TCR_Public/110404.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Monday, April 4, 2011, Vol. 14, No. 93

                            Headlines

524 HOWARD: Files Schedules of Assets and Liabilities
524 HOWARD: Court Designates Graham Seel as Responsible Individual
9339 ALONDRA: Case Summary & 20 Largest Unsecured Creditors
ACCREDITED HOME: Disclosure Statement Sent Back for Revisions
AIG BAKER: Files Second Amended Schedules of Assets & Debts

AIG BAKER: Can Continue Using Cash Collateral Until May 31
AIROCARE INC: Plan Confirmation Hearing Continued to April 7
AIRPARK VILLAGE: U.S. Trustee Unable to Form Creditors' Committee
AMERICAN INSTITUTIONAL: Dist. Ct. Rules on Suit v. Fairstar et al
ALMADEN ASSOCIATES: Confirmation Hearing Set for April 14

AMTRUST FINANCIAL: Has Deal to Sell Parking Garage to Harbor Group
ANGEL ACQUISITION: Gate Tech. Buys 60% Stake of Operating Unit
ARK-ROD INC: Case Summary & 12 Largest Unsecured Creditors
ARYX THERAPEUTICS: Delays Filing of 2010 Annual Report
ASNACO LLC: BB&T Asks Court to Prohibit Payments to Attorneys

ASNACO LLC: BB&T Opposes Cash Collateral Use
ASNACO LLC: Jerry A. Funk Is Bankruptcy Judge
ASSOC. OF GRAPHIC: Dist. Ct. Affirms Ruling on Super Nova Claim
BEAR DOG: Voluntary Chapter 11 Case Summary
BELLMARK RECORDS: Isbell v. DM Records Suit Goes to Trial

BERNARD L MADOFF: FINRA Panel Orders Cohmad Pay $1.1MM to Victims
BIG WHALE: Files Schedules of Assets & Liabilities
BIG WHALE: Section 341(a) Meeting Scheduled for April 29
BIG WHALE: Taps Kerkman & Dunn as Bankruptcy Counsel
BLUEGREEN CORP: Incurs $35.87 Million Net Loss in 2010

BPP TEXAS: Asks for July 19 Extension to File Chapter 11 Plan
BPP TEXAS: Asks for July 19 Deadline to Assume Unexpired Lease
BROADCAST INT'L: Incurs $18.66 Million Net Loss in 2010
C-SWDE348 LLC: Files Schedules of Assets & Liabilities
C-SWDE348 LLC: Section 341(a) Meeting Scheduled for April 21

C-SWDE348 LLC: Taps Bogatz & Associates as Bankruptcy Counsel
CADANT INC: 7th Circ. Revives Investor Suit Over Cadant Loans
CALVARY BAPTIST: Disclosure Statement Hearing Set on May 11
CAPITAL SHORES: Case Summary & 5 Largest Unsecured Creditors
CAPITOL BANCORP: Files Form 10-K; Posts $254.4-Mil. Net Loss

CARDIUM THERAPEUTICS: Expects $4.7MM Loss, Going Concern Doubt
CCS CORPORATION: Bank Debt Trades at 5% Off in Secondary Market
CHEMICAL BUILDING: Bank Forecloses Building at $3.36 Million
CHRISTENSEN REALTY: Disclosure Statement Hearing on Wednesday
CICERO INC: Extends Maturity of SOAdesk $1.2-Mil. Notes to 2012

CIRTRAN CORP: Delays Filing of 2010 Annual Report
CLAIRE'S STORES: Closes $450MM of 8.875% Sr. Notes Offering
COATES INT'L: Incurs $1.05 Million Net Loss in 2010
CONNECTOR 2000: Court Confirms Chapter 9 Payment Plan
CONSPIRACY ENTERTAINMENT: Delays Filing of 2010 Annual Report

CONTECH CONSTRUCTION: Debt Trades at 13% Off in Secondary Market
CUMBEE RD: Case Summary & 20 Largest Unsecured Creditors
D & G CONTRACTORS: Case Summary & 20 Largest Unsecured Creditors
DEX MEDIA EAST: Bank Debt Trades at 22% Off in Secondary Market
DEX MEDIA WEST: Bank Debt Trades at 11% Off in Secondary Market

DIAGNOSTIC VENTURES: Clifford Chance Dropped from Investor Action
DIGITAL POST: Case Summary & 13 Largest Unsecured Creditors
DOT VN: Online Traffic Across INFO.VN Web Properties Increases
DOWNEY REGIONAL: City Rejects $1.5-Mil. Offer for Hospital Land
ECOVENTURE WIGGINS: Ironshore Unit Acquires Pelican Isle Property

EL AMAL: Files for Chapter 11 Bankruptcy Protection
EMISPHERE TECHNOLOGIES: Errors Found in 2009 and 2010 Financials
EMMIS COMMUNICATIONS: Extends Maturity of Tranche B Loans to 2014
EPICEPT CORP: To Raise $4.6 Million in Registered Direct Offering
EVERGREEN ENERGY: Sells Landrica to Green Bridge for $7.2 Million

FIRST MARINER: Recurring Losses Cue Going Concern Doubt
FIRST DATA: Seeks to Amend Senior Secured Credit Facilities
FIRST DATA: Plans to Offer $750 Million Senior Secured Notes
FRANKLIN CREDIT: Incurs $55.27 Million Net Loss in 2010
G & R MANAGEMENT: Case Summary & 15 Largest Unsecured Creditors

GAMETECH INTERNATIONAL: Incurs $288,000 Net Loss in Jan. 30 Qtr.
GENERAL MARITIME: Incurs $216.66 Million Net Loss in 2010
GENERAL MARITIME: To Sell 23MM Common Shares at $1.89 Apiece
GENERAL MARITIME: Peter Georgiopoulos Holds 6.26% Equity Stake
GLC LIMITED: Sues Crabtrees to Stop Liquidating Interest

GLOBAL TECHNOVATIONS: Onkyo America Acquisition Was Fraudulent
GOLDEN CHAIN: Taps Polis & Associates as Bankruptcy Counsel
GORILLA COMPANIES: Suit v. Tassels, Corwins Go Back to Bankr. Ct.
GUIDED THERAPEUTICS: Incurs $2.84 Million Net Loss in 2010
GULF FREEWAY: Combined Hearing for Plan & Outline on June 3

HAMPTON ROADS: To Effect a Reverse Stock Split of Common Shares
HARRY & DAVID: Organizational Meeting to Form Panel on April 7
HERCULES OFFSHORE: Gets Early Termination Notice From Seahawk
HOLBROOK SHOPPING: Case Summary & 2 Largest Unsecured Creditors
HRAF HOLDINGS: DR Horton Wins Auction for 22 Sleepy Ridge Lots

HUDSON RIVER: Case Summary & 15 Largest Unsecured Creditors
INNKEEPERS USA: Bidding Protocol Okayed; Appaloosa Suffers Setback
INNOLOG HOLDINGS: Delays Filing of Annual Report
J&A FINISHING: Case Summary & 20 Largest Unsecured Creditors
JUMA TECHNOLOGY: Incurs $10.14 Million Net Loss in 2010

LA JOLLA PHARMACEUTICAL: Delays Filing of Annual Report
LAKE AT LAS VEGAS: Avoidance Suits Stay in Bankr. Court
LAKE TAHOE: Hearing on Conversion to Chapter 7 Tomorrow
LENOX CONDOMINIUM: Confirmation Hearing Adjourned to May 6
LIFECARE HOLDINGS: Reports $2.63 Million Net Income in 2010

LOCAL INSIGHT: Court OKs Hiring of Mesirow Financial
MARGAUX ORO: Taps Coffin & Driver as Counsel
MARGAUX ORO: Gets Interim Approval to Use Cash Collateral
METAMORPHIX INC: Hearing on Conversion Motion Set for April 20
MILESTONE SCIENTIFIC: Incurs $614,508 Net Loss in 2010

NATIONAL HOME: Court Confirms Plan of Liquidation
NCO GROUP: Incurs $155.71 Million Net Loss in 2010
NEW JERSEY MOTORSPORTS: TRG Drops Plans for $5-Mil. Milville HQ
NORD RESOURCES: Incurs $21.20 Million Net Loss in 2010
NORTHGATE PROPERTIES: Taps Darby Law as Bankruptcy Counsel

OM SHIVAI: Court Rejects Plan & Dismisses Chapter 11 Case
PARK CENTRAL: Section 341(a) Meeting Scheduled for April 28
PATRICK HACKETT: Auction for Ogdensburg Store on April 6
PEARL ARTIST: Emerges From Chapter 11 Bankruptcy Protection
PJ FINANCE: Hearing on Further Cash Use on Wednesday

PJ FINANCE: U.S. Trustee Forms 7-Member Creditors Committee
PJ FINANCE: Taps DLA Piper (US) as Bankruptcy Counsel
PJ FINANCE: Creditors Committee Taps Hahn & Hessen as Co-Counsel
RADIO ONE: Has 32-Month Contract with Chief Exec. Thompson
REDDY ICE: Incurs $32.50 Million Net Loss in 2010

RITE AID: Amends Offer to Exchange Option for Clarification
RIVER ROCK: Posts Income From Operations of $46.43MM in 2010
ROANOKE HEALTH: To File For Chapter 11 Bankruptcy Protection
ROBB CORWIN: Gorilla Cos. Suit Goes Back to Bankr. Court
SAN JUAN BAUTISTA: Case Summary & 20 Largest Unsecured Creditors

SAND TECHNOLOGY: Thomas O'Donnell Discloses 15.47% Equity Stake
SB PARTNERS: Delays Filing of Annual Report
SEITEL INC: Offers to Purchase Outstanding 11.75% Senior Notes
SHALOM TORAH: District Court to Hear Suit v. Insurer
SHERIDAN REHAB: Case Summary & 23 Largest Unsecured Creditors

SHUMATE ENERGY: Case Summary & 20 Largest Unsecured Creditors
SIMON WORLDWIDE: Incurs $2.33 Million Net Loss in 2010
SINOBIOMED INC: Incurs $577,531 Net Loss in 2010
SMART ONLINE: Incurs $3.95 Million Net Loss in 2010
SOLOMON DWEK: Dist. Ct. Won't Dismiss Corbett & Ocean Circle Cases

SPANISH BROADCASTING: Posts $15.04 Million Net Income in 2010
STERLING MINING: Hon. Pappas to Handle Minco Silver Dispute
SUNRISE REAL Estate: Delays Filing of Form 10-K
TELKONET INC: Incurs $1.77 Million Net Loss in 2010
TELTRONICS INC: Delays Filing of 2010 Annual Report

THERMOENERGY CORP: IRS Accepts Offer in Compromise of Tax Debts
TOWNSENDS INC: Wants Until June 17 to File Plan
TOWNSENDS INC: Wants to Hire PwC as Special Tax Advisor
TRENTON LAND: Asks for Aug. 31 Deadline to File Chapter 11 Plan
TRIBUNE CO: Bank Debt Trades at 30% Off in Secondary Market

UNITED GILSONITE: Court Extends Filing of Schedules by 30 Days
UNITED GILSONITE: Section 341(a) Meeting Scheduled for May 11
UTILITY LINE: Case Summary & 7 Largest Unsecured Creditors
VAN CHASE: Court Sets April 21 as Claims Bar Date
VYTERIS INC: Delays Filing of 2010 Annual Report

WASHINGTON MUTUAL: Court Approves Disclosure Statement
WEST END: Fights Bid to Appoint Chapter 11 Trustee
WII COMPONENTS: Incurs $3.37 Million Net Loss in 2010
WILLIAM LYON: Delays Form 10-K Filing for Impairment Analysis
WOLVERINE TUBE: Taps Deloitte Financial as Financial Advisor

ZANETT INC: Delays Filing of 2010 Annual Report
ZANETT INC: Form 10-K to be Delayed; Expects Going Concern Doubt

* BOND PRICING -- For Week From March 21 to 25, 2011


                            *********


524 HOWARD: Files Schedules of Assets and Liabilities
-----------------------------------------------------
524 Howard, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of California its schedules of assets and
liabilities, disclosing:

  Name of Schedule                        Assets       Liabilities
  ----------------                        ------       -----------
A. Real Property                      $38,675,000
B. Personal Property                      $11,000
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $21,985,000
E. Creditors Holding
   Unsecured Priority
   Claims                                               $1,140,323
F. Creditors Holding
   Unsecured Non-priority
   Claims                                                   $8,297
                                      -----------      -----------
      TOTAL                           $38,686,000      $23,133,620

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

            http://bankrupt.com/misc/524Howard.SAL.pdf

San Francisco, California-based 524 Howard, LLC, filed for Chapter
11 bankruptcy protection (Bankr. N.D. Calif. Case No. 11-30594) on
Feb. 17, 2011.  Iain A. Macdonald, Esq., and Reno F.R. Fernandez,
Esq., at Macdonald and Associates, in San Francisco, serve as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.

An affiliate, CMR Mortgage Fund, LLC, sought Chapter 11 protection
(Bankr. N.D. Calif. Case No. 08-32220) on Nov. 18, 2008.
Affiliates CMR Mortgage Fund II, LLC (Bankr. N.D. Calif. Case No.
09-30788) and CMR Mortgage Fund III, LLC (Bankr. N.D. Calif. Case
No. 09-30802) filed Chapter 11 petitions on March 31, 2009.


524 HOWARD: Court Designates Graham Seel as Responsible Individual
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
has designated, pursuant to Bankruptcy Local Rule 4002-1, Graham
Seel, co-manager of 524 Howard Manager, LLC, manager of the
Debtor, as the individual responsible for the duties and
obligations of the Debtor-in-Possession in 524 Howard, LLC's
Chapter 11 case.

Mr. Seel can be reached at:

         Graham Seel
         Co-Manager
         524 HOWARD MANAGER, LLC
         62 First Street, Fourth Floor
         San Francisco, CA 94105
         Tel: (415) 974-1100.

San Francisco, California-based 524 Howard, LLC, filed for Chapter
11 bankruptcy protection (Bankr. N.D. Calif. Case No. 11-30594) on
Feb. 17, 2011.  Iain A. Macdonald, Esq., and Reno F.R. Fernandez,
Esq., at Macdonald and Associates, in San Francisco, serve as the
Debtor's bankruptcy counsel. In its schedules, the Debtor
disclosed $38,686,000 in assets and $23,133,620 in liabilities as
of the Petition Date.

An affiliate, CMR Mortgage Fund, LLC, sought Chapter 11 protection
(Bankr. N.D. Calif. Case No. 08-32220) on Nov. 18, 2008.
Affiliates CMR Mortgage Fund II, LLC (Bankr. N.D. Calif. Case No.
09-30788) and CMR Mortgage Fund III, LLC (Bankr. N.D. Calif. Case
No. 09-30802) filed Chapter 11 petitions on March 31, 2009.


9339 ALONDRA: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: 9339 Alondra Blvd., LLC
        156 S. Clark Drive
        Beverly Hills, CA 90211

Bankruptcy Case No.: 11-23503

Chapter 11 Petition Date: March 30, 2011

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

Judge: Sheri Bluebond

Debtor's Counsel: Jennifer L. Jones, Esq.
                  THE WESTWOOD LAW GROUP, APC
                  3335 Keystone Ave #5
                  Los Angeles, CA 90034
                  Tel: (619) 913-9818
                  Fax: (619) 913-9818
                  E-mail: Jdgrad03@yahoo.com

Scheduled Assets: $4,953,364

Scheduled Debts: $8,112,514

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/cacb11-23503.pdf

The petition was signed by Javid Somekh, managing member.


ACCREDITED HOME: Disclosure Statement Sent Back for Revisions
-------------------------------------------------------------
Bankruptcy Law360 reports that a bankruptcy judge in Delaware
ruled Wednesday that Accredited Home Lenders Holding Co. must make
additional disclosures regarding the key settlement within its
liquidation plan before the defunct subprime lender can send the
plan to creditors for a vote.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware directed AHLH to amend its disclosure
statement to clarify release provisions incorporated in the
settlement, according to Law360.

As reported in the TCR on March 4, 2011, according to the latest
iteration of the Disclosure Statement, the Debtors and their
advisors expect unsecured creditors of the operating companies to
receive significant recoveries that very well may reach 100%, and
expect unsecured creditors at the holding company level to receive
recoveries of approximately 65%.  At the start of the case, the
Debtors expected returns of 5% to 10% to unsecured creditors.  The
improvements in estimated unsecured creditor recoveries are
attributed to the global settlement reached between the Debtors,
their major creditor constituencies, and their potential
litigation targets.

                      About Accredited Home

San Diego, California-based Accredited Home Lenders Holding Co. --
http://www.accredhome.com/-- was a mortgage banker servicing U.S.
markets for conforming and non-prime residential mortgage loans
operating throughout the U.S. and in Canada.  Accredited sold its
mortgage-servicing business in July 2009 as part of its
bankruptcy.

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

Accredited Home Lenders estimated its assets at $10 million to
$50 million and its debts at $100 million to $500 million in
its Chapter 11 petition.


AIG BAKER: Files Second Amended Schedules of Assets & Debts
-----------------------------------------------------------
AIG Baker Tallahassee, LLC, and AIG Baker Tallahassee Communities,
LLC, have both filed a Second Amendment Summary of Schedules,
disclosing:

A. Summary of Schedules for AIG Baker Tallahassee

  Name of Schedule                        Assets       Liabilities
  ----------------                        ------       -----------
A. Real Property                       $13,118,481
B. Personal Property                      $466,351
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $44,119,481
E. Creditors Holding
   Unsecured Priority
   Claims                                                 $223,159
F. Creditors Holding
   Unsecured Non-priority
   Claims                                               $4,011,952
                                      -----------      -----------
      TOTAL                           $13,584,832      $48,354,592

B. Summary of Schedules for AIG Baker Tallahassee Communities

  Name of Schedule                        Assets       Liabilities
  ----------------                        ------       -----------
A. Real Property                      $11,687,199
B. Personal Property                          $13
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $40,898,524
E. Creditors Holding
   Unsecured Priority
   Claims                                                 $238,517
F. Creditors Holding
   Unsecured Non-priority
   Claims                                               $4,072,100
                                      -----------      -----------
      TOTAL                           $11,687,212      $45,209,141

A copy of the Second Amended Summary of Schedules is available for
free at http://bankrupt.com/misc/AIGBaker.2ndAmendedSAL.pdf

                   About AIG Baker Tallahassee

Birmingham, Alabama-based AIG Baker Tallahassee, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 10-
07353) on Dec. 14, 2010.  Lee R. Benton, Esq., at Benton &
Centeno, LLP, in Birmingham, Ala., serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets and debts at
$50 million to $100 million.

Affiliate AIG Baker Tallahassee Communities, LLC, filed a separate
Chapter 11 petition (Bankr. N.D. Ala. Case No. 10-07354).  It
estimated its assets and debts at $50 million to $100 million.

The Debtors own and manage two separate real estate projects.  The
real property owned by each Debtor constitutes "single asset real
estate," as defined in Sec. 101(51B) of the Bankruptcy Code.


AIG BAKER: Can Continue Using Cash Collateral Until May 31
----------------------------------------------------------
On March 24, 2011, the U.S. Bankruptcy Court for the Northern
District of Alabama entered a second agreed order extending the
term of its final order authorizing AIG Baker Tallahassee, LLC,
and AIG Baker Tallahassee, LLC's limited use of cash collateral
through and including May 31, 2011, subject to the terms and
conditions of the Final Cash Collateral Order dated Jan. 9, 2011.

Absent the second agreed order, the Debtor's access to cash
collateral would have expired March 14, 2011, in accordance with
the first agreed order.

The Debtors are indebted to Wells Fargo Bank, N.A., successor-by-
merger to Wachovia Bank, National Association, pursuant to two
separate mortgage loans dated Feb. 21, 2007, and March 1, 2008,
respectively.  As of the Petition Date, AIG Baker Tallahassee
Communities was indebted to the Lender in the principal amount of
not less than $41,227,773.  As of the Petition Date, AIG Baker
Tallahassee was indebted to the Lender in the principal amount of
not less that $44,119,480.

The Debtors' prepetition indebtedness is secured by substantially
all of the Debtors' existing and after acquired real and personal
property assets and the proceeds, rents, products, offspring, and
profits thereof, all of which has been pledged by the Debtors to
the Lender.  Pursuant to the Prepetition Agreements, the Lender
has security interest in, inter alia, the cash proceeds of the
prepetition collateral of the Debtors, which constitute cash
collateral of the Lender.

The Debtors may use cash collateral only in accordance with a
budget.

As adequate protection, the Lender is granted a first priority
security interest in all assets and property of each of the
Debtors and their respective individual estates, now existing or
hereafter acquired, and all proceeds thereof.

As further protection for the Lender's interests as of the
petition date in the prepetition collateral: (a) the Debtors will
pay on or before the tenth day of each month, all rents and other
amounts remaining after payment, or retention through accrual, of
the expenses set forth in the budget for the previous month, which
amounts will be applied against the prepetition indebtedness; and
(b) all proceeds of the sale, lease, disposition, or other
realization of the Collateral outside of the ordinary course of
business.

In addition to the foregoing, the Debtors will fully comply with
their obligations and will not breach any material representation
or warranty as set forth in the Prepetition Agreements.

                   About AIG Baker Tallahassee

Birmingham, Alabama-based AIG Baker Tallahassee, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 10-
07353) on Dec. 14, 2010.  Lee R. Benton, Esq., at Benton &
Centeno, LLP, in Birmingham, Ala., serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets and debts at
$50 million to $100 million.

Affiliate AIG Baker Tallahassee Communities, LLC, filed a separate
Chapter 11 petition (Bankr. N.D. Ala. Case No. 10-07354).  It
estimated its assets and debts at $50 million to $100 million.

The Debtors own and manage two separate real estate projects.  The
real property owned by each Debtor constitutes "single asset real
estate," as defined in Sec. 101(51B) of the Bankruptcy Code.


AIROCARE INC: Plan Confirmation Hearing Continued to April 7
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia has
continued to April 7, 2011, at 9:30 a.m., the hearing on AirOcare,
Inc.'s Chapter 11 Plan.

As reported in the TCR on Jan. 10, 2011, under the Plan, ARC, LLC
-- the lone holder of a secured claim -- will have its $3,000,000
secured claim paid from available cash in quarterly installments
until the claim is paid in full, unless other terms
of payment are agreed to by the parties.

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

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

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

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

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

The Bankruptcy Court approved the disclosure statement on at a
hearing on Jan. 11, 2011.

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

                      About AirOcare, Inc.

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

AirOcare filed for Chapter 11 bankruptcy protection (Bankr. E.D.
Va. Case No. 10-14519) on May 29, 2010.  Frederick W. H. Carter,
Esq., at Venable LLP, in Washington, D.C.; Kristen E. Burgers,
Esq., and Lawrence Allen Katz, Esq., at Venable LLP, in Vienna,
Va.; and Stephen E. Leach, Esq., at Leach Travell Britt, PC, in
McLean, Va., assist the Debtor in its restructuring effort.  The
Debtor also tapped McGinn Intellectual Property Group PLLC for
intellectual property matters.  The Indianapolis law firm of
Wooden & McGlaughlin LLP represents the Debtor in the lawsuit
filed by Key Electronics.

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


AIRPARK VILLAGE: U.S. Trustee Unable to Form Creditors' Committee
-----------------------------------------------------------------
Charles F. McVay, the U.S. Trustee for Region 19, informs the U.S.
Bankruptcy Court for the District of Colorado that he has been
unable to form a committee of unsecured creditors in the Chapter
11 case of Airpark Village, LLC, as there are too few unsecured
creditors who are willing to serve on the committee.

Aurora, Colorado-based Airpark Village, LLC, filed for Chapter 11
bankruptcy protection (Bankr. D. Colo. Case No. 11-12790) on
Feb. 16, 2011.  Kenneth J. Buechler, Esq., at Buechler Law Office
LLC, in Denver, serves as the Debtor's bankruptcy counsel.  In its
schedules, the Debtor disclosed $15,112,195 in assets and
$8,564,158 in liabilities.


AMERICAN INSTITUTIONAL: Dist. Ct. Rules on Suit v. Fairstar et al
-----------------------------------------------------------------
In American Institutional Partners, LLC, et al., v. Fairstar
Resources Ltd., and Goldlaw Pty Ltd., C. A. No. 10-489-LPS (D.
Del.), District Judge Leonard P. Stark granted, in part, and
denied, in part, the Defendants' motion to dismiss or transfer
venue.  The claims against defendant Goldstar are dismissed for
lack of personal jurisdiction.  The claims asserted by AIP, AIP
Lending, and Mark Robbins are barred under the doctrine of claim
preclusion and, thus, dismissed.  The Defendants' motion to
transfer venue is denied.  The suit will proceed as an action by
AIP Resort Development, LLC, and Peninsula Advisors, LLC, against
Fairstar.

A copy of Judge Stark's March 31, 2011 Memorandum Opinion is
available at http://is.gd/YFkeICfrom Leagle.com.

Salt Lake City, Utah-based American Institutional Partners, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case
No. 11-10709) on March 9, 2011.  John D. McLaughlin, Jr., Esq., at
Ciardi Ciardi & Astin, serves as the Debtor's bankruptcy counsel.
The Debtor estimated its assets and debts at $10 million to
$50 million.

Affiliate AIP Resort Development, LLC, filed a Chapter 11 petition
(Bankr. D. Del. Case No. 10-25027) on April 19, 2010.


ALMADEN ASSOCIATES: Confirmation Hearing Set for April 14
---------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
California - Oakland Division has continued the confirmation
hearing for Almaden Associates LLC's Chapter 11 plan of
reorganization to April 14, 2011 at 2:30 p.m.

The Debtor solicited votes after the disclosure statement was
approved as containing adequate information.

The Troubled Company Reporter previously reported that under the
Plan, through the ongoing management and sale or refinancing of
its real property portfolio, the Debtor will pay all allowed
general unsecured creditors in full over a period of two years.

Unpaid allowed priority creditors will be paid in full shortly
after confirmation of the Plan.  Allowed administrative
convenience creditors -- unsecured creditors owed $1,000 or less -
- will also be paid a lump sum dividend for the full amount of
their claims shortly after confirmation.

The treatment of secured creditors varies.  As to the different
mortgage holders, Mechanics Bank will be cured as to interest by
August 19, 2010, or allowed to foreclose; thereafter it will be
paid current interest until two years from the effective date of
the Plan, when it will be paid in full.  The notes of other
secured creditors will remain secured by the existing liens, will
be paid on an interest only basis and will be due in full two
years from the effective date of the Plan.

Interest holders will retain their interests.

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

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

                  About Almaden Associates, LLC

Dublin, California-based Almaden Associates, LLC, filed for
Chapter 11 bankruptcy protection on Feb. 22, 2010 (Bankr. N.D.
Calif. Case No. 10-41903).  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.  The Debtor is represented by
Joel K. Belway, Esq., at The Law Office of Joel k. Belway, in San
Francisco, California, as counsel.


AMTRUST FINANCIAL: Has Deal to Sell Parking Garage to Harbor Group
------------------------------------------------------------------
BankruptcyData.com reports that AmTrust Financial Corp. filed with
the bankruptcy court a motion for approval to sell a parking
garage in Cleveland, Ohio, to Harbor Group International for
$7.5 million.  The Debtors wish to employ Hilco Real Estate as
broker, in connections with the sale, for a fee of $75,000 plus
reimbursement of expenses, together with a 10% premium on that
portion of any purchase price received by the Debtors exceeding
$7.5 million.

The Court scheduled an April 21, 2011 hearing on the matter.

                       About AmTrust Financial

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

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

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

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

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


ANGEL ACQUISITION: Gate Tech. Buys 60% Stake of Operating Unit
--------------------------------------------------------------
The Board of Directors and majority stockholders of Angel
Acquisition, Inc., approved the entry into a Partial Purchase
Agreement, pursuant to which Gate Technologies, LLC, acquired 60%
ownership of the Company's operating division, Angels In Action
for total cash consideration of $90,000 and $600,000 in the form
of Gate Technologies, LLC, Units contributed by Vince Molinari and
Lori Livingston.  Vince Molinari, Chairman of the Board of
Directors of the Company, is also the Founder and Chief Executive
Officer of Gate Technologies, LLC, and Lori Livingston, a member
of the Board of Directors of the Company, is also the Founder of
Gate Technologies, LLC.

                      About Angel Acquisition

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

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

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


ARK-ROD INC: Case Summary & 12 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: ARK-ROD, Inc.
        P.O. Box 1916
        Harrison, AR 72602-1916

Bankruptcy Case No.: 11-71476

Chapter 11 Petition Date: March 30, 2011

Court: United States Bankruptcy Court
       Western District of Arkansas (Harrison)

Debtor's Counsel: James E. Smith, Jr., Esq.
                  SMITH AKINS, P.A.
                  400 W. Capitol Ave., Suite 1700
                  Little Rock, AR 72201
                  Tel: (501) 537-5111
                  Fax: (501) 537-5113
                  E-mail: jsmith@smithakins.com

Scheduled Assets: $1,606,973

Scheduled Debts: $949,354

A list of the Company's 12 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/arwb11-71476.pdf

The petition was signed by James Behrle.


ARYX THERAPEUTICS: Delays Filing of 2010 Annual Report
------------------------------------------------------
ARYx Therapeutics, Inc., notified the U.S. Securities and Exchange
Commission that it will be late in filing its annual report for
the period ended Dec. 31, 2010.

As previously disclosed, following preliminary notification from
the U.S. Food and Drug Administration of an additional delay by
he FDA in providing guidance regarding the special protocol
assessment the Company submitted for its lead product candidate
naronapride, the Company was advised by its existing principal and
potential new investors that were contemplating a potential
financing arrangement for the company that they would not be
participating in any future funding of the Company.  In addition,
as previously disclosed, the Company received a notice of default
from one of its secured lenders, Lighthouse Capital Partners V,
L.P., on March 16, 2011, indicating an event of default had
occurred under that certain Loan and Security Agreement No. 4512,
dated as of March 28, 2005, as amended, by and between Lighthouse
and the Company.  The Notice demands the Company turn over the
collateral securing the Company's loan with Lighthouse, which
consists of all of the Company's assets, including its
intellectual property.

The Company's Board of Directors has determined that continued
operations of the company is not possible due to the Company's
lack of cash resources and no available funding options, and has
authorized the Company's management to cooperate with the
Company's secured creditors to effect an orderly wind-down of the
Company's operations, which is currently in process.  Absent the
continued cooperation and agreement of the Company's secured
creditors to effect an orderly wind-down of the Company's
operations and disposition of the Company's assets, the Company's
Board of Directors has authorized and directed management to
proceed with the filing by the Company of a voluntary petition for
bankruptcy under the provisions of Chapter 7 of the U.S.
Bankruptcy Code.

In light of the foregoing developments, the Company's independent
registered public accounting firm will not be providing the
Company with audit or other services going forward and will not be
in a position to issue a report and consent in connection with an
Annual Report on Form 10-K for the year ended Dec. 31, 2010.
Accordingly, the Company lacks the resources and personnel to
continue to fulfill any reporting obligations under Section 13(a)
of the Securities and Exchange Act of 1934, as amended.

                      About ARYx Therapeutics

Fremont, Calif.-based ARYx Therapeutics, Inc. (NASDAQ: ARYX)
-- http://www.aryx.com/-- is a biopharmaceutical company.  ARYx
currently has four products in clinical development: a prokinetic
agent for the treatment of various gastrointestinal disorders,
naronapride (ATI-7505); an oral anticoagulant agent for patients
at risk for the formation of dangerous blood clots, tecarfarin
(ATI-5923); an oral anti-arrhythmic agent for the treatment of
atrial fibrillation, budiodarone (ATI-2042); and, an agent for the
treatment of schizophrenia and other psychiatric disorders, ATI-
9242.

The Company's balance sheet as of Sept. 30, 2010, showed
$6.0 million in total assets, $13.7 million in total liabilities,
and a stockholders' deficit of $7.7 million.

As reported in the Troubled Company Reporter on April 9, 2010,
Ernst & Young LLP, in Palo Alto, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern,
following review of the Company's 2009 results, citing the
Company's recurring losses from operations and stockholders'
deficit.


ASNACO LLC: BB&T Asks Court to Prohibit Payments to Attorneys
-------------------------------------------------------------
Branch Banking And Trust Company has asked the U.S. Bankruptcy
Court for the Middle District of Florida to prohibit Asnaco, LLC,
from making payments to its attorneys or other professionals.

On March 23, 2011, the Court entered a notice of filing
deficiencies notifying Debtor of the requirement to file a motion
to retain an attorney.  As of the date of this motion, Debtor has
not filed a motion to retain its attorney of record in this case,
Walter J. Snell, or the law firm of Snell & Snell, P.A.

BB&T expressly objects to any payments by Debtor to its attorneys'
or other professionals.

Because Debtor's income constitutes BB&T's cash collateral and
Debtor has not obtained an order from this Court authorizing
Debtor's use of same, BB&T is entitled to an order prohibiting
Debtor from making any payments to its attorneys or other
professionals.

BB&T is represented by:

     Jennifer L. Morando
     Jason A. Rosenthal
     THE ROSENTHAL LAW FIRM, P.A.
     4798 New Broad Street, Suite 310
     Orlando, FL 32814
     Tel: (407) 488-1220
     Fax: (407) 488-1228

Palm Coast, Florida-based Asnaco LLC filed for Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Case No. 11-01907) on
March 20, 2011.  According to its schedules, the Debtor disclosed
$11,297,894 in total assets and $21,928,117 in total debts as of
the Petition Date.

ASNACO LLC: BB&T Opposes Cash Collateral Use
--------------------------------------------
Branch Banking and Trust Company has asked the U.S. Bankruptcy
Court for the Middle District of Florida to prohibit Asnaco, LLC's
use of cash collateral.

BB&T says it holds a perfected security interests in all rents,
profits, revenues, or other income generated from the Debtor's
real property in Flagler County, Florida.  The Property, valued at
$11,180,000, consists of commercial condominium units, many of
which are under lease to third party commercial tenants.  The
rents generated by third party leases constitute cash collateral
of the Debtor's bankruptcy estate in which BB&T has perfected
security interest pursuant to BB&T's mortgage on the Property.

