TCR_Public/110323.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Wednesday, March 23, 2011, Vol. 15, No. 81

                            Headlines

AEOLUS PHARMACEUTICALS: Inks Subaward Agreement With UMB
AIRTRAN HOLDINGS: Stephen Kolski to Retire From EVP Position
AMBAC FINANCIAL: Segregated Account Claim Payments to Start in May
AMERICAN APPAREL: Delays 2010 Annual Report, Expects Net Loss
ANGIOTECH PHARMACEUTICALS: Seeks US Nod of Canada Restructuring

AVANTAIR INC: Takes Delivery of 56th Piaggio P-180 Aircraft
BARNES BAY: Judge Approves $5 Million DIP Loan
BERNARD L MADOFF: Mets Owners Seek Dismissal of Trustee's Suit
BORDERS GROUP: Wins OK for Baker & McKenzie as Securities Counsel
BORDERS GROUP: Three Entities File Stock Ownership Notices

CAESARS ENTERTAINMENT: Receives $220 Million Income Tax Refund
CARIBBEAN PETROLEUM: Court OKs Banco Popular Accord
CCM MERGER: Moody's Upgrades Corporate Family Rating to 'Caa1'
CLEAN HARBORS: Moody's Gives Positive Outlook; Keeps 'Ba3' Rating
CLEARWATER SEAFOODS: Moody's Retains 'B1' Bank Facility Ratings

CODA OCTOPUS: Delays 10-K Filing; Working on Restructuring Plan
CRESTWOOD MIDSTREAM: Moody's Assigns 'B3' Rating to Senior Notes
DELTA PETROLEUM: Incurs $194.01 Million Net Loss in 2010
DELTATHREE INC: Recurring Losses Cue Going Concern Doubt
DOT VN: Incurs $993,813 Net Loss in Jan. 31 Quarter

E-DEBIT GLOBAL: Launches Micro Payment and Loyalty Card System
EASTERN LIVESTOCK: Has Until March 25 to Use Cash Collateral
EASTERN LIVESTOCK: Ch.11 Trustee Taps BMC Group as Claims Agent
EASTERN LIVESTOCK: Files Schedules of Assets & Liabilities
ELITE PHARMACEUTICALS: Gets $500,000 in TPN Lawsuit Settlement

EMISPHERE TECHNOLOGIES: Delays Filing of 2010 Annual Report
EMPIRE RESORTS: 24 Hours Advance Notice Needed to Call Meeting
EMPIRE RESORTS: Incurs $17.57 Million Net Loss in 2010
FIBERVISIONS DELAWARE: S&P Withdraws 'B' Corporate Credit Rating

FIRST FEDERAL: March 23 Set as Record Date for Investors Meeting
GENERAL MARITIME: Peter Georgiopoulos Holds 6.26% Equity Stake
GENERAL MOTORS: Claim in Warranty Class Suit Pegged at $8.8MM
GENERAL MOTORS: Amy Graham Suit to Proceed in La. State Court
GREENBRIER COS: Gets 4,200 Railcar Platform Orders for $325MM

GREENBRIER COS: To Issue 1.78MM Shares Under Incentive Plans
HCA HOLDINGS: To Offer 40 Million Common Shares to Key Employees
HOVNANIAN ENTERPRISES: Eight Directors Elected at Annual Meeting
HYTHIAM INC: Changes Name to Catasys; New Ticker Symbol "CATS"
INFUSION BRANDS: Raises $1-Mil. in Private Securities Sale

INGLES MARKETS: Moody's Affirms Ba3 Ratings; Gives Neg. Outlook
INNOVATIVE FOOD: RBSM LLP Raises Going Concern Doubt
INTELSAT JACKSON: Moody's Puts 'B3' Rating on New $2.65 Mil. Notes
INTELSAT JACKSON: S&P Assigns 'B' Rating to $2.65 Bil. Notes
ISTAR FINANCIAL: Delays Form 10-K Filing Over New Loan

ISTAR FINANCIAL: Moody's Assigns 'B1' Rating to Senior Loan
JILL ACQUISITION: Moody's Assigns 'B2' Corporate Family Rating
KL ENERGY: Incurs $20.90 Million Net Loss in 2010
LECG CORP: Expects to Transition European Practice Groups to FTI
LECG CORP: Delays Filing of 2010 Annual Report

LEHMAN BROTHERS: Says ISDA Fails to Back Dismissal of Suit vs. JPM
LEHMAN BROTHERS: Sues Perficient to Recover Transfers
LEHMAN BROTHERS: Court Dismisses Suit Filed by LH 1440
LEHMAN BROTHERS: Trustee Disputes "Customer Status" of 4 Claims
LEHMAN BROTHERS: Delays Filing of 2010 Annual Report

MARSH HAWK: Amended Plan Outline Hearing Set for March 31
METAMORPHIX INC: Wants Case Converted Chapter 7 Following Sale
MOMENTIVE SPECIALTY: Amends Shared Services Agreement With MPM
MOMENTIVE PERFORMANCE: Amends Shared Services Pact With MSC
MONEYGRAM INT'L: Reports $43.80 Million Net Income in 2010

MORGANS HOTEL: Expects to Complete Executive Search by March 31
NEOMEDIA TECHNOLOGIES: To Sell $450,000 Secured Debenture to YA
NEWASURION CORP: S&P Withdraws 'B+' Counterparty Credit Rating
NEWPAGE CORP: Unit to Sell Energy Assets to ReEnergy for $61MM
NEXAIRA WIRELESS: Incurs $921,118 Net Loss in Jan. 31 Quarter

NEXTWAVE WIRELESS: Ernst & Young Raises Going Concern Doubt
NNN 2003: Incurs $493,000 Consolidated Net Loss in 2010
NNN 2003: March 25 Foreclosure Sale Set for Sevens Building
NNN 2003: Pays $500,000 Distribution to Unit Holders
NON-INVASIVE MONITORING: Posts $303,000 Net Loss in Jan. 31 Qtr.

ONCURE HOLDINGS: Moody's Cuts Corporate Family Rating to 'B3'
OPTI CANADA: To Hold Annual Stockholders Meeting on April 27
OSAGE EXPLORATION: Incurs $1.62 Million Net Loss in 2010
PACIFIC DEVELOPMENT: Seeks to Sell Model Home for $241T
PATHEON INC: Moody's Affirms 'B2' Corporate Family Rating

OXIGENE INC: Incurs $23.77 Million Net Loss in 2010
OXIGENE INC: Regains NASDAQ Closing Bid Price Compliance
PLATINUM STUDIOS: To Offer 15MM Shares Under Incentive Plan
PURSELL HOLDINGS: Section 341(a) Meeting Scheduled for April 19
QUANTUM FUEL: Incurs $7.75 Million Net Loss in Jan. 31 Quarter

QUANTUM FUEL: GM Issues Hydrogen Storage Vessel Purchase Order
QUANTUM FUEL: Settles Mich. Stockholder Lawsuit for $550,000
RASER TECHNOLOGIES: Inks Settlement Pact With Fletcher Entities
REVLON INC: Unit Acquires Mirage Cosmetics Assets
RHI ENTERTAINMENT: Files Modified Prepackaged Plan

ROCK & REPUBLIC: Files Supplement to Joint Chapter 11 Plan
SAND TECHNOLOGY: Posts C$135,742 Income for Jan. 31 Qtr
SENSIVIDA MEDICAL: Eyes Securities Sale; Taps JP Turner as Agent
SENSIVIDA MEDICAL: Frank Benick Owns 14,187 Common Shares
SKINNY NUTRITIONAL: Increases Authorized Common Shares to 1-Bil.

SKYSHOP LOGISTICS: Morrison Brown Raises Going Concern Doubt
SOCKET MOBILE: Moss Adams Raises Going Concern Doubt
SOMERSET PROPERTIES: Court Sets Confirmation Hearing on April 27
SPANSION INC: S&P Puts 'B' Corp. Credit Rating on Watch Positive
SPANSION LLC: Moody's Assigns 'B1' Corporate Family Rating

SPARTA COMMERCIAL: Delays Filing of Jan. 31 Quarterly Report
SPOT MOBILE: Incurs $970,116 Net Loss in Jan. 31 Quarter
STRATEGIC AMERICAN: Delay Filing of Jan. 31 Qtr. Report
STRATEGIC AMERICAN: Alan Gaines Owns 15 Million Common Shares
STRATEGIC AMERICAN: Taps Core Minerals for Waterflood Project

TBS INT'L: PwC Raises Going Concern Doubt, Sees Default
TEAM NATION: Cancels Financing Agreement With JMJ Financial
TIB FINANCIAL: Reports $560,000 Net Income in Dec. 31 Quarter
TIGRENT INC: Settles "Springer" Lawsuit in Florida
TRADE UNION: Court Authorizes Interim Use of Cash Collateral

TRIAD GUARANTY: Reports $132.09 Million Net Income in 2010
UNIFI INC: Mitchel Weinberger Owns 1.76 Million Common Shares
UNIVERSAL CITY: Moody's Retains 'B1' Corporate Family Rating
VITRO ASSET: Amends Terms of Affiliate Loan Agreement
WASHINGTON MUTUAL: Wins Approval to Send Plan to Creditors

WEST END: Organizational Meeting to Form Panel on March 24
ZURVITA HOLDINGS: Reports $2.08MM Net Income in Jan. 31 Quarter
ZURVITA HOLDINGS: Sells $1-Mil. in Preferreds & Warrants to Vicis

* U.S. Senators Consider Ban on Bankruptcy "Forum Shopping"
* Federal Judiciary Emphasizes Continuity of Operations

* 33 Mintz Levin Attorneys Featured in Chambers USA 2011 Guide
* 9 Keating Muething Cited in as Chambers USA Publication

* Upcoming Meetings, Conferences and Seminars




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AEOLUS PHARMACEUTICALS: Inks Subaward Agreement With UMB
--------------------------------------------------------
Aeolus Pharmaceuticals, Inc., on March 16, 2011, entered into a
Subaward Agreement with the Office of Research and Development of
the University of Maryland, Baltimore, pursuant to which the
Company engaged UMB to, among other things, develop a whole thorax
lung irradiation model for use in studies supporting the licensure
of AEOL 10150, the Company's lead compound.  The Company entered
into the Subaward Agreement in furtherance of the Company's
efforts under the development agreement with the Office of
Biomedical Research and Development Authority for the development
of AEOL 10150 as a medical countermeasure against the pulmonary
sub-syndrome of acute radiation syndrome that the Company
announced on Feb. 15, 2011.  The Subaward Agreement is a fixed fee
agreement inclusive of all direct and indirect costs.  The Company
agreed to pay approximately $892,000 as an initial non-refundable
payment, with remaining payments of up to approximately $2.7
million in the aggregate to be made upon the achievement of
certain milestones set forth in the Subaward Agreement.

The term of the Subaward Agreement will continue through Feb. 10,
2012, which is the end of the first year base period of
performance under the BARDA Contract, provided that either party
may terminate the Subaward Agreement with thirty days written
notice to the other party.  In addition, if BARDA terminates the
BARDA Contract, the Subaward Agreement will automatically
terminate on the effective date of such termination.

                    About Aeolus Pharmaceuticals

Based in Mission Viejo, California, Aeolus Pharmaceuticals Inc.
(OTC BB: AOLS) -- http://www.aeoluspharma.com/-- is developing a
variety of therapeutic agents based on its proprietary small
molecule catalytic antioxidants, with AEOL 10150 being the first
to enter human clinical evaluation.  AEOL 10150 is a patented,
small molecule catalytic antioxidant that mimics and thereby
amplifies the body's natural enzymatic systems for eliminating
reactive oxygen species, or free radicals.  Studies funded by the
National Institutes for Health are currently underway evaluating
AEOL 10150 as a treatment for exposure to radiation, sulfur
mustard gas and chlorine gas.  A second compound, AEOL 11207, has
demonstrated efficacy in animal models of Parkinson's disease and
is currently being evaluated as a potential treatment for
epilepsy.

Haskell & White LLP, in Irvine, California, expressed substantial
doubt about the Company's ability to continue as a going concern
after auditing the Company's financial statements for fiscal year
ended Sept. 30, 2010.  The independent auditors noted that the
Company has suffered recurring losses, negative cash flows from
operations and management believes the Company does not currently
possess sufficient working capital to fund its operations past the
second quarter of fiscal 2012.

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


AIRTRAN HOLDINGS: Stephen Kolski to Retire From EVP Position
------------------------------------------------------------
AirTran Airways, a subsidiary of AirTran Holdings, Inc., announced
that Stephen J. Kolski, 70, AirTran Airways' executive vice
president of corporate affairs, will retire from the company as
planned on April 29, 2011.

"For the past 12 years, Steve has played an invaluable role in
shaping AirTran Airways into the quality airline it is today.  His
accomplishments have been many in the areas of operations,
maintenance, regulatory compliance, labor negotiations, supplier
relationships, and properties and facilities.  He leaves AirTran
in the very capable hands of those he has groomed to assume his
responsibilities," said Bob Fornaro, AirTran Airways' chairman,
president and chief executive officer.

An experienced airline executive and an attorney, Kolski joined
AirTran Airways in March 1999, as senior vice president,
operations, where he oversaw all operational and regulatory
aspects of the airline.  In January 2008, he was promoted to
executive vice president, operations and corporate affairs.  In
January 2010, he assumed the responsibilities of executive vice
president of corporate affairs.  Kolski began his airline career
in 1966 with National Airlines and also held executive positions
at New York Air, Eastern Air Lines and Continental Airlines prior
to joining AirTran.

"After close to half a century of rich and varied experiences in
the ever-changing airline industry, now is an appropriate time for
me to make time for some things that I have been putting off.  I
plan to stay involved in the aviation industry while spending more
time with my family," said Kolski, who will remain in Orlando with
his wife, Lois.

Among Kolski's many community endeavors, he serves as a board
member of CHRIS Kids, an Atlanta-based non-profit organization
dedicated to serving the needs of abused and neglected children.
In addition, Kolski was instrumental in donating an AirTran DC-9
(ship 917) to the Georgia Aviation Technical College where he
served as a board member at the time.  The aircraft is used to
help aviation students seeking a career in aviation maintenance
learn in a real-world environment.

                       About AirTran Holdings

Headquartered in Orlando Florida, AirTran Holdings Inc. (NYSE:
AAI) -- http://www.airtran.com/-- through its wholly owned
subsidiary, AirTran Airways, Inc., operates scheduled airline
service throughout the United States and to selected international
locations.

At Dec. 31, 2010, the Company's balance sheet showed $2.18 billion
in total assets, $1.64 billion in total liabilities, and
$539.36 million in total stockholders' equity.

                          *     *     *

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

At the end of September 2010, Moody's said it has placed AirTran's
corporate family rating under review for possible upgrade, after
the announcement that Southwest Airlines, Inc., has entered into
a definitive agreement to acquire 100% of the outstanding common
stock of AirTran for cash and common stock totaling $1.4 billion.

On Sept. 27, 2010, AirTran announced that it reached an agreement
to sell itself to higher-rated Southwest Airlines for cash and
Southwest stock.  Southwest values the transaction at $3.2 billion
including assumed AirTran debt and aircraft leases.  Southwest
forecasts annual revenue and cost synergies exceeding $400 million
once the airlines' operations are combined by 2013.  Southwest
also sees one-time transaction costs of $300 million to $500
million.  The companies indicated that a closing would not occur
until sometime in the first half of 2011.

Standard & Poor's credit analyst Philip Baggaley said in September
2010, "the combination would weaken Southwest's financial profile,
which S&P characterize as intermediate -- the strongest among
rated U.S. airlines.  Mr. Baggaley said, "Southwest's operating
and financial performance has improved in 2010, with EBITDA
interest coverage increasing to 4.6x for the 12 months ended June
30, 2010, from 3.6x a year earlier and funds from operations to
debt increasing to 20% from 12%.  While these are still below
appropriate levels for the rating category, S&P expects the
improving operating trend to result in increasing levels over the
next several quarters.  AirTran has substantial operating lease
commitments (around $2 billion), since, unlike Southwest, it does
not own many of its aircraft.  These commitments would be assumed
by Southwest, significantly increasing its lease-adjusted debt
obligations."


AMBAC FINANCIAL: Segregated Account Claim Payments to Start in May
------------------------------------------------------------------
Ambac Assurance Corporation said that, based on conversations with
the Special Deputy Commissioner for the Segregated Account of
Ambac Assurance Corporation, it currently expects the Segregated
Account will begin payment of policy claims in May 2011.  The
effectiveness of the Plan of Rehabilitation and the commencement
of policy claim payments are subject to the terms of, and the
satisfaction of the conditions set forth in, the Plan, and there
can be no assurances as to when policy claim payments will be
made.

                       About Ambac Financial

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

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

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

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

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

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

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

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel to
the Official Committee of Unsecured Creditors.  Lazard Freres &
Co. LLC is the Committee's financial advisor.

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


AMERICAN APPAREL: Delays 2010 Annual Report, Expects Net Loss
-------------------------------------------------------------
American Apparel, Inc., disclosed that it received notice on
Dec. 15, 2010, from its former auditors, Deloitte & Touche LLP,
stating that Deloitte had concluded that the firm's report on the
Company's previously issued consolidated financial statements as
of and for the year ended Dec. 31, 2009, including Deloitte's
report on internal control over financial reporting at Dec. 31,
2009, included in the Company's Annual Report on Form 10-K for the
year ended Dec. 31, 2009, should not be relied upon or associated
with the 2009 financials.  On Feb. 7, 2011, the Company filed with
the Commission a Form 10-K/A to amend the 2009 Form 10-K for the
purpose of removing the Deloitte Reports from the 2009 Form 10-K
and labeling the 2009 financials as "unaudited."  On Dec. 10,
2010, at the Company's 2010 Annual Meeting of Stockholders,
Marcum, LLP was ratified as the Company's independent auditors for
the fiscal year ending Dec. 31, 2010.

As a result of these events, the Company said it is unable,
without unreasonable effort and expense, to timely file its Annual
Report on Form 10-K for the year ended Dec. 31, 2010, because the
Company needs additional time to complete certain reviews and
analyses with respect to the 2009 financials as well as the 2010
financial statements and related disclosures to be included in the
2010 Form 10-K.  The Company is working diligently to finalize the
2010 Form 10-K for filing no later than the 15th calendar day
following the prescribed due date, although no assurance can be
given in this regard.

According to the Company, net sales are expected to decrease for
the year ended Dec. 31, 2010 compared to the year ended Dec. 31,
2009, primarily as a result of a decline in comparable store sales
in the U.S. Retail, Canada and International segments as well as
decreased sales as a result of fewer stores open at Dec. 31, 2010
compared to Dec. 31,2009, offset in part by increased sales in the
U.S. Wholesale segment.  The number of stores in operation
decreased from 281 at Dec. 31, 2009 to 273 at December 31, 2010.
The Company expects to report a net loss in 2010 as compared to
net income in 2009, primarily as a result of declines in
comparable store sales, higher production costs, higher operating
costs and an increase in interest expense.

It is expected that gross margin will decrease for the year ended
Dec. 31, 2010 compared to the year ended Dec. 31, 2009, primarily
due to an increase in yarn prices, lower labor efficiency at our
production facilities due to newer and less-experienced sewing
operators and by a shift in production mix towards more complex
retail styles that have a higher cost of production.  In addition,
contributing to the decline was a shift in sales mix from retail
to wholesale sales, as wholesale sales generate a lower gross
margin.

Operating expenses, which include all selling, general and
administrative costs and retail store impairment charges, are
expected to increase for the year ended Dec. 31, 2010 compared to
the year ended December 31, 2009, primarily as a result of
increases in salaries, wages and benefits and the recognition of
impairment charges relating primarily to certain retail store
leasehold improvements.

Interest expense is expected to increase for the year ended
Dec. 31, 2010 compared to the year ended Dec. 31, 2009, primarily
as a result of higher outstanding amounts under the term loan with
Lion Capital LLP as a result of pay-in-kind interest and higher
borrowings under the revolving credit agreement with Bank of
America, N.A., offset in part by lower amortization of deferred
financing fees during 2010 due to the retirement of the term loan
agreement with SOF Investment L.P.-Private IV during the first
quarter of 2009.

The Company is not able to definitively quantify the changes in
net sales, net income, gross margin, operating expenses, or
interest expense until the Company's reviews and analyses referred
to above with respect to the 2009 financials and the 2010
financial statements to be included in the Form 10-K are
completed.

In addition, in its Form 10-Q for the quarter ended Sept. 30,
2010, the Company noted that it may not have sufficient liquidity
necessary to sustain operations for the next 12 months, raising
substantial doubt that the Company will be able to continue as a
going concern.

                       About American Apparel

Los Angeles, Calif.-based American Apparel, Inc. (NYSE Amex: APP)
-- http://www.americanapparel.com/-- is a vertically integrated
manufacturer, distributor, and retailer of branded fashion basic
apparel.  As of Sept. 30, 2010, American Apparel employed over
10,000 people and operated 278 retail stores in 20 countries,
including the United States, Canada, Mexico, Brazil, United
Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, the
Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan,
South Korea and China.

The Company's balance sheet at Sept. 30, 2010, showed
$322.7 million in total assets, $231.3 million in total
liabilities, and stockholders' equity of $91.4 million.

American Apparel disclosed in its quarterly report on Form 10-Q
for the third quarter of 2010 that based upon results of
operations for the nine months ended Sept. 30, 2010, and through
the issuance of the financial statements and projected for the
remainder of 2010, the Company may not have sufficient liquidity
necessary to sustain operations for the next twelve months, and
that it is probable that beginning Jan. 31, 2011, the Company will
not be in compliance with the minimum Consolidated EBITDA covenant
under the $80,000,000 term loan with Lion Capital LLP.

"Noncompliance with covenants under the Lion Credit Agreement
would constitute an event of default under the BofA Credit
Agreement, which, if not waived, could block the Company from
making borrowings under the BofA Credit Agreement," the Company
said in the filing.  "These factors, among others, raise
substantial doubt that the Company will be able to continue as a
going concern."


ANGIOTECH PHARMACEUTICALS: Seeks US Nod of Canada Restructuring
---------------------------------------------------------------
Bankruptcy Law360 reports that Angiotech Pharmaceuticals Inc. on
Monday asked the Delaware judge overseeing its U.S. bankruptcy
proceedings to sign off on a restructuring agreement negotiated in
Canada's high court, saying the plan has met with widespread
support but needs U.S. backing.

Law360 says the Supreme Court of British Columbia had already
approved a plan to slash $250 million in debt under Canada's
Companies' Creditors Arrangement Act.

                   About Angiotech Pharmaceuticals

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

Alvarez & Marsal Canada Inc., as monitor and foreign
representative, filed Chapter 15 petitions for Angiotech
Pharmaceuticals Inc. and its units (Bankr. D. Del. Lead Case No.
11-10269) on Jan. 30, 2011, to seek recognition of their
insolvency proceedings under the Companies' Creditors Arrangement
Act in Canada as a "foreign main proceeding" under 11 U.S.C.
Sec. 1517.

The Company's balance sheet at Sept. 30, 2010, showed
US$326.80 million in total assets, US$60.30 million in current
liabilities, and US$622.16 million in non-current liabilities and
a stockholders' deficit of US$355.67 million.

The foreign representative has tapped Mary Caloway, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, and
Ken Coleman, Esq., at Allen & Overly LLP, in New York, as counsel
in the Chapter 15 case.  John Grieve, Esq., at Fasken Martineau
DuMoulin LLP, in Vancouver, B.C., represents A&M in the CCAA case.

As reported by the Troubled Company Reporter on Feb. 21, 2011, the
Supreme Court of British Columbia accepted for filing a plan of
compromise or arrangement, with terms and conditions materially
consistent with Angiotech's recapitalization transaction.  The
Canadian Court granted an order authorizing the holding of a
meeting of the affected creditors of the Angiotech Entities on
April 4.  The purpose of the meeting is for the Affected Creditors
to consider and vote on the Plan.  If the Plan is approved by the
required majority of Affected Creditors, the Angiotech Entities
intend to bring a further motion on or about April 6 seeking a
sanctioning of the Plan by the Court.  The Canadian Court also
granted an order establishing a procedure for the adjudication,
resolution and determination of claims of Affected Creditors for
voting and distribution purposes under the Plan and fixing a
claims bar date of March 17, 2011.


AVANTAIR INC: Takes Delivery of 56th Piaggio P-180 Aircraft
-----------------------------------------------------------
As a result of increased demand for the purchase of fractional
shares in Avantair's fractional program aircraft, on March 16,
2011, the Company took delivery of its 56th Piaggio P-180
aircraft.  On March 14, 2011, the Company negotiated financing
terms pursuant to a Floor Plan Financing Agreement with Midsouth
Services, Inc., wherein the Lender agreed to extend credit to the
Borrower for an amount of $6 million which will be used towards
the purchase of new Piaggio P-180 aircraft for resale in the
fractional program.  One of the two Floor Plan Agreements
previously entered into between the Company and the Lender dated
April 2, 2009 terminated on Dec. 31, 2010 upon repayment of the
outstanding balance.  The remaining Floor Plan Finance Agreement
also dated April 2, 2009 for credit not to exceed $5.8 million is
still in effect.

The most recent Agreement is similar to the previous arrangements
between the Lender and the Borrower in that the Lender agrees to
extend credit to Borrower for the purchase of fractional aircraft
for a term of the later of (1) 12 months and (2) until the date on
which the net purchase price for the aircraft financed pursuant to
the Agreement is paid.  The Borrower agrees to pay the Lender a
monthly fee of $65,000 following the commencement of the term
pursuant to the Agreement; however, in the event that during the
term of the Agreement, the Borrower does not have an aircraft
financed by the Lender, the monthly fee shall be waived for a
maximum of three months for the corresponding months when an
aircraft is not financed.  Further, the Borrower will relinquish
the debt for a financed aircraft prior to the Lender loaning the
funds for any subsequent aircraft pursuant to the Agreement.

A full-text copy of the Floor Plan Finance Agreement is available
for free at http://is.gd/RP2pgq

                        About Avantair Inc.

Headquartered in Clearwater, Fla., Avantair, Inc. (OTC BB: AAIR)
-- http://www.avantair.com/-- sells fractional ownership
interests in, and flight hour card usage of, professionally
piloted aircraft for personal and business use, and the management
of its aircraft fleet.  According to AvData, Avantair is the fifth
largest company in the North American fractional aircraft
industry.

Avantair also operates fixed flight based operations (FBO) in
Camarillo, California and in Caldwell, New Jersey.  Through these
FBOs and its headquarters in Clearwater, Florida, Avantair
provides aircraft maintenance, concierge and other services to its
customers as well as to the Avantair fleet.

The Company's balance sheet at Dec. 31, 2010, showed $114.81
million in total assets, $141.76 million in total liabilities,
$14.66 million in commitments and contingencies and a
$41.61 million stockholders' deficit.

Avantair reported a net loss of $4.0 million on $143.0 million of
revenue for the fiscal year ended June 30, 2010, compared with a
net loss of $4.5 million on $136.8 million of revenue for the
fiscal year ended June 30, 2009.


BARNES BAY: Judge Approves $5 Million DIP Loan
----------------------------------------------
Bankruptcy Law360 reports that Judge Peter J. Walsh granted
preliminary approval Monday to a $5 million debtor-in-possession
financing package for Barnes Bay Development Ltd., the developer
of a Caribbean resort that ran into serious debt problems.  The
loan is being provided by SOF-VIII-Hotel II Anguilla Holdings LLC.

Beverly Hills, California-based Barnes Bay Development Ltd. owns
the Viceroy Anguilla Resort & Residences on the British West
Indies island of Anguilla.  It filed for Chapter 11 bankruptcy
protection on March 17, 2011 (Bankr. D. Del. Case No. 11-10792).
The Company disclosed that as of as of Dec. 31, 2010, it had
$531 million in assets and $462 million in debt.


BERNARD L MADOFF: Mets Owners Seek Dismissal of Trustee's Suit
--------------------------------------------------------------
Bankruptcy Law360 reports that the owners of the New York Mets
have asked a bankruptcy judge to dismiss a suit brought by the
trustee representing victims of Bernard L. Madoff's Ponzi scheme
seeking more than $1 billion in alleged fictitious profits and
fraudulent transfers.

Sterling Equities Inc., the owner of the Mets; Mets LP, and Fred
and Jeff Wilpon were sued by Mr. Picard on Dec. 7 in Bankruptcy
Court.  Mr. Picard, who filed the suit under seal, alleges Mets
LP had two accounts with Mr. Madoff that involved taking out $47.8
million more than the Wilpons invested.  The case is Picard v.
Katz, Adv. Pro. No. 10-5287 (Bankr. S.D.N.Y.).

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

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

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

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

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

As of Feb. 18, 2011, a total of US$6.85 billion in claims by
investors has been allowed, with US$791.1 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by
Mr. Picard from lawsuits or settlements.


BORDERS GROUP: Wins OK for Baker & McKenzie as Securities Counsel
-----------------------------------------------------------------
Borders Group Inc. and its units received the bankruptcy court's
permission to employ Baker & McKenzie LLP as their special
corporate counsel, nunc pro tunc to the Petition Date.

As the Debtors' special counsel, Baker & McKenzie will represent
and advise the Debtors in connection with, among other things,
securities laws, corporate governance and equity and debt
financing matters as sought by the Debtors.  Baker & McKenzie has
represented the Debtors in relation to the "Representative
Matters" for more than 10 years.

Borders Chief Financial Officer Scott Henry notes that based on
Baker & McKenzie's experience with the Debtors and ongoing
familiarity with the Representative Matters, continued retention
of Baker is essential to avoid duplicate and unnecessary expense.

The Debtors will pay Baker & McKenzie professionals in accordance
with the firm's customary hourly rates:

      Title                           Rate per Hour
      -----                           -------------
      U.S. Partners                  $500 to $1,000
      U.S. Of Counsel                  $400 to $700
      U.S. Associates                  $295 to $540
      U.S. Trainees/Paralegals         $100 to $250

Baker & McKenzie's current hourly rates for associates and
partners outside the United States, depending on the
jurisdiction, vary from $200 to $1,200.

The Debtors will also reimburse Baker & McKenzie for the necessary
expenses incurred by the firm.

Craig A. Roeder, Esq., a partner at Baker & McKenzie --
Craig.Roeder@bakermckenzie.com -- relates that during the 90 day-
period before the Petition Date, his firm received $344,831 from
the Debtors for services rendered and expenses incurred.  As of
the Petition Date, Baker & McKenzie had unpaid invoices to the
Debtors for legal services totaling $106,159.  Baker also holds a
retainer from the Debtors of $175,878,000, which it will apply to
amounts owed to Baker & McKenzie, he adds.

Mr. Roeder says to the extent his firm has represented or may
represent certain parties, the firm will have no professional
relationship with the Debtors' known secured creditors,
significant unsecured creditors or the Debtors' vendors,
counterparties to contracts, insurers, equity security holders,
or the officers, directors and control persons of the Debtors or
other known significant parties-in-interest.  He assures the
Court that Baker does not and will not represent any of these
entities in connection with the Representative Matters, a list of
which is available for free at:

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

Mr. Roeder maintains that Baker & McKenzie is a "disinterested
person" as the term is defined under Section 101(14) of the
Bankruptcy Code.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Three Entities File Stock Ownership Notices
----------------------------------------------------------
Pershing Square Capital Management, L.P., LeBow Limited
Partnership, and UBS AG filed with the Court notices of
substantial ownership of stock in Borders Group, Inc., and its
debtor affiliates.

Pershing Square Capital informed the Court that it owns shares of
Borders common stock and options to acquire shares on behalf of
these entities:

  * 100 shares of Borders common stock and options to acquire
    10,274,798 shares of Borders common stock for the account of
    Pershing Square, L.P.;

  * 79,433 shares of Borders common stock and options to acquire
    141,723 shares of Borders common stock for the account of
    Pershing Square II, L.P.;

  * 10,518,447 shares of Borders common stock for the account of
    Pershing Square International, Ltd.; and

  * 15,527,715 options to acquire Borders common stock for the
    account of BGP Holdings Corp.

LeBow noted that it owns shares of Borders common stock and
options to acquire Borders common stock shares, but redacted the
specific number of shares.

UBS AG stated that it owns 3,294,920 shares of Borders common
stock on various dates.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


CAESARS ENTERTAINMENT: Receives $220 Million Income Tax Refund
--------------------------------------------------------------
During the fiscal quarter ending Dec. 31, 2010, Caesars
Entertainment Corporation received a federal income tax refund on
behalf of the consolidated taxpayer group consisting of the
Company and its consolidated subsidiaries of approximately $220
million in respect of tax years 2005, 2006 and 2007.  The proceeds
of the Refund, pending allocation to the members of the Tax Group,
were loaned from the Company to Caesars Entertainment Operating
Company, Inc.  The Company has determined that the full amount of
the Refund will be allocated to CEOC and its subsidiaries and, as
a result, the loan from the Company to CEOC in an amount equal to
the Refund has been cancelled with the cash remaining at CEOC.

