TCR_Public/110425.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 25, 2011, Vol. 14, No. 113

                            Headlines

207 REDWOOD: Wants to Delay Disclosure Statement Hearing to July 5
ADOBE TRUCKING: PNC, et al., Want Case Converted to Chapter 7
AEOLUS PHARMACEUTICALS: Engages Duke for Scientific Research
AES CORPORATION: Fitch Affirms 'B+' Issuer Default Rating
AES CORPORATION: Moody's Affirms 'B1' CFR, Outlook Now Positive

ALONDRA & VIRGINIA: Case Summary & Largest Unsecured Creditor
AMBAC FINANCIAL: AAC Delays Commencement of Claim Payments
AMERICAN APPAREL: Obtains Up to $43MM Funding to Avert Bankruptcy
AMERICAN EXPRESS: Fitch Affirms 'B' Individual Rating
AMERITOX LTD: S&P Assigns 'B' Corporate Credit Rating

AMBASSADORS INT'L: Court Okays Quick Assets Sale Timeline
AMBASSADORS INT'L: Sec. 341 Meeting of Creditors Set for May 10
AMBASSADORS INT'L: Taps Stroock & Stroock as Bankruptcy Counsel
AMBASSADORS INT'L: Pachulski/Kelley Out; Bifferato/Lowenstein In
AMTRUST FINANCIAL: Says Proposed Harbor-Led Sale Process Fair

ANGIOTECH PHARMA: Outside Date Under Support Deal Extended May 12
ARK DEVELOPMENT/OCEANVIEW: Florida Properties Owner in Ch. 11
ASPIRE INTERNATIONAL: Incurs $2.51 Million Net Loss in 2010
ASSET ACCEPTANCE: Moody's Affirms 'B1' Ratings; Outlook Negative
ASSET ACCEPTANCE: S&P Affirms 'BB-' Counterparty Credit Rating

AXION INTERNATIONAL: Delays Filing of Annual Report
BANKATLANTIC BANCORP: Gets OTS OK for Sale of 19 Tampa Branches
BANKUNITED FINANCIAL: Seeks to Hire Structured Capital as Advisor
BBB ACQUISITION: Asks for Plan Exclusivity Until June 20
BLAST ENERGY: GBH CPAs Raises Going Concern Doubt

BOWE BELL + HOWELL: Taps Garden City as Notice & Claims Agent
BROOKLYN NAVY: Fitch Affirms & Withdraws B+ Rating & Neg. Outlook
BROOKS SIMMONS: Lender Obtains Relief from Stay
CAPITAL AV: Case Summary & 4 Largest Unsecured Creditors
CAPITOL BANCORP: Lee Hendrickson Retires as Company CFO

CAREFREE WILLOWS: Seeks to Employ Alan R. Smith as Co-Counsel
CAREFREE WILLOWS: Wants Marquis Aurbach for AG/ICC Claims Issue
CARPENTER CONTRACTORS: Court Approves Crowe Horwath as Accountant
CARPENTER CONTRACTORS: Inks New CBA with Chicago Carpenters Union
CATALYST PAPER: Snowflake Loses Half of Paper Inventory to Fire

CHESAPEAKE CORP: Canal's Amended Joint Liquidation Plan Effective
CHINA RITAR: Receives Nasdaq Staff Deficiency Letter
CLAIRE'S STORES: Bank Debt Trades at 5% Off in Secondary Market
CLEAR CHANNEL: Bank Debt Trades at 11% Off in Secondary Market
CLEARWIRE CORP: K. Rae and J. Vogel Nominated to Board

COLIN-G PROPERTIES: Case Summary & 18 Largest Unsecured Creditors
COMMUNITY CENTRAL: Receives Delisting Notice From NASDAQ
COMPTON PETROLEUM: To Hold Annual and Special Meeting on May 10
CONTECH CONST'N: Bank Debt Trades at 13% Off in Secondary Market
CREDIT-BASED ASSET: Court Convenes Confirmation Hearing Today

CREEKSIDE-DOUBLE: Case Summary & 3 Largest Unsecured Creditors
DANCING BEAR: To Make Sec. 362(d)(3) Payments on April 29
DB CAPITAL: Aspen HH's Seeks Appointment of Ch. 11 Trustee
DEL-A-RAE INC: Unbridled Optimism Leads to Relief from Stay
DEL-A-RAE INC: Oversecured Creditor Gets Default Interest Rate

DEX MEDIA EAST: Bank Debt Trades at 21% Off in Secondary Market
DEX MEDIA WEST: Bank Debt Trades at 10% Off in Secondary Market
DLGC II: Section 341(a) Meeting Scheduled for May 17
DOVE VALLEY: Voluntary Chapter 11 Case Summary
DTO HOLDINGS: Voluntary Chapter 11 Case Summary

DUKE REALTY: Fitch Downgrades Preferred Stock Rating to 'BB'
DYNAVAX TECHNOLOGIES: Purchase and Sale Pact Kept Confidential
ELLIPSO INC: Court Affirms CEO's $3,167 Expense Claim
ELM STREET: Amends List of 20 Largest Unsecured Creditors
ELM STREET: Creditors Have Until June 15 to File Proofs of Claim

ELM STREET: Files Schedules of Assets and Liabilities
EMIVEST AEROSPACE: Court Approves Sale of San Antonio Headquarters
ENCINO CORPORATE: Files for Chapter 11 in California
ENCINO CORPORATE: Case Summary & 20 Largest Unsecured Creditors
FAIRPOINT COMMUNICATIONS: District Judge Affirms Plan Approval

FIRST SECURITY: Incurs $44.34 Million Net Loss in 2010
FIRST SECURITY: Kelly Kirkland Elected to Board of Directors
FONIX CORP: G. Steedley and B. Jordan Resign From Board
FREEDOM COMMUNICATIONS: Creditors Pursue Hoiles Family
GAMETECH INTERNATIONAL: Four Directors Elected at Annual Meeting

GARRISON ROAD: Court Dismisses Involuntary Chapter 11 Case
GATEHOUSE MEDIA: Bank Debt Trades at 56% Off in Secondary Market
GEORGE MASSEY: Court Affirms Ruling on Law Firm's Fees
GLC LIMITED: Wants to Hire Leon E. Ebbert as Accountants
GLC LIMITED: Taps James Burritt as Chief Restructuring Officer

GLC LIMITED: Court Okays Morrison Manning as Committee's Counsel
GLOBAL MED: Case Summary & 8 Largest Unsecured Creditors
GMX RESOURCES: S&P Assigns 'B-' Corporate Credit Rating
GRAPHIC PACKAGING: Fitch Holds 'B' IDR; Revises Outlook to Pos.
GREAT ATLANTIC & PACIFIC: Teamsters Balk at Bid to Reject Pensions

GREYSTONE LOGISTICS: Incurs $101,558 Loss in Feb. 28 Quarter
HANOVER INSURANCE: Fitch Affirms 'BB' Jr. Sub. Debenture Rating
HARRY & DAVID: Creditors Committee Balks at Rights Offering
HASSEN REAL ESTATE: Court Extends Filing of Schedules Until May 27
HASSEN REAL ESTATE: Section 341(a) Meeting Scheduled for May 23

HASSEN REAL ESTATE: Wants to Use Cash Collateral; Lenders Object
HAWKER BEECHCRAFT: Bank Debt Trades at 12% Off in Secondary Market
HERITAGE ORGANIZATION: Bankr. Ct. Won't Hear TUFTA Claims
HORIZON BANCORP: Incurs $5.77 Million Net Loss in 2010
HORSESHOE POINT: Court Grants Lender Relief From Stay

HOVNANIAN ENTERPRISES: Fitch Affirms 'CCC' IDR; Outlook Now Stable
HSRE-CDS: Creditor Wants Chapter 11 Case Dismissed
IMPERIO DE SIMON: Case Summary & 15 Largest Unsecured Creditors
INOVA TECHNOLOGY: Amends 2008 10-K; Posts $1.45 Million Net Loss
INOVA TECHNOLOGY: Awarded $570,000 Network Solutions Project

INTELSAT SA: Amends Form S-1; Stockholders to Sell $190MM Notes
INTERNATIONAL GARDEN: Selling Assets to Gardens Alive at Auction
IVOICE INC: Rosenberg Rich Raises Going Concern Doubt
JACOBS FINANCIAL: Incurs $344,701 Net Loss in Feb. 28 Quarter
JENNIFER CONVERTIBLES: Reports $32.1MM Net Income in Feb. 26 Qtr.

JETBLUE AIRWAYS: Donald Smith Discloses 10.06% Equity Stake
KARLEN MANAGEMENT: Case Summary & 8 Largest Unsecured Creditors
KCXP INVESTMENTS: Wins Approval to Employ Darby Law as Counsel
KH FUNDING: U.S. Trustee Gets More Time to Object to BDO Hiring
KM ALLIED OF NAMPA: May Restructure Zions Bank Claim

KM ALLIED OF NAMPA: Can't Use Plan Outline as Legal Brief
LA JOLLA: To Effect a 1-for-100 Reverse Stock Split
LAKE PLEASANT: Section 341(a) Meeting Scheduled for May 17
LEGACY AT JORDAN: Court Denies Confirmation of Plan
LITTLE REST: Seeks Dismissal of Involuntary Petition

LITTLE TOKYO: Court Approves First-Citizens Deal to Exit Chap. 11
LOCATEPLUS HOLDINGS: Derrick Spatorico Elected to Board
M&M CONTRACTING: Case Summary & 20 Largest Unsecured Creditors
MANSIONS AT HASTINGS: Taps Joyce McFarland as Special Counsel
MARONDA HOMES: Taps Manion McDonough as Bankruptcy Counsel

METAMORPHIX INC: Court OKs Chapter 7 Conversion
METISCAN INC: Large Accumulated Deficit Cues Going Concern Doubt
MFJT LLC: Seeks to Employ Crane Heyman as Counsel
MFJT LLC: Seeks to Employ Tailwind Services as Financial Advisor
MGIC INVESTMENT: Posts Third Straight Quarterly Loss

MICHAEL R MASTRO: Case Trustee Rejects $7.1MM Judgment Offer
MIDWAY GAMES: Judge Gross Won't Hear Mortal Kombat Dispute
MK NETWORK: Bankruptcy Court Dismisses Chapter 11 Cases
MMFX CANADIAN: Court Okays Pillsbury as Special Corporate Counsel
MMFX CANADIAN: Committee Authorized to File Documents Under Seal

MONEYGRAM INT'L: Completes Syndication Process of $540MM Facility
MORTGAGEBROKERS.COM: Incurs $494,009 Net Loss in 2010
NACHSHON DRAIMAN: Court Rejects Plan, Mulls Dismissal or Chapter 7
NARAYAN KRUPA: Case Summary & 17 Largest Unsecured Creditors
NEWPAGE CORP: Curtis Short Elected Interim SVP and CFO