As of the Petition Date, BB&T is owed $12,934,196 plus post-
judgment interest of $352,944.  Post-judgment interest constitutes
to accrue at the rate of $2,126 per day.

On March 19, 2009, BB&T filed a complaint in Flagler County,
Florida, seeking to foreclosure the Mortgage on the Property.  On
May 25, 2010, the state court entered an order in the lawsuit
director the Debtor to deposit the net rents into the registry of
the court, which was modified by an agreed order clarifying order
requiring the Debtor to deposit collected rents into the court
registry.  On Oct. 5, 2010, the state court entered a final
summary judgment of foreclosure, foreclosing the Mortgage and
ordering judicial sale of the Property.  By entering the
foreclosure judgment, the state court divested the Debtor of its
interest in the rents, which are no longer property of the state,
BB&T claims.

BB&T says that if the Debtor retains any interest in the rents
following the adjudication set forth in the foreclosure judgment,
then the rents constitute BB&T's cash collateral, and BB&T objects
to the Debtor's use of its cash collateral.

The Debtor hasn't yet filed a motion seeking authorization from
the Court to use cash collateral.  The Debtor hasn't contacted
BB&T to offer any adequate protection for its use of cash
collateral and has presented no budgets for the use of cash
collateral.  Although the Debtor filed monthly accountings of its
use of the rents with the state court, BB&T objects to most of the
monthly expenses being paid by the Debtor.

BB&T claims that its cash collateral position continues to
diminish, and that the Debtor has failed to disclose payments to
creditors within 90 days of the Petition Date as required to its
statement of financial affairs.  The Debtor listed no payments to
creditors within the 90-day period.

BB&T's plea to prohibit use of cash collateral will be heard on
June 13, 2011, at 10:00 a.m.

BB&T is represented by:

     Jennifer L. Morando
     Jason A. Rosenthal
     THE ROSENTHAL LAW FIRM, P.A.
     4798 New Broad Street, Suite 310
     Orlando, FL 32814
     Tel: (407) 488-1220
     Fax: (407) 488-1228

Palm Coast, Florida-based Asnaco LLC filed for Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Case No. 11-01907) on
March 20, 2011.  Walter J. Snell, Esq., at Snell & Snell, P.A.,
serves as the Debtor's bankruptcy counsel.  According to its
schedules, the Debtor disclosed $11,297,894 in total assets and
$21,928,117 in total debts as of the Petition Date.


ASNACO LLC: Jerry A. Funk Is Bankruptcy Judge
---------------------------------------------
On March 21, 2011, the Honorable Jerry A. Funk was appointed as
judge in Asnaco LLC's Chapter 11 bankruptcy case.

Palm Coast, Florida-based Asnaco LLC filed for Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Case No. 11-01907) on
March 20, 2011.  Walter J. Snell, Esq., at Snell & Snell, P.A.,
serves as the Debtor's bankruptcy counsel.  According to its
schedules, the Debtor disclosed $11,297,894 in total assets and
$21,928,117 in total debts as of the Petition Date.


ASSOC. OF GRAPHIC: Dist. Ct. Affirms Ruling on Super Nova Claim
---------------------------------------------------------------
Super Nova 330 LLC took an appeal from Bankruptcy Judge Burton R.
Lifland's decision (i) denying Super Nova's motion for payment of
administrative expenses; (ii) holding that the landlord was not
entitled to any administrative rent under 11 U.S.C. Sec. 365
(d)(3), and (iii) denying the landlord's cross-motion to amend to
clarify that the alternative basis for seeking administrative rent
arose under Sec. 503 (b)(1)(A).  District Judge Robert W. Sweet
affirmed the decision and dismissed the appeal.

Association of Graphic Communications, Inc., was a lessee under a
lease of non-residential real property dated Feb. 10, 1992,
between Four Star Holding Company c/o David Yagoda, predecessor-
in-interest to Super Nova, as landlord, and Association of the
Graphic Arts, Inc., predecessor-in-interest to Debtor, as tenant,
as amended by a Lease Modification and Extension Agreement dated
Feb. 11, 2002.  The Lease relates to a portion of the 9th Floor in
the building known as 330 Seventh Avenue, in New York.  The Lease
expired by its terms on Feb. 28, 2007.

In the summer or fall of 2006, the Debtor ceased business
operations at the Premises and stopped paying rent.  Super Nova
served a demand for rent on Debtor on Oct. 13, 2006.  When no
payment was forthcoming, Super Nova commenced a nonpayment
proceeding in the Civil Court of the City of New York, County of
New York (L&T Index No. 101408/06).  The Debtor defaulted in the
L&T Proceeding, and Super Nova obtained a judgment of possession
and warrant of eviction dated Feb. 1, 2007, the day before the
Debtor filed its chapter 7 petition.

The appellate case is IN RE: ASSOCIATION OF GRAPHIC
COMMUNICATIONS, INC., No. 10 Civ. 6413 (S.D.N.Y.).  A copy of the
District Court's March 31, 2011 Opinion is available at

Attorneys for Super Nova 330 are:

          Jay B. Itkowitz, Esq.
          Simon W. Reiff, Esq.
          ITKOWITZ & HARWOOD
          305 Broadway, 7th Floor
          New York, NY 10007
          Tel: (646) 822-1801
          E-mail: jitkowitz@itkowitz.com

Attorneys for the Chapter 7 Trustee are:

          Ian J. Gazes, Esq.
          John E. Oliva, Esq.
          GAZES LLC
          32 Avenue of the Americas
          New York, NY 10013
          Tel: (212) 765-9000
          Fax: (212) 765-9675
          E-mail: ian@gazesllc.com

On Feb. 2, 2007, the Debtor filed a voluntary Chapter 7 petition
(Bankr. S.D.N.Y. Case No. 07-_____).  Ian J. Gazes was appointed
to serve as Chapter 7 trustee.


BEAR DOG: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Bear Dog, LLC
        7621 Reynolds Cir
        Hungtington Beach, CA 92647

Bankruptcy Case No.: 11-14412

Chapter 11 Petition Date: March 30, 2011

Court: United States Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Mark S. Wallace

Debtor's Counsel: David G. Epstein, Esq.
                  THE DAVID EPSTEIN LAW FIRM
                  P.O. Box 4858
                  Laguna Beach, CA 92652-4858
                  Tel: (949) 715-1500
                  Fax: (949) 715-2570
                  E-mail: david@epsteinlitigation.com

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

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

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

The petition was signed by Paul C. Bissin, managing member.


BELLMARK RECORDS: Isbell v. DM Records Suit Goes to Trial
---------------------------------------------------------
ALVERTIS ISBELL d/b/a ALVERT MUSIC, v. DM RECORDS, INC., Case No.
4:07-cv-00146 (E.D. Tex.), seeks a declaratory judgment that
Alvert Music is the rightful owner of two musical compositions:
"Dazzey Duks" and "Whoomp! (There It Is)."  The events giving rise
to this suit begin with business conducted by two companies,
Alvert Music and Bellmark Records, each run by Mr. Isbell.
Bellmark was purportedly a record company, owning sound
recordings.  Alvert Music is, and has been, a music publishing
company, which owns musical compositions and not sound recordings.

During the early 1990's, Bellmark entered into agreements to
obtain the rights to the musical compositions for "Dazzey Duks"
and 50% of "Whoomp! (There It Is)" for its affiliated publishing
company, which was Alvert Music.  Bellmark retained for itself the
two sound recordings.  In 1997, DM Records secured licenses from
both of Mr. Isbell's companies to exploit both the musical
compositions and sound recordings at issue.  In April 1997,
Bellmark filed a Chapter 11 petition in the United States
Bankruptcy Court for the Eastern District of Texas, which petition
was later converted into a Chapter 7 petition.  In October 1999,
DM purchased the assets of Bellmark Records from the bankruptcy
estate, including the sound recordings of the two songs at issue.
Alvert Music has not sought bankruptcy protection.  Since that
time, DM allegedly has proceeded with regard to the two songs in a
manner inconsistent with Alvert Music's ownership of the musical
composition rights thereto.

In 2002, Mr. Isbell filed the lawsuit in the Northern District of
Texas.  That court transferred the matter to E.D. Tex. court, and
the magistrate judge referred it to the bankruptcy court.  The
bankruptcy court issued a report and recommendation that the
magistrate judge's referral be withdrawn, and the undersigned
judge agreed.  The matter is now pending before the E.D. Tex.
court.  DM filed a motion for summary judgment on July 2, 2010,
arguing that Mr. Isbell's lawsuit is time-barred by the statute of
limitations and the doctrine of laches.  DM also seeks attorney's
fees.  Mr. Isbell filed request for sanctions against DM.

In a March 31, 2011 Memorandum Opinion and Order, District Judge
Richard A. Schell denied DM's and Mr. Isbell's motions.  The Court
held that the parties have materially conflicting accounts of when
Mr. Isbell knew or should have known that the compositions at
stake were first being exploited.  The Court also found that the
doctrine of laches, if applicable, does not justify summary
judgment.  A copy of Judge Schell's ruling is available at
http://is.gd/G5tcpnfrom Leagle.com.


BERNARD L MADOFF: FINRA Panel Orders Cohmad Pay $1.1MM to Victims
-----------------------------------------------------------------
Bankruptcy Law360 reports that a Financial Industry Regulatory
Authority panel on Tuesday ordered a former Cohmad Securities
Corp. vice president to pay a group of investors $1.1 million for
getting them to buy into Bernard L. Madoff's Ponzi scheme despite
knowing it was a sham.

Robert M. Jaffe, a Cohmad co-owner, cannot appeal the unanimous
decision in favor of Turbo Investors LLC from the three-member
FINRA panel, according to Law360.

Meanwhile, Bankruptcy Law360 reports that Judge Burton R. Lifland
of the U.S. Bankruptcy Court for the Southern District of New York
blocked investors' efforts Wednesday to remove the trustee
overseeing the liquidation of Bernard L. Madoff's investment
company and vacate a $220 million settlement with the heirs of
Madoff associate Norman Levy.

                      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.


BIG WHALE: Files Schedules of Assets & Liabilities
--------------------------------------------------
The Big Whale, LLC, has filed with the U.S. Bankruptcy Court for
the Eastern District of Wisconsin its schedules of assets and
liabilities, disclosing:

  Name of Schedule                         Assets      Liabilities
  ----------------                         ------      -----------
A. Real Property                        $12,149,800
B. Personal Property                       $128,847
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $12,443,550
E. Creditors Holding
   Unsecured Priority
   Claims                                                 $231,267
F. Creditors Holding
   Unsecured Non-priority
   Claims                                                 $938,386
                                        -----------    -----------
      TOTAL                             $12,278,647    $13,613,203

Headquartered in Milwaukee, Wisconsin, The Big Whale, LLC, filed
for Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No.
11-23756) on March 21, 2011.  Justin M. Mertz, Esq., at Kerkman &
Dunn, serves as the Debtor's bankruptcy counsel.


BIG WHALE: Section 341(a) Meeting Scheduled for April 29
--------------------------------------------------------
The U.S. Trustee for Region 11 will convene a meeting of The Big
Whale, LLC's creditors on April 29, 2011, at 10:00 a.m.  The
meeting will be held at U.S. Courthouse, Room 428, 517 East
Wisconsin Avenue, Milwaukee, Wisconsin.

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.

Headquartered in Milwaukee, Wisconsin, The Big Whale, LLC, filed
for Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No.
11-23756) on March 21, 2011.  Justin M. Mertz, Esq., at Kerkman &
Dunn, serves as the Debtor's bankruptcy counsel.  In its
schedules, the Debtor disclosed $12,278,647 in total assets and
$13,613,203 in total debts as of the Petition Date.


BIG WHALE: Taps Kerkman & Dunn as Bankruptcy Counsel
----------------------------------------------------
The Big Whale, LLC, asks for authorization from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ
Kerkman & Dunn as bankruptcy counsel.

Kerkman & Dunn can be reached at:

                 Justin M. Mertz, Esq.
                 KERKMAN & DUNN
                 757 N. Broadway, Suite 300
                 Milwaukee, WI 53202
                 Tel: (414) 277-8200
                 E-mail: jmertz@kerkmandunn.com

Kerkman & Dunn will charge the Debtors' estate based on the hourly
rates of its professionals:

       Jerome R. Kerkman                         $310
       Michael P. Dunn                           $310
       Justin M. Mertz                           $225
       Associate Attorneys                     $210-275
       Non-Attorney Paraprofessionals             $90

To the best of the Debtor's knowledge, Kerkman & Dunn is a
"disinterested person" within the meaning of Section 101(14) of
the bankruptcy code.

Headquartered in Milwaukee, Wisconsin, The Big Whale, LLC, filed
for Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No.
11-23756) on March 21, 2011.  In its schedules, the Debtor
disclosed $12,278,647 in total assets and $13,613,203 in total
debts as of the Petition Date.


BLUEGREEN CORP: Incurs $35.87 Million Net Loss in 2010
------------------------------------------------------
Bluegreen Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, reporting a net loss of
$35.87 million on $365.67 million of revenue for the year ended
Dec. 31, 2010, compared with net income of $3.90 million on
$367.36 million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.25 billion
in total assets, $936.79 million in total liabilities and
$319.14 million in total shareholders' equity.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/rEy6cz

                       About Bluegreen Corp.

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

In December 2010, Standard & Poor's Rating Services raised its
corporate credit rating on Bluegreen Corp to 'B-' from 'CCC'.
S&P's rating outlook on the Company is stable.  S&P believes that
Bluegreen will grow its fee-based sales commission revenue from
$20 million in 2009 to an estimated $50 million in 2010.  At this
time, S&P expects that Bluegreen may be able to generate at least
the same amount of commission based revenue in 2011.  While the
increase in fee- based revenue allowed Bluegreen to expand the
level of sales that do not require financing, S&P believes that
the company will likely remain heavily reliant on its lines of
credit, receivable- backed warehousing facilities, and access to
the timeshare securitization markets to fund timeshare sales.  In
S&P's view, Bluegreen currently has adequate sources of liquidity
to cover its needs over the next 12-18 months mainly due to the
successful closing of a timeshare securitization transaction.


BPP TEXAS: Asks for July 19 Extension to File Chapter 11 Plan
-------------------------------------------------------------
BPP Texas LLC and its affiliated debtors have asked the U.S.
Bankruptcy Court for the Eastern District of Texas to extend their
exclusive period to file a Chapter 11 plan until July 19, 2011,
and an additional 60-day extension thereafter for confirmation of
the plan.

The proposed extension would, among other things, allow appraisers
retained by the Debtors and their primary secured lender, Citizens
Bank of Pennsylvania, to conduct a valuation of their hotels.

"A critical factor that will govern the formulation of the
Debtors' plan is the value of the hotels, and both Citizens and
the Debtors have retained professional appraisers to opine on such
value without which it is not meaningfully possible to propose a
realistic plan," said the Debtors' lawyer, Davor Rukavina, Esq.,
at Munsch Hardt Kopf & Harr PC, in Dallas, Texas.

Mr. Rukavina said the deadline for filing proofs of claim against
the Debtors have not yet expired, adding that knowing which
creditors will file which claims is also important to the
formulation of the plan.

                         About BPP Texas

Pittsburgh, Pennsylvania-based BPP Texas, LLC, along with BPP
Illinois, LLC, BPP Iowa, LLC, BPP Michigan, LLC, BPP Minnesota,
LLC, and BPP Wisconsin, LLC, own and operate 22 hotels located in
Texas, Illinois, Iowa, Michigan, Minnesota, and Wisconsin.

BPP Texas and several affiliates filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Tex. Lead Case No. 10-44378) on Dec. 21,
2010.  Davor Rukavina, Esq., and Jonathan Lindley Howell, Esq., at
Munsch Hardt Kopf & Harr, P.C., serve as the Debtors' bankruptcy
counsel.  BPP Texas estimated its assets at $1 million to
$10 million and debts at $50 million to $100 million.

Affiliates BPP Illinois, BPP Iowa, BPP Michigan, BPP Minnesota,
and BPP Wisconsin filed separate Chapter 11 bankruptcy petitions.
BPP Wisconsin estimated its assets at $10 million to $50 million
and debts at $50 million to $100 million.


BPP TEXAS: Asks for July 19 Deadline to Assume Unexpired Lease
--------------------------------------------------------------
BPP Texas LLC and its affiliated debtors have asked the U.S.
Bankruptcy Court for the Eastern District of Texas to extend the
deadline to assume an unexpired nonresidential real property lease
to July 19, 2011.

The Debtors are parties to only one unexpired nonresidential real
property lease but which is potentially important to their
reorganization efforts, according to their lawyer, Davor Rukavina,
Esq., at Munsch Hardt Kopf & Harr PC, in Dallas, Texas.

Mr. Rukavina said that BPP Wisconsin LLC, one of the debtor-
affiliates, cannot operate its Super 8 hotel in Wauwatosa without
the lease and may affect the company's ability to generate revenue
postpetition.

The Debtors have already explored potential lease terms with the
landlord and begun reviewing the lease to determine whether BPP
Wisconsin should assume the contract.  The process, however, has
not yet been completed.

                         About BPP Texas

Pittsburgh, Pennsylvania-based BPP Texas, LLC, along with BPP
Illinois, LLC, BPP Iowa, LLC, BPP Michigan, LLC, BPP Minnesota,
LLC, and BPP Wisconsin, LLC, own and operate 22 hotels located in
Texas, Illinois, Iowa, Michigan, Minnesota, and Wisconsin.

BPP Texas and several affiliates filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Tex. Lead Case No. 10-44378) on Dec. 21,
2010.  Davor Rukavina, Esq., and Jonathan Lindley Howell, Esq., at
Munsch Hardt Kopf & Harr, P.C., serve as the Debtors' bankruptcy
counsel.  BPP Texas estimated its assets at $1 million to
$10 million and debts at $50 million to $100 million.

Affiliates BPP Illinois, BPP Iowa, BPP Michigan, BPP Minnesota,
and BPP Wisconsin filed separate Chapter 11 bankruptcy petitions.
BPP Wisconsin estimated its assets at $10 million to $50 million
and debts at $50 million to $100 million.


BROADCAST INT'L: Incurs $18.66 Million Net Loss in 2010
-------------------------------------------------------
Broadcast International, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $18.66 million on $7.31 million of net sales for the
year ended Dec. 31, 2010, compared with a net loss of
$13.38 million on $3.62 million of net sales during the prior
year.

The Company's balance sheet at Dec. 31, 2010, showed
$10.71 million in total assets, $26.63 million in total
liabilities, and a $15.92 million total stockholders' deficit.

HJ & Associates LLC, in Salt Lake City, expressed substantial
doubt about the Company's ability to continue as a going concern,
after auditing the Company's financial statements for the year
2009.  The independent auditors noted that the Company has
incurred recurring losses from operations and has a deficit in
stockholders' equity and working capital.  The audit report for
the Company's financial statements for the end of 2010 did not
contain a going concern qualification from the auditor.

The Company's 2010 Annual Report did not contain a negative going
concern statement.

A full-text copy of the 2010 annual report on Form 10-K is
available for free at http://is.gd/cOVIJV

                  About Broadcast International

Based in Salt Lake City, Broadcast International, Inc. installs,
manages and supports private communication networks for large
organizations that have widely-dispersed locations or operations.
The Company owns CodecSys, a video compression technology to
convert video content into a digital data stream for transmission
over satellite, cable, Internet, or wireless networks, as well as
offers audio and video production services.  The Company's
enterprise clients use its networks to deliver training programs,
product announcements, entertainment, and other communications to
their employees and customers.


C-SWDE348 LLC: Files Schedules of Assets & Liabilities
------------------------------------------------------
C-SWDE348, LLC, has filed with the U.S. Bankruptcy Court for the
District of Nevada its schedules of assets and liabilities,
disclosing:

  Name of Schedule                         Assets      Liabilities
  ----------------                         ------      -----------
A. Real Property                        $14,250,000
B. Personal Property                        $ 1,500
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $11,575,000
E. Creditors Holding
   Unsecured Priority
   Claims                                                       $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                                       $0
                                        -----------    -----------
      TOTAL                             $14,251,500    $11,575,000

Las Vegas, Nevada-based C-SWDE348, LLC, filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 11-13942) on
March 21, 2011.  Scott Bogatz, Esq., at Bogatz & Associates, P.C.,
serves as the Debtor's bankruptcy counsel.

Affiliates B-SWDE3, LLC (Bankr. D. Nev. Case No. 09-29051), et
al., sought bankruptcy protection in 2009.


C-SWDE348 LLC: Section 341(a) Meeting Scheduled for April 21
------------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of C-
SWDE348, LLC's creditors on April 21, 2011, at 2:00 p.m.  The
meeting will be held at 300 Las Vegas Boulevard, South, Room 1500,
Las Vegas, Nevada.

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.

Las Vegas, Nevada-based C-SWDE348, LLC, filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 11-13942) on March
21, 2011.  I Scott Bogatz, Esq., at Bogatz & Associates, P.C.,
serves as the Debtor's bankruptcy counsel.  According to its
schedules, the Debtor disclosed $14,251,500 in total assets and
$11,575,000 in total debts as of the Petition Date.

Affiliates B-SWDE3, LLC (Bankr. D. Nev. Case No. 09-29051), et
al., sought bankruptcy protection in 2009.


C-SWDE348 LLC: Taps Bogatz & Associates as Bankruptcy Counsel
-------------------------------------------------------------
C-SWDE348, LLC, asks for authorization from the U.S. Bankruptcy
Court for the District of Nevada to employ Bogatz & Associates,
P.C., as bankruptcy counsel.

Scott Bogatz, an attorney at B&A, charges $450 per hour for his
services.

On March 7, 2011, B&A entered into a written engagement agreement
with the Debtor.  That agreement provides that B&A be paid a flat
fee of $7,500 by the Debtor for providing legal services to the
Debtor in this case.

To the best of the Debtor's knowledge, B&A is a "disinterested
person" within the meaning of Section 101(14) of the bankruptcy
code.

Las Vegas, Nevada-based C-SWDE348, LLC, filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 11-13942) on
March 21, 2011.  According to its schedules, the Debtor disclosed
$14,251,500 in total assets and $11,575,000 in total debts as of
the Petition Date.

Affiliates B-SWDE3, LLC (Bankr. D. Nev. Case No. 09-29051), et
al., sought bankruptcy protection in 2009.


CADANT INC: 7th Circ. Revives Investor Suit Over Cadant Loans
-------------------------------------------------------------
Bankruptcy Law360 reports that the Seventh Circuit on Tuesday
revived a shareholder suit accusing several directors of bankrupt
modem company Cadant Inc. of committing disloyal acts when they
negotiated an ill-fated deal for a pair of bridge loans with J.P.
Morgan Partners LLC and Venrock Associates.

Cadant, a Maryland corporation with its principal place
of business in Illinois, was formed in 1998 by Venkata Majeti and
others to develop cable modem termination systems, which enable
high-speed Internet access to home computers.  In 2000, the board
turned down a tentative offer by ADC Telecommunications to buy
Cadant for some $300 million.  By the beginning of 2001, Cadant,
like many other start-up companies in Internet-related businesses,
was in deep financial trouble.  In 2002, Cadant filed for
bankruptcy.


CALVARY BAPTIST: Disclosure Statement Hearing Set on May 11
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Georgia has
set May 12, 2011, at 11:00 a.m. as the hearing date to consider
approval of Calvary Baptist Temple's disclosure statement.

The Debtor submitted a Chapter 11 plan and the accompanying
disclosure statement on Feb. 16, 2011.

The Plan contemplates that the Debtor's property on Veteran's
Parkway will be returned to Reliance Trust Company except
approximately 16 acres, which will be transferred to a limited
liability company for the benefit of Series II bondholders who
hold a secured secondary lien on the property for the benefit of
Reliance Trust Company amounting $500,000.

SunTrust Bank, which is a secured creditor will be paid in full
over a 15-year period.

At the disclosure statement hearing, the Court will determine the
secured status of all parties claiming liens on property of the
Debtors' estate and will determine the value of such property
pursuant to Sec. 506 of the Bankruptcy Code.  Unless a party in
interest objects to the Debtor's valuation of assets as shown in
the Disclosure Statement, the Debtor's values will be accepted by
the Court.

Pursuant to the Disclosure Statement, the Debtor has $43,021,534
total assets.  Claims filed against the Debtor total $22,098,611.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/CLVRYBPTST_DS0401.pdf

Headquartered in Savannah, Georgia, Calvary Baptist Temple filed
for Chapter 11 bankruptcy protection (Bankr. S.D. Ga. Case No. 10-
40754) on April 6, 2010.  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


CAPITAL SHORES: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Capital Shores Investments LLC
        1411 State Ave NE #100
        Olympia, WA 98506

Bankruptcy Case No.: 11-42091

Chapter 11 Petition Date: March 18, 2011

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

Judge: Brian D. Lynch

Debtor's Counsel: Kevin A. Bay, Esq.
                  RYAN SWANSON & CLEVELAND PLLC
                  1201 3rd Ave., Suite 3400
                  Seattle, WA 98101-3034
                  Tel: (206) 464-4224
                  E-mail: bay@ryanlaw.com

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

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

A list of the Company's five largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/wawb11-42091.pdf

The petition was signed by Tri M. Vo, sole member and manager.


CAPITOL BANCORP: Files Form 10-K; Posts $254.4-Mil. Net Loss
------------------------------------------------------------
Capitol Bancorp Ltd. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K on March 31, 2011.  No
schedules are included in the Report because the Company's
financial statements has already been filed in a press release
dated March 3, 2011.

In the March 9, 2011 edition of the TCR, the Company reported a
net loss of $254.36 million on $163.69 million of total interest
income for the year ended Dec. 31, 2010, compared with a net loss
of $264.54 million on $197.78 million of total interest income
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $3.54 billion
in total assets, $3.57 billion in total liabilities and
a $38.68 million total deficit.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/OZmWmp

                    About Capitol Bancorp Limited

Capitol Bancorp Limited (NYSE: CBC) --
http://www.capitolbancorp.com/-- is a $5.1 billion national
community banking company, with a network of bank operations in 16
states.  Founded in 1988, Capitol Bancorp Limited has executive
offices in Lansing, Michigan and Phoenix, Arizona.

In September 2009, Capitol and its second-tier bank holding
companies entered into a written agreement with the Federal
Reserve Bank of Chicago under which Capitol has agreed, among
other things, to submit to the Reserve Bank a written plan to
maintain sufficient capital at Capitol on a consolidated basis and
at Michigan Commerce Bank (as a separate legal entity on a stand-
alone basis); and a written plan to enhance the consolidated
organization's risk management practices, a strategic plan to
improve the consolidated organization's operating results and
overall condition and a cash flow projection.

Certain of Capitol's bank subsidiaries have entered into formal
agreements with their applicable regulatory agencies.  Those
agreements provide for certain restrictions and other guidelines
and/or limitations to be followed by the banks.

In 2009, Capitol commenced the deferral of interest payments on
its various trust-preferred securities, as is permitted under the
terms of the securities, to conserve cash and capital resources.
The payment of interest may be deferred for periods up to five
years.  During such deferral periods, Capitol is prohibited from
paying dividends on its common stock (subject to certain
exceptions) and is further restricted by Capitol's written
agreement with the Federal Reserve Bank of Chicago.  Accrued
interest payable on such securities approximated $18.1 million at
June 30, 2010.


CARDIUM THERAPEUTICS: Expects $4.7MM Loss, Going Concern Doubt
--------------------------------------------------------------
Cardium Therapeutics. Inc., presented in a press release Thursday
highlights of financial results for its fourth quarter and fiscal
year ended Dec. 31, 2010, and other recent developments and
outlook for 2011.

The Company said in the press release that the filing of its
annual report for 2010 will be delayed as the Company and its
auditors are still assessing with the staff of the Division of
Corporate Finance of the Securities and Exchange Commission the
most appropriate accounting treatment for certain types of
warrants previously issued by the Company.

Cardium indicated that an audit opinion expected to accompany its
consolidated financial statements for the year ended Dec. 31,
2010, would again contain a going concern qualification from its
independent registered public accounting firm, Marcum LLP.

"In the upcoming year, we plan to commercialize our Excellagen
product candidate through the pending FDA 510(k) clearance and
develop new product extensions based on our custom formulated
collagen product platform for additional wound healing
applications, initiate the ASPIRE Generx clinical study in Russia,
which is pending clearance from the Russian Ministry of Health,
introduce product line extensions to grow our MedPodium(TM) modern
lifestyle product platform, and continue to review acquisitions of
other companies and businesses, as well as licenses covering
product opportunities and technologies on favorable economic terms
consistent with our long-term business strategy," stated
Christopher J. Reinhard, Cardium's Chairman and Chief Executive
Officer.

For the fourth quarter ended Dec. 31, 2010, the Company presented
net income of $443,000, compared to net income of $9.3 million for
the same period in 2009.  The decrease in net income during this
period was due to a favorable change in fair value of derivative
liabilities of $1.5 million recorded in the fourth quarter of 2010
compared to $11.4 million recorded in the fourth quarter of 2009.

For the year ended Dec. 31, 2010, Cardium presented a net loss of
$4.7 million, compared to a net loss of $11.7 million for the year
ended Dec. 31, 2009.  Revenue for the year ended Dec. 31, 2010 was
$245,000, which represented a one-time grant from the U.S.
Government's Qualifying Therapeutic Discovery Project program to
further the Company's Generx clinical development program,
compared to $445,000 for the previous year, which was revenue
earned under a Grant awarded by the National Institute of Health.

At Dec. 31, 2010, the Company's balance sheet showed $9.5 million
in total assets, $2.1 million in total liabilities, and
stockholders' equity of $7.4 million.

Cardium ended the 2010 year with a total of $8.0 million in cash
($6.6 million in cash and $1.4 million in restricted cash)
compared to $4.8 million ($3.4 million in cash and $1.4 million in
restricted) the previous year.  During 2010, the Company completed
a common stock offering with institutional and retail investors
resulting in gross proceeds of $11.3 million before placement fees
and offering expenses.

A complete text of the press release is available for free at:

                       http://is.gd/4BN7HR

San Diego, Calif.-based Cardium Therapeutics, Inc. (NYSE AMEX:
CXM) -- http://www.cardiumthx.com/-- is focused on the
acquisition and strategic development of new and innovative
bio-medical product opportunities and businesses that have the
potential to address significant unmet medical needs and definable
pathways to commercialization, partnering and other economic
monetizations.  Cardium's current investment portfolio includes
the Tissue Repair Company, Cardium Biologics, and the Company's
in-house MedPodium healthy lifestyle product platform.  The
Company's lead product candidates include Excellagen(TM) topical
gel for wound care management, and Generx(R) DNA-based aiogenic
biologic for patients with coronary artery disease.

Marcum LLP, in New York, expressed substantial doubt about the
Cardium Therapeutics' ability to continue as a going concern,
following the Company's results for the fiscal year ended Dec. 31,
2009.  The independent auditors noted that the Company has had
recurring operating losses since its inception and must raise
additional capital from external sources in order to sustain the
business.


CCS CORPORATION: Bank Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which CCS Corporation,
formerly known as CCS Income Trust, is a borrower traded in the
secondary market at 94.59 cents-on-the-dollar during the week
ended Friday, April 1, 2011, an increase of 0.60 percentage points
from the previous week according to data compiled by Loan Pricing
Corp. and reported in The Wall Street Journal.  The Company pays
300 basis points above LIBOR to borrow under the facility.  The
bank loan matures on Nov. 5, 2014, and carries Moody's 'B2' rating
and Standard & Poor's 'B' rating.  The loan is one of the biggest
gainers and losers among 192 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

CCS Corporation is an opportunity-rich growth organization that
provides energy and environmental waste management services.
Focused on disciplined growth, CCS maintains its long-term
comprehensive commitment to environmental stewardship by
continually setting -- and raising -- industry standards.  CCS
services the global energy and environment sectors through four
major divisions; CCS Midstream Services, CCS Energy Marketing,
HAZCO Environmental & Decommissioning Services and Concord Well
Servicing.  CCS was formerly known as CCS Income Trust and changed
its name on Nov. 14, 2007.  The Company was founded in 1984 and is
based in Calgary, Canada.


CHEMICAL BUILDING: Bank Forecloses Building at $3.36 Million
------------------------------------------------------------
The St. Louis Business Journal reports that Centrue Bank
foreclosed on the Chemical Building downtown with a sole bid of
$3.36 million.

According to the report, Thomas Daiber, president and CEO of
Centrue Financial, the parent of Centrue Bank, said the bank plans
to sell the 17-story building in the 700 block of Olive Street and
will soon begin discussions with interested buyers.  "It is a
beautiful building and we hope to sell the building to someone
interested in developing it into an asset for downtown St Louis,"
the journal quotes Mr. Daiber as saying.

The report says the owner of the 177,000-square-foot building,
Chemical Building Acquisition LLC, an investor group based near
Los Angeles, had planned to rename the building Alexa and convert
it into condos and later, stores, offices and apartments.  But
Chemical Building filed for Chapter 11 bankruptcy protection, with
$7.8 million owing to Centrue.

Based in Santa Monica, California, Chemical Building Acquisition
LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mo.
Case No. 10-51171) on Sept. 28, 2010.  Judge Charles E. Rendlen,
III, presides over the case.  A. Thomas DeWoskin, Esq., at Danna
McKitrick, PC, represents the Debtor.  The Debtor estimated assets
of between $1 million and $10 million, and debts of between
$10 million and $50 million.


CHRISTENSEN REALTY: Disclosure Statement Hearing on Wednesday
-------------------------------------------------------------
Christensen Realty Investment LLC filed with the U.S. Bankruptcy
Court for the District of Idaho amended the reorganization plan
and explanatory disclosure statement that promises that creditors
will be paid in full.

The Bankruptcy Court has continued the hearing to April 6, 2011,
at 1:30 p.m., to consider the approval of the adequacy of the
Disclosure Statement.

Under the Plan, the 9th and Bannock Parking garage, the sole asset
of the Debtor will be sold in an all cash transaction to Jeff
Stoddard or assigns.  Debtor will continue to make full monthly
payments to BPG LLC until closing at which time BPG will be paid
the principal amount of $7,100,000 plus accrued interest to date
of closing, plus costs approved by the Court.  The sale of the
garage will close within 90 days of confirmation.  The McAlvain
claim for $1,321,983 plus costs approved by the court will also be
paid from the Stoddard transaction.