                    About Caesars Entertainment

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

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

As reported by the TCR on March 3, 2011, Moody's Investors Service
upgraded Caesars Entertainment's Corporate Family ratings and
Probability of Default ratings to Caa2.  CET's Caa2 Corporate
Family Ratings reflect very high leverage, weak interest coverage,
the company's debt financed growth strategy, and Moody's view that
the company's current capital structure in unsustainable in the
long-term.  The ratings reflect Moody's expectation that gaming
demand will rebound very slowly over the next several years.
However, in the absence of a material de-leveraging transaction,
Moody's do not expect the company's capital structure to improve
materially over the next few years.  Additionally, given CEC's
weak credit profile, there is a possibility that the company could
again pursue transactions that will result in impairment of debt
holder claims as a means to improve its capital structure.


CARIBBEAN PETROLEUM: Court OKs Banco Popular Accord
---------------------------------------------------
Bankruptcy Law360 reports that Caribbean Petroleum Corp. won
bankruptcy court approval in Delaware on Monday for two crucial
settlements to pay off secured lenders, clearing the way for
creditors to begin voting on its Chapter 11 liquidation plan.

Judge Kevin Gross cleared a deal for CPC to pay Banco Popular de
Puerto Rico $137 million, according to Law360.

                      About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.


CCM MERGER: Moody's Upgrades Corporate Family Rating to 'Caa1'
--------------------------------------------------------------
Moody's Investors Service upgraded CCM Merger, Inc.'s Corporate
Family and Probability of Default ratings to Caa1 from Caa2.
Moody's also confirmed the Caa3 rating on CCM's $273 million
8% senior unsecured notes due 2013 and the B3 rating on its
$635 million senior secured bank facilities which is comprised
of a $20 million revolver expiring in 2016 and a $615 million
term loan due in 2017.  The rating outlook is stable.

This rating action concludes the review process that was initiated
on February 3, 2011.

Ratings upgraded:

  -- Corporate Family Rating to Caa1 from Caa2
  -- Probability of Default Rating to Caa1 from Caa2

Ratings confirmed:

  -- $20 million senior secured revolver expiring in 2016 at B3
     (LGD 3, 34%)

  -- $615 million senior secured term loan due in 2017 at B3 (LGD
     3, 34%)

  -- $273 million 8% senior unsecured notes due 2013 at Caa3 (LGD
     5, 87%)

Ratings withdrawn:

  -- $70 million senior secured revolver expiring in 2011 at Caa1
     (LGD 3, 33%)

  -- $540 million senior secured term loan due 2012 at Caa1 (LGD
     3, 33%)

                        Ratings Rationale

The upgrade of CCM's Corporate Family Rating (CFR) to Caa1 from
Caa2 reflects the recent closing of the company's $635 million
senior secured bank facilities which provided the company with a
more relaxed debt maturity schedule and improved covenant cushion.
The refinancing eliminated the 2011 and 2012 maturities related to
CCM's previous bank credit facilities.  In addition, it eliminated
the risk of a leverage covenant violation.  CCM's previous credit
facilities required that the company achieve total debt/EBITDA of
5.4 times beginning in the third quarter of 2011, with further
tightening after that.  The company's current bank agreement
allows total leverage of 8.25 times through the end of 2011,
dropping to 8 times through 2012 with further gradual step downs
through its maturity.

The Caa1 CFR also reflects Moody's view that CCM still faces
substantial risks, including the company's significant leverage --
debt/EBITDA for the 12-month period ended December 31, 2010 was
7.4 times -- along with the springing maturity feature included in
the company's bank credit agreement.  Despite Moody's more
favorable view of CCM's revenue, earnings, and free cash flow
prospects, and expectation that the company can improve its
debt/EBITDA, leverage will likely remain well above 6 times in the
foreseeable future.  Additionally, CCM still faces a material
amount of refinancing risk.  Although the recent refinancing
extended a significant portion of the company's debt maturities,
the springing maturity requires that the company's revolver
(expiring 2016) and term loan (due 2017) maturities be pushed up
to May 2013 if the company's $273 million unsecured notes (due
August 2013) are not refinanced by that time.

The confirmation of CCM's $273 million senior unsecured notes due
2013 at Caa3 reflects the fact that the amount of senior debt
ahead of the notes remains substantial and is $25 million higher
than it was prior to the refinancing.  The confirmation of CCM's
$635 million senior secured bank facilities at B3 acknowledges the
continued credit support afforded by the senior unsecured notes.

The stable rating outlook considers CCM's good liquidity profile.
In addition to maintaining compliance with its financial
covenants, Moody's expects that the company will be able to fund
all of its basic cash and capital expenditure requirements from
internal cash sources going forward.  Additionally, the company
has access to a $20 million revolver that will not likely have to
be drawn.

Ratings could be lowered if CCM's liquidity deteriorates for any
reason as the company's good liquidity profile is a key positive
factor supporting its Caa1 CFR.  Additionally, ratings could be
lowered if the company does not appear to be making progress on
the refinancing of its 8% senior unsecured notes well in advance
of its maturity.  Additionally, while the Detroit gaming market
has experienced some stability with regards to promotional
activity, a return to the type of highly aggressive promotional
activity that occurred during the second half of 2009 and first
half of 2010 could also result in a negative rating action.

Ratings could be raised if the company is able reduce its
debt/EBITDA to below 6 times and maintain a good liquidity
profile.  An upgrade would also require that CCM refinance its 8%
senior unsecured notes in a manner that results in a cost of
overall debt capital that remains substantially lower than the
company's return on assets.  EBITDA/Average assets is currently at
about 13%, or between 11% and 12% if annual maintenance capital
expenditures of $15 million is deducted from EBITDA.

CCM Merger, Inc., indirectly owns and operates the MotorCity
Casino in Detroit, Michigan.  The company generates approximately
$460 million of annual net revenue.


CLEAN HARBORS: Moody's Gives Positive Outlook; Keeps 'Ba3' Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the ratings outlook of Clean
Harbors, Inc. to positive from stable.  Concurrently, the Ba3
corporate family and probability of default ratings have been
affirmed.  The rating on the company's $270 million senior secured
notes due 2016 has been downgraded to Ba3 from Ba2 while a Ba3
rating has been assigned to the planned $250 million of senior
secured add-on notes due 2016.  Proceeds of the add-on notes are
intended to help fund acquisition of Badger Daylighting Ltd for
Cdn$247 million.  A first-time speculative grade liquidity rating
of SGL-2 has also been assigned.

Ratings assigned:

  -- $250 million senior secured notes due 2016 Ba3, LGD3, 43%
  -- Speculative grade liquidity, SGL-2

Ratings affirmed:

  -- Corporate family, Ba3
  -- Probability of default, Ba3

Ratings downgraded:

  -- $270 million senior secured notes due 2016 to Ba3, LGD3, 43%,
     from Ba2, LGD3, 36%

                        Ratings Rationale

The outlook change to positive from stable reflects Moody's view
that Clean Harbors' growing revenue size, service diversity, and
good balance sheet could drive an upgrade over the rating horizon.
With its rising scale the company should be able to effectively
leverage its cost base, helping sustain EBIT margins of +12%.
Moody's believe breadth of service offering and the company's
operational presence in some North American oil and gas drilling
areas helps cross-selling and brand building, and could be the
basis for market share gains.  As well, management's focus on
maintaining a balance between acquisition spending and leverage
targets should continue to support moderate credit metrics.  The
outlook acknowledges that 2010 revenues and earnings were helped
by U.S. Gulf oil spill clean-up work; metrics may become less
robust in 2011 as a result.  As well, the company's size has
doubled since 2009 mostly through acquisitions.  Integration
challenges could make maintaining margins more difficult.

The Ba3 corporate family rating reflects the company's good market
position in the non-nuclear hazardous waste services and emergency
response sector.  Since much of the company's revenues stem from
non-discretionary work, they are less directly exposed to lower
demand from economic weakening.  The value of Clean Harbors'
hazardous waste disposal assets across the U.S. and Canada are
enhanced by difficulty of obtaining permits for new hazardous
waste disposal assets; scarcity of new-site permits represents an
entry barrier.  Although leverage may increase from additional
acquisitions, Moody's expect debt to EBITDA should remain below
3.5x with EBIT to interest above 2.5 times -- good levels for the
Ba3 rating.  The rating continues encompassing risk from the
potentially significant environmental liabilities inherent to
operations.

The rating on Clean Harbors' senior secured notes due 2016 has
been downgraded to Ba3 from Ba2, equal to the corporate family
rating, because the proportion of senior secured debt in the
capital structure will increase meaningfully in the transaction.

A speculative grade liquidity rating of SGL-2, denoting good
liquidity, has been assigned.  The profile, which reflects the
planned note issuance, is helped by the $300 million of cash that
Moody's expect Clean Harbors will have following the Badger
Daylighting acquisition.  The profile is less well supported by
the relatively low level of committed external liquidity that is
available to the company through its $120 million receivables-
based revolving credit facility that expires July 2013.  As of
December 2010, total availability under the revolver was
$34 million, a small amount for a company the size of Clean
Harbors.  If the company's cash balance were to decline, the SGL-2
could be revised lower.

Upward rating momentum would depend on expectation of the company
sustaining debt to EBITDA below 3x, EBIT to interest above 3x, and
a good liquidity profile.  A downgrade would depend on debt to
EBITDA above 4x, EBIT to interest below 2x or significant
weakening of the liquidity profile.

Clean Harbors, Inc., headquartered in Norwell, Massachusetts, is a
leading provider of environmental services and a leading operator
of non-nuclear hazardous waste treatment facilities in North
America.  2010 revenues were $1.7 billion.


CLEARWATER SEAFOODS: Moody's Retains 'B1' Bank Facility Ratings
---------------------------------------------------------------
Moody's Investors Service says that it does not expect a ratings
impact from the Japan disaster on Clearwater Seafoods Limited
Partnership's B3 CFR or B1 bank facility ratings.  Moody's
estimates that Japan accounts for around 10% of Clearwater's
sales.  However the products are all sourced in Canadian and
Argentine waters.  So the impact would be only on demand from
Japan, which may experience some disruption in the immediate
aftermath of the last week's events.  Moody's believe demand will
rebound and perhaps even increase in the medium term given the
damage that was incurred to some of Japan's own seafood producing
regions.  Given the company's volatility in the past, there is
sufficient cushion in the rating to accommodate volatility that
might arise out of disruption relating to the tragedy in Japan.

The last rating action for this issuer was on February 4, 2011,
when Moody's assigned first time ratings to the company.

Clearwater is based in Nova Scotia, Canada.


CODA OCTOPUS: Delays 10-K Filing; Working on Restructuring Plan
---------------------------------------------------------------
In a Form 8-K filing with the Securities and Exchange Commission
on Feb. 11, 2011, Coda Octopus said the Company will be unable to
file its Annual Report for the year ended October 31, 2010, in a
timely fashion as it is currently working on a plan to restructure
its operations.  The Company said it intends to file the report
and resume filing other reports it is required to file as soon as
possible.

The Company has yet to file the financial report as of press time.

                       About Coda Octopus

Coda Octopus Group, Inc., develops, manufactures, sells and
services real-time 3D sonar and other products, as well as
engineering design and manufacturing services on a worldwide
basis.  Headquartered in Jersey City, New Jersey, with research
and development, sales and manufacturing facilities located in the
United Kingdom, United States and Norway, the Company is engaged
in software development, defense contracting and engineering
services through subsidiaries located in the United States and the
United Kingdom.

The Company's balance sheet as of July 31, 2010, showed
$12.9 million in total assets, $27.7 million in total liabilities,
and a stockholders' deficit of $14.8 million.

As of July 31, 2010, the Company had a working capital deficit of
$20.2 million.  For the nine month period ended July 31, 2010, the
Company had negative cash flow from operations of $729,718.  The
Company also has an accumulated deficit of $61.1 million at
July 31, 2010.


CRESTWOOD MIDSTREAM: Moody's Assigns 'B3' Rating to Senior Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Crestwood
Midstream Partners LP's proposed offering of $200 million of
senior notes due 2019.  Moody's also affirmed Crestwood Holdings
LLC's B2 Corporate Family Rating and the Caa1 rating on its
$180 million secured term loan.  Crestwood owns the general
partner interest and the majority of the limited partner units
in CMLP.  The rating outlook is stable.

                        Ratings Rationale

"The acquisition of Fayetteville Shale and Granite Wash midstream
assets adds significant geographic and customer diversification to
Crestwood's asset base", commented Pete Speer, Moody's Vice
President.  "This larger and more diversified business risk
profile is offset by the high valuation paid for the assets and
resulting large increase in debt."

CMLP will use the proceeds of the senior notes offering combined
with a $153 million equity offering to fund a $338 million
purchase of certain natural gas gathering and processing assets
located in the Fayetteville Shale and Granite Wash plays.  If
certain operational objectives are met within six months of the
closing of the acquisition, CMLP will pay an additional $15
million to the seller, Frontier Gas Services, LLC.  The
Fayetteville assets have long-term, fixed fee contracts with
dedicated acreage from the joint venture of Chesapeake Energy and
BP, and from XTO Energy (subsidiary of Exxon Mobil).  The Granite
Wash assets are supported by long-term contracts with Chesapeake,
Linn Energy and Great Plains.  Chesapeake has announced an
agreement to sell all of its Fayetteville interests to BHP
Billiton, and therefore BHP will become a primary customer for the
Fayetteville assets.

Crestwood's B2 CFR reflects its high proportion of fee based
revenues and experienced management team.  The acquisition
improves the company's basin and customer diversification,
although it will still be highly dependent on production volumes
from Quicksilver Resources' properties in the Barnett Shale.  The
purchase price for the acquired assets represents a very high
multiple of the approximately $18 million of EBITDA generated in
2010.  Even if the acquired assets achieve their forecasted EBITDA
growth in 2011, this still appears to be a rather full purchase
price.

The B2 CFR also incorporates the high consolidated debt levels
compared to CMLP's cash flows.  Including Crestwood's $180 million
term loan at the holding company level, pro forma Debt/EBITDA will
be approximately 7.2x at December 31, 2010.  The stable outlook
incorporates Moody's expectation that the company will achieve its
earnings growth targets and thereby reduce its consolidated
leverage metrics over 2011 and 2012.  If consolidated Debt/EBITDA
is not declining towards 6x by the end of 2011 then the outlook
could be changed to negative or the ratings downgraded.  A
positive rating action is unlikely in 2011 given the significant
reduction in leverage necessary to maintain the B2 CFR.

The B3 rating on CMLP's proposed senior notes reflects both the
overall probability of default of Crestwood, to which Moody's
assigns a PDR of B2, and a loss given default of LGD 5 (71%).
CMLP also has a senior secured credit facility that is expected to
be increased to $500 million and matures on October 1, 2015.
Crestwood has a $180 million term loan that is secured by its GP
and LP ownership interests in CMLP but is not guaranteed by CMLP.
Under Moody's Loss Given Default methodology, Crestwood's senior
secured term loan is rated Caa1 (LGD 6, 91%, changed from LGD 5,
81%), due to its structural subordination to CMLP's credit
facility and proposed senior notes.  The CMLP senior notes are
rated one notch beneath the B2 CFR due to the size of the CMLP
credit facility's potential priority claim to CMLP's assets,
partially offset by the senior notes structural superiority to
Crestwood's term loan.

Crestwood Holdings LLC is a private holding company owned
primarily by First Reserve Corporation.  The company controls and
owns a majority ownership interest in Crestwood Midstream Partners
LP, a publicly traded midstream master limited partnership that
provides natural gas gathering and processing services.


DELTA PETROLEUM: Incurs $194.01 Million Net Loss in 2010
--------------------------------------------------------
Delta Petroleum reported a net loss of $36.27 million on $36.41
million of total revenue for the three months ended Dec. 31, 2010,
compared with a net loss of $38.79 million on $73.01 million of
total revenue for the same period during the prior year.  The
Company also reported a net loss of $194.01 million on $146.80
million of total revenue for the 12 months ended Dec. 31, 2010,
compared with a net loss of $349.68 million on $170.20 million of
total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.02 billion
in total assets, $512.52 million in total liabilities and $511.59
million in total equity.

Carl Lakey, Delta's President and CEO stated, "We are very pleased
with our results for the fourth quarter.  Our EBITDAX is 20%
higher than the third quarter driven by lower operating and
overhead costs, despite lower production related to asset sales
and lower average Henry Hub gas prices in the quarter.  We have
been committed to reducing our operating and overhead costs, and
I'm pleased to state that we have been able to deliver such
results.  We drove our LOE/Mcfe down by 38% compared to the third
quarter. Additionally, our overhead costs are down 25% from the
third quarter.  We remain focused on sustaining costs at or near
these levels for 2011.  We've also had very positive results from
the well completion activity performed in the fourth quarter and
to date in the first quarter of this year.  The larger frac
design, which we call Gen IV, has increased our initial production
and our estimated reserves per well.  We have completed a total of
16 wells with the Gen IV frac design and all have performed better
than we would have expected under prior completion designs.  Thus,
we expect first quarter production to increase 4% to 7% over the
fourth quarter.  These new cost control measures substantially
improve our EBITDAX and cash flow which, combined with increased
production at the Vega Area, provide value to our shareholders."

A full-text copy of the press release announcing the financing
results is available for free at http://is.gd/DqXbHN

                    About Delta Petroleum Corp

Delta Petroleum Corporation -- http://www.deltapetro.com/-- is an
oil and gas exploration and development company based in Denver,
Colorado.  The Company's core area of operation is in the Rocky
Mountain region, where the majority of its proved reserves,
production and long-term growth prospects are located.  Its common
stock is listed on the NASDAQ Capital Market System under the
symbol "DPTR."

KPMG LLP, in Denver, Colorado, noted that due to continued losses
and limited borrowing capacity the Company is evaluating sources
of capital to fund the Company's near term debt obligations.
"There can be no assurances that actions undertaken will be
sufficient to repay obligations under the credit facility when
due, which raises substantial doubt about the Company's ability to
continue as a going concern."


DELTATHREE INC: Recurring Losses Cue Going Concern Doubt
--------------------------------------------------------
deltathree, Inc., filed on March 17, 2011, its annual report on
Form 10-K for the fiscal year ended Dec. 31, 2010.

Brightman Almagor Zohar & Co., in Tel Aviv, Israel, expressed
substantial doubt about deltathree, Inc.'s ability  to continue as
a going concern.  The independent auditors noted that of the
Company's recurring losses from operations and deficiency in
stockholders' equity.

The Company reported a net loss of $2.5 million on $14.2 million
of revenue for 2010, compared with a net loss of $3.2 million on
$19.0 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed $2.2 million
in total assets, $5.8 million in total liabilities, and a
stockholders' deficit of $3.6 million.

A copy of the Form 10-K report is available at http://is.gd/996HNK

Based in New York, deltathree, Inc. (OTC QB: DDDC) --
http://www.deltathree.com/-- is a global provider of video and
voice over Internet Protocol (VoIP) telephony services, products,
hosted solutions and infrastructures for service providers,
resellers and direct consumers.


DOT VN: Incurs $993,813 Net Loss in Jan. 31 Quarter
---------------------------------------------------
Dot VN, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $993,813 on $212,299 of revenue for the three months ended
Jan. 31, 2011, compared with a net loss of $1.43 million on
$225,311 of revenue for the same period during the prior year.
The Company also reported a net loss of $3.95 million on $790,609
of revenue for the nine months ended Jan. 31, 2011, compared with
a net loss of $5.37 million on $878,651 of revenue for the same
period during the prior year.

The Company's balance sheet at Jan. 31, 2011 showed $2.74 million
in total assets, $10.92 million in total liabilities and $8.18
million in total shareholders' deficit.

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

                        http://is.gd/ZRwD60

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

Dot VN reported a $7.3 million net loss on $1.1 million of
revenues for the fiscal year ended April 30, 2010, compared with a
$5.4 million net loss on $1.0 million of revenues for the same
period a year ago.

Following the Company's results for fiscal 2010, Chang G. Park CPA
expressed substantial doubt against Dot VN's ability to continue
as a going concern, citing the Company's losses from operations.


E-DEBIT GLOBAL: Launches Micro Payment and Loyalty Card System
--------------------------------------------------------------
E-Debit Global Corporation unveiled the launch and deployment of
wholly owned subsidiary E-Debit International Inc. Micro Payment
and Loyalty Card System and Platform for deployment of the E-Debit
loyalty, prepaid and debit Card program.

"As a result of our recent announcement related to our strategic
partnership and equity stake in ebackup Inc. E-Debit is commencing
the launch and deployment of our E-Debit loyalty, prepaid and
debit Card program" advises E-Debit Chief Executive Doug Mac
Donald.  "With ebackup Inc. supplying the additional technical
expertise, PCI compliant data centre, technical support, and data
protection services we now have the complete end to end
infrastructure to initiate our card program."

"With the Canadian card product marketplace transitioning over to
Chip card security (identified as EMV standards) E-Debit's
switching operations has successfully implemented its Interac
certification enabling all Canadian Interac card products with the
chip embedded security to be utilized in all bank machines
processed through E-Debit.  E-Debit card products will run on the
EMV protocol which is the current state of the business
worldwide."

"The Canadian financial services industry is the best in the world
and E-Debit shares in this marketplace through its strategic
business relationships and our leading world class financial
processing capabilities.  This position allows for our move into
the Card Payment services sector utilizing not only our historical
world leading enhanced PIN based security but our chip card
security experience and capabilities.  Currently E-Debit processes
in excess of eleven million ($11,000,000) a month throughout its
wholly owned Canadian ATM estate and we will grow our transaction
processing as we continue to expand our processing platform and
card program along with their related services" advises Mac
Donald.

                  About E-Debit Global Corporation

E-Debit Global Corporation (WSHE) is a financial holding company
in Canada at the forefront of debit, credit and online computer
banking.  Currently, the Company has established a strong presence
in the privately owned Canadian banking sector including Automated
Banking Machines (ABM), Point of Sale Machines (POS), Online
Computer Banking (OCB) and E-Commerce Transaction security and
payment.  E-Debit maintains and services a national ABM network
across Canada and is a full participating member of the Canadian
INTERAC Banking System.

The Company's balance sheet at Sept. 30, 2010, showed
US$1.79 million in total assets, US$1.96 million in total
liabilities, and a stockholders' deficit of US$165,000.  As of
Sept. 30, 2010, the Company had a working capital deficit of
US$770,000 and an accumulated deficit of US$4.08 million.

Cordovano and Honeck LLP, in Englewood, Colorado, expressed
substantial doubt about E-Debit Global Corporation's ability to
continue as a going concern, following the Company's 2009 results.
The independent auditors noted that the Company has suffered
recurring losses, has a working capital deficit, and has an
accumulated deficit of US$760,509 as of Dec. 31, 2009.


EASTERN LIVESTOCK: Has Until March 25 to Use Cash Collateral
------------------------------------------------------------
The Chapter 11 trustee for Eastern Livestock Co. LLC has until
March 25, 2011, to use the cash collateral securing the Debtor's
obligation to Fifth Third Bank, absent an extension.

James A. Knauer, the Chapter 11 trustee, won permission from the
U.S. Bankruptcy Court for the Southern District of Indiana on
March 17 to use the Cash Collateral.

Fifth Third asserts a prepetition secured claim in the amount of
$35,833,415.02.  The prepetition debt is secured by liens and
security interests in and against substantially all of the Alleged
Debtor's prepetition assets and related proceeds.

In papers filed in court, James M. Carr, at Baker & Daniels LLP,
counsel for the Chapter 11 Trustee, explained that the Chapter 11
Trustee will use cash collateral to pay the Chapter 11 Trustee's
fees and the professional fees and expenses for Baker & Daniels,
DSI and other professionals retained by the Chapter 11 Trustee
that are incurred in connection with actions and allowed by the
Court, subject to an initial aggregate cap of $2 million.

The Alleged Debtor will also use cash collateral to finance, among
other things, (i) the sale of cattle and handling of related
claims; (ii) re-opening and settlement or assumption and
assignment of executory contracts under which the Alleged Debtor
has agreed to buy cattle, recover down payments; (iii) pursuit of
certain causes of action to recover any misappropriated funds and,
as warranted, related claims for conversion and turnover in
connection with misappropriation of the Alleged Debtor's funds;
and (iv) performance by the Chapter 11 Trustee and his
professionals of various administrative tasks, including the
preparation of the statement of financial affairs and schedules of
assets and liabilities for the Alleged Debtor.

As adequate protection to Fifth Third for the cash collateral use,
the Chapter 11 Trustee will pay to Fifth Third excess cash
collateral.

                    $2MM Postpetition Financing

The Chapter 11 Trustee also received authorization from the Court
to obtain certain postpetition loans from Fifth Third.

Fifth Third has committed to provide up to $2 million.

Fifth Third will make the Loan to the Chapter 11 Trustee to
finance the Chapter 11 Trustee's operational expenses; United
States Trustee statutory fees incurred in the case; the Trustee's
fees and expenses; and professional fees and expenses for Baker &
Daniels, DSI and other professionals retained by the Trustee.

The Chapter 11 Trustee will also use the money to finance the
(i) investigation of causes of action under Chapter 5 of the U.S.
Bankruptcy Code and applicable state law, and filing of adversary
proceedings that the evidence and likelihood of net recovery
supports; and (ii) the examination and investigation of at least
36 persons or entities the Chapter 11 Trustee presently has
identified and whom he may subpoena to produce documents and to be
examined pursuant to Bankruptcy Rule 2004.

The Loan will be secured by a superpriority administrative expense
claim, and valid, binding, enforceable and first perfected liens
and security interests given and granted to Fifth Third.

The Trustee Loan will be repayable from the first recoveries from
the Chapter 5 actions.  Property or monies subject, immediately
after transfer, to the prepetition liens held by Fifth Third and
recovered in Chapter 5 actions won't constitute payment of the
Loan when remitted to Fifth Third.  Postpetition Fifth Third liens
granted will be first priority, senior liens.

The counsel for Chapter 11 Trustee can be reached at:

     James M. Carr
     Terry E. Hall
     Wendy W. Ponader
     BAKER & DANIELS LLP
     300 N. Meridian Street, Suite 2700
     Indianapolis, IN 46204-1782
     Telephone: (317) 237-0300
     Facsimile: (317) 237-1000
     E-mail: jim.carr@bakerd.com
             terry.hall@bakerd.com
             wendy.ponader@bakerd.com

Eastern Livestock Co., LLC, is a cattle brokerage company in New
Albany, Indiana.  David L. Rings, Southeast Livestock Exchange,
LLC, and Moseley Cattle Auction, LLC, filed an involuntary Chapter
11 petition (Bankr. S.D. Ind. Case No. 10-93904) in New Albany,
Indiana, for the Company on Dec. 6, 2010.  The Petitioning
Creditors claim they are owed a total of $1.45 million for "cattle
sold."

In its schedules, the alleged Debtor disclosed $81,237,865 in
total assets and $40,154,698 in total debts.


EASTERN LIVESTOCK: Ch.11 Trustee Taps BMC Group as Claims Agent
---------------------------------------------------------------
James A. Knauer, as Chapter 11 trustee for Eastern Livestock Co.,
LLC, sought and obtained authorization from the U.S. Bankruptcy
Court for the Southern District of Indiana to employ The BMC
Group, Inc., as claims and noticing agent.

BMC will, among other things:

     a. receive and record original proofs of claim filed;

     b. reconcile and resolve claims, as requested;

     c. create and maintain official claims registers; and

     d. provide access to the public for examination of copies of
        the proofs of claim or interest without charge during
        regular business hours.

The papers filed in court did not disclose how BMC will be
compensated for its services.

Tinamarie Feil, president of Client Services of BMC, assures the
Court that the firm is a "disinterested person" within the meaning
of section 101(14) of the Bankruptcy Code.

Eastern Livestock Co., LLC, is a cattle brokerage company in New
Albany, Indiana.  David L. Rings, Southeast Livestock Exchange,
LLC, and Moseley Cattle Auction, LLC, filed an involuntary Chapter
11 petition (Bankr. S.D. Ind. Case No. 10-93904) in New Albany,
Indiana, for the Company on Dec. 6, 2010.  The Petitioning
Creditors claim they are owed a total of $1.45 million for "cattle
sold."

In its schedules, the alleged Debtor disclosed $81,237,865 in
total assets and $40,154,698 in total debts.


EASTERN LIVESTOCK: Files Schedules of Assets & Liabilities
----------------------------------------------------------
Eastern Livestock Co., LLC, has filed with the U.S. Bankruptcy
Court for the Southern District of Indiana its schedules of assets
and liabilities, disclosing:

  Name of Schedule                      Assets       Liabilities
  ----------------                      ------       -----------
A. Real Property                              $0
B. Personal Property                 $81,237,865
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                       $592,179
E. Creditors Holding
   Unsecured Priority
   Claims                                                $10,970
F. Creditors Holding
   Unsecured Non-priority
   Claims                                            $39,551,548
                                     -----------     -----------
TOTAL                                $81,237,865     $40,154,698

Eastern Livestock Co., LLC, is a cattle brokerage company in New
Albany, Indiana.  David L. Rings, Southeast Livestock Exchange,
LLC, and Moseley Cattle Auction, LLC, filed an involuntary Chapter
11 petition (Bankr. S.D. Ind. Case No. 10-93904) in New Albany,
Indiana, for the Company on Dec. 6, 2010.  The Petitioning
Creditors claim they are owed a total of $1.45 million for "cattle
sold."


ELITE PHARMACEUTICALS: Gets $500,000 in TPN Lawsuit Settlement
--------------------------------------------------------------
Elite Pharmaceuticals, Inc., on March 17, 2011, unveiled a
settlement of a lawsuit filed in the Superior Court of New Jersey,
Chancery Division: Bergen County entitled ThePharmaNetwork, LLC v.
Elite Pharmaceuticals, Inc.

The Action was commenced Aug. 27, 2010, by ThePharmaNetwork, LLC.
TPN alleged that the Company breached certain obligations in
connection with a Product Collaboration Agreement, made as of Nov.
10, 2006, pursuant to which the Company and TPN agreed to
collaborate in the development, commercialization, manufacturing
and distribution of a generic pharmaceutical product, which the
parties subsequently agreed would be methadone hydrochloride in a
10 mg. tablet.

In the lawsuit, the Company asserted counterclaims against TPN
arising out of the Collaboration Agreement, and sought damages of
no less than $1,125,000 from TPN.  Both parties denied the other
side's allegations.

To fully and finally resolve the disputed claims arising in the
Action, the Company and TPN have entered into a settlement
agreement, dated March 11, 2011, pursuant to which the Action,
including all of TPN's claims and the Company's counterclaims,
will be dismissed with prejudice.  Pursuant to the Settlement
Agreement, the parties have agreed to terminate the Collaboration
Agreement.  In addition, in consideration of the Company's
agreement to terminate the Collaboration Agreement and to
relinquish to TPN all rights and interest in the Abbreviated New
Drug Application for the Product approved by the U.S. Food and
Drug Administration, TPN made a cash payment of $500,000 to Elite.
As part of the Settlement Agreement, TPN also acknowledges that
the Company may develop a generic product containing methadone of
any strength and that nothing in the Settlement Agreement
restricts the Company from developing, commercializing,
manufacturing and distributing any pharmaceutical product similar
to, or which may compete with, the Product or the ANDA filed in
connection with the Product.

The Settlement Agreement also contained a mutual release pursuant
to which the Company and TPN agreed to release and discharge each
other and their respective affiliates from all claims arising
before the date of the Settlement Agreement.

A full-text copy of the Settlement Agreement is available for free
at http://is.gd/L4jrtC

                    About Elite Pharmaceuticals

Northvale, N.J.-based Elite Pharmaceuticals, Inc. (OTC BB: ELTP)
-- http://www.elitepharma.com/-- is a specialty pharmaceutical
company that develops and manufactures oral, controlled-release
products using proprietary technology.  Elite developed and
manufactures for its partner, ECR Pharmaceuticals, Lodrane 24(R)
and Lodrane 24D(R), for allergy treatment and expects to launch
soon three approved generic products.  Elite also has a pipeline
of additional generic drug candidates under active development and
the Company is developing ELI-216, an abuse resistant oxycodone
product, and ELI-154, a once-a-day oxycodone product.  Elite
conducts research, development and manufacturing in its facility
in Northvale, New Jersey.

The Company's balance sheet at Dec. 31, 2010, showed
$10.89 million in total assets, $17.46 million in total
liabilities and $6.57 million in total stockholders' deficit.

Demetrius & Company, L.L.C., in Wayne, New Jersey, expressed
substantial doubt about the Company's ability to continue as a
going concern following the Company's results for fiscal year
ended March 31, 2010.  The independent auditors noted that the
Company has experienced significant losses and negative operating
cash flows resulting in a working capital deficiency and
shareholders' deficit.


EMISPHERE TECHNOLOGIES: Delays Filing of 2010 Annual Report
-----------------------------------------------------------
Emisphere Technologies, Inc., informed the U.S. Securities and
Exchange Commission that it is reevaluating the timing of certain
non-cash interest expense and loan liabilities arising in
accordance with the provisions of the Financial Accounting
Standards Board Accounting Codification Topic 815-40-15-5,
Evaluating Whether an Instrument Involving a Contingency is
Considered Indexed to an Entity's Own Stock.

Thus, the Company maintains that it is unable to complete and file
its annual report on Form 10-K for the period ended Dec. 31, 2010
within the prescribed time period without unreasonable effort or
expense.  The Company expects to file the Report within the
prescribed period allowed by Rule 12b-25.

