue annual
dividends at the rate of 10% from the date of issuance, payable in
additional shares of Series 8 Preferred Stock.  The shares of
Series 8 Preferred Stock are redeemable at the option of the
Company at any time after issuance, in whole or in part, either in
cash or by offset against recourse notes fully secured with
marketable securities, which may be issued by Socius CG II, Ltd.
to the Company in connection with the exercise of the Warrants and
the Additional Investment Right.

Each Warrant has an initial exercise price of $0.3878 per share of
common stock.  The Warrants are exercisable immediately and expire
two years from the date of issuance, provided that the Warrants
must be exercised simultaneously with the exercise of the
Additional Investment Right so that the percentage of the Warrants
that have been exercised will always equal or exceed the
percentage of the Additional Investment Right that has been
exercised.  The exercise price for the Warrants may be paid in
cash or through the issuance by Socius CG II, Ltd. to the Company
of Notes.  The Warrants are subject to mandatory exercise and
cancellation, in whole or in part, in certain circumstances.

The Additional Investment Right has an exercise price of $1,000
per share of Series 9 Preferred Stock.  The Additional Investment
Right is exercisable immediately and must be exercised no later
than February 11, 2011.  The exercise price of the Additional
Investment Right may be paid in cash or through the issuance of
Notes by Socius CG II, Ltd to the Company.  The Additional
Investment Right is subject to cancellation, in whole or in part,
in certain circumstances.

Each share of Series 9 Preferred Stock is convertible at the
option of the holder, at any time during its existence, into
approximately 2,579 shares of common stock at a conversion price
of $0.3878 per share of common stock, for a total of approximately
64,466,219 shares of common stock.

                      About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.

The Company's balance sheet at September 30, 2010, showed
$46.6 million in total assets, $38.9 million in total liabilities,
$13.4 million in common stock purchase warrants, and a
stockholders' deficit of $5.7 million.

Stonefield Josephson, Inc., in San Francisco, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has sustained loss
from operations, incurred an accumulated deficit, and has
substantial monetary liabilities in excess of monetary assets as
of December 31, 2009.


CHARYS HOLDING: Liquidating Trusts to Amend Suit v. Hades
---------------------------------------------------------
Bankruptcy Judge Brendan Linehan Shannon granted the request of
Charys Liquidating Trust and C&B Liquidating Trust for leave to
file a second amended complaint against Hades Advisors, LLC.

The Plaintiffs' First Amended Complaint asserted four counts.
Count I seeks the avoidance and recovery of the funds that Charys
Holding Company, Inc., had wired to Hades before Charys filed for
bankruptcy on the ground that the Transfer was a preferential
payment subject to avoidance under 11 U.S.C. Secs. 547 and 550.
Pursuant to a motion to dismiss filed by the Defendant, the Court
dismissed without prejudice to the Plaintiffs Count I of the
Complaint because the Complaint lacked facts from which the Court
could have inferred that the Transfer had been made on account of
an antecedent debt.  Thereafter, the parties commenced written
discovery on the remaining counts articulated in the Complaint, in
the course of which the Plaintiffs obtained new information in
support of Count I.  The Plaintiffs have amended the Complaint to
plead these additional facts.

Several months prior to its chapter 11 filing, Charys's board of
directors began negotiations with certain of its noteholders to
restructure its debt.  Billy V. Ray, the chief executive officer
of Charys, whose replacement was contemplated as part of the
restructuring effort, sought alternatives that would not include
his termination.  The Plaintiffs allege that Mr. Ray engaged
Hades, without the authority or knowledge of Charys's board, for
this express purpose, despite the fact that Charys had already
engaged AlixPartners LLP as management advisors.  In January 2008,
Charys wired to Hades $100,000 in connection with Hades'
restructuring services.  At the time of the Transfer, Charys is
alleged to have been insolvent because its total liabilities
exceeded its total assets by at least $10 million.

Counsel for Charys Liquidating Trust and C&B Liquidating Trust
are:

         Thomas M. Horan, Esq.
         Michael G. Busenkell, Esq.
         WOMBLE CARLYLE SANDRIDGE & RICE, PLLC
         222 Delaware Avenue
         Wilmington, DE 19801
         Telephone: (302) 252-4339
         Facsimile: (302) 661-7707
         E-mail: thoran@wcsr.com
                 mbusenkell@wcsr.com

Counsel for Advisors, LLC, are:

         Scott J. Leonhardt, Esq.
         Frederick B. Rosner, Esq.
         THE ROSNER LAW GROUP LLC
         824 Market Street, Suite 810
         Wilmington, DE 19801
         Telephone: (302) 295-5093
         E-mail: leonhardt@teamrosner.com
                 rosner@teamrosner.com

The case is Charys Liquidating Trust and C&B Liquidating Trust,
v. Hades Advisors, LLC, Adv. Pro. No. 10-50211 (Bankr. D. Del.).
A copy of the Court's January 20, 2011 Opinion is available
at http://is.gd/yNTrugfrom Leagle.com.

                      About Charys Holding

Headquartered in Atlanta, Georgia, Charys Holding Co., Inc. --
http://www.charys.com/-- provided remediation & reconstruction
and wireless communications & data infrastructure.  Charys Holding
and its affiliated debtor, Crochet & Borel Services, Inc., filed
for Chapter 11 protection (Bankr. Del. Lead Case No. 08-10289) on
February 14, 2008.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Lydia T. Protopapas, Esq., at Weil, Gotshal & Manges
LLP, represented the Debtors as counsel.  Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul N. Heath, Esq., at Richards, Layton &
Finger, P.A., represented the Debtors as Delaware counsel.
Matthew S. Barr, Esq., at Milbank, Tweed, Hadley & McCloy, LLP
represented the Official Committee of Unsecured Creditors as
counsel.  Chad A. Fights, Esq., and Gregory W. Werkheiser, Esq.,
at Morris, Nichols, Arsht & Tunnell, represented the Committee as
Delaware counsel.

Charys Holding's Chapter 11 plan was declared effective on
March 12, 2009.  Under the plan, convertible noteholders was to
recover 32.5% in the form of 94% of the new stock plus $20 million
in secured notes maturing in four years and paying 15% interest.
Unsecured creditors with $107 million in claims recover 15 cents
on the dollar, from a liquidating trust created under the Plan.
Holders of subordinated claims and equity interests in Charys did
not get anything.  Upon confirmation of their bankruptcy plan, the
Debtors had assets of roughly $215 million and the liabilities of
roughly $339 million.


CIRCLE ENTERTAINMENT: Appoints Gary McHenry as CFO
--------------------------------------------------
Gary McHenry has been appointed to serve as the Chief Financial
Officer of Circle Entertainment Inc. effective January 21, 2011.
Mr. McHenry, as the Chief Financial Officer, will serve as the
Company's Principal Financial Officer.  Mr. McHenry, 60 years old,
has served as the Company's Principal Accounting Officer since
August 1, 2009.  He also served as the Controller of the Company's
former Las Vegas subsidiary from 2007 until its emergence from
Chapter 11 bankruptcy proceedings in December 2010.  Mr. McHenry
is an at-will employee of the Company.  Mr. McHenry is a CPA and
has over 10 years professional experience in the real estate,
manufacturing and communications industries.

There is no arrangement or understanding between Mr. McHenry and
any other person pursuant to which he was selected as an officer
of the Company.  There are no family relationships between
Mr. McHenry and any executive officer or director of the Company,
and there are no transactions in which Mr. McHenry has an interest
requiring disclosure under Item 404(a) of Regulation S-K.

                       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.


CITYCENTER HOLDINGS: S&P Assigns 'B-' Corporate; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to Las Vegas-based CityCenter Holdings LLC.  The
rating outlook is negative.

At the same time, S&P assigned the Company's $500 million senior
secured first-lien term loan due 2015 and $900 million senior
secured first-lien notes due 2016 S&P's 'B' issue-level rating
(one notch higher than the 'B-' corporate credit rating).  S&P
also assigned these debt issues its recovery rating of '2',
indicating S&P's expectation for substantial (70%-90%) recovery
for lenders and noteholders in the event of a payment default.

In addition, S&P assigned CityCenter's $600 million senior secured
second-lien pay-in-kind (PIK) toggle notes due 2017 S&P's 'CCC'
issue-level rating (two notches lower than the 'B-' corporate
credit rating) with a recovery rating of '6', indicating S&P's
expectation of negligible (0%-10%) recovery for noteholders. Both
the first- and second-lien notes [[[the first lien term loan will
not be co-issued]]] were co-issued by wholly owned subsidiary
CityCenter Finance Corp.

The Company used the proceeds from the notes offerings to repay a
portion of the previously existing $1.85 billion senior secured
credit facility and to prefund interest expense obligations on
both first-lien debt instruments for approximately 18 months.
Concurrent with the close of the notes offering, an amendment and
restatement of the previously existing credit agreement became
effective, resulting in a $500 million first-lien term loan
outstanding that will mature in 2015.  Additionally, under the
terms of the senior secured second-lien PIK toggle notes, the
first three interest payments on those notes will be paid in kind.
Thereafter, the Company may elect to pay interest on the
second-lien notes entirely in cash, entirely via PIK interest
accrual, or 50% cash and 50% PIK.

"The 'B-' corporate credit rating reflects CityCenter's weak
credit measures and the very slow ramp-up experienced at the
property since its opening in December 2009," said Standard &
Poor's credit analyst Ben Bubeck, "as well as our belief that the
Company will be challenged to ramp up cash flow generation
to a level sufficient to service the capital structure."  These
risks are only modestly offset by liquidity enhancements to
facilitate a prolonged ramp-up period, including the prefunded
interest reserve on the first-lien debt, and S&P's view that the
Las Vegas Strip should realize at least modest growth in gaming
revenues over the next few years, as well as continued moderate
growth in convention business.


COLONIAL BANCGROUP: FDIC Has No Setoff Rights on BB&T Accounts
--------------------------------------------------------------
Bankruptcy Judge Dwight H. Williams, Jr., denied a renewed motion
by The Federal Deposit Insurance Corporation, in its capacity as
receiver for Colonial Bank, Montgomery, Alabama, for relief from
the automatic stay, to the extent deemed applicable, to permit the
FDIC to exercise alleged setoff rights against the balances held
in certain demand deposit accounts of The Colonial BancGroup,
Inc., at Branch Banking and Trust Company.

The FDIC-Receiver initially filed a motion for relief from the
automatic stay on October 5, 2009.  The motion requested
permission to offset the balances in the Debtor's accounts against
the FDIC's claim under 11 U.S.C. Sec. 365(o).  Section 365(o)
requires a Chapter 11 debtor to cure any deficit under a
commitment to maintain the capital of Colonial Bank.  The FDIC
also asserted a security interest in the Debtor's accounts and
contended that the Debtor's inability to reorganize constituted
grounds for the lifting of the stay.  The FDIC later amended the
motion to clarify that its setoff rights were not limited to its
claim under 365(o) but extended to all of the claims set forth in
the FDIC's proof of claim filed with the court.

By stipulation of the parties, the Bankruptcy Court ruled first on
the FDIC's claim under Sec. 365(o).  The Court denied the claim,
rendering the setoff issue moot as to that claim.

The FDIC filed a renewed motion for relief from the automatic stay
on September 27, 2010, asserting rights of setoff with respect to
its other claims.  The renewed motion does not assert a security
interest in the accounts, and the motion does not assert inability
to reorganize as a basis for relief from the stay.

In his Memorandum Opinion dated January 24, 2011, Judge Williams
held that the FDIC has not shown the requirements for the exercise
of setoff against the Debtor's deposit balances.  The debt is not
a mutual debt because the FDIC has no liability to the Debtor on
the accounts.  Further, if the FDIC were to incur liability on the
accounts at this time, it would constitute a postpetition debt
ineligible for setoff under 11 U.S.C. Sec. 553.  A copy of Judge
William's ruling is available at http://is.gd/LnVg79from
Leagle.com.

                   FDIC to Appeal Earlier Ruling

Joseph Checkler, writing for Dow Jones Newswires, reports that the
FDIC is renewing its bid for a nearly $1 billion priority claim in
Colonial BancGroup's Chapter 11 case, arguing a bankruptcy judge
erred last year when he ruled in favor of Colonial.  The FDIC had
argued that Colonial Bank's former parent owed it $909 million, an
amount equal to the gap between how much capital its banking
subsidiary was required to have and what it actually had on hand
when it was seized by regulators in August 2009.

According to Dow Jones, in a briefing to the U.S. District Court
for the Middle District of Alabama late last week, the FDIC said
Bankruptcy Judge Williams "erroneously" read into a statute and
his rulings "are based on a misreading of the 'plain language'
that was actually used in the debtor's commitments."  The FDIC
said it was entitled to a nearly $1 billion priority claim in the
parent's bankruptcy case.

According to Dow Jones, if successful, Colonial's bankruptcy
lawyers had successfully argued last year, the holding company
would have been forced to liquidate and creditors owed some $400
million would have been out of the money.

Dow Jones recounts that Judge Williams had held that the
"unambiguous language" of agreements between the parent and
federal and state bank regulators indicated the holding company
"did not make a commitment to maintain the capital of Colonial
Bank."

                    Feb. 3 Confirmation Hearing

Colonial BancGroup is scheduled to present its Plan of Liquidation
for confirmation at a hearing on February 3, 2011, after it
obtained approval from the Bankruptcy Court of the explanatory
disclosure statement.  As reported in the December 15, 2010
edition of the Troubled Company Reporter, according to the
Disclosure Statement, the Plan calls for the liquidation of all
assets of the Debtor and the distribution of the proceeds to the
Debtor's creditors.  After the Plan is confirmed by the Bankruptcy
Court, the Plan Trustee will be authorized to continue the task
begun by the Debtor of pursuing, collecting and liquidating the
remaining assets of the Debtor.

In addition to liquidating the Debtor's Core Assets, the Plan
Trustee will investigate and evaluate any claims the Debtor may
have against insiders, affiliated companies and independent third
parties, the pursuit of which may supplement the proceeds
recovered by liquidating the Debtor's core assets.  The proceeds
of this liquidation effort will be used to pay the outstanding
claims against the Debtor in accordance with the classifications
and order of priority of these claims under the Plan.

The Debtor intends to pay all claims in full.  However, the Debtor
does not anticipate any distribution to Classes G (Statutorily
Subordinated Claims) and H (Equity Interests).  If there are
insufficient funds to pay a certain class in full, available funds
will be distributed pro rata among the members of that class in
accordance with the amount of the allowed claims in that class.
Reserves will be established for the payment of disputed claims to
the extent required in the Plan.

                  About The Colonial BancGroup

Headquartered in Montgomery, Alabama, The Colonial BancGroup,
Inc., (NYSE: CNB) owned Colonial Bank, N.A, its banking
subsidiary.  Colonial Bank -- http://www.colonialbank.com/--
operated 354 branches in Florida, Alabama, Georgia, Nevada and
Texas with over $26 billion in assets.  On August 14, 2009,
Colonial Bank was seized by regulators and the Federal Deposit
Insurance Corporation was named receiver.  The FDIC sold most of
the assets to Branch Banking and Trust, Winston-Salem, North
Carolina.  BB&T acquired $22 billion in assets and assumed
$20 billion in deposits of the Bank.

The Colonial BancGroup filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Ala. Case No. 09-32303) on August 25, 2009.  W. Clark
Watson, Esq., at Balch & Bingham LLP, and Rufus T. Dorsey IV,
Esq., at Parker Hudson Rainer & Dobbs LLP, assist the Debtor.  The
Debtor disclosed $45 million in total assets and $380 million in
total liabilities as of the Petition Date.

In September 2009, an Official Committee of Unsecured Creditors
was formed consisting of three members, Fine Geddie & Associates,
The Bank of New York Trust Company, N.A., and U.S. Bank National
Association.  Burr & Forman LLP and Schulte Roth & Zabel LLP serve
as co-counsel for the Committee.

Colonial Brokerage, a wholly owned subsidiary of Colonial
BancGroup, filed for Chapter 7 protection with the U.S. Bankruptcy
Court in the Middle District of Alabama in June 2010.  Susan S.
DePaola serves as Chapter 7 trustee.


CORNERSTONE CROSSING: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Cornerstone Crossing, LLC
        c/o John F. Battaile
        Altfeld & Battaile P.C.
        250 N. Meyer Avenue
        Tucson, AZ 85701
        Tel: (520) 622-7733

Bankruptcy Case No.: 11-01934

Chapter 11 Petition Date: January 25, 2011

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

Judge: James M. Marlar

Debtor's Counsel: John F. Battaile, Esq.
                  ALTFELD & BATTAILE P.C.
                  250 N. Meyer Avenue
                  Tucson, AZ 85701
                  Tel: (520) 622-7733
                  Fax: (520) 622-7967
                  E-mail: jfbattaile@abazlaw.co

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

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

A list of the Company's two largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/azb11-01934.pdf

The petition was signed by Richard J. Orosel, managing member.


COSINE COMMUNICATIONS: Withdraws POS AM to Form S-8
---------------------------------------------------
On January 24, 2011, Terry R. Gibson, chief executive officer at
CoSine Communications, Inc., sent a letter to the Securities and
Exchange Commission requesting that the company's Post-Effective
Amendment No. 1 to Form S-8 Registration Statements, originally
filed with the Securities and Exchange Commission on January 20,
2011, be withdrawn.

The Company requested withdrawal of the Post-Effective Amendments
because of a filing error relating to the EDGAR coding. The Post-
Effective Amendment was incorrectly coded and filed as an "POS
AM," whereas the Company intended the Post-Effective Amendment to
be filed with the Commission with the code "S-8 POS."  The Company
expects to promptly file the Post-Effective Amendment with the
code "S-8 POS."  No securities were sold pursuant to the Post-
Effective Amendment.

On the same day, Cosine Communications filed with the SEC Forms
S-8 POS relating to the deregistration of these securities:

   (a) 25,535,979 shares of CoSine Communications, Inc. common
       stock, par value $0.0001 per share, for the CoSine
       Communications, Inc. 1997 Stock Plan, the CoSine
       Communications, Inc. 2000 Stock Plan, the CoSine
       Communications, Inc. 2000 Employee Stock Purchase Plan and
       the CoSine Communications 2000 Director Option Plan;

   (b) 17,225,190 shares of Common Stock the CoSine
       Communications, Inc. 2002 Stock Plan, the CoSine
       Communications, Inc. 2000 Stock Plan, the CoSine
       Communications, Inc. 2000 Employee Stock Purchase Plan and
       the CoSine Communications 2000 Director Option Plan.

                    About Cosine Communications

Los Gatos, California-based CoSine Communications, Inc. (Pink
Sheets:COSN.pk) was founded in 1998 as a global telecommunications
equipment supplier.  As of December 31, 2006, CoSine had ceased
all its product and customer service related operations.  CoSine's
strategic plan is to redeploy its existing resources to identify
and acquire, or invest in, one or more operating businesses with
the potential for generating taxable income or capital gains.

The Company's balance sheet at Sept. 30, 2010, showed
$21.84 million in total assets, $189.0 thousand in liabilities,
all current, and stockholders' equity of $21.65 million.

Burr Pilger Mayer Inc. of San Jose, California, which audited the
Company's annual report for 2009, said that that the CoSine
Communications' actions in September 2004 in connection with its
ongoing evaluation of strategic alternatives to terminate most
of its employees and discontinue production activities in an
effort to conserve cash, raise substantial doubt about its ability
to continue as a going concern.


COUNTRYWIDE FIN'L: MBS Buyers Sue for "Massive Fraud"
-----------------------------------------------------
Reuters' Jonathan Stempel reports that Bank of America Corp's
Countrywide mortgage unit has been sued by investors claiming they
were victimized in a "massive fraud" when they bought mortgage-
backed securities from 2005 to 2007 that they thought were
"conservative, low-risk investments."  The lawsuit was filed on
Monday in a New York state court by 12 plaintiffs including the
TIAA-CREF fund family, New York Life Insurance Co. and Dexia
Holdings Inc.  Other defendants include several former Countrywide
officials, including longtime Chief Executive Angelo Mozilo.

According to Reuters, the investors said Countrywide
misrepresented the securities' safety in offering documents and
elsewhere, and compromised their investments by ignoring its
underwriting guidelines.  As a result, the complaint said, most of
the securities now carry "junk" credit ratings rather than the
"triple-A" ratings they once had, resulting in "significant
losses."  The plaintiffs want compensatory and punitive damages.

According to Reuters, Bank of America spokeswoman Shirley Norton
said in a statement that the lender would review the lawsuit, "but
on first glance these sound like large, sophisticated investors
who now want to blame someone for the fact that the declining
economy caused their investment to lose value."

The case is Dexia Holdings Inc. et al. v. Countrywide Financial
Corp et al., No. 650185/2011 (N.Y. State Supr. Ct., New York
Cty.).

                    About Countrywide Financial

Based in Calabasas, California, Countrywide Financial Corporation
(NYSE: CFC) -- http://www.countrywide.com/-- originated,
purchased, securitized, sold, and serviced residential and
commercial loans.

In mid-2008, Bank of America completed its purchase of Countrywide
for $2.5 billion.  The mortgage lender was originally priced at
$4 billion, but the purchase price eventually was whittled down to
$2.5 billion based on BofA's stock prices that fell over 40% since
the time it agreed to buy the ailing lender.


DANA HOLDING: S&P Lifts Corp. Credit Rating to BB-, Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on auto supplier Dana Holding Corp. to 'BB-' from 'B+'.
The outlook is stable.  S&P also assigned S&P's 'BB-' issue-level
rating and '3' recovery rating on Dana's proposed $700 million
senior unsecured notes.  S&P expect the notes to be issued in two
tranches with maturity dates of 2019 and 2021.

"The upgrade on Dana reflects our reassessment of the Company's
financial risk profile to significant from aggressive, given the
Company's improved credit measures in the past nine months," said
Standard & Poor's credit analyst Nancy Messer.  "Our view of the
financial risk profile is based on the Company's recent track
record of free cash flow generation, which S&P believe is
sustainable, and the lack of any significant near-term debt
maturities, after the repayment of its term loan.  Furthermore,
S&P believe the Company's performance and financial policy will
enable it to sustain these improved credit measures."

S&P also believes the recovery in light-vehicle production in
North America and Europe will continue, although moderately, and
that the Company can continue its current profitability because of
tighter cost controls, enhanced operational efficiency, and
ongoing expansion in the North American commercial-vehicle market.
S&P estimates that Dana may have achieved adjusted total debt to
EBITDA of less than 3.5x and adjusted funds from operations (FFO)
to total debt of more than 20% at year-end 2010.  In addition, the
Company's proposed transaction -- issuance of $700 million in
unsecured notes to pay down its secured term loan -- will improve
liquidity by eliminating certain constraining covenants and
extending maturities.

"We could raise the ratings if we believed Dana could increase
EBITDA such that adjusted leverage was comfortably lower than 2.5x
and FFO to total debt was 30% or better," Ms. Messer continued.
"This could occur if, for example, the Company's revenues rose
more than 10% in 2011 and EBITDA margins (including our
adjustments) were more than 10%.  For example, we calculate that
Dana could achieve 2.5x adjusted leverage if it reaches and
sustains adjusted EBITDA of at least $650 million (excluding
equity earnings in affiliates) with no change in debt after
completion of the proposed transaction.  We would also
need to believe that any use of its large cash balances would be
consistent with our expectations for a higher rating, indicating
that Dana is maintaining a financial policy consistent with that
during the recent post-bankruptcy period."

S&P could lower the ratings if it believed auto industry markets
would not improve as S&P assumes or if the economic recovery
falters, thereby preventing the Company from achieving the
financial assumptions that S&P expect for the 'BB-' rating in
2011, pushing the Company's leverage above 3.5x.  This could
occur, for instance, if revenue was flat and EBITDA margins fell
below 8%.  Or, S&P could lower the ratings if free cash generated
after capital spending dropped below $100 million for any 12-month
period in 2011, or if the Company were to pursue a material debt-
financed acquisition or large dividend payouts.


DEL MONTE: Moody's Assigns '(P)B1' Corporate on Planned Buyout
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional corporate
family rating of (P)B1 to Del Monte Foods Company, an intermediate
holding company and parent of Del Monte Corporation, and assigned
provisional ratings of (P)Ba3 to its proposed $2.5 billion senior
secured term loan and (P)B3 to $1.5 billion in proposed senior
secured notes, to be issued in connection with the planned
leveraged buyout of publicly-traded Del Monte, by an investor
group led by Kohlberg Kravis Roberts & Co. L.P.  The new ratings
will be assigned a stable outlook.  The existing ratings on
$1.27 billion of debt at Del Monte, a wholly owned subsidiary of
DelMonte HoldCo, will remain under review for possible downgrade
until the transaction has closed, immediately after which the
ratings on existing Del Monte debt instruments will be withdrawn.

The provisional debt ratings of DelMonte HoldCo reflect the high
financial leverage that will result from the planned LBO of Del
Monte, balanced against the stable operating-level performance
anticipated at Del Monte with improving product mix.

Del Monte's credit metrics had been trending positively in recent
years-Debt/ EBITDA recently fell below three times compared to
over five times a few years ago-reflecting a more focused
portfolio following the Starkist canned tuna sale in 2009 that
accelerated the company's strategy to shift its sales mix way from
consumer foods and toward the higher margin pet food business.
Moody's estimates that at closing of the LBO transaction, proforma
debt to EBITDA will approximate 6.7 times, but could decline to
below 6 times by the end of fiscal 2012.

"Del Monte's core operating performance should remain stable in
the intermediate term, with the consumer foods business providing
stable cash flows and the pet food business driving margin
expansion and earnings growth," commented Moody's senior credit
officer, Brian Weddington.  "Barring acquisitions, this should
provide for steady reduction in leverage over time," added
Weddington.

The LBO transaction valued at $5.3 billion enterprise value will
be financed with an $1.6 billion equity investment from the
sponsors, and $4.75 billion of new debt instruments issued by Del
Monte Foods Company consisting of a $750 million five-year asset-
backed revolving loan facility, a $2.5 billion seven-year senior
secured term loan, and $1.5 billion of senior unsecured notes with
tenors of up to ten years.  The transaction is expected to close
during Del Monte's fourth fiscal quarter ending this April.

Ratings assigned:

Del Monte Foods Company:

  -- Corporate family rating at (P)B1;
  -- Probability of default rating at (P)B1;
  -- $2.5 billion proposed senior secured term loan due 2018 at
     (P)Ba3 (LGD3) LGD% at 32;
  -- $1.5 billion of proposed senior unsecured notes due up to
     2021 at (P)B3 (LGD5), LGD% 85.

The senior secured term loan is secured by a first priority lien
on substantially all the assets of Del Monte Foods Company and
each guarantor, and a second priority lien on the ABL collateral.
All the Del Monte Foods Company debt will be guaranteed by all
direct and indirect subsidiaries, including Del Monte Corporation.

The instrument ratings reflect both the overall probability of
default and an average mean family loss given default assessment
of 50%, in line with Moody's LGD Methodology.

Moody's believes that leverage and event risk will likely remain
high while Del Monte is under the control of a sponsor group,
which limits the possibility of a ratings upgrade in the
foreseeable future.  However, Del Monte HoldCo's ratings could be
considered for an upgrade if the company maintains stable
operating performance such that Debt to EBITDA was sustained below
5.0 times and Retained Cash Flow to Net Debt above 11%.

A rating downgrade could be caused by a significant deterioration
in operating performance or a major acquisition or unfavorable
change in capital structure.  Quantitatively, downward pressure
would build if Debt to EBITDA exceeded 7.0 times, or Retained Cash
Flow to Net Debt fell below 10%.

