TCR_Public/110423.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Saturday, April 23, 2011, Vol. 14, No. 111

                            Headlines

AMERICANWEST BANCORP: Incurs $31,189 Net Loss in March
ASCENDIA BRANDS: Files Operating Reports for February & January
ASCENDIA BRANDS: Ascendia Brands Co. Ends Feb. With $4,519 Cash
BARNES BAY: Files Initial Monthly Operating Report
BEAR ISLAND: Ends February 2011 With $10.5 Million Cash

CONSOLIDATED HORTICULTURE: Has $1.5 Million Cash at March 6
FIRSTFED FINANCIAL: Ends March 2011 With $3.5 Million Cash
GUARANTY FINANCIAL: Posts $90,617 Net Loss in March
MOLECULAR INSIGHT: Posts $3.3 Million Net Loss in March
MOTORS LIQUIDATION: Incurs $2.25 Million Net Loss in February

MSR RESORT: Posts $1.6 Million Net Loss in February
PROFESSIONAL VETERINARY: Ends March 2010 With $11,450,137 Cash
SCHUTT SPORTS: Posts $1.9 Million Net Loss in February
TOWNSENDS INC: Posts $51.1 Million Net Loss in February

                            *********

AMERICANWEST BANCORP: Incurs $31,189 Net Loss in March
------------------------------------------------------
On April 15, 2011, AmericanWest Bancorporation filed with the
U.S. Bankruptcy Court for the Eastern District of Washington its
monthly operating report for March 2011.

The Debtor reported a net loss of $31,189 on $0 revenue for the
month of March.  The net loss for the month of February was
$48,620.

At March 31, 2011, the Debtor had total assets of $7.25 million,
total liabilities of $47.57 million, and a stockholders' deficit
of $40.32 million.  The book balance of cash at March 31, 2011,
was $5.83 million compared to $5.90 million at Feb. 28, 2011.

Payments to attorneys and other professionals totaled $61,611 for
the month.

A full-text copy of the March 2011 monthly operating report is
available for free at http://is.gd/zKrySK

                 About AmericanWest Bancorporation

Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- is a bank holding
company whose principal subsidiary is AmericanWest Bank, which
includes Far West Bank in Utah operating as an integrated division
of AmericanWest Bank.  AmericanWest Bank is a community bank with
58 financial centers located in Washington, Northern Idaho and
Utah.

AmericanWest Bancorporation filed for Chapter 11 protection
(Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010.  The
banking subsidiary was not including in the Chapter 11 filing.

Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at
Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as
bankruptcy counsel.  G. Larry Engel, Esq., at Morrison & Foerster
LLP, also serve as counsel.

The Debtor estimated assets of $1 million to $10 million and
debts of $10 million to $50 million in its Chapter 11 petition.
AmericanWest Bancorporation's estimates exclude its banking
unit's assets and debts.  In its Form 10-Q filed with the
Securities and Exchange Commission before the Petition Date,
AmericanWest Bancorporation reported consolidated assets --
including its bank unit's -- of $1.536 billion and consolidated
debts of $1.538 billion as of Sept. 30, 2010.

In December 2010, AmericanWest Bancorporation completed the
sale of all outstanding shares of its wholly-owned subsidiary,
AmericanWest Bank, to a wholly owned subsidiary of SKBHC Holdings
LLC, in a transaction approved by the U.S. Bankruptcy Court.


ASCENDIA BRANDS: Files Operating Reports for February & January
---------------------------------------------------------------
Ascendia Brands, Inc., has filed monthly operating reports for
January and February 2011.

The Debtor's schedule of receipts and disbursements for February
2011 showed:

          Cash, beginning of month     $1,000
          Total receipts              $33,098
          Total disbursements         $33,098
          Net cash flow                    $0
          Cash, end of month           $1,000

A copy of the Debtor's February 2011 monthly operating report is
available for free at:

    http://bankrupt.com/misc/ascendiabrandsinc.feb2011mor.pdf

The Debtor's schedule of receipts and disbursements for January
2011 showed:

          Cash, beginning of month     $1,000
          Total receipts                   $0
          Total disbursements              $0
          Net cash flow                    $0
          Cash, end of month           $1,000

A copy of the Debtor's January 2011 monthly operating report is
available for free at:

    http://bankrupt.com/misc/ascendiabrandsinc.jan2011mor.pdf

                      About Ascendia Brands

Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials.  Remaining assets consist almost entirely of accounts
receivable.