Additional funds as necessary will be contributed to Debtor by
Gary F. Christensen within three days of closing.  This will
provide for treatment of the property tax claims and general
unsecured claims, if any.

The Debtor believes there are no unsecured claims.

The Plan also provides for the payment of administrative and
priority claims to Debtor's attorney upon approval by the Court.
The administrative claims shall be paid upon the effective date of
the plan.

A full-text copy of the Disclosure Statement, as amended, is
available for free at http://ResearchArchives.com/t/s?7586

A full-text copy of the Chapter 11 plan, as amended, is available
for free at http://ResearchArchives.com/t/s?7587

                      About Christensen Realty

Boise, Idaho-based Christensen Realty & Investment, LLC, dba 9th &
Bannock Garage, filed for Chapter 11 protection (Bankr. D. Idaho
Case No. 10-02537) on Aug. 10, 2010.  D. Blair Clark, Esq., at the
Law Offices of D. Blair Clark PLLC, represents the Debtor.  The
Debtor disclosed $10,626,402 in assets and $8,352,772 in
liabilities as of the Chapter 11 filing.


CICERO INC: Extends Maturity of SOAdesk $1.2-Mil. Notes to 2012
---------------------------------------------------------------
Cicero Inc. and SOAdesk, LLC, entered into (i) an Amendment No. 3
to the $700,000 aggregate principal amount unsecured convertible
note that was issued to SOAdesk under the Asset Purchase
Agreement, dated as Jan. 15, 2010, between the Company, SOAdesk
and Vertical Thought, Inc., and (ii) an Amendment No. 3 to the
$525,000 aggregate principal amount unsecured convertible note
that was issued to SOAdesk under the Asset Purchase Agreement.
The purpose of the Note Amendments was to extend the maturity of
each of the $700,000 Note and the $525,000 Note to March 31, 2012.
In connection with the Note Amendments, the Company issued a five-
year warrant to SOAdesk to purchase up to 100,000 shares of its
common stock at an exercise price of $0.08 per share.

                        About Cicero, Inc.

Cary, N.C.-based Cicero, Inc., provides business integration
software solutions and also provides technical support, training
and consulting services as part of its commitment to providing
customers with industry-leading solutions.

The Company focuses on the customer experience management market
with emphasis on desktop integration and business process
automation with its Cicero XM(TM) products.  Cicero XM enables the
flow of data between different applications, regardless of the
type and source of the application, eliminating redundant entry
and costly mistakes.

The Company's balance sheet as of Sept. 30, 2010, showed
$5.08 million in total assets, $13.85 million in total
liabilities, and a stockholders' deficit of $8.77 million.

The Company has incurred losses of $1.28 million and $823,000 for
the years ended Dec. 31, 2009 and 2008, respectively, and has
experienced negative cash flows from operations for each of the
past three years.  For the nine months ended Sept. 30, 2010, the
Company incurred a net loss of $2.57 million, and had a working
capital deficiency of $10.92 million as of Sept. 30, 2010.

"The Company anticipates that it will raise additional funds in
the next several months however, there can be no assurance the
Company will be able to do so.  Despite the recent additions of
several new clients, the Company continues to struggle to gain
additional sources of liquidity on terms that are acceptable to
the Company.  As such, there is substantial doubt of the Company's
ability to continue as a going concern."


CIRTRAN CORP: Delays Filing of 2010 Annual Report
-------------------------------------------------
CirTran Corporation notified the U.S. Securities and Exchange
Commission that its Annual Report on Form 10-K for the fiscal year
ended Dec. 31, 2010, could not be filed without unreasonable
effort or expense within the prescribed time period because
management requires additional time to compile and verify the data
required to be included in the report.  The report will be filed
within 15 days of the date the original report was due.

                    About CirTran Corporation

West Valley City, Utah-based CirTran Corporation (OTC BB: CIRC)
-- http://www.CirTran.com/-- markets and manufactures energy
drinks under the Playboy brand pursuant to a license agreement
with Playboy Enterprises, Inc.  The Company also provides turnkey
manufacturing services and products using various high-tech
applications for electronics manufacturers in various industries.

The Company's balance sheet at Sept. 30, 2010, showed
$15.69 million in total assets, $22.53 million in total
liabilities, and a stockholders' deficit of $6.83 million.


CLAIRE'S STORES: Closes $450MM of 8.875% Sr. Notes Offering
-----------------------------------------------------------
Claire's Stores, Inc., announced the closing of its previously-
announced offering of $450 million aggregate principal amount of
8.875% senior secured second lien notes due 2019.  The Notes were
issued at par.  The Notes were initially issued by Claire's Escrow
Corporation, a wholly-owned first-tier subsidiary of the Company,
created solely to issue the Notes.  Immediately subsequent to the
issuance, the escrow conditions were met, the funds were released
and the Escrow Issuer merged with and into the Company.

The Notes are guaranteed by all of the Company's direct or
indirect wholly-owned domestic restricted subsidiaries which
guarantee the Company's senior secured credit facility and secured
on a second-priority basis by all assets of the Company and the
guarantors that are pledged as collateral to secure the Company's
senior secured credit facility.

The Company used the net proceeds of the offering of the Notes to
reduce outstanding indebtedness under the Company's current credit
facility.

The Notes were offered only to "qualified institutional buyers" in
reliance on Rule 144A under the Securities Act of 1933, as
amended, and outside the United States only to non-U.S. persons in
reliance on Regulation S under the Securities Act.  The Notes have
not been registered under the Securities Act or any state
securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws.

                       About Claire's Stores

Claire's Stores, Inc. -- http://www.clairestores.com/-- is a
specialty retailer offering accessories and jewelry for kids,
tweens, teens, and young women in the 3 to 27 age range.  The
Company is organized based on its geographic markets, which
include North American division and European division.  As of
January 30, 2010, it operated a total of 2,948 stores, of which
1,993 were located in all 50 states of the United States, Puerto
Rico, Canada, and the United States Virgin Islands (its North
American division) and 955 stores were located in the United
Kingdom, France, Switzerland, Spain, Ireland, Austria, Germany,
Netherlands, Portugal, and Belgium (its European division).  Its
stores operate under the trade names Claire's and Icing.  In
addition, as of Jan. 30, 2010, it franchised 195 stores in the
Middle East, Turkey, Russia, South Africa, Poland, Greece,
Guatemala and Malta under franchising agreements.  It also
operates 211 stores in Japan through its Claire's Nippon 50:50
joint venture with AEON Co. Ltd.

The Company's balance sheet at Oct. 30, 2010, showed $2.79 billion
in total assets, $218.86 million in total current liabilities,
$2.62 billion in long-term debt, and a stockholders' deficit of
$47.89 million.  Claire's Stores carries 'Caa2' corporate family
and probability of default ratings, with 'positive' outlook, from
Moody's Investors Service, and 'B-' issuer credit ratings, with
'stable' outlook, from Standard & Poor's.

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

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


COATES INT'L: Incurs $1.05 Million Net Loss in 2010
---------------------------------------------------
Coates International, Ltd., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $1.05 million on $159,000 of sales for the year ended
Dec. 31, 2010, compared with a net loss of $806,756 on $0 of sales
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $2.99 million
in total assets, $4.11 million in total liabilities, and a
$1.12 million in stockholders' deficiency.

Meyler & Company, LLC, in Middletown, New Jersey, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
continues to have negative cash flows from operations, recurring
losses from operations, and a stockholders' deficiency.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/ANENy2

                     About Coates International

Based in Wall Township, N.J., Coates International, Ltd.
(OTC BB: COTE) -- http://www.coatesengine.com/-- was incorporated
on August 31, 1988, for the purpose of researching, patenting and
manufacturing technology associated with a spherical rotary valve
system for internal combustion engines.  This technology was
developed over a period of 15 years by Mr. George J. Coates, who
is the President and Chairman of the Board of the Company.

The Coates Spherical Rotary Valve System (CSRV) represents a
revolutionary departure from the conventional poppet valve.  It
changes the means of delivering the air and fuel mixture to the
firing chamber of an internal combustion engine and of expelling
the exhaust produced when the mixture ignites.


CONNECTOR 2000: Court Confirms Chapter 9 Payment Plan
-----------------------------------------------------
Bankruptcy Judge David R. Duncan issued an order on April 1
confirming Connector 2000 Association, Inc.'s First Amended Plan
for Adjustment of Debts Pursuant to Chapter 9 of the Bankruptcy
Code.  Judge Duncan held that the Debtor's Plan has satisfied the
confirmation requirements of the Bankruptcy Code.

As reported in the Troubled Company Reporter on Jan. 24, 2011, the
approval of the disclosure statement explaining the Plan was made
possible by a settlement with the South Carolina Department of
Transportation.  In July, the SCDOT sought dismissal of the
Chapter 9 case because Connector 2000 is not a "municipality".
The settlement avoided holding trial on eligibility for Chapter 9.

The Plan deals with $224 million in senior bonds, $88 million in
subordinated bonds, and $20 million in other liabilities.  The
Plan calls for giving the senior bondholders about $146 million in
Tier 1 and Tier 2 bonds.  The new bonds will mature between 2011
and 2051.  Subordinated debt holders, if they vote for the plan,
would receive $2.2 million in Tier 3 bonds.  The revised
Disclosure Statement says that the Tier 1 bonds will consume 71.5%
of projected net revenue while the second-tier bonds take up 16.5%
of net revenue.  A copy of the Disclosure Statement is available
for free at http://bankrupt.com/misc/Connector2000_DS.pdf

The Plan provides for the settlement of a Class 6 claim filed by
Lehman Brothers Inc.  Under the Plan, Lehman will be allowed an
$800,000 claim.

Thomas Stoeckmann sent a letter to the Bankruptcy Court objecting
to confirmation.  Judge Duncan, however, overruled the objection.

A copy of the Court's April 1, 2011 Confirmation Order is
available at http://is.gd/ra1YDPfrom Leagle.com.

                      About Connector 2000

Piedmont, South Carolina-based Connector 2000 Association Inc., is
a non-profit association set up by the South Carolina Department
of Transportation to finance, construct and operate the 16-mile
toll road known as the "Southern Connector" in Greenville County,
and to build the South Carolina Highway 153 Extension.

Connector 2000 filed for bankruptcy protection under Chapter 9
Chapter 9 of the Bankruptcy Code (Bankr. D. S.C. Case No. 10-
04467) on June 24, 2010, estimating both assets and debts to be
between $100 million and $500 million. Judge David R. Duncan
presides over the case.  Stanley H. McGuffin, Esq., at Haynsworth
Sinkler Boyd P.A., serves as bankruptcy counsel.


CONSPIRACY ENTERTAINMENT: Delays Filing of 2010 Annual Report
-------------------------------------------------------------
Conspiracy Entertainment Holdings, Inc., informed the U.S.
Securities and Exchange Commission that the compilation,
dissemination and review of the information required to be
presented in the Form 10-K for the period ended Dec. 31, 2010, has
imposed time constraints that have rendered timely filing of the
Form 10-K impracticable without undue hardship and expense.  The
Company said it undertakes the responsibility to file such report
no later than fifteen days after its original prescribed due date.

                  About Conspiracy Entertainment

Conspiracy Entertainment Holdings, Inc. (OTC BB: CPYE), through
its wholly owned subsidiary, Conspiracy Entertainment Corporation,
is a developer, publisher and marketer of entertainment software
in North America and Western Europe.  Conspiracy Entertainment was
founded in 1997 and is based in Santa Monica, California.

The Company's balance sheet at Sept. 30, 2010, showed $5,256,462
in assets, $10,216,852 in liabilities and a $4,960,390
stockholders' deficit.

Conspiracy Entertainment reported a net loss of $979,968 for 2009
from net income of $265,603,000 for 2008.  Net sales were
$9,600,592 for 2009 from $10,905,490 for 2008



CONTECH CONSTRUCTION: Debt Trades at 13% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Contech
Construction Products, Inc., is a borrower traded in the secondary
market at 87.40 cents-on-the-dollar during the week ended Friday,
April 1, 2011, an increase of 0.40 percentage points from the
previous week according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  The Company pays 200 basis
points above LIBOR to borrow under the facility.  The bank loan
matures on Jan. 31, 2013, and carries Moody's 'Caa1' rating and
Standard & Poor's 'B' rating.  The loan is one of the biggest
gainers and losers among 192 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

                     About Contech Construction

Headquartered in West Chester, Ohio, Contech Construction
Products, Inc. -- http://www.contech-cpi.com/-- makes,
distributes, and installs civil engineering products related to
environmental storm water, drainage, bridges, walls, and earth
stabilization.  Contech has dealers, distributors, or
manufacturing plants in all 50 U.S. states and a national sales
organization of more than 350 people.  Investment firm Apax
Partners owns Contech.

                           *     *     *

As reported by the Troubled Company Reporter on Dec. 6, 2010,
Moody's Investors Service confirmed Contech Construction's 'Caa1'
Corporate Family Rating.  In a related rating action Moody's
changed Contech's Probability of Default Rating to 'Caa2/LD' since
it converted approximately $240 million of debt to equity.
Moody's will remove the PDR's LD modifier after three business
days.  Moody's also lowered the ratings of the senior secured bank
credit facility to 'Caa1' from 'B3'.  The rating outlook is
stable.

The 'Caa1' Corporate Family Rating reflects ongoing pressures in
the North American construction industry, the driver of Contech's
revenues, combined with the company's credit metrics even after
completing a debt-to-equity conversion.

The TCR, on Nov. 4, 2010, reported that Standard & Poor's Ratings
Services lowered its corporate credit rating on Ohio-based Contech
Construction Products, Inc., to 'SD' from 'CC'.  S&P removed the
rating from CreditWatch, where it was placed with negative
implications on June 18, 2010.  This rating action is determined
by S&P's criteria for distressed debt exchanges, not due to
unexpected business developments.  At the same time, S&P revised
its CreditWatch implications on Contech's outstanding senior
secured debt to positive from negative.

"These rating actions follow the completion of Contech's financial
restructuring with its debt and equity holders, which reduces the
company's outstanding debt by approximately $240 million," said
Standard & Poor's credit analyst Thomas Nadramia.


CUMBEE RD: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Cumbee Rd Partners, LLC
        6263 Ingleside Drive
        Wilmington, NC 28409

Bankruptcy Case No.: 11-02084

Chapter 11 Petition Date: March 17, 2011

Court: United States Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: Stephani W. Humrickhouse

Debtor's Counsel: George M. Oliver, Esq.
                  OLIVER & FRIESEN, PLLC
                  P.O. Box 1548
                  New Bern, NC 28563
                  Tel: (252) 633-1930
                  Fax: (252) 633-1950
                  E-mail: efile@oliverandfriesen.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nceb11-02084.pdf

The petition was signed by Adam Lisk, member manager.

Debtor-affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Carol Lynn Properties, LLC             10-01781   03/05/10
Old Mill Forestry, LLC                 10-09782   11/29/10


D & G CONTRACTORS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: D & G Contractors, Inc.
        143 Division Drive
        Leland, NC 28451

Bankruptcy Case No.: 11-02061

Chapter 11 Petition Date: March 17, 2011

Court: United States Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: J. Rich Leonard

Debtor's Counsel: Algernon L. Butler, III, Esq.
                  BUTLER & BUTLER, L.L.P.
                  P.O. BOX 38
                  Wilmington, NC 28402
                  Tel: (910) 762-1908
                  Fax: (910) 762-9441
                  E-mail: albutleriii@butlerbutler.com

Scheduled Assets: $558,896

Scheduled Debts: $2,055,894

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nceb11-02061.pdf

The petition was signed by Gene A. Robbins, president.


DEX MEDIA EAST: Bank Debt Trades at 22% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Dex Media East LLC
is a borrower traded in the secondary market at 77.95 cents-on-
the-dollar during the week ended Friday, April 1, 2011, an
increase of 1.52 percentage points from the previous week
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  The Company pays 250 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
Oct. 24, 2014.  The loan is one of the biggest gainers and losers
among 192 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

                       About Dex Media East

Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun &
Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/--
publishes and distributes print and online directories in the U.S.
It offers print directory advertising products, such as yellow
pages and white pages directories.  R.H. Donnelley Inc., Dex
Media, Inc., and Local Launch, Inc., are the company's only direct
wholly owned subsidiaries.

Dex Media East, LLC, is a publisher of the official yellow pages
and white pages directories for Qwest Communications International
Inc. (Qwest) in the states, where Qwest is the primary incumbent
local exchange carrier, such as Colorado, Iowa, Minnesota,
Nebraska, New Mexico, North Dakota and South Dakota.

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

The Debtors emerged from Chapter 11 bankruptcy proceedings at the
end of January 2010.


DEX MEDIA WEST: Bank Debt Trades at 11% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Dex Media West LLC
is a borrower traded in the secondary market at 88.60 cents-on-
the-dollar during the week ended Friday, April 1, 2011, an
increase of 1.35 percentage points from the previous week
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  The Company pays 450 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
Oct. 24, 2014.  The loan is one of the biggest gainers and losers
among 192 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

                        About Dex Media West

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

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

The Debtors emerged from Chapter 11 bankruptcy proceedings at the
end of January 2010.


DIAGNOSTIC VENTURES: Clifford Chance Dropped from Investor Action
-----------------------------------------------------------------
Bankruptcy Law360 reports that the Third Circuit upheld a class
certification ruling on Tuesday that snips Clifford Chance LLP
from a group of defendants that investors claim were implicated in
an alleged fraud that led to the 2003 bankruptcy of Diagnostic
Ventures Inc.

Diagnostic Ventures, Inc., was a healthcare finance company that
extended loans to medical providers to facilitate the purchase of
diagnostic medical equipment and leasehold improvements, and
offered lines of credit for working capital secured by healthcare
receivables.  Founded in 1986, DVI was a publicly traded company
with reported assets of $1.7 billion in 2003.  Its common stock
began trading on the New York Stock Exchange in 1992. It issued
two tranches of 9 7/8% senior notes: the first, issued in 1997,
totaled $100 million; the second, issued in 1998, totaled $55
million.

On Aug. 13, 2003, DVI announced it would file for
Chapter 11 bankruptcy protection resulting from the public
disclosure of alleged misrepresentations or omissions as to the
amount and nature of collateral pledged to lenders.  In the
ensuing years, its common stock and 1997 Notes were de-listed
from the NYSE, the Securities and Exchange Commission and
Department of Justice undertook investigations, its former Chief
Financial Officer, Steven Garfinkel, pleaded guilty to fraud, the
bankruptcy trustee and multiple lenders filed lawsuits, and the
company dissolved.


DIGITAL POST: Case Summary & 13 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Digital Post Inc.
        4040 Barranca Pkwy
        Irvine, CA 92604

Bankruptcy Case No.: 11-14460

Chapter 11 Petition Date: March 30, 2011

Court: United States Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Theodor Albert

Debtor's Counsel: Babak Samini, Esq.
                  ASG LAW FIRM LLP
                  17900 Von Karman Ave Suite 150
                  Irvine, CA 92614
                  Tel: (949) 724-0900
                  Fax: (949) 724-0901
                  E-mail: bsamini@alsalaw.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 13 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/cacb11-14460.pdf

The petition was signed by Michael Sawtell, president.


DOT VN: Online Traffic Across INFO.VN Web Properties Increases
--------------------------------------------------------------
Dot VN, Inc., announced that it is experiencing substantial
increases in the online traffic across its INFO.VN web properties.
To date, the combined traffic from all of the INFO.VN portals is
averaging over 298,000 pageviews per day and serves over 202,000
absolute unique visitors worldwide per day.

Designed to be the ultimate Internet portal that aggregates and
organizes everything the Vietnamese Internet has to offer, INFO.VN
is now ranked as the 216th most popular site in Vietnam, according
to Alexa.com, an Internet tracking firm with an unparalleled
database of information about site statistics.  Based on its
current progress Dot VN expects to exceed 9,000,000 pageviews per
month and 6,100,000 absolute unique visitors per month by the end
of June.  Dot VN has begun monetizing INFO.VN and will begin
offering banner ad sales as of the 1st of April.

"I am very pleased with the strong response and robust growth of
our INFO.VN platform, especially in the area of pageviews which is
a key determinant for online advertising revenue.  We are on track
to break 9,000,000 monthly pageviews in the coming months and we
expect this number to grow as our new services such as the online
classified ads and job placement service launch," said Dot VN CEO
Thomas Johnson.

INFO.VN is built for individual and business users both in Vietnam
and around the world as a main hub for news, entertainment and
information available in one central and easy to navigate Web
site.  The Web site is available in both Vietnamese --
http://www.info.vn-- and English http://en.www.info.vn/,making
access easier for non-Vietnamese speaking users and offers a
variety of services including a business directory and forthcoming
classified ad and job placement service.

                           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.

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.

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.


DOWNEY REGIONAL: City Rejects $1.5-Mil. Offer for Hospital Land
---------------------------------------------------------------
Eric Pierce at the Downey Patriot reports that Downey Regional
Medical Center, in an effort to obtain collateral that could help
it emerge from Chapter 11 bankruptcy, recently made two offers to
purchase the city of Downey-owned land the hospital is located on
but were quickly rebuffed.

According to the report, the hospital offered $1.5 million for the
eight acres last fall, and a revised offer last month in which a
court-appointed appraiser would determine the land's fair market
value, city attorney Yvette Abich Garcia said.  Both offers were
rejected.

Mayor Luis Marquez said the initial offer of $1.5 million fell
well short of the land's appraised value of $10 million, and added
that a sale would require approval by Downey voters.

                      About Downey Regional

Downey Regional Medical Center is a 90-year-old, 199-bed, not-for-
profit regional hospital and medical center in Southeast Los
Angeles County.  Regional Medical sought Chapter 11 protection
(Bankr. C.D. Calif. Case No. 09-34714) on Sept. 14, 2009.  Lisa
Hill Fenning, Esq., at Arnold & Porter LLP in Los Angeles,
represents the Debtor in its restructuring effort.  In its
petition, the Debtor estimated assets and debts between $10
million and $50 million.


ECOVENTURE WIGGINS: Ironshore Unit Acquires Pelican Isle Property
-----------------------------------------------------------------
Laura Layden at NaplesNews.com reports that an affiliate of
Ironshore Capital LLC has purchased the residential tower and its
marina at Pelican Isle in North Naples.  It was an all-cash deal,
but the purchase price wasn't disclosed.  The property was sold by
a group of financial institutions led by Regions Bank.

According to the report, the project ended up in the hands of its
lenders after the project's developer, EcoVenture Wiggins Pass
Ltd., filed for Chapter 11 bankruptcy.

                      About Ecoventure Wiggins

Ecoventure Wiggins Pass Ltd. owned a luxury condominium project in
Naples, Florida, known as the Aqua at Pelican Isle Yacht Club.

The Company and two of its affiliates, Aqua at Pelican Isle Yacht
Club Marina Inc. and Pelican Isle Yacht Club Partners, Ltd., filed
for Chapter 11 protection (Bankr. M.D. Fla. Case No. 08-09197) on
June 24, 2008.  Harley E. Riedel, Esq., and Stephen R. Leslie,
Esq., at Stichter, Riedel, Blain & Prosser, represent the Debtors
in their restructuring efforts.  The Company disclosed assets of
$134,000,000 and debts of $101,000,000 as of the Chapter 11
filing.


EL AMAL: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------
El Amal President Mahammad Yassin said that the Company has filed
for Chapter 11 bankruptcy, El Nuevo Dia reports.  El Nuevo relates
that Mr. Yassin blamed the Company's collapse on Puerto Rico's
economic situation and banking crisis.

According to the Bloomberg Terminal, the Company, under Saleh
Yassin, Mahammad Yassin's father, filed for Chapter 11 bankruptcy
protection in March 2009.

El Amal is a 22-store pharmacy chain in Puerto Rico.


EMISPHERE TECHNOLOGIES: Errors Found in 2009 and 2010 Financials
----------------------------------------------------------------
Management of Emisphere Technologies, Inc., after consulting with
the Audit Committee of the Board of Directors and with McGladrey
and Pullen, LLP, its independent registered public accounting
firm, concluded that the Company's previously issued financial
statements included in its quarterly interim period reports
previously reported on Forms 10-Q for the periods ended March 31,
June 30, and Sept. 30, 2009 and 2010, and its annual report on
Form 10-K for the period ended Dec. 31, 2009, should no longer be
relied upon due to errors in the application of accounting
guidance regarding the determination of whether a financial
instrument is indexed to its own stock.  At the time these
financial statements were originally issued, the Company had
reviewed its accounting for the adoption of Financial Accounting
Standards Board Accounting Codification Topic 815-40-15-5,
"Evaluating Whether an Instrument Is Considered Indexed to an
Entity's Own Stock" and concluded it was in accordance with GAAP.
The Company's adoption of the Guidance was not straightforward
because GAAP specifies the application of a level interest method
to amortize interest and debt discounts in accordance with FASB
835-30-35-2, "The Interest Method".  In adopting the guidance, the
Company estimated the fair value of the bifurcated conversion
feature embedded in the Company's 11% senior secured convertible
notes in favor of MHR Institutional Partners IIA due Sept. 26,
2012 as a derivative liability and developed an amortization
schedule to recognize non-cash interest expense and debt discounts
over time.  In accordance with the guidance, the Company deducted
the incremental value of the conversion feature from the book
value of the instrument at its inception.  Because the fair value
of the conversion feature was in excess of the book value of the
instrument, the Company believed it could not apply a level rate
method to determine the amortization schedule because the
resulting book value would have been $0 and because it is
mathematically impossible to apply a level interest rate to
amortize from a $0 balance.  Therefore, the Company developed an
amortization schedule that it believed was consistent with the
adoption of the new accounting guidance and was still
representative of the economic substance of the financial
instrument.  This accounting treatment was reflected in the
Company's financial statements during the Financial Statement
Periods.

McGladrey audited the Company's financial statements for 2009.
The Company's Audit Committee and Management discussed the results
of the audit including a review of financial statements for 2009
with McGladrey.

On March 24, 2011, McGladrey notified the Company that the
amortization schedule was not in accordance with the level rate
method required by GAAP and that it should be recalculated
accordingly.  McGladrey further notified the Company that as a
result of this error, the financial statements did not reflect the
proper amortization of non-cash interest expense and debt
discounts in connection with the bifurcated conversion feature
embedded in the MHR Convertible Notes as a derivative liability.
McGladrey further notified the Company that it should make
disclosures and take appropriate actions to prevent future
reliance on the financial statements disclosed in the Financial
Statement Periods.

After discussions between Management, the Audit Committee and
McGladrey, the Company reevaluated its accounting for the adoption
of the Guidance and for its assessment of the debt modification
entered into during June 2010 and determined that its original
accounting was incorrect.  Consequently, the Company determined to
restate its financial statements for the Financial Statement
Periods.  The Company used the level rate method in accordance
with FASB 835-30-35-2 to revise its amortization schedule in
accordance with GAAP.  The Company assigned a beginning balance
nominally close to $0 to develop this amortization schedule.  The
restatements of financial statements previously reported on Forms
10-Q for the periods ended March 31, June 30, and Sept. 30, 2009
and 2010, and on Form 10-K for the period ended Dec. 31, 2009 will
reflect adjustments primarily to correct for the revised
amortization schedule and resulting overstatement of non-cash
interest charges and the recorded value of notes payable, which
included the effects of the accretion of debt discount resulting
from the valuation of the embedded derivative associated with the
MHR Convertible Note.  Additionally, after correcting the
misapplication of guidance for determining whether a financial
instrument is indexed to its own stock, the Company reevaluated
its accounting for debt modification in connection with the Master
Agreement and Amendment by and between the Company and Novartis
Pharma AG dated June 4, 2010 and the letter agreement entered into
with MHR in connection therewith and concluded that modifications
to the MHR Convertible Notes should have been accounted for as
extinguishment of debt in accordance with FASB ASC 470-50,
"Modifications and Extinguishments," which resulted in a $17.0
million non-cash adjustment to recognize the loss on
extinguishment of debt.

The Company emphasizes that all reclassifications and related
charges to correct the misapplication of the relevant accounting
pronouncement and subsequent debt modification adjustment have no
impact on the Company's operating income, its cash position, its
cash flows or its future cash requirements.

                  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.


EMMIS COMMUNICATIONS: Extends Maturity of Tranche B Loans to 2014
-----------------------------------------------------------------
Emmis Communications Corporation announced that it has entered
into an amendment to its credit agreement after receiving the
requisite consent of its lenders.

Jeff Smulyan, chairman and CEO of Emmis, said in the March 29,
2011 statement, "Today's announcement provides Emmis with a
significant opportunity to address our capital structure and gives
us the flexibility we need going forward as our business continues
to grow and gain momentum."

Among other things, the amendment, provides that (i) the terms of
the existing Tranche B Term Loans held or purchased on or prior to
the date of the amendment by funds or accounts managed by Canyon
Capital Advisors LLC are amended into an amended tranche of term
loans with an extended maturity date of November, 2014 and pricing
on such amended term loans is increased pursuant to a grid under
which 7.5% to 12.25% per annum is to be paid in cash and 7.0% to
0.0% per annum is to be paid in kind, subject to a minimum yield
of 12.25% per annum, (ii) the leverage ratio and fixed charge
covenants will not apply under the credit agreement until Nov. 30,
2012, at which time they will be set at 5.0x and 1.15x for the
life of the credit agreement and from Nov. 30, 2011 through
Aug. 31, 2012 there will be a minimum EBITDA test of $25 million
per rolling 4 quarter test period, (iii) the requirement that
annual audits be certified without qualification will be waived
for the fiscal years ending February 2011 and 2012 and (iv) the
ability of Emmis to engage in certain activities or transactions,
including the payment of dividends, the incurrence of indebtedness
and the ability to invest certain proceeds including from asset
sales will be further restricted or prohibited.  The total amount
of Tranche B Term Loans outstanding as of March 29, 2011 is $329
million, and the amount of such term loans that Canyon is amending
into extended term loans is approximately $182.9 million.

Prior to the entry into the  credit agreement amendment, Emmis
entered into a backstop letter agreement with Canyon, pursuant to
which Canyon agreed to consent to the amendment to Emmis' credit
agreement and to purchase loans necessary to provide the required
lender consent to the amendment.  In consideration of Canyon's
entering into backstop letter agreement, Canyon will receive an
exit fee of 6% (or 3% during the first 6 months after the
amendment becomes effective) on all existing Tranche B Term Loans
and revolving credit commitments held or purchased on or prior to
the date of the amendment by funds or accounts managed by Canyon.

The full terms of the applicable agreements will be filed with the
U.S. Securities and Exchange Commission.

                            About Emmis

Headquartered in Indianapolis, Indiana, Emmis Communications
Corporation -- http://www.emmis.com/-- owns and operates 22 radio
stations serving New York, Los Angeles, Chicago, St. Louis,
Austin, Indianapolis, and Terre Haute, as well as national radio
networks in Slovakia and Bulgaria.  The company also publishes six
regional and two specialty magazines.

As of Nov. 30, 2010, the Company's balance sheet showed
$499.9 million in total assets, $487.4 million in total
liabilities, $140.5 million in Series A cumulative convertible
preferred stock, a $177.8 million shareholders' deficit, and non-
controlling interests of $49.4 million.

                           *     *     *

In November 2010, Moody's Investors Service affirmed the 'Caa2'
Corporate Family Rating and 'Caa3' Probability of Default rating
for Emmis Communications Corporation, as well as its SGL-4
speculative grade liquidity rating.  Operating performance
improved with the economic recovery, but absent debt reduction
with proceeds from an asset sale or equity infusion Emmis will
likely breach its leverage covenant when the covenant suspension
period ends for the quarter ending November 30, 2011, in Moody's
opinion.

Emmis' CFR and PDR incorporate expectations for a covenant breach
in November 2011.  Moody's considers the Company's capital
structure unsustainable, and its operations in the cyclical
advertising business magnify this challenge.  Furthermore, Emmis
relies on two markets, Los Angeles and New York, for approximately
50% of its revenue, although its ownership of stations in top
markets including Chicago as well as NY and LA, support the
rating.

The negative outlook incorporates Moody's expectations that Emmis
will not comply with its maximum leverage covenant when effective
for the quarter ending November 30, 2011.


EPICEPT CORP: To Raise $4.6 Million in Registered Direct Offering
-----------------------------------------------------------------
EpiCept Corporation has entered into a definitive agreement with
an institutional investor for the purchase of approximately
7.1 million shares of its common stock at $0.65 per share, and
five and one half year warrants to purchase up to approximately
5.3 million shares of common stock at an exercise price of $0.72
per share that are not exercisable for six months following the
closing date of the offering.  EpiCept will receive approximately
$4.3 million in net proceeds from the offering.  The offering is
expected to close on or about March 31, 2011, subject to customary
closing conditions.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital
Group, Inc., acted as the exclusive placement agent for the
offering.

Net proceeds from the offering will be used to meet working
capital needs and for general corporate purposes.  The Company is
continuing its efforts to execute its previously announced
financing plan.

                     About EpiCept Corporation

Tarrytown, N.Y.-based EpiCept Corporation (Nasdaq and Nasdaq OMX
Stockholm Exchange: EPCT) -- http://www.epicept.com/-- is focused
on the development and commercialization of pharmaceutical
products for the treatment of cancer and pain.  The Company's lead
product is Ceplene(R), approved in the European Union for the
remission maintenance and prevention of relapse in adult patients
with Acute Myeloid Leukemia (AML) in first remission.  In the
United States, a pivotal trial is scheduled to commence in 2011.
The Company has two other oncology drug candidates currently in
clinical development that were discovered using in-house
technology and have been shown to act as vascular disruption
agents in a variety of solid tumors.  The Company's pain portfolio
includes EpiCept(TM) NP-1, a prescription topical analgesic cream
in late-stage clinical development designed to provide effective
long-term relief of pain associated with peripheral neuropathies.

                           *     *     *

As reported in the Troubled Company Reporter on March 18, 2010,
Deloitte & Touche LLP in Parsippany, New Jersey, expressed
substantial doubt against EpiCept's ability continue as a going
concern, following the Company's results for 2009.  The
independent auditors noted that the Company has recurring losses
from operations and a stockholders' deficit of $9.1 million at
Dec. 31, 2009.

The Company reported a net loss of $15.54 million on $994,000
for the year ended Dec. 31, 2010, compared with a net loss of
$38.81 million on $414,000 of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $4.69 million
in total assets, $3.38 million in accounts payable and other
accrued liabilities, $13.82 million in deferred revenue, $972,000
in notes and loans payable and a $14.13 million stockholders'
deficit.