For more information on Del Monte, refer to http://www.Moodys.com/

The most recent rating action on Del Monte was on November 26,
2010, when Moody's placed the ratings of Del Monte Foods
Corporation on review for possible downgrade following the
company's announcement that it had entered an agreement to sell
itself to an investor group led by KKR that also includes Vestar
Capital Partners and Centerview Partners for a total of
$5.3 billion.

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

Headquartered in San Francisco, California, Del Monte Corporation
is one of the largest producers, distributors and marketers of
premium quality branded food and pet products for the U.S. retail
market.  Revenues for the last twelve months ended October 31,
2010 were approximately $3.7 billion.


DENNY HECKER: Says Former Lawyer & Bankruptcy Trustee Lied
----------------------------------------------------------
John Welbes, writing for the St. Paul Pioneer Press, reports that
Denny Hecker has accused his own former attorney, William
Skolnick, and the Chapter 7 trustee overseeing his case of lying
to the court.  In a handwritten letter dated Jan. 17 to Bankruptcy
Judge Robert Kressel, Mr. Hecker said Mr. Skolnick lied about
where Mr. Hecker obtained $75,000 a year ago to secure the title
to Mr. Hecker's Medina home.

According to the report, Mr. Hecker said once the bankruptcy
trustee, Randall Seaver, figured out Mr. Skolnick's alleged deceit
about the source of the funds, Mr. Seaver held "the lies over
(Skolnick's) head" to extract information from Mr. Hecker that
ended up hurting his bankruptcy case.

Mr. Hecker also accuses attorneys for Chrysler Financial,
Mr. Hecker's biggest lender, of paying a former Hecker employee
for e-mails that were used against him.

The report notes Mr. Hecker, 58, is being held in the Sherburne
County Jail, and is scheduled to be sentenced Feb. 11 on criminal
fraud charges.  The report says Mr. Hecker faces up to 10 years in
prison after pleading guilty to bankruptcy fraud and conspiracy to
commit wire fraud in September.

The Pioneer Press says calls to Mr. Skolnick and Barbara May,
Mr. Hecker's current bankruptcy attorney, weren't immediately
returned Monday.

                        About Denny Hecker

Dennis E. Hecker owned and operated dozens of auto dealerships,
car rental franchises, and other businesses until 2009. He filed a
voluntary chapter 7 petition (Bankr. D. Minn. Case No. 09-50779)
on June 4, 2009, after his auto empire collapsed into bankruptcy.

Chrysler Financial filed a dischargeability action (Bankr. D.
Minn. Adv. Pro. No. 09-5019) on July 8, 2009.  Chrysler Financial
alleged that $83 million of $350 million owed is nondischargeable
under 11 U.S.C. Sec. 523(a) because Mr. Hecker allegedly obtained
it through the use of false pretenses, false representations,
fraud, defalcation, and embezzlement.  The Honorable Robert J.
Kressel granted Chrysler Financial's motion for sanctions and
ordered $83 million of the judgment against Mr. Hecker, together
with accrued interest, not dischargeable in the Chapter 7
bankruptcy case.

Mr. Hecker has pleaded guilty to two fraud charges: concealing
assets from the bankruptcy court and lying to get multimillion-
dollar loans for his dealerships and leasing operation.


DORA AJA: 1st Cir. BAP Upholds Chapter 7 Conversion
---------------------------------------------------
WestLaw reports that the phrase "after notice and a hearing," as
used in a bankruptcy statute authorizing the court to convert a
Chapter 11 case for cause after notice and a hearing, 11 U.S.C.A.
Sec. 1112(b), means notice that is appropriate under the
circumstances.  A bankruptcy court could reduce the notice period
specified under Bankruptcy Rule 2002(a) based on the debtor's
admitted failure to provide proof of insurance on estate property.
In re Aja, ---B.R.----, 2011 WL 181743 (1st Cir. BAP (Mass.)).

Proceeding pro se, Dora L. Aja filed a chapter 11 petition (Bankr.
D. Mass. Case No. 09-21872) on Dec. 8, 2009.  In January 2010, the
United States Trustee moved to convert the case to chapter 7 on
the grounds that the Debtor did not have required property
insurance, and because she failed to open a debtor-in-possession
account.  The Honorable Joan N. Feeney initially set the
Conversion Motion hearing for February 2010, but then, sua sponte,
rescheduled the hearing for January 21, 2010.  At the hearing on
the Conversion Motion, the U.S. Trustee informed the bankruptcy
judge that she notified the Debtor of the rescheduled hearing via
telephone immediately after receiving the court's notice of the
hearing date change.  The court stated that it also had contacted
the Debtor regarding the hearing date change.  The Debtor did not
appear at the hearing.  The bankruptcy judge granted the
Conversion Motion noting that the Debtor was using cash collateral
without authority, had not provided evidence that required
insurance was in place, and that there was no likelihood of
rehabilitation, particularly given her mathematically incorrect
operating report.  The day after the hearing, the Debtor moved for
reconsideration of the Conversion Order, on the ground that she
had not received notice of the hearing.  That same day, the
bankruptcy judge denied the motion, saying that the Debtor had
received timely telephonic notice of the hearing from the court,
and failed to provide a credible reason for not appearing.  In
February 2010, the bankruptcy court held a hearing on two motions
for relief from stay, and at the end of the hearing, the Debtor
made an oral motion to "reconvert" her case.  The bankruptcy court
issued a bench order denying the motion, but did not formalize its
decision in a written order.  The Debtor filed a notice of appeal
and a motion for reconsideration of the Conversion Order.  The
Bankruptcy Appellate Panel dismissed Ms. Aja's appeal, and a copy
of the BAP's ruling is available at http://is.gd/sYDinIfrom
Leagle.com.


DUBAI GROUP: In Talks With Lenders for $6BB Debt Restructuring
--------------------------------------------------------------
The Associated Press reports that Dubai Group said Tuesday it has
begun talking with two sets of lenders separately in an effort to
hammer out a $6 billion debt restructuring more efficiently.

According to the AP, Dubai Group has a $1.5 billion Islamic loan
coming due this year.  A total of 24 banks from the Middle East,
Europe and Asia were involved in that loan when it was launched in
2008, including local lender Noor Islamic Bank and the U.K.'s
Royal Bank of Scotland Group PLC.

A Dubai Group spokeswoman told The Associated Press that one
negotiating committee is composed of secured creditors, which
means their loans are backed by collateral, while the other is
made up of partially secured and unsecured lenders.  The
spokeswoman said the committees were established in recent days
and are in discussions with Dubai Group.  Splitting the lenders
into two blocs representing similar interests is meant to
streamline the negotiations.

The AP notes Dubai Group first acknowledged it was in debt talks
with lenders in November, but gave no details, including the size
of its liabilities.

According to the AP, Noor and Royal Bank of Scotland are part of
the six-member coordinating committee representing partially
secured and unsecured lenders that was first made public by
Bloomberg News.  According to the AP, the Dubai Group spokeswoman
confirmed the accuracy of the list, which also includes the UAE's
Emirates NBD, Union National Bank, and al-Hilal Bank, as well as
the Commercial Bank of Qatar.  Nexgen, a division of France's
Natixis SA, and Dubai-based Mashreqbank represent the secured
creditors.

The AP also relates a committee of seven core banks negotiated the
broad terms of Dubai World's $24.9 billion restructuring, which
eventually won support from the state conglomerate's more than
70 creditors in October.

Dubai Group is part of a conglomerate known as Dubai Holding,
which is personally controlled by the city-state's hereditary
ruler, Sheik Mohammed bin Rashid Al Maktoum.  Dubai Group owns
property in the U.S. and has sizable stakes in several financial
companies, including regional bank EFG-Hermes and Europe's Marfin
Popular Bank.

The AP relates that another division of Dubai Holding -- Dubai
Holding Commercial Operations Group -- late in December refinanced
a $555 million credit arrangement with three international banks
into a five-year loan after months of negotiations.


DYNEGY INC: Icahn Extends Tender Offer; No Rival Offers Received
----------------------------------------------------------------
Icahn Enterprises L.P. on Wednesday said its wholly owned
subsidiary, IEH Merger Sub LLC, has extended the expiration date
of its tender offer for all outstanding shares of common stock,
including the associated rights, of Dynegy Inc., for $5.50 per
share in cash, without interest and less any applicable
withholding taxes, until 5:00 p.m., New York City time, on
February 9, 2011, unless further extended or earlier terminated.

The tender offer was previously scheduled to expire at 12:00
midnight, New York City time, on Tuesday, January 25, 2011.  All
other terms and conditions of the tender offer remain unchanged.

On Tuesday, Dynegy said it did not receive any bona fide
acquisition proposals prior to the expiration of its open
strategic alternatives process on January 24, 2011.  Goldman,
Sachs & Co. and Greenhill & Co., LLC, which conducted the process
at the direction of the Special Committee of Dynegy's Board of
Directors, had contacted over 50 parties to determine whether they
would be interested in exploring a transaction with Dynegy.  After
working with several of these parties, Dynegy received no such
acquisition proposal.

As reported by the Troubled Company Reporter, Seneca Capital has
asked the Special Committee of the Board of Directors of Dynegy
for limited waivers of Dynegy's Stockholder Protection Rights
Agreement dated as of November 22, 2010 as amended, to permit
Seneca (i) to work in concert with others for the purpose of
acquiring additional Dynegy common stock at a price greater than
$5.50 per share, and (ii) to acquire additional non-voting
Beneficial Ownership of Dynegy common stock at a price that is
greater than $5.50 per share.

On December 15, 2010, Dynegy entered into an Agreement and Plan of
Merger with affiliates of Icahn.  On December 22, 2010, an
affiliate of IEP commenced a tender offer to purchase all of the
outstanding shares of Dynegy common stock for $5.50 per share in
cash, or roughly $665 million.

The only remaining regulatory approval necessary to satisfy the
closing conditions of the IEP tender offer relates to the Federal
Energy Regulatory Commission.  A joint application filed by Dynegy
and IEP is currently pending before FERC, and approval is expected
to be forthcoming.

On Tuesday, Dynegy said its Board -- in consultation with its
independent financial and legal advisors and based upon the
unanimous recommendation of the Special Committee comprised solely
of non-management independent directors -- has unanimously
determined that the tender offer is in the best interests of all
Dynegy stockholders.  The Dynegy Board unanimously recommends that
Dynegy stockholders accept the tender offer and tender their
Dynegy shares into the tender offer.

American Stock Transfer & Trust Company, LLC, the depositary for
the tender offer, has indicated that, as of midnight, New York
City time, on January 25, 2011, 5,398,317 shares of Dynegy's
common stock had been validly tendered and not withdrawn pursuant
to the tender offer, representing 4.42% of the outstanding shares
of Dynegy common stock.

The Depositary for the tender offer is American Stock Transfer &
Trust Company LLC, Reorganization Department, 6201 15th Avenue,
Brooklyn, New York 11219.  The Information Agent for the tender
offer is Morrow & Co., LLC, 470 West Avenue, Stamford, CT 06902.
The tender offer materials may be obtained at no charge by
directing a request to Morrow & Co., LLC by mail at the address
provided above or by calling toll-free (800) 607-0088 or (203)
658-9400, and may also be obtained at no charge at the Web site
maintained by the SEC at http://www.sec.gov/ Additionally, any
questions related to the tender offer may be directed to Morrow &
Co., LLC at the mailing address or telephone numbers provided.

Icahn Enterprises L.P. (NYSE: IEP), a master limited partnership,
is a diversified holding company engaged in eight primary business
segments: Investment Management, Automotive, Gaming, Railcar, Food
Packaging, Metals, Real Estate and Home Fashion.

                        About Dynegy Inc.

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

The Troubled Company Reporter has chronicled Dynegy's attempts to
sell itself.  In August 201, Dynegy struck a deal to be acquired
by an affiliate of The Blackstone Group at $4.50 a share or
roughly $4.7 billion.  That offer was raised to $5.00 a share in
November.  Through Icahn and Seneca's efforts, shareholders
thumbed down both offers.  On December 22, 2010, an affiliate of
IEP commenced a tender offer to purchase all of the outstanding
shares of Dynegy common stock for $5.50 per share in cash, or
roughly $665 million in the aggregate.

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

                           *     *     *

As reported by the Troubled Company Reporter on November 26, 2010,
Fitch Ratings downgraded the ratings of Dynegy Inc. and its
subsidiaries: Dynegy Inc. Issuer Default Rating to 'CCC' from
'B-'; Dynegy Holdings, Inc. IDR to 'CCC' from 'B-'; Secured bank
credit facilities and notes to 'B+/RR1' from BB-/RR1; Senior
unsecured to 'CCC/RR4' from 'B/RR3'; and Dynegy Capital Trust I
preferred to 'C/RR6' from 'CCC/RR6'.  The downgrade reflects
Fitch's belief that the rejection of The Blackstone Group's bid to
acquire Dynegy for $5/share will likely lead to another
transaction and capital restructuring by Dynegy's management as
activist stockholders seek to maximize shareholder values.  The
downgrade also reflects the underperformance of Dynegy's merchant
generation operations.

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

In December 2010, Moody's said its ratings and negative rating
outlook for Dynegy, Inc., and its subsidiary, Dynegy Holdings, Inc
(Caa1 Corporate Family Rating) will remain unchanged following
announcement of the Icahn deal.


EMIVEST AEROSPACE: Creditors' Committee Hirings Approved
--------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware earlier this month approved the retention of
Pachulski Stang Ziehl & Jones LLP as counsel to the Official
Committee of Unsecured Creditors, nunc pro tunc to November 4,
2010, in the bankruptcy case of Emivest Aerospace Corporation.
Judge Walrath also approved the Committee's retention of Deloitte
Financial Services LLP as the panel's financial advisors, nunc pro
tunc to November 15, 2010.

Pursuant to Section 1102(a)(1) of the Bankruptcy Code, the U.S.
Trustee for Region 3 on November 4 appointed three entities to the
Committee of Unsecured Creditors in Emivest Aerospace's case:

     * Israel Aerospace Industries Ltd.
       Attn: Rafael Matalon
       Ramat Hagolan, Israel 12944
       Tel: (972) 3-935-3343
       Fax: (972) 3-935-8278

     * Action Aviation
       Attn: Hamish Harding
       PO Box 211502
       Dubai, United Arab Emirates
       Tel: (760) 793-1912

     * Metalcraft Technologies, Inc.
       Attn: David J. Grant
       526 North Aviation Way
       Cedar City, UT 84721
       Tel: (435) 586-3871
       Fax: (435) 586-0289

                     About Emivest Aerospace

Emivest Aerospace Corporation -- http://www.sj30jet.com/-- is a
U.S.-based aircraft manufacturing company and a subsidiary of
Emirates Investment & Development PSC.  Emivest Aerospace
Corporation produces the SJ30 light jet.

Emivest Aerospace Corporation filed for Chapter 11 protection on
Oct. 20, 2010 (Bankr. D. Del. Case No. 10-13391).  Emivest
estimated assets and debts between $50 million and $100 million.

Daniel B. Butz, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, serves as counsel to the Debtor.


EMIVEST AEROSPACE: Seeks More Time to Pursue Going-Concern Sale
---------------------------------------------------------------
Emivest Aerospace Corporation asks the U.S. Bankruptcy Court for
the District of Delaware to extend by 90 days the periods during
which the Debtor has the exclusive right (i) to file a Chapter 11
plan, through and including May 18, 2011, and (ii) solicit
acceptances of the plan, through and including July 17, 2011.

According to Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, Emivest Aerospace is
currently in the process of marketing its business with the hope
of completing a going-concern sale of substantially all of its
assets in the near term.  These efforts require the full attention
of the Debtor's personnel and legal and financial advisors, he
tells the Court.

Emivest Aerospace does not believe that, in the event of a
successful sale, it will be able to negotiate with its various
constituencies and to formulate a Chapter 11 plan within the
current exclusivity time frame.  The requested extension of the
exclusivity periods is appropriate and will not cause undue delay,
Mr. Dehney asserts.

                     About Emivest Aerospace

Emivest Aerospace Corporation -- http://www.sj30jet.com/-- is a
U.S.-based aircraft manufacturing company and a subsidiary of
Emirates Investment & Development PSC.  Emivest Aerospace
Corporation produces the SJ30 light jet.

Emivest Aerospace Corporation filed for Chapter 11 protection on
Oct. 20, 2010 (Bankr. D. Del. Case No. 10-13391).  Emivest
estimated assets and debts between $50 million and $100 million.

Daniel B. Butz, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, serves as counsel to the Debtor.  The
Official Committee of Unsecured Creditors has tapped Pachulski
Stang Ziehl & Jones LLP as counsel and Deloitte Financial Services
LLP as financial advisors.


ENERGY FUTURE: Amends Prospectus for $1.06-Bil. Notes Offering
--------------------------------------------------------------
On January 24, 2011, Energy Future Holdings Corp. filed with the
Securities and Exchange Commission an amended Form S-1 relating to
its plans to issue $1,060,757,000 10.000% Senior Secured Notes due
2020.

The Company amended the registration statement to delay its
effective date until the Company shall file a further amendment
which specifically states that the registration statement shall
thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the registration statement shall
become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.

Interest on the 10.000% Senior Secured Notes due 2020 is payable
on January 15 and July 15 of each year.  The notes accrue interest
at the rate of 10.000% per annum.  The notes will mature on
January 15, 2020.

EFH Corp. may redeem any of the notes beginning on January 15,
2015.  EFH Corp. may also redeem any of the notes at any time
prior to January 15, 2015 at a price equal to 100% of their
principal amount, plus accrued and unpaid interest and a "make-
whole" premium.  In addition, before January 15, 2013, EFH Corp.
may redeem up to 35% of the aggregate principal amount of the
notes using the proceeds from certain equity offerings.

The notes are senior obligations of EFH Corp. and rank equally in
right of payment with all senior indebtedness of EFH Corp.  The
notes are effectively subordinated to any indebtedness of EFH
Corp. secured by assets of EFH Corp. to the extent of the value of
the assets securing such indebtedness and structurally
subordinated to all indebtedness and other liabilities of EFH
Corp.'s non-guarantor subsidiaries and any other unrestricted
subsidiaries.  The notes are senior in right of payment to any
future subordinated indebtedness of EFH Corp.

Energy Future Competitive Holdings Company and Energy Future
Intermediate Holding Company LLC, direct, wholly owned
subsidiaries of EFH Corp., jointly and severally guarantee the
notes.  The guarantee from EFIH is secured, equally and ratably
with certain outstanding indebtedness of EFH Corp. and EFIH, by
the pledge of all membership interests and other investments EFIH
owns or holds in Oncor Electric Delivery Holdings Company LLC or
any of Oncor Holdings' subsidiaries.  The guarantee from EFCH is
unsecured.  The guarantees are senior obligations of each
guarantor and rank equally in right of payment with all existing
and future senior indebtedness of each guarantor.  The guarantee
from EFIH is effectively senior to all unsecured indebtedness of
EFIH to the extent of the value of the Collateral.  The guarantees
are effectively subordinated to all secured indebtedness of each
guarantor secured by assets other than the Collateral to the
extent of the value of the assets securing such indebtedness, and
are structurally subordinated to any existing and future
indebtedness and liabilities of EFH Corp.'s subsidiaries that are
not guarantors.

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

               http://ResearchArchives.com/t/s?7287

                        About Energy Future

Energy Future Holdings Corp. is a privately held diversified
energy holding company with a portfolio of competitive and
regulated energy businesses in Texas.  Oncor, an 80%-owned entity
within the EFH group, is the largest regulated transmission and
distribution utility in Texas.  The Company delivers electricity
to roughly three million delivery points in and around Dallas-Fort
Worth.

EFH Corp. was created in October 2007 in a $45 billion leveraged
buyout of Texas power company TXU in a deal led by private-equity
companies Kohlberg Kravis Roberts & Co. and TPG Inc.

The Company's balance sheet at Sept. 30, 2010, showed
$47.11 billion in total assets, $53.18 billion in total
liabilities, and a stockholder's deficit of $6.07 billion.

                          *     *     *

In October 2010, Moody's Investors Service downgraded the
Corporate Family Rating for Energy Future's to Caa2 from Caa1;
downgraded EFH's Probability of Default Rating to Caa3 from Caa2
and affirmed the SGL-4 Speculative Grade Liquidity assessment.
EFH's rating outlook remains negative.  "The downgrade is
triggered by the persistent environment of low natural gas and
power commodity prices and low average heat rates, which
collectively drag down EFH's current and expected cash flow
generation.   There is little evidence indicating a significant
improvement to natural gas commodity prices, and as a result, EFH
is likely to remain in financial distress," Moody's said.

Energy Future carries a 'CCC' issuer default rating from Fitch
Ratings.


ENRON CORP: ECRC Files 25th Post-Confirmation Report
----------------------------------------------------
Enron Creditors Recovery Corp., formerly Enron Corp., and its
reorganized debtor affiliates delivered to the U.S. Bankruptcy
Court for the Southern District of New York, on January 18, 2011,
their Twenty-fifth Post-Confirmation Status Report.

A. Distributions

John S. Delnero, Esq., at K&L Gates LLP, in Chicago, Illinois,
relates that as of January 18, 2011, approximately
$21,726,000,000 in Cash, PGE Common Stock and PGE Common Stock
equivalents have been distributed to holders of Allowed Claims,
including $267,000,000 of interest, capital gains and dividends.
All Disputed Claims have been resolved and all reserves
previously held in the Disputed Claims Reserve, including
interest, dividends and gains have been released.  Until that
time as the Plan Administrator is successful in obtaining
additional recoveries related to the litigation and collection
efforts, there are no additional funds available for further
distribution.

As of January 18, 2011, the General Unsecured Creditors of Enron
have received 52.5% return on allowed claim amounts compared to
original estimates in the Disclosure Statement of 17.4% and the
Creditors of Enron North America Corp have received 52.1%
compared to original estimates in the Disclosure Statement of
20.1%.  The combined rate of return for ENA Creditors who also
hold an Enron Guaranty claim is 94.3%, excluding gains, interest
and dividends.

There are a limited number of pending litigation and collection
matters, which may total approximately $150 million in value,
that continue to affect the timing of the closure of the Enron
bankruptcy case.  The $150 million of value yet to be collected
relates primarily to the Reorganized Debtors' share of the
proceeds of litigation in which defendants previously received
summary judgment in the United States District Court for the
Southern District of New York, referred to as the "Bammel
Litigation."  On October 29, 2010, the Second Circuit Court of
Appeals vacated summary judgment for defendants with respect to
plaintiffs' non-declaratory claims and defendants' tort based
counterclaims on the grounds that those claims should have been
adjudicated in Texas and affirmed in all other respects.

On January 5, 2011, the Second Circuit Court of Appeals denied
each parties' petition for rehearing and rehearing en banc.  The
District Court has not received or filed the Mandate from the
Second Circuit Court of Appeal.  In addition, the Reorganized
Debtors are currently litigating on the District Court the appeal
on the denial by the Bankruptcy Court of a motion filed by
National City Bank which would require the payment of certain
additional monies in the approximate amount of $8.6 million to
creditors holding the Allowed ETS Debenture Claim under an
agreement which NCB purports to provide most favored nations
status in these particular circumstances which the Reorganized
Debtors have opposed.

The Plan Administrator made a distribution on November 1, 2010,
of its currently available funds in the approximate amount of
$40 million.

B. Claims Resolution Process

More than 25,000 proofs of claim were filed against the Debtors.
The Reorganized Debtors and, prior to the Effective Date, the
Debtors, have worked diligently to review, reconcile, and resolve
these claims.  In the third quarter of 2008, all Disputed Claims
were resolved.  Of the more than 25,000 proofs of claim filed,
approximately 5,653 have been ordered allowed and approximately
2,333 have been allowed as filed.  The remaining filed claims
have been expunged, withdrawn, subordinated, or otherwise
resolved.

C. Settlements and Recoveries

The Reorganized Debtors collected approximately $2,171,000 since
the Twenty-Fourth Post-Confirmation Status Report.  These amounts
were primarily attributable to settlements and the return of
other deposits belonging to the Reorganized Debtors.

D. Other Activities

The Reorganized Debtors continue to oversee additional various
Enron activities including:

  (a) Document Administration and Disposal.  The Reorganized
      Debtors have completed their document destruction efforts
      in accordance with numerous orders entered by the
      Bankruptcy Court and an order entered by the District
      Court for the Southern District of Texas.  As of
      January 1, 2010, all of the remaining 43,000 boxes
      eligible for destruction and all electronic storage
      devices have been destroyed.  Approximately 2,600 boxes
      have been sent to long-term storage in accordance with
      regulatory requirements, and the Reorganized Debtors have
      created electronic tape media to store the Litigation
      Document Library.

  (b) Dissolution of Corporate Entities.  There are three
      remaining entities, of which one is a Debtor and two are
      Post-Final Distribution Trusts.  In conjunction with the
      dissolution of the remaining corporate entities, Enron
      Dissolution Corp., a Delaware corporation, was formed
      solely for the purposes of winding up Enron and Enron Net
      Works, LLC.  Enron and Enron Net Works, LLC were merged
      with and into Enron Dissolution Corp. effective on
      December 18, 2009.  Enron Dissolution Corp. was thereafter
      dissolved effective on December 19, 2009.

  (c) Tax Return Compliance.  For 2010, a federal return will be
      filed that includes two entities, one of which will be
      filed as final for the year.  There is also one foreign
      entity with a filing obligation in the federal tax return.
      There are less than five state tax returns remaining.

  (d) Resolution of Outstanding Litigation.  Nineteen cases
      remain pending.  Since the filing of the Twenty-Fourth
      Post-Confirmation Status Report, on November 2, 2010, the
      Supreme Court denied Writ of Certiorari in an appeal filed
      by Bernard H. Glatzer of a Bankruptcy Court order which
      disallowed his bankruptcy claims.  The Second Circuit
      Court of Appeals had previously dismissed his appeal on
      grounds that "it lacks an arguable basis in law or fact."
      On April 29, 2010, the Second Circuit Court of Appeals'
      Mandate was filed in the District Court and the case is
      closed.

  (e) On January 13, 2011, Enron received a letter forwarding a
      Directive and Notice to Insurers from the New Jersey
      Department of Environmental Protection.  In the
      Directive, the NJDEP asserts that Garden State Paper
      Company, LLC and Enron North America Corp. are responsible
      parties for certain contamination alleged to exist at a
      site formerly occupied by the predecessor to Garden State
      Paper Company, LLC.  Enron is investigating the matters
      raised in the Directive and its defenses to any potential
      liability, and Enron's counsel responded to the
      Directive on January 14, 2011, requesting the withdrawal
      of the Directive noting that the NJDEP was aware of the
      potential liabilities identified in the Directive prior to
      the claims bar date and as a result the NJDEP should have
      filed any proofs of claim by the claims bar date.

  (f) The Reorganized Debtors continue to be sponsors of pre-
      petition benefit plans which are entitled to receive
      distributions from the settlement of certain class actions
      securities cases, Tittle, et al. v. Enron Corporation, et
      al. and Newby, et al. v. Enron Corporation, et al.,
      related to the Enron estate.  The Reorganized Debtors are
      working to transition the responsibility for the
      administration of the benefit plans and the associated
      distribution process to independent third parties to allow
      for the closure at the appropriate time of the Enron Case.
      The timing of the distribution of class action settlement
      monies to the benefit plans is uncertain and the
      Reorganized Debtors lack control over such distribution to
      those plans.

Moreover, the Reorganized Debtors continue to perform the
necessary accounting, control and reporting work required to
effect closure of the Case promptly.  Two remaining headcount and
engaged professional firms (a) support litigation, (b) handle
accounting, tax, cash management and reporting for the three
remaining entities, (c) calculate and control creditor
distributions, (d) perform claims management, (e) complete
disposition of remaining litigation (f) oversee wind-up of
employee matters and benefit plans, and (g) oversee IT and
corporate services providers and non-litigation matters.