NORTEL NETWORKS: Canada Balks at Bid to Sell Internet Addresses
NPS PHARMACEUTICALS: Converts $30.57MM Notes to Common Shares
NPS PHARMACEUTICALS: Completes 12.65MM Common Stock Offering
PARTSEARCH TECHNOLOGIES: Committee Hires BDO for Tax Services
PAYMENT DATA: Incurs $464,168 Net Loss in 2010

PINNACLE HILLS: Section 341(a) Meeting Scheduled for May 24
PINNACLE HILLS: Taps Bond Law as Bankruptcy Counsel
PLATINUM ENERGY: Incurs $5.13 Million Net Loss in 2010
PLAYLOGIC ENTERTAINMENT: Changes Name to Donar Ventures
POLI-GOLD LLC: Exclusive Plan Filing Period Extended Until June 15

PURESPECTRUM INC: Incurs $7.97 Million Net Loss in 2010
QUALITY BODY: Case Summary & 5 Largest Unsecured Creditors
RADIANT OIL: Incurs $2.97 Million Net Loss in 2010
RADIENT PHARMACEUTICALS: Sees $68MM to $74MM Net Loss in 2010
RCI REGIONAL: Section 341(a) Meeting Scheduled for May 18

RED MOUNTAIN: Separate Classification of Deficiency Claim Okay
REGAL PLAZA: Taps Charles E. Jack as Real Estate Appraisers
REGEN BIOLOGICS: Potential Bidder Provides Bankruptcy Loan
RITE AID: Board Approves Adoption of 2012 Bonus Plan
RIVER ISLAND: Wants to Hire Sandler & Sandler as Attorneys

RIVER ISLAND: Files Schedules of Assets and Liabilities
ROYAL PUBLIC: Voluntary Chapter 11 Case Summary
SCHMITT CONSTRUCTION: Case Summary & Creditors List
SEAHAWK DRILLING: Shareholders Dispute Bonus Program
SEALY CORP: Nine Directors Elected at Annual Meeting

SENEZ ROOFING: Case Summary & 8 Largest Unsecured Creditors
SEVERN BANCORP: Announces $1.0 Million Increase in 1Q Earnings
SHIPPERS' CHOICE: Creditor Challenges Motion for Final Decree
SI INVESTMENTS: 11th Cir. Affirms Ruling on 99-Year Lease
SILVIA JIMENEZ: House Necessary for Effective Reorganization

SINOBIOMED INC: Dismisses Schumacher & Associates as Accountants
SKINNY NUTRITIONAL: Incurs $6.91 Million Net Loss in 2010
SONJA TREMONT: Court Denies Hannibal Pictures' Motion to Dismiss
SOUTH PADRE: Files Schedules of Assets and Liabilities
SUPERIOR BANCORP: Bank Closed by OTS; FDIC Appointed Receiver

SWORDFISH FINANCIAL: Incurs $2.69 Million Net Loss in 2010
TAYCO, LLC: Case Summary & 4 Largest Unsecured Creditors
TBS INTERNATIONAL: Agrees to Modify Loan Covenants
TELTRONICS INC: May Sell Maintenance Contracts to Raise Capital
TENET HEALTHCARE: Board to Review CHS's Revised Proposal

THORNBURG MORTGAGE: Officers' Counterclaims Survive Dismissal Bid
THORNBURG MORTGAGE: Ch. 11 Trustee Can't Block Docs in Fraud Suit
TONGJI HEALTHCARE: Incurs $56,232 Net Loss in 2010
TOP SHIPS: In Breach of Financial Covenants with Certain Banks
TRADE UNION: Taps Tatum LLC as Reorganization Consultant

TRADE UNION: Employs Shulman Hodges as General Counsel
TRADE UNION: Court Junks Request for Appointment of Ch. 11 Trustee
TRANSAX INTERNATIONAL: Incurs $2.09 Million Net Loss in 2010
TREY RESOURCES: Enters Into $550,000 Promissory Notes
TRIBUNE CO: Bank Debt Trades at 30% Off in Secondary Market

TRICO MARINE: Units Escape Ch. 11 as Deal with Lenders Reached
TSP CO: Bankruptcy Judge Won't Hearing KOSHA Proceedings
ULTIMATE ACQUISITION: Streambank to Auction Intangible Assets
ULURU INC: Lane Gorman Raises Going Concern Doubt
VILICA LLC: Creditors Meeting Scheduled for May 4

VITRO SAB: Affiliates Seek Extension of Schedule Filing Deadline
VIVAKOR INC: Matthew Nicosia Appointed as Chief Financial Officer
WASHINGTON MUTUAL: Fund Seeks Docs Backing Investor's Claims
WEGENER CORP: Incurs $970,584 Net Loss in March 4 Quarter
WILLIAM LYON: Expects to Complete Financials Within Grace Period

WIRELESS TELECOM: Court Rules on Pepper Hamilton's Fee Request
WITS END: Voluntary Chapter 11 Case Summary
YRC WORLDWIDE: Parties Finalizing Definitive Agreements

* Grant Analyzes Factors Behind Automobile Loans Performance
* Fitch: Global CDS Spreads Widen Across All Sectors
* S&P's 2011 Global Corporate Defaults Now Total 13

* U.S. Corporate Credit Risk Falls to Two-Week Low on Earnings
* Filings Under Wisconsin Bankruptcy Statutes Increase
* Value of Bankruptcy Claims Traded Jumped in First Quarter

* A&M's Business Consulting Group Gets Kalakota, Rawal

* BOND PRICING -- For Week From April 18 - April 22


                            *********


207 REDWOOD: Wants to Delay Disclosure Statement Hearing to July 5
------------------------------------------------------------------
207 Redwood LLC is asking the U.S. Bankruptcy Court for the
District of Maryland to extend its exclusive period to solicit
acceptances to its proposed plan of reorganization to June 2,
2011.

The Debtor is actively engaged in negotiations with its secured
lender, RL BB Financial LLC and other parties-in-interests on a
consensual resolution of the Chapter 11 case.  While the Debtor
expects those negotiations to conclude shortly, they were not
finalized and implemented within the current exclusive
solicitation period.

The Debtor further notes that if the extension is granted, that
period will overlap with the currently scheduled May 5, 2011
hearing on the Disclosure Statement accompanying the Plan.

Against this backdrop, the Debtor asks the Court to continue the
Disclosure Statement hearing to July 5, 2011.

                      About 207 Redwood

Columbia, Maryland-based 207 Redwood LLC filed for Chapter 11
protection (Bankr. D. Md. Case No. 10-27968) on Aug. 6, 2010.
James A. Vidmar, Jr., Esq., and Lisa Yonka Stevens, Esq., at
Logan, Yumkas, Vidmar & Sweeney LLC, assist the Debtor in its
restructuring effort.  In its schedules, the Debtor disclosed
$14,500,000 in total assets and $24,097,109 in total liabilities
as of the Petition Date.


ADOBE TRUCKING: PNC, et al., Want Case Converted to Chapter 7
-------------------------------------------------------------
PNC Bank, National Association, M& I Business Credit, LLC, Land
Holding, LLC, and Paul Frank ask Judge Ronald B. King of the U.S.
Bankruptcy Court for the Western District of Texas to convert
Adobe Trucking, Inc.'s Chapter 11 case to a case under Chapter 7
of the Bankruptcy Code.

According to the Bank Parties, the Debtor's representative
testified at the meeting of creditors that the Debtor has no
employees and no real plans to restart its business.  When asked
by the U.S. Trustee for Region 6, the Debtor was unable to
articulate any plan to restart the business or to reorganize, they
point out.

The Debtor also has no income, the Bank Parties point out.  In its
statement of financial affairs, the Debtor admits that it had zero
gross income from the operations of its business for 2010, and
only $142,925 for 2009.  The Debtor has no cash or income to pay
its administrative expenses, including legal and professional fees
and the U.S. Trustee's fees.  "It appears that the Debtor's
principal or affiliates are partially funding the costs of the
bankruptcy case as part of the Adobe parties' litigation against
us," the Bank Parties allege.

Moreover, the Debtor, according to the Bank Parties, has failed to
comply with its statutory duties as a debtor-in-possession.  The
Debtor has not filed any monthly operating reports during the
entire pendency of it Chapter 11 case and it is unclear whether
the Debtor submitted missing federal tax returns to the U.S.
Trustee.  The Debtor has also not filed any motions seeking
approval for any financing or investment or to enter into any
business transactions to restart its business operations.

The Bank Parties stress that the Debtor has not filed a disclosure
statement or proposed a plan of reorganization.

For those reasons, the Bank Parties insist that cause exists to
convert the Debtor's Chapter 11 case to Chapter 7 because this
shuttered business belongs to Chapter 7.

The Court will consider PNC's request on April 26, 2011, at
1:45 p.m.

The Bank Parties are represented by:

   Michael D. Morfey, Esq.
   ANDREWS KURTH LLP
   600 Travis, Suite 4200
   Houston, Texas 77002
   Tel: (713) 220-4163
   Fax: (713) 238-7259
   E-mail: michaelmorfey@andrewskurth.com

             - and -

   Pat Long Weaver, Esq.
   STUBBEMAN, MCRAE, SEALY, LAUGHLIN & BROWDER, INC.
   Fasken Center, Tower Two, Suite 800
   Midland, Texas 79702
   Tel: (432) 682-1616
   Fax: (432) 682-4884

                   About Adobe Trucking, Inc.

Odessa, Texas-based Adobe Trucking, Inc., filed for Chapter 11
bankruptcy protection (Bankr. W.D. Texas Case No. 10-70353) on
Nov. 23, 2010.  Wiley France James, III, Esq., at James &
Haugland, P.C., serves as the Debtor's bankruptcy counsel.  The
Debtor disclosed $10,339,616 in assets and $9,685,743 in
liabilities.


AEOLUS PHARMACEUTICALS: Engages Duke for Scientific Research
------------------------------------------------------------
Aeolus Pharmaceuticals, Inc., entered into a Sponsored Research
Agreement with Duke University, pursuant to which the Company
engaged Duke to perform a program of scientific research entitled
"Murine Studies for the Development of AEOL 10150 as a Medical
Countermeasure Against ARS and DEARE," which will include, among
other things, studies and models of optimum dosing of AEOL 10150
in mice.  The Company entered into the Sponsored Research
Agreement in furtherance of the Company's efforts under the
development agreement with the Office of Biomedical Research and
Development Authority for the development of AEOL 10150, the
Company's lead compound, as a medical countermeasure against the
pulmonary sub-syndrome of acute radiation syndrome that the
Company announced on Feb. 15, 2011.  The Sponsored Research
Agreement is a cost plus fee agreement inclusive of all direct and
indirect costs.