The Company and six of its affiliates filed for Chapter 11
protection on Aug. 5, 2008 (Bankr. D. Del. Lead Case No. 08-
11787).  Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq.,
at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in
their restructuring efforts.  M. Blake Cleary, Esq., Edward J.
Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway,
Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel.
Epiq Bankruptcy Solutions LLC is the notice, claims and balloting
agent to the Debtors.

At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.


ASCENDIA BRANDS: Ascendia Brands Co. Ends Feb. With $4,519 Cash
---------------------------------------------------------------
Ascendia Brands, Inc., has filed for Ascendia Brands Co., Inc.,
monthly operating reports for January and February 2011.

Ascendia Brands Co., Inc.'s February 2011 schedule of receipts
and disbursements showed:

          Cash, beginning of month      $3,525
          Total receipts               $61,904
          Total disbursements          $60,909
          Net cash flow                   $995
          Cash, end of month            $4,519

A copy of the monthly operating report for February 2011 is
available for free at:

     http://bankrupt.com/misc/ascendiabrandsco.feb2011mor.pdf

Ascendia Brands Co., Inc.'s January 2011 schedule of receipts
and disbursements showed:

          Cash, beginning of month      $6,851
          Total receipts                $1,163
          Total disbursements           $4,489
          Net cash flow                ($3,326)
          Cash, end of month            $3,525

A copy of the monthly operating report for January 2011 is
available for free at:

     http://bankrupt.com/misc/ascendiabrandsco.jan2011mor.pdf

                      About Ascendia Brands

Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials.  Remaining assets consist almost entirely of accounts
receivable.

The Company and six of its affiliates filed for Chapter 11
protection on Aug. 5, 2008 (Bankr. D. Del. Lead Case No. 08-
11787).  Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq.,
at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in
their restructuring efforts.  M. Blake Cleary, Esq., Edward J.
Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway,
Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel.
Epiq Bankruptcy Solutions LLC is the notice, claims and balloting
agent to the Debtors.

At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.


BARNES BAY: Files Initial Monthly Operating Report
--------------------------------------------------
Barnes Bay Development Ltd. filed on April 15, 2011, an initial
monthly operating report, which includes a DIP Initial Budget of
$2,500,000 for the first 30 days.

A copy of the initial monthly operating report is available for
free at http://bankrupt.com/misc/barnesbay.initialmor.pdf

                           About Barnes Bay

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

Akin Gump Straus Hauer & Feld LLP is the Debtors' bankruptcy
counsel, and Keithley Lake & Associates is the Debtors' special
Anguillan counsel.  Kurtzman Carson Consultants LLC is the
Debtors' claims, noticing, solicitation and balloting agent.

The Debtors' Chapter 11 plan is intended to facilitate the sale of
the Viceroy Anguilla Resort and Residences.


BEAR ISLAND: Ends February 2011 With $10.5 Million Cash
-------------------------------------------------------
Bear Island Paper Company, L.L.C., reported net income of $283,083
on net sales of $10.8 million for February 2011.  Gross profit was
$1.1 million.

At Feb. 28, 2011, the Company had $142.8 million in total
assets, $154.7 million in total liabilities, and a stockholders'
deficit of $11.9 million.

The Debtors ended the period with $10.5 million cash, from
$10.3 million at the beginning of the period.  The Debtors paid a
total of $448,943 in reorganization-related professional fees
during the month.

A copy of the Debtors' monthly operating report is available for
free at http://bankrupt.com/misc/bearisland.feb2011mor.pdf

                  About White Birch & Bear Island

Canada-based White Birch Paper Company is the second-largest
newsprint producer in North America.  As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada).  Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.

Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
February 24, 2010.  Bear Island estimated assets of $100 million
to $500 million and debts of $500 million to $1 billion in its
Chapter 11 petition.

White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada.  White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234).

Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia
Beach, Virginia; and Richard M. Cieri, Esq., Christopher J.
Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, serve as counsel to White Birch, as Foreign
Representative.  Kirkland & Ellis and Troutman Sanders also serve
as Chapter 11 counsel to Bear Island.  AlixPartners LLP serves as
financial and restructuring advisors to Bear Island, and Lazard
Freres & Co., serves as investment banker.  Garden City Group is
the claims and notice agent.  Jason William Harbour, Esq., at
Hunton & Williams LLP, in Richmond, Virginia, represents the
Official Committee of Unsecured Creditors.  Chief Judge Douglas O.
Tice, Jr., handles the Chapter 11 and Chapter 15 cases.