                    About Emisphere Technologies

Based in Cedar Knolls, New Jersey, Emisphere Technologies, Inc.
(OTC BB: EMIS) -- http://www.emisphere.com/-- is a
biopharmaceutical company that focuses on a unique and improved
delivery of pharmaceutical compounds and nutritional supplements
using its Eligen(R) Technology.  The Eligen(R) Technology can be
applied to the oral route of administration as well other delivery
pathways, such as buccal, rectal, inhalation, intra-vaginal or
transdermal.

Since its inception in 1986, Emisphere has generated significant
losses from operations.  Emisphere anticipates it will continue to
generate significant losses from operations for the foreseeable
future, and that its business will require substantial additional
investment that it has not yet secured.

The Company's balance sheet at Sept. 30, 2010, showed
$5.34 million in total assets, $66.23 million in total
liabilities, and a stockholder's deficit of $60.88 million.
As of Sept. 30, 2010, the Company's accumulated deficit has
reached $459.2 million.

In its March 25, 2010 audit report on the Company's financial
statements for the year ended Dec. 31, 2009, McGladrey &
Pullen, LLP, in New York, said there is substantial doubt about
the Company's ability to continue as a going concern.  The audit
reports prepared by the Company's independent registered public
accounting firms relating to its financial statements for the
years ended Dec. 31, 2007 and 2008, also included an
explanatory paragraph expressing substantial doubt about the
Company's ability to continue as a going concern.


EMPIRE RESORTS: 24 Hours Advance Notice Needed to Call Meeting
--------------------------------------------------------------
At a meeting held on March 14, 2011, the Board of Directors of
Empire Resorts, Inc., approved and adopted Amendment No. 6 to the
Second Amended and Restated By-laws of the Company.  The By-Law
Amendment reduced the advance notice required to call a special
meeting of the Board from 72 to 24 hours.  In addition, the By-Law
Amendment adopted certain revisions to reflect the previously
approved declassification of the Board, which correspond to
amendments to the Company's Amended and Restated Certificate of
Incorporation that were approved by the Company's stockholders at
a special meeting held on Feb. 16, 2011.  The By-Law Amendment
became effective immediately upon its approval by the Board.

A copy of the Amended By-laws is available at http://is.gd/iw17zW

On March 14, 2011, the Board also approved and adopted a number of
amendments to the Company's Code of Business Conduct and Ethics.
In addition to administrative revisions, the more substantive
amendments to the Code included the following: (a) the Company's
Chief Compliance Officer will now submit monthly reports regarding
alleged violations of the Code to the Chair of the Regulatory
Compliance Committee rather than the entire Board; (b) the types
of businesses in which employees must report their participation
or ownership of an interest in, and receive authorization with
respect thereto, was clarified to include only businesses that
compete or conduct business with the Company; (c) political
contributions on behalf of the Company now require the approval of
the Company's Chief Executive Officer and the Chairman of the
Board; (d) employees of the Company must provide the CCO with
prior notification of any legally required public disclosure of
confidential information; and (e) provisions were added with
respect to the reporting of potential violations of the Code
online via a confidential Web site.

Meanwhile, the Board has set a record date of March 28, 2011 for
the Company's proposed rights offering, which was announced on
Nov. 8, 2010.  Pursuant to the terms of the rights offering, all
holders of the Company's common stock would receive, with respect
to each share held on the record date, the non-transferable right
to purchase approximately 0.56975 shares of common stock at a
price of $0.8837 per share.

                       About Empire Resorts

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

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

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


EMPIRE RESORTS: Incurs $17.57 Million Net Loss in 2010
------------------------------------------------------
Empire Resorts, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$17.57 million on $68.54 million of net revenues for the year
ended Dec. 31, 2010, compared with a net loss of $10.57 million on
$67.63 million of net revenues during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $48.44
million in total assets, $42.15 million in total current
liabilities and $6.29 million in total stockholders' equity.

Friedman LLP expressed substantial doubt about the Company's
ability to continue as a going concern.  Friedman noted that the
Company's ability to continue as a going concern depends on its
ability to satisfy its indebtedness when due.  In addition, the
Company has continuing net losses and negative cash flows from
operating activities.

A copy of the Annual Report is available at http://is.gd/4gT27y

                       About Empire Resorts

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


FIBERVISIONS DELAWARE: S&P Withdraws 'B' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
ratings, including its 'B' corporate credit rating, on Duluth,
Ga.-based FiberVisions Delaware Corp. (renamed Fibervisions Corp.)
at the company's request.


FIRST FEDERAL: March 23 Set as Record Date for Investors Meeting
----------------------------------------------------------------
First Federal Bancshares of Arkansas, Inc., said that the record
date for its upcoming Special Meeting of Stockholders, as well as
its common stock rights offering to be conducted as part of its
recapitalization plan currently is March 23, 2011.

The date of the special stockholders' meeting has yet to be set.

              About First Federal Bancshares of Arkansas

First Federal Bancshares of Arkansas, Inc. (NASDAQ GM:FFBH)
-- http://www.ffbh.com/-- is a unitary savings and loan holding
company for First Federal Bank, a community bank serving consumers
and businesses with a full range of checking, savings, investment
and loan products and services.  The Bank, founded in 1934,
conducts business from 20 full-service branch locations, one
stand-alone loan production office, and 30 ATMs located in
Northcentral and Northwest Arkansas.

The Company's balance sheet at Sept. 30, 2010, showed
$632.34 million in total assets, $592.88 million in total
liabilities, and stockholders' equity of $39.46 million.

At June 30, 2010, the Company was above the regulatory minimums
for tangible, core, total risk-based and tier 1 risk-based
capital.  On April 12, 2010, the Company and the Bank each
consented to the terms of Cease and Desist Orders issued by the
Office of Thrift Supervision.  The Orders impose certain
operations restrictions on the Company and, to a greater extent,
the Bank, including lending and dividend restrictions.  The Orders
also require the Company and the Bank to take certain actions,
including the submission to the OTS of capital plans and business
plans to, among other things, preserve and enhance the capital of
the Company and the Bank and strengthen and improve the
consolidated Company's operations, earnings and profitability.
The Bank Order specifically requires the Bank to achieve and
maintain, by December 31, 2010, a tier 1 (core) capital ratio of
at least 8% and a total risk-based capital ratio of at least 12.0%
and maintain these higher ratios for as long as the Bank Order is
in effect.  At June 30, 2010, the Bank's core and total risk-based
capital ratios were 6.46% and 11.40%.  Had the Bank been required
to meet these capital requirements at June 30, 2010, it would have
needed additional capital of approximately $10.5 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Deloitte & Touche LLP, in Little Rock, Ark., expressed substantial
doubt about the Company's ability to continue as a going concern
after auditing the Company's financial statements for the year
ended December 31, 2009.  The independent auditors noted of the
Company's significant operating losses in 2009, significant levels
of criticized assets, and decline in capital levels.

First Federal reported a net loss of $5.36 million on
$7.01 million of total interest income for the three months ended
Sept. 30, 2010, compared with a net loss of $23.23 million on
$8.69 million of total interest income for the same period the
prior year.


GENERAL MARITIME: Peter Georgiopoulos Holds 6.26% Equity Stake
--------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Peter C. Georgiopoulos disclosed that he
beneficially owns 5,607,409 shares of common stock of General
Maritime Corporation representing 6.26% of the shares outstanding.
As of Nov. 5, 2010 there were 88,902,357 shares of common stock
outstanding.

                    About General Maritime Corp.

Based in New York City, General Maritime Corporation through its
subsidiaries provides international transportation services of
seaborne crude oil and petroleum products.  The Company's fleet is
comprised of VLCC, Suezmax, Aframax, Panamax and product carrier
vessels.  The Company operates its business in one business
segment, which is the transportation of international seaborne
crude oil and petroleum products.  The Company's vessels are
primarily available for charter on a spot voyage or time charter
basis.

Standard & Poor's Ratings Services in December 2010 lowered its
long-term corporate rating on General Maritime Corp. to 'CCC+'
from 'B', and placed the ratings on CreditWatch with negative
implications.  At the same time, S&P lowered its ratings on the
company's senior unsecured notes to 'CCC-', two notches below the
new corporate credit rating; the recovery rating of '6', which
indicates S&P's expectation that lenders will receive a negligible
(0%-10%) recovery in a payment default scenario, remains
unchanged.

"The downgrade reflects General Maritime's weak liquidity, very
limited financial covenant headroom (despite recent amendments),
and deterioration in its financial profile," said Standard &
Poor's credit analyst Funmi Afonja.  "As of Sept. 30, 2010,
General Maritime had no borrowing availability under its
$749.8 million revolving credit facility and $8.7 million in
unrestricted cash, after factoring financial covenant limitations.
In S&P's opinion, the recent financial covenant amendments do not
provide sufficient covenant headroom, and there is still a high
probability of a covenant breach over the next quarter.  If there
is a covenant breach, lenders can require the immediate payment
of all amounts outstanding.  General Maritime's liquidity is
further constrained by significant upcoming debt maturities,
including $27.5 million in scheduled principal payments due in
2011 under its term loan, $50.1 million semiannual reduction on
the revolver, beginning on April 26, 2011, and a bullet payment
of $599.6 million in October 2012, when the facility expires.
General Maritime also has a $22.8 million bridge loan facility
that matures in October 2011.  Cash interest payments on the
bridge loan will increase if the company is unable to pay off the
loan by Dec. 31, 2010."

In the Dec. 22, 2010 edition of the TCR, Moody's Investors Service
lowered its ratings of General Maritime Corporation: Corporate
Family to B3 from B1, Probability of Default to Caa1 from B2 and
senior unsecured to Caa2 from Caa1.  Moody's also downgraded the
Speculative Grade Liquidity rating to SGL-4 from SGL-3.  The
outlook is negative.  The downgrade of the ratings reflects
GenMar's tightening liquidity position as a result of ongoing weak
tanker freight rates and upcoming debt maturities.  These
maturities include the recently arranged $22.8 million bridge loan
due October 21, 2011 ("Bridge Loan"), and two $50 million
repayments (one each on April 26, 2011 and October 26, 2011) that
are due on the company's $750 million revolving credit facility
that was almost fully drawn at Sept. 30, 2010.


GENERAL MOTORS: Claim in Warranty Class Suit Pegged at $8.8MM
-------------------------------------------------------------
Motors Liquidation Company, et al., fka General Motors Corp., et
al., ask the U.S. Bankruptcy Court for the Southern District of
New York to approve an agreement it reached with class action
plaintiff Jason Anderson, on behalf of himself and those similarly
situated, resolving the Plaintiff's Proof of Claim No. 51093.

Under the Agreement, the Anderson Proof of Claim will be resolved
and the Participating Anderson Class Members will receive, in the
aggregate, a single allowed general unsecured claim against Motors
Liquidation in the amount of $8,853,300.

The deal is based on a previous settlement reached in a class
action lawsuit brought by Mr. Anderson, on behalf of himself and
the Anderson Class against General Motors Corporation on May 18,
2004, in the Superior Court of the State of California, County of
Los Angeles, alleging, among other things, that GM violated the
Unfair Competition Law by creating an adjustment program under the
Motor Vehicle Warranty Adjustment Programs statute, allegedly
without providing the Anderson Class with certain notices and
repair reimbursements.

On May 18, 2004, Mr. Anderson filed a class action complaint
against GM on behalf of himself and the Anderson Class in the
California Court, alleging that certain Silverado trucks exhibit
an abnormal engine knock or piston noise.  Mr. Anderson further
alleged that GM knew about this condition and that GM had a
business policy under which it provided certain benefits,
including a 6 year/100,000 General Motors Protection Plan to
California owners and lessees of Silverados who complained to GM
about the condition.  Mr. Anderson asserted that GM's business
policy to offer a GMPP or other benefit to some consumers, but not
others, who own or lease a Silverado with an abnormal engine knock
or piston noise condition was an adjustment program or "secret
warranty" that violates California law, including, specifically,
the California MVWAP, because GM allegedly did not notify Mr.
Anderson or the Anderson Class about the adjustment program or
provide them with coverage under the plan.

Following substantial discovery, law and motion practice, class
certification having been granted, a writ petition as to the form
and notice of class certification having been denied, and two
separate mandatory settlement conferences before a California
state judge, GM and the Anderson Class reached a comprehensive
claims-made stipulation of settlement of the Anderson Class
Action.

Under the terms of the prior settlement, GM will reimburse class
members who submitted valid, timely claims for: (i) monies spent
on the purchase of a GMPP that otherwise would have been available
to them for free under GM's allegedly unlawful adjustment program;
and (ii) repair costs paid by class members to correct the
abnormal engine knock or piston noise or on other specified engine
repairs.  GM also agreed that certain members of the Anderson
Class with constant engine knock or piston noise concerns could
request a free evaluation from a Chevrolet dealer and, if
appropriate, obtain free repairs of the condition.

On Nov. 25, 2009, the Anderson Proof of Claim, based on the
Anderson Class Action Settlement, was filed with the Court,
purportedly on behalf of the Anderson Class, and assigned claim
number 51093.  The Anderson Proof of Claim asserts a claim in the
amount of $10 million, for class consideration allegedly due
pursuant to the Anderson Class Action Settlement.

On Dec. 1, 2009, the Court approved and entered the stipulation
and order between the Debtors and the holders of Unliquidated Dex-
Cool and Anderson Claims to allow class proofs of claim for Dex-
Cool and Anderson Claimants and through which the Debtors and the
holders of Unliquidated Anderson Claims agreed that Class Counsel
could file a class-wide proof of claim on behalf of all holders of
Unliquidated Anderson Claims.


                          About General Motors

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

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

At Sept. 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, US$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.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee 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.


GENERAL MOTORS: Amy Graham Suit to Proceed in La. State Court
-------------------------------------------------------------
The Hon. Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York approved a stipulation between
Motors Liquidation Company, et al., fka General Motors
Corporation, et al., with Mackie Hamilton and Peggy Brinkley that
modifies the automatic stay solely to the extent necessary to
enable a lawsuit by Amy K. Ponder Cummins Graham to proceed to
final judgment or settlement.

The lawsuit is styled Amy K. Ponder Cummins Graham Individually
and on Behalf of Her Minor Children, Savannah Kay Ponder, William
Christopher Ponder and Kaitlyn Ann Cummins v. Mackie Hamilton,
Mackie Hamilton In His Capacity As The Natural Tutor of Joshua
Slade Hamilton and Colton Crafts, Marlan Crafts, In His Capacity
As The Legal Tutrix of Brittany Baker, America First Insurance
Company, Robert Dale Scherber, Kelworth Trucking Company, Inc.,
Carolina Insurance Company, General Motors Corporation and
Southern United Fire Insurance Company, Cause No. 20073979.  The
lawsuit is before in the Fourth Judicial District of the Parish of
Ouachita, Louisiana.

On Nov. 3, 2009, the plaintiff filed proofs of claim numbers
19502, 19503, 19504, 19505, 19506, and 19507 asserting unsecured
claims in these amounts:

     Claim Number                     Filed Amount
     ------------                     ------------
        19502                             $500,000
        19503                           $1,500,000
        19504                             $500,000
        19505                           $5,000,000
        19506                           $2,000,000
        19507                           $1,750,000

On Feb. 23, 2010, the Court entered an order authorizing
implication of alternative dispute procedures, including mandatory
mediation, as amended by the Court on Oct. 25, 2010, permitting
the plaintiff to ask the Debtors to initiate the ADR procedures by
sending a letter to the Debtors indicating a willingness to cap
the proofs of claim at reduced amounts.

The Plaintiff provided these cap amounts for the proofs of claim
pursuant to the ADR Procedures, which were accepted by the
Debtors:

     Claim Number                     Claim Amount Cap
     ------------                     ----------------
       19502                               $500,000
       19503                             $1,250,000
       19504                               $500,000
       19505                             $1,000,000
       19506                               $500,000
       19507                             $1,500,000

The Plaintiff and the Debtors participated in mediation, but were
unable to resolve the claims, thus making the claims unresolved
designated claims.

Pursuant to the stipulation, the lawsuit will proceed in the
Louisiana State Court, subject to the Debtors' rights to seek
removal or transfer of venue or in other forum as determined by
the Court on request of the Debtors.  Any final judgment of the
lawsuit and, thus, distribution of the amount of the proofs of
claim will be subject to treatment under the plan of
reorganization and will be treated as general unsecured
nonpriority claims against the Debtors identified in any judgment,
unless otherwise determined and ordered by the Court.

The Plaintiff is represented by:

       Michael J. Mestayer
       MICHAEL J. MESTAYER, A PLC
       1100 Poydras Street, Suite 2785
       New Orleans, Louisiana 70163
       Telephone: (504) 522-7360

                          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 Sept. 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, US$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.  Garden City Group is the claims and notice
agent of the Debtors.

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.


GREENBRIER COS: Gets 4,200 Railcar Platform Orders for $325MM
-------------------------------------------------------------
The Greenbrier Companies received orders for 4,200 railcar
platforms valued at $325 million.  The majority of the orders are
for double-stack intermodal platforms, with the balance consisting
of boxcars, covered hopper cars of various types, and various car
types for the European market.  Delivery of these orders is
anticipated to occur principally in calendar 2011.

Of the additional orders announces, orders for approximately 1,800
of these units were received during the latter part of the second
quarter ended Feb. 28, 2011, with orders for the remaining 2,400
units received subsequent to the quarter end.  All these orders
are in addition to orders for 1,900 new railcar platforms, which
were also received during the Company's second quarter and which
were previously disclosed by Greenbrier in January 2011.

Greenbrier's new railcar manufacturing backlog as of Feb. 28,
2011, was approximately 9,500 units with an estimated value of
$720 million, compared to 8,100 units valued at approximately $580
million as of Nov. 30, 2010.

Separately, the Company announced preliminary unaudited selected
financial results for its second quarter ended Feb. 28, 2011.
Based on the Company's initial closing for the quarter,
preliminary revenues are expected to be approximately $280
million.  Greenbrier anticipates that it will report financial
results near consensus analysts' expectations of a loss of $0.01
per share for its second fiscal quarter.

The quarterly results announced are subject to further review by
the Company and should be considered preliminary and subject to
change, as the Company is still in the process of preparing its
financial statements for the quarter ended Feb. 28, 2011.
Greenbrier currently expects to hold its regularly scheduled
earnings conference call on April 7, 2011.  The Company
anticipates filing its Form 10-Q for the second quarter of fiscal
2011 on or before April 11, 2011.

                        About Greenbrier Cos.

Based in Lake Oswego, Oregon, The Greenbrier Companies Inc.
operates in three primary business segments: manufacturing,
refurbishment and parts, and leasing and services.  The
manufacturing segment, operating from four facilities in the
United States, Mexico and Poland, produces double-stack intermodal
railcars, conventional railcars, tank cars and marine vessels.
The refurbishment & parts segment performs railcar repair,
refurbishment and maintenance activities in the United States and
Mexico.  The leasing & services segment owns roughly 8,000
railcars and provides management services for roughly 225,000
railcars.

The Company's balance sheet as of Nov. 30, 2010, showed
$1.1 billion in total assets, $812.7 million in total assets and
$296.5 million in total equity.

                         *     *     *

Greenbrier carries a 'Caa1' corporate family rating from Moody's
Investors Service and a Speculative Grade Liquidity
Rating of SGL-3.  In August 2010, Moody's said Greenbrier's rating
outlook is negative in consideration of the continued sluggish
demand for new railcars and the company's need to address
certain refinancing needs.

Greenbrier carries 'B-' issuer credit ratings from Standard &
Poor's Ratings Services.  S&P said in May 2010 that the ratings on
Greenbrier reflect the company's fair business risk profile
stemming from the cyclicality of the freight car manufacturing
industry; the dramatic decline in demand for new railcars as a
result of slower economic growth and weaker carloadings; and
limited customer diversity.  The Company, according to S&P, also
has a highly leveraged financial risk profile, marked by increased
debt balances as a result of acquisitions completed in recent
years.


GREENBRIER COS: To Issue 1.78MM Shares Under Incentive Plans
------------------------------------------------------------
In a Form S-8 filing with the U.S. Securities and Exchange
Commission, The Greenbrier Companies, Inc., registered 1,781,560
shares of common stock, no par value, which may be offered for
sale from time to time by certain stockholders or their
successors-in-interest.  The Offering is composed of 1 million
shares of common stock to be offered to employees under the 2010
Amended and Restated Stock Incentive Plan and 781,560 unsold
shares previously issued to the Selling Shareholders under the
Company's 1994 Stock Incentive Plan.

A copy of the prospectus is available at http://is.gd/I7FimJ

                       About Greenbrier Cos.

Based in Lake Oswego, Oregon, The Greenbrier Companies Inc.
operates in three primary business segments: manufacturing,
refurbishment and parts, and leasing and services.  The
manufacturing segment, operating from four facilities in the
United States, Mexico and Poland, produces double-stack intermodal
railcars, conventional railcars, tank cars and marine vessels.
The refurbishment & parts segment performs railcar repair,
refurbishment and maintenance activities in the United States and
Mexico.  The leasing & services segment owns roughly 8,000
railcars and provides management services for roughly 225,000
railcars.

The Company's balance sheet as of Nov. 30, 2010, showed
$1.1 billion in total assets, $812.7 million in total assets and
$296.5 million in total equity.

                         *     *     *

Greenbrier carries a 'Caa1' corporate family rating from Moody's
Investors Service and a Speculative Grade Liquidity
Rating of SGL-3.  In August 2010, Moody's said Greenbrier's rating
outlook is negative in consideration of the continued sluggish
demand for new railcars and the company's need to address
certain refinancing needs.

Greenbrier carries 'B-' issuer credit ratings from Standard &
Poor's Ratings Services.  S&P said in May 2010 that the ratings on
Greenbrier reflect the company's fair business risk profile
stemming from the cyclicality of the freight car manufacturing
industry; the dramatic decline in demand for new railcars as a
result of slower economic growth and weaker carloadings; and
limited customer diversity.  The Company, accordnig to S&P, also
has a highly leveraged financial risk profile, marked by increased
debt balances as a result of acquisitions completed in recent
years.


HCA HOLDINGS: To Offer 40 Million Common Shares to Key Employees
----------------------------------------------------------------
HCA Holdings, Inc., registered with the U.S. Securities and
Exchange Commission 40 million shares of common stock under the
2006 Stock Incentive Plan for Key Employees of HCA Holdings, Inc.
and its Affiliates, as Amended and Restated.

Headquartered in Nashville, Tennessee, HCA is the nation's largest
acute care hospital company with 162 hospitals and 104
freestanding surgery centers (including eight hospitals and eight
freestanding surgery centers that are accounted for using the
equity method) as of Sept. 30, 2010.  For the twelve months
ended Sept. 30, 2010, the company recognized revenue in excess
of $30 billion.

The Company's balance sheet at Dec. 31, 2010 showed $23.85 billion
in total assets, $34.64 billion in total liabilities and
$10.79 billion in stockholders' deficit.

                          *     *     *

In November 2010, Moody's Investors Service confirmed the existing
ratings of HCA, including the 'B2' Corporate Family and
Probability of Default Ratings.  Moody's assigned a Caa1 (LGD6,
96%) rating to HCA, Inc.'s proposed offering of $1.525 billion of
senior unsecured notes due 2021 to be issued at a parent holding
company.

HCA's 'B2' Corporate Family Rating anticipates that the company
will continue to operate with significant leverage.  Pro forma for
the proposed debt financed distribution Moody's estimate that
adjusted leverage would have been 5.2 times at Sept. 30, 2010.
Furthermore, the company has large maturities in 2012 and 2013
that will likely need to be refinanced in the capital markets.
However, the rating acknowledges the company's progress in
systematically extending its maturity profile.  Finally, the
rating reflects HCA's solid EBITDA growth, which has benefited the
credit metrics and demonstrated the company's ability to weather
industry pressures.

As reported by the Troubled Company Reporter on March 14, 2011,
Moody's Investors Service commented that the completion of the IPO
by HCA Holdings, Inc., has no immediate impact on the company's B2
Corporate Family Rating.  The outlook for the ratings remains
positive.  While Moody's believes that the completion of the IPO
is a credit positive since proceeds are expected to be used to
repay outstanding debt, the estimated $2.6 billion of proceeds to
the company won't meaningfully reduce HCA's $28.2 billion debt
load.

In the March 16, 2011 edition of the TCR, Fitch Ratings has
upgraded its ratings for HCA Inc. and HCA Holdings Inc., including
the companies' Issuer Default Ratings which were upgraded to 'B+'
from 'B'.  The Rating Outlook is revised to Stable from Positive.
The ratings apply to approximately $28.2 billion in debt
outstanding at Dec. 31, 2010.  Fitch noted that HCA has made
significant progress in reducing debt leverage since it was taken
private in 2006 in a LBO which added $17 billion to the company's
debt balance; at Dec. 31, 2006, immediately post the LBO, debt-to-
EBITDA was 6.7x.  Most of the reduction in debt leverage over the
past four years was accomplished through growth in EBITDA, which
Fitch calculates has expanded by $1.7 billion or 40% to $5.9
billion for 2010 versus $4.2 billion in 2006.  Although the
company did not undertake a significant organizational
restructuring post the LBO, management has nevertheless been
successful in growing EBITDA and significantly expanding
discretionary free cash flow (FCF).  Fitch believes this was
accomplished through various operational initiatives, including
expansion of profitable service lines and the divestiture of some
under performing hospitals, as well as the generally resilient
operating trend of the for-profit hospital industry during the
recent economic recession despite the pressure of increased levels
of uncompensated care and generally weak organic patient volume
trends.


HOVNANIAN ENTERPRISES: Eight Directors Elected at Annual Meeting
----------------------------------------------------------------
Hovnanian Enterprises, Inc., held its Annual Meeting of
Shareholders on March 15, 2011, at the offices of Simpson Thacher
& Bartlett LLP, 425 Lexington Avenue, New York, New York.  The
matters voted upon at the meeting were:

(1) Election of eight directors to hold office until the next
    annual meeting of shareholders: A. Hovnanian, R. Coutts, E.
    Kangas, J. Marengi, J. Robbins, J. Sorsby, S. Weinroth.

(2) Ratification of the selection of Deloitte & Touche, LLP as
    independent registered public accountants for the fiscal year
    ending Oct. 31, 2011.

(3) Non-binding advisory vote on approval of compensation of the
    Company's named executive officers as disclosed in the proxy
    statement pursuant to the rules of the Securities and Exchange
    Commission.

(4) Non-binding advisory vote on whether the advisory vote of
    shareholders on approval of compensation of the Company's
    named executive officers as disclosed in the proxy statement
    pursuant to the rules of the SEC should occur every one, two
    or three years.

                    About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

The Company's balance sheet at Jan. 31, 2011 showed $1.67 billion
in total assets, $2.07 billion in total liabilities and a
$401.29 million total deficit.

                           *     *     *

Hovnanian carries a 'CCC' Issuer Default Rating from Fitch
Ratings.  Fitch said in February 2011, "While Fitch expects
somewhat better prospects for the housing industry this year, the
Rating Outlook for HOV remains Negative given the challenges still
facing the housing market, which are likely to meaningfully
moderate the early stages of this recovery, and the company's
still substantial debt position and high leverage."

Hovnanian has a 'Caa1' corporate family rating from Moody's.
Moody's said in January 2011 that the rating reflects Moody's
expectation that Hovnanian's cash flow generation, which became
negative in fiscal 2009 and turned positive but remained weak in
fiscal 2010, will be followed by another year of cash burn in
fiscal 2011, as the company ramps up its lot purchases without any
significant offset from earnings.

Hovnanian carries a 'CCC+' corporate credit rating from Standard &
Poor's.


HYTHIAM INC: Changes Name to Catasys; New Ticker Symbol "CATS"
--------------------------------------------------------------
Hythiam, Inc. changed its name to Catasys, Inc. effective
March 17, 2011.  In connection with the name change, the Company
has obtained a new ticker symbol from the Financial Industry
Regulatory Authority. The stock will begin trading under the new
ticker symbol "CATS" on the OTC Bulletin Board.  Shareholders are
advised to take note of this change from the Company's former OTC
Bulletin Board ticker symbol "HYTM".  Shareholders are not
required to take any action with respect to this change.

"Our new company name and ticker symbol better reflect the focus
of the company in providing health insurers and other payors with
a comprehensive behavioral health management solution  and will
allow us to better communicate our strategy and progress to
shareholders, business partners, and others in the health care
industry," commented Rick Anderson, President and COO.

                        About Hythiam, Inc.

Based in Los Angeles, Hythiam, Inc., is a healthcare services
management company, providing through its Catasys(R) subsidiary
specialized behavioral health management services for substance
abuse to health plans.

The Company's balance sheet at Sept. 30, 2010, showed
$3.48 million in total assets, $4.11 million in total liabilities,
and a stockholders' deficit of $634,000.  Stockholders' deficit
was $588,000 at June 30, 2010.

As reported in the Troubled Company Reporter on April 19, 2010,
BDO Seidman, LLP, in Los Angeles, 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 and
negative cash flows from operating activities.


INFUSION BRANDS: Raises $1-Mil. in Private Securities Sale
----------------------------------------------------------
Infusion Brands International, Inc., on March 15, 2011, entered
into an oral agreement with a certain accredited investor to sell
to the Investor -- subject to the filing of an amendment to the
Certificate of Designation of its Series G Convertible Stock --
1,000,000 shares of its Preferred Stock and Series G Warrants to
purchase an aggregate of 10,000,000 shares of the Company's common
stock.  The purchase price of the Private Placement Securities is
$1,000,000, and the funds were received from the Investor on
March 16, 2011.  However, a Preferred Stock purchase agreement and
other related transaction documents are in the process of being
negotiated with the Investor and, accordingly, have not been
executed at this time.  The Private Placement Securities will be
issued to the Investor upon the execution of the Transaction
Documents and upon the amending of the certificate of designation
of the Preferred Stock.

The Preferred Stock is convertible into shares of the Company's
common stock at an initial exercise price of $0.10 per share,
subject to adjustment.  The Preferred Stock has a mandatory
redemption date of June 30, 2013 at which time each share of
Preferred Stock outstanding on the Redemption Date will be
redeemed at a per share rate equal to $1.00 plus all accrued and
unpaid dividends or distributions thereon.  Holders of the
Preferred Stock are entitled to receive a "Special Preferred
Distribution" on each share of Preferred Stock held equal to (A)
the sum of (1) the product of the Stated Value multiplied by 8.12
plus (2) all accrued but unpaid dividends, less (B) the amount of
the additional dividend, if any.  If the Special Preferred
Distribution is not paid on or before the Redemption Date, it will
accrue interest at the rate of 8% per annum.  The additional
dividend is payable on June 30, 2011 if the Special Preferred
Distribution has not yet been paid and is equal to the Stated
Value of each share of Preferred Stock outstanding.  Additionally,
before any dividends will be paid or set aside for payment on any
Junior Security of the Company, each holder of the Preferred Stock
will be entitled to receive cash dividends payable on the Stated
Value of Preferred Stock at a rate of 8% per annum, which will
accrue daily and paid quarterly.  So long as the Preferred Stock
is outstanding, the holders of the Preferred Stock will, voting
together as a separate class, be entitled to elect two directors
to the Company's board of directors.

The Warrant is exercisable for a term of ten years at an exercise
price of $0.10 per share.  The Warrant also contains anti-dilution
provisions, including, but not limited to, if the Company issues
shares of its common stock at less than the then existing exercise
price, the price of the Warrant will automatically be reduced to
such lower price.

                       About Infusion Brands

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

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

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

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


INGLES MARKETS: Moody's Affirms Ba3 Ratings; Gives Neg. Outlook
---------------------------------------------------------------
Moody's Investors Service affirmed Ingles Markets Inc.'s ratings
and changed the outlook to negative based on concerns that credit
metrics could remain weak for an extended period.

Ingles' ratings are affirmed as the company continues to have a
solid position in its regional Southeastern markets evidenced
by same store sales growth and increased foot traffic due to
improvements in its store base.  Ingles' large base of stores that
are owned rather than leased reduces the company's fixed cost
burden and is also a credit positive.  The Ba3 Corporate Family
Rating reflects the company's solid regional franchise, its base
of owned real estate and adequate liquidity.

The negative outlook reflects Moody's concern that given the
company's moderate scale, geographic concentration, inflationary
pressures, competition from alternative food retailers and
sluggish economic recovery, margins could remain under pressure
resulting in little or no improvement in credit metrics for an
extended period.  Ingles' credit metrics were further weakened due
to the issuance of $99.74 million in tax exempt Recovery zone
Facility Bonds in the second quarter of fiscal 2011 primarily to
finance the construction of a new warehouse and distribution
center.  Although the company's investment in new stores and store
upgrades has been successful in helping customer retention and
increasing traffic, it has not yet led to meaningful margin
expansion.

These ratings are affirmed:

  -- Corporate Family Rating at Ba3
  -- Probability of Default Rating at Ba3
  -- Senior Unsecured Notes at B1 (LGD 5, 73%)

Given the negative outlook, an upgrade in the near to medium term
is unlikely.  Stabilization of the outlook would depend on a
material positive trend in margins while sustaining debt to EBITDA
below 4.0 times.