The term of the Sponsored Research Agreement will continue through
Feb. 10, 2012, which is the end of the first year base period of
performance under the BARDA Contract, provided that the Sponsored
Research Agreement will be renewable for additional periods upon
the mutual written consent of the parties and provided further
that after Feb. 10, 2012, either party may terminate the Sponsored
Research Agreement effective as of any anniversary date of the
Sponsored Research Agreement by giving the other party at least 60
days' prior written notice.  In addition, the Company has agreed
to indemnify Duke for liability incurred in connection with
matters resulting from or arising out of the Sponsored Research
Agreement except in the event of Duke's negligence or willful
misconduct, and Duke has agreed to indemnify the Company for
liability incurred in connection with matters resulting from or
arising out of the Sponsored Research Agreement except in the
event of the Company's negligence or willful misconduct.

                   About Aeolus Pharmaceuticals

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

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

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


AES CORPORATION: Fitch Affirms 'B+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of AES Corporation
(AES), including its 'B+' Issuer Default Rating (IDR), following
announcement that it has reached a definitive agreement to acquire
DPL Inc. (DPL) in an all cash transaction valued at approximately
$4.7 billion including the assumption of $1.2 billion of DPL debt.
At the same time, Fitch has downgraded and placed on Rating Watch
Negative DPL's IDR to 'BBB+' from 'A-' and the IDR of its primary
subsidiary, Dayton Power & Light Company (DP&L) to 'BBB+' from
'A'.

After completion of the transaction, DPL will become a wholly
owned subsidiary of AES. Under the terms of the agreement, DPL
shareholders would receive $30 for each share held.  AES has
secured bridge financing for the acquisition.  Permanent financing
will consist of $1.25 billion of debt to be issued at DPL (non-
recourse to AES), $2.05 billion of parent debt at AES and balance
with cash on hand.

The transaction is subject to several state and federal approvals
such as the Public Utilities Commission of Ohio, the Federal
Energy regulatory Commission and the customary antitrust review
under hart-Scott-Rodino Act, as well as approval of DPL
shareholders.  AES expects to complete the transaction by the
first quarter of 2012.

Fitch views the acquisition of a regulated utility supportive of
AES' credit quality since it increases the contribution of stable,
regulated earnings in the overall portfolio mix, thus, lowering
the business risk.  Fitch estimates that the regulated cash flows
from DPL will be approximately 20% of the consolidated cash flows.
The re-leveraging at the parent level reflects in large part the
re-issuance of corporate debt that was paid down in 2010 from
$1.58 billion of equity sale proceeds received from China
Investment Corporation (CIC).  The impact on AES' credit metrics
from the resulting incremental leverage is largely offset by cash
flow contribution from DPL, which comprises upstream dividend
payments and benefit to AES of including DPL in its tax filing.

The ratings of AES reflect the diversity of subsidiary
distributions, the stability of cash flows from contracted
generation and distribution utilities, the high level of corporate
debt, which is subordinate to its non-recourse project debt and
the event risk associated with investments in developing markets.
Fitch expects an increase in distributions from recently completed
projects and projects to be completed in coming years that are
currently either under development or in construction.  The
potential for further weakening of global economies is a credit
concern.

The downgrade of DPL and placement on Rating Watch Negative
reflect the expected substantial weakening of the company's credit
profile from the proposed issuance of approximately $1,250 million
of acquisition debt resulting in a highly leveraged capital
structure.  Fitch estimates that pro forma for the debt issuance,
DPL's projected 2012 Funds Flow From Operations/Debt ratio will
fall by roughly half to 15-17% range.  Should the acquisition be
consummated on terms and conditions as outlined by AES, a further
downgrade of DPL is likely although Fitch expects DPL to retain an
investment grade rating.  Pro-forma for the acquisition debt,
Fitch expects DPL to maintain an EBITDA/Interest coverage measure
above 4.0x in 2012.

Similarly, the downgrade of DP&L reflects Fitch's expectation that
the leveraged intermediate parent DPL will rely heavily on
upstream dividend payments from its subsidiary in order to meet
the debt servicing requirements of its additional $1,250 million
debt burden.  Given the utility's strong financial condition and
conservative leverage profile, Fitch cannot rule out additional
leverage at the utility.  A further downgrade of DP&L is possible
depending upon the terms of any ring-fencing provisions that may
be required by the Public Utility Commission of Ohio.  Fitch
expects DP&L's IDR to remain in the investment grade category.

Fitch expects the corporate and financing structure of DPL and
DP&L to mirror that of AES' other domestic regulated utility and
holding company, Indianapolis Power & Light and IPALCO.  Given the
terms of conditions of the proposed acquisition by AES, even if
the acquisition is not completed, Fitch believes that DPL would
likely entertain or engage in other transactions that would be
inconsistent with its ratings prior to the announced transaction
and management has demonstrated a higher threshold for financial
leverage than Fitch had previously factored into its ratings.

Fitch has affirmed these ratings with a Stable Outlook:

AES

   -- Long-term IDR at 'B+';

   -- Senior Secured debt at 'BB+/RR1';

   -- Senior Unsecured debt at 'BB/RR1';

   -- Short-term IDR at 'B'.

AES Trust III

   -- Trust Preferred at 'B+/RR4'

IPALCO Enterprises, Inc.

   -- Long-term IDR 'at BBB-';

   -- Senior secured debt at 'BBB-';

Indianapolis Power & Light Co.

   -- Long-term IDR at 'BBB-';

   -- Senior secured debt at 'BBB+';

   -- Secured pollution control revenue bonds at 'BBB+';

   -- Unsecured pollution control revenue bonds at 'BBB';

   -- Preferred stock at 'BB+'.

Fitch has downgraded and placed these ratings on Rating Watch
Negative:

DPL

   -- Long-term IDR to 'BBB+' from 'A-';

   -- Senior unsecured notes to 'BBB+' from 'A-'.

Dayton Power & Light Company

   -- Long-term IDR to 'BBB+' from 'A';

   -- Senior secured debt to 'A' from 'AA-';

   -- Preferred stock to 'BBB' from 'A-';

   -- Short-term IDR and commercial paper to 'F2' from 'F1'.

DPL Capital Trust II.

   -- Junior subordinated debt to 'BBB-' from 'BBB'.


AES CORPORATION: Moody's Affirms 'B1' CFR, Outlook Now Positive
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings for The AES
Corporation (AES: B1 CFR) and changed its rating outlook to
positive from stable.  This rating action was driven by AES'
announcement that it has executed a definitive agreement to
acquire DPL Inc. for cash consideration of approximately
$3.5 billion.

Separately, Moody's affirmed AES' speculative grade liquidity
rating at SGL-2.

Outlook Actions:

  Issuer: The AES Corporation

     -- Outlook, Changed To Positive from Stable

  Affirmations:

  Issuer: The AES Corporation

     -- Senior Secured Bank Credit Facilities, Affirmed at Ba1

     -- Senior Unsecured Regular Bond/Debenture, Affirmed at B1

     -- Trust Preferred Securities, Affirmed at B3

     -- Corporate Family Rating, Affirmed at B1

Rating Rationale

"The rating affirmation and change in outlook to positive is
supported by the sound rationale for the proposed acquisition
which, if consummated, would reduce AES' business risk profile and
help to improve financial performance from current levels," said
Moody's Vice President Scott Solomon.  "The acquisition would also
offset some of AES' business concentration in South America and
materially increase the degree of cash flows generated by
regulated utility subsidiaries" added Solomon.

AES has considerable financial flexibility to acquire a company
the size of DPL.  This flexibility has resulted in large part by
an investment completed in March 2010 from a wholly-owned
subsidiary of China Investment Corporation that resulted in
approximately $1.6 billion in new equity proceeds to AES.  These
proceeds were used in part to temporarily reduce parent debt while
AES considered incremental growth investment opportunities and now
will be "re-borrowed".  Modestly higher AES parent debt levels
(relative to the $5.5 billion outstanding at 2009 year-end)
resulting from the anticipated financing of the proposed
acquisition are offset by the scale, quality, and predictability
of the distributions expected from DPL.

Upward rating pressure could build if AES was able to demonstrate
a sustained improvement in key parent level financial metrics
whereby adjusted parent operating cash flow to parent level
debt and parent level interest coverage achieved levels of
approximately 10% and 2.3 times, respectively.  Moody's calculated
these metrics at approximately 9% and 2 times, respectively, for
the twelve months ended December 31, 2010; however, they were
driven in part by AES' decision to temporarily reduce parent level
debt in 2010 with the new equity proceeds.  Excluding the debt
reduction that occurred in 2010 (and therefore using 2009 year-end
debt balances), AES' metric of parent operating cash flow to
parent level debt in 2010 would have been approximately 7.5%.

Completion of the DPL acquisition, combined with near-term
improvement in the financial performance of certain subsidiaries,
including AES Gener and Masinloc, could trigger an upgrade for
AES.

The affirmation of AES' speculative grade liquidity rating at SGL-
2 reflects the company's considerable liquidity position, which at
December 2010 included approximately $1.1 billion of cash at AES
and qualified holding companies and $715 million of availability
under a credit facility due 2015, and adequate headroom under its
existing financial covenants.

In addition to DPL shareholder approval, the acquisition will
require the approval of the Public Utility Commission of Ohio and
the Federal Energy Regulatory Commission (FERC).  Approvals are
expected to be completed by the first quarter of 2012.  Moody's
intends to revisit AES' rating and positive outlook prior to the
closing of the acquisition.

The principal methodology used in this rating was Global
Unregulated Utilities and Power Companies published in August
2009.

The AES Corporation is a global power company with generation and
distribution assets in Europe, Asia, Latin America, Africa and the
United States.


ALONDRA & VIRGINIA: Case Summary & Largest Unsecured Creditor
-------------------------------------------------------------
Debtor: Alondra & Virginia, LLC
        11726 San Vicente Boulevard, Suite 290
        Los Angeles, CA 90049

Bankruptcy Case No.: 11-27551

Chapter 11 Petition Date: April 22, 2011

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Alan M. Ahart

Debtor's Counsel: Robert S. Altagen, Esq.
                  LAW OFFICES OF ROBERT S. ALTAGEN
                  1111 Corporate Center Drive, #201
                  Monterey Park, CA 91754
                  Tel: (323) 268-9588
                  Fax: (323) 268-8742
                  E-mail: rsaink@earthlink.net

Estimated Assets: $0 to $50,000

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

The petition was signed by Bryan Mashian, managing member.

The list of unsecured creditors filed together with its petition
contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Haleh Lahijlani                    Services Provided      $250,000
522 25th Street
Santa Monica, CA 90402


AMBAC FINANCIAL: AAC Delays Commencement of Claim Payments
----------------------------------------------------------
Ambac Assurance Corporation disclosed that, based on conversations
with the Special Deputy Commissioner for the Segregated Account of
Ambac Assurance Corporation (Segregated Account), it no longer
expects that the Segregated Account will begin paying policy
claims in May 2011 as previously announced.  The effectiveness of
the Plan of Rehabilitation and the commencement of policy claim
payments are subject to the terms of, and the satisfaction of the
conditions set forth in, the Plan, and there can be no assurances
as to when policy claim payments will resume.  Ambac Assurance
will continue to update the market as additional information
regarding the timing of the resumption of claims payments from the
Segregated Account becomes available.