CONSOLIDATED HORTICULTURE: Has $1.5 Million Cash at March 6
-----------------------------------------------------------
Hines Nurseries LLC reported a net loss of $1.5 million on net
sales of $4.1 million for the period Feb. 7, 2011, through
March 6, 2011.

At March 6, 2011, Hines Nurseries' balance sheet showed
$157.1 million in total assets, $117.5 million in total
liabilities, and stockholders' equity of $39.6 million.

At March 6, 2011, Hines Horticulture had cash and cash
equivalents of $1.5 million, compared to $769,000 at Feb. 6, 2011.

A copy of the monthly operating report is available for free at:

     http://bankrupt.com/misc/hinesnurseries.feb7-mar6mor.pdf

                  About Consolidated Horticulture

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

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

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


FIRSTFED FINANCIAL: Ends March 2011 With $3.5 Million Cash
----------------------------------------------------------
FirstFed Financial Corp. filed on April 15, 2011, a monthly
operating report for March 2011 with the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division.

The Company reported a net loss of $76,905 for the period.

At March 31, 2011, the Company had $3.6 million in total
assets, $159.6 million in total liabilities, and a stockholders'
deficit of $156.0 million.  The Company ended the period with
$3,478,515 in unrestricted cash.

A full-text copy of the March 2011 monthly operating report is
available for free at http://is.gd/SHA0kr

                     About FirstFed Financial

Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries.  The Bank was closed by federal regulators on
December 18, 2009.

FirstFed Financial Corp. filed for Chapter 11 protection (Bankr.
C.D. Calif. Case No. 10-10150) on Jan. 6, 2010.  Jon L. Dalberg,
Esq., at Landau Gottfried & Berger LLP, represents the Debtor in
its restructuring effort.  Garden City Group is the claims and
notice agent.  The Debtor disclosed assets at $1 million and
$10 million, and debts at $100 million and $500 million.


GUARANTY FINANCIAL: Posts $90,617 Net Loss in March
---------------------------------------------------
On April 12, 2011, Guaranty Financial Group Inc. and each of
its wholly owned subsidiaries, Guaranty Group Ventures Inc.,
Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed
their unaudited monthly operating reports for March 2011 with
the United States Bankruptcy Court for the Northern District of
Texas, Dallas Division.

Guaranty Financial Group reported a net loss of $90,617 for March
2011.  The Debtor incurred a total of $56,449 in professional fees
for the month.

At March 31, 2011, Guaranty Financial Group had $14.36 million
in total assets, $329.24 million in total liabilities, and a
stockholders' deficit of $314.88 million.

Guaranty Financial had unrestricted cash of $9.70 million
and restricted cash of $1.22 million at Feb. 28, 2011, for
totalcash of $10.92 million, compared to unrestricted cash of
$9.74 million and restricted cash of $1.22 million at Feb. 28,
2010, for total cash of $10.96 million.

A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at: http://is.gd/23Zbxc

Guaranty Group Ventures had no income and expense transactions for
March 2011.

At March 31, 2011, Guaranty Group Ventures had $12.2 million
in total assets, $371,385 in total liabilities, and stockholders'
equity of $11.9 million.  Guaranty Group Ventures ended the month
with $6.3 million in cash.

A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at http://is.gd/6LoSGT

Guaranty Holdings had no income and expense transactions for March
2011.

At March 31, 2011, Guaranty Holdings had $6,521 in cash, $529
in total liabilities, and $5,992 in total equity.

A full-text copy of Guaranty Holdings' monthly operating report is
available for free at http://is.gd/0n6ark

Guaranty Group Capital had no income and expense transactions for
March 2011.

At March 31, 2011, Guaranty Group Capital had $4,173,743 in
cash, $950 in total liabilities and $4,172,793 in total equity.

A full-text copy of Guaranty Group Capital's monthly operating
report is available for free at http://is.gd/BthNPb

                      About Guaranty Financial

Dallas, Texas-based Guaranty Financial Group Inc. --
http://www.guarantygroup.com/-- was a unitary savings and loan
holding company.  The Company's primary operating entities were
Guaranty Bank and Guaranty Insurance Services, Inc.  Guaranty
Financial filed for bankruptcy after the Guaranty bank was seized
by regulators and sent to receivership under the Federal Deposit
Insurance Corporation.  Before the bank was taken over, the
balance sheet of the holding company had $15.4 billion in assets
as of Sept. 30, 2008.