Ratings could be downgraded if the company's profitability and
cash flow deteriorate such that the reported EBITA margin does not
trend to above 4% or if debt to EBITDA is sustained materially
above 4.0 times.  Also, ratings could be downgraded if the company
experiences ongoing negative comparable store sales or if returns
to shareholders increase.

In the longer term ratings could be upgraded if reported EBITA
margin is sustained above 4.5%, debt to EBITDA is sustained below
3.5 times, and if strong positive comparable store sales continue.

The last rating action on Ingles was the placement of the
company's ratings under review for possible downgrade on
December 20, 2010.

Ingles Markets, headquartered in Ashville, North Carolina,
operates 202 supermarkets principally in Georgia, North Carolina,
South Carolina and Tennessee.  Ingles also owns and operates 70
shopping centers, 58 of which contain an Ingles Supermarket and 93
free standing stores.


INNOVATIVE FOOD: RBSM LLP Raises Going Concern Doubt
----------------------------------------------------
Innovative Food Holdings, Inc., filed on March 17, 2011, its
annual report on Form 10-K for the fiscal year ended Dec. 31,
2010.

RBSM LLP, in New York, expressed substantial doubt about
Innovative Food Holdings' ability to continue as a going concern.
The independent auditors noted that the Company has incurred
significant losses from operations since its inception and has a
working capital deficiency.

The Company reported a net loss of $2.1 million on $9.9 million of
revenue for 2010, compared with net income of $845,611 on
$7.6 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed $1.2 million
in total assets, $7.3 million in total liabilities, and a
stockholders' deficit of $6.1 million.

A copy of the Form 10-K report is available at http://is.gd/dTqYXP

Naples, Fla.-based Innovative Food Holdings, Inc., through its
subsidiaries, provides perishables and specialty food products to
the wholesale foodservice industry.


INTELSAT JACKSON: Moody's Puts 'B3' Rating on New $2.65 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Intelsat Jackson
Holdings S.A.'s new $2.65 billion senior unsecured multi-maturity
notes issue.  Intelsat S.A.'s Caa1 corporate family and
probability of default ratings (CFR and PDR respectively) remain
unchanged.  As well the corporate family's speculative grade
liquidity rating remains SGL-3 (indicating adequate liquidity) and
the outlook remains unchanged at stable.

Jackson is an indirect, wholly-owned subsidiary of Intelsat, the
senior-most company in the Intelsat corporate family for which
Moody's maintain ratings; per usual practice, the CFR (Caa1) and
PDR (Caa1) are in the name of Intelsat.  The new notes are being
issued to fund redemptions and repurchases of various debt issues
within the Intelsat family.  Overall, the transaction is
approximately leverage neutral and therefore has no impact on the
CFR and PDR.  However, the transaction is another in a series of
positive steps taken over the past three years that will result in
a much more simple legal entity and debt structure.  The new notes
rank pari passu with Jackson's senior unsecured debt, some of
which is being refinanced, and continues a trend of using Jackson
as the corporate family's financing entity.  A by-product of this
has been the elimination of some structurally subordinated debt at
other legal entities.  Intelsat has limited remaining flexibility
to reposition relatively junior debt; any substantial refinancing
activity that reduces structurally junior debt while increasing
that at senior levels is likely to result in instrument ratings
downgrades.

This summarizes Moody's ratings and the rating actions for
Intelsat:

Assignments:

Issuer: Intelsat Jackson Holdings S.A.

  -- Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD3,
     41%)

Other Actions:

Issuer: Intelsat S.A.

  -- Senior Unsecured Regular Bond/Debenture, Unchanged at Caa3
     (LGD6, 96%)

Issuer: Intelsat (Luxembourg) S.A.

  -- Senior Unsecured Regular Bond/Debenture, Unchanged at Caa3
     with the loss given default assessment revised to LGD5, 85%
     from LGD5, 83%

Issuer: Intelsat Jackson Holdings S.A.

  -- Senior Secured Bank Credit Facility, Unchanged at B1 with the
     loss given default assessment revised to LGD1, 7% from LGD1,
     6%

  -- Senior Unsecured Bank Credit Facility, Unchanged at B3 with
     the loss given default assessment revised to LGD3, 41% from
     LGD3, 35%

  -- Senior Unsecured Regular Bond/Debenture, Unchanged at B3 with
     the loss given default assessment revised to LGD3, 41% from
     LGD3, 35%

  -- Senior Unsecured Regular Bond/Debenture, Unchanged at Caa2
     with the loss given default assessment revised to LGD5, 68%
     from LGD5, 65%

                        Rating Rationale

Intelsat's corporate family and probability of default ratings
(CFR and PDR respectively) are Caa1 and the ratings outlook is
stable.  While Intelsat has a strong business profile that
features a large 50-plus satellite fleet covering 99% of the
globe's populated regions, growing demand stemming from the
world's seemingly insatiable appetite for broadband capacity, a
stable contract-based revenue stream with a strong $9.8 billion
revenue backlog (nearly 4 years of revenue) booked with well-
regarded customers, Moody's are concerned that the company's
capital structure may not be sustainable over a prolonged period.
Financial leverage is elevated (LTM Debt-to-EBITDA incorporating
Moody's standard adjustments is 8.5x) as a consequence of debt-
financed ownership changes and a recent run of significant capital
expenditures.  As a result, annual interest costs of nearly $1.4
billion consume a substantial ~ 80% of the nearly $1.7 billion
EBITDA stream.  This leaves only ~$250 million to fund capital
expenditures (unadjusted figures), and since Moody's estimate
average annual maintenance capital expenditures to be ~$835
million, it is clear the company has to either increase its EBITDA
stream or decrease interest expense.  In turn, Moody's are
skeptical that cash flow can increase at an appropriate rate.
However, the resulting elevated expectation of default or
equivalent-to-default events is tempered by the company's strong
business profile and the relatively solid and stable cash flow
stream that results; this argues for a low probability of near-
term default.  This background also serves to highlight the very
important role that the company's liquidity arrangements play.
The ability to address temporary FCF shortfalls without
jeopardizing overall financing arrangements is crucial.

                         Rating Outlook

As noted above, the ratings outlook is stable.  With growing
EBITDA and liquidity sufficient to fund the next several quarters,
downwards pressure is manageable.  However, until positive free
cash flow can be anticipated to be sustained, upwards ratings
momentum is limited.

                What Could Change the Rating -- Up

A ratings upgrade is not expected until Intelsat can substantiate
the ability to be cash flow self-sustaining.  Given the current
debt load, this should be observed when EBITDA approaches $2.4
billion and Debt/EBITDA approaches and then falls below 6.5x.
Upon this milestone being observed/anticipated and supported by
operational trends that are expected to be sustained, and
presuming solid liquidity arrangements, upwards rating pressure
would result.

               What Could Change the Rating -- Down

In the near term, Intelsat's rating is tied to its liquidity
arrangements; they will provide the initial warnings of the
company's plan coming under stress.  In this regard financial
covenants (and restricted payment baskets) will be key.  Should
applicable cushions be permanently eroded, downwards ratings
actions may be required.

Headquartered in Luxembourg, Intelsat is the largest fixed
satellite service operator in the world and is privately held by
financial investors.


INTELSAT JACKSON: S&P Assigns 'B' Rating to $2.65 Bil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
issue-level and '3' recovery ratings to Intelsat Jackson Holdings
S.A.'s proposed $2.65 billion of senior notes.  The '3' recovery
rating indicates S&P's expectation that lenders will receive
meaningful (50%-70%) recovery in the event of a payment default.
The proposed notes are guaranteed by Intelsat Subsidiary Holding
Co. S.A.

In addition, S&P lowered the issue-level ratings on all Intelsat
Sub Holdco-guaranteed debt at Intelsat Jackson to 'B' from 'B+',
revising the recovery ratings on the debt to '3' from '2'.  This
action reflects the approximately $900 million increase in
guaranteed debt at this entity, which reduces recovery prospects.

The company intends to use proceeds from the new debt issuance
primarily to refinance all outstanding notes at Intelsat Sub
Holdco and Intelsat Intermediate Holdco, as well as the Intelsat
Jackson 11.50% senior notes due 2016 and 9.25% senior notes due
2016.  Ratings are based on preliminary documentation and are
subject to review of final documents.  S&P will withdraw ratings
on all refinanced debt when the transaction closes.

In addition, S&P affirmed the 'B' corporate credit rating on
Luxembourg-based parent Intelsat Global S.A.  The outlook is
stable.

"The ratings on Intelsat reflect its highly leveraged financial
risk profile and S&P's expectations for modestly negative free
operating cash flow," said Standard & Poor's credit analyst
Naveen Sarma, "factors which overshadow its attractive business
characteristics."  S&P considers the business risk profile strong,
reflecting the company's high profit margins, global scale, strong
geographic diversification, and a revenue backlog that provides
for significant revenue visibility.  Pro forma for the proposed
transaction, Intelsat has over $15 billion in debt.


ISTAR FINANCIAL: Delays Form 10-K Filing Over New Loan
------------------------------------------------------
iStar Financial Inc. notified the U.S. Securities and Exchange
Commission that it has entered into a new $2.95 billion senior
secured credit agreement.  The Company will use the proceeds from
the New Financing to refinance the Company's secured bank
facilities maturing in June 2011 and 2012 and to repay a portion
of the Company's unsecured debt maturing in 2011 as well as for
general corporate purposes.

The Company notes that the completion of the New Financing is a
material event for the Company which will affect the information
to be provided in the Company's 2010 Annual Report on Form 10-K.
In light of the significant time that the Company's senior
management and other employees have devoted to completing the New
Financing, the Company will need additional time to finalize the
Annual Report.  For these reasons, the Company was unable to file
the Annual Report on a timely basis without unreasonable effort or
expense by the original due date of March 16, 2011.  The Company
expects to file the Annual Report on or before March 31, 2011.

                       About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

The Company reported net income of $80.21 million on
$575.25 million of total revenue for the twelve months ended
Dec. 31, 2010, compared with a net loss of $769.85 million on
$766.19 million of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $9.17 billion
in total assets, $7.48 billion in total liabilities and $1.69
billion in total equity.

                          *     *     *

iStar carries a 'C' issuer default rating from Fitch Ratings
Services.  Fitch lowered, among other things, the IDR from 'CC' to
'C' in October 2010, noting that there is substantial amount of
debt maturities in the second quarter of 2011, consisting
primarily of a second lien term loan and second lien revolving
credit agreement in aggregate amounting to approximately $1.7
billion, and an unsecured revolving credit facility of
approximately $500 million.  In order to avoid maturity defaults
on the second lien obligations and unsecured revolving credit
facility due June 2011, a coercive debt exchange would need to be
effected, whereby the company negotiates with certain of its debt
holders a material reduction in terms to avert bankruptcy, Fitch
said.

In July 2010, Standard & Poor's Ratings Services lowered its long-
term counterparty credit rating on iStar Financial to 'CCC' from
'B-'.  The outlook is negative.  iStar's limited funding
flexibility and the severe credit quality deterioration in its
loan portfolio continue to put negative pressure on the rating,
S&P said.


ISTAR FINANCIAL: Moody's Assigns 'B1' Rating to Senior Loan
-----------------------------------------------------------
Moody's Investors Service assigned a B1 senior secured rating to
iStar's senior secured facility Tranche A-1 and a B2 senior
secured rating to iStar's senior secured facility Tranche A-2.
Moody's also assigned a corporate family rating of B3 to iStar.
Additionally, Moody's upgraded iStar's senior unsecured debt to
Caa1 from Ca, and preferred stock to Caa3 from C.  This rating
action follows the announcement that iStar closed on its $2.95 bn
senior secured facility.  This concludes Moody's review.

                        Ratings Rationale

On March 17, 2011, iStar announced that it has entered into a new
$2.95 billion senior secured credit agreement providing for two
tranches of term loans: a $1.50 billion A-1 tranche due June 28,
2013, which bears interest at a rate of LIBOR plus 3.75%, and a
$1.45 billion A-2 tranche due June 30, 2014, which bears interest
at a rate of LIBOR plus 5.75%.  Both tranches include a LIBOR
floor of 1.25%.

As previously outlined to Moody's, the proceeds from the new
financing will be used to refinance iStar's existing secured bank
facilities due in June 2011 and 2012, to repay a portion of
iStar's unsecured debt maturing in 2011 and for other corporate
purposes.  Outstanding borrowings under the new financing will be
collateralized by a first lien on a fixed pool of approximately
$3.69 billion of assets consisting primarily of performing loans
and CTLs.  The financing provides for minimum cumulative
amortization requirements on the A-1 tranche: $200.0 million by
December 30, 2011, $450.0 million by June 30, 2012, $750.0 million
by December 31, 2012 and $1.50 billion by June 28, 2013.  The A-2
tranche will begin amortizing after the repayment in full of the
A-1 tranche, with minimum cumulative amortization payments of
$150.0 million due six months after payment in full of the A-1
tranche, and additional payments of $150 million due by each six
month anniversary thereafter until maturity.  The new credit
agreement contains a covenant to maintain collateral coverage of
not less than 1.25x outstanding borrowings.

The new senior secured credit facilities ratings, the corporate
family rating, and the upgrades of iStar's existing ratings are
based on the REIT's success in extending near term debt
maturities.  The ratings on the new senior secured credit
facilities take into account the asset coverage, the size and
quality of the collateral pool, the pace of amortization on each
tranche and the term of each tranche.

The stable rating outlook reflects iStar's extended debt maturity
schedule, stabilizing asset portfolio, and management's
demonstrated ability to manage its liquidity.

Positive rating momentum would result from successful repayment or
refinancing of debt maturities through 2013, resolution of non-
performing assets and sustained earnings growth.

Negative rating pressure could result should the REIT fail to
achieve resolutions of its non-performing assets at or above the
current carrying value.  Any liquidity challenges or covenant
breaches would lead to a downgrade.

These ratings were assigned:

* iStar Financial Inc. -- Senior secured credit facility Tranche
  A-1 at B1, Tranche A-2 at B2; corporate family rating at B3

These ratings were upgraded:

* iStar Financial, Inc. -- Senior unsecured debt to Caa1 from Ca;
  preferred stock to Caa3 from C; senior debt shelf to (P)Caa1
  from (P)Ca; subordinated debt shelf to (P)Caa3 from (P)C;
  preferred stock to Caa3 from C; preferred stock shelf to (P)Caa3
  from (P)C.

Moody's last rating action with respect to iStar Financial Inc.
was on February 24, 2011, when Moody's assigned (P)B1/(P)B2 senior
secured ratings, (P)B3 corporate family rating, and placed iStar's
senior unsecured and preferred ratings on review for possible
upgrade.

iStar Financial's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of iStar's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

iStar Financial Inc. is a property finance company that elects
REIT status.  iStar provides structured mortgage, mezzanine and
corporate net lease financing.  iStar Financial is headquartered
in New York City, and had assets of $9.2 billion and common
shareholders' equity of $1.1 billion as of December 31, 2010.


JILL ACQUISITION: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
and Probability of Default Rating to Jill Acquisition Corp.
Moody's also assigned a B2 rating to the company's proposed
$120 million secured term loan due 2017.  The rating outlook is
stable.

This is the first time Moody's has assigned ratings to J Jill.
The ratings are subject to receipt and review of final
documentation including but not limited to the final financial
covenants agreed with the lenders.

Proceeds from J Jill's new term loan along with drawings under the
company's (unrated) $40 million asset based credit facility will
be used to fund the acquisition of an approximately 65% stake in
the company by affiliates of Arcapita Inc.

New ratings assigned:

  -- Corporate Family Rating at B2
  -- Probability of Default Rating at B2
  -- $120 million secured term loan due 2017 at B2 (LGD 3, 44%)

                        Ratings Rationale

J Jill's B2 Corporate Family Rating reflects the company's
relatively small size in terms of revenue and profits and narrow
product focus in the women's specialty retail apparel sector.  The
ratings also reflect the company's high leverage.  Pro forma
debt/EBITDA is about 5.7 times (incorporating Moody's standard
analytical adjustments for operating leases).  The ratings also
reflect the company's limited operating history as a stand alone
entity.  The ratings are supported by recent improvements in J
Jill's operating performance since the company was sold by
Talbot's (its previous owners) in July 2009, the company's good
liquidity profile, and Moody's stable industry sector outlook for
the retail sector in general.

The B2 rating assigned to the proposed $120 million term loan
reflects the lender's first priority secured position in long term
assets and intangible assets as well as the second lien position
on J Jill's accounts receivable and inventory.  The company's $40
million asset based lending facility will have a first lien
position on accounts receivable and inventory.

The stable rating outlook reflects Moody's view that J Jill will
maintain good liquidity and that the company will sustain recent
improvements in operating earnings notwithstanding the expected
negative impact of rising input costs that will impact the apparel
sector over the course of 2011.  The stable outlook also
anticipates that overall conditions in the retail industry to
remain stable.

In view of the company's narrow business focus and its limited
scale, as well as its limited operating history under current
management, ratings are unlikely to be upgraded in the near to
intermediate term.  Additional scale, evidence that the company's
has maintained its management team and earnings stability, as well
as further diversification by brand or product categories and
significantly lower leverage, could lead to upward rating
momentum.

An inability to sustain recent performance, or changes in the
senior management team could also lead to negative rating
pressure.  Ratings could also be downgraded if liquidity were to
erode.  Quantitatively, ratings could be lowered if debt/EBITDA
was sustained above 6 times or if interest coverage approached 1.5
times.

Headquartered in Quincy, Massachusetts, J Jill is a retailer of
women's apparel, footwear and accessories though the internet,
catalogs and 225 retail stores.


KL ENERGY: Incurs $20.90 Million Net Loss in 2010
-------------------------------------------------
KL Energy Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$20.90 million on $4.07 million of total revenue for the year
ended Dec. 31, 2010, compared with a net loss of $8.25 million on
$0 of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $8.36 million
in total assets, $25.19 million in total liabilities and $16.83
million in total stockholders' deficit.

Ehrhardt Keefe Steiner & Hottman PC expressed substantial doubt
about the Company's ability to continue as a going concern.
Ehrhardt Keefe noted that the Company has suffered recurring
losses and has an accumulated deficit.  Accordingly, unless the
Company raises additional working capital, obtain project
financing or revenues grow to support the Company's business plan,
the Company may be unable to remain in business.

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

                        http://is.gd/jZj5DR

                    About KL Energy Corporation

Based in Rapid City, South Dakota, KL Energy Corporation
-- http://www.klenergycorp.com/-- formerly known as Revive-it
Corp., focuses on developing unique technical and operational
capabilities designed to enable the production and
commercialization of biofuel, in particular ethanol from
cellulosic biomass.  The Company also plans to provide contracted
engineering and project development services to third party
customers.


LECG CORP: Expects to Transition European Practice Groups to FTI
----------------------------------------------------------------
LECG Corporation expects to sell its European economics
consulting, forensic accounting and tax practice groups to FTI
Consulting, Inc.

With the advice of its restructuring advisors, LECG continues to
negotiate the transition of all practice groups remaining after
transactions disclosed in previous public communications.  LECG
will use the proceeds from all practice group transitions to repay
the principal outstanding under its credit facility.  The company
will use the balance of any proceeds to make payments to other
creditors.  Contractually, if there is any remaining value
available to equity holders, it would be first allocated to the
company's outstanding preferred stock.  The company believes that
the transitions and these transactions will not result in any
proceeds for the common shareholders.

                            About LECG

LECG is a global litigation, economics, consulting and business
advisory, and governance, assurance, and tax expert services firm
with approximately 1,100 employees in offices around the world.

LECG and certain of its subsidiaries are parties to a Credit
Agreement dated as of May 15, 2007, as amended, with the Bank of
Montreal and the syndicate bank members under the Credit
Agreement.  On Feb. 28, 2011, the parties to the Credit Agreement
entered into the Tenth Amendment and Limited Duration Waiver to
the Credit Agreement, which among things waived LECG's failure to
be in compliance with certain representations and warranties and
financial and non-financial covenants under the facility.

The Limited Duration Waiver is the fourth the Company has received
since Nov. 15, 2010.  The Term Credit Facility matures March 31,
2011 and approximately $27.8 million is outstanding under the
facility.  The Company said it does not have sufficient resources
to repay amounts outstanding under the facility at this time.


LECG CORP: Delays Filing of 2010 Annual Report
----------------------------------------------
LECG Corporation notified the U.S. Securities and Exchange
Commission that it will be late in filing its annual report for
the year ended Dec. 31, 2010.  As management's assessment of the
Company's financial position in the consolidated financial
statements and related notes, and in Management's Discussion and
Analysis, in the Annual Report on Form 10-K depends in part upon
the results of the divestitures and transactions, which are
ongoing, the Company said it is unable to complete and file its
Form 10-K in a timely manner without unreasonable effort or
expense.

                            About LECG

LECG is a global litigation, economics, consulting and business
advisory, and governance, assurance, and tax expert services firm
with approximately 1,100 employees in offices around the world.

LECG and certain of its subsidiaries are parties to a Credit
Agreement dated as of May 15, 2007, as amended, with the Bank of
Montreal and the syndicate bank members under the Credit
Agreement.  On Feb. 28, 2011, the parties to the Credit Agreement
entered into the Tenth Amendment and Limited Duration Waiver to
the Credit Agreement, which among things waived LECG's failure to
be in compliance with certain representations and warranties and
financial and non-financial covenants under the facility.

The Limited Duration Waiver is the fourth the Company has received
since Nov. 15, 2010.  The Term Credit Facility matures on March
31, 2011 and approximately $27.8 million is outstanding under the
facility.  The Company said it does not have sufficient resources
to repay amounts outstanding under the facility at this time.


LEHMAN BROTHERS: Says ISDA Fails to Back Dismissal of Suit vs. JPM
------------------------------------------------------------------
Lehman Brothers Holdings Inc. and the Official Committee of
Unsecured Creditors said the amici brief filed by the
International Swaps and Derivatives Association Inc. and the
Securities Industry and Financial Markets Association "fails to
offer any justification" for the proposed dismissal of the
company's adversary case against JPMorgan Chase Bank N.A.

John Quinn, Esq., at Los Angeles, California, said the amici
brief "hardly presents a disinterested view" of the Bankruptcy
Code safe harbor issues in the adversary case.

"It explicitly advocates for dismissal of plaintiffs' claims and
an expanded reading of the safe harbor provisions that would
sanction JPMorgan's egregious conduct, with no attendant benefit
to market participants that play by the rules and rely on the
safe harbor protections to facilitate actual trading activity,"
Mr. Quinn said in court papers.

Mr. Quinn said that in so doing, ISDA Inc. and SIFMA "ignore not
only the governing authority but also the unique facts" of the
adversary case that distinguish the safe harbor issues presented
in the case from those facing ordinary market participants that
do not engage in the misconduct alleged in the plaintiffs'
complaint.

In a related development, Judge James Peck approved an agreement
to protect the confidentiality of information LBHI will provide
to JPMorgan in connection with the adversary case.

Under the deal, LBHI may share with JPMorgan the documents and
information it obtained from Lehman Brothers Inc.'s trustee in
connection with its lawsuit against Barclays Capital Inc.,
provided the confidentiality of the materials will be protected.

In another filing, LBHI filed a revised scheduling order, which
sets a timetable for the conduct of investigation and the filing
of court papers in connection with the adversary case.  A full-
text copy of the proposed order is available without charge at:

      http://bankrupt.com/misc/LBHI_3rdAmPropSchedOrder.pdf

                      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 Sept. 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.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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 Sept. 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 Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


LEHMAN BROTHERS: Sues Perficient to Recover Transfers
-----------------------------------------------------
Lehman Brothers Holdings Inc. filed a complaint on behalf of its
brokerage firm to avoid as preferential transfers certain
payments made to Perficient Inc.

The payments are on account of an antecedent debt owed to
Perficient during the 90-day period prior to the filing of LBHI's
bankruptcy case and Lehman Brothers Inc.'s liquidation
proceeding.

The transfers were made at a time when the Lehman units were
insolvent, according to their lawyer, Shai Waisman, Esq., at Weil
Gotshal & Manges LLP, in New York.  He added that debts owed by
the Lehman units were also unsecured obligations at the time of
the transfers.

"Avoidable transfers thus enabled the defendant to receive more
in satisfaction of its claim against LBHI or [LBI] than it would
have received in a case under Chapter 7 of the Bankruptcy Code
had the payment not been made," Mr. Waisman said in a March 7
complaint filed with the U.S. Bankruptcy Court for the Southern
District of New York.

                      About Lehman Brothers

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

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 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.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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 Sept. 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 Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


LEHMAN BROTHERS: Court Dismisses Suit Filed by LH 1440
------------------------------------------------------
The U.S. District Court for the Southern District of New York
affirmed the U.S. Bankruptcy Court for the Southern District of
New York's ruling dismissing the amended complaint filed by LH
1440 LLC against Lehman Brothers Holdings Inc. and its affiliates.

In a memorandum opinion dated March 8, 2011, District Judge Laura
Taylor Swain said the Bankruptcy Court "correctly concluded that
the allegations of the amended adversary complaint, when read in
light of the unambiguous terms of the loan documentation, fail to
state a claim" against State Street Bank and Trust Company.

Judge James Peck, the bankruptcy judge who oversees the Chapter
11 case of Lehman Commercial Paper Inc., dismissed the amended
complaint against the company and State Street Bank due to
insufficiency of allegations raised in the complaint.

Consequently, LH 1440 filed an appeal to reconsider the
bankruptcy judge's decision.

LH 1440's lawsuit stemmed from an agreement it entered into in
June 2007 to obtain financing from Lehman Brothers Holdings Inc.
for the purchase of a property in New York.  Under the agreement,
LH 1440 would obtain a set of loans including a $15.6 million
acquisition loan.

A dispute ensued after LCPI and State Street Bank reached an
agreement in February 2009 to transfer the acquisition loan from
the company to the bank.  The move came after LCPI filed for
bankruptcy protection and defaulted on its obligation under a May
2007 master repurchase agreement with State Street Bank.

The 2007 MRA allowed State Street Bank to purchase a pool of
commercial loans from LCPI for $1 billion.  Following the
execution of the MRA, LCPI acquired from LBHI the loans that are
the subject of LH 1440's appeal and substituted the acquisition
loan into the asset pool held by State Street Bank in accordance
with the MRA.

                      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 Sept. 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.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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 Sept. 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 Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


LEHMAN BROTHERS: Trustee Disputes "Customer Status" of 4 Claims
---------------------------------------------------------------
James W. Giddens, the LBI SIPA trustee, asks the Bankruptcy Court
to uphold his determination with respect to four claims:

  Claimant                                     Claim No.
  --------                                     ---------
  Barclays Bank PLC                            900005751
  Skandinaviska Enskilda Banken AB Publ        9000004867
  The Board of the Pension Protection Fund     800002462
  Auriel Currency 2X Fund                      800001029

The LBI Trustee has determined that the four claims, which were
for cash received, owed, or posted as collateral in connection
with forward foreign currency transactions, are not customer
claims under SIPA.

The Trustee's determinations deny each of the FX Cash Claimants
customer status under SIPA and reclassify their asserted customer
claims as general creditor claims.  Forward foreign currency
transactions, according to the LBI Trustee, are expressly
excluded from SIPA's definition of "security," which clearly
places claims based on FX Forwards outside the statutory
coverage.

Accordingly, FX Cash Claimants who assert cash claims related to
FX Forwards are not persons who have deposited cash "for the
purpose of purchasing securities" under Section 78111(2) of the
SIPA, which defines customer cash claims under SIPA. In fact, the
LBI Trustee notes, none of the FX Cash Claimants has offered any
support for the proposition that FX Forwards are "securities"
within the meaning of SIPA, or that their claims relate to cash
deposited "for the purpose of purchasing securities."

One of the FX Cash Claimants relies on the Commodity Broker
Liquidation subchapter of chapter 7 of the Bankruptcy Code, which
is codified as subchapter IV of Chapter 7 in the Bankruptcy Code.
This argument, the LBI Trustee asserts, also fails due to an
express exclusion in the Commodities Subchapter: forward
contracts -- simply bilateral agreements between the claimants
and LBI -- are specifically excluded from coverage under the
governing Commodity Futures Trading Commission regulations.

Because the forward contract activity that is the basis for the
FX Cash Claims is specifically excluded by both SIPA and the
Commodities Subchapter, and the conditions for customer status
are plainly not met, the Trustee's position should be confirmed
and the objections expunged, James B. Kobak, Jr., Esq., at Hughes
Hubbard & Reed LLP, in New York, maintains.

                      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 Sept. 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.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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 Sept. 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 Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


LEHMAN BROTHERS: Delays Filing of 2010 Annual Report
----------------------------------------------------
Lehman Brothers Holdings Inc. said in an NT 10-K filing with the
U.S. Securities and Exchange Commission that it will not timely
file its Annual Report on Form 10-K for the fiscal year ended
November 30, 2010.

The Company attributed its inability to file at this time to,
among other things, (1) its filing of a petition under Chapter 11
of the Bankruptcy Code, (2) the commencement of various
administrative or civil rehabilitation proceedings of
subsidiaries comprising significant parts of the Company's
European and Asian businesses, (3) the sale since September 15,
2008 of significant businesses comprising the Company's
historical business; and (4) the completion on May 4, 2009 of the
transfer to Neuberger Berman Group LLC of the Company's
investment management business.

As a result of these developments, the Company said it is
currently unable to complete the preparation of its consolidated
financial statements for the period in as much as it currently
has neither access to major components of its internal systems
nor the ability to prepare its consolidated financial statements
and the remainder of the report, with all the required
disclosures, to have them properly certified by its current
executive officers, and have them reviewed by its independent
auditors.

                      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 Sept. 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.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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 Sept. 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 Sept. 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)


MARSH HAWK: Amended Plan Outline Hearing Set for March 31
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia has
directed Marsh Hawk Golf Club, LLC, and Ford's Colony Country
Club, Inc., to file by March 26 an Amended Disclosure Statement
explaining the Debtors' Plan of Reorganization dated Feb. 28.

The Court scheduled a March 31 hearing to consider adequacy of the
Amended Disclosure Statement.  Objections, if any, are due by 5:00
p.m. on March 29.

The Plan provides that (1) Claims arising after the bankruptcy
filing, like professional fees and operating expenses, and (2)
Claims given special priority under the Bankruptcy Code, like
taxes, will be fully paid in cash at confirmation or in accordance
with their terms, subject to any necessary court approval or
orders entered in the bankruptcy cases.  A reserve will be created
for Administrative Expenses that are not paid in cash at
confirmation and this will be funded primarily through recoveries
the Debtors receive from lawsuits they initiated during the course
of the cases.

The entire claim of Prudential Industrial Properties, LLC will be
discharged by the payment of $17,670,927 over a 30-year term, with
interest paid on $10.5 million of principal, according to the
Plan.  The interest rate will be 5.25% for the first five years
and will readjust upon the fifth anniversary of the Effective
Date, and every five years thereafter, pursuant to a formula rate.
The Secured Claim of Prudential against FCCC is discharged by
reinstatement, in full, of the Liquor License Security Agreement
and Non-Recourse Guaranty executed by FCCC on December 26, 2006.

The Plan further provides that, unless otherwise agreed, secured
debt owed equipment lenders be paid in the installment amounts
established in the original debt instruments until principal and
interest are paid in full.  Arrearages existing on equipment debt
as of the Petition Date will be paid in full at the end of the
respective contract term.

The Plan treats those Members of the Club that:

   (a) have current or inchoate Claims for a Refundable Advance
       under their Membership Agreements as Creditors, because
       those Members have a vested right to repayment in a
       specific amount.  In the event Membership Agreements
       providing for a Refundable Advance are determined by the
       Debtors or the Court to be "executory contracts," which
       must be rejected or accepted under the Plan, the Plan:

       * rejects those Membership Agreements that provide for a
         Refundable Advance;

       * offers to reinstate the rejected Membership Agreements
         without charge or right to Refundable Advance;

       * treats each Member's underlying Claim for damages caused
         by rejection as provided in the Plan; and

       * assumes the membership agreements of members who are not
         entitled to a refundable advance; and

   (b) are Platinum Members as executory contract holders,
       because those contracts offer no vested right to
       repayment; repayment is solely contingent on an event that
       may not occur: sale of the Platinum Members' home and
       resale of his or her membership by the Debtors to a new
       Platinum Member.

Certain Creditors have the option of accepting an equity interest
in one of the Reorganized Companies in full satisfaction of their
Claims.  Creditors, who so elect, will be issued "stock" in the
Reorganized Company against whom they have a Claim, in exchange
for a full discharge of the Companies' debt to that Creditor.