EVERGREEN ENERGY: Sells Landrica to Green Bridge for $7.2 Million
-----------------------------------------------------------------
Evergreen Energy Inc. announced that on March 29, 2011, it closed
the sale of the assets of its subsidiary, Landrica Development
Company, including the Fort Union plant and associated property
located near Gillette, Wyoming, to Green Bridge Holdings, Inc., a
subsidiary of Synthetic Fuels LLC.  Concurrent with the sale,
Evergreen and Green Bridge Holdings entered into a lease agreement
to provide access to and use of the K-Fuel testing facility and
certain equipment located on the Fort Union site for a period of
five years at nominal cost to the company.

The sale is expected to provide an aggregate of approximately $7.2
million of available cash to the company, comprised of: (i) cash
payments of $2.0 million, of which $500,000 was paid at closing,
$500,000 is to be paid on the first anniversary of closing and the
remaining $1.0 million on the second anniversary of closing; and
(ii) the payment for the transfer of the $5.2 million of
reclamation bonds pertaining to the sold property, which will be
paid  pursuant to a note secured by a mortgage on the property and
payable on or before the one year anniversary of the closing.
Upon closing, Green Bridge Holdings assumed the environmental
liabilities of the site.  Proceeds from the sale will be used for
general working capital purposes.

                       About Evergreen Energy

Evergreen Energy Inc. has developed two, proprietary, patented,
and green technologies: the GreenCert(TM) suite of software and
services and K-Fuel(R).  GreenCert, which is owned exclusively by
Evergreen, is a science-based, scalable family of environmental
intelligence solutions that quantify process efficiency and
greenhouse gas emissions from energy, industrial and agricultural
sources and may be used to create verifiable emission reduction
credits.  K-Fuel technology significantly improves the performance
of low-rank coals, yielding higher efficiency and lowering
emissions.

The Company reported a net loss of $21.02 million on $403,000 of
total operating revenue for the year ended Dec. 31, 2010, compared
with a net loss of $58.53 million on $423,000 of total operating
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $29.56 million
in total assets, $43.05 million in total liabilities and a
$13.49 million stockholders' deficit.

Hein & Associates LLP, in Denver, Colo., expressed substantial
doubt about Evergreen Energy's ability to continue as a going
concern.  The independent auditors noted that the Company has
suffered recurring losses from operations and has had recurring
cash used in operations.


FIRST MARINER: Recurring Losses Cue Going Concern Doubt
-------------------------------------------------------
First Mariner Bancorp filed on March 31, 2010, its annual report
on Form 10-K for the fiscal year ended Dec. 31, 2010.

Stegman & Company, in Baltimore, expressed substantial doubt about
First Mariner Bancorp's ability to continue as a going concern.
The independent auditors noted that the Company has suffered
recurring losses and has a limited capital base.

For year ended Dec. 31, 2010, the Company reported a net loss of
$46.6 million, compared with a net loss of $22.3 million for 2009.

Total revenue was $58.0 million for 2010 which was a 4.8% increase
over the 2009 period's figure of $55.4 million.  For the twelve
months ended Dec. 31, 2010, net interest income was $29.8 million,
compared to $27.1 million for 2009.  Non-interest income was
$28.2 million for 2010, compared to $28.3 million for 2009.

Net interest income increased 10.1% in 2010 compared to 2009,
primarily due to lower rates paid on average interest-bearing
liabilities.  Noninterest income decreased $79,000 or 0.3%.

At Dec. 31, 2010, the Company's balance sheet showed
$1.310 billion in total assets, $1.306 billion in total
liabilities, and stockholders' equity of $3.7 million.

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

                       http://is.gd/ALauQn

Headquartered in Baltimore, Maryland, First Mariner Bancorp
-- http://www.1stmarinerbancorp.com/-- is a bank holding company
whose business is conducted primarily through its wholly owned
operating subsidiary, First Mariner Bank, which is engaged in the
general general commercial banking business.  First Mariner was
established in 1995 and has total assets in excess of $1.3 billion
as of Dec. 31, 2010.


FIRST DATA: Seeks to Amend Senior Secured Credit Facilities
-----------------------------------------------------------
First Data Corporation intends to seek amendments to its senior
secured credit facilities to, among other things:

   (i) extend the maturity of all or a portion of the revolving
       credit commitments and revolving credit loans under the
       Company's senior secured revolving credit facility to the
       earliest of: (x) June 24, 2015, if on that date the
       aggregate outstanding principal amount of the Company's
       9.875% Senior Notes due 2015 and 10.55% Senior PIK Notes
       due 2015 exceeds $750.0 million, (y) Dec. 31, 2015, if on
       that date the aggregate outstanding principal amount of the
       Company's 11.25% Senior Subordinated Notes due 2016 exceeds
       $750.0 million and (z) Sept. 24, 2016 (or, in each case
       above, if such date is not a business day, the next
       preceding business day);

  (ii) convert an amount expected to be not less than
       approximately $3,000 million (which amount may be increased
       prior to the effectiveness of the amendment at the
       Company's discretion) of the existing term loans under the
       Company's senior secured term loan facility into new
       dollar- and euro-denominated extended tranches of term
       loans, each of which will mature on March 24, 2018;

(iii) allow the Company to permanently reduce the revolving
       credit commitments subject to the Revolver Extension while
       maintaining the revolving credit commitments not subject to
       the Revolver Extension in their original amount;

  (iv) increase the interest rate applicable to the revolving
       credit loans subject to the Revolver Extension and term
       loans subject to the Term Loan Extension to a rate equal
       to, at the Company's option, either (x) LIBOR for deposits
       in the applicable currency plus 375 basis points or (y)
       with regard to dollar denominated borrowings, a base rate
       plus 275 basis points; and

   (v) increase the commitment fee payable on the undrawn portion
       of the revolving credit commitments subject to the Revolver
       Extension to 75 basis points.

The effectiveness of the amendments is subject to certain
conditions, including, among other things, (x) the Company's
obtaining consent of (A) each lender under the senior secured
credit facilities holding loans or revolving credit commitments
that are to be subject to the Revolver Extension or the Term Loan
Extension, as applicable and (B) the lenders holding a majority of
the commitments and loans outstanding under the senior secured
credit facilities, (y) at least $50 million of revolving credit
commitments and revolving credit loans and an amount expected to
be approximately $3,000 million of term loans becoming subject to
the Revolver Extension and the Term Loan Extension, respectively
and (z) within 90 days of the date of executing the amendment
agreement, the Company having issued senior secured notes yielding
gross cash proceeds in an amount expected to be not less than
approximately $750 million, the net cash proceeds of which will
have been used to repay term loans under the Company's senior
secured term loan facility.

Immediately after the effectiveness of those amendments the
Company intends to effect a permanent reduction of the revolving
credit commitments that are subject to the Revolver Extension in
an amount equal to at least 20%.

The Company expects that these amendments will provide it with
more flexibility to address its debt maturities and that the
amendments are an important step in enhancing its financial
flexibility and continued access to long-term funding.

Although the Company believes that its plans, intentions and
expectations reflected in or suggested by these forward-looking
statements are reasonable, the Company cannot assure that the
Company will achieve or realize these plans, intentions or
expectations.

                         About First Data

Based in Atlanta, Georgia, First Data Corporation, with over
$10 billion of revenue for the 12 months ended June 30, 2010,
provides commerce and payment solutions for financial
institutions, merchants, and other organizations worldwide.

The Company reported a net loss $846.90 million on $10.38 billion
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $1.01 billion on $9.31 billion of revenue during the prior
year.

The Company's balance sheet at Dec. 31, 2010, showed
$37.54 billion in total assets, $33.45 billion in total
liabilities and $4.05 billion in total equity.

                            *    *    *

The Company's carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.

Standard & Poor's Ratings Services in December 2010 assigned its
'B-' issue rating with a '5' recovery rating to First Data Corp.'s
(B/Stable/--) $2 billion of 8.25% second-lien cash-pay notes due
2021, $1 billion $8.75% second-lien pay-in-kind-toggle notes due
2022, and $3 billion 12.625% unsecured cash-pay notes due 2021.
The '5' recovery rating indicates lenders can expect modest (10%-
30%) recovery in the event of payment default.  Under S&P's
default analysis, there is insufficient collateral to fully cover
First Data's first-lien debt.  As a result, the remaining value of
the company (generated by non-U.S. assets and not pledged) would
be shared pari passu among the uncovered portion of first-lien
debt, new second-lien debt, and new and existing unsecured debt.


FIRST DATA: Plans to Offer $750 Million Senior Secured Notes
------------------------------------------------------------
First Data Corporation announced that it intends to offer $750
million aggregate principal amount of senior secured notes due
2019.  In accordance with the terms of its senior secured credit
facilities, First Data will use the net proceeds from the
offering, and cash on hand, to repay a portion of its outstanding
senior secured term loans.

The Notes have not been registered under the Securities Act of
1933, as amended, and, unless so registered, may not be offered or
sold in the United States absent registration or an applicable
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and other
applicable securities laws.

                         About First Data

Based in Atlanta, Georgia, First Data Corporation, with over
$10 billion of revenue for the 12 months ended June 30, 2010,
provides commerce and payment solutions for financial
institutions, merchants, and other organizations worldwide.

The Company reported a net loss $846.90 million on $10.38 billion
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $1.01 billion on $9.31 billion of revenue during the prior
year.

The Company's balance sheet at Dec. 31, 2010, showed
$37.54 billion in total assets, $33.45 billion in total
liabilities and $4.05 billion in total equity.

                            *    *    *

The Company's carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.

Standard & Poor's Ratings Services in December 2010 assigned its
'B-' issue rating with a '5' recovery rating to First Data Corp.'s
(B/Stable/--) $2 billion of 8.25% second-lien cash-pay notes due
2021, $1 billion $8.75% second-lien pay-in-kind-toggle notes due
2022, and $3 billion 12.625% unsecured cash-pay notes due 2021.
The '5' recovery rating indicates lenders can expect modest (10%-
30%) recovery in the event of payment default.  Under S&P's
default analysis, there is insufficient collateral to fully cover
First Data's first-lien debt.  As a result, the remaining value of
the company (generated by non-U.S. assets and not pledged) would
be shared pari passu among the uncovered portion of first-lien
debt, new second-lien debt, and new and existing unsecured debt.


FRANKLIN CREDIT: Incurs $55.27 Million Net Loss in 2010
-------------------------------------------------------
Franklin Credit Holding Corporation filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting a
net loss of $55.27 million on $41.74 million of total revenue for
the year ended Dec. 31, 2010, compared with a net loss of $357.82
million on $244.75 million of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $518.31
million in total assets, $1.37 billion in total liabilities and
$852.87 million in total stockholders' deficit.

Marcum LLP, in New York, noted that the Company's recurring losses
from operations and stockholders' deficit raise substantial doubt
about its ability to continue as a going concern.

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

                       http://is.gd/C81fKL

                   About Franklin Credit Holding

Franklin Credit Holding Corporation (OTC BB: FCMC)
-- http://www.franklincredit.com/-- is a specialty consumer
finance company primarily engaged in the servicing and resolution
of performing, reperforming and nonperforming residential mortgage
loans, including specialized loan recovery servicing, and in the
analysis, pricing, due diligence and acquisition of residential
mortgage portfolios for third parties.  The Company's executive,
administrative and operations offices are located in Jersey City,
N.J.


G & R MANAGEMENT: Case Summary & 15 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: G & R Management, Inc.
        dba Best Western Buffalo
        dba Craigs Inn
        P.O. Box 667
        Buffalo, TX 75831

Bankruptcy Case No.: 11-31819

Chapter 11 Petition Date: March 17, 2011

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

Judge: Harlin DeWayne Hale

Debtor's Counsel: Joyce W. Lindauer, Esq.
                  8140 Walnut Hill Lane, Suite 301
                  Dallas, TX 75231
                  Tel: (972) 503-4033
                  Fax: (972) 503-4034
                  E-mail: courts@joycelindauer.com

Scheduled Assets: $801,931

Scheduled Debts: $2,925,126

A list of the Company's 15 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/txnb11-31819.pdf

The petition was signed by Kirnbir S. Grewal, president.


GAMETECH INTERNATIONAL: Incurs $288,000 Net Loss in Jan. 30 Qtr.
----------------------------------------------------------------
GameTech International, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $288,000 on $10.10 million of net revenues for the
13-week period ended Jan. 30, 2011, compared with a net loss of
$995,000 on $8.41 million of net revenues for the 13-week period
ended Jan. 31, 2010.

The Company's balance sheet at Jan. 30, 2011 showed $40.86 million
in current assets, $31.47 million in current liabilities and $9.39
million in total stockholders' equity.

A full-text copy of the latest quarterly report on Form 10-q is
available for free at http://is.gd/UrWKMv

                          About GameTech

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

The Company reported a net loss of $20.4 million on $35.2 million
of revenue for the 52 weeks ended Oct. 31, 2010, compared with a
net loss of $10.5 million on $47.8 million of revenue for the
52 weeks ended Nov. 1, 2009.

Piercy Bowler Taylor & Kern, in Las Vegas, Nevada, expressed
substantial doubt about GameTech International, Inc.'s ability to
continue as a going concern.  The independent auditors noted that
the Company has suffered reoccurring losses from operations and
has been unable to extend the maturity of its debt, or raise
additional capital necessary to execute its business plan.


GENERAL MARITIME: Incurs $216.66 Million Net Loss in 2010
---------------------------------------------------------
General Maritime Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $216.66 million on $387.16 million of voyage revenue
for the year ended Dec. 31, 2010, compared with a net loss of
$11.99 million on $350.52 million of voyage revenue during the
prior year.

The Company's balance sheet at Dec. 31, 2010, showed $1.78 billion
in total assets, $1.45 billion in total liabilities, and a
$332.04 million total shareholders' equity.

Deloitte & Touche LLP, in New York, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditor noted that the Company requires additional
financing in order to meet its debt obligations that will come due
over the next year.  In addition, the Company has current losses
from operations, a working capital deficit and the expectation
that certain of its loan covenants will not be achieved during
2011 without additional capital being raised, debt being
refinanced or covenants waived or amended.

John P. Tavlarios, president of General Maritime Corporation,
commented in a statement, "During a very challenging year for the
tanker market, General Maritime stayed focused on core principles
that have served the Company well over time, and took decisive
steps to enhance the Company's financial flexibility and
strengthen its capital structure.  Specifically, we continued to
implement our flexible deployment strategy to effectively manage
the Company's assets through the tanker economic cycles and
increased our long-term earnings potential by growing our modern
fleet.  Management also strengthened the Company's balance sheet,
culminating in the signing of an agreement with Oaktree Capital
Management for a $200 million investment and a broader plan to
refinance the Company's 2005 credit facility.  These transactions
are designed to provide shareholders and debtholders with a
comprehensive financing solution.  Further, we believe the
important initiatives we implemented during 2010 and in early 2011
have bolstered our future prospects.  Our large and diverse modern
fleet, combined with our significant contracted revenue stream,
positions General Maritime to achieve a level of stability in its
results and benefit from potential improvements in tanker rates."

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/XpHtD3

                    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 MARITIME: To Sell 23MM Common Shares at $1.89 Apiece
------------------------------------------------------------
General Maritime Corporation entered into an Underwriting
Agreement with Jefferies & Company, Inc., and Dahlman Rose &
Company, LLC, as representatives for the several underwriters
referred to in the Underwriting Agreement, pursuant to which the
Company will sell to the Underwriters an aggregate of 23,000,000
shares of common stock, par value $0.01 per share, of the Company,
for a purchase price of $1.89 per share, which reflects a price to
the public of $2.00 per share less underwriting discounts and
commissions.  The Company has granted the Underwriters the right
to purchase up to an additional 3,450,000 shares of Common Stock
at a price per share equal to the Purchase Price.  The
Underwriters have 30 days from March 31, 2011 to exercise this
option.

The shares are being sold pursuant to the Company's shelf
registration statement on Form S-3, as amended, which was declared
effective by the SEC on April 8, 2009, as supplemented by the
Company's prospectus supplement dated March 31, 2011.

The Underwriting Agreement contains customary representations,
warranties, conditions to closing, indemnification rights and
obligations of the parties.  The closing is expected to occur and
delivery of the shares is expected to be made on or about April 5,
2011.

A full-text copy of the Underwriting Agreement is available for
free at http://is.gd/e4q7kZ

                    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.

The Company's balance sheet at Dec. 31, 2010, showed $1.78 billion
in total assets, $1.45 billion in total liabilities, and a
$332.04 million total shareholders' equity.

                        Going Concern Doubt

Deloitte & Touche LLP, in New York, expressed substantial doubt
about the Company's ability to continue as a going concern after
auditing the Company's results for the year ended Dec. 31, 2010.
The independent auditor noted that the Company requires additional
financing in order to meet its debt obligations that will come due
over the next year.  In addition, the Company has current losses
from operations, a working capital deficit and the expectation
that certain of its loan covenants will not be achieved during
2011 without additional capital being raised, debt being
refinanced or covenants waived or amended.

                           *     *     *

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 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, chairman at General
Maritime Corporation, disclosed that he beneficially owns
5,607,409 shares of common stock of the Company representing 6.26%
of the shares outstanding.  The number of shares outstanding of
the Company's common stock as of March 21, 2011 was 89,593,272
shares.

                    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.

The Company's balance sheet at Dec. 31, 2010, showed $1.78 billion
in total assets, $1.45 billion in total liabilities, and a
$332.04 million total shareholders' equity.

                        Going Concern Doubt

Deloitte & Touche LLP, in New York, expressed substantial doubt
about the Company's ability to continue as a going concern after
auditing the Company's results for the year ended Dec. 31, 2010.
The independent auditor noted that the Company requires additional
financing in order to meet its debt obligations that will come due
over the next year.  In addition, the Company has current losses
from operations, a working capital deficit and the expectation
that certain of its loan covenants will not be achieved during
2011 without additional capital being raised, debt being
refinanced or covenants waived or amended.

                           *     *     *

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.


GLC LIMITED: Sues Crabtrees to Stop Liquidating Interest
--------------------------------------------------------
Ironton Tribune reports that a federal bankruptcy court judge
heard arguments on why there should be an expedited hearing on an
injunction sought against the couple who recently filed for
bankruptcy protection for their Proctorville retail business.

The report relates that GLC Limited filed an adversary complaint
against Greg and Linda Crabtree, who formed GLC Limited, the West
Virginia-based corporation as a holding company for Global
Liquidation, a Proctorville business that sold items purchased
from other retailers.

According to the adversary complaint, the Crabtrees, needing
funds, to buy inventory solicited investors for the business.
"One or more of the very first investors in GLC invested amounts
in excess of $5,400,000 in GLC at interest rates exceeding 50
percent," the complaint said.

The report relates that in 2007, $799,000 was received from
outside investors with $775,000 worth of goods purchased.  In
2008, more than $12 million was invested with $2.1 million worth
of inventory bought.  In 2009, $33 million was invested with
$5.2 million worth of inventory purchased and in 2010, $35 million
was invested with $3.6 million worth of goods bought.

The report says the complaint seeks an order stopping the
Crabtrees from liquidating or transferring their interest in the
property and assets; judgment against the Crabtrees for costs,
punitive damages and attorney fees; and a jury trial.

This is the second complaint filed in the Chapter 11 case.

                        About GLC Limited

Proctorville, Ohio-based GLC Limited is principally a liquidation
company in the wholesale/retail distribution industry.  It offers
large selections of name brand products in many categories.  It
distributes its goods through a network of wholesale distributors,
retail chains and discount and surplus centers.  It owns four
warehouses for its goods which are located in Proctorville and
Columbus, Ohio and Huntington, West Virginia.

GLC filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ohio
Case No. 11-11090) on Feb. 28, 2011.  James R. Burritt, chief
restructuring officer, signed the Chapter 11 petition. The Debtor
estimated its assets and debts at $10 million to $50 million.

Ronald E. Gold, Esq., at Frost Brown Todd LLC, serves as the
Debtor's bankruptcy counsel.  The Official Committee of Unsecured
Creditors in GLC Limited's Chapter 11 bankruptcy case has tapped
Morris, Manning & Martin, LLP, as counsel.


GLOBAL TECHNOVATIONS: Onkyo America Acquisition Was Fraudulent
--------------------------------------------------------------
District Judge Marianne O. Battani affirmed a bankruptcy court
finding that Global Technovations, Inc.'s acquisition of all of
the stock of Onkyo America, Inc., constituted a fraudulent
transfer.  Onkyo Europe Electronics GmbH, Onkyo Malaysia Sdn.
Bhd., and Onkyo Corporation took an appeal from the bankruptcy
court's judgment.

GTI purchased all of the stock of OAI in 2000 -- 16 months before
GTI filed for Chapter 11 bankruptcy -- for $13 million in cash and
$12 million in promissory notes, payable to Onkyo in 2003.  In the
adversary proceedings before the Bankruptcy Court, GTI sought to
avoid the transfer under 11 U.S.C. Sec. 544(b) and under Florida's
Uniform Fraudulent Transfer Act.  GTI also sought disallowance of
the claims filed by the Onkyo in GTI's bankruptcy case under 11
U.S.C. Sec. 502(d).  The bankruptcy court conducted a bench trial
and issued its findings of fact and conclusions of law and entered
judgment in favor of GTI for $6,100,000, plus interest and costs.
Onkyo appeals.

In its trial Opinion, the bankruptcy court finds that Onkyo
overstated OAI's trailing 12-month earnings before interest,
taxes, depreciation, and amortization -- TTM EBITDA -- by
approximately $2 million due to accounting errors and adjustments,
of which no less than $650,000 were known to OAI, but not
disclosed to GTI.  Further, OAI's TTM EBITDA was overstated by an
$839,000 earnings shortfall, and about $740,000 should have been
known before the sale.  Other findings by the bankruptcy court
include: OAI's cost savings and sales forecasts were dramatically
overstated and unreasonable; GTI's primary sources for due
diligence had undisclosed ties to Onkyo, and undisclosed financial
incentives for selling OAI to GTI; and the indirect benefits
provided to GTI had a value of zero or less because OAI was a
serious cash drain on GTI from the time of the acquisition
forward, a fact that was predictable given information known to
Onkyo at the time of the sale, but withheld from GTI.

As a result, the bankruptcy court discounted the opinion of
Onkyo's expert witness, Jeff Risius, who based his valuation of
OAI on the company's unrealistic projections.  Instead, the
bankruptcy court credited the opinion of GTI's expert, Van Conway,
who used OAI's TTM EBITDA as a basis for determining the company's
reasonable future performance.  The bankruptcy court deemed the
method the "most reliable and least speculative" means by which to
evaluate OAI's "reasonably expected future performance."  The
bankruptcy court found the fair market value of OAI's equity on
August 31, 2000, to be at most $6.9 million.  It also found that
after the acquisition, GTI's liabilities exceeded its assets by at
least $12.2 million, and concluded that the cash and promissory
notes were avoidable fraudulent transfers under Florida law, made
applicable by 11 U.S.C. Secs. 544 (b) and 550.

The appellate case is ONKYO U.S.A. CORPORATION, ONKYO EUROPE
ELECTRONICS GMBH, ONKYO MALAYSIA SDN. BHD., and ONKYO CORPORATION,
Appellants, v. GLOVAL TECHNOVATIONS, INC., and KENNETH NATHAN,
Liquidating Agent for Onkyo America, Inc., Appellees, Civil Case
No. 10-12781 (E.D. Mich.).  A copy of Judge Battani's March 31,
2011 Opinion and Order is available at http://is.gd/E06d13from
Leagle.com.

                     About Global Technovations

Global Technovations, Inc., developed, manufactured, and sold
On-Site Oil Analzers), a motor oil diagnostic and preventative
maintenance program used to diagnose the condition of vehicles.
On Dec. 18, 2001, GTI and its affiliates filed voluntary chapter
11 petitions (Bankr. E.D. Mich. Case No. 01-_____).  Onkyo
America, Inc., filed for bankruptcy the next day.  On Feb. 21,
2003, the bankruptcy court entered a confirmation order confirming
GTI's plan of reorganization.  Kenneth Nathan was appointed
liquidating agent for Onkyo America.


GOLDEN CHAIN: Taps Polis & Associates as Bankruptcy Counsel
-----------------------------------------------------------
Golden Chain, Inc., asks the U.S. Bankruptcy Court for the Central
District of California for authorization to employ Polis &
Associates as its general bankruptcy counsel at the firm's hourly
billing rates, plus costs.

Thomas J. Polis, Esq., assures the Bankruptcy Court that his firm
has had no business, professional, or other connection, with the
Debtor, their creditors or any party in interest, and that his
firm is both disinterested at that term is defined in Section
101(14) of the Bankruptcy Code and represents no interest which
would be adverse to the Debtor, its estate or its creditors or any
party in interest in the case.

Thomas J. Polis' current hourly billing rate is $405.

San Jacinto, California-based Golden Chain, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 11-
10793) on Jan. 10, 2011.  In its schedules, the Debtor disclosed
$10,539,890 in assets and $412,048 in liabilities as of the
petition date.


GORILLA COMPANIES: Suit v. Tassels, Corwins Go Back to Bankr. Ct.
-----------------------------------------------------------------
District Judge David G. Campbell vacated, in part, the withdrawal
of reference of an adversary proceeding commenced by Gorilla
Companies, LLC, and the case is referred back to the bankruptcy
court for resolution of pending motions for summary judgment.  The
Plaintiff has filed a status report stating that the automatic
stay in the Corwins' chapter 11 bankruptcy has been lifted and the
bankruptcy court has set a hearing on the pending summary judgment
motions for April 25, 2011.

Judge Campbell directed the Plaintiff to file another status
report after the motions for summary judgment have been resolved.
The Plaintiff's motion for entry of order clarifying status of
reference is granted.

The case before the District Court is Gorilla Companies, LLC, a
Delaware limited liability company, Plaintiff, v. Sharon Van
Tassel and Darrell Van Tassel, husband and wife; Robb M. Corwin
and Jillian C. Corwin, husband and wife; and 13, LLC, an Arizona
limited liability company, Nos. CV-09-1327-PHX-DGC, AP-09-00507-
RJH, BK-09-02898-RJH, BK-09-02901-CGC, BK-09-02903-GBN, BK-09-
02905-CGC (D. Ariz.).  A copy of the District Court's March 31,
2011 Order is available at http://is.gd/dXHnSjfrom Leagle.com.

The Corwins and Gorilla are also locked in another dispute.  The
Corwins are the sole owners of 13 Holdings, LLC. In June 2007, 13
Holdings and Gorilla entered into an Asset Purchase Agreement
under which 13 Holdings sold the assets of an event-management
company to Gorilla in exchange for an immediate cash payment, one
million shares of Gorilla stock, a promissory note for $1.5
million, and a second note that could pay up to $6 million
depending on Gorilla's performance.  In early 2008, Gorilla made a
large payment to 13 Holdings on the Seller Note. A dispute later
arose regarding the amount owed under the Seller Note.

Gorilla filed suit against the Corwin Parties in state court,
Gorilla Cos. LLC v. Corwin, No. CV2008-032847 (Ariz. Super. Ct.
Dec. 23, 2008).  The Corwin Parties filed counterclaims.  The case
was removed to the bankruptcy court after Gorilla filed for
Chapter 11 bankruptcy.  Gorilla Cos. LLC v. Corwin, No. AP-09-
00266-RJH (Bankr. Ariz. Mar. 10, 2009).  The Corwin Parties
subsequently filed proofs of claim in the bankruptcy proceedings
that mirrored their state-court counterclaims, and Gorilla
responded with counterclaims that mirrored its state-court claims.

On March 22, 2010, the bankruptcy court issued a judgment in which
it adjudicated the proofs of claim filed by the Corwin Parties and
the state law counterclaims brought by Gorilla.  The bankruptcy
court ruled against the Corwin Parties.  The bankruptcy court
framed the March 22 adjudication as a core proceeding under 28
U.S.C. Sec. 157(b)(2)(B) and (C), and treated the Gorilla claims
as "compulsory counterclaims to the Corwin Proof of Claims."

The Corwins took an appeal to the District Court.  In October
2010, the District Court affirmed the Bankruptcy Court ruling that
adjudication was appropriately deemed a core proceeding by the
lower court.

                     About Gorilla Companies

Based in Tempe, Ariz., Gorilla Companies LLC provides event
management services.  Gorilla Companies sought Chapter 11
protection (Bankr. D. Ariz. Case No. 09-02898) on Feb. 20, 2009,
and is represented by John R. Clemency, Esq., at Greenberg Traurig
LLP in Phoenix.  At the time of the filing, the Debtor estimated
its assets at more than $1 million and its debts at less than
$1 million.

                         About Robb Corwin

Robb Corwin in Chandler, Arizona, filed for Chapter 11 bankruptcy
(Bankr. D. Ariz. Case No. 10-21303) on July 8, 2010, Judge Sarah
Sharer Curley presiding.  Mark W. Roth, Esq. --
mroth@polsinelli.com -- at Polsinelli Shughart P.C., serves
as bankruptcy counsel.  Mr. Corwin disclosed $1 million to
$10 million in total assets and $10 million to $50 million in
total debts.


GUIDED THERAPEUTICS: Incurs $2.84 Million Net Loss in 2010
----------------------------------------------------------
Guided Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $2.84 million on $3.36 million of contract and grant
revenue for the year ended Dec. 31, 2010, compared with a net loss
of $6.21 million on $1.55 million of contract and grant revenue
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $3.92 million
in total assets, $2.80 million in total liabilities and $1.12
million in total stockholders' equity.

UHY LLP, in Atlanta, Georgia, noted that the Company's recurring
losses from operations, accumulated deficit and lack of working
capital raise substantial doubt about its ability to continue as a
going concern.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/LZI9nX

                    About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.


GULF FREEWAY: Combined Hearing for Plan & Outline on June 3
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas will
convene a combined hearing on June 3, 2011, at 2:00 p.m., to
consider (x) approval of the disclosure statement explaining the
Chapter 11 plan for Gulf Freeway Plaza LLC, formerly doing
business as Las Haciendas Business Park LLC, and (y) confirmation
of the Chapter 11 plan.

The Bankruptcy Court's conditional approval of the Disclosure
Statement paved way for the combined hearing on the Plan and the
Disclosure Statement.

Under the Plan, payments and distributions will be funded by:

   i) income from the ongoing operations of the business
      properties, and

  ii) rental income from various leases as reflected in the Plan;
      proceeds from any litigation of assignment claims and
      others.

Additionally, at the confirmation hearing, the Debtor will seek a
ruling by the Court that the debt of Gulf Freeway Plaza includes
the contingent liability resulting from pledging of Gulf Freeway
Plaza properties of a loan from the defunct Gil Ramirez Homes,
Inc. in the amount of $349,613.

The Plan states that secured creditor 1st International Bank will
receive a new note against the Debtor.  Holders of general
unsecured claims will receive equal installment payments of the
full amount of their allowed claim over a year beginning 30 days
after the effective date of the Plan.  The Debtor retains the
right to pay off claimants early.  The Debtors expect that
unsecured creditors will receive pro rata payment of 100% of their
allowed claim.  Gil Ramirez, Sr., president and lone equity holder
of the Debtor won't receive any distributions until all plan
payments are satisfied.

A full-text copy of the Disclosure Statement, as amended, is
available for free at http://ResearchArchives.com/t/s?7584

A full-text copy of the Chapter 11 plan, as amended, is available
for free at http://ResearchArchives.com/t/s?7585

                    About Gulf Freeway Plaza LLC

Houston, Texas-based Gulf Freeway Plaza LLC, fdba La Hacienda
Business Park LLC, filed for Chapter 11 bankruptcy protection on
May 27, 2010 (Bankr. S.D. Tex. Case No. 10-34332).  John L. Green,
Esq., who has an office in Houston, Texas, serves as the Debtor's
bankruptcy counsel.  The Debtor disclosed $12,700,000 in assets
and $6,180,532 in liabilities.


HAMPTON ROADS: To Effect a Reverse Stock Split of Common Shares
---------------------------------------------------------------
Hampton Roads Bankshares, Inc., said that it will effect a reverse
stock split of its issued and outstanding common stock with an
effective date of April 27, 2011.  Shareholders on the effective
date will receive one new share of common stock for every twenty-
five shares they hold.

The Reverse Stock Split will not change the aggregate value of any
stockholder's shares of the Company's common stock, or any
stockholder's ownership percentage of the Company's common stock,
except for minimal changes resulting from the treatment of
fractional shares.  Following the Reverse Stock Split, the Company
will have approximately 33.5 million common shares issued and
outstanding.

The Company will not issue any fractional shares as a result of
the Reverse Stock Split.  The number of shares to be issued to
each stockholder will be rounded up to the nearest whole number
if, as a result of the Reverse Stock Split, the number of shares
owned by any stockholder would not be a whole number.

The purpose of the Reverse Stock Split is to bring the Company's
common stock price above the minimum $1.00 bid price required for
continued listing on the NASDAQ Global Select Market.  NASDAQ
requires that the minimum bid price of the Company's Common Stock
trade at or above $1.00 for at least 10 consecutive business days
if the minimum bid price has traded below $1.00 for a period of 30
consecutive business days within the last 180 calendar days.  On
Nov. 17, 2010, the Company received a letter from NASDAQ notifying
the Company that it must maintain a minimum bid price of at least
$1.00 for a period of ten consecutive business days prior to
May 16, 2011 in order to maintain its listing.

At the Company's annual meeting of shareholders on Sept. 28, 2010,
shareholders approved an amendment to the Company's Amended and
Restated Articles of Incorporation to effect a reverse stock split
and granted the Board of Directors the discretion to determine the
appropriate ratio for such a split within the range of ten to
thirty shares of issued and outstanding common stock per share of
new common stock.

                    About Hampton Roads Bankshares

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

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

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

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

The Company reported a net loss of $210.35 million on $122.20
million of total interest income for the year ended Dec. 31, 2010,
compared with a net loss of $201.45 million on $149.44 million of
total interest income during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $2.90 billion
in total assets, $2.71 billion in total liabilities and $190.79
million in total shareholders' equity.