                         About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for Chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No.
01-16033) following controversy over accounting procedures that
caused Enron's stock price and credit rating to drop sharply.

Enron hired lawyers at Togut Segal & Segal LLP; Weil, Gotshal &
Manges LLP, Venable; Cadwalader, Wickersham & Taft, LLP for its
bankruptcy case.  The Official Committee of Unsecured Creditors in
the case tapped lawyers at Milbank, Tweed, Hadley & McCloy LLP.

The Debtors won confirmation of their Plan in July 2004, and the
Plan was declared effective on November 17, 2004.  After approval
of the Plan, the new board of directors decided to change the name
of Enron Corp. to Enron Creditors Recovery Corp. to reflect the
current corporate purpose.  ECRC's sole mission is to reorganize
and liquidate certain of the operations and assets of the "pre-
bankruptcy" Enron for the benefit of creditors.

ECRC has been involved in the MegaClaims Litigation, an action
against 11 major banks and financial institutions that ECRC
believes contributed to Enron's collapse; the Commercial Paper
Litigation, an action involving the recovery of payments made to
commercial paper dealers; and the Equity Transactions Litigation,
which ECRC filed against Lehman Brothers Holdings, Inc., UBS AG,
Credit Suisse and Bear Stearns to recover payments made to the
four banks on transactions involving Enron's stock while the
company was insolvent.


ENRON CORP: ECRC Files Notice of Distributions as of November
-------------------------------------------------------------
John S. Delnero, Esq., at K&L Gates LLP, in Chicago, Illinois,
attorney for Enron Creditors Recovery Corp., formerly Enron Corp.,
and its reorganized debtor affiliates, relates that on November 1,
2010, the Reorganized Debtors, by and through their Disbursing
Agent, made distributions to holders of allowed claims in
accordance with Section 32.1 of the Supplemental Modified Fifth
Amended Joint Plan of Affiliated Debtors dated July 2, 2004.

A schedule, which reflects the current and cumulative
distributions made or to be made through November 2010 to holders
of Allowed General Unsecured Claims and Allowed Guaranty Claims,
on a class-by-class basis and are presented as pre-tax
withholding amounts on a current and cumulative basis, is
available for free at:

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

A schedule, which reflects the reconciliation of distribution
data for Allowed General Unsecured Claims and Allowed Guaranty
Claims through November 2010, to distribution data for Allowed
General Unsecured Claims and Allowed Guaranty Claims through
October 2009, is available for free at:

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

A schedule, which reflects cumulative distributions made or to be
made through November 2010 to a hypothetical creditor holding an
Allowed General Unsecured Claim or Allowed Guaranty Claim in the
amount of $1,000,000, on a class-by-class basis, and are
presented as pre-tax withholding amounts, is available for free
at http://bankrupt.com/misc/Enron_NovDistSchedC.pdf

                         About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for Chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No.
01-16033) following controversy over accounting procedures that
caused Enron's stock price and credit rating to drop sharply.

Enron hired lawyers at Togut Segal & Segal LLP; Weil, Gotshal &
Manges LLP, Venable; Cadwalader, Wickersham & Taft, LLP for its
bankruptcy case.  The Official Committee of Unsecured Creditors in
the case tapped lawyers at Milbank, Tweed, Hadley & McCloy LLP.

The Debtors won confirmation of their Plan in July 2004, and the
Plan was declared effective on November 17, 2004.  After approval
of the Plan, the new board of directors decided to change the name
of Enron Corp. to Enron Creditors Recovery Corp. to reflect the
current corporate purpose.  ECRC's sole mission is to reorganize
and liquidate certain of the operations and assets of the "pre-
bankruptcy" Enron for the benefit of creditors.

ECRC has been involved in the MegaClaims Litigation, an action
against 11 major banks and financial institutions that ECRC
believes contributed to Enron's collapse; the Commercial Paper
Litigation, an action involving the recovery of payments made to
commercial paper dealers; and the Equity Transactions Litigation,
which ECRC filed against Lehman Brothers Holdings, Inc., UBS AG,
Credit Suisse and Bear Stearns to recover payments made to the
four banks on transactions involving Enron's stock while the
company was insolvent.


ENRON CORP: Regents Wins OK to Reject Claims Filed After Oct. 12
----------------------------------------------------------------
Judge Melinda Harmon of the U.S. District Court for the Southern
District of Texas granted the motion of The Regents of the
University of California to reject any claims submitted after
October 12, 2010.

As previously reported, The Regents asked the Court to reject the
late-filed claims saying that it is preparing to do one final,
large distribution of Enron settlement funds to eligible
claimants who have submitted valid Proof of Claim forms.

Judge Harmon, however, extended the claims bar date to
November 19, 2010.  The judge approved the acceptance for payment
of late but otherwise valid claims submitted on or before
November 19, 2010.  No claim submitted after November 19, 2010,
will be accepted for processing or payment.

The Regents told the Court it is preparing to do one final, large
distribution of Enron settlement funds to eligible claimants who
have submitted valid Proof of Claim forms.  According to the
Regents, this distribution should occur sometime in December 2010.

The Regents added that 518 late claims that generate a Recognized
Claim were submitted after the current December 1, 2009 deadline.
The Regents relates that Gilardi & Co. LLC is processing these
claims and if all of them are valid they will have a Recognized
Claim of $118,440,892 in the aggregate.  The Regents requests that
to the extent these claims are valid they be approved and included
in the final distribution.  However, in order to bring the claims
and distribution process to a close, the Regents asks the Court to
order that no claims submitted after October 12, 2010 be accepted
for any reason.

                         About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for Chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No.
01-16033) following controversy over accounting procedures that
caused Enron's stock price and credit rating to drop sharply.

Enron hired lawyers at Togut Segal & Segal LLP; Weil, Gotshal &
Manges LLP, Venable; Cadwalader, Wickersham & Taft, LLP for its
bankruptcy case.  The Official Committee of Unsecured Creditors in
the case tapped lawyers at Milbank, Tweed, Hadley & McCloy LLP.

The Debtors won confirmation of their Plan in July 2004, and the
Plan was declared effective on November 17, 2004.  After approval
of the Plan, the new board of directors decided to change the name
of Enron Corp. to Enron Creditors Recovery Corp. to reflect the
current corporate purpose.  ECRC's sole mission is to reorganize
and liquidate certain of the operations and assets of the "pre-
bankruptcy" Enron for the benefit of creditors.

ECRC has been involved in the MegaClaims Litigation, an action
against 11 major banks and financial institutions that ECRC
believes contributed to Enron's collapse; the Commercial Paper
Litigation, an action involving the recovery of payments made to
commercial paper dealers; and the Equity Transactions Litigation,
which ECRC filed against Lehman Brothers Holdings, Inc., UBS AG,
Credit Suisse and Bear Stearns to recover payments made to the
four banks on transactions involving Enron's stock while the
company was insolvent.


FKF MADISON: Developer Files Lawsuit Against Rival Investor
-----------------------------------------------------------
The developer behind Manhattan's One Madison Park condominium
filed a lawsuit against his rival in the battle for who will lead
the stalled development out of Chapter 11 protection, Dow Jones'
DBR Small Cap reports.

As reported in the Troubled Company Reporter, in December, lead
developer Ira Shapiro proposed a restructuring plan in which
developer Ian Bruce Eichner would provide $40 million in
investments toward completing the project.  Mr. Shapiro's rival,
Monaco-based investor Cevdet Caner, has told the Delaware
Bankruptcy Court this month that he was prepared to file his own
plan -- which is backed by HFZ Capital Group -- and bring in
millions of needed investment to restart the One Madison Park
condominium project.

FKF Madison Park Group Owner, LLC, filed for Chapter 11 bankruptcy
protection on June 8, 2010 (Bankr. D. Del. Case No. 10-11867).
FKF owns the One Madison Park condominium tower in New York City.
One Madison Park project came to halt in February 2010 when iStar
Financial Inc., the chief financier for the project, moved to
foreclose on it.  The high-profile condominium project, a 50-story
tower was developed by Ira Shapiro and Marc Jacobs.


GENERAL MOTORS: NCR Corp. Files Lawsuit vs. Old GM for $2.2MM
-------------------------------------------------------------
NCR Corporation filed with the U.S. Bankruptcy Court for the
Southern District of New York a complaint against Motors
Liquidation Company seeking a declaratory judgment that about
$2.2 million in funds are not property of the bankruptcy estate.

NCR and the Debtor have each been identified as potentially
responsible parties, alleged to have shipped wastes, including
hazardous substances, to a National Priorities List site named
the North Sanitary Landfill Superfund Site also known as the
Valleycrest Landfill in Dayton, Ohio.  Since that time, both NCR
and the Debtor have participated in and contributed financially
to the investigation, removal, and remediation of hazardous
substances at the Site.

Prior to August 20, 2007, NCR paid more than its share of the
costs associated with particular aspects of the cleanup of the
Site, Matthew A. Hamermesh, Esq., at Hangley Aronchick Segal &
Pudlin, in Philadelphia, Pennsylvania -- mhamermesh@hangley.com --
tells Judge Gerber.

On November 15, 2007, the Debtor and NCR entered into a
settlement agreement whereby they, among other things, allocated
between themselves their shares of the costs associated with
cleanup of the Site, including both prospective costs and costs
incurred for portions of the cleanup already concluded.  The
parties sought and obtained approval of the Settlement Agreement
from the U.S. District Court for the Southern District of Ohio,
in which litigation over the allocation of costs for the
Valleycrest clean-up was pending.

On November 21, 2007, Judge Michael R. Merz of the District Court
also entered a Judgment, Order, and Decree embodying the major
terms of the Settlement Agreement.  The District Court JOD was
never challenged, appealed, or set aside and remains in effect,
Mr. Hamermesh asserts.  The District Court JOD also denominated
the total amount of NCR's overpayment, which then remained in the
possession of the Debtor, as "NCR's Total Overage."

As of August 20, 2007, the amount of NCR's Total Overage was
$1,820,260, Mr. Hamermesh discloses.  The District Court JOD also
provided that the Debtor would use NCR's Total Overage to
discharge NCR's liabilities at the Site as they became due.  More
importantly, the District Court JOD ruled that the Debtor "will
hold on behalf of NCR, NCR's Total Overage, and will pay interest
thereon to NCR; NCR will continue to own NCR's Total Overage," he
points out.

Essentially, the Settlement Agreement and the District Court JOD
established the Debtor as a trustee for the benefit of NCR with
regard to NCR's Total Overage, whether as an express trustee or
as a constructive trustee, Mr. Hamermesh asserts.  The Debtor has
acknowledged and pledged to take no action inconsistent with,
NCR's beneficial ownership of NCR's Total Overage or either
component thereof, he relates.

As of September 1, 2010, NCR's Total Overage totaled $2,265,858,
Mr. Hamermesh discloses.  From November 15, 2007 to June 1, 2009,
the Debtor had cash on hand exceeding $2,265,858, he says.  He
stresses that the Settlement Agreement expressed the clear intent
of the Debtor and NCR that the Settlement Agreement would not be
modified by the subsequent bankruptcy of either party.  Funds
that the debtor holds in trust, whether express or constructive,
are not property of the bankruptcy estate, he insists.

By the complaint, NCR asks the Bankruptcy Court to:

  (A) declare, pursuant to Rule 7001(2) and (9) of the Federal
      Rules of Bankruptcy Procedure, that:

      -- the Debtor holds the NCR Total Overage in trust for
         NCR;

      -- the NCR Total Overage may not be distributed to the
         Debtor's creditors as part of the Debtors' Amended
         Joint Chapter 11 Plan of Reorganization; and

      -- the NCR Total Overage must be turned over to NCR.

  (B) allow NCR an administrative expense in the amount of the
      NCR Total Overage under Section 503(b) of the Bankruptcy
      Code.

                       About General Motors

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

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

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

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

                     About Motors Liquidation

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

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

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


GENERAL MOTORS: Nummi Insists on Claims vs. GM for Breach
---------------------------------------------------------
Toyota Motor Corporation brought an adversary complaint against
Motors Liquidation Company seeking damages arising from costs
incurred when MLC abandoned their New United Motors Manufacturing,
Inc. (NUMMI) joint venture.  NUMMI initiated a separate adversary
proceeding against Old GM to assert breach of contract claims and
a promissory estoppel claim against MLC for violating its
contractual commitments and promises to NUMMI.

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

In response, Old GM asked Judge Robert E. Gerber to dismiss the
separate adversary complaints filed by New United Motor
Manufacturing, Inc., and Toyota Motor Corporation.  Old GM
contends that none of the agreements relied upon by Toyota and
NUMMI require MLC to purchase any set amount of vehicles from
NUMMI, to purchase vehicles in perpetuity or to compensate Toyota
and NUMMI for any costs associated with MLC's determination not to
continue purchasing vehicles from NUMMI.  The contracts also do
not require MLC to pay for NUMMI's wind down costs.  On the
contrary, the Agreements are clear that MLC had "no obligation to
purchase any products" and that market demand and express written
sales contracts for the products would determine MLC's purchases
from NUMMI, says Joseph H. Smolinsky, Esq., at Weil, Gotshal &
Manges LLP, in New York, counsel to Old GM.

In response to the Motion to Dismiss, Richard M. Cieri, Esq., at
Kirkland & Ellis LLP, in New York, counsel to NUMMI. argues that
Old GM failed to meet its burden to show that NUMMI failed to
state a claim upon which relief can be granted as required by Rule
12(b)(6) of the Federal Rules of Civil Procedure.

According to Mr. Cieri, NUMMI's Complaint provides more than
adequate factual allegations to satisfy Rule 8 of the Federal
Rules of Civil Procedure.  Indeed, the Complaint paints a detailed
picture of MLC's commitments to NUMMI, MLC's breaches of these
commitments and the injury NUMMI suffered as a direct result of
MLC's actions, he insists.

In contrast, MLC's Motion to Dismiss does not show that the
Complaint is factually deficient, Mr. Cieri points out.  In an
attempt to defeat NUMMI's claims, MLC ignores NUMMI's allegations
and attempts to substitute a new set of facts, he asserts.  MLC
also asked the Court to ignore or misconstrue the language in the
relevant contracts and draw inferences in its favor, he notes.
MLC's factual assertions, he avers, only raise the potential for
contract ambiguity and disputes over ambiguous contracts cannot
be resolved on a motion to dismiss.  At best, MLC's legal and
factual misdirection are not grounds to dismiss the Complaint, he
insists.

                       About General Motors

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

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

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

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

                     About Motors Liquidation

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

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

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


GENERAL MOTORS: Old GM's Asbestos Liabilities Fixed at $625MM
-------------------------------------------------------------
Motors Liquidation Company and its debtor affiliates, the Official
Committee of Unsecured Creditors, the Official Committee of
Unsecured Creditors Holding Asbestos Personal Injury Claims and
Dean M. Trafelet, the Legal Representative for Future Claimants,
jointly ask Judge Robert E. Gerber of the U.S. Bankruptcy Court
for the Southern District of New York to approve a stipulation
fixing an "asbestos trust claim" pursuant to the Debtors' Amended
Joint Chapter 11 Plan of Reorganization.

The Plan defines Asbestos Trust Claim as the claim in the amount
of the Debtors' aggregate liability for Asbestos Personal Injury
Claims that either will be in an amount (i) mutually agreed upon
by the Debtors, the Creditors' Committee, the Asbestos Claimants'
Committee and the FCR; or (ii) ordered by the Court, which when
fixed will be treated as an Allowed General Unsecured Claim in
Class 3.

The Plan also classifies Asbestos Personal Injury Claims in Class
5 and provides how those Claims will be treated under the Plan.
On the effective date of the Plan, all Asbestos Personal Injury
Claims will be channeled to an Asbestos Trust and all Asbestos
Personal Injury Claims will be satisfied in accordance with the
Asbestos Trust, the Asbestos Trust Distribution Procedures, and
the Asbestos Trust Agreement.

Counsel to the Debtors, Harvey R. Miller, Esq., at Weil, Gotshal
& Manges LLP, in New York, relates that as of the Petition Date,
about 29,000 Asbestos Personal Injury Claims were filed against
the Debtors.  The Debtors' consolidated financial statements at
that time reflected a reserve of about $650 million with respect
to their probable liability for present and future Asbestos
Personal Injury Claims over the next 10 years, adjusted for
inflation and including defense costs, he relates.

In order to quantify the Debtors' potential liability for present
and future Asbestos Personal Injury Claims for purposes of a
Chapter 11 plan and assist in interfacing and negotiating with
other constituencies in these Chapter 11 cases, the Debtors, the
Creditors' Committee, the Asbestos Claimants' Committee, and the
Future Claimants' Representative retained their own asbestos
estimation valuation experts.  The Debtors also filed a motion
for estimation of their aggregate liability for Asbestos Personal
Injury Claims.

The Court then entered an order establishing a schedule for the
estimation proceeding, which, among other things, established a
discovery schedule and set March 1, 2011, as the date on which it
would commence a hearing to estimate the Debtors' aggregate
liability for Asbestos Personal Injury Claims.

Mr. Miller tells Judge Gerber that since the filing of the
Estimation Motion, the Parties have been engaged in good-faith
negotiations to resolve the amount of the Asbestos Trust Claim
and the Estimation Motion.

By this stipulation, the parties agree on these terms:

  (1) The Debtors' aggregate liability for the Asbestos Trust
      Claim under the Plan, will be fixed in the amount of
      $625,000,000, which Claim will not be subject to any
      defense, counterclaim, right of setoff, reduction,
      avoidance, disallowance or subordination.

  (2) The Asbestos Trust Claim will be the sole Claim that
      holders of Asbestos Personal Injury Claims in their
      capacities as such will have in these Chapter 11 cases.

  (3) Because the Plan and accompanying Disclosure Statement
      expressly provide that the Asbestos Trust Claim may be in
      an amount mutually agreed upon by the Parties, as provided
      in the Asbestos Liability Stipulation, no re-solicitation
      of votes to accept or reject the Plan is required.

  (4) The Plan will be amended to conform to the Asbestos
      Liability Stipulation, including these terms:

      * Conditions precedent to the Effective Date will include:
        The Asbestos Trust Assets will have been transferred to
        the Asbestos Trust.

      * Clause on the jurisdiction of Bankruptcy Court will be
        amended to provide that the resolution of Asbestos
        Personal Injury Claims and the forum in which that
        resolution will be determined will be governed in
        accordance with the Asbestos Trust Distributions
        Procedures and the Asbestos Trust Agreement.

      * The Plan will set forth that the Asbestos Claimants'
        Committee and the FCR will each continue to have
        standing and a right to be heard with respect to any
        appeal to which it is a party, and which remains pending
        as of the Effective Date, with respect to the
        confirmation order and with respect to any order issued
        in connection with the determination of the Asbestos
        Trust Claim.

      * The Plan will also provide that nothing contained in
        Section "12.9" entitled Modifications of the Plan will
        in any way override the provisions of the Asbestos
        Liability Stipulation.

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

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

      The Plan amendments will be implemented at the
      confirmation hearing, will not be deemed to adversely
      change the treatment of the Claim of any creditor or
      equity interest holder, and will not require any re-
      solicitation of votes to accept or reject the Plan.

      Likewise, any amendment to or modification of the Plan
      that materially and adversely affects the constituencies
      whose interests are represented by the Asbestos Claimants'
      Committee and the FCR in a manner that is discriminatory
      or inconsistent with the Parties' Stipulation will require
      the written consent of the Asbestos Claimants' Committee
      and the FCR.

  (5) The Asbestos Trust Agreement and the Asbestos Trust
      Distribution Procedures will be substantially in the forms
      annexed to the Plan and will not be amended or modified in
      any material way before the Effective Date without the
      written consent of the Asbestos Claimants' Committee and
      the FCR.  Subsequent to the Effective Date, the Asbestos
      Trust Agreement and the Asbestos Trust Distribution
      Procedures may be amended or modified in accordance with
      their terms.

  (6) Unless there is a material adverse consequence to the
      Debtors or their estates, the initial distribution under
      the Plan with respect to the Asbestos Trust Claim will be
      made directly to the Asbestos Trust rather than through
      the GUC Trust or the Avoidance Action Trust.  Any
      subsequent distributions under the Plan with respect to
      the Asbestos Trust Claim will be made in accordance with
      the Plan.

  (7) Upon Court approval of the Asbestos Liability Stipulation,
      the Estimation Motion will be marked off the Court's
      calendar as "resolved."

Judge Gerber will consider approval of the Asbestos Liability
Stipulation on February 10, 2011.  Objections are due on the same
date.

                       About General Motors

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

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

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

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

                     About Motors Liquidation

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

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

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


GENERAL MOTORS: Toyota Insists on Claims vs. GM for NUMMI
---------------------------------------------------------
Toyota Motor Corporation brought an adversary complaint against
Motors Liquidation Company seeking damages arising from costs
incurred when MLC abandoned their New United Motors Manufacturing,
Inc. (NUMMI) joint venture.  NUMMI initiated a separate adversary
proceeding against Old GM to assert breach of contract claims and
a promissory estoppel claim against MLC for violating its
contractual commitments and promises to NUMMI.

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

In response, Old GM asked Judge Robert E. Gerber to dismiss the
separate adversary complaints filed by New United Motor
Manufacturing, Inc., and Toyota Motor Corporation.  Old GM
contends that none of the agreements relied upon by Toyota and
NUMMI require MLC to purchase any set amount of vehicles from
NUMMI, to purchase vehicles in perpetuity or to compensate Toyota
and NUMMI for any costs associated with MLC's determination not to
continue purchasing vehicles from NUMMI.  The contracts also do
not require MLC to pay for NUMMI's wind down costs.  On the
contrary, the Agreements are clear that MLC had "no obligation to
purchase any products" and that market demand and express written
sales contracts for the products would determine MLC's purchases
from NUMMI, says Joseph H. Smolinsky, Esq., at Weil, Gotshal &
Manges LLP, in New York, counsel to Old GM.

In response to the Motion for Dismissal, Toyota Motor Company
alleges that Old GM seeks to rewrite their 25-year relationship by
disingenuously relying on discreet and partial clauses in two
contracts at issue in Toyota's Complaint -- the Vehicle Supply
Agreement and the 2006 Memorandum of Understanding.

Matthew J. Riopelle, Esq., at Foley & Lardner LLP, in New York,
argues that MLC is wrong in asserting that the special
relationship created as a result of the joint venture has "no
bearing on the parties' legal rights and obligations" as MLC has
reaped immense benefits from this unique joint venture.  At its
inception, New United Motors Manufacturing, Inc. was one of a
kind, Mr. Riopelle stresses.  Consistent with the special
relationship among Toyota, MLC and NUMMI, these contracts
provided a flexible standard for the manufacture, purchase and
sale of vehicles to allow NUMMI to control its vast and complex
supply network, he points out.  However, despite purchasing
almost two million vehicles from NUMMI and modifying the terms of
its agreements with NUMMI to ensure NUMMI's viability, MLC now
claims that the VSA and 2006 MOU do not require -- and never did
require -- MLC to purchase on single vehicle from NUMMI, he
complains.

Mr. Riopelle also insists that Toyota has identified in the
Complaint specific provisions of the VSA and 2006 MOU breached by
MLC, in addition to the facts necessary to support Toyota's other
claims.  To the extent the VSA and 2006 MOU are ambiguous
contracts, the interpretation of which cannot be resolved in the
context of a motion to dismiss, he asserts.  However, MLC's
reliance on facts that do not appear on the face of the Complaint
cannot be considered by the Court without converting the Motion
to Dismiss to a motion for summary judgment and allowing TMC the
chance to take discovery, he avers.

"MLC's myopic view of the VSA and 2006 MOU fails to read them as
a whole, fails to give effect to the mutual intentions of the
parties, and results in repugnancy and an absurd result,"
Mr. Riopelle maintains.

                       About General Motors

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

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

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

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

                     About Motors Liquidation

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

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

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


GRAND BEAR: Seeks to Tap Lenders' Cash Collateral
-------------------------------------------------
Dow Jones' DBR Small Cap reports that Grand Bear Lodge LLC is
seeking permission from the bankruptcy court to tap its lenders'
cash collateral so it can continue operating its Illinois hotel
and indoor water park and paying its employees.

According to the report, Grand Bear said that the ability to pay
its 142 employees and to run its Grizzly Jack's Grand Bear Resort
with as little disruption as possible is "essential" to its
restructuring.

"This will enable the debtor to preserve and maximize the value of
its operations, to continue its efforts to repay all of its
creditors, and to be a significant employer in the region," Grand
Bear said in court papers, the report discloses.

Grand Bear said it's due to make payroll on February 4.

According to Grand Bear, its workers' morale and continued
employment depends upon its ability to make payroll, the report
adds.

                        Business As Usual

According to The Times, in Ottawa, Illinois, an employee, who
asked not to be identified, said all of Grand Bear's employees
have been told, for the time being, they will be able to keep
their jobs and "it's business as usual here."

                More Than $10 Mil. Owed to Creditors

The Company intends to reorganize its debt obligation while under
Chapter 11 protection.

Tom Collins at NewsTribune in LaSalle, Illinois, reports that
according to court filings, the bulk of the Company's debt is
comprised of a $9 million loan, paid down to about $7.8 million,
that Hook and his partners borrowed to construct the $18 million
Utica resort and conference center opened in 2005.

The Company said funds would be available for distribution to its
creditors, but the debts exceed the assets on hand.

Mr. Collins cites other claims listed in the filing:

  -- A disputed judgment of nearly $542,000 to Alexander Lumber
     Co. in Joliet

  -- More than $161,000 owed to the Illinois Department of
     Revenue, Hotel Operators Occupation Tax

  -- Nearly $179,000 to Advanced Asphalt Co. of Princeton

  -- More than $300,000 in legal fees to Chicago law firms

  -- More than $174,000 to U.S. Food Service, Inc. in Streator

  -- $160,462 to the Village of North Utica

                         About Grand Bear

Lockport, Illinois-based Grand Bear Lodge, LLC, filed for Chapter
11 protection in Chicago on Jan. 21, 2011 (Bankr. N.D. Ill. Case
No. 11-02321), estimating assets of up to $50,000 and debts of
$10 million to $50 million.  The decision to file was due to the
Company's inability to get a loan extension from its primary
lender, according to the LaSalle News Tribune.


GREYSTONE PHARMA: Has No Funding, Wants Ch. 7 Liquidation
---------------------------------------------------------
Greystone Pharmaceuticals Inc., has asked the U.S. Bankruptcy
Court for the Western District of Tennessee to convert its
Chapter 11 case to one under Chapter 7 of the Bankruptcy Code.

The Debtor says that it is unable to fund its current operating
expenses and reorganization, and is unable to formulate a feasible
plan of reorganization.

Fort Myers, Florida-based Greystone Pharmaceuticals, Inc. -- aka
Greystone Medical, Inc., and Greystone Medical Group, Inc. --
operates a pharmaceutical company.  The Company filed for Chapter
11 bankruptcy protection on November 2, 2009 (Bankr. W.D. Tenn.
Case No. 09-32236).  John L. Ryder, Esq., at Harris Shelton
Hanover Walsh, PLLC, in Memphis, Tenn., assists the Company in
its restructuring effort.  David J. Cocke, Esq., at Evans Petree
PC, in Memphis, Tenn., represents the Unsecured Creditor's
Committee as counsel.  In its schedules, the Debtor disclosed
$25,467,546 in assets, and $22,601,150 in liabilities as of the
petition date.


GULFSTREAM INT'L: Creditor Appeals Bankruptcy-Sale Order
--------------------------------------------------------
Dow Jones' DBR Small Cap reports that a secured creditor of
Gulfstream International Group Inc. that previously accused the
airline operator of accepting a "materially misleading" and
competition-discouraging bid for its assets is now appealing the
bankruptcy court order approving that approximately $30 million
offer.