The Plan provides for these Unsecured Creditor Classes:

   -- Gold Members: Gold Members are Active Members of the
      Debtors' Golf and Country Club who entered into contracts,
      under which they paid an "advance" of $7,500 to $12,500
      that is refundable upon death or retirement of the Member;

   -- Premier Members: Premier Members are Active Members who, in
      addition to the initial "advance," paid an "upgrade fee" of
      $20,000 or $28,000, which amount was to have a stated value
      of $40,000 or $60,000 after 5 years, and bear interest
      thereafter;

   -- Resigned Members: Resigned Members are all persons who paid
      a Refundable Advance to FCCC to become a Member, and who
      have since died or retired his or her Membership.  Members
      entitled to a Refundable Advance who retired or passed away
      after the Petition Date are treated as Gold Members under
      the Plan;

   -- Platinum Members: Platinum Members are those Active or
      Resigned Members who purchased a transferable,
      nonrefundable "Platinum Membership" for approximately
      $50,000 to $55,000;

   -- Prudential's Deficiency Claim: The deficiency Claim of
      Prudential is the amount by which the amount due to
      Prudential at the time of the bankruptcy filing exceeds the
      value of the Prudential's collateral at the time of Plan
      confirmation;

   -- Insiders: Insiders are persons or companies who are
      affiliated with one or both of the Debtors.  The Insiders
      who are Creditors in this Case are: Richard Ford, Sr., the
      Estate of Richard Ford, Jr., Brian Ford, Realtec, Inc.,
      Ford's Colony First Choice Realty, LLC, and Southern
      Holding Associates;

   -- General Unsecured Creditors: General Unsecured Creditors
      are all Creditors with Claims in excess of $1,000 who do
      not fall within any of the Classes and who do not elect to
      reduce their Claims.  Most General Unsecured Creditors are
      "trade creditors"; and

   -- Administrative Convenience Class: The Administrative
      Convenience Class or "Small Claims Class," is composed of
      Claims of $1,000 or less and includes General Unsecured
      Creditors who elect to reduce their Claims to $1,000.  A
      Member cannot reduce his or her Claim under the Plan and,
      therefore, cannot be a part of the Administrative
      Convenience Class.

A copy of the Disclosure Statement is available for free at:

       http://bankrupt.com/misc/MarshHawk_DS_02282011.pdf

                 About Marsh Hawk Golf Club, LLC

Williamsburg, Virginia-based Marsh Hawk Golf Club, LLC, and Ford's
Colony Country Club, own and operate a country club in
Williamsburg, Virginia.  The Club features a 54-hole private golf
course, restaurants, meeting rooms, banquet halls and numerous
recreational facilities.

The Companies filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Va. Lead Case No. 10-50632) on April 1, 2010.  Marsh Hawk
estimated its assets and debts at $10 million to $50 million as of
the Petition Date.


METAMORPHIX INC: Wants Case Converted Chapter 7 Following Sale
--------------------------------------------------------------
Bankruptcy Law360 reports that following the sale of its assets to
noteholders for a $6 million credit bid, MetaMorphix Inc. on
Friday asked a Delaware bankruptcy court to convert its Chapter 11
case into a Chapter 7 liquidation proceeding.

Dow Jones' DBR Small Cap reported that the judge cleared
MetaMorphix to sell its assets to a group of noteholders in
exchange for nearly $5.8 million in debt plus a small pot of cash.

Beltsville, Maryland-based Metamorphix, Inc. --
http://www.metamorphixinc.com-- a life sciences company, along
with its subsidiary MMI Genomics, Inc., develops tools,
technologies, and products for livestock and companion animal
health and productivity.  The Company offers systems for DNA-based
parent verification and diagnostic testing in livestock and
companion animals.

Metamorphix had been forced into Chapter 7 bankruptcy by 14
creditors who are owed $1.69 million.  The original case was filed
on Jan. 28, 2010, in the U.S. Bankruptcy Court for the District of
Delaware.  Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston LLP, who represents MetaMorphix, said that the Court
agreed to convert the case from an involuntary Chapter 7 to a
voluntary Chapter 11 case (Bankr. D. Del. Case No. 10-10273).

MetaMorphix's subsidiary, MMI Genomics Inc., filed under
Chapter 11 (Bankr. D. Del. Case No. 10-13775) on Nov. 18, 2010.

Adam Hiller, Esq., at Pinckney, Harris & Weidinger, LLC, assists
the Debtors in their restructuring effort.  Attorneys at Klehr
Harrison Harvey Branzburg LLP represent the Official Committee of
Unsecured Creditors.

Metamorphix disclosed assets of $314,000 and debt of $79.5 million
in its Schedules of Assets and Liabilities.  MMI Genomics
disclosed assets of $1.28 million and debt of $10.9 million.

The cases are jointly administered under Case No. 10-10273.


MOMENTIVE SPECIALTY: Amends Shared Services Agreement With MPM
--------------------------------------------------------------
Momentive Specialty Chemicals Inc. entered into a Shared Services
Agreement dated as of Oct. 1, 2010 with Momentive Performance
Materials Inc., pursuant to which the Company provides to MPM, and
MPM provides to the Company, certain services, including but not
limited to, executive and senior management, administrative
support, human resources, information technology support,
accounting, finance, legal and procurement services.

On March 17, 2011, the Company entered into an Amended and
Restated Shared Services Agreement with MPM to reflect the terms
of the Master Confidentiality and Joint Development Agreement by
and between the Company and MPM entered into on the same date.

The Amended Shared Services Agreement incorporates by reference
the terms of the JDA and provides that in the event of a conflict
between those agreements, the terms of the JDA will control.  The
JDA, which is effective as of Oct. 1, 2010, sets forth the terms
and conditions for (i) the disclosure, receipt and use of each
party's confidential information, (ii) any research and
development collaborations agreed to be pursued by MSC and MPM;
(iii) the ownership of products, technology and intellectual
property resulting from such collaborations; (iv) licenses under
each party's respective IP; and (v) strategies for
commercialization of products or technology developed under the
agreement.

Pursuant to the JDA, each party has sole ownership rights for any
R&D work product and related IP developed under the agreement for
their respective product categories or technology fields.  For
Technology that relates to both MPM and MSC product categories or
technology fields, a steering committee made up of three
representatives of each party will determine which party will be
granted ownership rights, subject to certain exceptions.  In the
event that the steering committee is unable to reach a decision,
the Hybrid Technology will be jointly owned by the parties.  In
addition, under the terms of the JDA, each party grants to the
other party a non-exclusive royalty-bearing license for the
Technology or the Hybrid Technology.  The royalty will be
determined by the respective representatives of the parties
through the steering committee in arm's-length good faith
negotiations.  The parties also grant royalty-free licenses to
each other with respect to their IP for R&D, including for
initiatives outside the scope of the JDA.  The JDA has a term of
20 years, subject to early termination pursuant to its terms for
cause or for a change of control.

A full-text copy of the Amended and Restated Shared Services
Agreement is available for free at http://is.gd/ct7mJR

A full-text copy of the Master Confidentiality and Joint
Development Agreement is available for free at http://is.gd/ygVXXO

                     About Momentive Specialty

Momentive Specialty Chemicals, Inc., headquartered in Columbus,
Ohio, is a leading producer of thermoset resins (epoxy,
formaldehyde and acrylic).  The company is also a supplier of
specialty resins for inks and specialty coatings sold to a diverse
customer base as well as a producer of commodities such as
formaldehyde, bisphenol A, epichlorohydrin, versatic acid and
related derivatives.

The Company's balance sheet at Dec. 31, 2010 showed $3.13 billion
in total assets, $5.15 billion in total liabilities and $2.02
billion in total deficit.

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

As reported in the Oct. 27, 2010 edition of TCR, Moody's Investors
Service assigned a 'Caa1' rating to the guaranteed senior secured
second lien notes due 2020 of Momentive Specialty (formerly known
as Hexion Specialty Chemicals Inc.).  Proceeds from the notes were
allocated for the repayment of $533 million of guaranteed senior
secured second lien notes due 2014.  "With this refinancing Hexion
will have refinanced or extended the maturities on the vast
majority of the debt that was originally slated to mature prior to
2015.  There is less than $600 million of this debt remaining,
which should be much easier to for the company to refinance as its
credit metrics improve further," stated John Rogers, Senior Vice
President at Moody's.


MOMENTIVE PERFORMANCE: Amends Shared Services Pact With MSC
-----------------------------------------------------------
Momentive Performance Materials Inc. entered into a Shared
Services Agreement dated as of Oct. 1, 2010 with Momentive
Specialty Chemicals Inc., pursuant to which the Company provides
to MSC, and MSC provides to the Company, certain services,
including but not limited to, executive and senior management,
administrative support, human resources, information technology
support, accounting, finance, legal and procurement services.

On March 17, 2011, the Company entered into an Amended and
Restated Shared Services Agreement with MSC to reflect the terms
of the Master Confidentiality and Joint Development Agreement by
and between the Company and MSC entered into on the same date.

The Amended Shared Services Agreement incorporates by reference
the terms of the JDA and provides that in the event of a conflict
between such agreements, the terms of the JDA shall control.  The
JDA, which is effective as of Oct. 1, 2010, sets forth the terms
and conditions for (i) the disclosure, receipt and use of each
party's confidential information, (ii) any research and
development collaborations agreed to be pursued by MSC and MPM;
(iii) the ownership of products, technology and intellectual
property resulting from such collaborations; (iv) licenses under
each party's respective IP; and (v) strategies for
commercialization of products or technology developed under the
agreement.

Pursuant to the JDA, each party has sole ownership rights for any
R&D work product and related IP developed under the agreement for
their respective product categories or technology fields.  For
Technology that relates to both MPM and MSC product categories or
technology fields, a steering committee made up of three
representatives of each party will determine which party will be
granted ownership rights, subject to certain exceptions.  In the
event that the steering committee is unable to reach a decision,
the Hybrid Technology shall be jointly owned by the parties.  In
addition, under the terms of the JDA, each party grants to the
other party a non-exclusive royalty-bearing license for the
Technology or the Hybrid Technology.  The royalty will be
determined by the respective representatives of the parties
through the steering committee in arm's-length good faith
negotiations.  The parties also grant royalty-free licenses to
each other with respect to their IP for R&D, including for
initiatives outside the scope of the JDA.  The JDA has a term of
20 years, subject to early termination pursuant to its terms for
cause or for a change of control.

A full-text copy of the Amended and Restated Shared Services
Agreement is available for free at http://is.gd/C656GD

A full-text copy of the Master Confidentiality and Joint
Development Agreement is available for free at http://is.gd/klMElg

                    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 reported a net loss of $62.96 million on $2.58 billion
of net sales for the year ended Dec. 31, 2010, compared with a net
loss of $41.67 million on $2.08 billion of net sales during the
prior year.

The Company's balance sheet at Dec. 31, 2010 showed $3.29 billion
in total assets, $3.89 billion in total liabilities and
$604.09 million in total deficit.

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.

As reported by the Troubled Company Reporter on October 27, 2010,
Standard & Poor's Ratings Services raised its corporate credit
rating on Momentive Performance Materials Inc. to 'B-' from
'CCC+'.  In addition, S&P raised its second lien, senior
unsecured, and subordinated debt ratings by one notch to 'CCC'
(two notches below the corporate credit rating) from 'CCC-'.  The
recovery ratings on these classes of debt remain unchanged at '6',
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

At the same time, based on the corporate credit rating upgrade and
its updated recovery analysis, S&P raised its senior secured debt
rating by two notches to 'B' (one notch above the corporate credit
rating) from 'CCC+' and revised the recovery rating to '2' from
'3'.  These ratings indicate S&P's expectation for substantial
(70%-90%) recovery in the event of a payment default.


MONEYGRAM INT'L: Reports $43.80 Million Net Income in 2010
----------------------------------------------------------
Moneygram International, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting net
income of $43.80 million on $1.17 billion of total revenue for the
year ended Dec. 31, 2010, compared with a net loss of $1.91
million on $1.16 billion of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $5.12 billion
in total assets, $5.06 billion in total liabilities, $999.35
million in total mezzanine equity, and $942.48 million in total
stockholders' deficit.

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

                        http://is.gd/AmBKUT

                   About MoneyGram International

MoneyGram International, Inc. (NYSE: MGI) --
http://www.moneygram.com/-- is a global payment services company.
The Company's major products and services include global money
transfers, money orders and payment processing solutions for
financial institutions and retail customers.  MoneyGram is a New
York Stock Exchange-listed company with 203,000 global money
transfer agent locations in 191 countries and territories.

                           *     *     *

According to the Troubled Company Reporter on July 1, 2010, Fitch
Ratings has affirmed the Issuer Default Ratings for MoneyGram
International Inc. and MoneyGram Payment Systems Worldwide, Inc.,
at 'B+'.  Outlook is stable.  Fitch noted that the ratings could
be negatively impacted by further declines in remittance volumes
driven by macro economic factors or decreases in migrant labor
populations worldwide.


MORGANS HOTEL: Expects to Complete Executive Search by March 31
---------------------------------------------------------------
In connection with the scheduled end of Marc Gordon's employment
agreement on April 1, 2011, Morgans Hotel Group Co., and Mr.
Gordon determined on March 14, 2011, that Mr. Gordon would focus
on transition matters.  As the Company discussed on its March 1,
2011 earnings conference call, the search committee of the
Company's Board of Directors is targeting completion of the
executive search process by March 31 or sooner.

                     About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

The Company's balance sheet at Sept. 30, 2010, showed
$759.10 million in total assets, $801.22 million in total
liabilities, and a stockholders' deficit of $42.12 million.

The Company reported a net loss of $83.07 million on $236.37
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of $101.60 million on $225.05 million of
total revenue during the prior year.


NEOMEDIA TECHNOLOGIES: To Sell $450,000 Secured Debenture to YA
---------------------------------------------------------------
NeoMedia Technologies, Inc., on March 11, 2011, entered into an
agreement to issue and sell a secured convertible debenture to YA
Global Investments, L.P. in the principal amount of $450,000.  The
closing of the transaction was held on March 11, 2011.  In
addition to the Debenture, the Company also issued a warrant to
the Buyer to purchase 1,000,000 shares of the Company's common
stock, par value $0.001 per share, for an exercise price of $0.10
per share.

The Debenture will mature on July 29, 2012 and will accrue
interest at a rate equal to 14% per annum and such interest will
be paid on the Maturity Date in cash or, provided that certain
Equity Conditions are satisfied, in shares of Common Stock at the
applicable Conversion Price.  At any time, the Buyer will be
entitled to convert any portion of the outstanding and unpaid
principal and accrued interest thereon into fully paid and non-
assessable shares of Common Stock at a price equal to the lesser
of $0.10 and 95% of the lowest volume weighted average price of
the Common Stock during the 60 trading days immediately preceding
each conversion date.

The Debenture is secured by certain pledges made with respect to
the assets of the Company and its subsidiaries as set forth in the
Eighth Ratification Agreement dated March 11, 2011, and that
certain Security Agreement and Patent Security Agreement both
dated July 29, 2008, by and among the Company, each of the
Company's subsidiaries made a party thereto, and the Buyer.

In connection with the Agreement, the Company also entered into
those certain Irrevocable Transfer Agent Instructions with the
Buyer, an escrow agent and WorldWide Stock Transfer, LLC, the
Company's transfer agent.

The Company will not affect any conversion, and the Buyer will not
have the right to convert any portion of the Debenture to the
extent that after giving effect to such conversion, the Buyer
would beneficially own in excess of 9.99% of the number of shares
of Common Stock outstanding immediately after giving effect to
such conversion, except for not less than 65 days prior written
notice from the Buyer.

The Company will have the right to redeem a portion or all amounts
outstanding in the Debenture via Optional Redemption by paying the
amount equal to the principal amount being redeemed plus a
redemption premium equal to 10% of the principal amount being
redeemed, and accrued interest.

                     About NeoMedia Technologies

Atlanta, Ga.-based NeoMedia Technologies, Inc., provides mobile
barcode scanning solutions.  The Company's technology allows
mobile devices with cameras to read 1D and 2D barcodes and provide
"one click" access to mobile content.

The Company's balance sheet at Sept. 30, 2010, showed
$9.04 million in total assets, $83.31 million in total
liabilities, $8.37 million in Series C convertible preferred
stock, $2.50 million in Series D convertible preferred stock, and
a stockholders' deficit of $85.14 million.

At Sept. 30, 2010, the Company has an accumulated deficit of
$237.99 million.  The Company also has a working capital deficit
of $82.05 million, of which of which $68.51 million is related to
the Company's financing instruments, including $30.71 million
related to the fair value of warrants and those debentures that
are recorded as hybrid financial instruments, and $37.80 million
related to the amortized cost carrying value of certain of the
Company's debentures and the fair value of the associated
derivative liabilities.

As reported in the Troubled Company Reporter on April 1, 2010,
Kingery & Crous, P.A., in Tampa, Fla., expressed substantial
doubt about the Company's ability to continue as a going concern
following the Company's 2009 results.  The independent auditors
noted that the Company has suffered recurring losses from
operations and has ongoing requirements for additional capital
investment.


NEWASURION CORP: S&P Withdraws 'B+' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'B+'
counterparty credit rating on Nashville, Tenn.-based NEWAsurion
Corp. at the company's request.  At the same time, S&P withdrew
the proposed 'B+' senior secured debt rating on NEWAsurion's
$3.62 billion senior credit facility, which consists of a
$3.5 billion first-lien term loan and a $120 million revolving
credit line.  S&P also withdrew its 'B-' subordinated debt rating
on NEWAsurion's $1.02 billion second-lien term loan because the
company has withdrawn its plan for the proposed financing.

In addition, Standard & Poor's withdrew its '3' recovery rating on
the company's first-lien term loan and revolving credit facility
and its '6' recovery rating on the company's second-lien term
loan.

The $4.64 billion first- and second-lien deal would have
refinanced the issuer's loans, along with those of NEW Customer
Service.


NEWPAGE CORP: Unit to Sell Energy Assets to ReEnergy for $61MM
--------------------------------------------------------------
NewPage Corporation said its subsidiary, Rumford Paper Company,
based in Rumford, Maine, has signed an agreement to sell its
cogeneration energy assets to a unit of ReEnergy Holdings LLC, a
company which specializes in integrated biomass waste fuel
renewable energy.  The purchase price for the assets is
$61,000,000.

The transaction contemplates a long-term, symbiotic relationship
between Rumford and ReEnergy.  Following the closing, ReEnergy
will operate the acquired assets to provide energy to the Rumford
mill in the form of electricity and thermal energy.  In turn,
Rumford's pulp and papermaking process will supply ReEnergy with
the sustainable biomass fuel supply needed to operate the
cogeneration assets.

"The transaction represents an opportunity for the Rumford mill to
realize value from its green energy assets and to focus on its
core business of making high quality paper," said George Martin,
president and chief executive officer of NewPage Corporation.  "We
are looking forward to working closely with ReEnergy in this new
endeavor," stated Gerald LeClaire, mill manager, Rumford
Operations.

Larry Richardson, Chief Executive Officer of ReEnergy, said, "This
exciting, new relationship with the Rumford mill is consistent
with our business strategy of owning and managing solid fuel
renewable energy facilities.  We look forward to providing
mission-critical, cost effective electricity and thermal energy to
the Rumford mill."  Tom Beck, ReEnergy's chief commercial officer
added, "This partnership promises to support Maine's vital paper
industry, and ReEnergy looks forward to providing green energy to
both the Rumford mill and the New England region."

The transaction is subject to regulatory approvals and is expected
to close in mid 2011.

                    About ReEnergy Holdings LLC

Based in Latham NY, ReEnergy Holdings LLC --
http://www.reenergyholdings.com/-- is an integrated waste
fuel/biomass renewable energy company.  ReEnergy was formed in
2008 by Riverstone Holdings LLC and a management team comprised of
experienced industry professionals.  ReEnergy currently owns and
operates a 31 MW tire-to-energy facility in Sterling CT, along
with two construction and demolition waste and waste wood
processing facilities that service the eastern New England/Boston
metropolitan area marketplace.

                    About Riverstone Holdings LLC

Riverstone Holdings LLC -- http://www.riverstonellc.com/-- an
energy and power-focused private equity firm founded in 2000, has
approximately $17 billion under management across six investment
funds, including the world's largest renewable energy fund.
Riverstone conducts buyout and growth capital investments in the
midstream, exploration & production, oilfield services, power and
renewable sectors of the energy industry.  With offices in New
York, London and Houston, the firm has committed approximately
$15.7 billion to 76 investments in North America, Latin America,
Europe and Asia.

                        About NewPage Corp.

Headquartered in Miamisburg, Ohio, NewPage Corporation --
http://www.NewPageCorp.com/-- is a coated paper manufacturer in
North America, based on production capacity, with $3.1 billion in
net sales for the year ended Dec. 31, 2009.  The company's
product portfolio is the broadest in North America and includes
coated freesheet, coated groundwood, supercalendered, newsprint
and specialty papers.  These papers are used for corporate
collateral, commercial printing, magazines, catalogs, books,
coupons, inserts, newspapers, packaging applications and direct
mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,
Minnesota, Wisconsin and Nova Scotia, Canada.  These mills have a
total annual production capacity of approximately 4.4 million tons
of paper, including approximately 3.2 million tons of coated
paper, approximately 1.0 million tons of uncoated paper and
approximately 200,000 tons of specialty paper.

The Company reported a net loss of $674 million on $3.59 billion
of net sales for the year ended Dec. 31, 2010, compared with a net
loss of $318 million on $3.10 billion on net sales during the
prior year.

The Company's balance sheet at Dec. 31, 2010 showed $3.51 billion
in total assets, $4.39 billion in total liabilities and
$875 million in total deficit.

                           *     *     *

NewPage carries a 'CCC+' corporate credit rating from, with
negative outlook, from Standard & Poor's.  It has 'Caa1' long term
corporate family and probability of default ratings from Moody's.

Standard & Poor's Ratings Services in November 2010 revised its
recovery rating on NewPage Corp.'s senior secured first-lien notes
to '4' from '3'. "S&P believes that a '4' recovery more
appropriately conveys the risk that the company's postdefault
enterprise value may be affected by stresses more severe than what
S&P's analysis contemplates given the highly cyclical industry in
which NewPage operates," said Standard & Poor's credit analyst
Tobias Crabtree.


NEXAIRA WIRELESS: Incurs $921,118 Net Loss in Jan. 31 Quarter
-------------------------------------------------------------
NexAira Wireless Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $921,118 on $291,500 of revenue for the three months ended
Jan. 31, 2011, compared with a net loss of $1.14 million on
$506,338 for the same period during the prior year.

The Company's balance sheet at Jan. 31, 2011 showed $1.61 million
in total assets, $4.11 million in total current liabilities and
$2.50 million in total shareholders' deficit.

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

                        http://is.gd/skao0g

                       About NexAira Wireless

Headquartered in Vancouver, B.C., Nexaira Wireless Inc. (OTC BB:
NXWI) -- http://www.nexaira.com/-- 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.

BDO USA, LLP, in San Diego, Calif., expressed substantial doubt
about Nexaira Wireless' ability to continue as a going concern.
The independent auditors noted that the Company has incurred
losses from operations and has negative cash flow from operations,
a working capital and a net capital deficit.

The Company reported a net loss of US$4.66 million on US$1.74
million of revenue for fiscal 2010, compared with a net loss of
US$3.37 million on US$5.64 million of revenue for fiscal 2009.


NEXTWAVE WIRELESS: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------------
Ernst & Young LLP, in San Diego, Calif., expressed substantial
doubt about NextWave Wireless Inc.' ability to continue as a going
concern.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency, primarily comprised of the current portion of long
term obligations of $784.6 million at Jan. 1, 2011, that is
associated with the maturity of its debt.  "The Company currently
does not have the ability to repay this debt at maturity."

NextWave Wireless filed on March 17, 2011, its annual report on
Form 10-K for the fiscal year ended Jan. 1, 2011.  The Company
reported a net loss of $120.4 million for the fiscal year ended
Jan. 1, 2011, compared with a net loss of $290.3 million for the
fiscal year ended Jan. 2, 2010.  The Company reported zero
revenues from continuing operations in both fiscal years.

The Company's balance sheet at Jan. 1, 2011, showed $497.1 million
in total assets, $895.3 million in total liabilities, and a
stockholders' deficit of $398.2 million.

A copy of the Form 10-K report is available at http://is.gd/KcS652

San Diego, Calif.-based NextWave Wireless Inc. is a holding
company for a significant wireless spectrum portfolio.  The
Company's continuing operations are focused on the management of
its wireless spectrum interests.


NNN 2003: Incurs $493,000 Consolidated Net Loss in 2010
-------------------------------------------------------
NNN 2003 Value Fund, LLC, filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a
consolidated net loss of $493,000 on $6.85 million of rental
revenue of operations held for non-sale disposition for the year
ended Dec. 31, 2010, compared with a consolidated net loss of
$9.09 million on $6.95 million of rental revenue of operations
held for non-sale disposition during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$32.68 million in total assets, $44.75 million in total
liabilities and $12.07 million in total deficit.

Ernst & Young LLP, in its March 18, 2011 report accompanying the
Form 10-K report, noted that the Company has incurred recurring
losses and has a working capital deficiency.  In addition, the
Company has not complied with certain covenants of loan agreements
and does not have sufficient cash flow to repay mortgage loans
that are past due and in default.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

A copy of the Annual Report is available at http://is.gd/rBMpKW

                          About NNN 2003

Santa Ana, Calif.-based NNN 2003 Value Fund, LLC, was formed as a
Delaware limited liability company on June 19, 2003.  The Company
was organized to acquire, own, operate and subsequently sell its
ownership interests in a number of unspecified properties believed
to have higher than average potential for capital appreciation, or
value-added properties.  Grubb & Ellis Realty Investors, LLC,
serves as the Fund's manager, pursuant to the terms of an
operating agreement.


NNN 2003: March 25 Foreclosure Sale Set for Sevens Building
-----------------------------------------------------------
NNN 2003 Value Fund, LLC, disclosed in its annual report on Form
10-K for the year ended Dec. 31, 2010, that the mortgage loan for
the Sevens Building property in St. Louis, Missouri, which had an
outstanding principal balance of $21,494,000 as of December 31,
2010, matured on October 31, 2010, and is currently in default due
to non-payment of the outstanding principal balance upon maturity.
The loan documents include an option to extend the maturity date
for an additional 12 months beyond October 31, 2010; however, the
Fund determined that it was not in the best interest of its unit
holders to attempt to extend the maturity date due to the
unfavorable terms of the extension option, including additional
cash outlays for an extension fee and partial principal
prepayment, which the Fund did not expect would be recovered
through property operations over the subsequent 12 months.

Further, the estimated value of the Sevens Building property is
significantly less than the outstanding principal balance of the
mortgage loan, and the Fund did not expect that the value of the
property would exceed the principal balance by the end of the
potential extension term.  As such, the Fund had been in
discussions with the Sevens Building lender regarding the Fund's
options for transferring the Sevens Building property to the
Sevens Building lender, including foreclosure, deed-in-lieu of
foreclosure, or another form of transfer.

However, on March 7, 2011, the Fund received a letter from the
Sevens Building lender indicating that it had initiated a
foreclosure action on the Sevens Building property pursuant to the
Fund's default on the mortgage loan for the Sevens Building
property.  A successor trustee has been appointed by the Sevens
Building lender to conduct a public auction for the sale of the
Sevens Building property, which is set to take place on March 25,
2011.

In addition, the mortgage loan for the Four Resource Square
property, which had an outstanding principal balance of
$21,977,000 as of December 31, 2010, had an original maturity date
of November 30, 2010 but was extended to January 20, 2011.  The
mortgage loan documents included an option to extend the maturity
date for an additional 12 months beyond November 30, 2010;
however, the Fund determined that it was not in the best interest
of its unit holders to attempt to extend the maturity date due to
the unfavorable terms of the extension option, including
additional cash outlays for an extension fee and partial principal
prepayment, which the Fund did not expect would be recovered
through property operations over the subsequent 12 months.

Further, the estimated value of the Four Resource Square property
was significantly less than the outstanding principal balance of
the mortgage loan, and the Fund did not expect that the value of
the property would exceed the principal balance by the end of the
potential extension term.  As such, on January 20, 2011, the Fund
sold the Four Resource Square property to an entity affiliated
with the Four Resource Square lender for a sales price equal to
the outstanding principal balance of the mortgage loan of
$21,977,000.  The Fund did not receive any cash proceeds from the
sale of the property.

The maturities of the mortgage loans on the Sevens Building and
Four Resource Square properties, the subsequent sale of the Four
Resource Square property to an entity affiliated with its lender
for no cash proceeds and the expected foreclosure of the Sevens
Building property, which the Fund also expect will result in no
cash proceeds, combined with its loss from continuing operations,
raises substantial doubt about the Fund's ability to continue as a
going concern.

                          About NNN 2003

Santa Ana, Calif.-based NNN 2003 Value Fund, LLC, was formed as a
Delaware limited liability company on June 19, 2003.  The Company
was organized to acquire, own, operate and subsequently sell its
ownership interests in a number of unspecified properties believed
to have higher than average potential for capital appreciation, or
value-added properties.  Grubb & Ellis Realty Investors, LLC,
serves as the Fund's manager, pursuant to the terms of an
operating agreement.


NNN 2003: Pays $500,000 Distribution to Unit Holders
----------------------------------------------------
On March 15, 2011, NNN 2003 Value Fund, LLC, distributed an
investor letter to the Company's unit holders announcing a
distribution payment to the Company's investors and to provide an
update on the remaining properties in the Company's portfolio.  A
copy of the Investor Letter is available for free at:

                       http://is.gd/hmY6pf

On or about March 15, 2011, the Company paid a distribution to its
unit holders in the amount of $500,000.  Each unit holder of
record as of the payment date will receive their pro rata share of
this distribution.

                          About NNN 2003

Santa Ana, Calif.-based NNN 2003 Value Fund, LLC, was formed as a
Delaware limited liability company on June 19, 2003.  The Company
was organized to acquire, own, operate and subsequently sell its
ownership interests in a number of unspecified properties believed
to have higher than average potential for capital appreciation, or
value-added properties.  As of September 30, 2010, the Company
held interests in three commercial office properties, including
two consolidated properties and one unconsolidated property.  The
Company currently intends to sell, or otherwise dispose of, all of
its remaining properties and pay distributions to its unit holders
from available funds.  The Company does not anticipate acquiring
any additional real estate properties at this time.

The Company's balance sheet at September 30, 2010, showed
$33.7 million in total assets, $45.1 million in total liabilities,
and a stockholders' deficit of $11.4 million.

Ernst & Young LLP, in Irvine, Calif., expressed substantial doubt
about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has incurred recurring losses, continued
deficit cash flows from operating activities and will not have
sufficient cash flow to repay mortgage loans that are past due or
will become due in 2010.


NON-INVASIVE MONITORING: Posts $303,000 Net Loss in Jan. 31 Qtr.
----------------------------------------------------------------
Non-Invasive Monitoring Systems, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $303,000 on $187,000 of
revenues for the three months ended Jan. 31, 2011, compared
with a net loss of $362,000 on $199,000 of revenues for the three
months ended Jan. 31, 2010.

The Company's balance sheet at Jan. 31, 2011, showed $1.4 million
in total assets, $1.3 million in total liabilities, and
stockholders' equity of $82,000.

As reported in the Troubled Company Reporter on November 3, 2010,
Morrison, Brown Argiz & Farra, LLP, in Miami, Florida, expressed
substantial doubt about Non-Invasive Monitoring Systems' ability
to continue as a going concern following the Company's fiscal year
ended July 31, 2010.  The independent auditors noted that the
Company has experienced recurring net losses, cash outflows from
operating activities and has an accumulated deficit and
substantial purchase commitments.

A copy of the Form 10-Q report is available at http://is.gd/3FAwRx

                  About Non-Invasive Monitoring

Based in Miami, Florida, Non-Invasive Monitoring Systems, Inc.,
(OTC BB: NIMU) -- http://www.nims-inc.com/-- is primarily engaged
in the research, development, manufacturing and marketing of a
line of motorized, non-invasive, whole body, periodic acceleration
platforms, which are intended as aids to improve circulation and
joint mobility, relieve minor aches and pains, relieve morning
stiffness, relieve troubled sleep and as mechanical feedback
devices for slow rhythmic breathing exercise for stress
management.


ONCURE HOLDINGS: Moody's Cuts Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service lowered the corporate family and
probability of default ratings of OnCure Holdings, Inc. to B3
from B2 reflecting continued weakness in the company's operating
and financial performance.  Concurrently, the rating on the
$210 million senior secured notes was lowered to B3 from B2.  The
rating outlook was changed to negative from stable.

These rating actions were taken:

  -- Corporate family rating, lowered to B3 from B2;

  -- Probability of default rating, lowered to B3 from B2;

  -- $210 million senior secured notes, lowered to B3 (LGD4, 54%)
     from B2 (LGD4, 56%).

                        Rating Rationale

The downgrade of the corporate family rating to B3 from B2
reflects the potential underinvestment in OnCure's facilities and
replacement of two linear accelerators (linacs) during the second
quarter of 2010.  The replacement of the linacs in combination
with patients deferring doctor visits, resulting in declining
census, has caused the company's credit metrics to weaken to
levels that are uncharacteristic of a B2 company.  Moody's note
that both of the linacs have now been replaced.  In addition,
OnCure's growth is limited because most of the growth in radiation
oncology industry traditionally comes from acquisitions.  Moody's
view OnCure's cash flow as very limited given significant interest
expense and high capital expenditures required to maintain and
upgrade the equipment.  However, the company's funds from
operations should improve in 2011 versus 2010 due to higher
EBITDA.