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


HARRY & DAVID: Organizational Meeting to Form Panel on April 7
--------------------------------------------------------------
Roberta A. DeAngelis, United States Trustee for Region 3, will
hold an organizational meeting on April 7, 2011, at 11:00 a.m. in
the bankruptcy case of Harry and David Holding, Inc.  The meeting
will be held at J. Caleb Boggs Federal Building, 844 King Street,
Room 5209, Wilmington, Delaware.

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.

                        About Harry & David

Medford, Oregon-based Harry & David Holdings, Inc. is a multi-
channel specialty retailer and producer of branded premium gift-
quality fruit and gourmet food products and gifts marketed under
the Harry & David(R), Wolferman's(R) and Cushman's(R) brands.  It
has 70 stores across the country.  Products are also available
online at http://www.harryanddavid.com/,
http://www.wolfermans.com/, and http://www.honeybell.com/

Harry & David is controlled by The Medford, Oregon-based retailer,
owned by investment funds controlled by Wasserstein & Co., which
hold 63% of the shares.  Affiliates of funds sponsored by
Highfields Capital Management LP own 34%.  The Company has $304.3
million in total assets, $360.8 million in total liabilities, and
a stockholders' deficit of $56.5 million at Dec. 25, 2010.

Harry & David and its units filed voluntary petitions for
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Del. Lead Case No. 11-10884) on March 28, 2011, to implement an
agreed upon restructuring.  Harry & David reached an agreement
with holders of approximately 81% of its senior notes on the terms
of a reorganization that will eliminate substantial indebtedness
and provide equity financing to restructure the Company's balance
sheet.

Under a Plan Support Agreement, the Debtors must file a Chapter 11
plan on the terms agreed by the parties no later than May 16,
2011.  The Plan must be confirmed by Sept. 12, 2011, and the
Debtors must exit bankruptcy by Oct. 1, 2011.

Judge Mary F. Walrath presides over the case.  David G. Heiman,
Esq., Brad B. Erens, Esq., and Timothy W. Hoffman, Esq., at Jones
Day; and Daniel J. DeFranceschi, Esq., Paul Noble Heath, Esq.,
Zachary I Shapiro, Esq., at Richards Layton & Finger, serve as
bankruptcy counsel.  Rothschild Inc. serves as investment bankers,
Alvarez & Marsal LLC as financial advisors.  Garden City Group
Inc. serves as claims and notice agent.

Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock &
Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles &
Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld LLP, serve as counsel to Principal Noteholders.  Moelis &
Company act as financial advisors to the Principal Noteholders.


HERCULES OFFSHORE: Gets Early Termination Notice From Seahawk
-------------------------------------------------------------
Hercules Offshore, Inc., received notice of the early termination
of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, in connection with the
previously announced planned acquisition by the Company and its
wholly owned subsidiary, SD Drilling LLC, of 20 jackup rigs and
related assets and enumerated liabilities from Seahawk Drilling,
Inc., and certain of its subsidiaries.

The transaction will be effectuated pursuant to Section 363 of the
Bankruptcy Code, and closing is subject to bankruptcy court
approval as well as other conditions as provided in the asset
purchase agreement.  Assuming those conditions are achieved, the
Company anticipates closing of this transaction to occur during
the second quarter of 2011.

                      About Hercules Offshore

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

The Company reported a net loss of $134.59 million on
$657.48 million of revenue for the year ended Dec. 31, 2010,
compared with a net loss of $91.73 million on $742.85 million of
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.99 billion
in total assets, $1.14 billion in total liabilities and
$853.13 million in stockholders' equity.

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

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


HOLBROOK SHOPPING: Case Summary & 2 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Holbrook Shopping Plaza LLC
        P.O. Box 22546
        Oklahoma City, OK 73123

Bankruptcy Case No.: 11-11235

Chapter 11 Petition Date: March 17, 2011

Court: United States Bankruptcy Court
       Western District of Oklahoma (Oklahoma City)

Judge: T.M. Weaver

Debtor's Counsel: G. Rudy Hiersche, Jr., Esq.
                  HIERSCHE LAW FIRM
                  105 North Hudson
                  Hightower Building, Suite 300
                  Oklahoma City, OK 73102
                  Tel: (405) 235-3123
                  E-mail: rudy@hlfokc.com

Scheduled Assets: $2,106,020

Scheduled Debts: $1,382,850

A list of the Company's two largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/okwb11-11235.pdf

The petition was signed by Lew McGinnis, president of Macco Prop.
Inc., Debtor's managing member


HRAF HOLDINGS: DR Horton Wins Auction for 22 Sleepy Ridge Lots
--------------------------------------------------------------
Bankruptcy Judge R. Kimball Mosier authorized HRAF Holdings, LLC,
and Harbor Real Asset Fund, LP, to sell 22 single-family
residential lots in Sleepy Ridge Subdivision in Orem City, Utah,
free and clear of liens and interests, to D.R. Horton, Inc.

Richmond American Homes of Utah, Inc., committed to purchase the
Property pursuant to a Purchase and Sale Agreement, dated Jan. 25,
2011, for a gross purchase price of $1,540,000.  Prior to the
hearing on HRAF Holdings' sale motion, however, the Debtor
received a competing offer from Horton for a gross purchase price
of $1,672,000.  An auction was held March 30, 2011 at 11:00 a.m.
Horton won after raising its offer to $1,716,000.  Richmond's
final bid was $1,694,000.

A copy of the Court's April 1, 2011 Findings of Fact and
Conclusions of Law is available at http://is.gd/jyLagZfrom
Leagle.com.

Lender Bank of America, N.A., is represented by:

          David E. Leta, Esq.
          SNELL & WILMER L.L.P.
          15 W South Temple #1200
          Salt Lake City, UT 84101-1531
          Tel: 801-257-1928
          E-mail: dleta@swlaw.com

D.R. Horton is represented by:

          Craig B. Terry, Esq.
          PARSONS BEHLE & LATIMER. ALL RIGHTS RESE
          201 South Main Street, Suite 1800
          Salt Lake City, UT 84111
          Tel: 801-532-1234
          Fax: 801-536-6111
          E-mail: cterry@parsonsbehle.com
                  DBillings@parsonsbehle.com

                       About HRAF Holdings

Midvale, Utah-based HRAF Holdings, LLC, filed for Chapter 11
bankruptcy protection (Bankr. D. Utah Case No. 10-32433) on
Sept. 9, 2010.  Affiliate Harbor Real Asset Fund L.P. also sought
Chapter 11 protection (Case No. 10-32436).  The two cases are
consolidated and jointly administered under the case of HRAF.

George B. Hofmann, Esq., at Parsons Kinghorn & Harris, assists the
Debtors in their restructuring effort.  The Debtors each estimated
assets and debts at $10 million to $50 million as of the Petition
Date.


HUDSON RIVER: Case Summary & 15 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Hudson River Radiology Center, LLC
        120-152 48th Street
        Union City, NJ 07087

Bankruptcy Case No.: 11-17984

Chapter 11 Petition Date: March 17, 2011

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Donald H. Steckroth

Debtor's Counsel: Tomas Espinosa, Esq.
                  4005 Bergenline Ave., Apt. 1
                  Union City, NJ 07087
                  Tel: (201) 223-1803
                  Fax: (201) 223-1893
                  E-mail: drtomasespinosa@yahoo.com

Estimated Assets: $0 to $50,000

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

A list of the Company's 15 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/njb11-17984.pdf

The petition was signed by Juan De Dios De la Cruz, manager and
sole member.


INNKEEPERS USA: Bidding Protocol Okayed; Appaloosa Suffers Setback
------------------------------------------------------------------
Bankruptcy Judge Shelley C. Chapman on Friday denied Appaloosa
Investment L.P. I, Palomino Fund, Ltd., Thoroughbred Fund L.P.,
and Thoroughbred Master Ltd., standing to be heard as a
certificateholder in the Innkeepers USA Trust bankruptcy.  Judge
Chapman acknowledged that Appaloosa holds beneficial interests in
real estate mortgage investment conduits and the C-6 and C-7
Trusts, that own the Fixed Rate Loan, which is collateralized by
45 of the Debtors' hotel properties.  This, according to Judge
Chapman, merely makes Appaloosa "an investor in a creditor."

Before the Court is a motion by Innkeepers (i) for authority to
enter into a commitment letter with Five Mile Capital II Pooling
REIT LLC), Lehman ALI Inc., and Midland Loan Services, a division
of PNC Bank, National Association, in its capacity as special
servicer for the Debtors' fixed rate mortgage loan, (ii) approving
the New Party/Midland Commitment between the Debtors and Midland,
(iii) approving bidding procedures, (iv) approving bid
protections, (v) authorizing an expense reimbursement to a certain
"Bidder D," and (vi) modifying cash collateral order to increase
expense reserve.

According to Judge Chapman, "I find that Appaloosa cannot be given
'party in interest' standing to be heard on the Motion in its
capacity as a certificateholder, although it does have standing to
be heard in its capacity as a holder of preferred shares and as a
DIP lender."

                   Original Five Mile/Lehman Bid

In January 2011, the Debtors sought permission to enter into the
Commitment Letter with Five Mile and Lehman, which contemplated an
enterprise-level transaction involving the Debtors' entire
portfolio of 71 hotels.  In connection with the stalking horse
proposal, Midland agreed to provide "stapled financing" to fund
the Original Five Mile/Lehman Bid or any other qualified bid at
the auction which (i) contained a debt-to-capitalization ratio for
the reorganized enterprise of not greater than 70% and (ii)
provided for payment to Lehman of not less than $200.3 million in
cash.  Although the Original Five Mile/Lehman Bid was supported by
Lehman -- as holder of the Floating Loan -- and Midland -- as
special servicer for the Fixed Rate Loan -- together comprising
over $1 billion in principal amount of secured debt, the chorus of
objections to the Motion remained loud and clear.

After the filing of the Motion, the Debtors and their advisors
actively continued the marketing process.  Moelis & Company LLC
compiled a list of potential buyers and made contact with over 200
of these parties, sending teasers to nearly 120 of them.  The
Debtors also executed more than 30 non-disclosure agreements and
responded to detailed diligence requests from approximately 30
potential investors.  Moelis also contacted nine potential
financing sources, four of which executed non-disclosure
agreements.

The Debtors received multiple competing bid proposals, which were
described in the sealed pleadings filed with the Court.  As late
as March 10, 2011, the date on which the hearing on the Motion
commenced, interested parties continued to contact the Debtors to
express interest in the Debtors' assets.

On Feb. 25, 2011, formal objections to the Motion were filed by
(i) the Ad Hoc Committee of Preferred Shareholders; (ii) LNR
Securities Holdings, LLC and the ML-CFC 2006-4 and CSFB 2007-C1
Trusts; (iii) TriMont Real Estate Advisors, Inc.; (iv) Appaloosa;
(v) CWCapital Asset Management LLC and CIII Asset Management LLC;
and (vi) the Official Committee of Unsecured Creditors.

A statement in response to the objections was filed by Apollo
Investment Corporation.  Midland, in its capacity as special
servicer, filed (i) a Statement in Support of the Motion, (ii) an
Omnibus Reply to the Objections to the Motion, and (iii) a
Supplemental Statement in Support of the Motion.  Five Mile also
filed a Reply to Objections and Statement in Support of the
Motion.

                 Revised Five Mile/Lehman Bid and
                    Final Five Mile/Lehman Bid

The Original Five Mile/Lehman Bid was modified -- not once, but
twice.  First, it was revised to remove seven hotel properties
that are secured by individual mortgages, leaving only the hotels
covered by the Fixed Rate Loan and Floating Rate Loan in the
revised proposed transaction.  Prior to the continuation of the
hearing on March 11, 2011, the Revised Five Mile/Lehman Bid was
altered again, and the Debtors submitted further revised, final
documents to the Court -- Final Five Mile/Lehman Bid -- which
eliminated the payment of any break-up fee to Five Mile/Lehman.

According to Judge Chapman, the changes "exemplify[y] a chapter 11
process at its best."

"Simply put, the creditors and preferred shareholders spoke and
the Debtors listened," Judge Chapman said.

The Final Five Mile/Lehman Bid proposes these significant terms:

          -- The Final Five Mile/Lehman Bid contemplates an
             enterprise transaction involving certain Debtors --
             Fixed/Floating Debtors -- and is valued at $970.7
             million.  The Final Five Mile/Lehman Bid is comprised
             of a capital structure that includes approximately
             $622.5 million of debt financing and approximately
             $348.2 million of equity.

          -- The bid covers only the properties securing the Fixed
             Rate Loan and the Floating Rate Loan, and the Debtors
             will continue to market the Seven Sisters independent
             of the Fixed/Floating Debtors.

          -- Midland will provide "stapled financing" for the
             Final Five Mile/Lehman Bid.

          -- General unsecured creditors with claims against
             the Fixed/Floating Debtors will share in a
             distribution of up to $3.75 million, but not to
             exceed a recovery of 65% of the face amount of
             allowed general unsecured claims against such
             Debtors.

          -- Apollo will contribute $375,000, all of which will be
             included in the amounts distributed to general
             unsecured creditors of the Fixed/Floating Debtors.
             Apollo will retain whatever rights it may have with
             respect to Debtors and property that are not covered
             by the Final Five Mile/Lehman Bid.

          -- Nothing in the Final Five Mile/Lehman Bid will impact
             the rights of any person or entity with respect to
             the $7.4 million in cash that is currently held in a
             bank account of Debtor Innkeepers USA Limited
             Partnership, which is not subject to the Final Five
             Mile/Lehman Bid. No amount of the cash will be
             distributed in connection with the bid.

          -- Confirmation of the plan encompassing the Final Five
             Mile/Lehman Bid will not be tied to the confirmation
             of any plan related to the Seven Sisters' Debtors.

          -- Five Mile/Lehman will receive an expense
             reimbursement of up to $3.0 million.

           Objections to the Final Five Mile/Lehman Bid

On March 9 and 10, 2011, each of the objecting parties filed a
statement indicating to the Court whether or not it intended to
pursue its objection to the Motion in light of the revisions to
the Original Five Mile/Lehman Bid.  Based on each of the
statements and the representations made at the hearing held on
March 10 and 11, 2011, only Appaloosa continues to object to the
Motion.

Appaloosa believes that the revised Bidding Procedures are an
impediment to competitive bidding; it specifically asserts that
the revised Bidding Procedures do not permit a non-enterprise bid
to be "Qualified" for the purpose of an auction and that, along
with the "Overbid Allocation," the Bidding Procedures restrict
bidders' ability to separately value and bid on "pool assets."
Appaloosa further contends that the Lehman "cash-out" provision is
a further deterrent to competitive bidding and that the "fiduciary
out" contained in the Bidding Procedures does not cure any of
these shortcomings.  Appaloosa further objects on the basis that
the revised Bidding Procedures improperly mandate terms of a plan
of reorganization.

Judge Chapman held that Appaloosa's concerns need not be addressed
at this time.  "The Debtors are asking the Court to approve
Bidding Procedures and a stalking horse bid so that they may
conduct an auction.  The winner of the auction will gain the right
to sponsor a plan of reorganization.  The proposed plan will still
be required to meet all confirmation requirements set forth in the
Bankruptcy Code, and parties in interest will be afforded the
right to make relevant objections in the event that they believe
the proposed plan falls short of such requirements," Judge Chapman
pointed out.  "Ultimately, the transaction contemplated in the
Final Five Mile/Lehman Bid, or any other bid ultimately selected
by the Debtors, will not be consummated absent confirmation of a
plan. The rights of all parties in interest to object to
confirmation at the appropriate time are reserved and preserved."

A copy of Judge Chapman's April 1 Bench Decision is available at
http://is.gd/qSMiKMfrom Leagle.com.

                    About Innkeepers USA Trust

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

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

Apollo Investment Corporation acquired Innkeepers in June 2007.

Innkeepers USA Trust and 91 affiliates filed for Chapter 11
protection on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).
Paul M. Basta, Esq., at Kirkland & Ellis LLP, in New York; Anup
Sathy, P.C., Esq., Marc J. Carmel, Esq., at Kirkland & Ellis in
Chicago; and Daniel T. Donovan, Esq., at Kirkland & Ellis in
Washington, D.C., serve as counsel to the Debtors.  AlixPartners
is the restructuring advisor and Marc A. Beilinson is the chief
restructuring officer.  Moelis & Company is the financial advisor.
Omni Management Group, LLC, is the claims and notice agent.
Attorneys at Morrison & Foerster, LLP, represent the Official
Committee of Unsecured Creditors.

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


INNOLOG HOLDINGS: Delays Filing of Annual Report
------------------------------------------------
Innolog Holdings Corporation notified the U.S. Securities and
Exchange Commission that it will be late in filing its annual
report on Form 10-K because it does not yet have all the
information it needs to complete the preparation of its financial
statements.

                      About Innolog Holdings

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

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

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


J&A FINISHING: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: J&A Finishing Company, Inc.
        1003 Orchard Street
        Huntsville, Al 35801

Bankruptcy Case No.: 11-81246

Chapter 11 Petition Date: March 30, 2011

Court: United States Bankruptcy Court
       Northern District of Alabama (Decatur)

Debtor's Counsel: Kevin D. Heard, Esq.
                  HEARD ARY, LLC
                  307 Clinton Ave. W., Suite 310
                  Huntsville, AL 35801
                  Tel: (256) 535-0817
                  Fax: (256) 535-0818
                  E-mail: kheard@heardlaw.com

Scheduled Assets: $170,001

Scheduled Debts: $2,479,951

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/alnb11-81246.pdf

The petition was signed by William B. Noojin, president/CEO.


JUMA TECHNOLOGY: Incurs $10.14 Million Net Loss in 2010
-------------------------------------------------------
Juma Technology Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$10.14 million on $1.96 million of sales for the year ended
Dec. 31, 2010, compared with a net loss of $12.40 million on
$1.08 million of sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $3.45 million
in total assets, $23.28 million in total liabilities, and a
$19.83 million stockholders' deficiency.

Seligson & Giannattasio, LLP, in White Plains, New York, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred significant recurring losses.  The realization of a
major portion of its assets is dependent upon its ability to meet
its future financing needs and the success of its future
operations.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/ZSzvgZ

                       About Juma Technology

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


LA JOLLA PHARMACEUTICAL: Delays Filing of Annual Report
-------------------------------------------------------
La Jolla Pharmaceutical Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2010 cannot be filed on or prior to the
March 31, 2011 due date without unreasonable effort or expense due
to the time spent by the Registrant in performing the Dec. 31,
2010 valuation of the financial instruments issued in conjunction
with the Company's May 2010 financing.  Details related to this
financing were disclosed in a Form 8-K filed with the Securities
and Exchange Commission on May 28, 2010.  The Report is expected
to be filed within the 15 calendar day extension permitted by the
rules of the Securities and Exchange Commission.

                   About La Jolla Pharmaceutical

San Diego, Calif.-based La Jolla Pharmaceutical Company (OTC BB:
LJPC) -- http://www.ljpc.com/-- is a biopharmaceutical company
that has historically focused on the development and testing of
Riquent as a treatment for Lupus nephritis.

The Company's balance sheet at Sept. 30, 2010, showed
$7.43 million in total assets, $8.15 million in total liabilities,
all current, and $92,000 in convertible preferred stock, and a
stockholders' deficit of $806,000.

Ernst & Young LLP, in San Diego, 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 operating losses, an
accumulated deficit of $424.3 million as of Dec. 31, 2009, and
has no current source of revenues or financing.


LAKE AT LAS VEGAS: Avoidance Suits Stay in Bankr. Court
-------------------------------------------------------
District Judge Gloria M. Navarro denied motions by:

     -- 820 Management Trust, Lee M. Bass, Sid R. Bass, Sid R.
        Bass Management Trust, and BSF Partners for withdrawal of
        reference to the Bankruptcy Court of the Parties'
        Adversary Proceedings, Case No. 10-01284-LBR (Case No.
        2:10-cv-1679); and

     -- David Cox, John R. Plunkett, Jr., Stephen Shapiro and
        David Voorhies for withdrawal of reference to the
        Bankruptcy Court of the Parties' Adversary Proceedings,
        Case No. 10-01284-LBR (Case No. 2:10-cv-1680).

Larry Lattig, in his capacity as Trustee of the LLV Creditor Trust
created in accordance with the Third Amended Chapter 11 Plan Of
Reorganization proposed by Lake at Las Vegas Joint Venture, LLC
and LLV-1, LLC, filed a response in the Bankruptcy Court.

The Plan Trustee alleges that 820 Management et al. received a
portion of a $470 million dollar distribution of loan proceeds
from a $560 million loan made in 2004 from a syndicate of banks
led by Credit Suisse.  The Plan Trustee asserts, among other
things, that the loan was a fraudulent conveyance.  820 Management
et al. asked the District Court to withdraw the reference to the
bankruptcy court and requested a jury trial.

According to Judge Navarro, the District Court will not withdraw
the reference at this time.  Although the right to the jury trial
does weigh in favor of withdrawing the reference, the remaining
factors favor a denial.  The main causes of action alleged in the
adversary proceeding are fraudulent conveyance and avoidance and
recovery of preferential transfers which are core bankruptcy
matters best dealt with by the bankruptcy court.  Allowing the
Bankruptcy Judge to handle the pretrial matters will ensure
uniformity in the bankruptcy process.  Finally, judicial economy
and efficiency is promoted by permitting the bankruptcy court to
preside over the pretrial matters because of the "bankruptcy
court's unique knowledge of Title 11 and familiarity with the
actions before them."

The case before the District Court is LARRY LATTIG, in his
capacity as trustee of the LLV CREDITOR TRUST created in
accordance with the THIRD AMENDED CHAPTER 11 PLAN OF
REORGANIZATION PROPOSED BY LAKE AT LAS VEGAS JOINT VENTURE, LLC
AND LLV-1, LLC, Plaintiff, v. 820 MANAGEMENT TRUST, et al.,
Defendants, Case No. 2:10-cv-1679-GMN-PAL, No. Consolidated with
Case No. 2:10-cv-1680-GMN-PAL (D. Nev.).  A copy of Judge
Navarro's March 31, 2011 Order is available at http://is.gd/cRhMD0
from Leagle.com.

Lake Las Vegas Resort is a 3,592 acre master-planned residential
development and resort community located approximately 20 miles
east of the center of Las Vegas, Nevada.  Lake at Las Vegas Joint
Venture, LLC, and LLV-1, LLC and their jointly-affiliated debtors
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code, in the District of Nevada, on July
17, 2008.  On June 21, 2010, the Debtors filed the Third Amended
Chapter 11 Plan of Reorganization, which was confirmed by Order
dated July 1, 2010.


LAKE TAHOE: Hearing on Conversion to Chapter 7 Tomorrow
-------------------------------------------------------
Adam Jensen at the Tahoe Daily Tribune reports that on April 5,
2011, a federal bankruptcy court judge will consider whether to
dismiss Lake Tahoe Development Company's Chapter 11 case or
convert the case to Chapter 7 liquidation proceedings.

According to the report, the possible dismissal of the bankruptcy
case follows foreclosure proceedings on many of the 29 parcels
composing the project site.  Foreclosures began in December after
a federal judge began lifting orders preventing such action.  The
judge's orders and foreclosures "simply transformed liens on part
of a project into ownership in part of a project," said Daniel
Egan, an attorney for Lake Tahoe Development Company in a federal
court filing.

The Tahoe Daily Tribune reports that the development company
opposes any move to dismiss or convert the case to Chapter 7.
Lake Tahoe Development Company hopes to have a reorganization plan
filed prior to the April hearing.  The Plan would convert some of
Lake Tahoe Development's debt and provide for the distribution of
cash on hand to the company's unsecured creditors.

                   About Lake Tahoe Development

Based in Zepher Cove, Nevada, Lake Tahoe Development Co., LLC, is
a real estate development company with substantial expertise in
the real estate land entitlement and permitting areas in the
unique geographic location of South Lake.  Its principal, Randy
Lane, who is the sole owner of Mountain Ventures, LLC, which is
the managing member of the Debtor, has resided and developed real
estate in South Lake Tahoe since 1976.

The Company owns an interest in two separate real estate
development projects.  The first project owned exclusively by the
Debtor is a large, mixed use, condominium, 19 hotel and retail
space development comprised of 29 separate real estate parcels
with multiple lien holders holding liens against various parcels
located at the California/Nevada state line on Highway 50, South
Lake Tahoe, California.  The second is property owned by the
Debtor located at 1259 Emerald Bay Road, South Lake Tahoe, CA (the
"Gateway Project"), which is separate and apart from the Project,
24 and is being developed by Danny Freeman pursuant to a
development agreement.

The Company filed for Chapter 11 protection (Bankr. E.D. Calif.
Case No. 09-41579) on Oct. 5, 2009.  Daniel L. Egan, Esq.,
Megan A. Lewis, Esq., and Jason G. Cinq-Mars, Esq., at Wilke,
Fleury, Hoffelt, Gould & Birney, LLP, serve as counsel to the
Debtor.  The Debtor estimated assets at $100 million and
$500 million, and debts at $50 million and $100 million in its
Chapter 11 petition.


LENOX CONDOMINIUM: Confirmation Hearing Adjourned to May 6
----------------------------------------------------------
The Lenox Condominium LLC, through counsel, has informed Judge
Allan L. Gropper of the U.S. Bankruptcy Court for the Southern
District of New York that all matters schedules in its Chapter 11
proceeding, including the confirmation hearing and relief from
stay motion by secured creditor Capital One, have been adjourned
on consent of all parties, from March 24, 2011, to May 6, 2011, at
10:00 a.m.

As reported in the TCR on Dec. 21, 2010, The Lenox Condominium LLC
submitted to the Bankruptcy Court a proposed Plan of
Reorganization and an explanatory Disclosure Statement.

According to the Disclosure Statement, distributions to creditors
will be funded from the sale of the Debtor's condominium units
over a two-year period.

The net sale proceeds will be used as follows: (a) 82% of the
proceeds to Capital One on account of its secured claim; (b) 5% to
fund the Unsecured Creditor Fund; (c) fund all other classified or
unclassified Claims; and (d) to finally fund sales commissions,
marketing costs and general
operations.

In exchange for the guaranty by Uptown Partners, LLC, the sole
member of the Debtor, of the distribution to the unsecured
creditors, the holder of the allowed interests will retain its
allowed interest in the Debtor in proportion as existed prior to
the filing of the case.

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

                    About The Lenox Condominium

New York-based The Lenox Condominium LLC is in the real estate
development business.  It currently is the owner of 18 condominium
units in a 77-unit, 12-story, full-service luxury condominium
located on Lenox Avenue between 129th Street and 130th Street, in
New York, New York.  The Debtor's sole member is Uptown Partners
LLC, but its day-to-day affairs are managed by its president,
Lewis Futterman.

The Company filed for Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 10-11391) on March 17, 2010.  Adam Greene, Esq., Robert R.
Leinwand, Esq., and Robert M. Sasloff, Esq., at Robinson Brog
Leinwand Greene Genovese Gluck. P.C., in New York, represent
the Debtor.  The Company estimated assets and debts at $10 million
to $50 million.


LIFECARE HOLDINGS: Reports $2.63 Million Net Income in 2010
-----------------------------------------------------------
LifeCare Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting net
income of $2.63 million on $358.25 million of net patient service
revenue for the year ended Dec. 31, 2010, compared with net income
of $2.96 million on $360.31 million of net patient service revenue
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed
$477.19 million in total assets, $488.67 million in total
liabilities, and a $11.48 million total stockholders' deficit.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/NBRAts

                     About LifeCare Holdings

Plano, Tex.-based LifeCare Holdings, Inc. --
http://www.lifecare-hospitals.com/-- operates 19 hospitals
located in nine states, consisting of eight "hospital within a
hospital" facilities (27% of beds) and 11 freestanding facilities
(73% of beds).  Through these 19 long-term acute care hospitals,
the Company operates a total of 1,057 licensed beds and employ
approximately 3,200 people, the majority of whom are registered or
licensed nurses and respiratory therapists.  Additionally, the
Company holds a 50% investment in a joint venture for a 51-bed
LTAC hospital located in Muskegon, Michigan.

                           *     *     *

LifeCare Holdings carries "Caa1" corporate family and probability
of default ratings, with negative outlook, from Moody's Investors
Service and a 'CCC-' corporate credit rating, with negative
outlook from Standard & Poor's Ratings Services.

In November 2010, Standard & Poor's Ratings lowered its corporate
credit rating on LifeCare Holdings to 'CCC-' from 'CCC+'.  "The
downgrade reflects the imminent difficulty the company may
have in meeting its bank covenant requirements and the risk of it
successfully refinancing significant debt maturing in 2011 and
2012," said Standard & Poor's credit analyst David Peknay.  The
likelihood of a debt covenant violation is heightened by the
company's lack of appreciable operating improvement coupled with a
large upcoming tightening of is debt covenant in the first quarter
of 2011.  Additional equity by the company's financial sponsor may
be necessary to avoid a covenant violation.  Accordingly, S&P
believes the chances of bankruptcy have increased.


LOCAL INSIGHT: Court OKs Hiring of Mesirow Financial
----------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Local Insight Media's official committee of unsecured creditors'
motion to retain Mesirow Financial Consulting LLC as forensic
accountant and litigation advisor.

As reported in the March 28, 2011 edition of the Troubled Company
Reporter, the Creditors Committee has sought to retain Mesirow
Financial Consulting, nunc pro tunc to Feb. 10, 2011.

As accountants and advisor, MFC will review and analyze these and
related information and documents:

   -- Indenture dated as of Nov. 30, 2007, among Windstream
      Regatta Holdings, Inc. and Wells Fargo Bank N.A.;

   -- Windstream Regatta Holdings, Inc. Offering Memorandum for
      11.00% Senior Subordinated Notes due 2017;

   -- Local Insight Regatta Holdings, Inc. Confidential
      Information Memorandum for $365 million senior secured
      credit facilities dated April 2008;

   -- the Debtors' calculation of the Leverage Ratio as of April
      23, 2008; and

   -- intercompany claims.

MFC will be paid for services rendered based on its current normal
and customary hourly rates:

     Senior Managing Director
     Managing Director and Director      $745 - $795
     Senior Vice-President               $635 - $695
     Vice President                      $535 - $595
     Senior Associate                    $435 - $495
     Associate                           $255 - $375
     Paraprofessional                    $125 - $220

MFC has agreed to cap its blended hourly rate to no more than $500
per hour.  MFC will also be reimbursed for its necessary expenses
incurred.

Ben Pickering, a Senior Managing Director of MFC, assures the
Court that MFC is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

                     About Local Insight Media

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

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

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

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

The Official Committee of Unsecured Creditors has tapped Milbank,
Tweed, Hadley & McCloy LLP as its counsel; Morris, Nichols, Arsht
& Tunnel LLP as Delaware co-counsel; and Houlihan Lokey Howard &
Zukin Capital Inc. as its financial advisor and investment banker.


MARGAUX ORO: Taps Coffin & Driver as Counsel
--------------------------------------------
Margaux Oro Partners LLC asks the U.S. Bankruptcy Court for the
Northern District of Texas for permission to employ Coffin &
Driver PLLC as counsel to advise and represent the Debtor with
respect to all reorganization, litigation, and general corporate
law matters.

The firm's associate attorneys will charge between $150 and $275
per hour, and legal assistant or law clerk bill between $50 and
$95 per hour for this engagement.

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                        About Margaux Oro

Dallas, Texas-based Margaux Oro Partners, LLC, owns 83,400 square
foot Plaza Del Oro Shopping Center in Cockrell Hill, Dallas
County, Texas.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 11-30337) on Jan. 11, 2011.  Vickie L. Driver,
Esq., Alexandra P. Olenczuk, Esq., and Courtney J. Hull, Esq., at
Coffin & Driver, PLLC, in Dallas, serves as the Debtor's
bankruptcy counsel.  No creditors' committee has been appointed in
this case.  In its schedules, the Debtor disclosed $13,171,602 in
assets and $10,934,144 in liabilities as of the petition date.

Donald Lewis Silverman, the sole manager of the Debtor, filed a
voluntary petition for personal relief under Chapter 7 of the
Bankruptcy Code (Bankr. N.D. Tex. Case no. 10-31785).  Silverman
received his discharge on November 12, 2010.


MARGAUX ORO: Gets Interim Approval to Use Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
entered a second interim order to allow Margaux Oro Partners LLC
to access cash collateral of Wells Fargo under the budget.

The Debtor asserted that an immediate and critical need exists for
the Debtor to obtain funds in order to continue the operation of
its business.  Without such funds, the Debtor asserts that it will
not be able to (i) fund post-petition operating expenses, and (ii)
will be unable to obtain goods and services needed to carry on its
business during this interim period.  Accordingly, the Debtor
asserts that the inability to use cash collateral will cause
irreparable harm to the Debtor's estate.  The Debtor further
asserts that its ability to use cash collateral is necessary to
preserve and maintain the going concern value of the Debtor's
estate.

The Wells Fargo Claim is secured by, among other things, the real
estate commonly known as the Plaza Del Oro Shopping Center located
at 4402 W. Jefferson Blvd., Dallas, Texas 75211.

The Debtor will provide adequate protection, and liens and
security interests.

A full-text copy of the Cash Collateral Budget is available for
free at http://ResearchArchives.com/t/s?758b

                        About Margaux Oro

Dallas, Texas-based Margaux Oro Partners, LLC, owns 83,400 square
foot Plaza Del Oro Shopping Center in Cockrell Hill, Dallas
County, Texas.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 11-30337) on Jan. 11, 2011.  Vickie L. Driver,
Esq., Alexandra P. Olenczuk, Esq., and Courtney J. Hull, Esq., at
Coffin & Driver, PLLC, in Dallas, serves as the Debtor's
bankruptcy counsel.  No creditors' committee has been appointed in
this case.  In its schedules, the Debtor disclosed $13,171,602 in
assets and $10,934,144 in liabilities as of the petition date.

Donald Lewis Silverman, the sole manager of the Debtor, filed a
voluntary petition for personal relief under Chapter 7 of the
Bankruptcy Code (Bankr. N.D. Tex. Case no. 10-31785).  Silverman
received his discharge on November 12, 2010.


METAMORPHIX INC: Hearing on Conversion Motion Set for April 20
--------------------------------------------------------------
The hearing on the motion of MetaMorphix, Inc., and MMI Genomics,
Inc.'s motion to convert their cases from Chapter 11 to Chapter 7
is set for April 20, 2011, at 10:30 a.m.  Objections to the
motion, if any, must be filed by April 11, 2011, at 4:00 p.m.