                       About Ambac Assurance

Ambac Assurance is a guarantor of public finance and structured
finance obligations, and is the principal operating subsidiary of
Ambac Financial Group, Inc. (Ambac Financial).

                       About Ambac Financial

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

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

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

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

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

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

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

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


AMERICAN APPAREL: Obtains Up to $43MM Funding to Avert Bankruptcy
-----------------------------------------------------------------
James Covert, writing for The New York Post, reports that sources
have said American Apparel has secured rescue financing that will
inject as much as $43 million into the company in the coming
months, helping it avert the threat of Chapter 11 bankruptcy.

According to the NY Post, sources close to the situation said the
retailer's board has approved a financing package from a group of
Canadian investors that will immediately pump $15 million into
American Apparel's operations in exchange for common stock priced
at 90 cents a share -- a discount of more than 27% to the
company's closing share price on April 20 of $1.24.  The Canadian
investors will also be given stock warrants, also priced at 90
cents a share, that could bring their total cash infusion to as
much as $43 million over the next six months -- giving them nearly
one-third of the company's total outstanding shares.

The issuance of new stock and warrants will dilute current
shareholders, but "the return on equity looks very attractive to
everybody longer term," said Roy Sebag, a managing partner of
Essentia Equity, one of several lenders in the rescue package,
which was led by Canadian investor Michael Serruya, the NY Post
reports.

Sources told the Post American Apparel CEO Dov Charney is ponying
up $700,000 of his own money as part of the deal.  Mr. Charney,
the sources added, will be given the opportunity to counteract
dilution from the deal with stock options that will vest if
American Apparel's stock continues an upward climb during the next
four years.  Specifically, Mr. Charney's options will vest if the
company's stock hits $3.25 next year, $4.25 in 2013 and $5.25 in
2014.

While the Canadian investors' warrants are exercisable during the
next 180 days, their steep discount to the company's current stock
price will likely drive them to cash in sooner rather than later,
pumping additional liquidity into American Apparel in the coming
weeks, people close to the situation told the Post.

The Post also notes that, to placate lender Bank of America, which
provides American Apparel's credit line, American Apparel will
carry an additional $5 million in available cash on its balance
sheet, on top of the current minimum requirement of $7.5 million.

                      About American Apparel

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

                       Bankruptcy Warning

American Apparel, if unable to improve its operating performance
and financial position, obtain alternative sources of capital or
otherwise meet its liquidity needs, may need to voluntarily seek
protection under Chapter 11 of the U.S. Bankruptcy Code, the
retailer said in its annual report on Form 10-K filed with the
U.S. Securities and Exchange Commission.

American Apparel reported a net loss of $86.31 million on
$532.99 million of net sales for the year ended Dec. 31, 2010,
compared with net income of $1.11 million on $558.77 million of
net sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed
$327.95 million in total assets, $252.93 million in total
liabilities and $75.02 million in total stockholders' equity.

Marcum LLP, in New York, in its audit report on American Apparel's
financial statements for the year ended Dec. 31, 2010, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred a substantial loss from operations and had negative
cash flow from operations for the year ended Dec. 31, 2010.  As a
result of noncompliance with certain loan covenants, debt with
carrying value of approximately $138.0 million at Dec. 31, 2010,
could be declared immediately due and payable.  Notwithstanding,
the Company has minimal availability for additional borrowings
from its existing credit facilities, which could result in the
Company not having sufficient liquidity or minimum cash levels to
operate its business.

The Wall Street Journal notes American Apparel currently owes
about $81 million to Lion Capital and an additional $58 million on
a credit line with Bank of America Corp.  According to the
Journal, Skadden, Arps, Slate, Meagher & Flom has been advising
the company on its recent restructuring efforts alongside
investment bank Rothschild Inc.


AMERICAN EXPRESS: Fitch Affirms 'B' Individual Rating
-----------------------------------------------------
Fitch has affirmed American Express Company's (AXP) long-term
Issuer Default Rating (IDR) at 'A+' and short-term IDR at 'F1'.
The Rating Outlook is Stable.  Approximately $72.9 billion of
unsecured debt, deposits, and hybrid capital is affected by these
actions.

Fitch affirmed these ratings with a Stable Outlook:

American Express Co.

   -- Long-term IDR at 'A+';

   -- Short-term IDR at 'F1';

   -- Short-term debt at 'F1';

   -- Senior debt at 'A+';

   -- Subordinated debt (hybrid capital instrument) at 'A-';

   -- Individual at 'B';

   -- Support at '5'and;

   -- Support Floor at 'NF'.

The ratings affirmation reflects AXP's strong franchise, spend-
centric business model, market position in the payments industry,
solid asset quality, consistent profitability, diverse funding
base, ample liquidity, continued capital generation, and strong
risk-adjusted capitalization.  Ratings are constrained by limited
revenue diversity and heightened legislative scrutiny of consumer
products.

Net charge-offs on the lending portfolio improved to 5.6% for
full year 2010, and further to 3.7% in 1Q11, from 8.4% for full
year 2009, even with a decline in average loans outstanding, as
short-term employment indicators continued to improve.  The 1Q11
portfolio loss rate was approximately 319 basis points better than
the average loss rate for the other top credit card issuers.  AXP
recorded negative provision expense of $120m in the first quarter,
but reserve coverage remained solid at 5.1%.  Fitch expects 2011
net charge-offs to be below 2010, with loss rates stabilizing at-
or-near current levels.

Operating earnings rose 90.5% in 2010, to $4.06 billion, as billed
business growth of 15.1% and reduced credit provisioning offset
lower revenues from implementation of the CARD Act and higher
operating and reward expenses.  Similar trends continued in 1Q11,
with 17% year-over-year billed business growth and a 33% increase
in net income.  Improved operating efficiencies remain a priority
as AXP continues to restructure certain operations with the goal
of generating $500 million of annual cost saves by the end of
2012.  Fitch expects consumer spending and improved credit will
continue to support earnings growth in 2011, but an end to reserve
releases and the absence of Visa and MasterCard litigation
proceeds will be headwinds in 2012.

Capital ratios remained strong in 2010, even with the
consolidation of off-balance sheet assets in January, thanks to
earnings growth and asset contraction.  Tangible common equity as
a percent of tangible assets was 8.8% at year-end, compared to
7.6% a year earlier.  Capital generation continued in 1Q11, and
the tier 1 common equity to risk-weighted assets ratio grew 70
basis points from year-end to 11.8%, which compares favorably to
similarly-rated peers, given the company's high quality equity
base.  Fitch expects additional capital generation in 2011,
although share repurchase activity is expected to increase
relative to 2010 levels.  AXP has maintained its dividend at
$0.18 per share throughout the financial crisis, and the dividend
payout ratio was 21.4% in 2010.

AXP's liquidity profile remains a rating strength, with
approximately $26 billion of readily available cash and marketable
securities being sufficient to cover operating cash, short-term
obligations, and $17 billion of long-term debt maturities over the
next 12 months.  Parent company maturities amount to $400 million
in 2011 versus year-end cash and equivalents of approximately
$5.3 billion.

On Oct. 4, 2010, the Department of Justice (DOJ) filed a complaint
against AXP alleging that the company's policies prohibiting
merchants from steering a customer to use another network's card,
another type of charge or credit card, or another method of
payment violate antitrust laws.  AXP has vowed to fight the
lawsuit and the case is currently in discovery.  Additionally,
there is legislation pending with the Durbin Amendment to Dodd-
Frank that would allow merchants to offer discounts to customers
who use debit products rather than credit products.

While Fitch believes allowing merchant steering could yield a
decrease in AXP billed business volumes, it is unclear what
percentage of merchants would actually offer discounts to
consumers for alternative forms of payment, especially considering
the loyalty consumers have to their card reward programs.  If
merchant discounting becomes widespread and there is a real shift
in payment activity, Fitch would need to consider the impact on
AXP's market share and merchant discount revenue, which accounted
for 54.3% of net operating revenue in 2010.  Still, Fitch believes
resolution of the matter is likely to take several years.

The Stable Outlook reflects the expectation that AXP will continue
to generate strong billed business growth, with its spend-centric
business model, and that expansion into consulting services, and
online and digital payments will provide additional revenue
opportunities in coming years.  Earnings are expected to remain
strong in 2011 and capital is likely to grow, even with an
expected increase in share repurchase activity.  Additionally, the
company's liquidity profile is expected to remain a rating
strength, with liquid assets covering short-term operating needs
and near-term debt maturities.

Deterioration in credit metrics, material reductions to earnings,
absent non-recurring items, a weakening liquidity profile,
significant declines in capitalization, regulatory/legislative
changes (including the DOJ lawsuit) that negatively impact the
company's business model and longer-term earnings potential,
and/or significant shifts in consumer payment trends which reduce
AXP's ability to compete, could result in negative rating action.
Conversely, Fitch believes the company's positive rating momentum
is relatively limited given the concentration in payments and
consumer products.

AXP, headquartered in New York, NY, was founded in 1850 as a joint
stock association and was incorporated in 1965 as a New York
corporation.  The company has evolved over the years and is now a
focused payments, network, and travel company with substantial
charge and credit card businesses.  Billed business volume was
$713.3 billion in 2010 and managed receivables amounted to
approximately $102.3 billion at year-end.  The company is listed
on the NYSE under the ticker symbol AXP.

Fitch also affirmed these ratings with a Stable Outlook:

American Express Credit Corp.

   -- Long-term IDR at 'A+';

   -- Short-term IDR at 'F1';

   -- Short-term debt at 'F1'and;

   -- Senior debt at 'A+'.

American Express Centurion Bank

   -- Long-term IDR at 'A+';

   -- Short-term IDR at 'F1';

   -- Senior debt at 'A+';

   -- Long-term deposits at 'AA-'.

   -- Short-term deposits at 'F1+';

   -- Individual at 'B';

   -- Support at '5'and;

   -- Support Floor at 'NF'.

American Express Bank, FSB

   -- Long-term IDR at 'A+';

   -- Short-term IDR at 'F1';

   -- Senior debt at 'A+';

   -- Long-term deposits at 'AA-'.

   -- Short-term deposits at 'F1+';

   -- Long-term FDIC guaranteed debt at 'AAA';

   -- Short-term FDIC guaranteed debt at 'F1+';

   -- Individual at 'B';

   -- Support at '5'and;

   -- Support Floor at 'NF'.

American Express Travel Related Services Company, Inc.

   -- Long-term IDR at 'A+';

   -- Short-term issuer at 'F1'and;

   -- Senior debt at 'A+'.