Guaranty Financial and its affiliates filed for Chapter 11 (Bankr.
N.D. Tex. Case No. 09-35582) on Aug. 27, 2009.  Attorneys at
Haynes & Boone, LLP, serve as the Debtors' bankruptcy counsel.
According to the schedules attached to its petition, the Company
disclosed $24.3 million in total assets and $323.4 million in
total debts, including $305.0 million in trust preferred
securities.


MOLECULAR INSIGHT: Posts $3.3 Million Net Loss in March
-------------------------------------------------------
On April 14, 2011, Molecular Insight Pharmaceuticals, Inc.,
submitted its unaudited monthly operating report for March 2011.

The Debtor reported a net loss of $3.3 million on $332,570 of
grant revenue for the period.

At March 31, 2011, the Debtor's balance sheet showed
$19.3 million in total assets, $203.6 million in total
liabilities, and a stockholders' deficit of $184.3 million.

The Debtor ended the period with $6.97 million in unrestricted
cash and cash equivalents, and $524,276 in restricted cash and
cash equivalents.  Payments for professional fees totaled
$2.3 million during the period.

A copy of the unaudited monthly operating report as submitted to
the Office of the United States Trustee is available for free at:

                       http://is.gd/b2RNuq

                     About Molecular Insight

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

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


MOTORS LIQUIDATION: Incurs $2.25 Million Net Loss in February
-------------------------------------------------------------
On April 7, 2011, Motors Liquidation Company and certain of its
subsidiaries filed their unaudited monthly operating report for
February 2011 with the United States Bankruptcy Court for the
Southern District of New York.

Upon the closing of the sale of substantially all of the Company's
assets to General Motors Company pursuant to Section 363(b) of the
United States Bankruptcy Code on July 10, 2009, the Company ceased
to have material operations.  It is the Company's strong belief
that there will be no value at all for common stockholders in the
bankruptcy liquidation process, even under the most optimistic of
scenarios.

The Debtors reported a net loss of $2,254,000 on $1,065,000 of
rental and other income for February.

At Feb. 28, 2011, the Debtors had $1.137 billion in total assets,
$36.863 billion in total liabilities, and net liabilities of
$35.726 billion.

A full-text copy of the February 2010 monthly operating report is
available for free at http://is.gd/Hjr4Zx

                     About Motors Liquidation

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

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

On Aug. 31, 2010, the Debtors filed their Joint Chapter 11 Plan
(as amended, modified or supplemented, the "Plan"), together with
a proposed disclosure statement.  On Sept. 3, 2010, the Debtors
filed a motion for an order approving the disclosure statement and
solicitation procedures for the Plan.  The disclosure statement
was approved by order of the Bankruptcy Court dated Dec. 8, 2010.
A hearing on the confirmation of the Plan occurred on March 3,
2011, and on March 29, 2011, the Court entered an order confirming
the Plan.  On March 31, 2011, the Debtors announced that all
conditions to the occurrence of the Effective Date were met or
waived, thereby making the Plan effective.


MSR RESORT: Posts $1.6 Million Net Loss in February
---------------------------------------------------
MSR Resort Golf Course LLC, et al., reported a net loss of
$1.6 million on total revenue of $47.9 million for February 2011.
Reorganization items totaled $1,172,002, which consisted primarily
of professional fees associated with the Chapter 11 cases.

At Feb. 28, 2011, the Debtors had total assets, of $2.193 billion,
total liabilities of $1.924 billion, and members' capital of
$268.4 million.

A copy of the February 2011 monthly operating report is available
for free at http://bankrupt.com/misc/msrresort.feb2011mor.pdf

                         About MSR Resort

MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc.,
owns a portfolio of eight luxury hotels with over 5,500 guest
rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the
Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort
Hotel & Spa in Maui.

On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the
portfolio through a foreclosure proceeding.  CNL-AB LLC is a joint
venture consisting of affiliates of Paulson & Co. Inc., a joint
venture affiliated with Winthrop Realty Trust, and affiliates of
Capital Trust, Inc.

Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts
before the Jan. 28 foreclosure.

Following the acquisition, five of the resorts with mortgage debt
scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 by
the Paulson and Winthrop joint venture affiliates.  MSR Resort
Golf Course LLC and its affiliates filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1.
The resorts subject to the filings are Grand Wailea Resort and
Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club
and PGA West, Doral Golf Resort and Spa, and Claremont Resort and
Spa.

James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O.
Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis,
LLP, serve as the Debtors' bankruptcy counsel.  Houlihan Lokey
Capital, Inc., is the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC is the Debtors' claims agent.

The five resorts had $2.2 billion in assets and $1.9 billion in
debt as of Nov. 30, 2010, according to court filings.  In its
schedules, debtor MSR Resort disclosed $59,399,666 in total assets
and $1,013,213,968 in total liabilities.