As reported by the Troubled Company Reporter on January 25, 2011,
Bankruptcy Judge John K. Olson authorized Gulfstream International
to sell its business to an affiliate of Chicago-based Victory Park
Capital Advisors LLC.  Bill Rochelle, the bankruptcy columnist for
Bloomberg News, said that to keep the airline flying, the judge is
allowing the sale to be completed without awaiting the usual 10
days for appeal.

Mr. Rochelle said Victory Park is buying Gulfstream in return for
financing it provided the Chapter 11 case.  In addition, Victory
Park is paying Raytheon Aircraft Credit Co. $18.7 million to buy
the 21 Beechcraft 1900 D aircraft that Gulfstream operates.
Raytheon also will be paid arrears on the aircraft leases.
Victory Park will pick up specified expenses of the Chapter 11
case while setting aside a $600,000 fund to pay professional fees.
Victory Park is also allowing the creation of a $100,000 fund to
finance lawsuits.

Mr. Rochelle noted that a prior bankruptcy court order said there
will be a "structured dismissal" of the Chapter 11 case within 30
days of the completion of the sale.

                 About Gulfstream International

Fort Lauderdale, Florida-based Gulfstream International Airlines
(NYSE Amex: GIA) operated a fleet of turboprop Beechcraft 19000
aircraft, and specialized in providing travelers with access to
niche locations not typically covered by major carriers.  GIA
operated more than 150 scheduled flights per day, serving nine
destinations in Florida, 10 destinations in the Bahamas, five
destinations from Continental Airline's hub under the Department
of Transportation's Essential Air Service Program and supports
charter service to Cuba through a services agreement with
Gulfstream Air Charter, Inc., an entity otherwise unrelated to the
Debtors.  GIA operated as a Continental Connection carrier, as
well as for United Airlines, Northwest Airlines and Copa Airlines,
through code share agreements.  GIA has 620 employees, including
530 working full-time.

Gulfstream International Group, Inc., and its units including
Gulfstream International Airline, Inc., filed for Chapter 11
bankruptcy protection on November 4, 2010 (Bankr. S.D. Fla. Case
No. 10-44131).  Brian K. Gart, Esq., at Berger Singerman, P.A.,
serves as the Debtors' bankruptcy counsel.  Jetstream Aviation
Capital, LLC and Jetstream Aviation Management, LLC, serve as
financial advisors to the Debtors.  Robert A. Schatzman, Esq.,
Steven J. Solomon, Esq., and Frank P. Terzo, Esq., at
GrayRobinson, P.A., in Miami, Florida, serve as counsel to the
Official Committee of Unsecured Creditors.

Gulfstream International Airlines disclosed $15,967,096 in assets
and $25,243,099 in liabilities in its Schedules of Assets and
Liabilities.


HARRY & DAVID: Will Likely Default, Says Moody's; PDR Now 'Ca'
--------------------------------------------------------------
Moody's Investors Service downgraded Harry & David's Probability
of Default and Corporate Family ratings to Ca from Caa3.  The
company's senior unsecured notes were lowered to C from Ca.  The
ratings outlook is negative.

The downgrade to Ca reflects Moody's view that Harry & David will
likely default on its debt obligations in the very near-term.  The
company recently announced that will not be able to borrow on its
revolver -- a critical source of operating liquidity -- as a
result of covenant violations.  Additionally, Harry & David is
facing an estimated $7 million interest payment on March 1, 2011
on its senior unsecured notes, and a substantial scheduled debt
maturity in March 2012 when the company's $58 million senior
unsecured notes mature.  As of December 25, 2010, Harry & David
estimated that it had $66.9 million of cash and $57.9 million of
accounts payable.

The Ca also considers that any restructuring of Harry & David's
debt could result in significant impairment to debt holders given
the company's negative EBITDA and low tangible asset value
relative to its outstanding debt.  The company recently announced
that it hired outside advisors to explore recapitalization
options.

The negative rating outlook considers that Harry & David's ratings
could be downgraded if a payment default occurs under its debt
obligations or the company recapitalizes its debt obligations at
less than par.  A ratings upgrade in the near term is unlikely
given the unsustainable nature of the company's current debt
capital structure.

Ratings downgraded:

  -- Corporate Family Rating to Ca from Caa3
  -- Probability of Default Rating to Ca from Caa3
  -- Senior unsecured floating rate notes due 2012 to C (LGD 5,
  -- 73%) from Ca (LGD 5, 70%)
  -- Senior unsecured 9% fixed rate notes due 2013 to C (LGD 5,
     73%) from Ca (LGD 5, 70%)

The principal methodologies used in this rating were Global Retail
Industry published in December 2006, and Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Harry & David produces and markets premium gift-quality fruit,
gourmet food products, and specialty gifts under the Harry and
David brand.  Distribution channels include print catalogues, the
internet, retail stores, and wholesale.  Annual revenues approach
$420 million.


HERTZ CORP: Fitch Expects to Put BB- Rating on $300MM Unsec. Notes
------------------------------------------------------------------
Fitch Ratings expects to rate Hertz Corporation's $300 million
issuance of senior unsecured notes 'BB-.'  Hertz's 'BB-' Issuer
Default Rating and Stable Rating Outlook are unaffected by the
assignment of this rating.

The notes will rank equally with all of Hertz's senior unsecured
indebtedness.  Hertz intends to use the proceeds from the
issuance, together with cash proceeds from the issuance of Hertz's
7.50% senior unsecured notes due 2018 on Sept. 30, 2010, to redeem
$300 million of its 2005 Acquisition Dollar Notes.

Fitch expects to assign the following rating:

The Hertz Corporation

  -- $300 million senior unsecured notes 'BB-';


H.K. PORTER: To Purchase Great American Policy for $152,000
-----------------------------------------------------------
H.K. Porter Company Inc. has reached a settlement with Great
American Insurance Company that provides, among other things, for
the buy-back of an insurance policy, and in connection therewith
Porter has filed a Motion for Order Approving: (1) Insurance
Settlement With Great American Insurance Company; and (2) Sale of
Insurance Policy Free and Clear Of Claims and Interests, Docket
No. 3067, and the U.S. Bankruptcy Court for the Western District
of Pennsylvania has entered an Order scheduling a hearing on the
Motion for Feb. 10, 2011 at 2:00 p.m., in Pittsburgh.  At the
hearing, the Reorganized Debtor will seek to confirm the
settlement and the sale of the insurance policy to Great American.

The property to be sold consists of a high level excess general
liability insurance policy issued by Agricultural Excess & Surplus
Insurance Company to H.K. Porter for the period from May 1, 1986,
to May 1, 1987, and numbered XSO006104.  Great American has
offered to buy-back the Policy upon such terms and conditions as
are set forth in the Settlement Agreement among the parties for
the sum of $152,000.

Anyone who wishes to object to the Settlement Motion must file a
written response on or before February 3, 2011 and serve a copy of
that response on:

    H.K. Porter's counsel:

         George T. Snyder, Esq.
         Stonecipher, Cunningham, Beard & Schmitt, P.C.
         125 First Avenue
         Pittsburgh, PA 15222

              - and -

    Counsel to the H.K. Porter Asbestos Trust:

         Philip E. Milch, Esq.
         Campbell & Levine, LLC
         310 Grant Street, Suite 1700
         Pittsburgh, PA 15219

              - and -

    Counsel to Great American:

         Paul J. Killion, Esq.
         Duane Morris LLP
         One Market Plaza, Suite 2200,
         San Francisco, CA 94150-1127


HOUGHTON INT'L: S&P Puts 'B' Rating on $500MM Credit Facilities
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
rating to Valley Forge, Pa.-based Houghton International Inc.  The
outlook is stable.

At the same time, S&P assigned its 'B' issue-level ratings (same
as the corporate credit rating) to Houghton's $500 million senior
secured credit facilities due 2016.  The recovery ratings are '4',
indicating S&P's expectation of average recovery (30% to 50%) in
the event of a payment default.

The Company is using the proceeds to refinance its existing senior
secured debt and senior subordinated notes, as well as to finance
the acquisition of the metalworking and rolling oil businesses
from Royal Dutch Shell plc, with the remaining portion of the
funds allocated for fees and expenses.  The senior secured
facilities consist of a $50 million multicurrency revolving credit
facility and a $450 million term loan B.

"The ratings on Houghton reflect the Company's participation in
the highly competitive niche metalworking fluids industry,
exposure to cyclical end markets, volatile raw material cost base,
private equity ownership, and our expectation of highly leveraged
financial measures, including 2011 funds from operations to total
adjusted debt below 10%," said Standard & Poor's credit analyst
Seamus Ryan.  Partially offsetting these factors are the Company's
leading market share position, essential nature of its products,
and good geographic and customer diversity.  S&P characterizes
Houghton's business risk profile as weak and its financial risk
profile as highly leveraged.

Houghton operates in the niche metalworking fluids industry, with
its products primarily sold into the cyclical automotive, steel
and aluminum industries, where the products provide essential
process characteristics such as lubrication, rust prevention, heat
dissipation, operating efficiency, and cleanliness of machine
parts.  Houghton's products also represent a small portion of end-
product cost with customer loyalty providing a barrier to entry
that is enhanced through technical engineering and service.
Nonetheless, substitute products from competitors and significant
excess capacity result in price competition.

Houghton is the leading producer in the mature $6 billion global
metalworking fluids market.  S&P expects North American and
S&Pstern European markets to experience slow growth supported by a
gradual economic recovery in developed regions, while
manufacturing activity continues to migrate to Eastern Europe,
Asia, and South America.  Houghton is positioned to capture some
of this migration, as the Company generates approximately one-
third of its sales from these growing markets.  In addition, the
acquisition of Shell's metal working fluids business should
provide additional exposure to the faster-growing Eastern European
automotive markets.

The stable outlook reflects S&P's expectation that moderately
improved profitability due to increased end-market demand and cost
reductions will help Houghton generate sufficient cash flow to
achieve FFO to total debt approaching 10% over the near term.

Based on S&P's scenario forecasts, S&P could raise ratings if
revenues grow at a slightly faster pace than the economy and
operating margins (before depreciation and amortization) increase
by 200 basis points from current levels.  As a result, S&P would
expect FFO to adjusted debt to increase above 12%.  To consider a
higher rating, S&P would also have to gain additional comfort with
the Company's very aggressive financial policies, including
future acquisition or dividend plans.

S&P could lower the ratings if unexpected business challenges
reduce the Company's operating margins by 200 basis points from
current levels, resulting in FFO to adjusted debt in the low-
single-digit percentage range.  Such a scenario could develop from
an unexpected reduction in end-market demand, integration
difficulties, or the inability to fully pass through volatility in
base oil prices, which are expected to increase moderately in
2011.  S&P could also lower the ratings if financial policy
decisions result in increased debt leverage.


HUNTINGTON INGALLS: S&P Puts BB+ Rating on $1.25BB Credit Facility
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Huntington Ingalls Industries Inc. (Huntington
Ingalls).  At the same time, S&P assigned S&P's 'BB+' issue-level
rating to the Company's proposed $1.25 billion secured credit
facility (which consists of a $600 million term loan and a
$650 million revolver, both due in 2016) with a recovery rating of
'1', indicating S&P's expectations of very high (90%-100%)
recovery in a payment default scenario.

S&P also assigned its 'B+' issue rating to the Company's proposed
$575 million unsecured notes due 2018 and $600 million unsecured
notes due 2021 with a recovery rating of '5', indicating
expectations of a modest (10%-30%) recovery.  The outlook is
stable.

"The ratings on Huntington Ingalls reflect the high leverage which
will follow the planned spin-off from Northrop Grumman Corp., as
well as its weak profitability, limited product and customer
diversity, and the possible long-term budget pressures facing
military shipbuilders," said Standard & Poor's credit analyst
Christopher DeNicolo.  "These factors are offset by the Company's
position as one of only two builders of large ships for the U.S.
Navy, steady intermediate-term demand supported by a large
backlog, and its adequate liquidity.  We assess Huntington
Ingalls' business risk profile as fair and its financial risk
profile as aggressive."

Northrop Grumman plans to spin off Huntington Ingalls to its
shareholders once certain regulatory approvals are received,
likely in the next few months.  As part of the transaction,
Huntington Ingalls will issue around $1.8 billion of new bank debt
and public notes to finance a $1.5 billion payment to Northrop
Grumman (in part to repay interCompany borrowings), with the
remaining proceeds retained to provide liquidity.  After a short
transition period following the spin-off related to certain back-
office functions, Northrop Grumman will have no connection to the
Company except for the guarantee of a small industrial revenue
bond.  S&P expects leverage to be high pro forma for the
transaction, with total adjusted debt to EBITDA about 5x.
However, the Company has material post-retirement and self-
insurance liabilities that are included in adjusted debt, which
are largely recoverable under government contracts over time.  If
adjusted for expected recoverability, debt to EBITDA is likely to
be below 4x.  S&P believes credit protection measures (similarly
adjusted) should be appropriate for the rating, with funds from
operations (FFO) to debt of 20%-25% and EBITDA interest coverage
4.5x-5.0x, with gradual improvement possible as profitability
improves and the Company uses excess cash flows to reduce debt.

The outlook is stable.  S&P believes the Company's relatively
stable near-term revenues, supported by a large backlog, improving
profitability, and debt reduction from excess cash flows, should
result in steadily improving credit protection measures.  "We
could raise the rating if these trends result in debt to EBITDA
below 3.5x and FFO to debt above 25% (both ratios adjusted for
recoverability of pension and self-insurance costs under
government contracts)," Mr. DeNicolo continued.  "Although less
likely, we could lower the ratings if profitability does not
improve as we expect or if reduced funding for military
shipbuilding results in debt to EBITDA above 4.5x and FFO to debt
below 15% on a sustained basis."


IMH FINANCIAL: Amends Preliminary Prospectus for IPO
----------------------------------------------------
IMH Financial Corporation filed an amended preliminary prospectus
on January 21, 2011, regarding its proposed initial public
offering.

The prospectus is still subject to completion -- the Company has
yet to disclose the number of shares it is issuing at the IPO and
the initial offering price.

The Company intends to apply to list its common stock on the New
York Stock Exchange.

The Company intends to utilize the net proceeds of this offering
for working capital, to fund the acquisition and origination of
new investments in its target assets, and for other general
corporate purposes.  The Company also plans to use up to 30% of
the proceeds of this offering to effect a pro rata redemption of
the 838,448 outstanding shares of Class C common stock at the
initial public offering price, less underwriting discounts and
commissions.

A total of 16,809,766 shares of Class B and Class C common stock
is outstanding as of January 21, 2011.  The shares are convertible
into 16,809,766 shares of Common Stock, $0.01 par value.

The Company expects its primary sources of liquidity over the next
twelve months to consist of the proceeds generated by (i) this
offering, which its expect will net $103.5 million in cash, and
(ii) the disposition of our existing assets, which it projects
will net approximately $115.3 million in cash.

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

                http://ResearchArchives.com/t/s?7288

                        About IMH Financial

Scottsdale, Ariz.-based IMH Financial Corporation was formed from
the conversion of IMH Secured Loan Fund, LLC, or the Fund, a
Delaware limited liability company, on June 18, 2010.  The
conversion was effected following a consent solicitation process
pursuant to which approval was obtained from a majority of the
members of the Fund to effect the Conversion Transactions and
involved (i) the conversion of the Fund from a Delaware limited
liability company into a Delaware corporation named IMH Financial
Corporation, and (ii) the acquisition by the Company of all of the
outstanding shares of the manager of the Fund Investors Mortgage
Holdings Inc., or the Manager, as well as all of the outstanding
membership interests of a related entity, IMH Holdings LLC, or
Holdings on June 18, 2010.

The Company is a commercial real estate lender based in the
southwest United States with over 12 years of experience in many
facets of the real estate investment process, including
origination, underwriting, documentation, servicing, construction,
enforcement, development, marketing, and disposition.  The Company
focuses on a niche segment of the real estate market that it
believes is underserved by community, regional and national banks:
high yield, short-term, senior secured real estate mortgage loans.
The intense level of underwriting analysis required in this
segment necessitates personnel and expertise that many community
banks lack, yet the requisite localized market knowledge of the
underwriting process and the size of the loans the Company seeks
often precludes the regional and community banks from efficiently
entering this market.

The Company's balance sheet at Sept. 30, 2010, showed
$337.80 million in total assets, $15.93 million in total
liabilities, and stockholders' equity of $321.86 million.

"Given the current state of the real estate and credit markets, we
believe the realization of full recovery of the cost basis in our
assets is unlikely to occur in a reasonable time frame and may not
occur at all, and we may be required to liquidate portions of our
assets for liquidity purposes at a price significantly below the
initial cost basis or potentially below current carrying values.
If we are not able to liquidate a sufficient portion of our assets
or access credit under the credit facility currently under
negotiation, there may be substantial doubt about our ability to
continue as a going concern. Nevertheless, we believe that our
cash and cash equivalents, coupled with liquidity derived from the
credit facility currently under negotiation and the disposition of
certain of the loans and real estate held for sale, will allow us
to fund current operations over the next 12 months," the Company
said in its Form 10-Q for the quarter ended Sept. 30, 2010.


INNKEEPERS USA: Bankers Have Contacted 70 Potential Suitors
-----------------------------------------------------------
The Wall Street Journal's Mike Spector earlier this week reported
that people familiar with the matter said Innkeepers USA Trust's
bankers have contacted some 70 potential investors and are
readying for a prolonged auction to pick a bidder to finance the
Company's bankruptcy exit.

The sources told the Journal that Innkeepers is likely to attract
investors who work with creditors to restructure the Company's
debt.  The sources said Innkeepers is also essentially putting
itself up for sale, looking for buyers who would take control of
the Company in an all-cash bid.

As reported in the Jan. 19 edition of the Troubled Company
Reporter, according to Bill Rochelle, the bankruptcy columnist for
Bloomberg News, the Lehman Ali and Five Mile have sponsored a Plan
for the Debtors that will reduce debt by $400 million.  Mr.
Rochelle said that under the Plan:

   * Five Mile and Lehman Ali, together will provide
     $174.1 million of equity capital and convert $200.3 million
     of debt into equity.  Five Mile is the provider of
     $53 million in secured financing for the Chapter 11 case, and
     Lehman is the holder of $238 million in floating-rate
     mortgages on 20 of Innkeepers' 72 properties.

   * Midland Loan Services Inc., as servicer for $825 million of
     fixed-rate mortgage debt on 45 properties, will emerge from
     Chapter 11 with mortgages for $622.5 million on revised
     terms.

   * Lehman is to receive 50% of the new equity plus $26.2 million
     cash in exchange for all its debt.  The $70.5 million in
     secured loans for the Chapter 11 case will be paid in full.
     Midland is supplying debt financing for Lehman's commitment.

   * Unsecured creditors are being offered $2.5 million cash if
     the class votes for the plan.  Secured lenders' deficiency
     claims will not participate in the distribution to unsecured
     creditors.  Also, preference suits against unsecured
     creditors will be waived.

   * Holders of the 8% preferred stock are offered $5.9 million
     cash plus the right to be co-investors for 2% of the new
     equity.

   * Holders of mortgages on 69 of 72 properties will be paid in
     full or have the mortgages modified consensually.

As reported by the TCR on January 25, 2011, Innkeepers has asked
the Bankruptcy Court for authority to enter into a commitment
letter for a stalking horse bid submitted by Five Mile and Lehman
ALI.  The Stalking Horse Bid contemplates an enterprise-level
transaction involving the Company's entire portfolio and is valued
at $1.14 billion -- including roughly $790.5 million of debt
financing and approximately $348.2 million of equity.

The Court has scheduled a hearing for March 8 and 9, 2011, to
consider approval of (1) the Stalking Horse Bid, (2) bidding
procedures governing an auction at which overbids to the Stalking
Horse Bid will be solicited, and (3) a break-up fee to Five
Mile/Lehman if the Company completes a transaction other than the
Stalking Horse Bid -- and certain other conditions are satisfied.
The Stalking Horse Bid includes $622.5 million of mortgage debt
provided by an existing creditor.  This creditor has agreed to
make this debt available to other bidders at the auction that want
to use it and that meet certain conditions.

The TCR also reported that at the March 8 and 9 hearings, the
Court will also consider approval of an auction process to test
whether anyone will top the Five Mile-Lehman Ali bid.  Pursuant to
the timetable, preliminary, non-binding, objections to the Five
Mile-Lehman proposal are due Jan. 26.  Deposition notices must be
served by Jan. 27.  Documents must be produced by Feb. 8, with
examinations of witnesses under oath from Feb. 9 to 18.  Final
objections are due Feb. 25, with replies by March 3.

Five Mile and Lehman Ali are entitled to a $10 million break-up
fee should Innkeepers pursue a different transaction.

                     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 91 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.
Attorneys at Morrison & Foerster, LLP, represent the Official
Committee of Unsecured Creditors.

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.


INTELLIGRATED INC: Moody's Assigns Initial 'B2' Corporate Rating
----------------------------------------------------------------
Moody's Investors Service assigned initial B2 Corporate Family and
Probability of Default ratings to Intelligrated, Inc.  At the same
time, B2 ratings were assigned to the company's secured bank term
loan and revolving credit facilities.  The rating outlook is
stable.

The B2 Corporate Family and Probability of Default ratings
recognize the company's modest revenue size but strong position
within a relatively narrow niche.  It further considers regional
and customer concentration issues as well as ongoing cyclicality.
The ratings also incorporate high leverage deployed in the capital
structure partially mitigated by strong coverage metrics for the
rating category and anticipation of sustainable free cash flow.
The latter is expected to benefit from relatively low re-
investment requirements for property, plant and equipment and net
operating loss carry-forwards minimizing future tax outlays.

The company's volumes are driven by capital expenditure plans of
major North American retailers, consumer product manufacturers and
shipping/logistics providers.  While a large portion of
Intelligrated's revenues are tied to the level of investment in
new and expanded warehouse and distribution facilities, an
increasing portion of its business is tied to projects that can
considerably improve the efficiency of existing facilities.  The
bulk of Intelligrated's revenues will come from new equipment and
systems sales.  However, its business profile includes an
installed base of equipment, establishing a stream of higher
margin customer service, aftermarket revenues and license fees, as
well as a material backlog of orders providing a degree of revenue
visibility.  Still, overall EBITDA margins are fairly modest but
have strengthened as savings from cost reduction actions have been
realized.

The restructuring program is designed to achieve cost synergies
from its 2009 acquisition of FKI Logistex Holdings, Inc.  At the
time of the acquisition, FKI Logistex was larger than
Intelligrated and incurring operating losses.  Expenditures and
cash disbursements for that initiative will affect 2011's
performance and cash flows, but once completed, should further
improve the company's results.

The rating also reflects concern over the potential for aggressive
financial policies.  Despite a limited track record of recent
material profitability and free cash flow generation, equity
owners will have received substantial distributions over the
recent past, much of it funded with debt.  The resulting level of
fixed charges could limit future flexibility should a cyclical
downturn occur.

The stable outlook considers prospects for stable-to-low single
digit organic revenue growth over the intermediate period along
with steady to increasing profitability as more cost savings from
the integration and rationalization program are realized over
time.  In addition, the stable outlook is supported by an
expectation of ongoing free cash flow and an adequate liquidity
profile.

The ratings and outlook could experience upward pressure should
the company's margins appreciably strengthen and resultant cash
flows be used to de-lever the capital structure.  Quantitatively
this could include EBITA margins consistently above 7% through the
cycle, debt/EBITDA under 4 times, EBITA/interest consistently
above 2 times, and FCF/debt sustained above 7%.  Negative pressure
on the rating or outlook could develop should prospects for new
orders or Intelligrated's market share or margins appreciably
decline, leading to lower profitability and slimmer coverage
metrics.  Similarly, additional returns to shareholders while the
company is highly levered could lead to a downgrade.  Debt/EBITDA
above 5 times, EBITA/interest less than 1.25 times or several
quarters of negative free cash flow could adversely impact the
ratings

The B2, (LGD-3, 48%) ratings on the bank credit facilities reflect
their expected loss from the application of PDR of B2 and their
loss given default point estimate which incorporates their
priority as first lien secured creditors.  The bank debt will
constitute the vast majority of claims in the liability waterfall,
causing their instrument ratings to mirror those of the overall
corporate family.

Ratings assigned:

-- Corporate Family, B2
-- Probability of Default, B2
-- $145 million first lien term loan, B2 (LGD-3, 48%)
-- $30 million first lien revolving credit facility, B2 (LGD-3,
    48%)

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

Intelligrated, Inc., headquartered in Mason, OH, manufactures high
speed automated material handling equipment and is owned by
affiliates of Gryphon Investors, Tudor Ventures, and members of
executive management.  Annual revenues are roughly $360 million.


INVACARE CORP: Moody's Withdraws 'B1' Rating Following Redemption
-----------------------------------------------------------------
Moody's Investors Service withdrew all of its debt ratings for
Invacare Corp. including the company's B1 corporate family rating
and B1 probability of default rating as well as its positive
rating outlook following the full redemption of its 9.75% senior
notes due 2015, which Moody's had previously rated B1.

The following ratings were withdrawn:

Invacare Corp.

  -- Corporate family rating of B1;
  -- Probability of default rating of B1;
  -- 9.75% senior notes due 2015 at B1 (LGD3, 38%);
  -- 4.125% senior subordinated convertible notes due 2027 at B3
     (LGD5, 87%);
  -- Speculative Grade Liquidity Rating at SGL-1.

Invacare, based in Elyria, Ohio, is the leading manufacturer and
distributor of non-acute health care products for home health
care, retail and extended care markets worldwide.  The company's
products are principally sold to over 25,000 home healthcare and
medical equipment providers across five segments/geographies,
namely: North America / Home Medical Equipment, Invacare Supply
Group, Institutional Products Group, Europe and Asia/Pacific.


ISC BUILDING: V. Maldonado Gets Lift As To Insurance
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
lifted, at the behest of Victor Maldonado, the automatic stay in
ISC Building Materials, Inc.'s Chapter 11 bankruptcy proceeding.

The stay is lifted in order to allow the state court litigation of
Cause No. DC-10-1137, styled, Sumeer Homes, Inc., Palmer Drywall,
LLC, Arturo Galvan and ISC Building Materials, Inc., in the 101st
Judicial District Court, Dallas County, Texas, to proceed only as
against the insurance policies of the Debtor, and go forward to
final judgment only as against the Debtor's insurance policies and
not as against any assets of the Debtor.

Dallas, Texas-based ISC Building Materials, Inc. -- fka Insulation
Supply Company; ISC Building Materials, LP; ISC Holdings GP; ISC
GENPAR, LLC; and 1400 West Commerce, LLC -- operates a Building
Materials Distribution and Retail business with locations
throughout Texas including Houston, San Antonio, Austin, Ennis,
Ft. Worth, Dallas, and Tyler.

The Company filed for Chapter 11 bankruptcy protection on July 6,
2010 (Bankr. S.D. Tex. Case No. 10-35732).  Donald L. Wyatt, Esq.,
at Wyatt Legal Services, PLLC, represents the Debtor.  The Company
disclosed $49,478,500 in assets and $12,411,205 in liabilities as
of the Petition Date.


ISC BUILDING: Proposes February 4 Auction for Lot B
---------------------------------------------------
The U.S. Bankruptcy Court for the Hon. Karen Brown of the U.S.
Bankruptcy Court for the Southern District of Texas has approved
ISC Building Materials, Inc.'s sales and bidding procedures
pertaining to "Lot B."