American Express Canada Credit Corp.

   -- Long-term IDR at 'A+';

   -- Short-term IDR at 'F1'and;

   -- Senior debt at 'A+'.


AMERITOX LTD: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B' corporate credit rating to Baltimore, Md.-based
Ameritox Ltd.  The rating outlook is stable.

"At the same time, we assigned the company's proposed $425 million
term loan due 2018 and $25 million revolving credit agreement due
2016 a preliminary rating of 'B', the same as the corporate credit
rating.  We also assigned this debt a preliminary recovery rating
of '4', indicating our expectation for average (30%-50%) recovery
of principal in the event of a payment default," S&P stated.

"Our low speculative-grade rating on Ameritox reflects the
company's extremely narrow business focus in an immature niche of
the clinical laboratory services industry and its highly
leveraged, owner-friendly financial risk profile.  The business
risk profile is weak, in our view," said Standard & Poor's credit
analyst Gail I. Hessol.

Ameritox's rapid growth, evidenced by nearly a doubling of
revenues over the past two years, is accompanied by meaningful
challenges and vulnerabilities.  Third-party payors clearly are
interested in the company's ability to inform physicians about
patient adherence to prescribed pain medication regimens.
Yet, with less than 10% market penetration for this type of
testing, which involves the analysis of collected urine samples to
detect prescribed, illicit and other drugs, there is ample room
for potential competition.  If such a testing approach becomes
more widely accepted, it could attract competition from companies
with cost advantages and much greater financial and technical
resources than Ameritox's.  In addition, Ameritox has been using
exclusively licensed algorithms that normalize drug levels for
patient-specific factors and compare them to expected ranges.
However, next month, it plans to shift to newer patented
technology.  Such a significant change entails some risk.


AMBASSADORS INT'L: Court Okays Quick Assets Sale Timeline
---------------------------------------------------------
Ambassadors International, Inc. disclosed that at a hearing on
April 19, 2011, the U.S. Bankruptcy Court for the District of
Delaware approved the timeline for the proposed sale by
Ambassadors of substantially all of its assets, including its
principal operating unit, Windstar Cruises.  The sale is expected
to close by May 23, 2011.

Hans Birkholz, CEO of Ambassadors and Windstar, said, "We are
thrilled that the court approved our sale timeline, which allows
the sale to move quickly as planned.  With the sale timeline
firmly in place, we look forward to positioning Windstar for long-
term profitability and success under new ownership.  This is great
news for Windstar, and our guests and travel partners can rest
assured that Windstar will be providing luxury travel experiences
for many years to come."

As previously announced on April 1, 2011, Ambassadors has entered
into an agreement with Whippoorwill Associates, Inc., as agent for
its discretionary funds and accounts ("Whippoorwill") providing
for the sale of its assets.  Whippoorwill intends to maintain
Windstar's business and operations and invest in Windstar's growth
following the completion of the sale.

The court has already approved requests by Ambassadors to ensure
that Windstar continues its normal operations and is sailing as
scheduled as it moves forward through the sales process including:
maintaining all of Windstar's programs and policies and honoring
all Windstar fares and reservations, including charter contracts;
providing commissions and payments to travel partners as usual;
and paying employees and crewmembers in the usual manner and
continuing their benefits without disruption.  Ambassadors
continues to expect that Windstar vendors and suppliers for goods
and services received both before and during the reorganization
process will be paid in connection with the sale.

Under the terms of the agreement, the sale to Whippoorwill is
subject to court approval and other specified closing conditions.
In compliance with Section 363 of the U.S. Bankruptcy Code,
qualifying bidders will also have an opportunity to submit higher
and better offers for evaluation through a court-supervised
competitive bidding process. A hearing to consider the sale has
been scheduled for May 18, 2011.

               May 13 Deadline for Competing Bids

Pete Brush at Bankruptcy Law360 reports that a Delaware bankruptcy
judge on Tuesday approved Whippoorwill Associates Inc.'s
$40 million stalking horse bid to take control of assets owned by
Ambassadors International Inc., in spite of unsecured creditors'
objections.

Bankruptcy Judge Kevin Gross set a May 13 deadline for competing
bids, which must be accompanied by a $1 million escrow payment to
demonstrate an ability to make good, according to Law360.

Dow Jones' DBR Small Cap reports that Ambassadors International
won court permission to place its luxury Windstar Cruises line on
the auction block next month.

The Debtors had proposed an April 29 deadline for bids and an
auction on May 2.

                 Agreement to Sell to Whippoorwill

On April 1, 2011, Ambassadors announced an agreement to sell
substantially all of its assets, including Windstar, to
Whippoorwill Associates, as agent for its discretionary funds and
accounts.  Whippoorwill intends to maintain Windstar's business
and operations and invest in Windstar's growth following
completion of the anticipated sale.  In addition, the financing
facility that received interim Court approval is being provided to
Windstar and Ambassadors by Whippoorwill.

As reported in the April 6, 2011 edition of the Troubled Company
Reporter, the Debtors are asking the Bankruptcy Court to approve
bid protections, auction process and sale procedures where a newly
created designee of Whippoorwill will be the stalking horse bidder
at the auction.

Whippoorwill, through certain of its discretionary funds and
accounts, is currently the sole lender under the prepetition
working capital facility, the beneficial owner of approximately
88% of the senior secured notes and a significant shareholder of
Ambassadors International, Inc.  Thus, according to the Debtors,
Whippoorwill represents the most logical purchaser for the assets.

The Stalking Horse Bidder's bid sets a "floor" on bids for the
assets by providing for a consideration of $40 million payable in
the form of (i) the payment in full in cash and assumption by the
buyer of the Debtors' obligations under a prepetition working
capital facility and the DIP Facility; (ii) a credit bid and
release of the Debtors' obligations under the 10% senior secured
notes due 2010 in an amount of not less than $19 million; and
(iii) assumption of other liabilities.

                    About Ambassadors International

Headquarters in Seattle, Washington, Ambassadors International,
Inc. (NASDAQ: AMIE) -- http://www.ambassadors.com/-- operates
Windstar Cruises, a three-ship fleet of luxury yachts that explore
the hidden harbors and secluded coves of the world's most sought-
after destinations.  Carrying 148 to 312 guests, the luxurious
ships of Windstar cruise to nearly 50 nations, calling at 100
ports throughout Europe, the Caribbean and the Americas.

Ambassadors International Inc. and 11 affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11002) on
April 1, 2011.

Kristopher M. Hansen, Esq.; Sayan Bhattacharyya, Esq.; Marianne
Mortimer, Esq.; and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, serve as the Debtors' bankruptcy counsel.
Daniel J. DeFranceschi, Esq., and Michael Joseph Merchant, Esq.,
at Richards, Layton & Finger, serve as the Debtors' co-counsel.
Imperial Capital, LLC, is the Debtors' financial advisor.  Phase
Eleven Consultants, LLC, is the Debtors' claims and notice agent.

The Debtors disclosed $86.4 million in assets and $87.3 million in
debts as of Dec. 31, 2010.


AMBASSADORS INT'L: Sec. 341 Meeting of Creditors Set for May 10
---------------------------------------------------------------
Roberta A. DeAngelis, the United States Trustee for Region 3, will
convene a meeting of creditors of Ambassadors International Inc.
and its debtor affiliates May 10, 2011, at 12:00 p.m., at J. Caleb
Boggs Federal Building, 2nd Floor, Room 5209, 844 King Street,
Suite 2207, Lockbox 35, in Wilmington, Delaware 19801.

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

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

                 About Ambassadors International

Headquarters in Seattle, Washington, Ambassadors International,
Inc. (NASDAQ: AMIE) -- http://www.ambassadors.com/-- operates
Windstar Cruises, a three-ship fleet of luxury yachts that explore
the hidden harbors and secluded coves of the world's most sought-
after destinations.  Carrying 148 to 312 guests, the luxurious
ships of Windstar cruise to nearly 50 nations, calling at 100
ports throughout Europe, the Caribbean and the Americas.

Ambassadors International Inc. and 11 affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11002) on
April 1, 2011.

Kristopher M. Hansen, Esq.; Sayan Bhattacharyya, Esq.; Marianne
Mortimer, Esq.; and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, serve as the Debtors' bankruptcy counsel.
Daniel J. DeFranceschi, Esq., and Michael Joseph Merchant, Esq.,
at Richards, Layton & Finger, serve as the Debtors' co-counsel.
Imperial Capital, LLC, is the Debtors' financial advisor.  Phase
Eleven Consultants, LLC, is the Debtors' claims and notice agent.

The Debtors disclosed $86.4 million in assets and $87.3 million in
debts as of Dec. 31, 2010.


AMBASSADORS INT'L: Taps Stroock & Stroock as Bankruptcy Counsel
---------------------------------------------------------------
Ambassadors International Inc. and its debtor affiliates ask for
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Stroock & Stroock & Lavan LLP as their
attorneys in connection with their Chapter 11 cases, nunc pro tunc
to the Petition Date.

As counsel, Stroock will, among other things, advise the Debtors
with respect to their powers and duties as debtors-in-possession
in the continued management and operation of their business and
properties, advise and consult on the conduct of the cases, and
attend meetings and negotiate with representatives of creditors
and other parties-in-interest.

Mark Detillion, Ambassadors International's chief financial
officer, says that the Debtors also intend to employ Richards,
Layton & Finger, P.A., to act as co-counsel with Stroock.  He
asserts that the Debtors are mindful of the need to avoid
duplication of services and appropriate procedures will be
implemented to ensure that there is minimal, if any, duplication.

During the 90-day period prior to the Petition Date, Stroock
received $1,123,738 in fees and expenses from the Debtors.  No
additional payments have been made for services rendered in
contemplation or in connection with the filing of the Chapter 11
Cases during the one-year period prior to the Petition Date.

On March 7, 2011, the Debtors paid $500,000 to Stroock as a
retainer.  Stroock continued to bill the Debtors and replenish the
retainer up to the Petition Date.  As of the Petition Date, there
were no amounts remaining under the retainer.

To the extent the Debtors owed any amounts to Stroock on account
of fees and expenses incurred but not paid as the Petition Date,
Stroock has waived those fees and expenses, Mr. Detillion says.

Stroock will be paid for its services in accordance with its
ordinary and customary rates in effect on the date the services
are rendered, and will be reimbursed for its expenses incurred in
connection with the cases.

The current hourly rates for Stroock's bankruptcy and other
professionals and paraprofessionals, who are expected to render
services to the Debtors, range from $130 to $995.

Kristopher M. Hansen, Esq., a partner at Stroock and co-chair of
its Financial Restructuring Department, assures the Court that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

Hearing to consider the application is on April 26, 2011.
Objections were due on April 19.