PROFESSIONAL VETERINARY: Ends March 2010 With $11,450,137 Cash
--------------------------------------------------------------
On April 13, 2011, Professional Veterinary Products, Ltd., and
its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed
their unaudited monthly operating report for March 2011 with
the U.S. Bankruptcy Court for the District of Nebraska.

The Debtors submitted a summary of cash receipts and disbursements
for the period, disclosing:

     Beginning Balance                 $11,279,751
     Total Receipts                       $366,358
     Disbursements                        $195,972
     Net Cash Flow                        $170,386
     Ending Cash Balance               $11,450,137

Disbursements for professional and trustee fees totaled $65,319.

A copy of the monthly operating report is available for free at:

                       http://is.gd/6Wc9gP

              About Professional Veterinary Products

Professional Veterinary Products Ltd. -- http://www.pvpl.com/--
operates a veterinary supply company owned and managed by
veterinarians.

Professional Veterinary sought Chapter 11 protection from
creditors on August 20, 2010, in Omaha, Nebraska (Bankr. D. Neb.
Case No. 10-82436).  Affiliates ProConn and Exact Logistics also
filed for Chapter 11.

The Company reported $89.79 million in total assets,
$78.23 million in total liabilities, and $11.56 million in
stockholders' equity at April 30, 2010.

The Company hired McGrath North Mullin & Kratz PC LLC, as
bankruptcy counsel and Alliance Management as financial and
restructuring advisors.

As reported in the Troubled Company Reporter on December 29, 2010,
the Debtors and the Official Committee of Unsecured Creditors have
submitted to the Bankruptcy Court a proposed Plan of Liquidation
and an explanatory Disclosure Statement.




SCHUTT SPORTS: Posts $1.9 Million Net Loss in February
------------------------------------------------------
SSI Liquidating, Inc., f/k/a Schutt Sports, Inc., reported a net
loss of $1,899,000 on no revenue for February 2011.

Reorganization expenses totaled $1,636,000 for the month.

Bankruptcy professional fees and expenses paid during the month
totaled $1,217,210.

At Feb. 28, 2011, the Debtor had $4,936,000 in total assets,
$39,068,000 in total liabilities, and a stockholders' deficit of
$34,132,000.

A copy of the February 2010 monthly operating report is available
for free at http://bankrupt.com/misc/schuttsports.feb2011mor.pdf

                        About Schutt Sports

Headquartered in Litchfield, Illinois, Schutt Sports, Inc. -- fka
Schutt Manufacturing Company, Schutt Sports Manufacturing Co.,
Schutt Sports Distribution Company, and Schutt Athletic Sales
Company -- and its affiliates manufactured team sporting
equipment, primarily for football, baseball and softball.

Schutt Sports filed for Chapter 11 bankruptcy protection (Bankr.
D. Del. Case No. 10-12795) on Sept. 6, 2010.  The Company was
forced into Chapter 11 by a $29 million patent-infringement
judgment in favor of competitor Riddell Inc.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel.  Ernst & Young is the
Debtor's financial advisor.  Oppenheimer & Co., Inc., is the
Debtor's investment banker.  Logan & Company is the claims and
notice agent.  The Official Committee of Unsecured Creditors
tapped Lowenstein Sandler PC as its counsel.

The Debtor estimated its assets and debts at $50 million to
$100 million as of the Petition Date.

Platinum Equity in December 2010 completed the acquisition of
substantially all the assets of Schutt Sports through a
transaction conducted under Section 363 of the U.S. Bankruptcy
Code, and Schutt Sports, Inc.'s Chapter 11 estate changed its
name to SSI Liquidating, Inc.


TOWNSENDS INC: Posts $51.1 Million Net Loss in February
-------------------------------------------------------
Townsends Inc. and subsidiaries reported a consolidated net loss
of $51.1 million on $35.8 million of net revenue for the period
Feb. 1, 2011, through Feb. 27, 2011.  The Debtors accrued
$1,835,000 in professional fees, and $53,000 in U.S. Trustee
Quarterly fees during the month.

At Feb. 27, 2011, the Debtors had $86.0 million in total assets,
$145.7 million in total liabilities, and stockholders' deficit of
$59.7 million.

Townsend paid a total of $444,905 in professional fees during the
month.

A copy of the monthly operating report is available for free at:

        http://bankrupt.com/misc/townsends.feb2011mor.pdf

                        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.

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G.
Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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