The Debtor's assets have been divided by the Debtor into two
distinct lots.  Lot A is comprised of the Drywall Division of the
Debtor.  This lot is comprised of all assets of the Debtor, real
personal and mixed. Lot B is comprised of the assets associated
with the Ennis Lumber Yard Division of the Debtor, aka Blazek
Building Supply.

The sales contemplated under the procedures are a direct result of
the efforts of the Debtor and its advisors, GulfStar Group, II,
Ltd.  These bidding and sales procedures are intended upon
approval to become a part of any asset purchase agreement executed
by the Debtor and any potential buyer of Lot B.  These procedures
are intended to govern the procedures of bidding and sale for Lot
B.

Under the bidding procedures, an entity seeking to become a
qualified bidder will deliver a request to be deemed a qualified
bidder together with financial information by 5:00 p.m. on the
second business day before submitting any bid to GulfStar
reasonably demonstrating the bidder's ability to consummate a sale
on the terms proposed.  If they have not already done so pre-
confirmation, to be qualified, a prospective bidder will also be
required contemporaneously to make a non-binding expression of
interest and execute a reasonable form of non-disclosure agreement
before being provided due diligence access to non-public
information.

A bidder that wants to avoid the submission of financial
information to GulfStar but wishes to become a qualified bidder
may do so if it makes a good faith deposit in escrow with GulfStar
equal to 100% of the value of its bid.  Any such bidder will be
deemed a qualified bidder for that offer, and any advance over
that offer up to 150% of the face amount of its initial bid.

Bids must be submitted by the date and time of the close of
bidding to the seller by submission of a bid package to Bryan C.
Frederickson, Managing Director, GulfStar Group, II, Ltd.

Bids must include a good faith deposit, which will be non-
refundable if the bidder is selected as the successful bidder and
fails to consummate the purchase and refundable if it isn't
selected as the successful bidder.  The amount of the deposit will
be at least 10% of the total cash consideration to be paid by the
bidder for the lot that the bidder proposes to acquire.  Deposits
may be tendered only by funds transfer to an escrow account
established by GulfStar for these purposes and, in any event, must
be made in manner acceptable to GulfStar.

Credit bids will be accepted from holders of allowed secured
claims only in the undisputed amount of the secured portion of any
such claims.  Comerica Bank will be authorized to exercise any
credit bids in the full amount of its claims.

The Debtor may accept and close on the second highest bid received
if the winning bidder fails to close the transaction within 10
days of the date that GulfStar announces the winning bid.

In the event that any stalking horse bid isn't the highest bid
accepted by the Debtor, then the stalking horse bidder will be
entitled to return of any good faith deposit tendered with the
asset purchase agreement, and payment by seller, as an
administrative expense, of the actual amount expended by the
stalking horse bidder in conducting activities of investigation
and due diligence in connection with the presentation of its bid
and asset purchase agreement, provided, however, that the amount
of the payment won't exceed $50,000 for Lot B.

If the stalking horse bid isn't successful, then the stalking
horse bidder will have 10 days in which to submit its statement
for break up fees to GulfStar for payment out of deposit funds in
escrow only.  GulfSttar, the Debtor, Comerica Bank, and the
Committee of Unsecured Creditors will have five days to object to
the stalking horse break-up fee. If a party objects to the
stalking horse break-up fee, the stalking horse bidder will have
10 days in which to file a motion with the Court for the purpose
of determining allowance of the break-up fee.  GulfStar will
retain 100% of the demanded stalking horse break-up fee in escrow
until the allowance of the fee has been determined by the court.

The initial required minimum overbid for Lot B is $100,000.  Lot B
overbids after the initial overbid must be in a minimum amount of
$50,000.

The stalking horse bidder will be deemed to have waived any and
all break up fees by rebidding on any lot following the submission
by a competing bidder of any greater bid.

Any party asserting irregularity or confusion in the conduct of
the sale will be deemed to have waived their objections, right to
make any further bid, and objection to closing if a motion seeking
to re-open bidding isn't filed by 5:00 p.m. on February 7, 2011.
Provided that no motion is filed, GulfStar will direct the escrow
agent to disburse all deposits of unsuccessful bidders except the
deposits of the winning bidder and second highest qualified bids
on February 8, 2011.

Unless the Debtor's plan of reorganization filed December 31,
2010, has been sooner confirmed, the Debtor will file a motion for
a sale order and submit each winning bid for consideration by the
court as a sale no later than February 8, 2011.

On February 4, 2011, GulfStar will conduct a final round of
bidding, which will commence at 9:00 a.m. CST and will close when
no further advance is called by 11:59 a.m. CST.  GulfStar will
inform the successful bidder that it has submitted the winning bid
on February 4, 2011, at 4:00 p.m. CST.

                       About ISC Building

Dallas, Texas-based ISC Building Materials, Inc. -- fka Insulation
Supply Company; ISC Building Materials, LP; ISC Holdings GP; ISC
GENPAR, LLC; and 1400 West Commerce, LLC -- operates a Building
Materials Distribution and Retail business with locations
throughout Texas including Houston, San Antonio, Austin, Ennis,
Ft. Worth, Dallas, and Tyler.

The Company filed for Chapter 11 bankruptcy protection on July 6,
2010 (Bankr. S.D. Tex. Case No. 10-35732).  Donald L. Wyatt, Esq.,
at Wyatt Legal Services, PLLC, represents the Debtor.  The Company
disclosed $49,478,500 in assets and $12,411,205 in liabilities as
of the Petition Date.


JENNIFER CONVERTIBLES: Ashley Continues Fight Over Trademark Use
----------------------------------------------------------------
Bankruptcy Law360 reports that a dispute with Ashley Furniture
Industries Ltd. over continued use of the Company's trademark for
certain stores threw a wrench into Jennifer Convertibles Inc.'s
hopes to win approval for a restructuring plan Tuesday.

NEWSDAY.COM reported that Jennifer Convertibles was scheduled to
present its plan for confirmation at a hearing on Jan. 25.  Under
the terms of the plan, the largest creditor, Haining Mengnu, will
own 90.1% of the stock in exchange for $14.9 million in debt and
receive 30 percent of recoveries from a liquidating trust.
Unsecured creditors will own 9.9% of the stock and 70% of the
liquidating trust.  Mengnu and other creditors will also receive
the proceeds from a series of notes.  Current Jennifer
stockholders would be wiped out.  The creditors' committee
recommends that creditors vote yes on the Plan.

                    About Jennifer Convertibles

Jennifer Convertibles, Inc., was organized as a Delaware
corporation in 1986, and is currently the owner of (i) the largest
group of sofabed specialty retail stores and leather specialty
retail stores in the United States, with stores located throughout
the Eastern seaboard, Midwest, West Coast and Southwest, and
(ii) seven big box, full-line furniture stores operated under the
Ashley Furniture HomeStore brand under a license from Ashley
Furniture Industries, Inc.

The Company and its affiliates filed for Chapter 11 bankruptcy
protection on July 18, 2010 (Bankr. S.D.N.Y. Case No. 10-13779).
Michael S. Fox, Esq., at Olshan Grundman Frome Rosenzweig &
Wolosky, LLP, assists the Company in its restructuring effort.  TM
Capital Corp. is the Company's financial advisor.  Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo P.C. is the Company's special
securities counsel.  BMC Group Inc. is the claims and notice
agent.

The Company estimated its assets and debts at $10,000,001 to
$50,000,000 as of the Petition Date.


KANG INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Kang Investments, LLC
        1769 Edwards Drive
        Point Roberts, WA 98281

Bankruptcy Case No.: 11-10713

Chapter 11 Petition Date: January 25, 2011

Court: U.S. Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Karen A. Overstreet

Debtor's Counsel: Larry B. Feinstein, Esq.
                  VORTMAN & FEINSTEIN
                  500 Union Street, Suite 500
                  Seattle, WA 98101
                  Tel: (206) 223-9595
                  E-mail: feinstein2010@gmail.com

Scheduled Assets: $13,158,371

Scheduled Debts: $10,956,955

The petition was signed by Dr. Parmjit S. Kang, president.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Parmjit S. Kang                       11-10717          01/25/2011


Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
D&L Constructions                  --                      $79,757

Country Lumbar LTD                 --                      $56,999

Frontier Doors & Cabinets, LLC     --                      $49,025

Alliance Restoration SVC., Inc.    --                      $32,626

Puget Sound Leasing                --                      $13,319

B&B Truss                          --                       $9,740

GTS Interior Supply                --                       $9,043

Hentschell & Assoc. Earth Quake    --                       $8,631

Counter Craft Company              --                       $6,430

HD Supply Facilities Maintenance   --                       $4,487

Varnell Electric, Inc.             --                       $2,011

One Beacon                         --                       $1,725

ABCO Leasing                       --                       $1,515

Consumer Source, Inc.              --                       $1,130

Rubatino Refill Removal            --                       $1,068

Daez Comcepts                      --                         $721

Ventron, LLC                       --                         $597

Banner Bank                        --                         $394

The Daily Herald                   --                         $307

Design Two Four/Two Six, Inc.      --                         $170


KURRANT MOBILE: CEO Pierre Turgeon Now Has 53.71% Equity Stake
--------------------------------------------------------------
In an amended Schedule 13D filing with the Securities and Exchange
Commission on January 24, 2011, Pierre Turgeon disclosed that he
beneficially owns 100,000,000 shares of common stock of Kurrant
Mobile Catering Inc. representing 53.7% of the shares outstanding.
As of January 17, 2011, there were 186,154,254 shares of the
Company's common stock outstanding.

Effective January 17, 2011, the Board of Directors of the Company
authorized the issuance of an aggregate 10,000,000 shares of
restricted common stock to the Mr. Turgeon, as its Chief Executive
Officer/President and a member of its Board of Directors.  The
Board of Directors authorized the issuance of the 10,000,000
shares to Mr. Turgeon based upon recognition of his outstanding
services, leadership and innovative business operational
strategies provided by Mr. Turgeon and his continuous dedication
and loyalty to the Company, including undertaking of the
international development of the Company.

The 10,000,000 shares were issued at a per share price of $0.01.
The shares of common stock were issued to Mr. Turgeon as a non-
United States resident in reliance on Regulation S promulgated
under the United States Securities Act of 1933, as amended.  The
shares of common stock have not been registered under the
Securities Act or under any state securities laws and may not be
offered or sold without registration with the United States
Securities and Exchange Commission or an applicable exemption from
the registration requirements.  Mr. Turgeon acknowledged that the
securities to be issued have not been registered under the
Securities Act, that he understood the economic risk of an
investment in the securities, and that he had the opportunity to
ask questions of and receive answers from the Company's management
concerning any and all matters related to acquisition of the
securities.

                        About Kurrant Mobile

Montreal, Quebec-based Kurrant Mobile Catering, Inc., operates in
a single business segment that includes the publication and
distribution of books and eBooks.  The Company sells its products
to distributors throughout the world.

The Company's balance sheet at November 30, 2010, showed
$1.02 million in total assets, $1.71 million in total liabilities,
and a $686,774 stockholders' deficit.

According to the Form 10-Q for the quarter ended Nov. 30, 2010,
"The Company has incurred net losses and has negative cash flows
from its operations.  These factors raise substantial doubt
regarding Kurrant Mobile's ability to continue as a going concern.
Realization value may be substantially different from carrying
values as shown and these financial statements do not include any
adjustments to the recoverability and classification of recorded
asset amounts and classification of liabilities that might be
necessary should Kurrant Mobile be unable to continue as a going
concern.  The continuation of Kurrant Mobile as a going concern is
dependent upon the continued financial support from its
shareholders, the ability of Kurrant Mobile to obtain necessary
equity financing to continue operations, and the attainment of
profitable operations."


LEHMAN BROTHERS: Amends Bankruptcy Plan, Has Committee Support
--------------------------------------------------------------
Lehman Brothers Holdings Inc. and its 22 affiliated Chapter 11
debtors disclosed the filing of their proposed First Amended Joint
Chapter 11 plan and disclosure statement with the United States
Bankruptcy Court for the Southern District of New York.  The
debtors' plan provides for the fair and reasonable treatment of
the claims that have been filed against the debtors.  The Official
Committee of Unsecured Creditors (UCC) appointed in the chapter 11
cases supports the plan and will join with the debtors in further
processing the plan.

Bryan Marsal, LBHI's Chief Executive Officer, said: "This plan
takes into account the input, comments and suggestions of many
parties, including the UCC, the creditors of LBHI, creditors of
subsidiary debtors, foreign affiliates and others.  It is the
result of a thoughtful and exhaustive process of analysis and
meetings with stakeholders.  It is a balanced, rational resolution
of issues.  It represents a fair economic compromise, will
expedite the administration of these cases and accelerate
distributions to creditors.  It is a plan the debtors intend to
move forward, with the support of the UCC and, hopefully, other
creditor constituencies, to confirmation and the distribution of
dividends to holders of allowed claims.

"From the outset, we have tried to develop a plan that balances
the varied interests in a way that is fair to each stakeholder
group and provides the best outcome for creditors.  This plan
resolves issues in a way designed to minimize time consuming and
multi-jurisdictional litigation with an uncertain outcome.

"I want to commend all of the stakeholders, especially the UCC,
for their hard work, input, guidance and assistance.  We have
received many constructive and positive comments during this
process and believe the merits of this plan are clear."

The processing of the plan and the disclosure statement are
subject to the provisions of the Bankruptcy Code and, ultimately,
acceptance by the requisite majorities of impaired creditors.

Over the coming weeks, meetings will be arranged with various
stakeholder groups to provide briefings on the plan and disclosure
statement.

                       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
disclosed 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.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

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: Thornburg Investment Discloses 5.19% Equity Stake
----------------------------------------------------------------
In a Schedule 13G filing with the Securities and Exchange
Commission on January 24, 2011, Thornburg Investment Management
Inc. disclosed that it beneficially owns 86,696,804 shares of
common stock of Level 3 Communications representing 5.19% of the
shares outstanding.  As of November 2, 2010, there were
1,669,210,966 shares of common stock of the Company outstanding.

                   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 Swap Convertible Notes with $300MM Sr. Notes
--------------------------------------------------------------
Level 3 Communications, Inc., announced it has agreed to issue
$300,217,000 aggregate principal amount of its 11.875% Senior
Notes due 2019 to an institutional investor in exchange for
$294,732,000 aggregate principal amount of the Company's
outstanding 9% Convertible Senior Discount Notes due 2013 in a
private transaction.  The Company anticipates closing the
transaction by the end of January, subject to customary closing
conditions.

Upon completion of this exchange transaction, all of the Company's
outstanding 9% Convertible Senior Discount Notes will be retired,
and there will be $605,217,000 aggregate principal amount of the
Company's 11.875% Senior Notes due 2019 outstanding.

The 11.875% Senior Notes to be issued in the exchange transaction
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
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.


MARQUETTE TRANSPORTATION: S&P Affirms 'B' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Marquette Transportation Co. LLC.  At
the same time, S&P affirmed the 'B-' rating and '5' recovery
rating on the Company's $250 million second-lien notes.  The 'B-'
rating is one notch below the corporate credit rating, and the
'5' recovery rating indicates S&P's expectations of a modest (10%
to 30%) recovery in a payment default scenario.  The outlook is
stable.

Marquette Transportation Co. Holdings LLC's (Marquette) operating
performance has stabilized after a period of reduced profitability
resulting from a weak U.S. economy.  Marquette is now benefitting
from modest rate increases and from improving volumes, which have
resulted in higher vessel utilization.  S&P expects that an
improving U.S. economic outlook, along with cost cutting measures
and reduced capital spending, will help the Company maintain its
financial profile over the next year.

"The ratings on Marquette reflect its highly leveraged financial
profile, participation in the highly competitive and capital-
intensive shipping industry, and exposure to cyclical demand
swings in certain end markets," said Standard & Poor's credit
analyst Funmi Afonja.  The ratings also reflect the potential for
high customer concentration to negatively affect earnings and
the Company's vulnerability to weather-related disruptions in
business operations, Ms. Afonja said.  Positive credit factors
include Marquette's leading market position, albeit in a niche
business segment, as an independent provider of towboat operations
in intra-U.S. shipping; relatively stable revenues under fixed-
rate, long-term contracts; and competitive barriers to entry under
the Jones Act.  The Jones Act requires that U.S.-built vessels be
registered in the U.S. and crewed with U.S. citizens to carry
shipments between U.S. ports.  These requirements limit
competition by excluding foreign-flagged vessels.  Marquette's
entire fleet is Jones Act-qualified.  S&P characterizes
Marquette's business risk profile as weak and its financial risk
profile as highly leveraged.  Marquette does not publicly disclose
financial information.

Marquette, based in Paducah, Ky., is the largest independent
towboat operator in U.S. domestic waterway shipping.


MERUELO MADDUX: Plan Confirmation Hearing Begins Today
------------------------------------------------------
Eric Morath, writing for Dow Jones' Daily Bankruptcy Review,
reported that Meruelo Maddux Properties Inc. will return to the
Bankruptcy Court on Thursday, Jan. 27, at 9:30 a.m. for the
hearing to consider confirmation of its chapter 11 plan.

Mr. Morath also reported that Meruelo Maddux last week struck a
deal with Legendary Investors Group to settle the group's
challenge to the Company's plan.  According to DBR, under the
deal:

     -- Legendary will swap its $67.8 million in Meruelo Maddux
        mortgage debt for ownership of seven properties;

     -- Legendary and fellow lender East West Bancorp Inc. will
        drop their rival takeover plan, which proposes to remove
        the Company's senior management, including Chief Executive
        Richard Meruelo; and

     -- Legendary will drop its liens on three other Meruelo
        Maddux properties.  The lender received interest in those
        properties as additional collateral for its loans.

Legendary had earlier acquired all of East West's interest in
Meruelo Maddux loans.

Eric Richardson, writing for Blogdowntown, reports that the court
approved the settlement Monday.

Meruelo Maddux still faces challenge from minority shareholders,
which have also proposed a plan of their own.  DBR notes the plan
from Charlestown Capital Advisors LLC and Hartland Asset
Management proposes to pump $30 million into Meruelo Maddux,
including $23 million for the purchase of 55% of the existing
shares.

DBR said the unsecured creditors committee is backing Meruelo
Maddux's plan and its proposal to settle with Legendary.

The Debtors have hired Kurtzman Carson Consultants as solicitation
and balloting agent.

Legendary Investors Group No. 1, LLC, is represented in the case
by:

          Jeremy V. Richards, Esq.
          Jeffrey W. Dulberg, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          10100 Santa Monica Blvd., 11th Floor
          Los Angeles, CA 90067-4100
          Telephone: 310-277-6910
          Facsimile: 310-201-0760
          E-mail: jrichards@pszjlaw.com
                  jdulberg@pszjlaw.com

               - and -

          Surjit P. Soni, Esq.
          THE SONI LAW FIRM
          35 N. Lake Ave., Suite 720
          Pasadena, CA 91101
          Telephone: 626-683-7600
          Facsimile: 626-683-1199
          E-mail: surj@sonilaw.com

East West Bank is represented by:

          Curtis C. Jung, Esq.
          Monica H. Lin, Esq.
          JUNG & YUEN, LLP
          888 South Figueroa Street, Suite 720
          Los Angeles, CA 90017
          Telephone: 213-689-8880
          Facsimile: 213-689-8887
          E-mail: curtis@jyllp.com

               - and -

          Elmer Dean Martin III, Esq.
          22632 Golden Springs Dr., Suite 190
          Diamond Bar, CA 91765
          Telephone: 909-861-6700
          Facsimile: 909-860-3801
          E-mail: elmer@bankruptcytax.net

Charlestown Capital Advisors, LLC and Hartland Asset Management
Corporation are represented in the case by:

          Christopher E. Prince, Esq.
          Matthew A. Lesnick, Esq.
          Andrew R. Cahill, Esq.
          LESNICK PRINCE LLP
          185 Pier Avenue, Suite 103
          Santa Monica, CA 90405
          Telephone: (213) 493-6496
          Facsimile: (213) 493-6596
          E-mail: cprince@lesnickprince.com
                  matt@lesnickprince.com
                  acahill@lesnickprince.com

                       About Meruelo Maddux

Meruelo Maddux and its affiliates filed for Chapter 11 protection
(Bankr. C.D. Calif. Lead Case No. 09-13356) on March 26, 2009.
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring effort.  The Debtors' financial
condition as of December 31, 2008, showed $681,769,000 in assets
and $342,022,000 of debts.

FTI Consulting, Inc., serves as the Debtors' financial advisors,
Ernst & Young as independent auditors and tax advisors, DLA Piper
LLP (US) as special securities and litigation counsel, and Waldron
& Associates, Inc. as real estate appraiser.

The U.S. Trustee has appointed an official committee of unsecured
creditors and a separate official shareholders' committee in the
case.  SulmeyerKupetz, APC, serves as the Creditors Committee's
counsel and Kibel Green, Inc., as its financial advisor.  The
equity committee has sought to retain Ron Orr & Professionals,
Inc., Rodiger Law Office, and Jenner & Block as counsel, and Kibel
Green, Inc. as its financial advisor.


MOLECULAR INSIGHT: Gets Court OK to Assume Savitr Investment Deal
-----------------------------------------------------------------
Molecular Insight Pharmaceuticals, Inc. has received approval from
the U.S. Bankruptcy Court for the District of Massachusetts of its
motion to assume the previously disclosed Investment Agreement
entered into with Savitr Capital LLC.  The motion was submitted in
connection with the Company's Chapter 11 reorganization case that
was commenced on December 9, 2010 under the U.S. Bankruptcy Code.

The Court entered an order authorizing the Company to assume the
Investment Agreement and approving a break-up fee and expense
reimbursement for Savitr Capital as specified in the Investment
Agreement.  The order further authorizes the Company to actively
solicit, during a 30-day period commencing on January 20, 2011,
the date of entry of the order, inquiries, proposals, offers and
bids from, and negotiate with, any person regarding any
alternative transaction such as an acquisition or other sale or
purchase transaction or refinancing.  If the Company receives,
prior to or after the foregoing solicitation period, an
unsolicited proposal for an alternative transaction that would
reasonably be expected to result in more favorable terms to the
Company than the Savitr Capital investment, the Company is
permitted to negotiate such proposal and notify Savitr Capital of
the terms of such proposal.  There is no assurance, however, that
the Company will receive or can successfully negotiate any
alternative proposal, or that it will ultimately enter into a
transaction with Savitr Capital, whether on the basis of the
Investment Agreement or otherwise.

The Court found that the amount of the break-up fee and expense
reimbursement to Savitr Capital under the Investment Agreement are
reasonable and are likely to encourage bidding and, accordingly,
granted the break-up fee and expense reimbursement priority status
of administrative expenses under the U.S. Bankruptcy Code.  The
Court further ordered a reduction of the break-up fee if the
Company enters into a transaction proposed or sponsored by the
holders of the Company's Senior Secured Floating Rate Bond due
2012 as contemplated by the Investment Agreement.

                     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).  Kramer
Levin Naftalis & Franklin LLP serves as the Debtor's lead
bankruptcy counsel.  Alan L. Braunstein, Esq., at Riemer &
Braunstein, LLP, serves as the Debtor's local Massachusetts
counsel.  Foley & Lardner LLP is the Debtor's special counsel.
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: Common Stock Now Trades in Pink Sheets
---------------------------------------------------------
As reported in the Troubled Company on January 21, 2011, NASDAQ
filed a Form 25-NSE with the Securities and Exchange Commission to
complete the delisting of Molecular Insight Pharmaceuticals,
Inc.'s common stock from the Exchange.  The delisting becomes
effective on January 31, 2011, which is ten (10) days after the
filing of Form 25-NSE.

In a regulatory filing Monday, the Company discloses that its
common stock is currently quoted on the Pink OTC Markets Inc. and
has traded on the OTCQB(TM) Marketplace since December 21, 2010,
under the symbol "MIPIQ".

                     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).  Kramer
Levin Naftalis & Franklin LLP serves as the Debtor's lead
bankruptcy counsel.  Alan L. Braunstein, Esq., at Riemer &
Braunstein, LLP, serves as the Debtor's local Massachusetts
counsel.  Foley & Lardner LLP is the Debtor's special counsel.
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: Court Approves CRT Investment as Fin'l Advisor
-----------------------------------------------------------------
Judge Frank J. Bailey of the U.S. Bankruptcy Court for the
District of Massachusetts, Eastern Division, approved the
employment of CRT Investment Banking LLC as financial advisor to
Molecular Insight Pharmaceuticals, Inc.

Judge Bailey also approved the terms and provisions contained in
the Engagement Letter, including the Indemnity Provision.

Compensation and reimbursement of expenses will be subject to
prior approval of the Court in accordance with the requirements
under Sections 330 and 331 of the Bankruptcy Code.  The U.S.
Trustee retains all rights to object to CRT Investment's interim
and final fee applications on all grounds.

                     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).  Kramer
Levin Naftalis & Franklin LLP serves as the Debtor's lead
bankruptcy counsel.  Alan L. Braunstein, Esq., at Riemer &
Braunstein, LLP, serves as the Debtor's local Massachusetts
counsel.  Foley & Lardner LLP is the Debtor's special counsel.
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: Court Approves Riemer as Local Counsel
---------------------------------------------------------
Judge Frank J. Bailey of the U.S. Bankruptcy Court for the
District of Massachusetts, Eastern Division, approved the
employment of Riemer & Braunstein LLP as Molecular Insight
Pharmaceuticals, Inc.'s local Massachusetts bankruptcy counsel.

Among other things, Riemer & Braunstein is authorized to render
legal services to Molecular Insight, including (i) providing legal
advice with respect to the Debtor's powers and duties as debtor-
in-possession; (ii) negotiating, drafting, and pursuing
documentation necessary in Chapter 11 case; (iii) assisting with
any disposition of the Debtor's assets, by sale or otherwise; and
(iv) performing other legal services and legal advice, as may be
necessary.

Alan L. Braunstein, Esq., at Riemer & Braunstein, LLP, leads the
engagement.

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

                     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).  Kramer
Levin Naftalis & Franklin LLP serves as the Debtor's lead
bankruptcy counsel.  Alan L. Braunstein, Esq., at Riemer &
Braunstein, LLP, serves as the Debtor's local Massachusetts
counsel.  Foley & Lardner LLP is the Debtor's special counsel.
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: Court Approves Foley as Special Counsel
----------------------------------------------------------
Judge Frank J. Bailey of the U.S. Bankruptcy Court for the
District of Massachusetts, Eastern Division, approved the
application Molecular Insight Pharmaceuticals, Inc. to employ
Foley & Lardner LLP as its special counsel.

Foley & Lardner is authorized to render legal services to the
Debtor pursuant to the parties' Engagement Letter, including in
connection with general corporate, SEC compliance, intellectual
property matters and potential related litigation that may
continue or arise during the pendency of this Chapter 11 case.

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

                     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).  Kramer
Levin Naftalis & Franklin LLP serves as the Debtor's lead
bankruptcy counsel.  Alan L. Braunstein, Esq., at Riemer &
Braunstein, LLP, serves as the Debtor's local Massachusetts
counsel.  Foley & Lardner LLP is the Debtor's special counsel.
Tatum LLC, a division of SFN Professional Services LLC, is the
Debtor's financial consultant.  Omni Management Group, LLC, is the
claims, and balloting agent.


MOMENTIVE PERFORMANCE: Seeks Term Loans Extension Until 2015
------------------------------------------------------------
On January 21, 2011, Momentive Performance Materials Inc.
announced its intent to seek amendments to its senior secured
credit facilities to, among other things:

    (i) extend the maturity of term loans held by consenting
        lenders to May 5, 2015 and increase the interest rate with
        respect to such extended term loans; and

   (ii) subject to the requirement to make such offers on a pro
        rata basis to all term loan lenders or to all lenders
        holding revolving commitments, as applicable, allow the
        Company to extend the maturity of term loans or revolving
        commitments, as applicable, and for the Company to
        otherwise modify the terms of loans or revolving
        commitments in connection with such an extension.