                 About Ambassadors International

Headquarters in Seattle, Washington, Ambassadors International,
Inc. (NASDAQ: AMIE) -- http://www.ambassadors.com/-- operates
Windstar Cruises, a three-ship fleet of luxury yachts that explore
the hidden harbors and secluded coves of the world's most sought-
after destinations.  Carrying 148 to 312 guests, the luxurious
ships of Windstar cruise to nearly 50 nations, calling at 100
ports throughout Europe, the Caribbean and the Americas.

Ambassadors International Inc. and 11 affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11002) on
April 1, 2011.

Imperial Capital, LLC, is the Debtors' financial advisor.  Phase
Eleven Consultants, LLC, is the Debtors' claims and notice agent.

The Debtors disclosed $86.4 million in assets and $87.3 million in
debts as of Dec. 31, 2010.


AMBASSADORS INT'L: Pachulski/Kelley Out; Bifferato/Lowenstein In
----------------------------------------------------------------
Pachulski Stang Ziehl & Jones LLP and Kelley Drye & Warren LLP
withdrew their appearances as counsel for the Official Committee
of Unsecured Creditors in the bankruptcy cases of Ambassadors
International Inc. and its debtor affiliates.  Both firms reserve
their rights to seek compensation and reimbursement related to the
services performed to date in the cases.

Garvan F. McDaniel, Esq., at Bifferato Gentilotti LLC, and Kenneth
A. Rosen, Esq., and John K. Sherwood, Esq., both at Lowenstein
Sandler PC, have entered their appearances as co-counsel for the
Creditors Committee.  They ask that copies of all notices and
pleadings given or filed in the cases be given and served upon:

     Garvan F. McDaniel (No. 4167)
     BIFFERATO GENTILOTTI LLC
     800 North King Street, Plaza Level
     Wilmington, DE 19801
     Tel: (302) 429-1900

          - and -

     Kenneth A. Rosen
     John K. Sherwood
     LOWENSTEIN SANDLER PC
     65 Livingston Avenue
     Roseland, NJ 07068
     Tel: (973) 597-2500

                 About Ambassadors International

Headquarters in Seattle, Washington, Ambassadors International,
Inc. (NASDAQ: AMIE) -- http://www.ambassadors.com/-- operates
Windstar Cruises, a three-ship fleet of luxury yachts that explore
the hidden harbors and secluded coves of the world's most sought-
after destinations.  Carrying 148 to 312 guests, the luxurious
ships of Windstar cruise to nearly 50 nations, calling at 100
ports throughout Europe, the Caribbean and the Americas.

Ambassadors International Inc. and 11 affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11002) on
April 1, 2011.

Kristopher M. Hansen, Esq.; Sayan Bhattacharyya, Esq.; Marianne
Mortimer, Esq.; and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, serve as the Debtors' bankruptcy counsel.
Daniel J. DeFranceschi, Esq., and Michael Joseph Merchant, Esq.,
at Richards, Layton & Finger, serve as the Debtors' co-counsel.
Imperial Capital, LLC, is the Debtors' financial advisor.  Phase
Eleven Consultants, LLC, is the Debtors' claims and notice agent.

The Debtors disclosed $86.4 million in assets and $87.3 million in
debts as of Dec. 31, 2010.


AMTRUST FINANCIAL: Says Proposed Harbor-Led Sale Process Fair
-------------------------------------------------------------
BankruptcyData.com reports that AmTrust Financial filed with the
U.S. Bankruptcy Court a reply to the previously-filed objection of
U.S. Bank National Association, in its capacity as indenture
trustee, and RBS Citizens, National Association to the Debtors'
motion for an order (A) approving proposed sale procedures, (B)
authorizing AmFin Real Estate Investments to sell certain assets
to Harbor Group International free and clear of liens, claims and
encumbrances, (C) approving the employment of Hilco Real Estate,
pursuant to 11 U.S.C. Section 327, (D) waiving the Bankruptcy Rule
6004(h) 14-Day Stay and (E) waiving the local Bankruptcy Rule
9013-2 memorandum requirement.

Among other things, the reply maintains, "Debtors are not prepared
to waive the requirement that the Lenders execute the same
purchase agreement required of all other bidders under the bid
procedures.  The Debtors have gone to great lengths to structure
sale procedures which treat all prospective bidders fairly.  The
Debtors believe that creating an ad hoc exception to the
requirement of a signed purchase agreement for the benefit of the
Lenders might chill bidding, and is not in the best interests of
the Debtors, the estate, other bidders, or, ultimately, the
Lenders."

As reported in the April 4, 2011 edition of the Troubled Company
Reporter, 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.

                       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, serve as counsel to the Debtors in
the Chapter 11 cases.  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.


ANGIOTECH PHARMA: Outside Date Under Support Deal Extended May 12
-----------------------------------------------------------------
Angiotech Pharmaceuticals, Inc. has reached an agreement with the
holders of a majority of the principal amount outstanding of the
Company's 7.75% Senior Subordinated Notes to extend, to May 12,
2011, the date by which implementation of the previously announced
recapitalization transaction must take place pursuant to the
Recapitalization Support Agreement, dated as of Oct. 29, 2010, as
amended.

The Company has also entered into an agreement with holders of a
majority of the principal amount outstanding of its Senior
Floating Rate Notes due 2013 to extend, to May 12, 2011, the date
by which the Company must close its offer to exchange new senior
secured floating rate notes due 2013 for all of its Exiting
Floating Rate Notes under the previously announced Floating Rate
Note Support Agreement, dated as of October 29, 2010, as amended.

The Extension Agreements will be filed by the Company on both
SEDAR and EDGAR, and the above descriptions of the Extension
Agreements are qualified in their entirety by reference to the
complete text of the applicable Extension Agreement.

The Company also announced that it has extended the expiration
time of the Exchange Offer to 11:59 p.m. New York City time on
May 9, 2011.  The Exchange Offer was last scheduled to expire at
11:59 p.m. New York City time on April 22, 2011.

The extension of the Exchange Offer has been made to allow holders
of outstanding Existing Floating Rate Notes who have not yet
tendered their Existing Floating Rate Notes for exchange to do
so.As of the close of business on April 21, 2011, approximately
$322,075,000 in aggregate principal amount of the Existing
Floating Rate Notes had been validly tendered for exchange and not
withdrawn.

Other than the extension described in this announcement, all of
the terms of the Exchange Offer remain unchanged.

                  About Angiotech Pharmaceuticals

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

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

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

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

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


ARK DEVELOPMENT/OCEANVIEW: Florida Properties Owner in Ch. 11
-------------------------------------------------------------
Carla Main at Bloomberg News reports that Ark Development/
Oceanview LLC, owner of properties located at 1431, 1427 and 1423
North Atlantic Boulevard, Fort Lauderdale, Florida, is in Chapter
11 bankruptcy.  A voluntary bankruptcy filing is "in the best
interests of the company, its creditors, shareholders, and other
interested parties," the debtor concluded in a corporate
resolution.  Secured creditors include BB&T Mortgage, Broward
County Revenue Collection, Midland Loan Services, Inc. and
Northern Trust, N.A. Unsecured nonpriorty claims total $33,431.

Ark Development/Oceanview, LLC, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 11-20382) in Forth Lauderdale, Florida,
on April 18, 2011.  In its schedules, the Debtor disclosed
$12,000,000 in assets and $9,772,531 in liabilities.  Philip J.
Landau, Esq., at Shraiberg, Ferrara, & Landau P.A., in Boca Raton,
Florida, represents the Debtor.

A Chapter 11 case summary and a list of 20 largest unsecured
creditors for Ark Development/Oceanview are in the April 21, 2011
edition of the Troubled Company Reporter.


ASPIRE INTERNATIONAL: Incurs $2.51 Million Net Loss in 2010
-----------------------------------------------------------
Aspire International, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $2.51 million on $0 of sales for the year ended Dec. 31,
2010, compared with a net loss of $1.69 million on $71,169 of
sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $838,020 in
total assets, $9.49 million in total liabilities, all current, and
a $8.65 million total stockholders' deficit.

DNTW Chartered Accountants, LLP, in Markham, Canada, noted that
the Company's significant cumulative operating losses 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/28pDfQ

                     About Aspire International

Markham, Ontario-based Aspire International, Inc., has acquired
MYGOS.NET, an online business-to-consumer shopping mall,
headquartered in Shenzhen, in the Guangdong province of China.
Mygos operates as a platform to allow users to start their own
businesses online and currently hosts over 80,000 active stores.


ASSET ACCEPTANCE: Moody's Affirms 'B1' Ratings; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service affirmed Asset Acceptance Capital
Corp.'s ratings and maintained the firm's rating outlook at
negative.

The affirmation of the ratings is in conjunction with AACC's
pending refinancing of its core senior secured revolving credit
and term loan facilities.

The ratings reflect the company's position as a significant player
in the US debt collection industry, as well as its solid balance
sheet, leverage, debt service coverage metrics and its
satisfactory liquidity profile.  The negative outlook reflects the
fact that, despite recent enhancements, the company's collections
productivity continues to lag its primary competitors as well as
its own targets.  Moreover, the company has experienced
substantial turnover in its senior management, with approximately
two-thirds of the senior leadership team having changed since the
appointment of Rion Needs as CEO in January 2009.  Though in
Moody's view the overall quality of management has been upgraded,
the significant turnover creates some uncertainty regarding the
successful execution of multiple reengineering initiatives
currently underway in collections, strategy and analytics, and
information technology.

In order to change the outlook to stable from negative, Moody's
would need to see concrete progress in improving collections
productivity as evidenced by key metrics such as operating
expenses as percent of collections, as well as improved accuracy
and performance in portfolio forecasting and pricing as evidenced
by a sustained moderation in frequency and magnitude of impairment
charges.

AACC's current ratings are:

   -- Corporate Family Rating B1

   -- Senior Secured Bank Credit Facility B1

Headquartered in Warren, Michigan, AACC purchases charged-off
consumer debt from credit issuers, and then uses proprietary
methods to collect on these receivables. As of December 31, 2010,
AACC reported total assets of $364 million.


ASSET ACCEPTANCE: S&P Affirms 'BB-' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
long-term counterparty credit rating on Asset Acceptance Capital
Corp. (AACC).  The outlook is stable.  "At the same time, we
assigned a 'BB+' issue-level rating and a recovery rating of '1'
to AACC's planned term loan B and revolving credit facility," S&P
noted.

AACC plans to refinance its $233 million in existing debt with a
new term loan B and revolving credit facility.  S&P expects the
offerings to increase the company's leverage modestly while
pushing out its debt maturities.

"The '1' recovery ratings on both the term loan B and revolving
credit facility reflect our expectation that lenders would realize
a very high (90%-100%) recovery of principal in the event of a
payment default," S&P stated.