As reported in the TCR on March 23, 2011, following the sale of
its assets to noteholders for a $6 million credit bid,
MetaMorphix, Inc., asked the U.S. Bankruptcy Court for the
District of Delaware to convert its Chapter 11 case into a Chapter
7 liquidation proceeding.

On March 8, 2011, Branhaven LLC, acting as collateral agent to the
holders of 12.5% Notes (issued by MetaMorphix on Nov. 14, 2003),
was the winning bidder of substantially all of the assets of the
Debtors.  The Court approved the Sale on March 9, 2011.

                      About MetaMorphix, Inc.

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.  On Sept. 30, 2010, the Court converted 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 for Chapter 11
(Bankr. D. Del. Case No. 10-13775) on Nov. 18, 2010.

Adam Hiller, Esq., Donna L. Harris, Esq., and Kevin M. Capuzzi,
Esq., at Pinckney, Harris & Weidinger, LLC, in Wilmington, Del.,
represent the Debtors as counsel.

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.


MILESTONE SCIENTIFIC: Incurs $614,508 Net Loss in 2010
------------------------------------------------------
Milestone Scientific Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $614,508 on $9.75 million of product sales for the
year ended Dec. 31, 2010, compared with a net loss of $1.53
million on $8.55 million of product sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $6.61 million
in total assets, $4.27 million in total liabilities and $2.33
million in total stockholders' equity.

Holtz Rubenstein Reminick LLP, in New York, noted that the Company
has suffered recurring losses from operations since inception,
which raises substantial doubt about its ability to continue as a
going concern.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/gEEW50

                     About Milestone Scientific

Piscataway, N.J.-based Milestone Scientific Inc. (OTC BB: MLSS)
-- http://www.milestonescientific.com/-- is engaged in pioneering
proprietary, highly innovative technological solutions for the
medical and dental markets.  Central to the Company's IP platform
and product development strategy is its patented CompuFlo(R)
technology for the improved and painless delivery of local
anesthetic.


NATIONAL HOME: Court Confirms Plan of Liquidation
-------------------------------------------------
The Hon. Ben T Barry of the U.S. Bankruptcy Court for the Western
District of Arkansas confirmed National Home Centers Inc.'s
Chapter 11 plan of liquidation, as amended Feb. 21, 2011.

Under the plan, among other things, holders of unsecured claims
will periodically receive its pro rata share of cash available for
distribution after reserving sufficient cash to pay in full
administrative expenses.  Holders will be entitled to receive
periodic distribution until all allowed unsecured claims are paid
in full without interest.  Interests in the Debtor will be
cancelled as of the Plan's effective date.

The Plan set no specific date on which the dissolution agent will
make an initial distribution to the unsecured holders.  The
initial distribution will occur promptly upon the dissolution
agent determining that the Debtor holds cash in an amount equal to
at least $250,000 more that the estimated amount of cash required
to pay in full all allowed and disputed administrative expenses.

A full-text copy of the Amended Plan of Liquidation is available
for free at http://ResearchArchives.com/t/s?758a

                   About National Home Centers

National Home Centers, Inc., operated retail home centers in
Springdale, Russellville, Little Rock, Bentonville, North Little
Rock, Conway, Fort Smith and Clarksville, Arkansas and retail
flooring centers in Springdale and Conway, Arkansas.  The Company
filed for Chapter 11 bankruptcy protection (Bankr. W.D. Ark. Case
No. 09-76195) on Dec. 8, 2009.

Charles T. Coleman, Esq., Judy Simmons Henry, Esq., and Kimberly
Wood Tucker, Es., at Wright, Lindsey & Jennings LLP assist the
Debtor in its restructuring effort.  The Debtor retained CRG
Management, L.L.C., as its financial advisors in its Chapter 11
case.

Michael Traison, Esq., and Marc N. Swanson, Esq., at Miller,
Canfield, Paddock & Stone, P.L.C., in Chicago, Ill., and David
Nixon, Esq., at The Nixon Law Firm, in Fayetteville, Ark.,
represent the official committee of unsecured creditors as counsel
and local counsel, respectively.

In its schedules, the Debtor disclosed $42,427,298 in assets and
$26,986,359 in liabilities.


NCO GROUP: Incurs $155.71 Million Net Loss in 2010
--------------------------------------------------
NCO Group, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$155.71 million on $1.60 billion of revenue for the year ended
Dec. 31, 2010, compared with a net loss of $88.14 million on $1.58
billion of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.23 billion
in total assets, $1.15 billion in total liabilities and $86.92
million in total stockholders' equity.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/8FbdmJ

                        About NCO Group Inc.

Based in Horsham, Pennsylvania, NCO is a global provider of
business process outsourcing services, primarily focused on
accounts receivable management and customer relationship
management.  NCO has over 25,000 full and part-time employees who
provide services through a global network of over 100 offices.
The company is a portfolio company of One Equity Partners and
reported revenues of about $1.2 billion for the twelve month
period ended Sept. 30, 2007.

As reported by the Troubled Company Reporter on Feb. 2, 2011,
Moody's Investors Service downgraded NCO Group, Inc.'s CFR to Caa1
from B3 and changed the outlook to negative.  Simultaneously,
Moody's has also downgraded each of NCO's debt instrument ratings
by one notch and lower the Speculative Grade Liquidity rating to
SGL-4 from SGL3.  The downgrade reflects Moody's concern that
greater than expected revenue declines and continued earnings
pressure will extend beyond current levels due to deteriorating
consumer payment patterns and weaker volumes.  In addition,
Moody's expects financial flexibility will be further aggravated
by tightening headroom under its financial covenants and a
potential breach of covenants which will limit the company's
ability to draw upon its revolver.  Also, the company faces an
impending maturity on its $100 million senior secured revolving
credit facility due November of 2011.


NEW JERSEY MOTORSPORTS: TRG Drops Plans for $5-Mil. Milville HQ
---------------------------------------------------------------
Brian Ianieri at pressofAtlanticCity.com reports that The Racing
Group (TRG), a California-based motorsports company, has pulled
plans for a $5 million East Coast headquarters at the New Jersey
Motorsports Park.

According to the report, TRG had ambitious plans for a location at
the 3-year-old Cumberland County raceway, including a "country
club environment for racers," garages, offices, racing simulators,
and a wine and cigar bar.  TRG, a racing organization that has
operations in Petaluma, California, and Mooresville, North
Carolina, said its plans have since changed.

In a statement, TRG cited the facility's management and the park's
recent Chapter 11 bankruptcy protection filing as reasons for
shelving the plan.  The company began removing equipment,
personnel and signs.

Millville, New Jersey-based New Jersey Motorsports Park, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case
No. 11-16752) on March 7, 2011.  Nella M. Bloom, Esq., at Cohen
Seglias Pallas Greenhall & Furman, PC, serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets at $100,001
to $500,000 and debts at $10 million to $50 million.

Affiliates New Jersey Motorsports Park Operating Company, LLC
(Bankr. D. N.J. Case No. 11-16772), New Jersey Motorsports Park
Development Association (Bankr. D. N.J. Case No. 11-16776), and
New Jersey Motorsports Park Urban Renewal, LLC (Bankr. D. N.J.
Case No. 11-16778) filed separate Chapter 11 petitions on
March 7, 2011.


NORD RESOURCES: Incurs $21.20 Million Net Loss in 2010
------------------------------------------------------
Nord Resources Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $21.20 million on $28.64 million of net sales for the
year ended Dec. 31, 2010, compared with net income of $392,438 on
$19.91 million of net sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $63.60 million
in total assets, $61.47 million in total liabilities and $2.13
million in total stockholders' equity.

Mayer Hoffman McCann P.C., in Phoenix, Arizona, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted as of Dec. 31, 2010
and 2009, the Company reported a deficit in net working capital of
$39,929,666 and $7,652,818, respectively.  The Company's
significant historical operating losses, lack of liquidity, and
inability to make the requisite principal and interest payments
due under the terms of the Company's credit agreement with its
senior lender raise substantial doubt about the Company's ability
to continue as a going concern, the auditors said.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/pFZpI4

                       About Nord Resources

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

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

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

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


NORTHGATE PROPERTIES: Taps Darby Law as Bankruptcy Counsel
----------------------------------------------------------
Northgate Properties, Inc., asks the U.S. Bankruptcy Court for the
District of Nevada for permission to employ Kevin A. Darby, Esq.,
of Darby Law Practice, Ltd. as its counsel nunc pro tunc to the
petition date.

The Debtor believes that Darby Law Practice is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code as required by Section 327(a) of the Bankruptcy Code and tha
Darby Law Practice does not hold or represent an interest adverse
to the Debtor or its estate.

The Debtor proposes to pay Darby Law Practice its customary hourly
rates in effect on the date the services are rendered.

Reno, Nevada-based Northgate Properties, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. Nev. Case No. 11-50451) on
Feb. 14, 2011.  In its schedules, the Debtor disclosed $12,053,476
in assets and $5,811,393 in liabilities as of the petition date.


OM SHIVAI: Court Rejects Plan & Dismisses Chapter 11 Case
---------------------------------------------------------
Bankruptcy Judge David R. Duncan rejected Om Shivai, Inc.'s Small
Business Disclosure Statement and denied confirmation of its Small
Business Plan, both filed Feb. 16, 2011.  Judge Duncan said the
Plan is not feasible.  Instead, Judge Duncan dismissed the
bankruptcy case.

The United States Trustee objected to the Plan and sought
dismissal of the case.  First Citizens Bank & Trust Co. also
objected.

The Debtor filed for chapter 11 protection (Bankr. D. S.C. Case
No. 10-04588) on June 29, 2010, and designated itself as a small
business debtor in its petition.  The Debtor owns and operates a
Days Inn motel franchise in Richburg, South Carolina.  The Debtor
purchased the 27 room motel in April 1999.

The Debtor's Schedule D shows secured debt of $1,137,385,
including a $1,083,585 mortgage with First Citizens Bank and two
tax liens with Chester County and the South Carolina Department of
Revenue.  The Debtor's Schedule F shows unsecured debt of
$84,503.41, and Schedule E shows priority debt of $2,000 owed to
the IRS.

The Plan proposes to pay First Citizens' claim over a 120-month
period at 6% interest, with monthly payments of $3,706.91.  At the
end of the 120-month period, a balloon payment will be due.  The
Debtor proposes to pay Chester County's claim over a 60-month
period at 5.25% interest.  The Debtor will pay the $75,624.85 owed
to Chester County in monthly installments of $1,430.  The Debtor
proposes to pay the $800 claim of the South Carolina Department of
Revenue over a 60-month period at 5.25%.  This debt will be paid
in monthly installments of $15.12 per month.  The Debtor's
priority debt to the IRS will be paid over a 60-month period at
5.25%, in monthly installments of $37.81.  Proposed payments to
all other classes are minimal.

Since the beginning of the case, the Debtor's monthly operating
reports show a total of only $1,000 in repair expenses.  The motel
is currently in need of approximately $95,000 for repairs.  The
Debtor's motel is located near an exit off of Interstate 77.
There are at least five other motels at the same exit.  Testimony
established that the Debtor's occupancy is generally between 26
and 28 percent, and that this figure is much lower than the other
five motels.  The Debtor's motel is also older than the majority
of the other motels.

The U.S. Trustee objects to confirmation largely based on the fact
that the Debtor has not shown an ability to fund its Plan.  The
Bank's Objection sets forth numerous problems with the Debtor's
Plan, including improper classification of claims, violation of
the absolute priority rule, and lack of feasibility.

An Order Conditionally Approving Disclosure Statement was entered
Feb. 18, 2011.

A copy of Judge Duncan's April 1, 2011 Order is available at
http://is.gd/G4y70yfrom Leagle.com.


PARK CENTRAL: Section 341(a) Meeting Scheduled for April 28
-----------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of Park
Central Plaza 32, LLC's creditors on April 28, 2011, at 2:00 p.m.
The meeting will be held at 300 Las Vegas Boulevard, South, Room
1500, Las Vegas, Nevada.

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.

Las Vegas, Nevada-based Park Central Plaza 32, LLC, filed for
Chapter 11 bankruptcy protection on March 23, 2011 (Bankr. D. Nev.
Case No. 11-14153).  Bob L. Olson, Esq., at Greenberg Traurig LLP,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.


PATRICK HACKETT: Auction for Ogdensburg Store on April 6
--------------------------------------------------------
David Winters at the Watertown Daily Times reports that the
highest bidder will acquire the former Hacketts flagship store on
Pickering Street, in Ogdensburg, New York, after a public auction
April 6.

U.S. Bankruptcy Court Judge Diane Davis ordered the Hacketts
department store property to be sold as part of the liquidation
action of the assets of the Patrick Hackett Hardware Co.  The
53,811-square-foot, single-story building, which sits on nearly
3.2 acres, has an expansive parking lot.

The bankruptcy court authorized Anderson Auction & Realty,
Buffalo, to handle the auction.  The public auction will start at
10 a.m. at the former store, 1223 Pickering St. Inspection of the
building starts 90 minutes before the sale begins, the auctioneer
said.  Those interested in buying the building must bring a
$50,000 certified check made payable to the auctioneer, he adds.

According to the report, following the building sale, the
inventory and equipment inside the former store will be auctioned
off, court records show.  The auction will not include the former
Hacketts space in Canton's Midtown Shopping Plaza. Federal court
records have not indicated what will happen with the Canton
location.

In a separate action, Judge Davis on March 17 approved the sale of
a second Hacketts property at 1301 State St. to Leegill Ventures
Inc., LaFargeville, for $400,000.  The 22,000-square-foot, one-
story, steel-framed building formerly housed Hacketts Power Place.

                      About Patrick Hackett

Patrick Hackett Hardware Company began in 1830 as a hardware store
in upstate New York.  Hacketts now operates full-service
department stores and a specialty store, selling a full line of
clothes, consumer electronics, cell phones, shoes, housewares,
hardware and others.

Patrick Hackett filed for Chapter 11 (Bankr. N.D. N.Y Case No. 09-
63135) on Nov. 10, 2009.  The Debtor estimated less than
$10 million in total assets in its Chapter 11 petition.

Hackett's Stores, Inc., is the parent company of Patrick Hackett.
Hackett's Stores (Pink Sheets:HCKI) is a holding of Seaway Valley
Capital Corporation (Pink Sheets:SEVA).  Hackett's Stores is not
nor has ever been in bankruptcy or bankruptcy protection.


PEARL ARTIST: Emerges From Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
The Sun Sentinel reports that Pearl Artist & Craft Supply
successfully emerged from Chapter 11 bankruptcy proceedings after
seeking protection from its creditors last April.

"It has taken seven-day work weeks and many 20-hour days," said
Rosalind Perlmutter, president of the Fort Lauderdale-based art
supply chain.  "It's a huge achievement."

The 'new' Pearl will focus on building relationships with local
fine artists to serve their niche needs, but will also provide
products and services for mainstream customers such as custom
framing, Ms. Perlmutter said, according to the report.

Based in Fort Lauderdale, Florida, Pearl Artist & Craft Supply
Corp. filed for Chapter 11 bankruptcy protection on April 10, 2010
(Bankr. S.D. Fla. Case No. 10-19358).  Judge John K. Olson
presides over the case.  Martin L. Sandler, Esq., represents the
Debtor.  The Debtor estimated assets between $1 million and
$10 million, and debts between $10 million and $50 million.


PJ FINANCE: Hearing on Further Cash Use on Wednesday
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered, on
March 17, 2011, its second interim order authorizing PJ Finance
Company, LLC, et al., to use the prepetition lenders' cash
collateral from the petition date through and including the
Termination Date, or the first business day following the final
hearing on the motion.

The motion is set for final hearing at 9:00 a.m. on April 6, 2011.
Thus, the termination date is April 7, 2011.

The objection to the motion filed by Torchlight Loan Services,
LLC, as special servicer for mortgage-backed securities including
$475 million in mortgages on the properties, is preserved in all
respects for the Final Hearing.

Until the repayment in full in cash of the value of the
prepetition collateral securing the prepetition senior obligations
or the effective date respecting any order confirming a plan in
the Debtors' cases, as adequate protection, the Trustee and
Special Servicer, for themselves and for the benefit of the
holders of the CMBS, are granted replacement liens in all of the
postpetition collateral to the same extent, priority and
enforceability held on the prepetition collateral as of the
petition date.  The Adequate Protection Senior Liens will be
subordinate only to the Prepetition Senior Liens, the Prior Liens
and Carve-Out.

The Trustee and the Special Servicer will also have an allowed
super-priority administrative expense claim against each Debtor
and its respective estate to the extent of any diminution in the
Prepetition Collateral and to the extent the Replacement Liens
prove inadequate to protect said interests.  The Adequate
Protection Senior Claim will be subordinate only to the Carve-Out.

The motion is set for a final hearing to be held at 9:00 a.m. on
April 6, 2011.

In November 2006, Alliance PJRT Limited Partnership and Alliance
PJWE Limited Partnerships entered into an amended and restated
loan agreement with Column Financial Inc., as originating lender,
whereby the originating Lender agreed to make a loan to the
partnerships in the principal amount of $475 million with a
Nov. 11, 2016 maturity date.  In May 2007, the originating lender
sold the prepetition loan documents to Credit Suisse First Boston
Mortgage Securities Corp.  Pursuant to that certain pooling and
servicing agreement dated May 1, 2007, Credit Suisse contributed
the prepetition loan documents to a trust.  Under that agreement,
Bank of America, N.A., acts as successor trustee; Wachovia Bank,
N.A., acts as the master servicer; and Torchlight Loan Services,
LLC, acts as special servicer.  The loan is secured by mortgages
and deeds of trust encumbering all of the properties in favor of
the Trustee.  The partnerships are currently indebted on the loan
in the amount of $475 million plus accrued and unpaid interest,
costs and fees.

                        About PJ Finance

Chicago, Illinois-based PJ Finance Company, LLC, owns apartment
communities in the states of Arizona, Florida, Georgia, Tennessee
and Texas.  PJ Finance owns or holds ownership interests in 32
apartment communities that collectively have more than 9,500
rentable units.  It has 20 apartment locations in Texas, and the
remaining 12 in Arizona, Florida, Georgia and Tennessee.  The day-
to-day operations of the portfolio are managed by a third party,
WestCorp Management Group One, Inc.

PJ Finance filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 11-10688) on March 7, 2011.

Affiliates PJ Holding Company Manager, LLC (Bankr. D. Del. Case
No. 11-10692); PJ Holding Company, LLC (Bankr. D. Del. Case No.
11-10693); Alliance PJRT GP, Inc. (Bankr. D. Del. Case No.
11-10695); Alliance PJWE GP, L.L.C. (Bankr. D. Del. Case No.
11-10697); Alliance PJRT Limited Partnership (Bankr. D. Del. Case
No. 11-10699); and Alliance PJWE Limited Partnership (Bankr. D.
Del. Case No. 11-10700) filed separate Chapter 11 petitions.  The
cases are jointly administered with PJ Finance Company as the lead
case.

Michelle E. Marino, Esq., and Stuart M. Brown, Esq., at DLA Piper
LLP (US), in Wilmington, Delaware, serve as bankruptcy counsel.
Kurtzman Carson Consultants, LLC, is the Debtors' claims
and notice agent.  Christopher A. Jarvinen, Esq., and Mark T.
Power, Esq., at Hahn & Hessen LLP, represent the official
committee of unsecured creditors as lead counsel.  Richard Scott
Cobb, Esq., and William E. Chipman, Jr., Esq., at Landis Rath &
Cobb, in Wilmington, Del., represent the official committee of
unsecured creditors as local counsel.

The Debtors estimated total assets of at least $275 million
(estimated value of portfolio securing loan to Bank of America)
and total debts of at least $479 million ($475 million owed to
BofA, $4.4 million trade debt).

PJ said it has a commitment for Gaia Real Estate Investments LLC
to invest $42 million and serve as the foundation for a
reorganization plan.


PJ FINANCE: U.S. Trustee Forms 7-Member Creditors Committee
-----------------------------------------------------------
Roberta A. DeAngelis, United States Trustee for Region 3,
appointed seven members to the official committee of unsecured
creditors in the Chapter 11 cases of PJ Finance Company, LLC, and
its affiliates.

The Creditors Committee members are:

1. Quantum Asset Development, Inc.
   Attn: Michael Comar
   4225 Lake Forest Dr.
   Kalamazoo, MI 49008
   Tel: (269) 929-7686
   Fax: (317) 663-2088

2. Alliance Tax Advisors, LLC
   Attn: Tony Comparin
   433 E. Las Colinas Blvd., Suite 980
   Irving, TX 75039
   Tel: (214) 496-9800
   Fax: (214) 496-9801

3. Genie Services, Inc.
   Attn: Nicholas Eancheff
   2010 W. Parkside Lane, Suite 140
   Phoenix, AZ 85027
   Tel: (623) 582-6111
   Fax: (623) 582-6116

4. Richmond & Associates Landscaping, Ltd.
   Attn: James Richmond
   11359 Kline Dr.
   Dallas, TX 75229
   Tel: (972) 488-4769
   Fax: (972) 488-8999

5. Texmenian Contractors Inc., d/b/a Red Carpet Cleaning
   Attn: Alberto Carrizal
   P.O. Box 892
   Colleyville, TX 76034
   Tel: (817) 825-1393
   Fax: (817) 633-4087

6. One Call Sourcing International LLC d/b/a Aimsco/MRO
   Attn: Tim Grout
   2399 Midway Rd.
   Carrollton, TX 75006
   Tel: (972) 818-1065
   Fax: (972) 818-1069

7. Nature's Paintbrush,
   Attn: Michael Gossett
   3153 Spur Trail
   Dallas, TX 75234
   Tel: (214) 287-6457
   Fax: (972) 243-4502

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtor's
expense.  They may investigate the Debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.  Those
committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest.  If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management with
an independent trustee.  If the Committee concludes reorganization
of the Debtor is impossible, the Committee will urge the
Bankruptcy Court to convert the Chapter 11 cases to a liquidation
proceeding.

                        About PJ Finance

Chicago, Illinois-based PJ Finance Company, LLC, owns apartment
communities in the states of Arizona, Florida, Georgia, Tennessee
and Texas.  PJ Finance owns or holds ownership interests in 32
apartment communities that collectively have more than 9,500
rentable units.  It has 20 apartment locations in Texas, and the
remaining 12 in Arizona, Florida, Georgia and Tennessee.  The day-
to-day operations of the portfolio are managed by a third party,
WestCorp Management Group One, Inc.

PJ Finance filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 11-10688) on March 7, 2011.

Affiliates PJ Holding Company Manager, LLC (Bankr. D. Del. Case
No. 11-10692); PJ Holding Company, LLC (Bankr. D. Del. Case No.
11-10693); Alliance PJRT GP, Inc. (Bankr. D. Del. Case No.
11-10695); Alliance PJWE GP, L.L.C. (Bankr. D. Del. Case No.
11-10697); Alliance PJRT Limited Partnership (Bankr. D. Del. Case
No. 11-10699); and Alliance PJWE Limited Partnership (Bankr. D.
Del. Case No. 11-10700) filed separate Chapter 11 petitions.  The
cases are jointly administered with PJ Finance Company as the lead
case.

Michelle E. Marino, Esq., and Stuart M. Brown, Esq., at DLA Piper
LLP (US), in Wilmington, Delaware, serve as bankruptcy counsel.
Kurtzman Carson Consultants, LLC, is the Debtors' claims
and notice agent.  Christopher A. Jarvinen, Esq., and Mark T.
Power, Esq., at Hahn & Hessen LLP, represent the official
committee of unsecured creditors as lead counsel.  Richard Scott
Cobb, Esq., and William E. Chipman, Jr., Esq., at Landis Rath &
Cobb, in Wilmington, Del., represent the official committee of
unsecured creditors as local counsel.

The Debtors estimated total assets of at least $275 million
(estimated value of portfolio securing loan to Bank of America)
and total debts of at least $479 million ($475 million owed to
BofA, $4.4 million trade debt).

PJ said it has a commitment for Gaia Real Estate Investments LLC
to invest $42 million and serve as the foundation for a
reorganization plan.


PJ FINANCE: Taps DLA Piper (US) as Bankruptcy Counsel
-----------------------------------------------------
PJ Finance Company, LLC, and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ DLA Piper LLP (US) as counsel, nunc pro tunc to March 7,
2011.

DLA Piper will charge for its legal services on an hourly basis in
accordance with its ordinary and customary hourly rates in effect
on the date the services are rendered.

The Debtors believe that the firm dot not have an interest
materially adverse to the Debtors and their respective estates,
and that the firm is a "disinterested person", as that term is
defined in Sec. 101(14) of the Bankruptcy Code.

                        About PJ Finance

Chicago, Illinois-based PJ Finance Company, LLC, owns apartment
communities in the states of Arizona, Florida, Georgia, Tennessee
and Texas.  PJ Finance owns or holds ownership interests in 32
apartment communities that collectively have more than 9,500
rentable units.  It has 20 apartment locations in Texas, and the
remaining 12 in Arizona, Florida, Georgia and Tennessee.  The day-
to-day operations of the portfolio are managed by a third party,
WestCorp Management Group One, Inc.

PJ Finance filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 11-10688) on March 7, 2011.

Affiliates PJ Holding Company Manager, LLC (Bankr. D. Del. Case
No. 11-10692); PJ Holding Company, LLC (Bankr. D. Del. Case No.
11-10693); Alliance PJRT GP, Inc. (Bankr. D. Del. Case No.
11-10695); Alliance PJWE GP, L.L.C. (Bankr. D. Del. Case No.
11-10697); Alliance PJRT Limited Partnership (Bankr. D. Del. Case
No. 11-10699); and Alliance PJWE Limited Partnership (Bankr. D.
Del. Case No. 11-10700) filed separate Chapter 11 petitions.  The
cases are jointly administered with PJ Finance Company as the lead
case.

Michelle E. Marino, Esq., and Stuart M. Brown, Esq., at DLA Piper
LLP (US), in Wilmington, Delaware, serve as bankruptcy counsel.
Kurtzman Carson Consultants, LLC, is the Debtors' claims
and notice agent.  Christopher A. Jarvinen, Esq., and Mark T.
Power, Esq., at Hahn & Hessen LLP, represent the official
committee of unsecured creditors as lead counsel.  Richard Scott
Cobb, Esq., and William E. Chipman, Jr., Esq., at Landis Rath &
Cobb, in Wilmington, Del., represent the official committee of
unsecured creditors as local counsel.

The Debtors estimated total assets of at least $275 million
(estimated value of portfolio securing loan to Bank of America)
and total debts of at least $479 million ($475 million owed to
BofA, $4.4 million trade debt).

PJ said it has a commitment for Gaia Real Estate Investments LLC
to invest $42 million and serve as the foundation for a
reorganization plan.


PJ FINANCE: Creditors Committee Taps Hahn & Hessen as Co-Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of PJ Finance
Company, LLC, and its affiliates asks the U.S. Bankruptcy Court
for the District of Delaware for permission to employ Hahn &
Hessen LLP as its co-counsel, effective as of March 16, 2011.

To the best of the Committee's knowledge, H&H has and represents
no interest adverse to the committee or the Debtors' estates.

H&H has agreed to represent the Committee and to be compensated at
its customary rates for services rendered and for actual expenses
incurred, subject to the approval of the Bankruptcy Court.

                        About PJ Finance

Chicago, Illinois-based PJ Finance Company, LLC, owns apartment
communities in the states of Arizona, Florida, Georgia, Tennessee
and Texas.  PJ Finance owns or holds ownership interests in 32
apartment communities that collectively have more than 9,500
rentable units.  It has 20 apartment locations in Texas, and the
remaining 12 in Arizona, Florida, Georgia and Tennessee.  The day-
to-day operations of the portfolio are managed by a third party,
WestCorp Management Group One, Inc.

PJ Finance filed for Chapter 11 bankruptcy protection on March 7,
2011 (Bankr. D. Del. Case No. 11-10688).

Affiliates PJ Holding Company Manager, LLC (Bankr. D. Del. Case
No. 11-10692); PJ Holding Company, LLC (Bankr. D. Del. Case No.
11-10693); Alliance PJRT GP, Inc. (Bankr. D. Del. Case No.
11-10695); Alliance PJWE GP, L.L.C. (Bankr. D. Del. Case No.
11-10697); Alliance PJRT Limited Partnership (Bankr. D. Del. Case
No. 11-10699); and Alliance PJWE Limited Partnership (Bankr. D.
Del. Case No. 11-10700) filed separate Chapter 11 petitions.  The
cases are jointly administered with PJ Finance Company as the lead
case.

Michelle E. Marino, Esq., and Stuart M. Brown, Esq., at DLA Piper
LLP (US), in Wilmington, Delaware, serve as bankruptcy counsel.
Kurtzman Carson Consultants, LLC, is the Debtors' claims
and notice agent.  Christopher A. Jarvinen, Esq., and Mark T.
Power, Esq., at Hahn & Hessen LLP, represent the official
committee of unsecured creditors as lead counsel.  Richard Scott
Cobb, Esq., and William E. Chipman, Jr., Esq., at Landis Rath &
Cobb, in Wilmington, Del., represent the official committee of
unsecured creditors as local counsel.

The Debtors estimated total assets of at least $275 million
(estimated value of portfolio securing loan to Bank of America)
and total debts of at least $479 million ($475 million owed to
BofA, $4.4 million trade debt).

PJ said it has a commitment for Gaia Real Estate Investments LLC
to invest $42 million and serve as the foundation for a
reorganization plan.


RADIO ONE: Has 32-Month Contract with Chief Exec. Thompson
----------------------------------------------------------
Radio One, Inc., executed an employment agreement with Peter D.
Thompson, the Company's chief financial officer on March 3, 2011.
The employment agreement is through Nov. 12, 2013 with an initial
annual base salary of $550,000.  Under the terms of the agreement,
Mr. Thompson is eligible for an annual bonus of $200,000.  A copy
of the employment agreement is available for free at:

                        http://is.gd/e94od0

                          About Radio One

Based in Washington, Radio One, Inc. (Nasdaq:  ROIAK and ROIA) --
http://www.radio-one.com/-- is a diversified media company that
primarily targets African-American and urban consumers.  The
Company is one of the nation's largest radio broadcasting
companies, currently owning 53 broadcast stations located in 16
urban markets in the United States.   Radio One operates
syndicated programming including the Russ Parr Morning Show, the
Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo
Brother Live, CoCo Brother's "Spirit" program, Bishop T.D. Jakes'
"Empowering Moments", the Reverend Al Sharpton Show, and the
Warren Ballentine Show.

The Company also owns a controlling interest in Reach Media, Inc.
-- http://www.blackamericaweb.com/-- owner of the Tom Joyner
Morning Show and other businesses associated with Tom Joyner.
Radio One owns Interactive One -- http://www.interactiveone.com/
-- an online platform serving the African-American community
through social content, news, information, and entertainment,
which operates a number of branded sites, including News One,
UrbanDaily, HelloBeautiful, Community Connect Inc. --
http://www.communityconnect.com/-- an online social networking
company, which operates a number of branded Web sites, including
BlackPlanet, MiGente, and Asian Avenue and an interest in TV One,
LLC -- http://www.tvoneonline.com/-- a cable/satellite network
programming primarily to African-Americans.

The Company reported a net loss of $26.62 million on $279.90
million of net revenue for the year ended Dec. 31, 2010, compared
with a net loss of $48.55 million on $272.09 million of net
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $999.21
million in total assets, $774.24 million in total liabilities,
$30.64 million in redeemable noncontrolling interests and $194.33
million in total stockholders' equity.

In its report dated Aug. 23, 2010, for the Company's fiscal 2009
financial statements, Ernst & Young LLP expressed substantial
doubt as to the Company's ability to continue as a going concern,
given certain covenant violations under the Company's loan
agreements which could have resulted in significant portions of
the Company's outstanding debt becoming callable by the Company's
lenders.  The Company noted that these violations were cured as a
part of certain refinancing transactions more fully described in
our Current Report on Form 8-K filed, Dec. 1, 2010.  Having cured
these violations, the Company's audited financial statements for
2010 have been prepared assuming that it will continue as a going
concern.

                           *     *     *

In the Dec. 10, 2010 edition of the TCR, Moody's confirmed the
Caa1 rating for Radio One, Inc.'s Corporate Family Rating and
confirmed its Caa2/LD Probability of Default Rating.  According to
Moody's, the Caa1 corporate family rating will reflect Radio One's
high pro forma debt-to-EBITDA leverage of approximately 8.0x
(incorporating Moody's standard adjustments) mitigated by improved
operating performance due to expected political advertising gains
in 4Q10 followed by double digit EBITDA gains in 1Q11 compared to
a weak 1Q10.  Despite expected growth in EBITDA and improving
debt-to-EBITDA leverage ratios, reported debt balances will remain
flat at approximately $655 million for the next 12 months due to
the anticipated funding of the TV One capital call as well as the
potential accretion of the PIK portion of the new 12.5%/15%
subordinated notes due 2016.

As reported by the Troubled Company Reporter on March 11, 2011,
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on U.S. radio broadcaster Radio One Inc.
to 'B-' from 'CCC+'.  The rating outlook is stable.  "The 'B-'
rating and stable outlook reflect S&P's view that the
proposed transaction will improve Radio One's financial
flexibility by eliminating near-term refinancing risk and
increasing headroom under financial covenants," said Standard &
Poor's credit analyst Michael Altberg.  "Going forward, S&P
believes the company's increased ownership in TV One LLC, a
growing African American-targeted cable TV network, provides
additional diversity to Radio One's business profile and access to
a more stable revenue stream."


REDDY ICE: Incurs $32.50 Million Net Loss in 2010
-------------------------------------------------
Reddy Ice Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $32.50 million on $315.45 million of revenue for the
year ended Dec. 31, 2010, compared with net income of
$14.30 million on $312.33 million of revenue during the prior
year.

The Company's balance sheet at Dec. 31, 2010 showed
$458.82 million in total assets, $510.34 million in total
liabilities, and a $51.52 million stockholders' deficit.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/UU3MdX

                         About Reddy Ice

Reddy Ice Holdings, Inc. -- http://www.reddyice.com/--
manufactures and distributes packaged ice in the United States.
The company serves variety of customers in 31 states and the
District of Columbia under the Reddy Ice brand name.