The proposed amendment of the senior secured credit facilities is
subject to market and other conditions, and may not occur as
described or at all.

                    About Momentive Performance

Momentive Performance Materials, Inc., is a producer of silicones
and silicone derivatives, and is engaged in the development and
manufacture of products derived from quartz and specialty
ceramics.  As of Dec. 31, 2008, the Company had 25 production
sites located worldwide, which allows it to produce the majority
of its products locally in the Americas, Europe and Asia.
Momentive's customers include companies in industries, such as
Procter & Gamble, 3M, Goodyear, Unilever, Saint Gobain, Motorola,
L'Oreal, BASF, The Home Depot and Lowe's.

The Company's balance sheet at Sept. 26, 2010, showed
$3.33 billion in total assets, $3.83 billion in total liabilities,
and a stockholders' deficit $497.78 million.

Momentive carries a 'B3' corporate family and probability of
default ratings from Moody's Investors Service.  It has 'B-'
issuer credit ratings from Standard & Poor's Ratings Services.


MORTGAGE LENDERS: Judge Temporarily Blocks Bid to Destroy Docs.
---------------------------------------------------------------
Scot J. Paltrow, writing for Reuters, says Bankruptcy Judge Peter
J. Walsh on Monday temporarily blocked Mortgage Lenders Network
USA from destroying 18,000 boxes of original loan files after
federal prosecutors said documents in them may be needed as
evidence in more than 50 criminal investigations.  Judge Walsh
granted a 30-day delay, and said he would hold another hearing on
Mortgage Lenders' request.

As reported by the Troubled Company Reporter, Neil Luria, the
liquidating trustee for Mortgage Lenders, sought Judge Walsh's
permission to destroy nearly 18,000 boxes of records now
warehoused by document storage company, Iron Mountain Inc.
According to Reuters, Mr. Luria said destruction is necessary to
eliminate $16,000 per month in storage costs as he disposes of the
last assets of the bankrupt company.

The TCR also reported that Phil Milford and Dawn McCarty, writing
for Bloomberg News, said the U.S. government objected to Mortgage
Lenders' request.  According to Bloomberg, Delaware U.S. Attorney
Charles M. Oberly III argues that Mortgage Lenders' plan
"threatens to impair federal law enforcement efforts."  Mr. Oberly
III also told the judge the company's records "may be relevant to
pending federal criminal investigations into mortgage fraud."
Bloomberg said Mr. Oberly proposed, as an alternative, to require
Mr. Luria to provide government officials "with notice of the
specific documents proposed to be destroyed" and "an opportunity
to respond."

                      About Mortgage Lenders

Middletown, Connecticut-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- was once the 15th largest mortgage
lender in the United States.  The Company filed for Chapter 11
protection on February 5, 2007 (Bankr. D. Del. Case No. 07-10146).
Pachulski Stang Ziehl & Jones LLP represents the Debtor.  Blank
Rome LLP represents the Official Committee of Unsecured Creditors.
In the Debtor's schedules of assets and liabilities filed with the
Court, it disclosed total assets of $464,847,213 and total debts
of $556,459,464.

The Honorable Peter J. Walsh approved the Company's liquidating
Chapter 11 plan in February 2009.  A full-text copy of the
Debtor's First Amended Liquidating Plan under Chapter 11 of the
Bankruptcy Code, dated December 19, 2008, is available at
http://is.gd/1a3YGat no charge.


NASSAU COUNTY, NY: State Oversight Board Seized Control Finances
----------------------------------------------------------------
David M. Halbfinger, writing for The New York Times, reports that
a state oversight board on Wednesday seized control of Nassau
County's finances, saying the county, one of the nation's
wealthiest and most heavily taxed, had nonetheless failed to
balance its $2.7 billion budget.

"The county's 2011 budget is built on a foundation of sand," a
board member, George J. Marlin, said, according to the report.

The NY Times says the move, which came after months of steadily
more ominous threats and a downgrade of Nassau's debt by a credit-
rating agency in November, turns the oversight board into a
control board, with vast power to rewrite the county's budget and
veto labor contracts, borrowings and other important financial
commitments.

According to the NY Times, as a first step, the control board, the
Nassau Interim Finance Authority, ordered the county government to
rewrite its budget by Feb. 15 omitting cost-savings items that the
board has called specious or too risky.

The NY Times relates that while voting 6 to 0 to take over the
county's finances, the Authority stopped short, for now, of
declaring a financial emergency, which would also allow it to
impose a wage freeze on county workers.  But it said that remained
a likelihood if Nassau's leaders did not comply with its demands
to cooperate in bringing the county's spending into line with
revenues by Feb. 15.


NEXAIRA WIRELESS: Novatel Wireless Has 7.0% Equity Stake
--------------------------------------------------------
In a Schedule 13G filing with the Securities and Exchange
Commission on January 24, 2011, Novatel Wireless Inc. disclosed
that it beneficially owns 5,169,906 shares of common stock of
NexAira Wireless Inc. representing 7.0% of the shares outstanding.
As of January 20, 2011, there were 72,268,522 shares of Nexaira
Wireless Inc. common stock outstanding.

                       About NexAira Wireless

Headquartered in Vancouver, B.C., Nexaira Wireless Inc. (OTC BB:
NXWI) -- http://www.nexaira.com/-- does business through its San
Diego based operating subsidiary Nexaira, Inc.  Nexaira, Inc.,
develops and delivers third and fourth generation (3G/4G) Wireless
Routing Solutions that offer speed, reliability and security to
carriers, mobile operators, service providers, value added
resellers (VARS) and enterprise customers.

The Company's balance sheet as of July 31, 2010, showed
US$1.8 million in total assets, US$3.6 million in total
liabilities, and a stockholders' deficit of US$1.8 million.

As reported in the Troubled Company Reporter on February 1, 2010,
BDO Seidman, LLP, in San Diego, expressed substantial doubt about
the Company's ability to continue as a going concern, following
its results for the fiscal year ended October 31, 2009.  The
independent auditors noted of the Company's losses from
operations, negative cash flow from operations, and working
capital and net capital deficits.


NORD RESOURCES: Sprott Asset Discloses 7.8% Equity Stake
--------------------------------------------------------
In an amended Schedule 13G filing with the Securities and Exchange
Commission on January 24, 2011, Sprott Asset Management LP
disclosed that it beneficially owns 8,952,300 common shares of
Nord Resources Corporation representing 7.8% of the shares
outstanding.  As of September 30, 2010, there were 111,677,489
shares of common stock outstanding.

                        About Nord Resources

Based in Tuczon, Arizona, Nord Resources Corporation
(TSX:NRD/OTCBB:NRDS.OB) -- http://www.nordresources.com/-- is a
copper mining company whose primary asset is the Johnson Camp
Mine, located approximately 65 miles east of Tucson, Arizona.
Nord commenced mining new ore on February 1, 2009.

Nedbank, the Company's senior lender, has declined to extend the
forbearance agreement with respect to the scheduled principal and
interest payment in the approximate amount of $2,150,000 that was
due on March 31, 2010 under the Company's $25,000,000 secured
term-loan credit facility with Nedbank.  Nedbank Capital has also
declined to extend the forbearance agreement regarding the
Company's failure to make the payment of $697,869 due on April 6,
2010 under the Copper Hedge Agreement between the parties.  Both
forbearance agreements expired at midnight on May 13, 2010.

The Company is now in default of its obligations under the Credit
Agreement and the Copper Hedge Agreement with Nedbank.

On June 2, 2010, Nord Resources appointed FTI Consulting to advise
on refinancing structures and strategic alternatives.

The Company's balance sheet at June 30, 2010, showed
$71.34 million in total assets, $54.68 million in total
liabilities, and $16.65 million in stockholders' equity.


NORTH GENERAL: Examiner Taps Hughes Hubbard as Counsel
------------------------------------------------------
Richard Stern, the examiner appointed in the Chapter 11 cases of
North General Hospital, et al., seeks permission from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Hughes Hubbard & Reed LLP as his counsel, nunc pro tunc to
January 10, 2011, the date the Court entered the order appointing
the Examiner.

The Examiner seeks to retain counsel to assist him in his
investigation and related report of the allegations made by the
U.S. Trustee in connection to certain postpetition payments made
by the Debtors, among other things.

The Examiner is a member of Hughes Hubbard.  From a review of
known creditors, the Examiner is satisfied that the firm
represents no interest adverse to the parties in these cases with
respect to the matters for which it will be employed.  Hughes
Hubbard is a disinterested person as the term is defined in
Section 101(14) of the Bankruptcy Code.  If additional information
regarding the creditor body becomes available, the firm will
update its conflict check and provide a supplemental declaration,
if necessary.

Hughes Hubbard will charge for its legal services on an hourly
basis and seek reimbursement of actual expenses incurred on the
Examiner's behalf.  The Examiner also requests that all fees and
related costs and expenses incurred by Hughes Hubbard be paid as
administrative expenses of the estate pursuant to Sections 330(a),
331, 503(b) and 507(a)(1) of the Bankruptcy Code.

The firm can be contacted at:

          Hughes Hubbard & Reed LLP
          One Battery Park Plaza
          New York, New York 10004-1482
          Tel: (212) 837-6210
          Fax: (212) 299-6210

                       About North General

New York-based North General Hospital is a not-for-profit 200-bed
community hospital in upper Manhattan that has serviced the
communities of East and Central Harlem since the 1970s.  The
Hospital filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. S.D.N.Y. Case No. 10-13553).  Charles E. Simpson,
Esq., at Windels, Marx, Lane & Mittendorf, LLP, assists the
Debtor in its restructuring effort.  Garfunkel Wild, P.C., is the
Debtor's special healthcare and regulatory counsel.  Healthcare
Management Solutions, LLC, is the Debtor's financial and
healthcare reimbursement manager.  Alston & Bird, LLP, serves as
the Official Committee of Unsecured Creditors' counsel.  NHB
Advisors, Inc., is the financial advisor to the Committee.  The
Company disclosed $67 million in assets and $293 million in
liabilities as of the Petition Date.


OASIS PETROLEUM: Moody's Assigns 'B3' Corporate Rating
------------------------------------------------------
Moody's Investors Service assigned first time ratings to Oasis
Petroleum Inc. in conjunction with its planned $300 million senior
unsecured note offering.  The assigned ratings are a B3 Corporate
Family Rating, a Caa1 rating to the senior unsecured notes, and a
SGL-2 Speculative Liquidity Rating.  The rating outlook is stable.

"The primary driver for Oasis' rating is its small scale and its
limited operating history," said Stuart Miller, Moody's Senior
Analyst.  "The B3 Corporate Family Rating is highly prospective
and it incorporates our expectation that the company will
significantly increase proved developed reserves and production
rates over the next two years."

With the vast majority of the company's reserves located in the
Williston Basin in the Bakken and Three Forks formations, there is
a high degree of reserve concentration risk that is mostly offset
by the quality of the resource play.  The repeatable nature of the
development program should translate into relatively low finding
and development costs and a high capital efficiency ratio.  While
Oasis' drilling budget is projected to exceed its internally
generated cash flow for the next two years, the company's
remaining IPO proceeds along with the proceeds from the proposed
$300 million senior unsecured note offering are expected to be
sufficient to fund the company's planned seven rig drilling
program.  By the end of 2012, Moody's expects production to be at
a level to generate positive free cash flow after capital
expenditures.

With the completion of the senior note offering, Oasis will have
cash on hand of approximately $450 million, with additional
liquidity provided by availability under a $600 million senior
secured revolving credit facility which is currently unused.
Availability is limited by a borrowing base which was recently
affirmed at $150 million after taking into account the issuance of
up to $350 million in senior unsecured debt.  Based on Oasis' cash
balances and unused revolving credit, we have assigned a
Speculative Grade Liquidity Rating of SGL-2.  The liquidity
position is projected to decline over the next two years as the
company uses its cash balance to fund its drilling program.  This
could lead to a downgrade in the liquidity rating sometime in 2012
based on the current liquidity forecast.

The Caa1 rating on the proposed $300 million senior notes due 2019
reflects both Oasis' overall probability of default, to which
Moody's assigns a PDR of B3, and a loss given default of LGD 4
(66%).  The senior unsecured notes are notched one rating category
lower than the B3 CFR to Caa1. The notching reflects the priority
of claim that the senior secured revolving credit facility would
be entitled to in a liquidation or bankruptcy.

The stable ratings outlook incorporates Oasis' small size
currently and the expectation that the company's scale and credit
metrics will improve over the course of the two year drilling
program.  In the near term, a positive rating action is unlikely
due to Oasis' limited scale.  To be considered for a positive
rating action, the company should have proved developed reserves
of at least 40 MMBOE and average daily production in excess of 15
MBOE per day while maintaining debt to proved developed reserves
below $10 per BOE.  A negative action would be likely if growth in
proved developed reserves and average daily production slows to
the point where it is no longer reasonable to expect that Oasis
will be able to achieve 15 MMBOE of proved developed reserves,
average daily production of 10 MBOE per day, and debt to proved
developed reserves of less than $10 per BOE by year end 2011.

This is a first time rating for Oasis Petroleum Inc.

The principal methodologies used in this rating were the Global
Exploration and Production rating methodology published December
2008, Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Oasis Petroleum Inc. is headquartered in Houston, Texas.


OASIS PETROLEUM: S&P Puts 'B-' Rating on Planned Note Offering
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Houston-based Oasis Petroleum Inc. (Oasis).  The
outlook is stable.

S&P also assigned a 'B-' issue-level and '5' recovery rating to
Oasis's planned $300 million senior unsecured note offering due
2019.  The '5' recovery rating indicates S&P's expectations of
modest (10% to 30%) recovery prospects in the event of a payment
default.  Oasis will use proceeds from the offering to fund
future capital spending requirements.

"The ratings on Oasis reflect the Company's relatively small asset
base and production levels, geographic concentration, aggressive
growth strategy, limited operating track record, previously weak
accounting control processes, and negative cash flow generation,"
said Standard & Poor's credit analyst Lawrence Wilkinson.  The
ratings also reflect the Company's significant exposure to robust
crude oil prices, a favorable cost structure, and sizeable
resource play acreage position.

S&P views Oasis's business profile as vulnerable.  The Company's
proved reserve base totaled 40 million barrel of oil equivalents
(boe) as of Dec. 31, 2010, and production was more than 7,000 boe
per day in the fourth quarter of 2010, which positions the Company
on the smaller end of rated E&P companies.  Oasis' reserves
consist of 92% liquids and 43% proved developed.  The Company has
limited operating diversity with all of its operations
concentrated in three areas of the Williston Basin.  Given the
intense nature of E&P development and existing transportation
infrastructure in the play, profitability, affected by widening
differentials, could come under pressure should planned takeaway
capacity additions not come on line as currently anticipated.  In
addition, Oasis is pursuing an aggressive growth strategy which
has resulted in the Company more than doubling reserves in 2010.
S&P anticipate that the Company will pursue similar results in
reserve and production growth in 2011.

Despite these concerns, the Company has a favorable cost
structure, solid exposure to robust crude oil prices, and sizeable
resource play acreage from which to grow future production.  The
Company's operating expenses (lease operating expense, production
taxes, and general and administrative expense excluding IPO-
related costs) per boe were slightly less than $20 in the third
quarter and should show further improvement as the Company grows
its Bakken and Three Forks production.  Given the Company's oil
focus and the current pricing environment, the Company's
profitability is strong relative to other issuers in the 'B'
rating category.  In addition, the Company has more than
doubled its reserves in each of the past two years, albeit on a
small base.  Given the Company's sizeable acreage position in the
Williston Basin (over 300,000 acres at the end of 2010) and the
relative low-risk nature of resource play development, the Company
has the potential from which to continue its sizeable reserve and
production gains.

The stable outlook reflects S&P's view that Oasis will be able to
fund its aggressive drilling program in a manner that does not
erode the Company's credit protection measures.  S&P would
consider a positive rating action if the Company is able to
successfully achieve its reserve and production growth targets for
2011.  Alternatively, S&P would consider a downgrade if the
Company were to materially increase debt funding such that
leverage approaches 5x.


OFFICEMAX INC: A&P Fights Lawsuit Over Executive Poaching Claims
----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that OfficeMax Inc. said its
former chief operating officer took more than a stapler on his way
out the door.  According to the office supplier, Sam Martin
poached two other key executives when he jumped ship to grocer
Great Atlantic & Pacific Tea Co.

According to the report, in a lawsuit previously brought against
A&P and Martin for breach of contract, OfficeMax says its
employment agreement with Martin prevented him from hiring his
former colleagues, Paul Hertz and Carter Knox, when he took the
chief executive position at the grocery-store chain.  The report
relates that officeMax is seeking a restraining order against
Martin to prevent him from nabbing any other OfficeMax workers.
But now A&P is seeking to send that lawsuit to the back of the
checkout line, saying in recently filed court papers that the
company's bankruptcy prevents OfficeMax from continuing the
lawsuit it first filed in August 2010, the report notes.

OfficeMax, Incorporated is the third-largest dedicated retailer of
office supplies in the U.S., with annual revenues of around
$8 billion.  It operates 1,024 stores throughout the U.S. and
Mexico, and also maintains a substantial contract business which
caters to commercial customers.


PALM HARBOR: Wants Private Sale of Georgia Plant for $1.05-Mil.
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Palm Harbor Homes Inc. intends to sell a plant it
doesn't need in LaGrange, Georgia, for $1.05 million.  Having
marketed the plant for two years without another buyer, Palm
Harbor wants the bankruptcy judge to approve the sale at a
February 17 hearing without holding an auction.  The buyer is VSP
Logis Inc.

In 2008, Mr. Rochelle, citing a court fling, recounts that Palm
Harbor had an offer for $1.25 million.  The offer was rejected at
the time as insufficient.  Since then, the market has declined
further.

The plant has 221,000 square feet situated on 23.3 acres.

According to Mr. Rochelle, the remainder of the facilities will go
up for auction March 1.  That the opening bid will be an offer
from Fleetwood Enterprises Inc., a venture between Cavco
Industries Inc. and a fund advised by Third Avenue Management LLC.
The hearing for approval of the sale will be held on March 4.

                      About Palm Harbor

Addison, Texas-based Palm Harbor Homes, Inc. --
http://www.palmharbor.com/-- manufactures and markets factory-
built homes.  The Company markets nationwide through vertically
integrated operations, encompassing manufactured and modular
housing, financing and insurance.

Palm Harbor filed for Chapter 11 bankruptcy protection on
November 29, 2010 (Bankr. D. Del. Case No. 10-13850).  It
disclosed $321,263,000 in total assets and $280,343,000 in total
debts.

Affiliates Palm Harbor Albemarle, LLC (Bankr. D. Del. Case No.
10-13849), Palm Harbor Real Estate, LLC (Bankr. D. Del. Case No.
10-13851), Palm Harbor GenPar, LLC (Bankr. D. Del. Case No.
10-13852), Palm Harbor Manufacturing, LP (Bankr. D. Del. Case No.
10-13853), and Nationwide Homes, Inc. (Bankr. D. Del. Case No.
10-13854) filed separate Chapter 11 petitions.

Brian Cejka at Alvarez & Marsal is the Debtors' chief
restructuring officer.  Raymond James And Associates, Inc., is the
Debtors' investment banker.  Alvarez & Marshal North America, LLC,
is the Debtors' financial advisor.  BMC Group, Inc., is the
Debtors' claims agent.  Pachulski Stang Ziehl & Jones LLP serves
as counsel to the Official Committee of Unsecured Creditors


PATHWAY HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Pathway Holdings, LLC
        5002 US 41 North
        Palmetto, FL 34221

Bankruptcy Case No.: 11-01162

Chapter 11 Petition Date: January 25, 2011

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

Debtor's Counsel: David S. Jennis, Esq.
                  JENNIS & BOWEN, P.L.
                  400 N Ashley Drive, Suite 2540
                  Tampa, FL 33602
                  Tel: (813) 229-1700
                  Fax: (813) 229-1707
                  E-mail: ecf@jennisbowen.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/flmb11-01162.pdf

The petition was signed by Stephen Gans, managing partner.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Organica Biotech, Inc.                11-01164          1/25/2010
Techno-Org, LLC                       11-01163          1/25/2010


PATIENTFIRST HEALTHCARE: Expects to File Schedules February 2
-------------------------------------------------------------
Diane Stafford, writing for the Kansas City Star, reports that
John Cruciani, a lawyer representing the Headache & Pain Center
and Doctors Hospital LLC, said an asset schedule is to be filed
with the bankruptcy court on Feb. 2, 2011.

According to the report, 10 doctors at the Hospital are continuing
to see patients while bankruptcy cases work their way through the
Kansas courts.

                      About PatientFirst, et al.

The Headache & Pain Center, P. A., PatientFirst Healthcare
Alliance, P.A., and Doctors Hospital, LLC are three affiliated
health clinics in Leawood, Kansas.

The Headache & Pain Center, P. A., (Bankr. D. Kan. Case No. 10-
24404), PatientFirst Healthcare Alliance, PA, (Bankr. D. Kan. Case
No. 10-24402), and Doctors Hospital, LLC (Bankr. D. Kan. Case No.
10-24403) filed for Chapter 11 protection on Dec. 31, 2010.

The Debtors each estimated $0 to $50,000 in assets and $1,000,001
to $10,000,000 in debts in their Chapter 11 petitions.  John J.
Cruciani, Esq., Mark T. Benedict, Esq., and Michael D. Fielding,
Esq., at Husch Blackwell LLP, in Kansas City, Missouri, represents
the Debtors.


PERFORMANCE FOOD: S&P Puts 'B' Corp. Credit Rating; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Richmond, Va.-based Performance Food Group Inc.
(PFG; formerly Vistar Corp.).  The outlook is stable.  As of
Oct. 2, 2010, total debt outstanding was about $880 million.

"Our rating on PFG reflects S&P's belief that the its weak credit
measures could improve over the next 12 to 24 months through free
cash flow generation," said Standard & Poor's credit analyst Jerry
Phelan, "despite the Company facing a highly competitive
environment and the risk of higher food/fuel costs."  However,
financial policy remains a key rating factor since the Company had
proposed in December 2010 but ultimately cancelled a $550 million
senior unsecured note offering, which included a $250 million
debt-financed shareholder dividend.  Credit measures would have
weakened considerably, including close to 7.0x leverage, compared
to about 5.7x currently.


RADIENT PHARMACEUTICALS: Gets NYSE Amex Delisting Notice
--------------------------------------------------------
Radient Pharmaceuticals Corporation received a notice dated
January 25, 2010 from the NYSE Amex advising that as of
January 25, 2011, RPC remains non-compliant with Section
1003(a)(iv), and Sections 1003(a)(i), 1003(a)(ii), 1003(a)(iii)
and 704 of the Exchange's continued listing standards.  Therefore,
RPC's securities are subject to delisting from the Exchange.

Based on recent operational progress, RPC intends to appeal the
delisting determination and is seeking an oral hearing before the
Exchange's Listing Qualifications Panel to make such appeal.
Pursuant to the Exchange's Company Guide, such hearing should
occur within 45 days of the date our request for such hearing is
filed, which will be on or before February 1, 2011.

The request for appeal is expected to stay any action with respect
to the Amex's Determination to prohibit the continued listing of
RPC's securities and allow the continued listing of RPC's common
stock on NYSE Amex until the Amex decides the suspension of
trading is in the public's best interest or after the hearing when
the Panel renders its decision.  At the hearing, RPC intends to
provide additional details on the original plan RPC submitted to
the Exchange on January 22, 2010 to gain compliance.  The Company
will also present its latest operational progress report, the
milestones achieved, and request the Panel allow RPC additional
time within which to regain compliance and maintain a listing on
the Exchange.  There can be no assurance that the Panel will grant
the Company's request for continued listing on the NYSE Amex.

Operational Status Radient Pharmaceuticals will continue its
normal course of business operations notwithstanding the status of
the Amex listing.  As referenced in its January 10, 2011 press
release related to the AMEX approval of various debt for equity
exchanges, the Company currently has converted or exchanged
approximately $16.6 million in debt, interest, and penalties, and
anticipates converting or exchanging approximately an additional
$8 million in debt during the first quarter of 2011.  After these
conversions and exchanges, the Company will have approximately $21
million in shareholder's equity.  It should also be noted that, as
of January 26, 2011, RPC has approximately 88 million shares
outstanding, and the Company is hopeful it can complete additional
financings in the first quarter 2011.  RPC believes the debt for
equity exchanges, progress towards meeting milestones, combined
with the anticipated financing will enable RPC to regain
compliance with AMEX listing requirements.

RPC Contact Information: For additional information on Radient
Pharmaceuticals, ADI and its portfolio of products visit the
Company's corporate website at www.radient-pharma.com. For
Investor Relations information contact Kristine Szarkowitz at
IR@RadientPharma.com or 1.206.310.5323.

                 About Radient Pharmaceuticals

Headquartered in Tustin, Calif., Radient Pharmaceuticals
Corporation -- http://www.Radient-Pharma.com/-- is engaged in the
research, development, manufacturing, sale and marketing of its
ONKO-SURE(TM) a proprietary IVD Cancer Test in the United States,
Canada, China, Chile, Europe, India, Korea, Taiwan, Vietnam and
other markets throughout the world.

Radient said in October 2010 it incurred a trigger event on the
12% Convertible Notes issued in first and second quarter of 2010
due to its failure to have the related registration statement
declared effective by June 1, 2010.  The Company filed on Sept. 7,
2010, an Event of Default under those same notes occurred since it
did not hold the related shareholder meeting by August 31, 2010.

As reported in the Troubled Company Reporter on April 19, 2010,
KMJ Corbin & Company LLP, in Costa Mesa, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted that the Company incurred a significant operating
loss and negative cash flows from operations in 2009 and had a
working capital deficit of $4.2 million at December 31, 2009.

The Company's balance sheet at Sept. 30, 2010, showed
$23.56 million in total assets, $34.22 million in total
liabilities, and a stockholders' deficit of $10.66 million.


RIVER ROAD: Lenders May or May Not Take O'Hare Hotel Through Plan
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Longview Ultra Construction Loan Investment Fund and
co-lender U.S. Bank N.A. filed a Chapter 11 plan where they hope
to take ownership of the InterContinental Chicago O'Hare hotel
near Chicago's largest airport from River Road Hotel Partners LLC.

According to Mr. Rochelle, the Plan will give the lenders
ownership in exchange for their $138.7 million in claims.  The
Lenders cite an appraisal as valuing the property at $86 million.
The Lenders will waive their deficiency claims if they take title
through the Plan.  Other unsecured creditors are to receive about
10% through cash also supplied by the lenders.

Mr. Rochelle notes that the Lenders' Plan could be upset depending
on the outcome of an appeal River Road was allowed to take
directly to the U.S. Court of Appeals in Chicago.  If a pending
state court lawsuit concludes with a ruling that some $9 million
in mechanics' liens are ahead of the Lenders' mortgages, the
Lenders will pay the claims in full.  If the mechanics' liens are
subordinate, the lenders will supply enough cash for a 10%
recovery.

In August, the bankruptcy judge denied a motion by the Debtor for
sale procedures and held that the lenders were being improperly
denied the right to bid their secured claims rather than cash.
The bankruptcy judge allowed River Road to take a direct appeal to
the Court of Appeals, overstepping an intermediate appeal in the
U.S. District Court, Mr. Rochelle notes.

Mr. Rochelle says the appeal will test whether the Court of
Appeals for the 7th Circuit goes along with rulings from sister
courts of appeal in Philadelphia and New Orleans which held that
lenders can be denied a credit bid so long as they receive the
equivalence of the value of their mortgages, which can be less
than the face amount of the mortgage.