"The stable outlook is based on our belief that AACC's earnings
will improve in 2011 following net losses in 2009 and 2010.  It
also reflects our view that a regulatory complaint against the
company from the Federal Trade Commission (FTC) will not
materially affect its business model or financial strength.
AACC, which received a proposed consent decree from the FTC in
2010 over alleged violations of collection rules, was in
discussions with the regulatory agency as of early April 2011 to
resolve the matter.  Although there is significant uncertainty
surrounding the matter, we do not expect the resolution to
impair AACC's financial strength materially or put it at a major
disadvantage to other debt collectors.  The rating could come
under pressure if either of these conditions is not met.  The
company's concentration in a highly competitive industry with
substantial regulatory risk limits upward movement of the rating
from its current level," S&P added.


AXION INTERNATIONAL: Delays Filing of Annual Report
---------------------------------------------------
Axion International Holdings, Inc., informed the U.S. Securities
and Exchange Commission that its Form 10-K for the ended Dec. 31,
2010, could not be filed within the prescribed time because the
Company's previous audit firm was acquired by a new independent
registered public accounting firm and accordingly additional time
was required by Company's management and new auditors to prepare
certain information to be included in that report.

                     About Axion International

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

The Company's balance sheet at Sept. 30, 2010, showed $1.7 million
in total assets, $2.1 million in total liabilities, and a $439,000
stockholders' deficit.

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


BANKATLANTIC BANCORP: Gets OTS OK for Sale of 19 Tampa Branches
---------------------------------------------------------------
BankAtlantic Bancorp, announced the Office of Thrift Supervision,
their primary regulator, has approved BankAtlantic's sale of its
Tampa - St. Petersburg franchise to PNC Bank, N.A., part of the
PNC Financial Services Group Inc.

BankAtlantic has agreed to sell its 19 branches and 2 related
facilities in the Tampa - St. Petersburg area and the associated
deposits to PNC.  PNC previously received regulatory approval for
its purchase of the Tampa - St. Petersburg franchise.  The
transaction, which remains subject to the terms and conditions of
the acquisition agreement and regulatory requirements, is
anticipated to close during the first week of June 2011.

"We are pleased to announce that both BankAtlantic and PNC have
received the required regulatory approvals in support of this
transaction," commented Alan B. Levan, BankAtlantic Bancorp's
Chairman and Chief Executive Officer.  "The sale of the Tampa
locations will allow BankAtlantic to focus its efforts on its
primary footprint, its 79 branches in Southeast Florida.  Once
completed, we anticipate recording a net gain on this transaction
which, combined with the reduction in assets from the sale and
based on current deposit levels and financial statements, is
estimated to add over 130 basis points to our regulatory capital
ratios."

The 19 affected branches will operate normally through completion
of the transaction.  Customer ATM cards, checks and accounts will
function as usual.  Customers of these branches need not take any
action at this time.  They will be contacted by PNC prior to the
branch transfer.

                     About BankAtlantic Bancorp

BankAtlantic Bancorp (NYSE: BBX) --
http://www.BankAtlanticBancorp.com/-- is a bank holding company
and the parent company of BankAtlantic.  BankAtlantic --
"Florida's Most Convenient Bank" with a Web presence at
http://www.BankAtlantic.com/-- has nearly $6.0 billion in assets
and more than 100 stores, and is one of the largest financial
institutions headquartered junior in Florida.  BankAtlantic has
been serving communities throughout Florida since 1952 and
currently operates more than 250 conveniently located ATMs.

The Company's balance sheet at Dec. 31, 2010 showed $4.50 billion
in total assets, $4.49 billion in total liabilities, and
$14.74 million in total equity.

The Company reported a net loss of $143.25 million on
$176.31 million of total interest income for the year ended Dec.
31, 2010, compared with a net loss of $185.82 million on $223.59
million of total interest income during the prior year.

                           *    *    *

In September 2010, Fitch Ratings downgraded the long-term Issuer
Default Ratings of BankAtlantic Bancorp. to 'CC' from 'B-' and its
primary operating subsidiary, BankAtlantic FSB to 'CC' from 'B+.
The 'CC' long-term IDR indicates a high default probability.

Fitch said it believes that BBX will likely require external
capital support given the high level of credit costs that continue
to impact BBX's financial performance and erode its existing weak
level of tangible common equity, which stood at just 1.39% at
June 30, 2010.  Although BFSB's regulatory capital levels remain
'well-capitalized', Fitch believes the company needs additional
capital in order to provide absorption for future losses,
particularly since earnings generation on a pre-provision net
revenue basis is weak.

As reported by the TCR on March 1, 2011, Fitch has affirmed its
current Issuer Default Ratings for BankAtlantic Bancorp and its
main subsidiary, BankAtlantic FSB at 'CC'/'C' following the
announcement regarding the regulatory order with the Office of
Thrift Supervision.

BankAtlantic has announced that it has entered into a Cease and
Desist Order with the OTS at both the bank and holding company
level.  The regulatory order includes increased regulatory capital
requirements, limits to the size of the balance sheet, no new
commercial real estate lending and improvements to its credit risk
and administration areas.  Further, the holding company must also
submit a capital plan to maintain and enhance its capital
position.


BANKUNITED FINANCIAL: Seeks to Hire Structured Capital as Advisor
-----------------------------------------------------------------
BankUnited Financial Corporation and its debtor affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Florida to employ Structured Capital Solutions as investment
advisor.

As reported by the Troubled Company Reported on Nov. 25, 2010,
BUFC filed a Chapter 11 plan on Nov. 22, 2010, that contemplates
an equity investment transaction by an investor.  While the
Debtors continue to negotiate with potential investors, SCS has
made a proposal to bring a potential Transaction counter-party to
the Debtors and assist in structuring and advising on the
Transaction, in exchange for payment of (a) a contingent fee equal
to 15% of all amounts distributed to all holders of allowed
prepetition claims against BUFC in respect of securities issued to
those BUFC Creditors in a Transaction as and when amounts are
distributed on any of those securities, plus (b) an advance
payment of $5,000 per calendar quarter, for four calendar quarters
through Dec. 31, 2011, for reimbursement of documented reasonable
out-of-pocket travel and hotel expenses incurred for travel from
New York City in connection with the Transaction.

As investment advisor, SCS will:

   (a) introduce BUFC to potential counterparties for a potential
       equity investment transaction;

   (b) work with BUFC and its advisors in developing a proposed
       structure for any potential Transaction with an SCS
       Counterparty; and

   (c) work with BUFC in connection with preparation of
       documentation related to a potential Transaction.

SCS's fee is entirely contingent and would be payable over the
life of an investment transaction, only in the event the Debtors
close a transaction with an SCS Counterparty under a confirmation
Chapter 11 plan on or before Dec. 31, 2011.

Mark McTigue, a managing director of Structured Capital Solutions,
LLC, assures the Court that his firm is a "disinterested party" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtors' estates.

                   About BankUnited Financial

BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida.  On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.

The Company and its affiliates filed for Chapter 11 protection
(Bankr. S.D. Fla. Lead Case No. 09-19940) on May 22, 2009.
Stephen P. Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen
LLP; Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at
Greenberg Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz,
P.A., represent the Debtors as counsel.  Corali Lopez-Castro,
Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.;
and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as
counsel to the official committee of unsecured creditors.

In its bankruptcy petition, BankUnited Financial Corp. disclosed
$37,729,520 in assets against $559,740,185 in debts.  Aside from
those assets, BankUnited said that a "valuable" asset is its $3.6
billion net operating loss carryforward.

Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues.  BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million.  U.S. Bank and Wilmington Trust are owed
$120 million and $118.171 million on account of senior notes.


BBB ACQUISITION: Asks for Plan Exclusivity Until June 20
--------------------------------------------------------
BBB Acquisition, LLC, asks Judge Peter J. McNiff of the U.S.
Bankruptcy Court for the District of Wyoming to extend until
June 20, 2011, its exclusive period to solicit acceptances of its
Chapter 11 plan of reorganization.

In court papers, Brent R. Cohen, Esq., at Rothgerber Johnson &
Lyons LLP, in Denver, Colorado, said the Debtor needs further
extension of its exclusive plan solicitation period to allow it to
submit evidence at the April 16 Disclosure Statement Hearing
demonstrating that its Plan provides adequate information under
Section 1125 of the Bankruptcy Code.  Further extension will also
allow the Debtor sufficient time to move its Plan to a
confirmation hearing, Mr. Cohen said.

Mr. Cohen asserted that, although the Court has previously
expressed some concern regarding any subsequent requests to extend
exclusivity, a subsequent extension of the exclusivity period for
the Debtor is not only appropriate under the circumstances but is
well within the statutory limitations provided by the Bankruptcy
Code.

As reported by the Troubled Company Reporter on Jan. 20, 2011, the
Bankruptcy Court denied, without prejudice, the disclosure
statement explaining BBB Acquisition's Plan, citing areas that are
insufficient.

The Debtor on March 1 amended the disclosure statement explaining
its Plan of Reorganization.  The Plan was filed Nov. 22, 2010.  An
evidentiary hearing is scheduled for April 26, 2011, at 9:30 a.m.
to consider approval of the Amended Disclosure Statement.

Under the original Plan, Reorganized BBB will be responsible for
administering the Plan and making distributions to the remaining
creditors.  Reorganized BBB will also continue the operation of
its business in the same fashion as it did prior to the Petition
Date.  The members making up to the Class 7 equity interests in
the Debtor will retain their ownership interest.

Creditors holdings allowed unsecured claims -- under Class 6 --
will receive their pro rata share of distributions on a quarterly
basis from the creditor fund after payment of allowed
administrative claims, allowed general priority claims, allowed
convenience class claims and the allowed Fifth Third Claim until
paid in full, plus simple interest at the rate of 4% per annum,
calculated from the Petition Date.  Payment of allowed Class 6
Claims will be made from funds generated from the sale of real
estate within the Bar-B-Bar Ranch in Teton County, Wyoming.

Holders of unsecured claims classified as convenience claims --
under Class 5 -- will be paid in full on the distribution date.
Holders of Class 5 claims will receive cash in an amount equal to
their allowed claim, without interest, not exceeding $2,500 on the
distribution date.

A copy of the Disclosure Statement dated Nov. 22 is available for
free at http://bankrupt.com/misc/BBBAcquisition_DS.pdf

                       About BBB Acquisition

BBB Acquisition, LLC, in Cincinnati, Ohio, filed for Chapter 11
bankruptcy (Bankr. D. Wyo. Case No. 10-21002) on Aug. 24, 2010,
represented by Brent R. Cohen, Esq. -- bcohen@rothgerber.com --
and Chad S. Caby, Esq. -- ccaby@rothgerber.com -- at Rothgerber
Johnson & Lyons LLP in Denver, Colorado.  The Debtor disclosed
$57,239,218 in assets and $35,613,501 in liabilities.


BLAST ENERGY: GBH CPAs Raises Going Concern Doubt
-------------------------------------------------
Blast Energy Services, Inc., filed on April 12, 2011, its annual
report on Form 20-F for the fiscal year ended Dec. 31, 2010.