The B3 rating also reflects OnCure's high debt leverage and modest
interest coverage, small size, geographic concentration in three
states, reliance on Medicare and the possibility of reimbursement
rate reductions, and risks associated with potential acquisitions
that could increase debt leverage.

However, the rating incorporates the favorable industry demand
fundamentals and the company's strong competitive position in
California and Florida.

The change in the outlook to negative from stable reflects the
weakening of OnCure's financial performance coupled with a
worsening liquidity position as reflected by negative free cash
flow generation in 2010 and expected single digit or negative free
cash flow generation in 2011.

The ratings could be downgraded if the company is unable to
improve its financial performance or its liquidity profile were to
deteriorate further.  In addition, if the company's EBIT-to-
interest expense deteriorates further or assuming declines in
Medicare reimbursement rates after 2011, the ratings could be
downgraded.

The outlook could be changed back to stable if the company is able
to reduce debt-to-EBITDA to below 5.5 times and improve its
liquidity profile.  In addition, for the outlook to be changed
back to stable, same center revenue and EBITDA would have to show
improvement.  Also, the stable outlook would have to be supported
by a balanced reimbursement environment and steady or improving
volumes.  A ratings upgrade is currently not likely given the
company's size and debt leverage but could occur as revenues
approach $300 million and debt leverage is below 5 times on a
sustained basis.

Previous rating action on OnCure was on April 27, 2010, when
Moody's assigned first time ratings to OnCure including a B2
corporate family rating.

OnCure's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record of tolerance for risk.  These attributes
were compared against other issuers both within and outside of
OnCure's core industry and the company's ratings are believed to
be comparable to those other issuers of similar credit risk.

OnCure Holdings, Inc. is a provider of capital equipment and
business management services to radiation oncology physician
groups that treat patients at the company's cancer centers.  At
December 31, 2010, the company operated 37 facilities and revenues
for 2010 were approximately $100 million.  OnCure is owned by
Genstar Capital.


OPTI CANADA: To Hold Annual Stockholders Meeting on April 27
------------------------------------------------------------
The annual meeting of the shareholders of OPTI Canada Inc. will be
held at The Metropolitan Centre, 333 Fourth Avenue S.W., Calgary,
Alberta at 9:00 a.m. (Calgary time) on Wednesday, April 27, 2011.

The meeting will have these purposes:

   * to receive the financial statements of the Corporation for
     the financial year ended Dec. 31, 2010, together with the
     report of the auditors;

   * to elect directors of the Corporation;

   * to appoint the auditors of the Corporation; and

   * to transact such other business as may properly come before
     the meeting or any continuation of the meeting after an
     adjournment.

                        About OPTI Canada

OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing major oil sands projects in Canada using its
proprietary OrCrude(TM) process.  OPTI's common shares trade on
the Toronto Stock Exchange under the symbol OPC.

The Company reported a net loss and comprehensive loss of C$273.82
million on C$249.80 million of revenue for the year ended December
31, 2010, compared with a net loss and comprehensive loss of
C$306.16 million on C$143.84 million of revenue during the prior
year.

                           *     *     *

OPTI Canada carries a 'CCC+' long-term corporate credit rating
from Standard & Poor's Ratings Services.  It has a 'Caa2'
corporate family rating from Moody's Investors Service.

"S&P base its decision to lower the ratings on the increasing
financing burden associated with OPTI's debt and the widening gap
between potential cash flow generation, and financing and spending
obligations," said Standard & Poor's credit analyst Michelle
Dathorne in August 2010, to explain S&P's downgrade of the
corporate rating to 'CCC+' from 'B-'.  "Our estimates of the
operating cash flows necessary for the company to fund all
required financing obligations and capital spending internally
provide no allowances for production shortfalls or commodity-price
weakness from now until 2012.  This lack of financial flexibility
is characteristic of a credit profile in the 'CCC' category," Ms.
Dathorne added.

In the Dec. 17, 2010 edition of the TCR, Standard & Poor's said it
lowered its long-term corporate credit rating on OPTI Canada Inc.
to 'CCC-' from 'CCC+'.  The outlook is negative.  At the same
time, Standard & Poor's lowered its senior secured debt rating on
OPTI's secured revolving credit facility and first lien debt to
'CCC+' from 'B', and its senior secured debt rating on the second-
lien obligations to 'CCC' from 'B-'.  The '1' recovery rating on
the company's secured revolving credit facility and first-lien
debt and the '2' recovery rating on the second-lien debt are
unchanged.

The ratings on OPTI reflect Standard & Poor's view of the
company's high leverage, forecast weak cash flow profile, and the
opportunity costs associated with ongoing production shortfalls
because operating efficiency continues to deviate from S&P's
expectations.  S&P believes that somewhat offsetting these
weaknesses are the long-term growth prospects inherent in the Long
Lake in-situ project's and OPTI's other oil sadns leases' large
resource base; and the potential to achieve a competitive cost
profile (which includes total operating and sustaining capital
spending) when the project can hit and sustain production levels
at design capacity.


OSAGE EXPLORATION: Incurs $1.62 Million Net Loss in 2010
--------------------------------------------------------
Osage Exploration & Development, Inc., filed with the U.S.
Securities and Exchange Commission its annual report on Form 10-K
reporting a net loss $1.62 million on $1.83 million of total
operating revenues for the year ended Dec. 31, 2010, compared with
a net loss of $2.32 million on $2.81 million of total operating
revenues during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $2.43 million
in total assets, $1.13 million in total liabilities and $1.30
million in total stockholders' equity.

GKM, LLP expressed substantial doubt about the Company's ability
to continue as a going concern.  GKM noted that the Company has
suffered recurring losses from operations and has an accumulated
deficit as of Dec. 31, 2010.

A copy of the Annual Report is available at http://is.gd/G2VZN1

                      About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.


PACIFIC DEVELOPMENT: Seeks to Sell Model Home for $241T
-------------------------------------------------------
Pacific Development, L.C., seeks authority from the Hon. R.
Kimball Mosier of the U.S. Bankruptcy Court for the District of
Utah, Central Division, to sell Model Home located at 1148 W. 1150
S., Payson, Utah, to Greg Melven for $241,800.

The Model Home is located within the Debtor's primary real estate
project, Heritage Village.  The Debtor, according to papers filed
with the Court, believes market conditions are now proper to sell
Model Home and continue its sales activity in Heritage Village.

The Debtor seeks approval of the sale of the Property free and
clear of liens, claims and encumbrances, including but not limited
to several recorded liens, and allows payment of certain of the
Recorded Liens in conjunction with the Sale, with the remainder of
the Recorded Liens to either attach to the proceeds of the Sale,
or be extinguished with respect to the Property and allow the
Debtor to use the remaining proceeds.

The Debtor proposes this treatment for each Recorded Lien:

   a. Unpaid Property Taxes: The Debtor will pay all unpaid
      property taxes from the sales proceeds as they are secured
      by the Property pursuant to Utah law. The amount owed for
      2010 is $1,629 plus any interest and penalties accruing. The
      Debtor expects total property taxes to equal approximately
      $2,000

   b. Deed of Trust of Central Bank: As of March 15, 2011, the
      Debtor will owe Central Bank $241,500 on this Property.
      Central Bank has agreed to accept $231,500 as payment in
      full of this debt, and to remove this Deed of Trust.

   c. Notice of Interest in Real Property executed by Tommie W.
      Sisk: The Debtor has received the agreement of Mr. Sisk to
      voluntarily remove this lien at closing without payment. In
      the event that Mr. Sisk does not voluntarily remove this
      lien from the Property, the Debtor seeks to sell the
      Property free and clear of this lien as it is an avoidable
      preference Section 547(b) of the Bankruptcy Code.

   d. Mechanics Lien claim of Vinyl Industries, LLC: Vinyl
      Industries, LLC asserts a mechanics lien claim in the amount
      of $10,000.  Vinyl Industries has agreed to a payoff of the
      mechanics lien against the Property in the amount of $815.

   e. Mechanics Lien claim of Central Utah Door Co.: Central Utah
      Door Co. asserts a mechanics lien claim in the amount of
      $1,695.  Central Utah Door has agreed to accept payment in
      the amount of $1,350 at closing in exchange for a full
      release of the mechanics lien and any and all other liens,
      claims or encumbrances of Central Utah Door against the
      Property.

   f. Judgment of Oldcastle Precast, Inc. dba WR White Supply:
      Oldcastle Precast asserts a judgment against Pacific
      Development and Ottavio Belvedere in the amount of $1,888.
      The Debtor disputes the validity of this lien as it was
      recorded postpetition, in violation of the automatic stay.
      The Debtor asks that the Sale be approved free and clear of
      this judgment, without any payment or attachment of any
      sales proceeds by or for this judgment.

A hearing on the sale motion is set for March 29, 2011, at 1:30
p.m.  Objections to the sale are due March 25.

                    About Pacific Development

Provo, Utah-based Pacific Development, L.C., is the obligor on and
owner of various real estate development loans for properties
primarily located in Payson, Salem, Springville and Harrisburg,
Utah.  The Company filed for Chapter 11 protection on March 10,
2010 (Bankr. D. Utah Case No. 10-22754).  Danny C. Kelly, Esq. at
Stoel Rives LLP represents the Debtor in its restructuring effort.
The Debtor estimated its assets at $10 million to $50 million and
debts at $1 million to $10 million.

The Official Committee of Unsecured Creditors is represented by
David P. Billings and J. Thomas Beckett at Parsons, Behle &
Latimer, P.C.


PATHEON INC: Moody's Affirms 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's affirmed the ratings of Patheon, Inc., including the B2
Corporate Family Rating and B2 Probability of Default Rating.  At
the same time Moody's assigned to Patheon a first time Speculative
Grade Liquidity Rating of SGL-2, reflecting Moody's expectations
of good liquidity over the next twelve months.  The rating outlook
remains stable.

Ratings affirmed/ LGD point estimate revised:

  -- $75 million ABL facility due 2014, Ba3 (LGD3, 32%)
  -- $280 million Senior Secured notes due 2017, B1 (LGD3, 41%)
  -- Corporate Family Rating, B2
  -- Probability of Default Rating, B2

The rating outlook is stable.

                        Ratings Rationale

The SGL-2 rating is supported by the company's cash balance,
availability under its ABL revolver and the lack of financial
maintenance covenants in the capital structure.  At January 21,
2011 Patheon had $50 million of cash, which Moody's believes will
increase following the contractual payment from Johnson & Johnson
(J&J) under a now terminated take-or-pay arrangement.  The
liquidity rating is constrained by Moody's expectation that
Patheon's free cash flow will remain negative or slightly
breakeven over the next 12 to 18 months.

The B2 Corporate Family Rating is constrained by the weak
profitability and cash flow of the company, partly due to the
underperformance of three Puerto Rico facilities acquired in
FY2005 (one of which was closed in 2009), as well as broader
weakness in the pharmaceutical outsourcing industry.  Further, the
significant fixed costs of the business lead to high operating
leverage and margins that are extremely sensitive to revenue and
product mix.  These characteristics lend a measure of volatility
to both revenues and profitability.

The ratings are also constrained by the risks inherent in the
business, including the potential loss of revenues due to generic
competition, product approval delays and client repatriation of
products, which have all negatively impacted operations over the
past several years.  For example, the termination of the J&J
agreement was prompted by J&J's difficulty in gaining regulatory
approvals for Ceftobiprole, an antibiotic.  Moody's believes this
development could put longer-term pressure on Patheon's margins
due to the costs of running an under-utilized facility, if the
company is not able to fill this specialized manufacturing space
with another product.

The ratings are supported by the company's relatively modest
financial leverage and good liquidity.  The ratings also reflect
Patheon's leading market position in the pharmaceutical contract
manufacturing arena which has high barriers to entry.  In
addition, Moody's believes that demand from pharmaceutical
companies for contract manufacturing services will be sound over
the long-term.

Patheon Inc., headquartered in Mississauga, Canada, is a leading
provider of commercial manufacturing and pharmaceutical
development services of branded and generic prescription drugs to
the international pharmaceutical industry.  Patheon's stock is
publicly traded on the Toronto Stock Exchange, and the company
recently filed a registration statement with the SEC.  JLL
Partners, a private equity firm, owns approximately 56% of the
company's restricted voting shares.  For the twelve month period
ended January 31, 2011, Patheon reported revenues of $692 million.


OXIGENE INC: Incurs $23.77 Million Net Loss in 2010
---------------------------------------------------
OXiGENE, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a consolidated
net loss of $23.77 million on $0 of license revenue for the year
ended Dec. 31, 2010, compared with a consolidated net loss of
$28.94 on $0 of license revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $5.57 million
in total assets, $10.82 million in total liabilities and $5.25
million in total stockholders' deficit.

Ernst & Young LLP expressed substantial doubt about the Company's
ability to continue as a going concern.  Ernst & Young noted that
the Company has incurred recurring operating losses and will be
required to raise additional capital, alternative means of
financial support, or both, prior to Jan. 1, 2012 in order to
sustain operations.  According to Ernst & Young, the ability of
the Company to raise additional capital or alternative sources of
financing is uncertain.

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

                       http://is.gd/hp1QmZ

                         About OXiGENE Inc.

South San Francisco, Calif.-based OXiGENE (Nasdaq: OXGN)
-- http://www.oxigene.com/-- is a clinical-stage
biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases.


OXIGENE INC: Regains NASDAQ Closing Bid Price Compliance
--------------------------------------------------------
OXiGENE, Inc., said that on March 10, 2011, NASDAQ notified the
Company that it regained compliance with the minimum $1.00 per
share closing bid price requirement for continued listing.

Following a hearing before a NASDAQ Listing Qualifications Panel,
the Panel decided to continue the Company's listing on The NASDAQ
Capital Market, following transfer from The NASDAQ Global Market,
subject to the condition that, on or before June 13, 2011, the
Company evidence a closing bid price of $1.00 per share or more
for at least ten prior consecutive trading days.  Separately, the
Company must also demonstrate regained compliance with the $35
million minimum market value of listed securities requirement or
the minimum $2.5 million stockholders' equity requirement prior to
June 13, 2011.  While the Company expects to regain compliance
with all The NASDAQ Capital Market listing requirements and
satisfy all the terms of the Panel's decision, there can be no
assurance that it will be able to do so.

The Company will continue to trade under the ticker symbol OXGND
through March 21, 2011.  The Company's symbol will revert back to
OXGN on March 22, 2011.

                         About OXiGENE Inc.

South San Francisco, Calif.-based OXiGENE (Nasdaq: OXGN)
-- http://www.oxigene.com/-- is a clinical-stage
biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases.

The Company reported a consolidated net loss of $23.77 million on
$0 of license revenue for the year ended Dec. 31, 2010, compared
with a consolidated net loss of $28.94 on $0 of license revenue
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $5.57 million
in total assets, $10.82 million in total liabilities and $5.25
million in total stockholders' deficit.

Ernst & Young LLP expressed substantial doubt about the Company's
ability to continue as a going concern.  Ernst & Young noted that
the Company has incurred recurring operating losses and will be
required to raise additional capital, alternative means of
financial support, or both, prior to Jan. 1, 2012 in order to
sustain operations.  According to Ernst & Young, the ability of
the Company to raise additional capital or alternative sources of
financing is uncertain.


PLATINUM STUDIOS: To Offer 15MM Shares Under Incentive Plan
-----------------------------------------------------------
Platinum Studios, Inc., registered with the U.S. Securities and
Exchange Commission 15 million shares of common stock to be
offered to employees under the Platinum Studios, Inc. 2011 Equity
Incentive Plan for Employees and Consultants.

Los Angeles, Calif.-based Platinum Studios, Inc., controls a
library consisting of more than 5,000 characters and is engaged
principally as a comics-based entertainment company adapting
characters and storylines for production in film, television,
publishing and all other media.

The Company's balance sheet as of September 30, 2010, showed
$15.90 million in total assets, $24.48 million in total
liabilities, and a stockholders' deficit of $8.58 million.
Accumulated deficit was $25.80 million at Sept. 30, 2010.

HJ Associates & Consultants, LLP, in Salt Lake City, Utah,
expressed substantial doubt about Platinum Studios, Inc.'s ability
to continue as a going concern, following the Company's 2009
results.  The independent auditors noted that the Company has
suffered recurring losses from operations which have resulted in
an accumulated deficit.


PURSELL HOLDINGS: Section 341(a) Meeting Scheduled for April 19
---------------------------------------------------------------
The U.S. Trustee will convene a meeting of Pursell Holdings, LLC's
creditors on April 19, 2011, at 10:30 a.m.  The meeting will be
held at US Courthouse, Room 2110A, 400 E. 9th Street, Kansas City,
Missouri.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Liberty, Missouri-based Pursell Holdings, LLC, filed for Chapter
11 bankruptcy protection on March 10, 2011 (Bankr. W.D. Mo. Case
No. 11-40999).  Frank Wendt, Esq., Brown & Ruprecht, P.C., serves
as the Debtor's bankruptcy counsel.  The Debtor estimated its
assets and debts at $10 million to $50 million.

Affiliate Damon Pursell Construction Company filed a separate
Chapter 11 petition on Sept. 15, 2010 (Bankr. W.D. Mo. Case No.
10-44965).


QUANTUM FUEL: Incurs $7.75 Million Net Loss in Jan. 31 Quarter
--------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., filed with the
U.S. Securities and Exchange Commission its quarterly report on
Form 10-Q reporting a net loss attributable to stockholders of
$7.75 million on $4.60 million of total revenue for the three
months ended Jan. 31, 2011, compared with net income attributable
to stockholders of $14.15 million on $1.48 million of total
revenue for the same period during the prior year.  The Company
also reported a net loss attributable to stockholders of $10.82
million on $12.05 million of total revenue for the nine months
ended Jan. 31, 2011, compared with a net loss attributable to
stockholders of $40.78 million on $7.23 million of total revenue
for the same period during the prior year.

The Company's balance sheet at Jan. 31, 2011 showed $72.09 million
in total assets, $45.07 million in total liabilities and $27.02
million in total equity.

Alan P. Niedzwiecki, President and CEO, stated, "We continue to
see positive trends within our Electric Drive and Fuel Systems
segment, with growing revenues and improved operating income.
This performance is being driven by our development and production
activities related to the Fisker Karma program as well as
increased revenues and diversified customer base in natural gas
vehicle programs.  Mr. Niedzwiecki continued, "We have recently
announced several new purchase contracts from large US natural gas
vehicle integrators and a $10 million contract from a major OEM
related to our advanced fuel system technologies."

A copy of the Quarterly Report is available at http://is.gd/hgIQaF

                        About Quantum Fuel

Based in Irvine, California, Quantum Fuel Systems Technologies
Worldwide, Inc., is a fully integrated alternative energy company
and considers itself a leader in the development and production of
advanced clean propulsion systems and renewable energy generation
systems and services.

Quantum Fuel and its senior lender, WB QT, LLC, entered into a
Ninth Amendment to Credit Agreement and a Forbearance Agreement on
January 3, 2011.  The Senior Lender agreed to provide the Company
with a $5.0 million non-revolving line of credit, which may be
drawn upon at any time prior to April 30, 2011.  Advances under
the New Line of Credit do not bear interest -- unless an event of
default occurs, in which case the interest rate would be 10% per
annum -- and mature on April 30, 2011.  The Senior Lender also
agreed to forbear from accelerating the maturity date for any
portion of the Senior Debt Amount and from exercising any of its
rights and remedies with respect to the Senior Debt Amount until
April 30, 2011.

The Company recorded a net loss of $28.0 million in fiscal 2009,
compared to a net loss of $86.8 million in fiscal 2008.


QUANTUM FUEL: GM Issues Hydrogen Storage Vessel Purchase Order
--------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc. disclosed that
on Feb. 14, 2011, that General Motors issued a purchase order to
the Company related to a $10.0 million development and validation
program for hydrogen storage vessels.  The hydrogen storage
vessels developed and validated under the Program will utilize the
Company's proprietary ultra lightweight composite technology and
assembly processes that save substantial mass while maximizing the
fuel storage capacity.

Concurrent with the issuance of the purchase order, the Company
and General Motors entered into an Agreement in Support of
Development and an Access and Security Agreement.  Pursuant to the
terms of the Development Agreement and Access Agreement, General
Motors was granted certain rights should an Event of Default occur
including, without limitation, (i) a security interest in and an
option to purchase at orderly liquidation value any equipment and
tooling owned by the Company and used in connection with the
Program, (ii) the right to access the Company's premises and use
the Company 's equipment, tooling and employees for a limited
period of time in order to continue the Program; provided,
however, General Motors shall be obligated to pay all actual costs
related thereto, and (iii) a non-exclusive, royalty-free, fully
paid, irrevocable, perpetual, worldwide license to use the
Company's intellectual property embedded in or related to the
Program to make, have made, use, produce, manufacture, assemble,
package, and distribute any parts created under the Program (the
"IP License"); provided, however, if an Event of Default occurs
under certain circumstances, then the IP License shall
automatically convert to a royalty-bearing license with
compensation paid to the Company as follows: (i) a one-time lump
sum payment of $2.0 million and (ii) a 1% royalty on the purchase
price paid by General Motors for any Program part.  Events
constituting an Event of Default under the Development Agreement
and Access Agreement include: (i) the Company's breach of or
refusal to perform its obligations under the purchase order,
Development Agreement and/or Access Agreement and failure to cure
such breach within a specified cure period ranging from five to
thirty days depending on the nature of the breach, (ii) a Chapter
11 bankruptcy petition is filed by or against the Company and is
subsequently converted to a Chapter 7; or a Chapter 7 petition is
filed by or against the Company and an order for relief is entered
in the Chapter 7 case without the case being converted to a case
under Chapter 11 within 30 days of the filing of an involuntary
petition; or a receiver or assignee for the benefit of creditors
is appointed to oversee the Company's assets, (iii) any secured or
lien creditor commences a repossession or foreclosure action
against a material portion of the Company's operating assets, and
(iv) the occurrence of an event of default under the Company's
loan documents with its senior secured lender unless the lender
agrees pursuant to a written agreement to forbear from taking
action to enforce its rights relating to such default.

                       About Quantum Fuel

Based in Irvine, California, Quantum Fuel Systems Technologies
Worldwide, Inc., is a fully integrated alternative energy company
and considers itself a leader in the development and production of
advanced clean propulsion systems and renewable energy generation
systems and services.

Quantum Fuel and its senior lender, WB QT, LLC, entered into a
Ninth Amendment to Credit Agreement and a Forbearance Agreement on
January 3, 2011.  The Senior Lender agreed to provide the Company
with a $5.0 million non-revolving line of credit, which may be
drawn upon at any time prior to April 30, 2011.  Advances under
the New Line of Credit do not bear interest -- unless an event of
default occurs, in which case the interest rate would be 10% per
annum -- and mature on April 30, 2011.  The Senior Lender also
agreed to forbear from accelerating the maturity date for any
portion of the Senior Debt Amount and from exercising any of its
rights and remedies with respect to the Senior Debt Amount until
April 30, 2011.

The Company recorded a net loss of $28.0 million in fiscal 2009,
compared to a net loss of $86.8 million in fiscal 2008.


QUANTUM FUEL: Settles Mich. Stockholder Lawsuit for $550,000
------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., is one of
several defendants in a lawsuit filed in June 2008 in Oakland
County Circuit Court, State of Michigan, by a former shareholder
of Wheel to Wheel, LLC, a former tier 2 subsidiary of the Company
prior to the Company's disposition of the Tecstar Automotive Group
business segment.  The other defendants include Wheel to Wheel,
LLC (W2W), TAG, the Company's senior lender, an affiliate of the
Lender to whom the Company transferred the TAG business segment in
January 2008, Richard C. Anderson, the Estate of Jeffrey P.
Beitzel, and Douglass C. Goad.  The plaintiff alleges that W2W
breached the terms of a Stock Redemption Agreement and Consulting
Agreement, both dated April 30, 2003, and is seeking approximately
$3 million in damages.

On March 10, 2011, all parties involved in the lawsuit entered
into a global Settlement Agreement with Mutual General Releases.
The Settlement Agreement is to be effective on March 31, 2011.
Effectiveness of the Settlement Agreement is subject to the
parties' satisfaction of certain conditions.  Pursuant to the
terms of the Settlement Agreement, the Company agreed to pay
Richard Anderson, a co-defendant and third-party plaintiff in the
case, the sum of $550,000 on the Effective Date.  The Settlement
Amount will be paid on the Effective Date by the Company's
issuance and delivery to Richard Anderson of 108,000 unregistered
shares of common stock.  On the Effective Date, all claims against
the Company and all other defendants will be forever dismissed
with prejudice.

A full-text copy of the Settlement Agreement is available for free
at http://is.gd/l6Rlp2

                         About Quantum Fuel

Based in Irvine, California, Quantum Fuel Systems Technologies
Worldwide, Inc., is a fully integrated alternative energy company
and considers itself a leader in the development and production of
advanced clean propulsion systems and renewable energy generation
systems and services.

Quantum Fuel and its senior lender, WB QT, LLC, entered into a
Ninth Amendment to Credit Agreement and a Forbearance Agreement on
January 3, 2011.  The Senior Lender agreed to provide the Company
with a $5.0 million non-revolving line of credit, which may be
drawn upon at any time prior to April 30, 2011.  Advances under
the New Line of Credit do not bear interest -- unless an event of
default occurs, in which case the interest rate would be 10% per
annum -- and mature on April 30, 2011.  The Senior Lender also
agreed to forbear from accelerating the maturity date for any
portion of the Senior Debt Amount and from exercising any of its
rights and remedies with respect to the Senior Debt Amount until
April 30, 2011.

The Company recorded a net loss of $28.0 million in fiscal 2009,
compared to a net loss of $86.8 million in fiscal 2008.


RASER TECHNOLOGIES: Inks Settlement Pact With Fletcher Entities
---------------------------------------------------------------
Raser Technologies, Inc., reported in its current report on Form
8-K, filed on Feb. 8, 2010, that the Company and CapStone
Investments entered into an amended and restated agreement with
Fletcher International, Ltd., an affiliate of Fletcher Asset
Management, Inc., pursuant to which Fletcher agreed to purchase
and was issued 5,000 shares of cumulative convertible preferred
stock of the Company and a warrant to purchase preferred stock.
Each share of Preferred Stock is convertible into 1,000 shares of
the Company's common stock.  The Preferred Warrant permitted
Fletcher to purchase two tranches of up to 7,000 shares of
Preferred Stock at a price of up to $7 million per tranche, on
terms more particularly set forth in the Preferred Warrant.

On Nov. 18, 2008, the Company filed a current report on Form 8-K
disclosing the terms of an agreement between the Company and
Fletcher, pursuant to which Fletcher agreed to purchase up to
approximately $20 million of the Company's common stock and was
issued warrants to purchase up to an additional $20 million of
common stock.  The 2008 Agreement required the Company to file and
maintain a registration statement until the later of..."the date
all of the shares of common stock issued or issuable pursuant to
the Agreement or the Warrants shall have been sold by Fletcher and
its affiliates" and provides penalties in the event of the
Company's failure to comply with such obligations.

On March 16, 2011, the Company, and The Fletcher Fund, L.P., FAM
and Fletcher entered into a Settlement Agreement pursuant to which
the Fletcher Parties caused to be delivered to the Company the
2008 Warrant, the Preferred Warrant and the Preferred Stock and
the Fletcher Parties released any and all claims against the
Company, including any arising under the 2010 Purchase Agreement,
the 2008 Agreement and the Designation, in consideration for the
Company's agreement to issue to Fletcher, as and when requested by
Fletcher 51,713,948 shares of the Company's common stock, of which
10,808,730 shares were issued to Fletcher on the Closing Date, and
the issuance to FFLP of a warrant to purchase up to 26,864,388
shares of the Company's common stock at an exercise price of
$0.18612 per share, exercisable only for cash.  The Settlement
Stock and common stock issuable under the Settlement Warrant
issued to Fletcher were registered pursuant to the Company's
Registration Statement on Form S-3, and are subject to the
limitation that the number of shares of common stock beneficially
owned by FFLP and Fletcher, collectively, would not exceed 9.9%),
determined after giving effect to any such issuance.

Copies of the Settlement Agreement is available for free at:

                       http://is.gd/4tfaMj

                     About Raser Technologies

Provo, Utah-based Raser Technologies, Inc. (NYSE: RZ)
-- http://www.rasertech.com/-- is an environmental energy
technology company focused on geothermal power development and
technology licensing.  Raser's Power Systems segment develops
clean, renewable geothermal electric power plants with one
operating plant in southern Utah and eight active and early stage
projects in four western United States: Utah, New Mexico, Nevada
and Oregon, as well as a concession for 100,000 acres in
Indonesia.  Raser's Transportation and Industrial segment focuses
on extended-range plug-in-hybrid vehicle solutions and using
Raser's award-winning Symetron(TM) technology to improve the
torque density and efficiency of the electric motors and drive
systems used in electric and hybrid-electric vehicle powertrains
and industrial applications.

                           *     *     *

Hein & Associates LLP, in Denver, Colo., 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, has used significant
cash for operating activities since inception, has significant
purchase commitments in 2010 and has a lack of sufficient working
capital.

Raser Technologies did not make the $2.2 million semi-annual
interest payment due October 1, 2010, on its 8% Convertible Senior
Notes Due 2013.

The Company satisfied the semi-annual interest payment obligation
after receiving $1.10 million from the Thermo No. 1 plant escrow
funds and $1.15 million from a loan with Evergreen Clean Energy,
LLC, late in October 2010.

The Company's balance sheet at Sept. 30, 2010, showed
$57.68 million in total assets, $107.26 million in total
liabilities, and a stockholders' deficit of $49.58 million.


REVLON INC: Unit Acquires Mirage Cosmetics Assets
-------------------------------------------------
An indirect wholly-owned subsidiary of Revlon, Inc., on March 17,
2011, acquired certain assets of Mirage Cosmetics, Inc., including
trademarks, intellectual property, inventory, receivables and
manufacturing equipment related to Sinful Colors cosmetics, Wild
and Crazy cosmetics and FreshMinerals cosmetics, which products
are sold principally in the U.S. mass retail channel.  Terms of
the transaction were not disclosed.

                          About Revlon Inc.

Headquartered in New York City, Revlon, Inc. (NYSE: REV) --
http://www.revloninc.com/-- is a worldwide cosmetics, hair color,
beauty tools, fragrances, skincare, anti-perspirants/deodorants
and personal care products company.  The Company's brands, which
are sold worldwide, include Revlon(R), Almay(R), Mitchum(R),
Charlie(R), Gatineau(R), and Ultima II(R).

The Company's balance sheet at Dec. 31, 2010, showed $1.08 billion
in total assets, $1.78 billion in total liabilities, and
$696.40 million in total stockholders' deficiency.


RHI ENTERTAINMENT: Files Modified Prepackaged Plan
--------------------------------------------------
RHI Entertainment, Inc., RHIE Holdings Inc., RHI Entertainment
Holdings II, LLC, RHI Entertainment, LLC, RHI Entertainment
Productions, LLC, RHI Entertainment Distribution, LLC, RHI
International Distribution Inc., NGP Holding, Inc., HEGOA Inc.,
Independent Projects, Inc., Don Quixote, Inc., HE Pro Tunes, Inc.,
HEP Music, Inc., Metropolitan Productions, Inc., Library Storage,
Inc., HEP SS Music Inc., and SLB Productions, Inc., filed with the
United States Bankruptcy Court for the Southern District of New
York on March 15, 2011, a first modification of their Joint
Prepackaged Plan of Reorganization dated November 1, 2010.  The
Plan was previously amended on November 19 and 29, 2010.

The latest iteration of the Plan includes provision for the new
Exit Term Credit Facility and to otherwise add to, supplement and
revise the definitions in the Original Plan.

The Modified Plan defines "Exit Term Credit Facility" as the term
credit facility to be provided to the Reorganized Debtors by Riva
Ridge Capital, Caspian Capital Partners, L.P., Catalyst Fund
Limited Partnership II and certain other First Lien Lenders.  The
Exit Term Agent is Wilmington Trust FSB or any successor
administrative agent under the Exit Term Credit Facility.

The "New Common Stock" of the Reorganized RHI Inc. is to be
allocated among (i) the holders of the Existing First Lien Secured
Claims, (ii) the holders of Existing Second Lien Secured Claims,
and (iii) the lenders under the Exit Term Credit Facility, which
shares will be included in the Reorganized Parent Governing
Documents and, to the extent applicable, the Stockholders
Agreement and the Registration Rights Agreement.

The Modified Plan also defines "New Third Lien Term Loan Facility"
as a new third lien term loan credit facility in the aggregate
principal amount of $300 million, to be entered into by the
Reorganized Debtors and the New Term Loan Agent on the Effective
Date on account of the Existing First Lien Secured Claims.  The
New Term Loan Agent is JPMorgan Chase Bank, N.A., or any successor
administrative agent under the New Third Lien Term Loan Facility.

Each of the First Lien Lenders, in full satisfaction, settlement,
release, and discharge of and in exchange for the Class 2 Existing
First Lien Secured Claims, will receive:

   (a) on the Distribution Date, its Pro Rata share of:

       * $300 million of New Term Loan Obligations; and

       * an amount of shares of New Common Stock representing
         approximately 58.5% of the New Common Stock to be issued
         on the Effective Date, after giving consideration to the
         New Management Incentive Plan but prior to potential
         dilution from the New Warrants; and

   (b) if certain provision of the Plan is applicable, as soon as
       practicable after all payments to be made on account of
       Allowed Trade Unsecured Claims have been made, any amount
       remaining in the Trade Account.