                           *     *     *

Reddy Ice carries 'B-' issuer credit ratings, with "negative"
outlook, from Standard & Poor's.

As reported by the Troubled Company Reporter on Aug. 17, 2010,
Moody's Investors Service lowered Reddy Ice Holdings' corporate
family and probability-of-default ratings to B3 from B2, and its
$12 million senior discount notes due 2012 to Caa2 from Caa1.
Moody's also lowered the rating on Reddy Ice Corporations' $300
million first lien senior secured notes due 2015 to B2 from B1 and
the $139 million second lien notes due 2015 to Caa2 from Caa1.
The ratings outlook remains negative.  The speculative grade
liquidity rating was affirmed at SGL-3.

The ratings downgrade was prompted by Reddy Ice's elevated
financial leverage through the first half of 2010 due to weaker
than expected operating performance and the expectation that
leverage will remain elevated.  The B3 corporate family rating
considers ongoing operational risks related to weather as well as
increasing acquisition activity.


RITE AID: Amends Offer to Exchange Option for Clarification
-----------------------------------------------------------
Rite Aid Corporation filed with the U.S. Securities and Exchange
Commission an Amendment No. 1 to its tender offer statement to
amend and supplement the Tender Offer Statement on Schedule TO
filed with the SEC on March 21, 2011, relating to an offer by the
Company to certain eligible associates to exchange their
outstanding options to purchase shares of the Company's common
stock for new options on the terms and conditions set forth in the
Offer to Exchange Certain Outstanding Stock Options for New Stock
Options, dated March 21, 2011.  The Company is amending its Offer
to Exchange to clarify that eligible associates may make an
election to tender eligible stock options, or to withdraw a
previous election to tender eligible stock options, via facsimile.

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

                        http://is.gd/7VC7Wk

                           About Rite Aid

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- based in Camp Hill, Pennsylvania, has
more than 4,700 stores in 31 states and the District of Columbia
and fiscal 2010 annual revenues of $25.7 billion.

Rite Aid carries 'Caa2' probability of default and corporate
family ratings from Moody's Investors Service.  It has a 'B-'
corporate credit rating from Standard & Poor's Ratings Services.

The Company's balance sheet at Nov. 27, 2010, showed $7.8 billion
in total assets, $9.8 billion in total liabilities, and a
stockholders' deficit of $2.0 billion.


RIVER ROCK: Posts Income From Operations of $46.43MM in 2010
------------------------------------------------------------
River Rock Entertainment Authority filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting
income from operations of $46.43 million on $124.18 million of net
revenues for the year ended Dec. 31, 2010, compared with income
from operations of $44.45 million on $123.02 million of net
revenues during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $222.15
million in total assets, $215.40 million in total current
liabilities and $6.75 million in total net assets.

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

                        http://is.gd/YbZ4dF

                          About River Rock

Headquartered in Geyserville, California, River Rock Entertainment
Authority is a governmental instrumentality of the Dry Creek
Rancheria Band of Pomo Indians, a federally recognized Indian
tribe.  River Rock Casino is a governmental development project of
the Authority.  The Casino offers Class III slot and video poker
gaming machines, house banked table games, including Blackjack,
Three card poker, Mini-baccarat and Pai Gow poker, Poker,
featuring Texas Hold' em, comprehensive food and non-alcoholic
beverage offerings, and goods for sale on tribal land located in
Geyserville, California.

As reported by the TCR on March 18, 2011, Moody's Investors
Service downgraded River Rock Entertainment Authority's Corporate
Family Rating and Probability of Default Rating to Caa1 from B2,
and the rating on the $200 million senior notes due 2011 to Caa1
from B2.  All ratings are kept under review for further possible
downgrade.  The downgrade of CFR to Caa1 reflects the significant
refinancing risk stemming from upcoming maturity of RREA's $200
million senior notes on Nov. 1, 2011 and lack of evidence that the
Authority has made meaningful progress in addressing the maturity
since its ratings were initially placed under review for possible
downgrade in October 2010.

In the Dec. 13, 2010 edition of the Troubled Company Reporter,
Standard & Poor's Ratings Services lowered its ratings on Sonoma
County, California-based River Rock Entertainment Authority; the
issuer credit rating was lowered to 'B-' from 'B+'.  At the same
time, S&P placed the ratings on CreditWatch with negative
implications.  RREA was created to operate the River Rock casino
for the Dry Creek Rancheria Band of Pomo Indians (the Tribe).

"The rating downgrade and CreditWatch listing reflect River Rock's
limited progress in addressing near-term refinancing needs
associated with its $200 million senior notes due November 2011,
as well as other debt held at the Tribe," said Standard & Poor's
credit analyst Michael Halchak.  "With less than 12 months to the
maturity on the senior notes, S&P has become increasingly
concerned around River Rock's ability to successfully address
these refinancing needs.  In addition, S&P believes River Rock
faces additional liquidity needs related to the Tribe's memorandum
of agreement with Sonoma County, associated with infrastructure
spending needs in and around the casino."


ROANOKE HEALTH: To File For Chapter 11 Bankruptcy Protection
------------------------------------------------------------
Penny L. Pool at the Randolph Leader reports that, on the advice
of Attorney Lee R. Benton of Benton & Centeno LLP in Birmingham,
Roanoke Health Care Authority voted to declare Chapter 11
bankruptcy and selected him to handle it.  The authority also
voted to accept proposals next Wednesday on the sale of Southern
Family Health Care and accepted authority chairman Gary Clark's
resignation.  When chief financial officer Michael Parsons left
the building after the meeting, it was most likely for the last
time.

Mr. Benton recommended the Chapter 11 avenue saying they could pay
secured creditors such as Correct Care, the company that provided
physicians to the hospital and is owed in the neighborhood of
$350,000, according to the Randolph Leader.

The Randolph Leader says the board has been trying to find someone
to buy, lease or operate the health clinic, which everybody thinks
is important.  It is not a separate entity so someone could file a
claim against it.  The authority needs to sell it quickly to keep
it operating.  Of course the sale would have to approved by
bankruptcy court.


ROBB CORWIN: Gorilla Cos. Suit Goes Back to Bankr. Court
--------------------------------------------------------
District Judge David G. Campbell vacated, in part, the withdrawal
of reference of an adversary proceeding commenced by Gorilla
Companies, LLC, and the case is referred back to the bankruptcy
court for resolution of pending motions for summary judgment.  The
Plaintiff has filed a status report stating that the automatic
stay in the Corwins' chapter 11 bankruptcy has been lifted and the
bankruptcy court has set a hearing on the pending summary judgment
motions for April 25, 2011.

Judge Campbell directed the Plaintiff to file another status
report after the motions for summary judgment have been resolved.
The Plaintiff's motion for entry of order clarifying status of
reference is granted.

The case before the District Court is Gorilla Companies, LLC, a
Delaware limited liability company, Plaintiff, v. Sharon Van
Tassel and Darrell Van Tassel, husband and wife; Robb M. Corwin
and Jillian C. Corwin, husband and wife; and 13, LLC, an Arizona
limited liability company, Nos. CV-09-1327-PHX-DGC, AP-09-00507-
RJH, BK-09-02898-RJH, BK-09-02901-CGC, BK-09-02903-GBN, BK-09-
02905-CGC (D. Ariz.).  A copy of the District Court's March 31,
2011 Order is available at http://is.gd/dXHnSjfrom Leagle.com.

The Corwins and Gorilla are also locked in another dispute.  The
Corwins are the sole owners of 13 Holdings, LLC. In June 2007, 13
Holdings and Gorilla entered into an Asset Purchase Agreement
under which 13 Holdings sold the assets of an event-management
company to Gorilla in exchange for an immediate cash payment, one
million shares of Gorilla stock, a promissory note for $1.5
million, and a second note that could pay up to $6 million
depending on Gorilla's performance.  In early 2008, Gorilla made a
large payment to 13 Holdings on the Seller Note. A dispute later
arose regarding the amount owed under the Seller Note.

Gorilla filed suit against the Corwin Parties in state court,
Gorilla Cos. LLC v. Corwin, No. CV2008-032847 (Ariz. Super. Ct.
Dec. 23, 2008).  The Corwin Parties filed counterclaims.  The case
was removed to the bankruptcy court after Gorilla filed for
Chapter 11 bankruptcy.  Gorilla Cos. LLC v. Corwin, No. AP-09-
00266-RJH (Bankr. Ariz. Mar. 10, 2009).  The Corwin Parties
subsequently filed proofs of claim in the bankruptcy proceedings
that mirrored their state-court counterclaims, and Gorilla
responded with counterclaims that mirrored its state-court claims.

On March 22, 2010, the bankruptcy court issued a judgment in which
it adjudicated the proofs of claim filed by the Corwin Parties and
the state law counterclaims brought by Gorilla.  The bankruptcy
court ruled against the Corwin Parties.  The bankruptcy court
framed the March 22 adjudication as a core proceeding under 28
U.S.C. Sec. 157(b)(2)(B) and (C), and treated the Gorilla claims
as "compulsory counterclaims to the Corwin Proof of Claims."

The Corwins took an appeal to the District Court.  In October
2010, the District Court affirmed the Bankruptcy Court ruling that
adjudication was appropriately deemed a core proceeding by the
lower court.

                     About Gorilla Companies

Based in Tempe, Ariz., Gorilla Companies LLC provides event
management services.  Gorilla Companies sought Chapter 11
protection (Bankr. D. Ariz. Case No. 09-02898) on Feb. 20, 2009,
and is represented by John R. Clemency, Esq., at Greenberg Traurig
LLP in Phoenix.  At the time of the filing, the Debtor estimated
its assets at more than $1 million and its debts at less than
$1 million.

                         About Robb Corwin

Robb Corwin in Chandler, Arizona, filed for Chapter 11 bankruptcy
(Bankr. D. Ariz. Case No. 10-21303) on July 8, 2010, Judge Sarah
Sharer Curley presiding.  Mark W. Roth, Esq. --
mroth@polsinelli.com -- at Polsinelli Shughart P.C., serves
as bankruptcy counsel.  Mr. Corwin disclosed $1 million to
$10 million in total assets and $10 million to $50 million in
total debts.


SAN JUAN BAUTISTA: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: San Juan Bautista Medical Center Corp.
        aka Hospital San Juan Bautista
        P.O. Box 4964
        Caguas, PR 00725

Bankruptcy Case No.: 11-02270

Chapter 11 Petition Date: March 18, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C.CONDE & ASSOCIATES
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Estimated Assets: $0 to 50,000

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-02270.pdf

The petition was signed by Lymari Colon, president of governing
board.


SAND TECHNOLOGY: Thomas O'Donnell Discloses 15.47% Equity Stake
---------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Thomas M. O'Donnell and his affiliates
disclosed that they beneficially own 4,249,742 of Class A Shares
of Sand Technology Inc. representing 15.47% of the shares
outstanding.  As of Dec. 20, 2010, the date of the Company's last
filed report of foreign issuer on Form 6-K, the Company had issued
and outstanding 15,889,620 Common Shares.

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

                        http://is.gd/1g74XO

                       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.

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.

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.


SB PARTNERS: Delays Filing of Annual Report
-------------------------------------------
SB Partners informed the U.S. Securities and Exchange Commission
that it will be late in filing its annual report on Form 10-K for
the period ended Dec. 31, 2010.

SB Partners has a 30% non-controlling interest in Sentinel Omaha,
LLC, an affiliate of the Company's general partner.  The
investment in Omaha is accounted for at fair value.  The
controller for Omaha has informed the Company that the audit firm
conducting the annual audit for Omaha's calendar year 2010 will
complete the audit and issued the audit opinion a day or two prior
to the date the Company is require to file its form 10-K.  The
investment in Omaha constitutes a significant portion of the
assets of the Company.  As such, the audit firm conducting the
annual audit for the Company is required to review both the
financial statements of Omaha and the related workpapers prepared
by Omaha's auditors.

Until the Company's auditors perform their review of the Omaha
audit, the Company's auditors cannot issue an audited opinion on
the Company's financial statements.

                         About SB Partners

Milford, Conn.-based SB Partners is a New York limited partnership
engaged in acquiring, operating and holding for investment a
varying portfolio of real estate interests.  As of June 30,
2010, the partnership owns an industrial flex property in Maple
Grove, Minnesota and warehouse distribution centers in Lino Lakes,
Minnesota and Naperville, Illinois.

The Company's balance sheet at Sept. 30, 2010, showed
$37.27 million in total assets, $38.78 million in total
liabilities, and a stockholders' deficit of $1.51 million.

In addition, the Company has a 30% interest in Sentinel Omaha,
LLC.  Sentinel Omaha is a real estate investment company which
currently owns 24 multifamily properties and 1 industrial property
in 17 markets.  Sentinel Omaha is an affiliate of the
partnership's general partner.

As reported in the Troubled Company Reporter on June 15, 2010,
Dworken, Hillman, LaMorte and Sterczala, P.C., in Shelton,
Connecticut, expressed substantial doubt about SB Partners'
ability to continue as a going concern, following its 2009
results.  The independent auditors noted that the partnership's
unsecured credit facility matured on February 28, 2009, and the
partnership has not yet been able to arrange a replacement loan,
extension or refinancing.


SEITEL INC: Offers to Purchase Outstanding 11.75% Senior Notes
--------------------------------------------------------------
On March 30, 2011, Seitel, Inc., offered to purchase any and all
of its outstanding 11.75% Senior Notes due 2011.

The Company is required by the terms of the indenture for the
Notes, entered into as of July 2, 2004, and as amended Jan. 31,
2007, to make this offer because the Company generated excess cash
flow (as defined in the Indenture) for the year ended 2010.  The
offer expires at 5:00 p.m., New York City time, on April 29, 2011.
The cash payment required to complete the tender is $1,035.25,
which includes accrued and unpaid interest, for each $1,000 of
Notes validly tendered and not withdrawn.  Payment for any Notes
that are accepted for purchase is expected to occur on May 3,
2011.

The Company generated excess cash flow for the year ended 2010 in
excess of $5.0 million.  The terms of the indenture require an
offer to purchase Notes with an amount equal to 50 percent of the
excess cash flow, at a purchase price equal to 100 percent of the
principal amount of the Notes, plus accrued and unpaid interest.
The aggregate purchase price (including principal and interest)
will not exceed $2,070,500.  If Notes are not tendered for the
entire amount of the offer, the remaining 50 percent of the excess
cash flow will be available for any use not otherwise prohibited
by the indenture.

This announcement is not an offer to purchase, a solicitation of
an offer to purchase, or a solicitation of an offer to sell any
Notes.

                        About Seitel Inc.

Houston, Tex.-based Seitel, Inc. -- http://www.seitel.com/--
provides onshore seismic data to the oil and gas industry in North
America.  Seitel's data products and services are critical for the
exploration for, and development and management of, oil and gas
reserves by oil and gas companies.  Seitel has ownership in an
extensive library of proprietary onshore and offshore seismic data
that it has accumulated since 1982 and that it licenses to a wide
range of oil and gas companies.  Seitel believes that its library
of onshore seismic data is the largest available for licensing in
North America.  Seitel's seismic data library includes both
onshore and offshore 3D and 2D data.  Seitel has ownership in
approximately 43,000 square miles of 3D and approximately 1.1
million linear miles of 2D seismic data concentrated in the major
active North American oil and gas producing regions.

The Company reported a net loss of $63.4 million on total revenue
of $175.6 million for the year ended Dec. 31, 2010, compared with
a net loss of $96.8 million on total revenue of $115.3 million for
the year ended Dec. 31, 2009.

The Company's balance sheet at Dec. 31, 2010, showed
$491.0 million in total assets, $498.0 million in total
liabilities, and a stockholders' deficit of $7.0 million

                           *     *     *

Seitel carries Standard & Poor's Ratings Services corporate credit
rating 'CCC+'.  The outlook is developing.


SHALOM TORAH: District Court to Hear Suit v. Insurer
----------------------------------------------------
Philadelphia Indemnity Insurance Company seeks to withdraw the
reference of Adversary Proceeding No. 10-02415 from the United
States Bankruptcy Court for the District of New Jersey.  Shalom
Torah Centers/Shalom Torah opposes the Motion and argues that the
District Court should abstain from hearing the Coverage Action and
that the matter should be remanded the Superior Court of New
Jersey, Ocean County - Law Division.  District Judge Freda L.
Wolfson granted the Defendant's Motion to Withdraw and denied the
Plaintiff's Cross-Motion to Abstain.

One month prior to Shalom's bankruptcy filing, PIC issued three
insurance policies to Shalom with an effective date of Jan. 27,
2010.  On Oct. 1, 2010, Shalom filed a complaint against Defendant
in the Superior Court of New Jersey, Ocean County.  The Coverage
Action asserts five counts against the Defendants seeking
compensatory and punitive damages under New Jersey law based on
Shalom's allegations that PIC wrongfully refused to indemnify
Shalom in connection with property damage allegedly sustained by
Shalom during a windstorm that occurred in March 2010.  On Oct.
22, 2010, PIC filed a Notice of Removal pursuant to which the
Coverage Action was removed from state court to the District
Court.  Thereafter, on Dec. 28, 2010, PIC filed a Motion to
Withdraw the Reference.  The Plaintiff opposed and incorporated a
Motion to Abstain that it filed in Bankruptcy Court.

The District Court case is SHALOM TORAH CENTERS/SHALOM TORAH, v.
PHILADELPHIA INDEMNITY INSURANCE COMPANIES AND JOHN DOES 1-100,
Civil Action No. 10-6766 (D. N.J.).  A copy of Judge Wolfson's
March 31, 2011 Opinion is available at http://is.gd/rIElprfrom
Leagle.com.

Shalom Torah Centers, a New Jersey non-profit corporation, filed
for Chapter 11 bankruptcy (Bankr. D. N.J. Case No. 10-15444) on
Feb. 25, 2010.


SHERIDAN REHAB: Case Summary & 23 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Sheridan Rehabilitative & Wellness Centers, Inc.
        919 Sheridan Street, NW, Suite B
        Washington, DC 20011

Bankruptcy Case No.: 11-00205

Chapter 11 Petition Date: March 18, 2011

Court: United States Bankruptcy Court
       District of Columbia (Washington, D.C.)

Judge: Judge S. Martin Teel, Jr.

Debtor's Counsel: Edward M. Kimmel, Esq.
                  KIMMEL & ROXBOROUGH, LLC
                  7629 Carroll Avenue, Suite 500
                  Takoma Park, MD 20912
                  Tel: (301) 891-8454
                  Fax: (301) 270-2137
                  E-mail: em.kimmel@verizon.net

Scheduled Assets: $2,746,501

Scheduled Debts: $2,337,319

A list of the Company's 23 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/dcb11-00205.pdf

The petition was signed by Jacquelyn L. Wheeler, president.

Debtor-affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Health Advocacy Centers, Inc.          11-00129   02/21/2011


SHUMATE ENERGY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Shumate Energy Technologies, Inc.
        12060 FM 3083
        Conroe, TX 77301-6104

Bankruptcy Case No.: 11-32327

Chapter 11 Petition Date: March 18, 2011

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Letitia Z. Paul

Debtor's Counsel: Leonard H. Simon, Esq.
                  PENDERGRAFT & SIMON LLP
                  2777 Allen Parkway, Suite 800
                  Houston, TX 77019
                  Tel: (713) 737-8207
                  Fax: (832) 202-2810
                  E-mail: lsimon@pendergraftsimon.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/txsb11-32327.pdf

The petition was signed by Larry C. Shumate, president.


SIMON WORLDWIDE: Incurs $2.33 Million Net Loss in 2010
------------------------------------------------------
Simon Worldwide, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$2.33 million on $0 of revenue for the year ended Dec. 31, 2010,
compared with a net loss of $2.11 million on $0 of revenue during
the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $11.29 million
in total current assets, $194,000 in total current liabilities and
$11.10 million in total stockholders' equity.

BDO USA, LLP, in Los Angeles, Calif., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditor noted that the Company has suffered
significant losses from operations, has a lack of any operating
revenue and is subject to potential liquidation in connection with
a recapitalization agreement.

On June 11, 2008, the Company entered into an Exchange and
Recapitalization Agreement with Overseas Toys, L.P., the then
holder of all the outstanding shares of preferred stock of the
Company, pursuant to which all the outstanding preferred stock
would be converted into shares of common stock representing 70% of
the shares of common stock outstanding immediately following the
conversion.  The Recapitalization Agreement was negotiated on the
Company's behalf by the Special Committee of disinterested
directors which, based in part upon the opinion of the Special
Committee's financial advisor, determined that the transaction was
fair to the holders of common stock from a financial point of
view.  At a special meeting held on Sept. 18, 2008, the
stockholders of the Company approved amendments to the Company's
certificate of incorporation proposed in order to effect a
recapitalization of the Company pursuant to the terms of the
Recapitalization Agreement.

Under the Recapitalization Agreement, the Company issued
37,940,756 shares of common stock with a fair value of $15.2
million in exchange for 34,717 shares of preferred stock
(representing all outstanding preferred shares) with a carrying
value of $34.7 million and related accrued dividends of
approximately $147,000.  The Company recorded $19.7 million to
retained earnings in September 2008 representing the excess of
carrying value of the preferred stock received over the fair
market value of the common shares issued as such difference
essentially represented a return to the Company.

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

                        http://is.gd/3MMVZS

                        About Simon Worldwide

Based in Los Angeles, Simon Worldwide, Inc. (OTC: SWWI) no longer
has any operating business.  Prior to August 2001, the Company
operated as a multi-national full-service promotional marketing
company, specializing in the design and development of high-impact
promotional products and sales promotions.  At Dec. 31, 2009,
the Company held an investment in Yucaipa AEC Associates, LLC, a
limited liability company that is controlled by the Yucaipa
Companies, a Los Angeles, California based investment firm.
Yucaipa AEC in turn principally held an investment in the common
stock of Source Interlink Companies, a direct-to-retail magazine
distribution and fulfillment company in North America, and a
provider of magazine information and front-end management services
for retailers and a publisher of approximately 75 magazine titles.
Yucaipa AEC held this investment in Source until April 28, 2009,
when Source filed a pre-packaged plan of reorganization under
Chapter 11 of the U.S. Bankruptcy Code.


SINOBIOMED INC: Incurs $577,531 Net Loss in 2010
------------------------------------------------
Sinobiomed Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$577,531 on $0 of revenue for the year ended Dec. 31, 2010,
compared with net income of $3.63 million on $0 of revenue during
the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $210,176 in
total assets, $686,095 in total liabilities and $475,919 in total
stockholders' deficit.

The Company currently has no operations and no source of income.
The Company intends to seek out opportunities to enter or acquire
new business operations.  The underlying value of the company is
entirely dependent on the ability of the Company to find and
implement a new business opportunity and obtain the necessary
financing to capitalize on such opportunity.

Schumacher & Associates, Inc., in Littleton, Colorado, noted that
the Company has experienced losses since commencement of
operations, and has negative working capital and stockholders'
deficit which raise substantial doubt about its ability to
continue as a going concern.

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

                        http://is.gd/cMpIpN

                         About Sinobiomed

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware.  The Company is a Chinese developer of genetically
engineered recombinant protein drugs and vaccines.  Based in
Shanghai, Sinobiomed currently has 10 products approved or in
development: three on the market, four in clinical trials and
three in research and development.  The Company's products respond
to a wide range of diseases and conditions, including: malaria,
hepatitis, surgical bleeding, cancer, rheumatoid arthritis,
diabetic ulcers and burns, and blood cell regeneration.


SMART ONLINE: Incurs $3.95 Million Net Loss in 2010
---------------------------------------------------
Smart Online, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, reporting a net loss of
$3.95 million on $1.03 million of total revenue for the year ended
Dec. 31, 2010, compared with a net loss of $9.54 million on $1.42
million of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.49 million
in total assets, $20.80 million in total liabilities, and a
$19.31 million total stockholders' deficit.

Cherry, Bekaert & Holland, LLP, in Raleigh, North Carolina, noted
that the Company has suffered recurring losses from operations and
has a working capital deficiency as of Dec. 31, 2010.  These
conditions, according to the independent auditors, raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/3aN6vn

                        About Smart Online

Headquartered in Durham, North Carolina, Smart Online, Inc. (OTC
BB: SOLN) -- http://www.smartonline.com/-- develops and markets
software products and services targeted to small  businesses that
are delivered via a Software-as-a-Service (SaaS), or SaaS, model.
The Company also provides Web site consulting services, primarily
in the e-commerce retail industry products and services.


SOLOMON DWEK: Dist. Ct. Won't Dismiss Corbett & Ocean Circle Cases
------------------------------------------------------------------
Barry Kantrowitz took an appeal from a Bankruptcy Court order
dated August 4, 2010, denying a motion to dismiss the Chapter 11
cases of Corbett Holdings I, LLC, and Ocean Circle Holdings, LLC.
Mr. Kantrowitz had moved in the Bankruptcy Court to dismiss the
cases pursuant to 11 U.S.C. Sec. 1112(b)(1), asserting that
Solomon Dwek, who filed the bankruptcy petitions on behalf of
Corbett and Ocean, did not have authority to do so.  Charles A.
Stanziale, Jr., the Liquidating Trustee in Mr. Dwek's Chapter 11
case, filed a responsive brief on the appeal.  In his March 31,
2011 Opinion, District Judge Joel A. Pisano affirmed the
Bankruptcy Court's decision.

On April 3, 2009, and Nov. 17, 2009, Mr. Dwek caused Corbett and
Ocean to commence Chapter 11 bankruptcy cases.  Mr. Kantrowitz
filed his motion to dismiss these cases on Feb. 17, 2010.  The
basis for Mr. Kantrowitz's motion was his assertion that when Mr.
Dwek became a debtor under the bankruptcy code, he lost his legal
ability to participate in the management of the Corbett and Ocean
-- and thus, lost the ability to cause them to file a petition in
bankruptcy -- by virtue of New Jersey's Limited Liability Act,
N.J.S.A. 42:2B-1, et seq.  Mr. Kantrowitz argued that the
Bankruptcy Court lacked subject matter jurisdiction as to the
cases.

In an Opinion and Order dated Aug. 4, 2010, the Bankruptcy Court
concluded that it was premature to rule on the legal issues
presented by Mr. Kantrowitz's motion.  The Court noted that before
it could rule on the issue, "it would have to make the threshold
determination of whether Kantrowitz has an actual interest in the
LLCs."  The Bankruptcy Court was also faced with an alternative
cross-motion by the Trustee to consolidate the LLCs with the Dwek
bankruptcy estate, and if in addressing that motion the court
"were to conclude that there are grounds to substantively
consolidate the Dwek bankruptcy proceeding with the assets of the
LLCs . . . then the motion to dismiss the LLCs would be moot."

According to the Second Amended Chapter 11 Plan of Liquidation
that was confirmed, the question of the substantive consolidation
of the Dwek estate and the LLC estates was to be determined in the
Kantrowitz adversary proceeding.  Consequently, "[g]iven the
interrelated nature of issues in the adversary proceeding in the
main bankruptcy cases and the fact that significant factual
disputes exist with regard to the ownership of the LLCs," the
Bankruptcy Court determined that the "most efficient course of
action" would be to make the determination of Mr. Kantrowitz's
interest in the LLCs as part of the adversary proceeding brought
by the Trustee.  As such, the Court denied the motion to dismiss
"without prejudice to Kantrowitz's right to pursue dismissal
should he be successful in the adversary proceeding."  The appeal
followed.

Judge Pisano held that a determination of Mr. Kantrowitz's
interests in the LLC is threshold to determining whether Mr. Dwek
had authority to cause the LLCs to file for bankruptcy protection.
Judge Pisano noted that the Bankruptcy Court had before it a
motion to consolidate the LLCs and Dwek estate.  If the Bankruptcy
Court were to grant such a motion and determine that the LLCs
should be substantively consolidated with the Dwek estate, there
appears to be no dispute that Mr. Kantrowitz's motion to dismiss
would be moot.  The District Court also pointed to the Second
Amended Chapter 11 Plan of Liquidation, which indicated that a
determination on the question of substantive consolidation will be
made in the Kantrowitz adversary proceeding.  The District Court
found no substantial prejudice to Mr. Kantrowitz, who may renew
his motion to dismiss before the Bankruptcy Court at the
appropriate time.  The District Court found no abuse of discretion
in the Bankruptcy Court's determination that "the most efficient
course of action" would be to have certain threshold issues
resolved in the adversary proceeding prior to addressing Mr.
Kantrowitz's motion to dismiss.

The appellate case is In re SOLOMON DWEK, et al., Civil Action No.
10-5952 (D. N.J.).  A copy of Judge Pisano's decision is available
at http://is.gd/HNbO0Zfrom Leagle.com.

                       About Solomon Dwek

Several creditors filed an involuntary Chapter 7 bankruptcy
petition against Solomon Dwek (Bankr. D. N.J. Case No. 07-11757)
on Feb. 9, 2007.  On Feb. 13, 2007, SEM filed for voluntary
Chapter 11.  On Feb. 22, 2007, the Dwek bankruptcy case was
converted to Chapter 11 and it was administratively consolidated
with the SEM bankruptcy.  Charles A. Stanziale, Jr., has been
appointed trustee in Mr. Dwek's Chapter 11 bankruptcy.


SPANISH BROADCASTING: Posts $15.04 Million Net Income in 2010
-------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting
net income of $15.04 million on $136.12 million of net revenue for
the year ended Dec. 31, 2010, compared with a net loss of $13.78
million on $139.39 million of net revenue during the prior year.

The Company also reported net income of $3.36 million on $34.88
million of net revenue for the quarter ended Dec. 31, 2010,
compared with a net loss of $7.83 million on $35.96 million of net
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed
$474.82 million in total assets, $430.98 million in total
liabilities, $92.35 million in 10 3/4% Series B cumulative
exchangeable redeemable preferred stock, and $48.51 million in
total stockholders' deficit.

Raul Alarcon, Jr., Chairman and CEO, commented, "We experienced
volatile advertising conditions in many of our markets during
2010, even as we continued to drive strong audience shares across
our multi-media platform.  We are encouraged with the revenue
growth at our television segment during the fourth quarter and we
are seeing some improvement in the advertising climate in select
markets year-to-date.  We have continued to focus on strategically
investing in our content and distribution, while carefully
managing our costs.  As a result, we were able to drive
considerable improvement in our operating income for the full
year.  In 2011, we remain committed to building on our strong
Hispanic media brands, growing our multi-media footprint and
improving our operating results."

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/EBzcnE

                     About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


STERLING MINING: Hon. Pappas to Handle Minco Silver Dispute
-----------------------------------------------------------
Chief Judge Terry L. Myers of the U.S. Bankruptcy Court for the
District of Idaho has referred to the Honorable Jim D. Pappas,
bankruptcy judge for the District of Idaho, the unsecured claim
objection matter between Debtor Sterling Mining Company and Minco
Silver Company for the purpose of conducting a settlement
conference.

Sterling Mining had asked Judge Myers to refer the claim objection
dispute with Minco Silver Company to a mediator for alternative
dispute resolution.

The dispute involves the claim of Minco Silver for $2,750,000 for
a termination fee based on a letter agreement entered into by the
parties in July 2008.  Minco Silver alleged that contractual
damages of $2,750,000 are due from Sterling Mining based on
material misrepresentations made by the Debtor.  More
specifically, Minco Silver alleged that the Debtor misrepresented:

     * The resources or reserves of Sterling Mining; and
     * That the mine was a producing mine.

The allegations of misrepresentation are fact intensive and, at
present, Sterling Mining and Minco Silver are engaged in extensive
discovery consisting of depositions and written discovery, Bruce
A. Anderson, Esq., at Elsaesser Jarzabek Anderson Elliott &
MacDonald, Chtd., in Coeur d'Alene, Idaho, informed Judge Myers in
the March 11, 2011 motion.

The Debtor believes that the nature of the claims is appropriate
for mediation and that "middle ground" could be found in
mediation.  Whereas if the matter proceeds to trial, the results
will be an "all or nothing" decision for either party, Mr.
Anderson related.

The Debtor also believes that mediation will save valuable
resources in this bankruptcy case.  Mr. Anderson noted that many
of the deponents from Minco Silver reside in China and it has been
"very difficult" to arrange for depositions in a timely manner.
The Debtor is also unable to determine final payouts to creditors
or equity security holders for purposes of a plan of
reorganization until the Minco Silver matter is resolved, he told
Judge Myers.

The Debtor had requested for a U.S. bankruptcy court judge from
Idaho or an adjacent district to serve as mediator.

Judge Pappas is invited to issue orders and instructions to the
parties as he deems appropriate in preparing for the settlement
conference.

                        About Sterling Mining

Based in Coeur d'Alene, Idaho, Sterling Mining Company (OTCBB:SRLM
and FSE:SMX) -- http://www.SterlingMining.com/-- is a mineral
resource development and exploration company.  Sterling is engaged
in the business of acquiring, exploring, developing and mining
mineral properties primarily those containing silver and
associated base and precious metals.  Sterling operates the
Sunshine Silver Mine in Idaho and has exploration projects in
Idaho, U.S.A. Sterling was incorporated under the laws of the
State of Idaho on February 3, 1903.

Sterling is currently a debtor-in-possession in Chapter 11
Bankruptcy in the District of Idaho, U.S.A.  Sterling Mining filed
for bankruptcy protection on March 3, 2009 (Bankr. D. Idaho Case
No. 09-20178).  Bruce A. Anderson, Esq., at Elsaesser Jarzabek
Anderson Marks Elliott & McHugh, Chartered represents the Debtor
as counsel.

As of Sept. 30, 2008, Sterling Mining had $31.9 million in
total assets, and $13.2 million in total current liabilities and
$1.6 million in total long-term liabilities.


SUNRISE REAL Estate: Delays Filing of Form 10-K
-----------------------------------------------
Sunrise Real Estate Group, Inc., notified the U.S. Securities and
Exchange Commission that it will be delayed in the filing of its
Form 10-K due to a delay in the preparation of its financial
statements.

                        About Sunrise Real

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.
On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the Texas
Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

The Company's balance sheet at Sept. 30, 2010, showed
$15.20 million in total assets, $17.15 million in total
liabilities, $1.40 million in non-controlling interests of
consolidated subsidiaries, and a stockholders' deficit of
$3.36 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Kenne Ruan, CPA, P.C., in Woodbridge, Conn., 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 significant accumulated losses from operations and
has a net capital deficiency.