Bloomberg relates that the Lenders' Plan was made possible when
the bankruptcy judge in Chicago terminated in August River Road's
exclusive right to propose a plan.

                 About River Road Hotel Partners

River Road Hotel Partners, LLC, developed and manage the
InterContinental Hotel Chicago O'Hare located in Rosemont,
Illinois.  Affiliate RadLAX Gateway Hotel LLC owns the Radisson
hotel at Los Angeles International Airport.  Both are ultimately
controlled owned by Harp Group.

River Road and its affiliates filed Chapter 11 in Chicago on
August 17, 2009 (Bankr. N.D. Ill. Lead Case No. 09-30029).  Based
in Oak Brook, Illinois, River Road estimated assets of as much as
$100 million and debt of as much as $500 million in its Chapter 11
petition.

RadLAX and its affiliates filed a separate chapter 11 petition
(Bankr. N.D. Ill. Case No 09-30047), estimating assets at
$50 million to $100 million.

David M. Neff, Esq., at Perkins Coie LLP, serves as counsel to the
River Road and RadLAX debtors.  The two cases, however, are not
jointly administered.


RUGGED BEAR: Files for Chapter 11 Due to Cash Woes
--------------------------------------------------
The Rugged Bear Company filed a petition for protection under
Chapter 11 of the United States Bankruptcy Code due to its
increasing liquidity constraints and a deteriorating relationship
with some of its key landlords and vendors.

The Company said in a statement that the filing will afford Rugged
Bear an opportunity to close underperforming stores and to
reorganize around its more profitable locations.  Rugged Bear
recently retained the services of Consensus Advisers, LLC, a
Boston based financial advisor that is experienced in
restructuring and reorganizing small companies like the children's
clothier, to aid it in the creation of a restructuring plan and to
negotiate on its behalf with vendors and landlords.

"We appreciate the amazing loyalty of all of our Rugged Bear
customers and employees who continue to support the company and
the changes that have to be made," said Garrett Larson, President
and Chief Executive Officer of Rugged Bear.  "It's no secret that
leases for stores negotiated even five years ago do not represent
in many cases the economics needed to support a small retailer.
We have the opportunity to make substantive changes to the basic
and fundamental profit model of our store base."

"We are most excited about the success of our new web presence
where we continue to be amazed by double digit growth month after
month," Mr. Larson continued.  "Its one of the absolute key
aspects of our business model going forward."

Rugged Bear also announced that Board of Directors member Bill End
had previously decided to transition his role from Board member to
Senior Advisor to the Company.

"By stepping down from the Board and moving into an advisory role,
Bill will be able to more effectively and directly apply his
knowledge of and experience in the retail sector to the Rugged
Bear team," said Frank Jenkins, Chairman of Rugged Bear.  "We look
forward to Bill continuing to work with us in this new capacity,
and feel his guidance will be extremely valuable to the Company
going forward."

The Rugged Bear(R) -- http://www.ruggedbear.com/-- is a chain of
retail children's clothing stores located in the Northeast US.
For the last 30 years, Rugged Bear(R) has offered high-quality,
value-priced, durable and fashionable children's active wear to
families in New England, New York and New Jersey.


RUGGED BEAR: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: The Rugged Bear Company
        125 Lenox Street
        Norwood, MA 02026

Bankruptcy Case No.: 11-10577

Type of Business: The Rugged Bear Company is a chain of retail
                  children's clothing stores located in the
                  Northeast U.S.  For the last 30 years, Rugged
                  Bear has offered high-quality, value-priced,
                  durable and fashionable children's active wear
                  to families in New England, New York and
                  New Jersey.

Chapter 11 Petition Date: January 25, 2011

Bankruptcy Court: U.S. Bankruptcy Court
                  District of Massachusetts (Boston)

Bankruptcy Judge: Henry J. Boroff

Debtor's
Counsel:          Charles A. Dale, III, Esq.
                  K&L GATES LLP
                  State Street Financial Center
                  One Lincoln Street
                  Boston, MA 02111
                  Tel: (617) 261-3112
                  Fax: (617) 261-3175

Debtor's
Financial
Advisor:          CONSENSUS ADVISERS, LLC

Estimated Assets: $10 million to $50 million

Estimated Debts : $10 million to $50 million

The petition was signed by Garrett Larson, president and CEO.

Debtor's List of 30 Largest Unsecured Creditors:

Entity/Person                   Nature of Claim      Claim Amount
-------------                   ---------------      ------------
Detwiler Fenton Group, Inc.      Noteholder           $755,000
100 High Street
Suite 2800
Boston, MA 02110

The Boston Globe                 Non-trade vendor     $278,308
P.O. Box 415071
Boston, MA 02241-5071

Kamik/Genfoot                    Vendor               $242,201

EEAN Fashions                    Vendor               $169,201

Urstadt Biddle Properties Inc.   Rent                 $159,229

Stop & Shop Supermarket Co       Rent                 $121,752

Chestnut Hill Shopping           Rent                 $115,689

Cotton Kids/Beadecked Inc.       Vendor               $109,944

Nagog Mall, LLC                  Rent                  $80,946
Chestnut Hill Shopping
Center LLC

Turtle Fur Company & Nordic      Vendor                $78,463
Gear, Inc.

Kliger Weiss Infosystems         Non-trade Vendor      $76,705

Wee Ones, Inc.                   Vendor                $73,555

Tophand Innovative               Vendor                $73,305
Accessories Ltd.

Edens & Avant Wellesley          Rent                  $70,286
(E&A), LLC

Washington Shoe Company          Vendor                $71,860

Merrell Wolverine World          Vendor                $68,212
Wide, Inc.

Artimonda SA                     Vendor                $66,819

Century Partners LTD             Rent                  $65,868

DZ Trading LTS                   Vendor                $65,742

Cotton Resources                 Vendor                $63,087
Globaltex Inc.


SCO GROUP: Trustee Picks UnXis as Buyer for Assets
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Chapter 11 trustee for software developer SCO
Group Inc. held an auction and selected unXis Inc. as having the
best offer to buy the business of selling Unix system software
products and services.  The sale will be up for approval at a
Feb. 16 hearing.

According to the report, unXis is to pay $600,000 cash and give
the trustee warrants for 3% of its stock.  The warrants will be
exercisable after unXis has raised $4 million in equity
financings, Mr. Rochelle says.  The exercise price will be price
for the stock paid by the investor in the last round of financing
that brings the total to $4 million.

Mr. Rochelle recounts that in August 2009, the bankruptcy judge
called for a Chapter 11 trustee, approximately one month before
the U.S. Court of Appeals in Denver ruled in SCO's favor after six
years of litigation with Waltham, Massachusetts-based Novell Inc.
The case went back to the district court where the judge and jury
largely ruled against SCO with regard to rights in certain Unix
software incorporated in network systems.  The trustee sought
permission to hold the auction after SCO Group's interest in Unix
was clarified.

                            About SCO Group

The SCO Group (SCOXQ.PK) -- http://www.sco.com/-- is a provider
of UNIX software technology.  Headquartered in Lindon, Utah, SCO
has a worldwide network of resellers and developers.

The Company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on September 14, 2007 (Bankr. D. Del. Lead
Case No. 07-11337).

Paul Steven Singerman, Esq., and Arthur Spector, Esq., at Berger
Singerman P.A., represent the Debtors in their restructuring
efforts.  James O'Neill, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, are the Debtors' Delaware and
conflicts counsel.  Epiq Bankruptcy Solutions LLC acts as the
Debtors' claims and noticing agent.  As of January 31, 2009, the
Company had $8.78 million in total Assets, $13.30 million in total
liabilities, and $4.52 million in stockholders' deficit.


SEXY HAIR: Plan Sponsor Open to Competing Bids
----------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that the unit of buyout
firm TSG Consumer Partners that has lined up to sponsor Sexy Hair
Concepts LLC's restructuring plan said it is willing to see the
assets opened up to competing bids in response to creditor
pressure.

In a prior report, DBR said unsecured creditors have urged a judge
to halt the "needlessly rapid pace" at which Sexy Hair is
galloping toward a reorganization they say will only serve to
benefit the company's lenders, at their expense.

Chatsworth, California-based Sexy Hair Concepts, LLC, is an
operating company engaged in the development, distribution and
marketing of premium quality hair care products and brands.  It
outsources the production and manufacture of its various lines of
premier hair care products and operates from a single facility in
Chatsworth, California, that houses its corporate offices and
distribution warehouse.  It works with several distributors
domestically and internationally, but does not maintain any other
offices.

Sexy Hair filed for Chapter 11 bankruptcy protection on
December 21, 2010 (Bankr. C.D. Calif. Case No. 10-25922).  Scott
F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, serves as Sexy
Hair's bankruptcy counsel.  According to its schedules, Sexy Hair
disclosed $78,000,000 in total assets and $91,141,147 in total
debts as of the Petition Date.

Sexy Hair's bankruptcy case is jointly administered with those of
Ecoly International, Inc., a California corporation, and Luxe
Beauty Midco Corporation.  Ecoly is the lead case.

Klee, Tuchin, Bogdanoff & Stern LLP serves as counsel for the
Official Committee of Unsecured Creditors.


SEXY HAIR: Has Interim Nod to Use Cash Collateral Until Feb. 3
--------------------------------------------------------------
Sexy Hair Concepts, LLC, et. al., obtained, for the second time,
interim authorization from the U.S. Bankruptcy Court for the
Central District of California to use their lenders' cash
collateral until February 3, 2011.

On January 5, 2011, the Court issued the first interim order
authorizing the use of cash collateral until January 13, 2011.

Prior to the Petition Date, the operating debtor Sexy Hair
financed its operations and growth through the proceeds from the
sales of its products, the use of a secured credit facility
maintained with the Bank of Montreal, as the Administrative and
Collateral Agent for the secured lender group, pursuant to the
terms of a Credit Agreement dated April 9, 2008, and the use of a
subordinated credit facility with Northwestern Mutual Life
Insurance Company pursuant to the terms of the Securities Purchase
and Guaranty Agreement of the same date.  As of the date hereof,
the outstanding pre-petition amount owing under the Credit
Agreement is not less than $62,580,138.16.  The Senior Secured
Lenders assert valid, perfected and enforceable security interest
in all of the Debtors' assets, including assets that constitute
cash collateral.

As reported by the Troubled Company Reporter on January 4, 2011,
the Debtors asked for authorization from the Court to use the cash
collateral through mid-March 2011.

Scott F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, explains
that the Debtors need the money to fund their Chapter 11 case, pay
suppliers and other parties.

In exchange for the use of cash collateral, the Senior Secured
Lenders will be granted replacement liens.

The Debtors will use the money pursuant to a weekly budget, a copy
of which is available for free at:

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

Chatsworth, California-based Sexy Hair Concepts, LLC, is an
operating company engaged in the development, distribution and
marketing of premium quality hair care products and brands.  It
outsources the production and manufacture of its various lines of
premier hair care products and operates from a single facility in
Chatsworth, California, that houses its corporate offices and
distribution warehouse.  It works with several distributors
domestically and internationally, but does not maintain any other
offices.

Sexy Hair filed for Chapter 11 bankruptcy protection on
December 21, 2010 (Bankr. C.D. Calif. Case No. 10-25922).  Scott
F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, serves as Sexy
Hair's bankruptcy counsel.  According to its schedules, Sexy Hair
disclosed $78,000,000 in total assets and $91,141,147 in total
debts as of the Petition Date.

Sexy Hair's bankruptcy case is jointly administered with those of
Ecoly International, Inc., a California corporation, and Luxe
Beauty Midco Corporation.  Ecoly is the lead case.

Klee, Tuchin, Bogdanoff & Stern LLP serves as counsel for the
Official Committee of Unsecured Creditors.


SEXY HAIR: U.S. Trustee Appoints 5 Members to Creditors Panel
-------------------------------------------------------------
Peter C. Anderson, the U.S. Trustee for Region 16, appoints five
members to the Official Committee of Unsecured Creditors in Sexy
Hair Concepts, LLC, et. al.'s Chapter 11 cases.

The Committee members include:

1) Kik Custom Products
   Gabriela Arzuman
   Director, Credit and AR
   101 Macintosh Boulevard
   Concord Ontario, Canada LYK 4R5
   Phone: (905) 660-2783

2) 220 Laboratories Inc.
   Yoram Fishman
   2375 3rd. Street
   Riverside, CA. 91507
   Phone: (818) 400-7331

3) Tarnik, Inc. DBA, PDA Group
   Diane Klymcius
   Credit Manager
   24935 Avenue Kearny
   Valencia, CA 91355
   Phone: (661) 607-0600

4) The Northwestern Mutual Life
   Insurance Company and Northwestern
   Mutual
   Capital Mezzanine Fund I, LP
   Timothy S. Collins or Brad Kunah
   Managing Director, Northwestern
   Investment Management Company
   720 E. Wisconsin Avenue
   Milwaukee, WI 53202-4797
   Phone: (414) 665-1577

5) Carastro's & Company Hair Design
   Class Action Plaintiff
   Lawrence Carastro
   Owner
   3101 Roswell Road, Suite U
   Marietta, GA. 30062
   Phone: (770) 861-3089

Chatsworth, California-based Sexy Hair Concepts, LLC, is an
operating company engaged in the development, distribution and
marketing of premium quality hair care products and brands.  It
outsources the production and manufacture of its various lines of
premier hair care products and operates from a single facility in
Chatsworth, California, that houses its corporate offices and
distribution warehouse.  It works with several distributors
domestically and internationally, but does not maintain any other
offices.

Sexy Hair filed for Chapter 11 bankruptcy protection on
December 21, 2010 (Bankr. C.D. Calif. Case No. 10-25922).  Scott
F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, serves as Sexy
Hair's bankruptcy counsel.  According to its schedules, Sexy Hair
disclosed $78,000,000 in total assets and $91,141,147 in total
debts as of the Petition Date.

Sexy Hair's bankruptcy case is jointly administered with those of
Ecoly International, Inc., a California corporation, and Luxe
Beauty Midco Corporation.  Ecoly is the lead case.

Klee, Tuchin, Bogdanoff & Stern LLP serves as counsel for the
Official Committee of Unsecured Creditors.


SEXY HAIR: Creditors Committee Taps Klee Tuchin as Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors in Sexy Hair
Concepts LLC, et al.'s Chapter 11 bankruptcy cases asks for
authorization from the U.S. Bankruptcy Court for the Central
District of California to retain Klee, Tuchin, Bogdanoff & Stern
LLP as counsel, nunc pro tunc to January 4, 2011.

Klee Tuchin will:

     a. advise the Committee regarding matters of bankruptcy law
        and related corporate law as they relate to the Debtors'
        Chapter 11 cases;

     b. represent the Committee in proceedings or hearings in the
        the Court in accordance with its statutory right to appear
        and be heard on any issue in the Debtors' cases;

     c. advise the Committee concerning the requirements of the
        Bankruptcy Code, federal and local rules relating to the
        administration of these cases, and the effect of these
        cases on the Committee; and

     d. advise the Committee of its powers and duties and assist
        and represent the Committee in connection with the
        exercise and discharge thereof.

Klee Tuchin will be paid based on the rates of its professionals:

        Jonathan S. Shenson                  $680
        Courtney E. Pozmantier               $490
        Shanda D. Dahl, Paralegal            $250

Jonathan S. Shenson, Esq., at Klee Tuchin, assures the Court that
the firm is a "disinterested person" as that term defined in
Section 101(14) of the Bankruptcy Code.

Chatsworth, California-based Sexy Hair Concepts, LLC, is an
operating company engaged in the development, distribution and
marketing of premium quality hair care products and brands.  It
outsources the production and manufacture of its various lines of
premier hair care products and operates from a single facility in
Chatsworth, California, that houses its corporate offices and
distribution warehouse.  It works with several distributors
domestically and internationally, but does not maintain any other
offices.

Sexy Hair filed for Chapter 11 bankruptcy protection on
December 21, 2010 (Bankr. C.D. Calif. Case No. 10-25922).  Scott
F. Gautier, Esq., at Peitzman, Weg & Kempinsky LLP, serves as Sexy
Hair's bankruptcy counsel.  According to its schedules, Sexy Hair
disclosed $78,000,000 in total assets and $91,141,147 in total
debts as of the Petition Date.

Sexy Hair's bankruptcy case is jointly administered with those of
Ecoly International, Inc., a California corporation, and Luxe
Beauty Midco Corporation.  Ecoly is the lead case.


SUMMIT BUSINESS: Files for Chapter 11 with Pre-Negotiated Plan
--------------------------------------------------------------
Summit Business Media disclosed approvals from 83% of its lenders
for a debt restructuring plan that will cut its outstanding debt
obligations by more than half, or approximately $135 million, and
materially enhance the Company's financial position.  The
agreement by most of the Company's lenders was achieved in advance
of its filing of a voluntary petition for reorganization under
Chapter 11 of the United States Bankruptcy Code in the U.S.
Bankruptcy Court in Wilmington, Delaware.  The Company said it
expects to emerge from the restructuring during the first half of
2011.

The plan provides for Summit's continued normal operations. A
voluntary Chapter 11 bankruptcy is a formal, court-supervised
procedure that allows otherwise healthy companies to address
balance sheet issues, achieve consensus among their financial
constituencies and emerge from the process with appropriate debt
levels. Other major B2B media companies that have successfully
gone through this process include Penton, Cygnus and Questex,
among others.

"Summit Business Media is a fundamentally sound and profitable
company," said Andrew L. Goodenough, President and CEO.  "We
believe that Summit is well-positioned to take advantage of
economic growth coming out of this unusually deep downturn as the
industries we serve rebound.  We look forward to a speedy
resolution of our balance sheet restructuring while we remain
focused on delivering quality products for readers and marketers
in the markets we serve."

He added, "While Summit has emerged from the downturn as a smaller
but healthier company, we have too much debt to support our
current business operations, left over from when Summit was a
larger, acquisition-oriented company.  We view this reorganization
process as the last step in a two-year strategic refocusing of
Summit on our core markets."

Subject to court approval, Summit will use its bank balances,
currently in excess of $10 million in cash, and cash flow from its
operations to meet its working capital needs throughout the
reorganization process. Any pre-filing advertising, subscription
and event contracts will be honored in full.  Summit will pay all
vendors for goods and services received during the reorganization
process, and Summit employees will receive uninterrupted wages and
benefits.  In addition, the Company's lenders have agreed to
provide a debtor-in-possession (DIP) credit facility of $5 million
to support the Company's additional working capital needs, if any,
during the restructuring.

                    About Summit Business Media

Summit Business Media -- http://www.summitbusinessmedia.com--
claims to be a leading B2B media and information company serving
the insurance, investment advisory, professional services and
mining investment markets through a variety of channels, including
print, online and live events.  Summit provides breaking news and
analysis, in-depth practice management strategies, business-
building techniques and actionable data to the markets it serves.
Through its Media and Reference Divisions, Summit publishes 16
magazines, 20 websites and 150 reference titles.  Summit's Event
Division hosts a dozen conferences across the spectrum of markets
the Company services.  Summit's Data Division is the leading data
provider of financial, marketing and benefits information on
corporations, insurance companies and life, benefits and property-
casualty agents.  Summit employs nearly 400 employees in ten
offices across the United States.


SUMMIT BUSINESS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Summit Business Media Holding Company
          fdba B2B Media Holding Corp.
        475 Park Avenue South
        New York, NY 10016

Bankruptcy Case No.: 11-10231

Debtor-affiliates that filed separate Chapter 11 petitions:

   Entity                                           Case No.
   ------                                           --------
Summit Business Media Intermediate Holding Company  11-10232
The National Underwriter Company                    11-10233
Research Holdings, Ltd.                             11-10234
Futures Magazine, Inc.                              11-10235
NUCO Business Information, LLC                      11-10236
Agent Media Corp.                                   11-10237
Judy Diamond Associates, Inc.                       11-10238
Mining INDABA, LLC                                  11-10239

Chapter 11 Petition Date: January 25, 2011

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Debtors'
Legal Counsel:    Kimberly E. C. Lawson, Esq.
                  Kathleen Murphy, Esq.

                  REED SMITH LLP
                  1201 Market Street, Suite 1500
                  Wilmington, DE 19801
                  Telephone: (302) 778-7500
                  Facsimile: (302) 778-7575
                  E-mail: klawson@reedsmith.com

                           - and -

                  J. Andrew Rahl, Jr., Esq.
                  REED SMITH LLP
                  599 Lexington Avenue
                  New York, NY 10022
                  Telephone: (212) 521-5400
                  Facsimile: (212) 521-5450

Debtors'
Financial
Advisor:          LINCOLN PARTNERS ADVISORS LLC
                  400 Madison Ave, 21st Floor
                  New York, NY 10017
                  Joseph J. Radecki, Jr, Managing Director
                  Telephone: (212) 277-8117
                  Facsimile (212) 277-8101

Debtors'
Claims Agent:     GARDEN CITY GROUP

Estimated Assets: $100,000,001 to $500,000,000

Estimated Debts: $100,000,001 to $500,000,000

The petition was signed by Thomas M. Flynn, chief operating
officer and chief financial officer.

Debtor's List of 30 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Wind Point Partners VI, L.P.       Management Fees      $4,125,531
Wind Point Partners V, L.P.
c/o Wind Point Partners
676 North Michigan Avenue, Suite 3700
Chicago, IL 60611

Publishers Press Incorporated      Trade Debt             $657,881
100 Frank E. Simon Avenue
Shepherdsville, KY 40165

Imperial Capital LLC               Professional Fees      $312,500
2000 Avenue of the Stars, 9th Floor South
Los Angeles, CA 90067

NAIC General                       Contract               $289,978
P.O. Box 879660
Kansas City, MO 64187-9660

Bulkley Dunton Publishing Grp Nuco Trade Debt             $269,131
P.O. Box 403565
Atlanta, GA 30384-3565

Marriott International             Trade Debt             $149,103

KPMG LLP                           Professional Fees      $118,000

iPacesetters LLC                   Trade Debt              $93,824

Hallmark Data Systems, LLC         Trade Debt              $89,102

Gaylord Opryland Hotel             Contract                $82,420

Microsoft Services                 Contract                $71,260

BPA Worldwide                      Trade Debt              $48,750

Advertiser Printers, Inc.          Trade Debt              $46,789

Applied Info Group                 Trade Debt              $46,518

MMC Norilsk Nickel Africa          Customer Refund         $41,547

O. Alfred Granum, CLU              Contract                $39,869

CDW Direct, LLC                    Trade Debt              $35,743

Blue Valley Telemarketing          Trade Debt              $33,678

Roadsend, Inc.                     Contract                $33,000

Investor's Business Daily          Trade Debt              $29,927

Barry Aberstein                    Contract                $28,299

Embassy Suites                     Contract                $26,548

American Business Media            Trade Debt              $25,481

Victor Graphics, Inc.              Trade Debt              $24,987

Baxter Research Center Inc.        Trade Debt              $21,613

Donald F. Cady                     Contract                $20,519

Standard & Poor's                  Contract                $19,500

Office Partners 360 Inc.           Professional Fees       $18,140

Medcomps Corporation               Trade Debt              $17,765

Inquiry Management Systems Inc.    Trade Debt              $17,042


TERRESTAR NETWORKS: Committee Wins Order on Confidential Info.
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in TerreStar
Networks Inc.'s cases sought and obtained an order from the
Bankruptcy Court determining that it is not authorized or required
to provide access to confidential information or privileged
information pursuant to Section 1102(b)(3)(A) of the Bankruptcy
Code to any creditor that it represents.

"Such relief is not only in the best interests of the [Debtors']
estates, but also will protect the Committee by making clear that
it is not violating the Bankruptcy Code by refusing to provide
such information to creditors," David M. Posner, Esq., at
Otterbourg Steindler Houston & Rosen P.C., in New York, contends,
on behalf of the Committee.

Section 1102(b)(3) provides that an official committee appointed
under Section 1102(a) will "provide access to information for
creditors who hold claims of the kind represented by that
committee; but does not indicate how an official committee should
provide access to "information," and, more importantly, does not
indicate the nature, scope, or extent of the "information" that
an official committee must provide to creditors who hold claims
of the kind represented by such committee.

The Debtors are in a competitive industry and are currently
engaged in a marketing-and-sales process, Mr. Posner tells the
Court.  The dissemination of Confidential Information to parties
who are not bound by any confidentiality agreement directly with
the Debtors, he asserts, could have serious negative consequences
for the Debtors.

If the Debtors' general creditors could require the Committee to
give them access to Confidential Information in the possession of
the Committee, the information easily could become public
immediately thereafter, Mr. Posner points out.

The public dissemination of Confidential Information would likely
cause serious harm to the Debtors' estates because, among other
things, the Debtors' business strategies and intended initiatives
would become known to the Debtors' competitors, thereby allowing
such competitors to adjust to the Debtors' strategies and reduce
or eliminate the value of the initiatives to the estates," Mr.
Posner emphasizes.

Moreover, if there is a risk that Confidential Information given
by the Debtors to the Committee could have to be turned over to
any creditor or claimholder, the Debtors would be highly
discouraged from giving Confidential Information to the Committee
in the first place, Mr. Posner says.  In turn, he points out, the
inability of the Committee to gain access to Confidential
Information could limit its ability to fulfill its statutory
obligations under the Bankruptcy Code.

The Committee's request does not mean that the Committee will not
be providing information to its constituents pursuant to Section
1103(b)(3)(A) of the Bankruptcy Code, Mr. Posner clarifies.  The
Committee believes that creditors and other claimholders will,
through various means, have access to a variety of public
information concerning the Debtors, including pleadings filed
with the Court, the Debtors' schedules and statements of
financial affairs, and the Debtors' monthly operating reports.

                     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.

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.  The Garden City
Group, Inc., is the claims and noticing agent in the Chapter 11
cases.  Otterbourg Steindler Houston & Rosen P.C. is the counsel
to the Official Committee of Unsecured Creditors.  FTI Consulting,
Inc., is the Committee's 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: Jefferies Wants Claim Allowed for Voting
------------------------------------------------------------
Jefferies & Company, Inc., asks Bankruptcy Judge Sean H. Lane
to estimate and temporarily allow its claims for $13,847,991 for
the sole purpose of voting on the Debtors' Plan.

Jefferies contends that it has valid claims in excess of
$13,000,000.  Jefferies thus reserves all its rights with respect
to the claims, including all rights with respect to reimbursement
of fees and expenses it incurred in connection with pursuing
collection of the amounts due under an agreement when Debtor
TerreStar Networks Inc. sought financial services from the firm.

Each of the Jefferies Claims asserts at least $1,347,991 in
liquidated, unsecured claims and $12.5 million in unliquidated
and contingent unsecured claims arising under the Services
Agreement.  Jefferies' liquidated claims consist of these unpaid
amounts owed to the firm by the Debtors under the Services
Agreement:

  (i) no less than $875,000 for unpaid Monthly Fees earned
      between February 2010 and June 2010;

(ii) $22,991 in unreimbursed expenses; and

(iii) a $450,000 Financing Fee owed on account of the Debtors'
      $75 million postpetition debtor-in-possession credit
      facility.

The Jefferies Claims also assert unliquidated and contingent
claims consisting of a $5,000,000 Restructuring Fee, attributable
to the Debtors' restructuring of over $1.1 billion of funded debt
pursuant to the proposed Chapter 11 Plan, and a $7,500,000 Equity
Fee, attributable to the Debtors' equity rights offering as
contemplated by the Plan.

The Jefferies Claims are subject to an omnibus objection.  The
Debtors argued that the Services Agreement was made by only among
Jefferies and TerreStar Corporation, and that TerreStar
Corporation did not enter into the Agreement on behalf of its
debtor subsidiaries.  The Debtors specified that the work
performed by Jefferies was exclusively for the benefit of
TerreStar Corporation and not for them.