The Modified Plan further provides that the Reorganized Debtors
will be authorized to (i) enter into the Exit Revolving Credit
Facility and the Exit Term Credit Facility, (ii) incur or guaranty
the indebtedness and grant any Lien as required under the Exit
Revolving Credit Facility and the Exit Term Credit Facility, and
(iii) issue, execute and deliver all documents, instruments and
agreements necessary or appropriate to implement and effectuate
all obligations under the Exit Revolving Credit Facility and the
Exit Term Credit Facility.

In consideration for loans received and in lieu of cash fees, the
Debtors will be authorized to distribute to the original lenders
under the Exit Term Credit Facility, on a pro rata basis, an
aggregate amount of shares of New Common Stock representing
approximately 25.5% of the New Common Stock to be issued on the
Effective Date.  In addition, 4.5% of the shares under the New
Management Incentive Plan will be subject to forfeiture in favor
of those lenders as provided in the Plan.

A copy of the Plan is available for free at:

     http://bankrupt.com/misc/RHIEntertainment_AmdPlan_031511.pdf

                     About RHI Entertainment

New York-based RHI Entertainment, Inc., develops, produces and
distribute new made-for-television movies, mini-series and other
television programming worldwide.

RHI and its affiliates filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Lead Case No. 10-16536) on Dec. 10, 2010.  D.J.
Baker, Esq., Rosalie Walker Gray, Esq., Keith A. Simon, Esq., Adam
S. Ravin, Esq., and Jude Gorman, Esq., at Latham & Watkins LLP,
serve as the Debtors' bankruptcy counsel.  Logan & Company, Inc.,
serves as the Debtors' claims and noticing agent.

RHI's First Lien Lenders are represented by Michael A. Chapnick,
Esq. -- mchapnick@morganlewis.com -- and Wendy S. Walker, Esq. --
wwalker@morganlewis.com -- at Morgan, Lewis & Bockius LLP, and
RHI's Second Lien Lenders are represented by Mark R. Somerstein,
Esq. -- mark.somerstein@ropesgray.com -- and Patricia I. Chen,
Esq. -- patricia.chen@ropesgray.com -- at Ropes & Gray LLP.

The Debtors disclosed $524,722,000 in total assets and
$834,094,000 as of the Chapter 11 filing.


ROCK & REPUBLIC: Files Supplement to Joint Chapter 11 Plan
----------------------------------------------------------
Rock & Republic Enterprises, Inc., and Triple R, Inc., delivered
to the U.S. Bankruptcy Court for the Southern District of New York
on March 11, 2011, a plan supplement in support of their Amended
Joint Consolidated Chapter 11 Plan.

The documents contained in the Plan Supplement, and a full-text
copy of each document, are available for free at:

   (a) Form Liquidating Trust Agreement:

       http://ResearchArchives.com/t/s?756d

   (b) Proposed Winddown Budget:

       http://ResearchArchives.com/t/s?756e

   (c) Supplement to Section 8.1 of the Plan:

       http://ResearchArchives.com/t/s?756f

   (d) Supplement to Section 8.4 of the Plan

       http://ResearchArchives.com/t/s?7570

As reported in the Troubled Company Reporter on March 18, 2011,
the Debtors will return to the Bankruptcy Court on March 23, 2011,
at 9:30 a.m., to seek confirmation of their bankruptcy-exit plan.
The Plan contemplates and is predicated upon the sale of all of
the Debtors' intellectual property rights and all right, title and
interest of certain of the Debtors' affiliates to an entity wholly
owned by VF Corporation, for a total cash consideration of roughly
$57 million.  The Plan provides for the transfer of a portion of
the total sale consideration paid under the Sale Transaction and
all property of the estate to a liquidating trust that will be
administered by a liquidating trust administrator.  The remainder
of the Sale Consideration, the amount to be determined jointly by
the Debtors and the Committee, will be paid to the Debtors for the
purpose of satisfying certain allowed claims.  The closing on the
Sale Transaction is anticipated to occur shortly after the
confirmation order becomes a final order.

                     About Rock & Republic

Rock & Republic Enterprises, Inc., is a wholesale and retail
apparel company specializing in an avant-garde and distinctive
line of clothing.  Rock & Republic Enterprises, Inc., and Triple
R, Inc., filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case
Nos. 10-11728 and 10-11729) on April 1, 2010, represented by
attorneys at Todtman, Nachamie, Spizz & Johns, P.C. in New York.
Manderson, Schaefer & McKinlay, LLP, is the Company's special
corporate counsel.  Rosen Seymour Shapss Martin & Company LLC
serves as the Debtors' Forensic Accountants.  Donlin Recano serves
as claims and noticing agent.  The Company estimated $50 million
to $100 million in assets, and $10 million to $50 million in
liabilities.

The Official Committee of Unsecured Creditors is represented by
Robert M. Hirsh, Esq., at Arent Fox LLP, and Schuyler G. Carroll,
Esq., at Perkins Coie LLP, as bankruptcy counsel.


SAND TECHNOLOGY: Posts C$135,742 Income for Jan. 31 Qtr
-------------------------------------------------------
Sand Technology Inc. filed with the U.S. Securities and Exchange
Commission its unaudited interim consolidated financial statements
for the three-month ended and six-month periods ended Jan. 31,
2011.  The Company reported net income and comprehensive income of
C$135,742 on C$2.44 million of revenue for the three months ended
Jan. 31, 2011, compared with a net loss and comprehensive loss of
C$27,951 on $1.92 million of revenue for the same period during
the prior year.  The Company also reported net income of C$101,007
on $4.41 million of revenue for the six months ended Jan. 31,
2011, compared with net income and comprehensive income of
C$403,339 on $4.41 million of revenue for the same period during
the prior year.

The Company's balance sheet at Jan. 31, 2011 showed C$4.20 million
in assets, C$6.25 million in liabilities and C$2.05 million of
shareholders' deficiency.

A copy of the Unaudited Interim Financial Results is available at
http://is.gd/HEJf2B

                       About SAND Technology

Westmount, Quebec-based SAND Technology Inc. (OTC BB: SNDTF)
-- http://www.sand.com/-- provides Data Management Software and
Best Practices for storing, accessing, and analyzing large amounts
of data on-demand while lowering TCO, leveraging existing
infrastructure and improving operational performance.

SAND/DNA solutions include CRM analytics, and specialized
applications for government, healthcare, financial services,
telecommunications, retail, transportation, and other business
sectors.  SAND Technology has offices in the United States,
Canada, the United Kingdom and Central Europe.

In its annual report on Form 20-F for the fiscal year ended
July 31, 2010, filed with the U.S. Securities and Exchange
Commission, the Company noted it has incurred operating losses in
the current and past years.  The Company has also generated
negative cash flows from operations and has a significant working
capital deficiency.  "The Company's uncertainty as to its ability
to generate sufficient revenue and raise sufficient capital, raise
significant doubt about the entity's ability to continue as a
going concern," the Company said in the filing.  The Company said
it is in the process of seeking additional financing for its
current operations.

Raymond Chabot Grant Thornton LLP in Montreal, Quebec, audited the
company's financials but did not issue an adverse going concern
opinion in accordance with Canadian reporting standards.


SENSIVIDA MEDICAL: Eyes Securities Sale; Taps JP Turner as Agent
----------------------------------------------------------------
SensiVida Medical Technologies, Inc., on Feb. 14, 2011, disclosed
that the Company entered into a Placement Agent Agreement dated
September 29, 2010, with J.P. Turner & Company, LLC under which JP
Turner was appointed exclusive placement agent and financial
advisor to SensiVida for a 12-month period from Oct. 1, 2010, the
date of execution of the Placement Agent Agreement.  JP Turner
agreed to use its best efforts to sell between $8,000,000 to
$10,000,000 of SensiVida's securities, which JP Turner determined
would be through a series of tranches involving the sale of Series
B convertible preferred stock that are convertible at any time
into shares of SensiVida's shares of common stock at an exercise
price of $0.35 per share and a three year warrant convertible into
50% of SensiVida's shares of common stock into which the Series B
preferred stock is initially convertible.  The Placement Agent
Agreement was subject to JP Turner's completion of its due
diligence investigation of SensiVida to JP Turner's satisfaction,
a process that was concluded Feb. 3, 2011.

JP Turner will receive (i) cash commissions aggregating 10% of the
gross proceeds of the Offering, (ii) a management fee of 3% of the
gross proceeds of the Offering, (iii) an expense allowance fee of
3% of the gross proceeds of the Offering for providing certain
services as lead placement agent, (iv) a five-year warrant to
purchase up to 450,000 common shares of SensiVida's common stock
with an exercise price equal to the initial conversion price of
the Series B Stock issued in the Offering and (v) a five-year
warrant to purchase that number of SensiVida's shares of common
stock equal to 16% of the gross proceeds received by SensiVida
through introductions by JP Turner to purchasers of the securities
divided by the initial conversion price with an exercise price
equal to the initial conversion price of the Series B Stock issued
in the Offering.  The Company was also required to pay a $50,000
nonrefundable fee to JP Turner as required by the Placement Agent
Agreement of which it has paid $25,000 and will pay the remaining
$25,000 after sales commence.

                      About SensiVida Medical

Based in West Henrietta, New York, SensiVida Medical Technologies,
Inc. (formerly Mediscience Technology Corp.) has operated in one
business segment and continues to be engaged in the design and
development of medical diagnostic instruments that detect cancer
in vivo in humans by using light to excite the molecules contained
in tissue and measuring the differences in the resulting natural
fluorescence between cancerous and normal tissue.  Effective
March 3, 2009, with the merger of SensiVida Medical Systems, Inc.,
into the Company's wholly-owned subsidiary BioScopix, Inc., the
Company's technology will also focus on the automation of analysis
and data acquisition for allergy testing, glucose monitoring,
blood coagulation testing, new tuberculosis testing, and
cholesterol monitoring.

The Company's balance sheet at Nov. 30, 2010, showed $2.57 million
in total assets, $3.14 million in total liabilities, all current,
and a stockholders' deficit of $571,910.

As reported in the Troubled Company Reporter on June 21, 2010,
Morison Cogen LLP, in Bala Cynwyd, Pa., expressed substantial
doubt about SensiVida Medical's ability to continue as a going
concern, following the Company's results for the fiscal year ended
February 28, 2010.  The independent auditors noted that the
Company has no revenues, incurred significant losses from
operations, has negative working capital and an accumulated
deficit.


SENSIVIDA MEDICAL: Frank Benick Owns 14,187 Common Shares
---------------------------------------------------------
In a Form 3 filing with the U.S. Securities and Exchange
Commission, Frank D. Benick, chief financial officer at SensiVida
Medical Technologies, Inc., disclosed that he beneficially owns
14,187 shares of common stock of the Company.

                      About SensiVida Medical

Based in West Henrietta, New York, SensiVida Medical Technologies,
Inc. (formerly Mediscience Technology Corp.) focuses on the
automation of analysis and data acquisition for allergy testing,
glucose monitoring, blood coagulation testing, new tuberculosis
testing, and cholesterol monitoring.

The Company's balance sheet at November 30, 2010, showed
$2.57 million in total assets, $3.14 million in total liabilities,
all current, and a stockholders' deficit of $571,910.

As reported in the Troubled Company Reporter on June 21, 2010,
Morison Cogen LLP, in Bala Cynwyd, Pa., expressed substantial
doubt about SensiVida Medical's ability to continue as a going
concern, following the Company's results for the fiscal year ended
February 28, 2010.  The independent auditors noted that the
Company has no revenues, incurred significant losses from
operations, has negative working capital and an accumulated
deficit.


SKINNY NUTRITIONAL: Increases Authorized Common Shares to 1-Bil.
----------------------------------------------------------------
Skinny Nutritional Corp. on March 14, 2011, filed a Certificate of
Amendment to its Articles of Incorporation in the State of Nevada
to increase the number of its authorized shares of common stock,
$0.001 par value, to 1 billion shares.  On March 11, 2011, at the
Company's Special Meeting of Stockholders, the Company's
stockholders had approved the amendment to the Company's Articles
of Incorporation to increase the number of authorized shares of
common stock.
   
On the record date established for the meeting of January 14,
2011, there were 354,176,544 shares of the Company's common stock
entitled to vote at the meeting.  At the Special Meeting, a total
of 277,175,922 shares were represented at the meeting in person or
by proxy, constituting a quorum.

The sole proposal on which the Company's stockholders were asked
to vote was the amendment to the Company's Articles of
Incorporation to increase the authorized number of shares of
Common Stock of the Company, par value $0.001 per share, from
500,000,000 shares to 1,000,000,000 shares.

A full-text copy of the Certificate of Amendment is available for
free at http://is.gd/fzOlhj

                       About Skinny Nutritional

Bala Cynwyd, Pa.-based Skinny Nutritional Corp. (OTC BB: SKNY.OB)
-- http://www.SkinnyWater.com/-- has developed and is marketing a
line of enhanced waters, all branded with the name "Skinny Water"
that are marketed and distributed primarily to calorie and weight
conscious consumers.

The Company's balance sheet as of Sept. 30, 2010, showed
$2,163,677 in total assets, $4,341,282 in total current
liabilities, and a stockholders' deficit of $2,177,605.

As reported in the Troubled Company Reporter on April 6, 2010,
Marcum LLP, in Bala Cynwyd, Pa., expressed substantial doubt about
the Company's ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2009.  The independent auditors noted that the
Company has incurred losses since inception and has not yet been
successful in establishing profitable operations.


SKYSHOP LOGISTICS: Morrison Brown Raises Going Concern Doubt
------------------------------------------------------------
SkyShop Logistics, Inc., filed on March 17, 2011, its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2010.

Morrison, Brown, Argiz and Farra, LLC, in Miami, Fla., expressed
substantial doubt about SkyShop Logistics' ability  to continue as
a going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations, has a deficiency in
working capital and has a net capital deficiency.

The Company reported a net loss of $4.0 million on $7.6 million of
revenue for 2010, compared with a net loss of $4.3 million on
$8.3 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed $2.8 million
in total assets, $3.1 million in total liabilities, and a
stockholders' deficit of $342,768.

A copy of the Form 10-K report is available at http://is.gd/qjumwA

Miami, Fla.-based SkyShop Logistics, Inc., is the largest private
mail network in the Latin American-Caribbean region, handling mail
and parcels from U.S. and European postal administrations, mail
consolidators, major publishers, international mailers, e-tailers
and financial institutions that require time-defined and reliable
delivery of their mail, including magazines, catalogs and parcels.
The Company provides Internet merchants the ability to expand
their markets internationally without the inherent risks of
shipping parcel post to foreign buyers or the use of expensive
express couriers.


SOCKET MOBILE: Moss Adams Raises Going Concern Doubt
----------------------------------------------------
Socket Mobile, Inc., filed on March 16, 2011, its annual report
for the fiscal year ended Dec. 31, 2010.

Moss Adams LLP, in Santa Clara, Calif., noted that during the
years ended Dec. 31, 2010, 2009, and 2008, the Company incurred
net losses of $4.0 million, $7.9 million, and $2.8 million,
respectively.

"As of Dec. 31, 2010, the Company has an accumulated deficit of
$54.8 million and a working capital deficit of $1.6 million.  The
Company's cash balances at Dec. 31, 2010, were $1,172,000 of which
$711,000 was designated as restricted collateral under the terms
of our senior convertible note.  The Company's cash balances at
Dec. 31, 2010, reflect net cash used in operating activities in
2010 of $638,000, net payments of $1,002,000 on its bank lines of
credit as a result of terminating the lines in November 2010 in
conjunction with the issuance of the Company's $1.0 million senior
convertible note in the same month. The Company's balance sheet at
Dec. 31, 2010, has a current ratio of 0.70 to 1.0, and a working
capital deficit of $1,617,000.  These circumstances raise
substantial doubt about the Company's ability to continue as a
going concern," according to the filing.

The Company reported a net loss of $4.0 million on $13.5 million
of revenue for 2010, compared with a net loss of $7.9 million on
$17.1 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed $9.1 million
in total assets, $6.2 million in total liabilities, and
stockholders' equity of $2.9 million.

A copy of the Form 10-K report is available at http://is.gd/GwWtIb

Newark, Calif. based Socket Mobile, Inc., is a producer of mobile
handheld computers and data collection products serving the
business mobility markets.


SOMERSET PROPERTIES: Court Sets Confirmation Hearing on April 27
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina will consider confirmation of Somerset Properties SPE,
LLC's Chapter 11 Plan on April 27, 2011, at 10:00 a.m.

The bankruptcy judge fixed April 20, 2011, as the deadline to cast
votes on the Plan.  Objections to the confirmation of the Plan are
due on the same day.

The plan proponent must prepare and file a summary report on the
votes, with a copy of each ballot attached, with the court by
April 27, 2011.

             About Somerset Properties SPE, LLC

Raleigh, North Carolina-based Somerset Properties SPE, LLC, owns
six office buildings in Raleigh, North Carolina.  The Company
filed for Chapter 11 bankruptcy protection on (Bankr. E.D.N.C.
Case No. 10-09210).  The Debtor proposes to hire E. Hardy Lewis
and Blanchard, Miller, Lewis & Isley, P.A. as special counsel.
The Company disclosed $36,496,015 in assets and $28,825,521 in
liabilities as of the Chapter 11 filing.


SPANSION INC: S&P Puts 'B' Corp. Credit Rating on Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its ratings
on Sunnyvale, Calif.-based Spansion Inc., including the 'B'
corporate rating, on CreditWatch with positive implications.

"S&P expects Spansion's adjusted trailing leverage to continue
improving toward the 2x area over the next few quarters," said
Standard & Poor's credit analyst Joseph Spence, "reflecting growth
in revenues as well as relatively stable memory pricing and
margins."  In addition, S&P expects Spansion's commitment to a
less capital-intensive fab-lite strategy, continued de-emphasis of
wireless products, and the expected completion of bankruptcy-
related payments in the first half of 2011 to propel improved free
operating cash flows in 2011 from effectively negative for the
balance of 2010.

Standard & Poor's will monitor the progress of Spansion's business
prospects, bankruptcy payments, and business model transformation
in determining the rating outcome.  Any potential upgrade would be
limited to one or two notches.


SPANSION LLC: Moody's Assigns 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned to Spansion LLC, a wholly-owned
subsidiary of Spansion Inc., a B1 Corporate Family Rating, B1
Probability of Default Rating and SGL-2 Speculative Grade
Liquidity Rating.  Concurrently, Moody's assigned a Ba3 rating to
the company's senior secured term loan due 2015 and a B3 rating to
the senior unsecured notes due 2017.  The rating outlook is
stable.

These ratings/assessments were assigned:

* Corporate Family Rating -- B1

* Probability of Default Rating -- B1

* $252 Million (originally $450 Million) Senior Secured Term Loan
  due February 2015 -- Ba3 (LGD-3, 31%)

* $200 Million Senior Unsecured Notes due November 2017 -- B3
  (LGD-5, 80%)

* Speculative Grade Liquidity Rating -- SGL-2

                        Rating Rationale

The B1 CFR reflects Spansion's leadership position as the largest
embedded NOR-flash memory manufacturer with proven success of its
lower cost proprietary MirrorBit technology, which effectively
doubles the density of each memory cell; increasing focus on
broader applications in the embedded NOR memory market with
relatively long product life cycles; de-emphasis on the capital
and R&D intensive wireless NOR market; geographic and customer
base diversification; and strong customer relationships across a
variety of end markets.

The B1 rating is also supported by Spansion's significantly de-
leveraged capital structure following its May 2010 emergence from
bankruptcy reorganization and the prospects for solid revenue
growth and EBITDA expansion from the company's core embedded
memory business.  The bankruptcy reorganization significantly
reduced prepetition debt levels by approximately $988 million (or
68%) and provides the company with a debt capital structure and
interest expense burden that can be more readily serviced from its
operating earnings and cash flow.  Additionally, as a result of
Spansion's adoption of the 'asset-lite' manufacturing model,
Moody's expect the reduction in capital expenditures and
engineering costs will create a greater degree of operational
flexibility and support more consistent free cash flow generation
across business cycles.

At the same time, the B1 CFR considers that Spansion: (i) competes
against players that have significantly larger financial resources
and greater business diversity; (ii) has relatively higher
exposure to NOR-based memory products which have lost market share
to NAND-based memory products; and (iii) operates in the volatile
and highly cyclical flash memory market which can experience
overcapacity, sudden and aggressive pricing and/or product mix
changes.  The rating also captures the ongoing challenges to
develop new products, improve manufacturing processes and reduce
unit production costs given Spansion's high proportion of fixed
costs and the historical ASP (average selling price) erosion
associated with the more mature and slower growth embedded memory
market.  The rating also incorporates the unresolved and disputed
creditor claims that could result in a use of internal cash.

Spansion's SGL-2 Speculative Grade Liquidity rating reflects the
company's good liquidity position supported by approximately $354
million of cash and short-term investments as of December 26,
2010, Moody's expectation of $50-100 million of free cash flow
generation over the coming year and a $65 million asset-based loan
revolving credit facility maturing May 2014.

The stable outlook reflects Moody's expectation that over the next
12--18 months, Spansion will maintain its leadership position in
the embedded memory market and continue to recapture business lost
during the Chapter 11 period.  It also anticipates that operating
earnings and cash flows over the next year will improve from 2010
levels and total debt to EBITDA (Moody's adjusted) will decline to
about 2x.

Ratings could be upgraded if Spansion were to drive top-line
revenue growth via refocused R&D investments resulting in improved
product mix targeted to new end markets, higher sustainable
margins and more favorable diversification across end markets; and
de-lever through sustainable EBITDA expansion or debt reduction
resulting in under 2.0x total debt to EBITDA (Moody's adjusted) on
a sustained basis.  Ratings could also be upgraded if Spansion
were to resolve all of the outstanding disputed creditor claims
without impairing its liquidity profile.

Ratings may be lowered if Spansion's revenues, margins and
profitability eroded as a result of a weakened competitive
position, contraction in industry demand, difficulty in ramping
production of newer technology products and/or deterioration in
flash memory prices without a proportional reduction in Spansion's
operating costs.  Additionally, to the extent total debt to EBITDA
(Moody's adjusted) rose above 4.0x for an extended period, ratings
could be downgraded.

Headquartered in Sunnyvale, California, Spansion LLC is the
principal operating subsidiary of Spansion Inc., a designer,
manufacturer and developer of flash memory semiconductors
principally focused on embedded NOR-based architectures.


SPARTA COMMERCIAL: Delays Filing of Jan. 31 Quarterly Report
------------------------------------------------------------
Sparta Commercial Services, Inc., informed the U.S. Securities and
Exchange Commission that it is in the process of preparing and
reviewing the financial and other information for its Form 10-Q
report for the quarterly period ended Jan. 31, 2011, and does not
expect the report will be finalized for filing by the prescribed
due date without unreasonable effort or expense.  The Company said
it needs additional time to complete its financial statements, as
well as to have the report reviewed by its accountants and
attorneys.  The Company undertakes the responsibility to file such
report no later than five days following the prescribed due date.

                      About Sparta Commercial

Based in New York, Sparta Commercial Services, Inc.
-- http://www.spartacommercial.com/-- is a specialized consumer
finance company engaged primarily in the purchase of retail
installment sales contracts and the origination of leases to
assist consumers in acquiring new and used motorcycles (550cc and
higher), scooters, and 4-stroke ATVs.

The Company reported a net loss of $444,342 on $164,835 of
revenue for the three months ended October 31, 2010, compared with
a net loss of $1.00 million on $188,546 of revenue for the same
period ended October 31, 2009.

The Company's balance sheet at October 31, 2010, showed
$2.11 million in total assets, $4.52 million in total liabilities,
and a stockholders' deficit of $2.41 million.


SPOT MOBILE: Incurs $970,116 Net Loss in Jan. 31 Quarter
--------------------------------------------------------
Spot Mobile International Ltd. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $970,116 on $2.87 million of revenue for the three
months ended Jan. 31, 2011, compared with a net loss of $323,526
on $4.66 million of revenue for the same period during the prior
year.

The Company's balance sheet at Jan. 31, 2011, showed $3.32 million
in total assets, $5.22 million in total liabilities and $1.90
million in total shareholders' deficit.

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

                         http://is.gd/0d2cSa

                          About Spot Mobile

Spot Mobile, formerly Rapid Link Incorporated --
http://www.rapidlink.com/-- is a telecommunications services
company which, through its wholly owned subsidiary, provides
prepaid telecommunication and transaction based point of sale
activation solutions through 1,000 independent retailers in the
Eastern United States.  The Company also provides long distance
services and plans to expand its product offering to include
mobile and wireless services.

The Company reported a net loss of $3.56 million on $16.08 million
of revenue for the year ended Oct. 31, 2010, compared with a net
loss of $712,601 on $23.74 million of revenue during the prior
year.


STRATEGIC AMERICAN: Delay Filing of Jan. 31 Qtr. Report
-------------------------------------------------------
Strategic American Oil Corporation notified the U.S. Securities
and Exchange Commission that it was unable to obtain certain of
the business information necessary to complete the preparation of
its Form 10-Q for the period ended Jan. 31, 2011 and the review of
the report by its auditors in time for filing.  The information is
required in order to prepare a complete filing.  As a result of
this delay the Company is unable to file its interim report on
Form 10-Q within the prescribed time period without unreasonable
effort or expense.

                    About Strategic American Oil

Corpus Christi, Tex.-based Strategic American Oil Corporation (OTC
BB: SGCA) -- http://www.strategicamericanoil.com/-- is a growth
stage oil and natural gas exploration and production company with
operations in Texas, Louisiana, and Illinois.  The Company's team
of geologists, engineers, and executives leverage 3D seismic data
and other proven exploration and production technologies to locate
and produce oil and natural gas in new and underexplored areas.

The Company's balance sheet at Oct. 31, 2010, showed $1.89 million
in total assets, $2.96 million in total liabilities, and a
stockholders' deficit of $1.07 million.

MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt
about Strategic American Oil's ability to continue as a going
concern following the Company's results for the fiscal year ended
July 31, 2010.  The independent auditors noted that the Company
has suffered losses from operations and has a working capital
deficit.


STRATEGIC AMERICAN: Alan Gaines Owns 15 Million Common Shares
-------------------------------------------------------------
In a Form 3 filing with the U.S. Securities and Exchange
Commission, Alan Gaines, a director at Strategic American Oil
Corp., disclosed that he beneficially owns 15,000,000 shares of
common stock of the Company.

Corpus Christi, Tex.-based Strategic American Oil Corporation (OTC
BB: SGCA) -- http://www.strategicamericanoil.com/-- is a growth
stage oil and natural gas exploration and production company with
operations in Texas, Louisiana, and Illinois.  The Company's team
of geologists, engineers, and executives leverage 3D seismic data
and other proven exploration and production technologies to locate
and produce oil and natural gas in new and underexplored areas.

The Company's balance sheet at Oct. 31, 2010, showed $1.89 million
in total assets, $2.96 million in total liabilities, and a
stockholders' deficit of $1.07 million.

MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt
about Strategic American Oil's ability to continue as a going
concern following the Company's results for the fiscal year ended
July 31, 2010.  The independent auditors noted that the Company
has suffered losses from operations and has a working capital
deficit.


STRATEGIC AMERICAN: Taps Core Minerals for Waterflood Project
-------------------------------------------------------------
Strategic American Oil Corporation has executed Farmout and Joint
Operating Agreements with Core Minerals Operating Co., Inc. to
develop the Company's initial waterflood project in Markham City
North, Illinois.

The Agreement requires Core to commence development of the field
on or before June 30, 2011.  Strategic American Oil has retained
certain carried working interest in the field which, after
development activities have commenced, will eventually increase to
at least 25%.  The primary target at this time is the McClosky
formation, which has been successfully waterflooded in several
other Illinois Basin fields.  This field originally produced
approximately 1.6 million barrels of oil and it is estimated that
there could be as much or more oil remaining to be recovered.

              About Core Minerals Operating Co., Inc.

Core Minerals -- http://www.coreoperating.com/-- based in
Evansville, IN, is an Exploration and Production Company focused
on optimizing active and inactive producing oil properties in the
Illinois Basin and other analogous areas.

                   About Strategic American Oil

Corpus Christi, Tex.-based Strategic American Oil Corporation (OTC
BB: SGCA) -- http://www.strategicamericanoil.com/-- is a growth
stage oil and natural gas exploration and production company with
operations in Texas, Louisiana, and Illinois.  The Company's team
of geologists, engineers, and executives leverage 3D seismic data
and other proven exploration and production technologies to locate
and produce oil and natural gas in new and underexplored areas.

The Company's balance sheet at Oct. 31, 2010, showed $1.89 million
in total assets, $2.96 million in total liabilities, and a
stockholders' deficit of $1.07 million.

MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt
about Strategic American Oil's ability to continue as a going
concern following the Company's results for the fiscal year ended
July 31, 2010.  The independent auditors noted that the Company
has suffered losses from operations and has a working capital
deficit.


TBS INT'L: PwC Raises Going Concern Doubt, Sees Default
-------------------------------------------------------
TBS International PLC filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$247.76 million on $411.83 million of total revenue for the year
ended Dec. 31, 2010, compared with a net loss of $67.04 million on
$302.51 million of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $686.32
million in total assets, $389.45 million in total liabilities and
$296.87 million in total stockholders' equity.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern.  PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under the
agreements would make the debt callable.  According to PwC, this
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due.

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

                        http://is.gd/SBWvzZ

                     About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning.  The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.

As reported in the TCR on Feb. 8, 2011, TBS International said it
had entered into amendments to its credit facilities with all of
its lenders, including AIG Commercial Equipment, Commerzbank AG,
Berenberg Bank and Credit Suisse and syndicates led by Bank of
America, N.A., The Royal Bank of Scotland plc and DVB Group
Merchant Bank.  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.

The Company said it expects to be in compliance with all financial
covenants and other terms of the amended Credit Facilities through
maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation.  In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.


TEAM NATION: Cancels Financing Agreement With JMJ Financial
-----------------------------------------------------------
Team Nation Holdings Corporation on Nov. 18, 2009, entered into an
agreement with JMJ Financial for financing through six $500,000
convertible promissory for a period of two years.  The Company, on
March 11, 2011, cancelled the agreements.

As of March 16, 2011, the Company had received a total of $125,000
of total proceeds under the agreements, all of which had been
converted under the operative agreements into common shares of the
Company's stock.  The determination for cancellation was made upon
review of the accounting and conversion provisions of such notes;
consideration matters and current market conditions called for the
cancellation of such agreement.  The Company will be assessing,
along with its independent auditors, the removal of the direct
financial obligations of the previous transactions from its
balance sheets.

                         About Team Nation

Newport Beach, Calif.-based Team Nation Holdings Corporation is a
management and services company specializing in management
solutions for title companies and providing title production
services.

The Company's balance sheet at September 30, 2010, showed
$3.03 million in total assets, $7.14 million in total liabilities,
and a stockholders' deficit of $4.10 million.

Kelly & Company CPAs 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, since beginning operations through a recapitalization in
June 2007, has suffered losses from operations and a working
capital deficiency.  "Team Nation Holdings Corporation incurred a
loss from continuing operations for the year ended December 31,
2009 of $3,617,233 and has current liabilities that exceeded
current assets by $5,077,197 and total liabilities that exceeded
total assets by $4,771,129."


TIB FINANCIAL: Reports $560,000 Net Income in Dec. 31 Quarter
-------------------------------------------------------------
TIB Financial Corp. reported net income of $560,000 on $12.43
million of net interest income for the quarter ended Dec. 31,
2010, compared with a net loss of $45.10 million on $11.17 million
of net interest income for the same period a year ago.

"TIB has made significant progress in redirecting its focus on
primary objectives of growth, expansion and improving
profitability and efficiency.  The satisfaction of regulatory
capital requirements and compliance with its regulatory agreements
has allowed a shift of the Company's attention to operating a
conventional commercial and retail bank and providing increasingly
competitive financial services and exceptional customer service to
the communities we serve," said R. Eugene Taylor, Chairman and
Chief Executive Officer of the Company and NAFH.  "We continue to
increase our emphasis and focus on loan origination and core
deposit generation.  As a profitable, stable and secure financial
institution, unlike many of our local community bank competition,
we are actively seeking to expand our franchise, increase market
share and develop new customer relationships," continued Taylor.

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/jhDOgJ

                     About TIB Financial Corp.

Headquartered in Naples, Florida, TIB Financial Corp.
-- http://www.tibfinancialcorp.com/-- is a financial services
company with approximately $1.7 billion in total assets and 28
full-service banking offices throughout the Florida Keys,
Homestead, Naples, Bonita Springs, Fort Myers, Cape Coral and
Venice.  TIB Financial Corp. is also the parent company of Naples
Capital Advisors, Inc., a registered investment advisor with
approximately $169 million of assets under advisement.  TIB
Financial Corp., through its wholly owned subsidiaries, TIB Bank
and Naples Capital Advisors, Inc., serves the personal and
commercial banking and investment management needs of local
residents and businesses in its market areas.