TELKONET INC: Incurs $1.77 Million Net Loss in 2010
---------------------------------------------------
Telkonet, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss
attributable to common stockholders of $1.77 million on $11.26
million of total revenue for the year ended Dec. 31, 2010,
compared with net income attributable to common stockholders of
$1.06 million on $10.52 million of total revenue during the prior
year.

The Company's balance sheet at Dec. 31, 2010 showed $15.55 million
in total assets; $7.43 million in total liabilities; $890,475 in
redeemable preferred stock, Series A; $653,371 in redeemable
preferred stock, Series B; and $6.58 million in total
stockholders' equity.

RBSM LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  RBSM noted that
the Company has incurred significant operating losses in current
year and also in the past.

"Telkonet delivered solid results for 2010 through aggressively
controlling costs and driving working capital improvements while
continuing to invest for future growth," Telkonet President and
CEO Jason Tienor said.  "At the same time we're actively growing
our pipeline, increasing traction in target markets and focusing
on our platform development.  We continue to position Telkonet for
profitability in 2011."

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

                       http://is.gd/ZrDyRz

                          About Telkonet

Milwaukee, Wisconsin-based Telkonet, Inc. is a clean technology
company that develops and manufactures proprietary energy
efficiency and smart grid networking technology.


TELTRONICS INC: Delays Filing of 2010 Annual Report
---------------------------------------------------
Teltronics, Inc., notified the U.S. Securities and Exchange
Commission that it is unable to file Form 10-K for the year ended
Dec. 31, 2010 within the prescribed time period because not all of
the documents and information necessary have been assembled and
completed.  The Company anticipates filing its Annual Report on
Form 10-K on or before the fifteenth calendar day following the
prescribed due date.

                       About Teltronics Inc.

Palmetto, Fla.-based Teltronics, Inc. (OTC BB: TELT)
-- http://ww.teltronics.com/-- designs, installs, develops,
manufactures and markets electronic hardware and application
software products, and engages in electronic manufacturing
services primarily in the telecommunication industry.

The Company's balance sheet at Sept. 30, 2010, showed
$10.25
million in total assets, $14.70 million in total current
liabilities, $4.43 million in total long-term liabilities, and a
stockholders' deficit of $8.88 million.


THERMOENERGY CORP: IRS Accepts Offer in Compromise of Tax Debts
---------------------------------------------------------------
ThermoEnergy Corporation was notified by the U.S. Internal Revenue
Service that it had accepted the Company's Offer in Compromise
with respect to the Company's tax liabilities relating to (i)
employee tax withholding for all periods commencing with the
quarter ended Sept. 30, 2005 and continuing through Sept. 30, 2009
and (ii) federal unemployment taxes (FUTA) for the years 2005
through 2008.  Pursuant to the Company's Offer in Compromise, the
Company has agreed to satisfy its delinquent tax liabilities by
paying a total of $2,134,636 (representing the aggregate amount of
tax due, without interest or penalties).  During the pendency of
the IRS review of the Company's Offer in Compromise the Company
has made interim payments totaling $1,335,000; a balance of
$799,636 remains to be paid in monthly installments of $89,000
each through December 2011.  In connection with the Company's
Offer in Compromise, the Company has agreed that any net operating
losses sustained for the years ending Dec. 31, 2010 through
Dec. 31, 2012 will not be claimed as deductions under the
provisions of Section 172 of the Internal Revenue Code except to
the extent that such net operating losses exceed the amount of
interest and penalties abated.  The IRS acceptance of the
Company's Offer in Compromise is conditioned, among other things,
on the Company's filing and paying all required taxes for five tax
years commencing on the date of the IRS acceptance.

                  About ThermoEnergy Corporation

Little Rock, Ark.-based ThermoEnergy Corporation is a clean
technologies company engaged in the worldwide development of
advanced municipal and industrial wastewater treatment systems and
carbon reducing clean energy technologies.

The Company's balance sheet as of Sept. 30, 2010, showed
$7 million in total assets, $18.8 million in total current
liabilities, and a stockholders' deficit of $11.8 million.

As reported in the Troubled Company Reporter on May 4, 2010,
Kemp & Company, a Professional Association, in Little Rock, Ark.,
expressed substantial doubt about the Company's ability to
continue as a going concern, following its 2009 results.  The
independent auditors noted that the Company has incurred net
losses since inception and will require substantial capital to
continue commercialization of the Company's technologies and to
fund the Company's liabilities.


TOWNSENDS INC: Wants Until June 17 to File Plan
-----------------------------------------------
Townsends Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware to further extend their
exclusive periods to file a Chapter 11 plan until June 17, 2011,
and solicit acceptances of that plan until August 16, 2011.

A hearing is set for April 18, 2011, at 2:00 p.m. (ET) to consider
the Debtors' extension request.  Objections, if any, are due April
11, 2011, at 4:00 p.m. (ET).

The Debtors tell the Court that they are in the process of
developing a strategy for the future of these cases and believe
that the conservation of estate resources in the best interests of
all parties in interest.  Consequently, the Debtors believe
seeking an extension of the Exclusive Periods will allow both the
general bar date and the administrative expense bar date to pass
before the termination of the exclusive periods, which in turn
will allow the Debtors to review the potential claims against them
as soon as possible before determining the strategy for the future
of these cases.

Absent an extension, the exclusive periods to file a plan and
solicit votes will terminate on April 18, 2011 and June 17, 2011,
respectively.

                        About Townsends Inc.

Founded in 1891, Townsends Inc. is a third-generation, family-
owned poultry company.  Headquartered in Georgetown, Delaware,
Townsends operates production and processing facilities in
Arkansas and North Carolina.  Townsends Inc. -- fka Townsend
Speciality Foods -- and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 10-14092) on
Dec. 19, 2010.  As of Dec. 5, 2010, the Debtors disclosed
$131 million in total assets and $127 million in total debts.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.  McKenna Long & Aldridge LLP
serves as special counsel.  Huron Consulting Group's Dalton T.
Edgecomb serves as the Debtors' chief restructuring officer.  SSG
Capital Advisors, LLC, serves as investment banker.  Donlin,
Recano & Company, Inc., is the Debtors' claims, noticing and
balloting agent.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee has tapped Lowenstein Sandler PC as its
counsel and J.H. Cohn LLP as its financial advisor.


TOWNSENDS INC: Wants to Hire PwC as Special Tax Advisor
-------------------------------------------------------
Townsends Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to
employ PricewaterhouseCoopers LLP as special tax advisor to
provide special tax advisory services to the Debtors for the
period between Jan. 1, 2010 and Feb. 25, 2011.

In addition, the firm will refund claims with the state of
Arkansas for overpaid sales and use tax during the period Jan. 1,
2007, until Dec. 31, 2009.

Specifically, the special tax advisory services PwC will perform
on behalf of the Debtors will be conducted in four phases:

  * In Phase 1, PwC will review past/current accounts payable and
    sales/use tax reporting systems within the Debtors' domestic
    operations to determine an efficient method to quantify,
    document, and obtain refunds.  At the end of Phase I, PwC will
    determine and, to the extent possible, quantify the potential
    refund/credit opportunities in order to facilitate a go/no-go
    decision regarding the reverse sales and use tax audit.

  * In Phase 2, PwC will expand its review using the plan agreed
    upon in Phase 1 to include significant accounts payable and
    tax reporting systems open to refund.  Phase 2 may be
    facilitated through a review of electronic data or existing
    historical summaries and special reports.  Cost/benefit
    analyses will be performed during this phase so that
    consideration is given to those identified transactions where
    the greatest opportunity for refund/credit exists and to those
    procedures that are the least intrusive to Client's personnel.

  * In Phase 3, refund claims will be categorized and prepared for
    review, approval and filing by the Debtors.  Once the refund
    claims are filed by the Debtors, PwC will assist the Debtors
    in working with the respective taxing authorities and
    vendors to the extent that verification of any item on the
    refund claim is requested.  PwC's assistance will be to help
    gather and explain information pertaining to the refund
    claims.  The Debtors will retain all decision making authority
    and responsibility, as well as responsibility for processing,
    requesting, and collecting vendor refunds.  If other matters
    arise during such verification that necessitate additional
    efforts outside the scope of this project, fees for those
    services will be discussed in advance and will be billed
    separately.

  * In Phase 4, PwC will prepare a memorandum that outlines
    procedures utilized, details the firm's findings, summarizes
    the refund/credit issues identified during firm's review, and
    sets forth corrective measures related to any potential system
    enhancements noted during the project.

The Debtors assure the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                        About Townsends Inc.

Founded in 1891, Townsends Inc. is a third-generation, family-
owned poultry company.  Headquartered in Georgetown, Delaware,
Townsends operates production and processing facilities in
Arkansas and North Carolina.  Townsends Inc. -- fka Townsend
Speciality Foods -- and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 10-14092) on
Dec. 19, 2010.  As of Dec. 5, 2010, the Debtors disclosed
$131 million in total assets and $127 million in total debts.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.  McKenna Long & Aldridge LLP
serves as special counsel.  Huron Consulting Group's Dalton T.
Edgecomb serves as the Debtors' chief restructuring officer.  SSG
Capital Advisors, LLC, serves as investment banker.  Donlin,
Recano & Company, Inc., is the Debtors' claims, noticing and
balloting agent.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee has tapped Lowenstein Sandler PC as its
counsel and J.H. Cohn LLP as its financial advisor.


TRENTON LAND: Asks for Aug. 31 Deadline to File Chapter 11 Plan
---------------------------------------------------------------
Trenton Land Holdings, LLC has asked the U.S. Bankruptcy Court for
the Eastern District of Michigan to extend its exclusive periods
to file and solicit acceptances for the proposed Chapter 11 plan
until August 31, 2011, and October 31, 2011, respectively.

The proposed extension would give Trenton Land enough time to
negotiate a consensual plan with the Wayne County Treasurer and
its other creditors, said the company's lawyer, Karin Avery, Esq.,
at Silverman & Morris PLLC, in West Bloomfield, Michigan.

The Treasurer has a first priority lien on approximately 195 acres
of real estate in Trenton, Michigan, which is owned by Trenton
Land.  The company plans to market the real property to interested
buyers given its multiple potential uses.

Ms. Avery said the proposed extension, if approved by the
Bankruptcy Court, would also enable the company to "determine and
implement the best means to liquidate the real property."

The Hon. Thomas Tucker will hold a hearing on April 6, 2011, to
consider approval of the proposed extension.

Trenton, Michigan-based Trenton Land Holdings, LLC, filed for
Chapter 11 bankruptcy protection on June 29, 2010 (Bankr. E.D.
Mich. Case No. 10-60990).  Karin F. Avery, Esq., at Silverman &
Morris, P.L.L.C., assists the Debtor in its restructuring effort.
The Company disclosed $16,726,075 in assets and $65,925,596 in
liabilities.


TRIBUNE CO: Bank Debt Trades at 30% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Tribune Co. is a
borrower traded in the secondary market at 69.61 cents-on-the-
dollar during the week ended Friday, April 1, 2011, an increase of
0.53 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 300 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 17, 2014.
Moody's has withdrawn its rating on the bank debt.  The loan is
one of the biggest gainers and losers among 192 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

                        About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. And Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.  Chadbourne & Parke LLP
and Landis Rath LLP serve as co-counsel to the Official Committee
of Unsecured Creditors.  AlixPartners LLP is the Committee's
financial advisor.  Landis Rath Moelis & Company serves as the
Committee's investment banker.  Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.

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


UNITED GILSONITE: Court Extends Filing of Schedules by 30 Days
--------------------------------------------------------------
The Hon. Robert N. Opel, II, of the U.S. Bankruptcy Court for the
Middle District of Pennsylvania has extended, at the behest of
United Gilsonite Laboratories, A Pennsylvania Corporation, the
deadline for the filing of schedules of assets and liabilities and
statements of financial affairs for an additional 30 days.

The Debtor's operate facilities in four states, deal with a broad
range of suppliers and customers and are also defending asbestos
claims asserted by a large number of defendants.  Given the
resultant size and complexity of its business, the fact that
certain prepetition invoices have not yet been received or entered
into the Debtor's financial systems, and the breadth of asbestos
litigation confronting the Debtor, the Debtor has not had the
opportunity to gather all of the information necessary to prepare
and file its Schedules and Statements.  The Debtor has already
commenced the extensive process of gathering the information
necessary to prepare and finalize their Schedules and Statements,
but believes that the 14-day automatic extension of time to file
schedules won't be sufficient to permit completion and submission
of the accurate Schedules and Statements.

Scranton, Pennsylvania-based United Gilsonite Laboratories, a
Pennsylvania Corporation, is a small family-owned corporation
engaged in the manufacturing of wood and masonry finishing
products and paint sundries.  It filed for Chapter 11 bankruptcy
protection on March 23, 2011 (Bankr. M.D. Pa. Case No. 11-02032).
Mark B. Conlan, Esq., at Gibbons P.C., serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets at
$10 million to $50 million and debts at $1 million to $10 million.


UNITED GILSONITE: Section 341(a) Meeting Scheduled for May 11
-------------------------------------------------------------
The U.S. Trustee for Region 3 will convene a meeting of United
Gilsonite Laboratories' creditors on May 11, 2011, at 1:00 p.m.
The meeting will be held at Federal Building, Trustee Hearing
Room, Room 1160, 11th Floor, 228 Walnut Street, Harrisburg,
Pennsylvania.

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.

Scranton, Pennsylvania-based United Gilsonite Laboratories, a
Pennsylvania Corporation, is a small family-owned corporation
engaged in the manufacturing of wood and masonry finishing
products and paint sundries.  It filed for Chapter 11 bankruptcy
protection on March 23, 2011 (Bankr. M.D. Pa. Case No. 11-02032).
Mark B. Conlan, Esq., at Gibbons P.C., serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets at
$10 million to $50 million and debts at $1 million to $10 million.


UTILITY LINE: Case Summary & 7 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Utility Line Security, LLC
        1501 Ardmore Boulevard
        Pittsburgh, PA 15221

Bankruptcy Case No.: 11-21630

Chapter 11 Petition Date: March 18, 2011

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Debtor's Counsel: Kirk B. Burkley, Esq.
                  BERNSTEIN LAW FIRM PC
                  2200 Gulf Tower, 707 Grant Street
                  Pittsburgh, PA 15219
                  Tel: (412) 456-8119
                  Fax: (412) 456-8135
                  E-mail: kburkley@bernsteinlaw.com

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

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

A list of the Company's seven largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/pawb11-21630.pdf

The petition was signed by Christopher Kerr, president.


VAN CHASE: Court Sets April 21 as Claims Bar Date
-------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado set an
April 21, 2011 deadline for creditors to file their proofs of
claim against Van Chase LLC.

Aspen, Colorado-based Van Chase, LLC, filed for Chapter 11
bankruptcy protection (Bankr. D. Colo. Case No. 10-31555) on Aug.
24, 2010.  John D. LaSalle, Esq., who has an office in Aspen,
Colorado, assists the Debtor in its restructuring effort.
According to its schedules, the Debtor disclosed $26,528,200 in
total assets and $15,150,964 in total liabilities as of the
Petition Date.


VYTERIS INC: Delays Filing of 2010 Annual Report
------------------------------------------------
Vyteris, Inc., notified the U.S. Securities and Exchange
Commission that it is in the process of working through final
review of subsequent events disclosure with its auditors and Board
of Directors and intends to file its Form 10-K for the year ended
Dec. 31, 2010  no later than April 15, 2011, which is the extended
filing deadline pursuant to the extension granted under
Form 12b-25.

                        About Vyteris, Inc.

Based in Fair Lawn, New Jersey, Vyteris, Inc. (formerly Vyteris
Holdings (Nevada), Inc., has developed and produced the first FDA-
approved electronically controlled transdermal drug delivery
system that transports drugs through the skin comfortably, without
needles.  This platform technology can be used to administer a
wide variety of therapeutics either directly into the skin or into
the bloodstream.  The Company holds approximately 50 U.S. and 70
foreign patents relating to the delivery of drugs across the skin
using an electronically controlled "smart patch" device with
electric current.

According to the Company's 2009 annual report on Form 10-K, Amper,
Politziner & Mattia, LLP, in Edison, N.J., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has incurred
recurring losses and is dependent upon obtaining sufficient
additional financing to fund operations and has not been able to
meet all of its obligations as they become due.

The Company's balance sheet at Sept. 30, 2010, showed
$3.62 million in total assets, $19.12 million in total
liabilities, and a stockholders' deficit of $15.49 million.


WASHINGTON MUTUAL: Court Approves Disclosure Statement
------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Washington Mutual's supplemental disclosure statement for its
sixth amended plan of reorganization.  The approval came after the
Court denied confirmation on Jan. 7, 2011, but at the time
suggested changes to the plan that would allow it to be confirmed.
The modified plan calls for the distribution of over $7 billion in
allowed claims and a hearing on the matter is scheduled for
June 6, 2011.

                      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: Fights Bid to Appoint Chapter 11 Trustee
--------------------------------------------------
Bankruptcy Law360 reports that former SNR Denton partner Raymond
J. Heslin, an attorney for West End Financial Advisors LLC, told a
New York bankruptcy judge Wednesday that the company's chief
manager saved the company after a securities fraud scandal and
shouldn't be replaced by a Chapter 11 trustee.

As reported in the Troubled Company Reporter on March 25, 2011,
Dow Jones' DBR Small Cap said that the U.S. Securities and
Exchange Commission, which has accused West End's former leaders
of fraud, is joining U.S. trustee Tracy Hope Davis in seeking
independent management for the investment firm.  In court papers
on March 22, the SEC and the U.S. trustee cited concerns about the
leadership of Raymond Heslin, West End's current managing member
and general partner, as grounds for the appointment of a Chapter
11 trustee.  Mr. Heslin isn't among the four ex-West End officials
accused of fraud in the SEC's civil complaint . "After almost two
years in charge, Heslin has utterly failed to [make] progress [in]
important areas," the SEC said, according to DBR.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that the bankruptcy judge scheduled a hearing on March 30
to determine if there should be a trustee.

                     About West End Financial

West End Financial Advisors LLC, Sentinel Investment Management
Corp. and a number of affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-11152) in Manhattan on March 15,
2011.  New York-based West End estimated its assets and debts at
$1 million to $10 million.  Arnold Mitchell Greene, Esq., at
Robinson Brog Leinwand Greene Genovese & Gluck, P.C., serves as
the Debtors' bankruptcy counsel.

William Landberg created WEFA in 2000 as an investment and
financial management company. Subsequently he purchased Sentinel
Investment Management Corp., a boutique investment advisory
company.  Sentinel and WEFA targeted individual private clients
for investments in fixed income funds and alternative investment
products.  Mr. Landberg's ultimately resigned from all West End
related entities effective June 2, 2009, following a probe on
misappropriation of funds.

Secured creditors with the largest claims are DZ Bank ($118.1
million), West LB ($41 million), Iberia Bank ($11.3 million), and
Suffolk County National Bank ($8.3 million).


WII COMPONENTS: Incurs $3.37 Million Net Loss in 2010
-----------------------------------------------------
WII Components, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$3.37 million on $145.38 million of net sales for the year ended
Dec. 31, 2010, compared with a net loss of $15.18 million on
$130.45 million of net sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $197.48
million in total assets, $131.17 million in total liabilities and
$66.31 million in total stockholders' equity.

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

                        http://is.gd/yyf9fg

                       About WII Components

WII Components Inc. manufactures hardwood cabinet doors and
related components in the United States, selling primarily to
kitchen and bath cabinet original equipment manufacturers.

As reported in the TCR on Oct. 27, 2010, Standard & Poor's Ratings
Services assigned its preliminary 'B-' corporate credit rating to
St. Cloud, Minn.-based WII Components Inc.  The rating outlook is
stable.  "The 'B-' preliminary corporate credit rating on WII
reflects its highly leveraged financial risk profile and
vulnerable business risk profile," said Standard & Poor's credit
analyst Pamela Rice.  In November 2010, S&P withdrew all of its
preliminary ratings, including its preliminary 'B-' corporate
credit rating, on WII Components because the company's proposed
$115 million senior secured notes offering was not completed.


WILLIAM LYON: Delays Form 10-K Filing for Impairment Analysis
-------------------------------------------------------------
As announced in the current report on Form 8-K of William Lyon
Homes filed on March 21, 2011, in connection with its annual audit
for the year ended Dec. 31, 2010, the Company has been conducting
and finalizing its non-cash impairment analysis under the
provisions of Financial Accounting Standards Board Accounting
Standard Codification Topic 360 Property, Plant and Equipment.  As
a result of the time required to complete that impairment
analysis, the Company requires additional time to complete the
financial statements to be included in the Annual Report on Form
10-K for the year ended Dec. 31, 2010, to reflect this impairment
analysis.

                     About William Lyon Homes

Based in Newport Beach, California, William Lyon Homes and
subsidiaries -- http://www.lyonhomes.com/-- are primarily engaged
in designing, constructing and selling single family detached and
attached homes in California, Arizona and Nevada.

The Company's balance sheet at Sept. 30, 2010, showed $779.64
million in total assets, $639.57 million in total liabilities, and
a stockholders' equity of $140.07 million.

                         *     *     *

William Lyon carries 'CCC' issuer credit ratings from Standard &
Poor's, and 'Caa2' long term corporate family and probability of
default ratings from Moody's.

"S&P raised its rating on William Lyon Homes because S&P believes
that near-term liquidity pressure has eased somewhat following the
partial funding of a secured term loan and reduced maturing credit
facility debt," said credit analyst James Fielding in November
2009 when S&P raised the rating on William Lyon to 'CCC' from
'CCC-'.  He added, "However, this privately held homebuilder
remains very highly leveraged and may face challenges repaying or
refinancing intermediate-term debt maturities if its business
prospects don't improve in the interim."

Standard & Poor's Ratings Services raised its rating on William
Lyon Homes' 10.75% senior unsecured notes due 2013 to 'CC' from
'D' after the company repurchased $10.5 million of outstanding
principal for $9.0 million.  S&P lowered its rating on the notes
to 'D' because S&P considered the discounted repurchase to be
tantamount to default under its criteria for exchange offers and
similar restructurings.  In accordance with its criteria, S&P is
now raising its rating on these notes because the company
completed its repurchase, and S&P is not aware of additional
discounted repurchases at this time.


WOLVERINE TUBE: Taps Deloitte Financial as Financial Advisor
------------------------------------------------------------
Wolverine Tube Inc. and its debtor-affiliates ask the Hon. Peter
J. Walsh of the U.S. Bankruptcy Court for the District of Delaware
for permission to employ Deloitte Financial Advisory Services LLP
as financial advisor to perform financial reporting services.

A hearing is set for April 15, 2011, at 9:30 a.m., to consider
approval of the Debtors' request.  Objections, if any, are due
April 8, 2011, at 4:00 p.m.

The firm's professionals and their hourly rates:

   Partner, Principal, Director     $500
   Senior Manager                   $420
   Manager                          $360
   Senior Associate                 $280
   Associate                        $220

The Debtors assure the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                        About Wolverine Tube

Huntsville, Alabama-based Wolverine Tube, Inc., is a global
manufacturer and distributor of copper and copper alloy tube,
fabricated products, and metal joining products.  The Company
currently operates seven facilities in the United States, Mexico,
China, and Portugal.  It also has distribution operations in the
Netherlands and the United States.

Wolverine Tube sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 10-13522) on Nov. 1, 2010.  Mark E. Felger, Esq.,
and Simon E. Fraser, Esq., at Cozen O'Connor represent the Debtor.
Scott K. Rutsky, Esq., and Adam T. Berkowitz, Esq., at Proskauer
Rose LLP, serve as the Debtor's special corporate and tax counsel.
Deloitte Financial Advisory Services LLP is the Debtor's financial
advisor.  Donlin Recano & Company, Inc., is the Debtor's claim
agent.  The Debtor disclosed $115 million in total assets and
$237 million in total debts at the time of the filing.

Affiliates Tube Forming, L.P. (Bankr. D. Del. Case No. 10-13523),
Wolverine Joining Technologies, LLC (Bankr. D. Del. Case No.
10-13524), TF Investor Inc. (Bankr. D. Del. Case No. 10-13525),
and WT Holding Company, Inc. (Bankr. D. Del. Case No. 10-13526)
filed separate Chapter 11 petitions.

No official committee of unsecured creditors has been appointed in
the case.

The Debtors filed a prearranged chapter 11 plan proposing to pay
unsecured creditors in full and turning ownership of the
reorganized company over to their noteholders.


ZANETT INC: Delays Filing of 2010 Annual Report
-----------------------------------------------
Zanett, Inc., notified the U.S. Securities and Exchange Commission
that it is unable to file its Annual Report on Form 10-K for the
year ended Dec. 31, 2010 within the prescribed time period on or
before March 31, 2011 without unreasonable effort or expense.  The
delay is attributable to the Company's recent determination that
it needs to re-evaluate the accounting treatment of the beneficial
conversion feature recorded on Sept. 17, 2010 in connection with
the Company's 7.95% convertible promissory note.  The Company
requires the additional time to complete the preparation of its
consolidated financial statements that will be included in the
Form 10-K and for the Company's independent accountants to
complete their audit of the same.

The Company undertakes the responsibility to file its Form 10-K no
later than fifteen days after its original due date, April 15,
2011.

                         About Zanett Inc.

Based in New York, Zanett Inc. is an information technology
company that provides customized IT solutions to Fortune 500
corporations and mid-market companies.  Until the disposition of
Paragon Dynamics, Inc., the Company also provided those solutions
to classified government agencies.

At Sept. 30, 2010, the Company had total assets of
$29,103,622, total liabilities of $21,165,812, and stockholders'
equity of $7,937,810.

Zanett Inc. in November 2010 said it remains in discussion
to replace its revolving credit facility with Bank of America.
Zanett was not in compliance with certain loan covenants as of
Sept. 30, 2010.  The credit facility matured on June 21, 2010.
The Company's line of credit was subject to a forbearance
agreement with BofA.


ZANETT INC: Form 10-K to be Delayed; Expects Going Concern Doubt
----------------------------------------------------------------
In a regular filing Thursday, Zanett Inc. discloses that the
Company's annual report on Form 10-K for the fiscal year ended
Dec. 31, 2010, could not be filed within the prescribed time
period because it needs to re-evaluate the accounting treatment of
the beneficial conversion feature recorded on Sept. 17, 2010, in
connection with the Company's 7.95% convertible promissory note.

The Company says it will file its Form 10-K no later than
April 15, 2011.

The Company does not anticipate that any significant change in
results of operations from the corresponding period for the last
fiscal year will be reflected by the earnings statements to be
included in the 2010 annual report.  The Company, however, says
that its Form 10-K for 2010 will include an explanatory paragraph
from the Company's independent registered public accounting firm
expressing substantial doubt about its ability to continue as a
going concern.

                        About Zanett Inc.

New York City-based Zanett, Inc. (NasdaqCM : ZANE)
-- http://www.zanett.com/or http://healthcare.zanett.com/-- is a
business process outsourcing (BPO), IT enabled services (ITES),
and information technology (IT) consulting firm serving Fortune
500 corporations and mid-market organizations in Healthcare, Life
Sciences, Manufacturing & Distribution, Retail, Gaming &
Hospitality, and State & Local Government.

Zanett employs over 213 professionals in North America and Asia
with offices in Atlanta, Boston, Cincinnati, Indianapolis,
Jacksonville, New York City, North Palm Beach, and Manila.

At Sept. 30, 2010, the Company had total assets of $29,103,622,
total liabilities of $21,165,812, and stockholders'
equity of $7,937,810.

Zanett Inc. in November 2010 said it remains in discussion
to replace its revolving credit facility with Bank of America.
Zanett was not in compliance with certain loan covenants as of
Sept. 30, 2010.  The credit facility matured on June 21, 2010.
The Company's line of credit was subject to a forbearance
agreement with BofA.


* BOND PRICING -- For Week From March 21 to 25, 2011
----------------------------------------------------

  Company            Coupon      Maturity  Bid Price
  -------            ------      -------- ----------
AMBAC INC             5.950%    12/5/2035     11.500
AMBAC INC             6.150%     2/7/2087      0.250
AMBAC INC             7.500%     5/1/2023     15.200
AMBAC INC             9.500%    2/15/2021     11.000
ADVANTA CAP TR        8.990%   12/17/2026     11.950
AHERN RENTALS         9.250%    8/15/2013     43.660
GMAC LLC              6.000%     4/1/2011     99.990
AMBASSADORS INTL      3.750%    4/15/2027     38.250
APL-CALL04/11         8.125%   12/15/2015    104.125
BANK NEW ENGLAND      8.750%     4/1/1999     11.250
BANK NEW ENGLAND      9.875%    9/15/1999     13.500
BANKUNITED FINL       6.370%    5/17/2012      5.500
BUFFALO THUNDER       9.375%   12/15/2014     36.002
CAPMARK FINL GRP      5.875%    5/10/2012     45.500
CS FINANCING CO      10.000%    3/15/2012      3.000
DNR-CALL04/11         7.500%     4/1/2013    100.500
DUNE ENERGY INC      10.500%     6/1/2012     74.500
EDDIE BAUER HLDG      5.250%     4/1/2014      4.000
FRANKLIN BANK         4.000%     5/1/2027      6.700
FREEPORT-MC C&G       8.250%     4/1/2015    104.140
FRIEDE GOLDMAN        4.500%    9/15/2004      0.950
FAIRPOINT COMMUN     13.125%     4/1/2018     10.375
GREAT ATLA & PAC      5.125%    6/15/2011     37.875
GREAT ATLA & PAC      6.750%   12/15/2012     38.375
GREAT ATLANTIC        9.125%   12/15/2011     37.100
GENERAL MOTORS        7.125%    7/15/2013     28.250
GENERAL MOTORS        7.700%    4/15/2016     27.230
GENERAL MOTORS        9.450%    11/1/2011     24.800
KEYSTONE AUTO OP      9.750%    11/1/2013     25.125
LEHMAN BROS HLDG      4.500%     8/3/2011     23.750
LEHMAN BROS HLDG      4.700%     3/6/2013     22.500
LEHMAN BROS HLDG      4.800%    2/27/2013     22.500
LEHMAN BROS HLDG      4.800%    3/13/2014     25.000
LEHMAN BROS HLDG      5.000%    1/22/2013     22.750
LEHMAN BROS HLDG      5.000%    2/11/2013     24.375
LEHMAN BROS HLDG      5.000%    3/27/2013     25.750
LEHMAN BROS HLDG      5.000%     8/5/2015     24.380
LEHMAN BROS HLDG      5.100%    1/28/2013     24.000
LEHMAN BROS HLDG      5.150%     2/4/2015     22.900
LEHMAN BROS HLDG      5.250%     2/6/2012     25.000
LEHMAN BROS HLDG      5.250%    2/11/2015     24.000
LEHMAN BROS HLDG      5.500%     4/4/2016     25.050
LEHMAN BROS HLDG      5.625%    1/24/2013     25.125
LEHMAN BROS HLDG      5.750%    7/18/2011     25.750
LEHMAN BROS HLDG      5.750%    5/17/2013     25.000
LEHMAN BROS HLDG      6.000%    7/19/2012     25.350
LEHMAN BROS HLDG      6.000%    6/26/2015     24.000
LEHMAN BROS HLDG      6.000%   12/18/2015     23.050
LEHMAN BROS HLDG      6.625%    1/18/2012     25.125
LEHMAN BROS HLDG      8.050%    1/15/2019     24.375
LEHMAN BROS HLDG      8.500%     8/1/2015     25.000
LEHMAN BROS HLDG      8.800%     3/1/2015     25.875
LEHMAN BROS HLDG      8.920%    2/16/2017     25.750
LEHMAN BROS HLDG      9.500%   12/28/2022     23.500
LEHMAN BROS HLDG      9.500%    1/30/2023     24.500
LEHMAN BROS HLDG      9.500%    2/27/2023     24.500
LEHMAN BROS HLDG     10.000%    3/13/2023     22.000
LEHMAN BROS HLDG     10.375%    5/24/2024     24.375
LEHMAN BROS HLDG     11.000%    6/22/2022     23.250
LEHMAN BROS HLDG     11.000%    8/29/2022     24.375
LEHMAN BROS HLDG     11.000%    3/17/2028     23.750
LEHMAN BROS HLDG     12.120%    9/11/2009      5.390
LEHMAN BROS HLDG     18.000%    7/14/2023     22.500
LEHMAN BROS HLDG     22.650%    9/11/2009     24.000
LOCAL INSIGHT        11.000%    12/1/2017      4.000
LTX-CREDENCE          3.500%    5/15/2011     90.000
MACYS RETAIL HLD      6.625%     4/1/2011    100.100
MAJESTIC STAR         9.750%    1/15/2011     15.000
MAGNA ENTERTAINM      7.250%   12/15/2009      3.000
MFCCN-CALL04/11       5.800%    4/15/2031     97.144
NEWPAGE CORP         10.000%     5/1/2012     66.750
NEWPAGE CORP         12.000%     5/1/2013     38.000
RESTAURANT CO        10.000%    10/1/2013     53.500
RESTAURANT CO        10.000%    10/1/2013      8.500
PROTECTIVE LIFE       4.000%     4/1/2011    100.027
RIVER ROCK ENT        9.750%    11/1/2011     87.960
RASER TECH INC        8.000%     4/1/2013     35.000
SBARRO INC           10.375%     2/1/2015     26.600
SHENGDATECH INC       6.000%     6/1/2018     94.495
ISTAR FINANCIAL       5.125%     4/1/2011    100.000
SPHERIS INC          11.000%   12/15/2012      1.500
THORNBURG MTG         8.000%    5/15/2013      2.000
TRANS-LUX CORP        8.250%     3/1/2012     15.700
TRANS-LUX CORP        9.500%    12/1/2012     15.000
TOUSA INC             9.000%     7/1/2010     15.750
TIMES MIRROR CO       7.250%     3/1/2013     43.000
TRICO MARINE SER      8.125%     2/1/2013     10.500
TXU ENERGY CO         7.000%    3/15/2013     29.000
VIRGIN RIVER CAS      9.000%    1/15/2012     48.000
WOLVERINE TUBE       15.000%    3/31/2012     30.000



                           *********

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.

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firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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