The Debtors' assertion that the Services Agreement was made
solely between Jefferies and TerreStar Corporation is incorrect,
Lisa G. Laukitis, Esq., at Jones Day, in New York, contends, on
behalf of Jefferies.  She points out that the very first line of
the Agreement states that it confirms the arrangements under
which Jefferies had been retained by the "Company," which is
defined as TerreStar Corporation and its subsidiaries, and which
includes, among other entities, each of the Debtors.

In addition, Ms. Laukitis argues that the Agreement did not
indicate that compensation and expenses incurred by Jefferies
were to be the sole responsibility of non-Debtor parent TerreStar
Corporation.

"Consideration of confirmation of the [TerreStar Debtors'] Plan
is imminent.  Unlike other unliquidated claims that may require
the resolution of uncertain events over a long period of time,
such as the outcome of litigation, the Jefferies Claim will
become liquidated upon the effective date of the Plan and can
therefore be ascertained with complete certainty as of the date
hereof and, therefore, should be estimated at the full amount of
$13,847,991," Ms. Laukitis asserts.

                     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.

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.  The Garden City
Group, Inc., is the claims and noticing agent in the Chapter 11
cases.  Otterbourg Steindler Houston & Rosen P.C. is the counsel
to the Official Committee of Unsecured Creditors.  FTI Consulting,
Inc., is the Committee's 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: Kirkland Also Represents Potential Bidder
-------------------------------------------------------------
Bankruptcy counsel to TerreStar Networks Inc., Ira S. Dizengoff,
Esq., a member of Akin Gump Strauss Hauer & Feld LLP, in New York,
relates that the TerreStar Plan Debtors and their advisors have
contacted or are in the process of contacting numerous parties to
gauge those parties' potential interest in entering into an
alternative transaction for the sale of any or all of their
assets, as set forth in the Disclosure Statement accompanying the
TerreStar Plan Debtors' Fourth Amended Joint Chapter 11 Plan of
Reorganization.

Mr. Dizengoff reveals that Akin Gump currently represents a
party, which has expressed an interest in an Alternative
Transaction and signed a non-disclosure agreement.  He assures
the Court that Akin Gump's representation of the Interested Party
relates to matters wholly unrelated to the Debtors' Chapter 11
cases, which accordingly does not represent an actual conflict
with the firm's representation of the Debtors.

However, in order to avoid the appearance of impropriety and to
avoid improper disclosure of confidences of the Debtors, Akin
Gump has established ethical walls between the attorneys and
staff representing the Debtors and those attorneys who are
currently representing the Interested Party or those attorneys
who have done a significant amount of work in the past
representing the Interested Party, according to Mr. Dizengoff.

To the extent that any adversary proceedings are commenced by or
against the Interested Party in the Debtors' Chapter 11 cases,
the Debtors will retain a conflicts counsel to represent their
interest in those matters and Akin Gump will not represent the
Interested Party in any matter in connection with or related to
the Debtors' Chapter 11 cases, Mr. Dizengoff says.

In addition, Mr. Dizengoff reveals that as of January 1, 2011,
Akin Gump bill clients at these standard hourly rates: $550 to
$1,150 for partners; $515 to $850 for counsel; $335 to $615 for
associates; and $125 to $300 for paraprofessionals.  Accordingly,
the hourly rates of the Akin Gump attorneys with primary
responsibilities for providing services to the Debtors will
increase:

    Ira S. Dizengoff                        $975
    Arik Preis                              $700
    Joseph L. Sorkin                        $650
    Ashleigh L. Blaylock                    $550

                     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.

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.  The Garden City
Group, Inc., is the claims and noticing agent in the Chapter 11
cases.  Otterbourg Steindler Houston & Rosen P.C. is the counsel
to the Official Committee of Unsecured Creditors.  FTI Consulting,
Inc., is the Committee's 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: Proposes Feb. 15 Auction; No Stalking Horse So Far
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Townsends Inc. is aiming to sell the business at
auction on February 15.  Although there are discussions with
several potential buyers, no one as yet is under contract.  There
will be a Jan. 28 hearing in U.S. Bankruptcy Court in Delaware to
set up auction and sale procedures.

Mr. Rochelle relates the Debtor wants initial bids on February 14,
the day before the auction, with the hearing to approve the sale
on February 18.  Financing for the Chapter case is set to expire
February 20.

The lenders are requiring sale approval before funding terminates.

                    About Townsends Inc.

Founded in 1891, Townsends Inc. is a third-generation, family-
owned poultry company.  Headquartered in Georgetown, Delaware,
Townsends operates production and processing facilities in
Arkansas and North Carolina.  Townsends Inc. -- fka Townsend
Speciality Foods -- and several affiliates filed for Chapter 11
bankruptcy protection on December 19, 2010 (Bankr. D. Del. Lead
Case No. 10-14092).  As of December 5, 2010, the Debtors disclosed
$131 million in total assets and $127 million in total debts.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.  McKenna Long & Aldridge LLP
serves as special counsel.  Huron Consulting Group's Dalton T.
Edgecomb serves as the Debtors' chief restructuring officer.  SSG
Capital Advisors, LLC, serves as investment banker.  Donlin,
Recano & Company, Inc., is the Debtors' claims, noticing and
balloting agent.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee has tapped Lowenstein Sandler PC as its
counsel and J.H. Cohn LLP as its financial advisor.


VITRO SAB: Wants Delay in Trial on Texas Involuntary Cases
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro, S.A.B. de C.V. filed a motion asking the
bankruptcy judge in Fort Worth, Texas, to push back the hearing
date for deciding if its U.S. subsidiaries should be in Chapter 11
reorganizations involuntarily.

Holders of some of the $1.2 billion in defaulted bonds filed
involuntary petitions against Vitro's U.S. subsidiaries in
November.  Vitro SAB is opposing the petitions, saying the
subsidiaries don't qualify for involuntary bankruptcy although
they admittedly haven't made good on guarantees of bonds in
default for about two years.

The bankruptcy judge had scheduled a February 10 trial on the
involuntary petitions.

Mr. Rochelle discloses that Vitro SAB said it can't complete the
production of documents even by January 26, the extended deadline.
Vitro wants more time to produce documents requested by
noteholders and is asking the court to reschedule the hearing
until February 22 to 23, Mr. Rochelle notes.

Mr. Rochelle notes that Vitro SAB said it identified 56,000
documents responsive to the bondholders' requests.  Among them,
Mr. Rochelle relates, more than 60% are in Spanish, Vitro SAB
said.  Vitro needs to review the documents before turning them
over to the bondholders, Mr. Rochelle adds.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of
MXN23,991 million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The Mexican judge ruled that Vitro
couldn't push through a plan based on the vote of intercompany
debt when third-party creditors were opposed.  Vitro has
voluntarily dismissed the Chapter 15 case in view of the dismissal
of its reorganization in Mexico.


UNITED WESTERN: Shares to be Delisted on NASDAQ Global Market
-------------------------------------------------------------
United Western Bancorp, Inc. disclosed that on January 24, 2011
the NASDAQ Stock Market, LLC advised the Company that shares of
the Company's common stock would no longer be listed for trading
on the NASDAQ Stock Market as of February 2, 2011 unless the
Company files an appeal under applicable NASDAQ rules.  Trading in
the Company's common stock was suspended by NASDAQ at the market
open on January 24, 2011 due to the seizure of the Bank by the
Federal Deposit Insurance Corporation on January 21, 2011.  The
seizure of the Bank by the FDIC was announced by the Company on
January 21, 2011.

At this time the Company does not intend to appeal the
determination of NASDAQ and does not expect that shares of its
common stock will trade pursuant to publicly available quotation
sources at any time in the future.  The Company is currently
delinquent in its current reporting obligations under the
Securities and Exchange Act of 1934, as amended and the Company is
unable to say with any certainty whether or not it will be able to
become current in such reporting obligations now or in the future.
As previously disclosed, the Company and certain of its
subsidiaries and affiliates may be required to seek protection
under the federal Bankruptcy Code in order to seek a
reorganization or pursue an orderly liquidation of those assets.

It is also unlikely that the Company's common shares will ever be
eligible to trade on the OTC Bulletin Board or the "Pink Sheets"
since the Company must be current in its Exchange Act reporting
requirements in order to be eligible to trade on the OTC Bulletin
Board or the "Pink Sheets."

On January 24, 2011, the Company was notified by one of the Anchor
Investors to the previously announced Investment Agreement dated
October 28, 2010 wherein the Company sought to raise at least $200
million that such Anchor Investor terminated the Investment
Agreement.

United Western Bancorp, Inc. is a Denver-based holding company
whose principal subsidiary was formerly United Western Bank.


VIDEO WAREHOUSE: Case Summary & 21 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Video Warehouse, Inc.
        217 South Madison Avenue
        Douglas, GA 31533
        Tel: (912) 384-1781

Bankruptcy Case No.: 11-50076

Chapter 11 Petition Date: January 25, 2011

Court: U.S. Bankruptcy Court
       Southern District of Georgia (Waycross)

Debtor's Counsel: James L. Drake, Jr., Esq.
                  JAMES L. DRAKE, JR., P.C.
                  P.O. Box 9945
                  Savannah, GA 31412
                  Tel: (912) 790-1533
                  E-mail: jdrake7@bellsouth.net

Scheduled Assets: $206,006

Scheduled Debts: $1,408,804

A list of the Company's 21 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/gasb11-50076.pdf

The petition was signed by Gerald H. Pryor, president and CEO.


WINDCHASE ENTERPRISES: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Windchase Enterprises, LLC
        6910 Windchase Drive
        Horn Lake, MS 38637

Bankruptcy Case No.: 11-10337

Chapter 11 Petition Date: January 25, 2011

Court: U.S. Bankruptcy Court
       Northern District of Mississippi (Aberdeen)

Debtor's Counsel: Neal H. Labovitz, Esq.
                  LABOVITZ LAW FIRM
                  1625 Main Street, Suite B
                  Southaven, MS 38671
                  Tel: (662) 342-7957
                  Fax: (662) 342-0368
                  E-mail: bankruptcy@labovitzlaw.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 Nilesh Patel, vice-president.


* Johnson & Freedman Promotes January N. Taylor to Partner
----------------------------------------------------------
Atlanta-based Johnson & Freedman, LLC, a member of the Fannie Mae
Retained Attorney Network and Freddie Mac Designated Counsel
Program, disclosed that January N. Taylor has been promoted to
partner. Johnson & Freedman is a business partner of Atlanta-based
Prommis Solutions.

As a foreclosure attorney, Taylor manages the foreclosure
processes for Alabama, Georgia, North Carolina, South Carolina,
Tennessee, Mississippi and Virginia.  In addition, she manages the
firm's title department, which supports foreclosure, bankruptcy,
REO and litigation in reviewing and clearing any title issues.

Prior to joining Johnson & Freedman in 2006, Taylor was an
associate attorney with Brock & Scott, PLLC in Wilmington, N.C.
Previously, Taylor acted as VP of Development for Shore Land
Investments, LLC NAI/MLG Development on the Eastern Shore of
Virginia.

"January Taylor's strong credentials, leadership style and
strategic vision enable our firm to continue to meet the needs of
our clients by providing quality legal service and sound
judgment," said Joel Freedman, managing partner of Johnson &
Freedman, LLC.  "Her methodology centered around home retention
efforts fits the culture that Johnson & Freedman has fostered
throughout our history."

Taylor is a member of the Georgia State Bar, North Carolina State
Bar and South Carolina State Bar.  She has a bachelor's degree
from Salisbury University and a J.D. from Regent University.

                      About Johnson & Freedman

Johnson & Freedman, LLC -- http://www.JFLegal.com/-- is a leader
in the default legal services industry and a member of the Fannie
Mae Retained Attorney Network in five states*, as well as a member
of the Freddie Mac Designated Counsel Program in Florida.  With
more than 25 attorneys, the firm provides legal counsel for the
mortgage default legal services industry, representing the
industry in mortgage foreclosures, bankruptcy, litigation,
eviction, REO closings, commercial foreclosures and litigation, as
well as collections and general real estate issues.  The firm is
headquartered in Atlanta, Georgia and currently provides legal
services throughout Alabama*, Florida^, Georgia*, Mississippi,
North Carolina*, South Carolina*, Tennessee* and Virginia.


* Phoenix Adds J. Koskiewicz as Managing Director in Dallas Office
------------------------------------------------------------------
John Koskiewicz, a long time restructuring industry veteran, has
joined the firm as a Managing Director in the Dallas office.

Mr. Koskiewicz joins Phoenix with a wealth of experience in a
variety of industries, roles and engagements.  During the past
twelve years John has served in many roles including interim
management, bankruptcy advisor and financial advisor to both
debtor and creditor constituents.  Prior to beginning his
restructuring advisory career, John served in various financial
and cash management roles in private industry.  He is a recognized
professional in the Dallas turnaround community including both the
TMA and ACG organizations.

"As we continue to grow Phoenix both in terms of service offerings
and our footprint, we believe Dallas and John specifically, will
play a vital role in our aggressive growth plans," said Phoenix
Managing Director and Shareholder Jim Fleet.  "While John has
spent the last several years working through some of the largest
and complex auto industry insolvency cases, he has always
maintained a focus and desire to work within the middle market
sector with an ability to provide impactful hands-on leadership,"
Fleet further added.

John graduated from University of Texas at Austin with an MBA and
from Indiana University with a Bachelor of Science.  He has
written articles on the automotive industry and contributed to
panels at both the TMA and the AIRA regarding various industry and
bankruptcy issues.

                         About Phoenix

For over 25 years, Phoenix has provided smarter, operationally
focused solutions for middle market companies in transition.
Phoenix Management Services provides turnaround, crisis and
interim management, specialized advisory and operational due
diligence services for both distressed and growth oriented
companies.


* Retired Oklahoma Judge Richard Bohanon Died January 18
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Richard L. Bohanon, a bankruptcy judge in Oklahoma
City from 1982 until his retirement last year, died on Jan. 18 at
age 75.

Mr. Rochelle notes that Judge Bohanon, the son of U.S. District
Judge Luther Bohanon, received his undergraduate degree from
Dartmouth College and his law degree from University of Oklahoma
College of Law, the family said.  After law school, he was a clerk
for a judge on the U.S. Circuit Court of Appeals in Denver.


* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In re Laura Mccray
   Bankr. D. Ariz. Case No. 11-01405
      Chapter 11 Petition filed January 19, 2011

In re Celso Sepina
   Bankr. C.D. Calif. Case No. 11-12486
      Chapter 11 Petition filed January 19, 2011

In re Antonio Limgenco
   Bankr. N.D. Calif. Case No. 11-30203
      Chapter 11 Petition filed January 19, 2011

In re Eduardo Martinez
   Bankr. N.D. Calif. Case No. 11-50457
      Chapter 11 Petition filed January 19, 2011

In Re Sandpiper Sales, Inc.
        dba The Clock Gallery
   Bankr. M.D. Fla. Case No. 11-00781
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/flmb11-00781.pdf

In re Steven Vasilaros
   Bankr. M.D. Fla. Case No. 11-00669
      Chapter 11 Petition filed January 19, 2011

In re Jason Brown
   Bankr. S.D. Fla. Case No. 11-11265
      Chapter 11 Petition filed January 19, 2011

In Re The Brown's Family Restaurant of Savannah LLC
   Bankr. S.D. Ga. Case No. 11-40128
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/gasb11-40128.pdf

In re William Foster
   Bankr. S.D. Ga. Case No. 11-30021
      Chapter 11 Petition filed January 19, 2011

In Re Sisters of the New South, Inc.
   Bankr. S.D. Ga. Case No. 11-40129
      Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/gasb11-40129.pdf

In Re GLD, Inc.
        dba Club Miami
   Bankr. D. Md. Case No. 11-10997
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/mdb11-10997.pdf

In Re Blue Water Services Ltd.
   Bankr. E.D. Mich. Case No. 11-20177
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/mieb11-20177p.pdf
         See http://bankrupt.com/misc/mieb11-20177c.pdf

In Re East Holly Oil, Inc.
   Bankr. E.D. Mich. Case No. 11-41256
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/mieb11-41256.pdf

In Re Badran Investment, LLC
   Bankr. E.D. Mich. Case No. 11-41258
      Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/mieb11-41258.pdf

In Re FGR Enterprises
   Bankr. E.D. Mich. Case No. 11-41340
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/mieb11-41340.pdf

In Re 1313 Holdings, LLC
   Bankr. D. Nev. Case No. 11-10771
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/nvb11-10771.pdf

In Re 133 Holdings, LLC
   Bankr. D. Nev. Case No. 11-10772
      Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/nvb11-10772.pdf

In re Jorge Hernandez
   Bankr. D. Nev. Case No. 11-10770
      Chapter 11 Petition filed January 19, 2011

In Re R & D Technologies, LLC
   Bankr. D. Nev. Case No. 11-10718
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/nvb11-10718.pdf

In re Nancy Davis
   Bankr. D. N.J. Case No. 11-11502
      Chapter 11 Petition filed January 19, 2011

In re Lori Diaz
   Bankr. D. Ore. Case No. 11-30383
      Chapter 11 Petition filed January 19, 2011

In Re Main Philly Coffeehouse, LLC
   Bankr. E.D. Pa. Case No. 11-10357
       Chapter 11 Petition filed January 19, 2011
         See http://bankrupt.com/misc/paeb11-10357.pdf

In re David Rinehimer
   Bankr. D. Ariz. Case No. 11-01477
      Chapter 11 Petition filed January 20, 2011

In re Arnold Klein
   Bankr. C.D. Calif. Case No. 11-12718
      Chapter 11 Petition filed January 20, 2011

In re Kamala Sargent
   Bankr. C.D. Calif. Case No. 11-12679
      Chapter 11 Petition filed January 20, 2011

In re Arlene Gold
      Howard Gold
   Bankr. D. Conn. Case No. 11-30115
      Chapter 11 Petition filed January 20, 2011

In re Joseph McGuire
   Bankr. D. Mass. Case No. 11-10447
      Chapter 11 Petition filed January 20, 2011

In Re Borough Holdings, Inc.
        dba Borough Chrysler Jeep
        fdba Borough Jeep Eagle, Inc.
        fdba Borough Garage, Inc.
   Bankr. D. N.J. Case No. 11-11556
      Chapter 11 Petition filed January 20, 2011
         See http://bankrupt.com/misc/njb11-11556.pdf

In Re C.N.A. of Elizabeth, Inc.
   Bankr. D. N.J. Case No. 11-11529
      Chapter 11 Petition filed January 20, 2011
         filed pro se

In Re Rayfran Inc.
   Bankr. D. N.J. Case No. 11-11679
      Chapter 11 Petition filed January 20, 2011
         See http://bankrupt.com/misc/njb11-11679.pdf

In re Alan Withrow
   Bankr. W.D. N.C. Case No. 11-30117
      Chapter 11 Petition filed January 20, 2011

In Re Harrison Financial Group, L.L.C.
   Bankr. W.D. Okla. Case No. 11-10241
      Chapter 11 Petition filed January 20, 2011
         See http://bankrupt.com/misc/okwb11-10241.pdf

In Re Aplex America, Inc.
   Bankr. W.D. Pa. Case No. 11-20306
      Chapter 11 Petition filed January 20, 2011
         See http://bankrupt.com/misc/pawb11-20306.pdf

In re Jose Soler Davila
   Bankr. D. Puerto Rico Case No. 11-00300
      Chapter 11 Petition filed January 20, 2011

In re Thuan Do
   Bankr. E.D. Va. Case No. 11-30394
      Chapter 11 Petition filed January 20, 2011

In re Henry Dragt
   Bankr. W.D. Wash. Case No. 11-40453
      Chapter 11 Petition filed January 20, 2011

In re Maucmbe Pavlovski
   Bankr. M.D. Ala. Case No. 11-30144
      Chapter 11 Petition filed January 21, 2011

In Re Black Weapons Armory, LLC
   Bankr. D. Ariz. Case No. 11-01737
       Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/azb11-01737.pdf

In Re GT & Associates, Inc.
   Bankr. D. Ariz. Case No. 11-01718
       Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/azb11-01718.pdf

In Re Rosati's Of Phoenix 24th Street, Inc.
   Bankr. D. Ariz. Case No. 11-01691
       Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/azb11-01691.pdf

In Re 7226 Sepulveda Blvd Inc.
   Bankr. C.D. Calif. Case No. 11-10871
      Chapter 11 Petition filed January 21, 2011
         filed pro se

In Re Alliance Capital Investments Inc.
   Bankr. C.D. Calif. Case No. 11-12852
      Chapter 11 Petition filed January 21, 2011
         filed pro se

In Re Chong's Inc.
   Bankr. C.D. Calif. Case No. 11-10937
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/cacb11-10937.pdf
In re David Farley
   Bankr. C.D. Calif. Case No. 11-12031
      Chapter 11 Petition filed January 21, 2011

In Re Hermosa Brothers, Inc.
   Bankr. C.D. Calif. Case No. 11-12800
       Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/cacb11-12800.pdf

In re Jonathan Ho
   Bankr. C.D. Calif. Case No. 11-10907
      Chapter 11 Petition filed January 21, 2011

In re Marcelino Chong
   Bankr. C.D. Calif. Case No. 11-10939
      Chapter 11 Petition filed January 21, 2011

In Re Redondo Brothers, Inc.
   Bankr. C.D. Calif. Case No. 11-10936
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/cacb11-10936.pdf

In re Roberto Chong
   Bankr. C.D. Calif. Case No. 11-10940
      Chapter 11 Petition filed January 21, 2011

In re Shirley Wright
   Bankr. C.D. Calif. Case No. 11-12097
      Chapter 11 Petition filed January 21, 2011

In re Robert Allen
   Bankr. S.D. Calif. Case No. 11-00934
      Chapter 11 Petition filed January 21, 2011

In re Lisa McDowell
   Bankr. S.D. Fla. Case No. 11-11589
      Chapter 11 Petition filed January 21, 2011

In re Michael Kram
   Bankr. S.D. Fla. Case No. 11-11606
      Chapter 11 Petition filed January 21, 2011

In re Devlyn Akau
   Bankr. D. Hawaii Case No. 11-00156
      Chapter 11 Petition filed January 21, 2011

In re Robin Walls
   Bankr. S.D. Ind. Case No. 11-90156
      Chapter 11 Petition filed January 21, 2011

In re Colin Mapp
      Lorraine Mapp
   Bankr. D. Md. Case No. 11-11211
      Chapter 11 Petition filed January 21, 2011

In re Cory Chase
   Bankr. D. Md. Case No. 11-11248
      Chapter 11 Petition filed January 21, 2011

In Re Quality First Health Care System, LLC
   Bankr. D. Md. Case No. 11-11263
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/mdb11-11263.pdf

In Re MSC Manufacturing, Inc.
   Bankr. D. Mass. Case No. 11-10494
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/mab11-10494.pdf

In Re Irving Financial, Inc.
   Bankr. D. N.J. Case No. 11-11767
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/njb11-11767.pdf

In re Thomas Loredo
   Bankr. D. N.J. Case No. 11-11638
      Chapter 11 Petition filed January 21, 2011

In re Jeanne Reuscher
   Bankr. S.D. Ohio Case No. 11-10296
      Chapter 11 Petition filed January 21, 2011

In Re Hollywood Restaurant Group, LLC
        dba Garrason's Tavern
   Bankr. M.D. Pa. Case No. 11-00407
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/pamb11-00407.pdf

In Re Eagle Operations, LLC
   Bankr. M.D. Tenn. Case No. 11-00549
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/tnmb11-00549.pdf

In Re EC Mac, LLC
   Bankr. M.D. Tenn. Case No. 11-00550
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/tnmb11-00550.pdf

In Re Imperial Beverage Group, LLC
   Bankr. N.D. Texas Case No. 11-30488
      Chapter 11 Petition filed January 21, 2011
         See http://bankrupt.com/misc/txnb11-30488p.pdf
         See http://bankrupt.com/misc/txnb11-30488c.pdf

In re James Deines
   Bankr. S.D. Texas Case No. 11-20038
      Chapter 11 Petition filed January 21, 2011

In re Jose Cervantes
   Bankr. E.D. Wash. Case No. 11-00258
      Chapter 11 Petition filed January 21, 2011

In Re Commencement Group, LLC
   Bankr. W.D. Wash. Case No. 11-40464
      Chapter 11 Petition filed January 21, 2011
         filed pro se

In re Lonnie Benson
   Bankr. W.D. Wash. Case No. 11-10617
      Chapter 11 Petition filed January 21, 2011

In re Raymond Marchisset
   Bankr. C.D. Calif. Case No. 11-10957
      Chapter 11 Petition filed January 22, 2011

In re Farshad Harandi
   Bankr. C.D. Calif. Case No. 11-10952
      Chapter 11 Petition filed January 24, 2011

In re Robert Griffith
   Bankr. S.D. Calif. Case No. 11-01008
      Chapter 11 Petition filed January 24, 2011

In re Mark Doerfler
   Bankr. D. Idaho Case No. 11-20078
      Chapter 11 Petition filed January 24, 2011

In re John Marshall
   Bankr. D. Nev. Case No. 11-10931
      Chapter 11 Petition filed January 24, 2011

In re Kenneth Lewandowski
   Bankr. D. N.J. Case No. 11-11823
      Chapter 11 Petition filed January 24, 2011

In re Mohamed El-Goarany
   Bankr. E.D. N.Y. Case No. 11-70253
      Chapter 11 Petition filed January 24, 2011

In re Antonio Labrado, Jr.
      Lidia Labrado
   Bankr. W.D. Texas Case No. 11-30117
      Chapter 11 Petition filed January 24, 2011

In re Walter Hall
   Bankr. W.D. Texas Case No. 11-10149
      Chapter 11 Petition filed January 24, 2011

In re William Louisos
   Bankr. S.D. W.Va. Case No. 11-20041
      Chapter 11 Petition filed January 24, 2011

In re Charity Seymour
   Bankr. E.D. Calif. Case No. 11-21854
      Chapter 11 Petition filed January 25, 2011

In re Ronald Cook
      Patricia Cook
   Bankr. D. Colo. Case No. 11-11276
      Chapter 11 Petition filed January 25, 2011
In re Andrew Julian
   Bankr. D. Conn. Case No. 11-30151
      Chapter 11 Petition filed January 25, 2011

In re Donna Bonham
   Bankr. M.D. Fla. Case No. 11-00949
      Chapter 11 Petition filed January 25, 2011

In re Carl Neuman
   Bankr. C.D. Ill. Case No. 11-70154
      Chapter 11 Petition filed January 25, 2011

In re Anne Spencer
   Bankr. D. Nev. Case No. 11-10988
      Chapter 11 Petition filed January 25, 2011

In re Kenneth Marable
   Bankr. D. Nev. Case No. 11-11051
      Chapter 11 Petition filed January 25, 2011

In re Peter Licata
   Bankr. D. Nev. Case No. 11-11053
      Chapter 11 Petition filed January 25, 2011

In re Steve Regopolos
   Bankr. D. Nev. Case No. 11-11013
      Chapter 11 Petition filed January 25, 2011

In re Dan Mitchell
   Bankr. N.D. Texas Case No. 11-40470
      Chapter 11 Petition filed January 25, 2011

In re David Hales
   Bankr. D. Utah Case No. 11-20884
      Chapter 11 Petition filed January 25, 2011

In re Michael Winstanley
   Bankr. E.D. Va. Case No. 11-10571
      Chapter 11 Petition filed January 25, 2011

In re Parmjit Kang
   Bankr. W.D. Wash. Case No. 11-10717
      Chapter 11 Petition filed January 25, 2011



                           *********

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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