The Company's balance sheet as of September 30, 2010, showed
$1,740,891,000 in total assets, $1,563,826,000 in total
liabilities, and $177,065,000 in stockholders' equity.

                          *     *     *

As reported in the Troubled Company Reporter on April 6, 2010,
Crowe Horwath LLP, in Fort Lauderdale, Fla., 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 net losses in 2009, 2008 and 2007, primarily
from loan and investment impairments.  In addition, the Company's
bank subsidiary is operating under an informal agreement with bank
regulatory agencies that requires, among other provisions, higher
regulatory capital requirements.  The Bank did not meet the higher
capital requirement as of December 31, 2009, and therefore is not
in compliance with the regulatory agreement.  Failure to comply
with the regulatory agreement may result in additional regulatory
enforcement actions.


TIGRENT INC: Settles "Springer" Lawsuit in Florida
--------------------------------------------------
Tigrent Inc. and its subsidiaries, Tigrent Enterprises Inc., f/k/a
EduTrades, Inc., and Tigrent Learning Inc., f/k/a Wealth
Intelligence Academy, Inc., on March 17, 2011, entered into a
Settlement Agreement which, subject to final court approval, will
settle all claims brought against them arising in the litigation
case pending in the United States District Court for the Southern
District of Florida, captioned Eric Springer and Maurice J.
Seghers, Jr., on behalf of themselves and all others similarly
situated vs. Tigrent Inc., Wealth Intelligence Academy, Inc., et
al.  In connection with the settlement, the Tigrent Entities did
not admit any liability in the case.

Pursuant to the terms of the Settlement Agreement, the named
plaintiffs and any other class member who does not opt out of the
settlement, have agreed to grant a full general release of all
claims they had or could have brought against the Tigrent Entities
in the litigation.  In exchange, the Tigrent Entities agreed to
make three of its investment seminars available to the Settlement
Class, free of charge, by placing the seminars on a Web site to
which members of the Settlement Class will have access for a
period of 90 days after court approval of the settlement.  In
addition, the Tigrent Entities agreed to reimburse the Settlement
Class for their attorneys' fees, taxable costs, and incentive
awards for the putative class representative in an amount to be
awarded by the Court, but in no event more than $110,000.

The Settlement Agreement, including the terms set forth therein,
is subject to approval by the Court.  In addition, the Tigrent
Entities have the option to withdraw from the Settlement Agreement
if the number of potential class members who opt out of the
settlement represent potential damages in excess of an agreed upon
percentage of the aggregate amount of potential damages to all
potential class members.  Potential damages are measured as the
dollar amount paid by the potential class members for the
seminars, products, or services that are the subject of the
dispute.  If the Court does not approve the Settlement Agreement,
including the terms set forth therein, or the Tigrent Entities
elect to terminate the Settlement Agreement because the number of
potential class members that opt out of the settlement exceeds the
Exclusion Limit, then the settlement and the Settlement Agreement
will be terminated and deemed null and void.

                     About Tigrent Inc.

Cape Coral, Fla.-based Tigrent Inc. (OTC BB: TIGE)
-- http://www.tigrent.com/-- is a provider of practical, high-
quality and value-based training, conferences, publications,
technology-based tools and mentoring to help customers become
financially literate.  The Company provides customers with
comprehensive instruction and mentoring in the topics of real
estate and financial instruments investing and entrepreneurship in
the United States, the United Kingdom, and Canada.

The Company's balance sheet as of June 30, 2010, showed
$43.8 million in total assets, $80.7 million in total liabilities,
and a stockholders' deficit of $36.9 million.

In its Form 10-Q report for the quarter ended June 30, 2010, the
Company said it continues to incur a negative cash flow --
totaling $5.9 million for the period ending June 30, 2010 -- due
to the on-going challenges with sales of products.  "We have
insufficient working capital to meet operating needs, raising
substantial doubt about the ability of the Company to continue as
a going concern," the Company said.

In addition to the shift in strategic emphasis from live course
offerings to digitally-delivered programs, the Company said it
continues to implement reductions in staff to align with
anticipated sales level, decreased occupancy costs, and reduced
operating costs in all areas.  The Company is also in current
discussions with some of larger creditors to negotiate amounts
owed.

The Company said it if cannot generate the required revenues to
sustain operations or obtain additional capital on acceptable
terms, it will need to substantially revise its business plan,
file for bankruptcy, sell assets or cease operations and investors
could suffer the loss of a significant portion or all of their
investment in the Company.


TRADE UNION: Court Authorizes Interim Use of Cash Collateral
------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Trade Union International, Inc. and Duck House, Inc. on
an interim basis to use any cash collateral of Cathay Bank and
China Trust Bank, through and including March 29, 2011.

The bankruptcy judge in Riverside, California, will consider final
approval of the cash collateral request on March 29, 2011.

The Debtors are permitted to use the prepetition lenders' cash
collateral consistent with an extended budget, and if necessary,
to exceed the line item amounts set forth in the Budget by as much
as 10% of the total Budget up to and including the date of the
final hearing on use of cash collateral, but in no event will the
totals in the Budget be exceeded by more than 10% in the
aggregate.

A copy of the Budget appended in the cash collateral request is
available for free at:

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

Any expenditures exceeding the court's authorization will require
the prior written approval of the Bank Group, or further Court
order after appropriate notice.

The Debtors will file with the Court and serve supplemental papers
and any request for use of cash collateral budgets covering
further periods of use of cash collateral by March 22, 2011.

Any oppositions to the Cash Collateral Motion, Supplement, or
supplemental papers or requests for use of cash collateral for
periods beyond March 29, 2011, will be filed with the Court and
served on counsel for the Debtors no later than March 28, 2011.

In the event that an official committee of unsecured creditors is
appointed by the United States Trustee for Region 16, the
Committee will have until the final hearing to file any response
to the Cash Collateral Motion, supplemental papers or requests for
further use of cash collateral for periods beyond the period
included in the Budget.

The Bank Group reserves the right to contend that any hearing on
March 29, 2011, as to cash collateral budgets for any periods
after the period covered by the Budget must be a preliminary
hearing under Rule 4001 of the Federal Rules of Bankruptcy
Procedure.

Montclair, California-based Trade Union International Inc.
supplies aftermarket aluminum alloy wheels and wheel and truck
accessories.  It filed for Chapter 11 bankruptcy protection on
January 31, 2011 (Bankr. C.D. Calif. Case No. 11-13071).  James C.
Bastian, Jr., Esq., at Shulman Hodges & Bastian LLP, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.

Affiliate Duck House, Inc., a California corporation, filed a
separate Chapter 11 petition on January 27, 2011 (Bankr. C.D.
Calif. Case No. 11-13072).


TRIAD GUARANTY: Reports $132.09 Million Net Income in 2010
----------------------------------------------------------
Triad Guaranty Inc. filed its annual report with the U.S.
Securities and Exchange Commission on Form 10-K reporting net
income of $132.09 million on $254.72 million in revenue for the
year ended Dec. 31, 2010, compared with a net loss of $595.63
million on $237.81 million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $991.62
million in total assets, $1.57 billion in total liabilities and
$586.20 million in deficit in assets.

Ernst & Young LLP expressed substantial doubt about the Company's
ability to continue as a going concern.  The Company is operating
the business in run-off under Corrective Orders with the Illinois
Department of Insurance and has reported a stockholders'
deficiency in assets at Dec. 31, 2010.

A copy of the Annual Report is available at http://is.gd/rsEJbA

                        About Triad Guaranty

Winston-Salem, N.C-based Triad Guaranty Inc. (OTC BB: TGIC)
-- http://www.triadguaranty.com/-- is a holding company that
historically provided private mortgage insurance coverage in the
United States through its wholly-owned subsidiary, Triad Guaranty
Insurance Corporation.  TGIC is a nationwide mortgage insurer
pursuing a run-off of its existing in-force book of business.


UNIFI INC: Mitchel Weinberger Owns 1.76 Million Common Shares
-------------------------------------------------------------
In a Form 3 filing with the U.S. Securities and Exchange
Commission, Mitchel Weinberger, a director at Unifi Inc.,
disclosed that he indirectly beneficially owns 1.73 million common
shares of the Company.  Mr. Weinberger is the President and Chief
Operating Officer of Dillon Yarn Corporation which owns 1,730,432
shares of the Company's common stock.  In addition, Mr. Weinberger
directly beneficially owns 30,000 shares of common stock.

                           About Unifi

Unifi, Inc. (NYSE: UFI) -- http://www.unifi.com/and
http://www.repreve.com/-- is a diversified producer and processor
of multi-filament polyester and nylon textured yarns and related
raw materials.

The Company's balance sheet at Dec. 26, 2010, showed
$514.80 million in total assets, $223.95 million in total
liabilities, and $290.84 million in stockholders' equity.

In December 2010, Standard & Poor's Ratings Services said that it
raised its corporate credit and senior secured debt ratings on
Greensboro, N.C.-based Unifi Inc. to 'B' from 'B-'.  The ratings
upgrade and stable outlook reflect S&P's belief that Unifi will
continue to improve its operating performance and sustain its
recently strengthened credit measures as it end-use markets
continue to recover.


UNIVERSAL CITY: Moody's Retains 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investor Service said that Universal City Development
Partners, Ltd.'s (B1 Corporate Family Rating -- developing
outlook) disclosure in its Form 10-K that 50%-owner Blackstone
Capital Partners exercised its right of first refusal and offered
to sell its interest in the company to NBCUniversal Media LLC
(Baa2, stable rating outlook) and its affiliates (NBCU Parties)
could result in a wide range of potential ownership, leverage and
rating outcomes for Universal Orlando and NBCU over the next 12
months.  Moody's believes that there could be minor rippling
repercussions for Comcast Corporation (Baa1 senior unsecured) as
well.  "However, Moody's believe that even under the most credit
negative scenarios, whereby NBCU purchase the Blackstone stake and
finance it with debt, that NBCU has the ability to absorb the
impact and within 12 to 18 months return leverage to targets that
are reasonable for current credit ratings," stated Neil Begley, a
Moody's Senior Vice President.

The NBCU Parties have 90 days from March 9, 2011 offer date (until
June 12, 2011) to accept the selling price offered by Blackstone.
Moody's believes full ownership of Universal Orlando by NBCU,
which owns or receives license fees for other Universal branded
theme parks around the world, rather than in a 50-50 joint venture
with a private equity firm would clarify the long-term strategic
position of the company to NBCU.  The amount and source of funding
in any acquisition by the NBCU Parties and what transpires with
Universal Orlando's debt will be the primary factors in
determining the impact on NBCU.  Moody's believes that the worst
case credit scenario would be for NBCU to acquire the stake and
refinance all of the Universal Orlando debt at the NBCU level.
This would give NBCU full access to the Universal Orlando cash
flows, and would save interest cost on the existing outstanding
debt, but it would incur higher leverage and interest costs
overall at NBCU.  Moody's believe that leverage could climb but
would likely not materially impact NBCU or its credit rating, as
leverage would decline rapidly back to under 3.0x within 12 to 18
months assuming free cash flow is used to reduce debt.  Moody's
notes that under this scenario, there would be a ripple effect on
Comcast as NBCU will have either higher leverage or less cash on
hand to help fund Comcast's purchase of the remaining NBCU stake
held by General Electric (GE -- Aa2) over the coming seven years.
However, Moody's believes that Comcast can easily accommodate the
additional capital requirement and maintain its metrics by funding
the additional cash cost with free cash flows, though perhaps
repurchasing slightly less of its stock or utilizing some of its
financial flexibility.

If NBCU declines Blackstone's offer, then Blackstone has 270 days
to solicit bids for the entire company (including NBCU's stake,
which is potentially "dragged along" in any sale process).  If
Blackstone is successful in finding a third party buyer that
wishes to purchase all of the company (and not just the Blackstone
stake), the NBCU Parties would be obligated to accept the sale
terms only if the cash purchase price was at least 90% of the
amount of Blackstone's original offer to the NBCU Parties.  Such a
scenario could result in NBCU receiving a previously unanticipated
cash windfall that Moody's believe would be stockpiled to help
fund the buyout of GE and reduce the amount needed to be
contributed in the future by Comcast, and increasing financial
flexibility.  "We also believe that if NBCU exits ownership of the
Orlando park may mean that the other theme park interests are also
non-core and could be sold in the future as well, however, Moody's
believe that there is a good possibility that a third party would
wish for NBCU to remain a stake holder in Universal Orlando for
strategic reasons," added Begley.

The last rating action for Comcast was on November 17, 2010, when
Moody's assigned a Baa1 rating to the company's sterling
denominated senior unsecured notes due 2029.

The last rating action for NBCU was on September 27, 2010, when
Moody's assigned a Baa2 rating to NBCU's new bond offering.

Comcast Corporation, with its headquarters in Philadelphia,
Pennsylvania, is a leading provider of video, high-speed Internet
and phone services to residential and commercial customers.  The
company also owns a controlling interest in NBCU and, Internet
businesses, professional sports teams, and a large, multipurpose
arena.

NBCUniversal Media LLC, with its headquarters in New York, New
York, is a jointly owned company by Comcast and GE that is a
diversified media content company comprised of cable and broadcast
networks, broadcast television stations, a film studio and theme
parks.


VITRO ASSET: Amends Terms of Affiliate Loan Agreement
-----------------------------------------------------
Vitro Asset Corp., et al., ask the U.S. Bankruptcy Court for the
Northern District of Texas to approve an amendment of the terms of
the final financing order.

On Jan. 21, the Court entered a final order authorizing the
Debtors to:

     -- continue obtaining secured financing from the Prepetition
        Secured Lender, Bank of America, N.A.; and

     -- obtain unsecured postpetition financing -- Affiliate
        Financing -- from Vitro SAB and another non-Debtor
        affiliate, FIC Regiomontano, S.A.P.I. de C.V.

Pursuant to the January Financing Order, the Debtors were allowed
to obtain secured postpetition financing on a junior priority lien
basis during the gap period pursuant to the terms and conditions
of a subordinated postpetition loan and security agreement to be
entered into among the Debtors and Vitro, S.A.B. de C.V., or a
non-debtor affiliate.  The Gap Period means the period from the
involuntary petition date to the earliest to occur of (a) entry of
a court order for relief with respect to any facility obligor or
(b) dismissal of the involuntary petitions.

Under the January Financing Order, entry into the Affiliate Loan
Facility and the Affiliate Funding during the Gap Period were
approved on a final basis, provided that, unless and until
otherwise authorized by the Court, all Affiliate Funding would be
on an unsecured basis.

The Debtors were also authorized to use during the Gap Period cash
collateral and providing adequate protection to the Lender for any
diminution in value of its interests in the prepetition
collateral.

The DIP facility incurs interest at 5.25% per annum.

The Debtors are party to a loan and security agreement, dated as
of June 27, 2003, pursuant to which BofA provided the Debtors
with, among other things, $35 million in aggregate principal
amount of revolving commitments, including letters of credit, with
a sublimit for letters of credit of $18 million.  As of the
involuntary petition date, there was outstanding under the loan
facility, loans in the approximate principal amount of $8,610,575,
reimbursement obligations for any draws made upon letters of
credit issued by the Lender for the account of the Debtors, in the
aggregate face amount of approximately $14.18 million, and
corporate credit card debt of approximately $501,000

At the time of the entry of the Final Financing Order, the Alleged
Debtors anticipated requiring approximately $1,500,000 per month
(for the first six months of the year) funding from the Affiliated
Lenders to meet their ongoing operational needs.  However, in
light of the adverse publicity caused by the filing of the
Involuntary Petitions, the Alleged Debtors now require much as
$3,500,000 per month from the Affiliated Lenders, or $2,500,000
per month more than contemplated by the Affiliated Lenders at the
time the Initial Financing Motion was filed.

The Debtors said they need to obtain credit to enable them to
continue to finance their operations, maintain business
relationships with their vendors, suppliers and customers.

The Debtor said the Prepetition Secured Parties have consented to
the secured financing arrangement, subject to the requirement that
the Affiliated Lenders execute a subordination agreement.

                   Summary of Principal Terms of
                     Affiliate Loan Agreement

Borrowers:               Vitro America, VVP Finance, VVP Holdings,
                         Auto Glass, Super Sky International, and
                         Super Sky Products

Affiliate Financing:     Term loans, at the Affiliated Lenders'
                         discretion, up to an aggregate principal
                         amount of $3.5 million at any one time
                         outstanding nunc pro tunc to March 15,
                         and thereafter, additional term loans in
                         the Affiliated Lenders' discretion.

Termination Date:        The earliest to occur of (i) the Stated
                         Termination Date and (ii) the date the
                         Affiliate Loan Agreement is otherwise
                         terminated for any reason whatsoever
                         pursuant to the terms of the Affiliate
                         Loan Agreement.  The Stated Termination
                         Date is the same as in the Loan
                         Agreement.

Use of Proceeds:         General corporate purposes, subject to
                         any limitations in the Interim and Final
                         Orders, as applicable.

Interest Rate:           5.25%

Default Interest:        2.00% per annum in excess of the
                         otherwise applicable interest rate

Affiliate Liens:         All obligations under the Affiliate Loan
                         Agreement will be secured by properly
                         perfected second priority security
                         interests and liens upon the Collateral.
                         The Affiliate Liens will be junior only
                         to all liens in favor of the Prepetition
                         Secured Parties and any other valid,
                         perfected and enforceable nonavoidable
                         liens existing as of the Involuntary
                         Petition Date.

The Court will consider the Debtors' request for amendment of the
financing agreement on March 24, 2011 at 3:00 p.m. (CST).

Bank of America and Banc of America Leasing & Capital, LLC, are
represented by Patton Boggs, LLP, and Parker, Hudson, Rainer &
Dobbs LLP.

The Debtors are represented by:

     Louis R. Strubeck, Jr., Esq.,
     William R. Greendyke, Esq.
     FULBRIGHT & JAWORSKI L.L.P.
     2200 Ross Avenue, Suite 2800
     Dallas, TX 75201
     Tel: (214) 855-8000
     Fax: (214) 855-8200
     E-mail: lstrubeck@fulbright.com
             wgreendyke@fulbright.com

          - and -

     Risa M. Rosenberg, Esq.
     Dennis F. Dunne, Esq.
     MILBANK, TWEED, HADLEY & MCCLOY LLP
     1 Chase Manhattan Plaza
     New York, NY 10005-1413
     Tel: (212) 530-5000
     Fax: (212) 530-5219
     E-mail: rrosenberg@milbank.com
             ddunne@milbank.com

          - and -

     Andrew M. Leblanc, Esq.
     MILBANK, TWEED, HADLEY & MCCLOY LLP
     1850 K Street, NW, Suite 1100
     Washington, DC 20006
     Tel: (212) 835-7500
     Fax: (212) 263-7586
     E-mail: aleblanc@milbank.com

                         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, 2010.

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. Sections 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


WASHINGTON MUTUAL: Wins Approval to Send Plan to Creditors
----------------------------------------------------------
Bankruptcy Law360 reports that Washington Mutual Inc. on Monday
won bankruptcy court approval in Delaware to solicit creditor
votes on its amended reorganization plan, provided the bank makes
additional disclosures in response to creditor concerns.

On March 16, the Debtors filed with the Bankruptcy Court a
"Revised Supplemental Disclosure Statement for the Modified Sixth
Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of
the United States Bankruptcy Code," a copy of which is available
at http://bankrupt.com/misc/WaMuRevisedPlanSuplement.pdf

The Revised Supplement Disclosure Statement includes among other
things, a discussion on the liquidation of WMI Investment's
assets, a list of WMI's current directors, a discussion on the
treatment of PIERS claims.  It also discloses the negotiations
regarding the Securities Litigation Plaintiffs' Plan Objections.

                        About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  Fred S. Hodera, Esq., at Akin Gump Strauss Hauer &
Fled LLP in New York City and David B. Stratton, Esq., at Pepper
Hamilton LLP in Wilmington, Del., represent the Official Committee
of Unseucred Creditors.  Stephen D. Susman, Esq., at Susman
Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A.,
represent the Equity Committee.  Stacey R. Friedman, Esq., at
Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath &
Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which
acquired WaMu's assets prior to the Petition Date.

On Jan. 7, 2011, the Bankruptcy Court entered a 107-page opinion
determining that the global settlement agreement, among certain
parties including WMI, the Federal Deposit Insurance Corporation
and JPMorgan Chase Bank, N.A., upon which the Plan is premised,
and the transactions contemplated therein, are fair, reasonable,
and in the best interests of WMI.  Additionally, the Opinion and
related order denied confirmation, but suggested certain
modifications to the Company's Sixth Amended Joint Plan of
Affiliated Debtors that, if made, would facilitate confirmation.

Washington Mutual has filed with the U.S. Bankruptcy Court for the
District of Delaware a Modified Sixth Amended Joint Plan and a
related Supplemental Disclosure Statement.  The Company believes
that the Modified Plan has addressed the Bankruptcy Court's
concerns and looks forward to returning to the Bankruptcy Court to
seek confirmation of the Modified Plan.   The hearing for approval
of the Disclosure Statement is set for March 21.


WEST END: Organizational Meeting to Form Panel on March 24
----------------------------------------------------------
Tracy Hope Davis, the United States Trustee for Region 2, will
hold an organizational meeting on March 24, 2011, at 11:00 a.m. in
the bankruptcy case of West End Financial Advisors, LLC, et al.
The meeting will be held at United States Trustee Meeting Room,
80 Broad Street, Fourth Floor, New York.

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

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

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

New York-based West End Financial Advisors LLC filed for Chapter
11 bankruptcy protection on March 15, 2011 (Bankr. S.D.N.Y. Case
No. 11-11152).  The Debtor estimated its assets and debts at
$1 million to $10 million.

Sentinel Investment Management Corp. (Bankr. S.D.N.Y. Case No.
11-11153), filed a separate Chapter 11 petition.

Arnold Mitchell Greene, Esq., at Robinson Brog Leinwand Greene
Genovese & Gluck, P.C., serves as the Debtors' bankruptcy counsel.


ZURVITA HOLDINGS: Reports $2.08MM Net Income in Jan. 31 Quarter
---------------------------------------------------------------
Zurvita Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of $2.08 million on $1.13 million of total revenue for
the three months ended Jan. 31, 2011, compared with a net loss of
$1.75 million on $1.65 million of total revenue for the same
period during the prior year.  The Company also reported net
income of $3.94 million on $2.45 million of total revenue for the
six months ended Jan. 31, 2011, compared with a net loss of $7.32
million on $2.90 million of total revenue for the same period
during the prior year.

The Company's balance sheet at Jan. 31, 2011, showed $911,394 in
total assets, $3.66 million in total liabilities, $4.55 million in
redeemable preferred stock and $7.30 million in total
stockholders' deficit.

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

                        http://is.gd/yEd8IP

                       About Zurvita Holdings

Based in Houston, Tex., Zurvita Holdings, Inc., is a direct sales
marketing company offering high-quality products and services
targeting individuals, families and small businesses.

Meeks International, LLC, in Tampa, Fla., expressed substantial
doubt about Zurvita Holdings' ability to continue as a going
concern, following the Company's results for the fiscal year ended
July 31, 2010.  The independent auditors noted that the Company
has suffered recurring losses from operations and has not
generated sufficient cash flows from operations to meet its needs.


ZURVITA HOLDINGS: Sells $1-Mil. in Preferreds & Warrants to Vicis
-----------------------------------------------------------------
Zurvita Holdings, Inc., on March 15, 2011, entered into an oral
agreement with Vicis Capital Master Fund to sell to Vicis, subject
to the filing of an amendment to the Certificate of Designation of
its Series C Convertible Preferred Stock, 1 million shares of its
Series C Preferred Stock and Series C Warrants to purchase an
aggregate of 4 million shares of the Company's common stock.

The purchase price of the Private Placement Securities is $1
million, and the funds were received from Vicis on March 16, 2011.
However, a Preferred Stock purchase agreement and other related
transaction documents are in the process of being negotiated with
Vicis and, accordingly, have not been executed at this time.  The
Private Placement Securities will be issued to Vicis upon the
execution of the Transaction Documents.

The Series C Preferred Stock is convertible into shares of the
Company's common stock at an initial conversion price of $0.25 per
share, subject to adjustment.  The holders of the Company's Series
C Preferred Stock will have the right to the number of votes equal
to the number of shares issuable upon conversion of the Series C
Preferred Stock.  In addition, so long as any shares of Series C
Preferred Stock are outstanding, the Company cannot, without the
written consent of the holders of 51% of the then outstanding
Series C Preferred Stock:

   (i) amend its articles of incorporation in any manner that
       adversely affects the rights of the holders;

  (ii) alter or change adversely the voting or other powers,
       preferences, rights, privileges, or restrictions of the
       Series C Preferred Stock;

(iii) increase the authorized number of shares of preferred stock
       or Series C Preferred Stock or reinstate or issue any other
       series of preferred stock;

  (iv) redeem, purchase or otherwise acquire directly or
       indirectly any Junior Securities or any shares pari passu
       with the Series C Preferred Stock;

   (v) directly or indirectly pay or declare any dividend or make
       any distribution in respect of, any Junior Securities, or
       set aside any monies for the purchase or redemption of any
       Junior Securities or any shares pari passu with the Series
       C Preferred Stock;

  (vi) authorize or create any class of stock ranking as to
       dividends, redemption or distribution of assets upon a
       Liquidation senior to or otherwise pari passu with the
       Series C Preferred Stock; or

(vii) enter into any agreement with respect to any of the
       foregoing.

The holders of the Company's Series C Preferred Stock will also
have liquidation preferences over the holders of the Company's
common stock.  The Series C Preferred Stock also contain anti-
dilution provisions, including but not limited to if the Company
issues shares of its common stock at less than the then existing
conversion price, the conversion price of the Series C Preferred
Stock will automatically be reduced to such lower price and the
number of shares to be issued upon exercise will be
proportionately increased.  The Series C Preferred Stock also
contains limitations on exercise, including the limitation that
the holders may not convert their shares to the extent that upon
exercise the holder, together with its affiliates, would own in
excess of 4.99% of the Company's outstanding shares of common
stock.

The Series C Warrants are exercisable for a term of seven years at
an exercise price of $0.25 per share.  The Series C Warrants also
contain anti-dilution provisions, including but not limited to if
the Company issues shares of its common stock at less than the
then existing conversion price, the conversion price of the Series
C Warrants will automatically be reduced to such lower price and
the number of shares to be issued upon exercise will be
proportionately increased.  The Series C Warrants contain
limitations on exercise, including the limitation that the holders
may not convert their Series C Warrants to the extent that upon
exercise the holder, together with its affiliates, would own in
excess of 4.99% of the Company's outstanding shares of common
stock.

                       About Zurvita Holdings

Based in Houston, Tex., Zurvita Holdings, Inc., is a direct sales
marketing company offering high-quality products and services
targeting individuals, families and small businesses.

The Company's balance sheet at October 31, 2010, showed
$1.5 million in total assets, $6.5 million in total liabilities,
$4.5 million in redeemable preferred stock, and a stockholders'
deficit of $9.5 million.

Meeks International, LLC, in Tampa, Fla., expressed substantial
doubt about Zurvita Holdings' ability to continue as a going
concern, following the Company's results for the fiscal year ended
July 31, 2010.  The independent auditors noted that the Company
has suffered recurring losses from operations and has not
generated sufficient cash flows from operations to meet its needs.


* U.S. Senators Consider Ban on Bankruptcy "Forum Shopping"
-----------------------------------------------------------
American Bankruptcy Institute reports that U.S. lawmakers are
considering a requirement that companies seek court protection
where their primary operations are located rather than where they
are incorporated.


* Federal Judiciary Emphasizes Continuity of Operations
-------------------------------------------------------
There are constant reminders how important it is for federal
courts to test and update their continuity of operations plans.

The Administrative Office of the U.S. Courts recently hosted a
meeting of court staff in which the scenario of an intense
earthquake was used to address succession planning. Eight judicial
districts will test their continuity of operations plans the week
of May 16, as part of a national exercise coordinated by the
Federal Emergency Management Agency.

The May 16 exercise is discussed in the video available at:

                         http://is.gd/csFKUN


* 33 Mintz Levin Attorneys Featured in Chambers USA 2011 Guide
--------------------------------------------------------------
Chambers USA: America's Leading Lawyers for Business, the highly
regarded national attorney directory, will include 33 Mintz Levin
attorneys as Leaders in Their Fields in the 2011 edition.  The
firm's presence in the guide, set to be released in June, has
increased by 12 attorneys over the past two years.  Mintz Levin's
attorneys selected for this year's guide span 12 different
practice areas, including one new national level ranking.
Additionally, two of the firm's practice areas, Healthcare: East
Coast and Life Sciences, will be ranked at the national level.

Chambers USA rankings are based on extensive in-depth interviews
with attorneys and clients, and are designed to assess: technical
legal ability, professional conduct, client service, commercial
awareness/astuteness, diligence, commitment and other qualities
most valued by the client.  The final ranking will consist of
tiered attorney and practice area rankings by location with
corresponding client and peer commentary.

The Mintz Levin attorneys featured in the upcoming Chambers guide
include:

Employee Benefits & Executive Compensation (Nationwide)

   Alden Bianchi

Healthcare: Regulatory & Litigation (Nationwide)

   Hope Foster

Life Sciences (Nationwide)

   Ivor Elrifi: IP/Patent Litigation

   Jonathan Kravetz: Corporate/Commercial

   Jeffrey Wiesen: Corporate/Commercial

Privacy & Data Security (Nationwide)

   Cynthia Larose

Bankruptcy/Restructuring (Massachusetts)

   Adrienne Walker

   Daniel Bleck

   William Kannel

   Richard Mikels

   Paul Ricotta

   Kevin Walsh

   Corporate/M&A (Massachusetts)

   Jonathan Kravetz: Capital Markets

   Jeffrey Wiesen

Employee Benefits and Executive Compensation (Massachusetts)

   Alden Bianchi

   Thomas Greene

Employee Benefits and Executive Compensation (New York)

   Andrew Bernstein

Environment (Massachusetts)

   Ralph Child

   Susan Phillips

   Jeffrey Porter

Healthcare (District of Columbia)

   Hope Foster

Healthcare (Massachusetts)

   Thomas Crane

   Deborah Daccord

   Ellen Janos

   Stephen Weiner

Healthcare (New York)

   Brian Platton

   Andrew Roth

Labor and Employment (Massachusetts)

   Bret Cohen

   Robert Gault

Litigation (Massachusetts)

   Tracy Miner: White-Collar Crime & Government Investigations

   R. Robert Popeo: General Commercial

   Jack Sylvia: Securities

Litigation (New York)

   Peter Chavkin: White-Collar Crime & Government Investigations

Real Estate (Massachusetts)

   Frederick Pittaro

   Andrew Urban

Real Estate (New York)

   Jeffrey Moerdler

Telecom, Broadcast & Satellite: Regulatory (District of Columbia)

   Howard Symons


* 9 Keating Muething Cited in as Chambers USA Publication
---------------------------------------------------------
Nine attorneys at Keating Muething & Klekamp PLL (KMK(R)) were
selected for inclusion in the 2011 edition of Chambers USA:
America's Leading Business Lawyers(R), published by Chambers &
Partners Publishing.  In addition, KMK was recognized as a leading
law firm in Ohio in the following practice areas: Banking &
Finance, Bankruptcy/Restructuring, Corporate/M&A, and General
Commercial Litigation.

The KMK lawyers designated as "Leaders in their Field" in Ohio by
Chambers USA 2011 are:

   James E. Burke -- Litigation: General Commercial
   Robert E. Coletti -- Corporate / Mergers & Acquisitions
   Patricia B. Hogan -- Intellectual Property
   Kevin E. Irwin -- Bankruptcy / Restructuring
   Gary P. Kreider -- Corporate / Mergers & Acquisitions
   Robert G. Sanker -- Bankruptcy / Restructuring
   Michael L. Scheier -- Litigation: General Commercial
   Edward E. Steiner -- Corporate / Mergers & Acquisitions
   Herbert B. Weiss -- Real Estate

The Chambers & Partners research team spent a year canvassing
clients and lawyers across the country to obtain a consistent
market view of those firms and lawyers that are considered leaders
in their fields.  The directory contains a detailed and
independently-researched editorial describing each listed law firm
and lawyer and its strengths, details of recent work, quotes from
clients and peers, and a list of active clients within each
practice area.

                    About Keating Muething & Klekamp

The law firm of Keating Muething & Klekamp PLL (KMK(R)) --
http://www.kmklaw.com/-- based in Cincinnati, Ohio, is a
nationally-recognized law firm delivering sophisticated legal
solutions to businesses of all sizes -- from Fortune 500
corporations to start-up companies.  KMK has been ranked #1 in
Ohio in project finance law and #1 in Cincinnati in corporate law,
personal injury law, municipal law, employee benefits law, land
use & zoning law, project finance law, and real estate law in the
2011 edition of Best Lawyers in America(R).  KMK received 12 first
tier rankings in the 2010 Best Law Firms survey (Metropolitan
Cincinnati) by U.S. News and Best Lawyers.  Founded in 1954, KMK
has approximately 115 lawyers and a support staff of 150
employees.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.


                           *********

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.


                  *** End of Transmission ***