GBH CPAs, PC, in Houston, Tex., expressed substantial doubt about
Blast Energy's ability to continue as a going concern.  The
independent auditors noted that the Company incurred a loss from
continuing operations for the year ended Dec. 31, 2010, and has an
accumulated deficit at Dec. 31, 2010.

The Company reported a net loss of $1.5 million on $109,443 of
revenue for 2010, compared with a net loss of $1.7 million on
$20,000 of revenue for 2009.

At Dec. 31, 2010, the Company's balance sheet showed $3.6 million
in total assets, $2.1 million in total liabilities, and
stockholders' equity of $1.5 million.

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

                       http://is.gd/toMFpk

                        About Blast Energy

Houston, Tex.-based Blast Energy Services, Inc., is seeking to
become an independent oil and gas producer with additional revenue
potential from its applied fluid jetting technology.  The Company
plans to grow operations initially through the acquisition of oil
producing properties and then eventually, to acquire oil and gas
properties where its applied fluid jetting process could be used
to increase the field production volumes and value of the
properties in which it owns an interest.

On Sept. 23, 2010, Blast closed on a sales agreement with Sun
Resources Texas, Inc., a privately-held company based in Longview,
Texas, to acquire Sun's oil and gas interests in the North Sugar
Valley Field located in Matagorda County, Texas for a total
purchase price of $1,181,000.  Under the terms of the agreement,
the purchase price was paid in cash, common stock and through the
issuance of a promissory note (which has since been repaid) for
Sun's approximately 65% working interest (net revenue interest of
approximately 50%) in three wells.  The acquired wells are
currently producing a total of approximately 43 gross barrels of
oil per day from the Gravier Sand formation, which the Company's
year end reserve report estimates contains approximately 75,000
barrels of recoverable reserves net to the interest acquired by
Blast.

In October 2010, Blast entered into a letter of intent with
Solimar Energy LLC, which provided Blast the right to participate
in a field extension drilling project to exploit an undeveloped
acreage position in the Guijarral Hills Field located in the San
Joaquin basin of central California.  Under the terms of the
letter of intent with Solimar, Blast had an option to participate
in the Guijarral Hills project on a promoted basis of 66-2/3
percent (%) of the costs to drill and complete the initial planned
exploratory well.  After the drilling of the initial well, Blast
will earn a 50% working interest, with net revenue interest of 38%
in the entire project's acreage position and will be required to
contribute on an equal heads up basis (i.e., 50% of all costs) on
any additional wells that may be drilled in the project.

Pursuant to the letter of intent, Blast paid Solimar a non-
refundable fee of $100,000 in return for the exclusive right for a
period of 90 days to execute a definitive agreement.


BOWE BELL + HOWELL: Taps Garden City as Notice & Claims Agent
-------------------------------------------------------------
Bowe Systec, Inc., et al., ask for authorization from the U.S.
Bankruptcy Court for the District of Delaware to employ The Garden
City Group, Inc., as notice, claims and balloting agent.

GCG will, among other things:

     a. prepare and serve required notices in the Chapter 11
        cases;

     b. maintain copies of all proofs of claim and proofs of
        interest filed;

     c. provide access to the public for examination of copies of
        the proofs of claim or proofs of interest filed in these
        cases without charge during regular business hours; and

     d. provide balloting services in connection with the
        solicitation process for any Chapter 11 plan for which the
        Court has approved a disclosure statement.

GCG will bill the Debtor pursuant to the hourly rates of its
professionals:


        Administrative & Data Entry                 $45-$55
        Mailroom and Claims Control                   $55
        Customer Service Representatives              $57
        Project Administrators                      $70-$85
        Quality Assurance Staff                     $80-$125
        Project Supervisors                         $95-$110
        Systems & Technology Staff                 $100-$200
        Graphic Support for web site                 $125
        Project Managers                           $125-$175
        Directors, Sr. Consultants and Asst VP     $200-$295
        Vice President and above                     $295*

* Services provided by Vice President Jeff Stein in connection
with solicitation (including of public securities) and tabulation
will be at a rate of $310 per hour.

Under the Garden City Agreement, the Debtors paid GCG a retainer
of $50,000 to be applied immediately in satisfaction of the
Debtors' obligations under the Garden City Agreement, a copy of
which is available for free at:

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

To the best of the Debtors' knowledge, GCG is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                   About BOWE BELL + HOWELL

Headquartered in Wheeling, Ill., BOWE BELL + HOWELL --
http://www.bowebellhowell.com/-- is a leading provider of high-
performance document management solutions and services.  In 1936,
the company pioneered gripper arm mail-inserting systems and has
one of the world's largest installed bases of such inserters as a
result of the technology's flexibility, performance and
reliability.  The company's complete portfolio of inserting,
sorting, plastic card, integrity, cutting, packaging, print-on-
demand and software solutions is one of the most comprehensive
product offerings for paper-based communications.  These solutions
are supported by one of the largest dedicated service
organizations in the industry.  In addition to its headquarters
offices, the company maintains major manufacturing and service
locations in Durham, N.C. and Bethlehem, Penn.

Bowe Bell + Howell sought bankruptcy protection in the U.S. as
part of a deal to itself to creditor Versa Capital Management Inc.
to pay off debt.

Bowe Systec, Inc., Bowe Bell + Howell Holdings, Inc., and other
affiliates, including Bowe Bell + Howell Holdings, Inc., filed
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 11-11186) on
April 18, 2011.  Bowe Systec estimated assets and debt of $100
million to $500 million as of the bankruptcy filing.

Lee E. Kau fman, Esq., and Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., serve as the Debtors' bankruptcy counsel.
McDermott Will & Emery is the Debtors' special corporate counsel.
Focus Management Group is the Debtors' financial advisors.  Lazard
Middle Market LLC is the Debtors' investment banker.

Bowe Bell + Howell International Ltd., BBH's Canadian subsidiary,
commenced parallel ancillary proceeding under Part IV of the
Companies' Creditors Arrangement Act.  BBH Canada, as the proposed
foreign representative for the Debtors in the ancillary
proceeding, will ask an Ontario Superior Court judge to recognize
the bankruptcy proceedings in the U.S.  PricewaterhouseCoopers
Inc. is the prospective Information Officer in the Canadian
Proceeding.


BROOKLYN NAVY: Fitch Affirms & Withdraws B+ Rating & Neg. Outlook
-----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the 'B+' rating and
Negative Outlook on these bonds of Brooklyn Navy Yard Cogeneration
Partners (BNY):

   -- $58.9 million of taxable senior secured notes issued by BNY;

   -- $307 million of tax-exempt senior secured bonds issued by
      the New York City Industrial Development Agency on behalf of
      BNY.

Fitch has withdrawn the ratings as BNY has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for BNY.

Brooklyn Navy Yard is a nominally rated 286 megawatt (MW) natural
gas-fired cogeneration facility located in New York City, NY.  The
facility is designed to provide 220 MW of electricity year-round
and steam ranging from 550,000 lbs/hour in the summer to 800,000
lbs/hour in the winter.  Under an Electric Sales Agreement, BNY
sells nearly its entire output of electrical and steam energy to
ConEd rated 'BBB+' with a Stable Outlook by Fitch.


BROOKS SIMMONS: Lender Obtains Relief from Stay
-----------------------------------------------
WestLaw reports that farmland which an individual Chapter 11
debtor had not farmed for more than two years, after his last two
years of farming ended with substantial losses, and which,
following amputation of the debtor's leg, he was currently
incapable of farming, was not necessary for his effective
reorganization, especially where rental income from the property
was insufficient to service the debt that the property secured.
Indeed, the property constituted a drain on the debtor's finances.
Thus, the stay would be lifted based on the debtor's lack of
equity in the property, once the costs of sale were taken into
account.  In re Simmons, --- B.R. ----, 2010 WL 6522462 (Bankr.
S.D. Ga.) (Davis, J.).

Brooks Lanier Simmons and Heather L. Williams (aka Heather
Strickland) filed a chapter 11 petition (Bankr. S.D. Ga. Case No.
10-60323) on Apr. 2, 2010, and are represented by Jesse C. Stone,
Esq., and Jon A. Levis, Esq., at Merrill & Stone, LLC, in
Swainsboro, Ga.  A copy of the Debtors' chapter 11 petition is
available at http://bankrupt.com/misc/gasb10-60323.pdfat no
charge.


CAPITAL AV: Case Summary & 4 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Capital AV I, LLC
        6755 Bright Avenue
        Whittier, CA 90601

Bankruptcy Case No.: 11-27070

Chapter 11 Petition Date: April 20, 2011

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Richard M. Neiter

Debtor's Counsel: M. Jonathan Hayes, Esq.
                  LAW OFFICE OF M. JONATHAN HAYES
                  9700 Reseda Boulevard, Suite201
                  Northridge, CA 91324
                  Tel: (818) 882-5600
                  Fax: (818) 882-5610
                  E-mail: jhayes@polarisnet.net

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

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

A list of the Company's four largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/cacb11-27070.pdf

The petition was signed by Javier Jimenez.


CAPITOL BANCORP: Lee Hendrickson Retires as Company CFO
-------------------------------------------------------
Capitol announced the retirement of its Chief Financial Officer,
Lee W. Hendrickson.  Mr. Hendrickson has served in this capacity
since 1991.  Mr. Hendrickson will continue to provide services to
Capitol until his successor has been identified.

On April 15, 2011, in connection with Mr. Hendrickson's
retirement, Capitol and Mr. Hendrickson entered into an agreement
whereby: (a) Mr. Hendrickson's employment agreement with Capitol
dated Nov. 15, 2010 was terminated effective as of the date of his
retirement; (b) Mr. Hendrickson has agreed to provide consulting
services to Capitol upon its request; and (c) Mr. Hendrickson
provided a general release from all claims against Capitol.

                   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.

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.

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.


CAREFREE WILLOWS: Seeks to Employ Alan R. Smith as Co-Counsel
-------------------------------------------------------------
Carefree Willows, LLC, seeks the U.S. Bankruptcy Court for the
District of Nevada's permission to employ the Law Offices of Alan
R. Smith as its counsel, nunc pro tunc to March 15, 2011.

As the Debtor's counsel, the Law Offices of Alan R. Smith will:

   (a) render legal advice with respect to the powers and duties
       of the Debtor that continue to operate its business and
       manage its properties as debtor-in -possession;

   (b) negotiate, prepare and file a plan or plans of
       reorganization and disclosure statements in connection with
       those plans, and otherwise promote the financial
       rehabilitation of the Debtor;

   (c) take all necessary action to protect and preserve the
       Debtor's estate, including the prosecution of actions on
       the Debtor's behalf, the defense of any actions commenced
       against the Debtor, negotiations concerning all litigation
       in which the Debtor is or will become involved, and the
       evaluation and objection to claims filed against the
       Debtor's estate;

   (d) prepare, on behalf of the Debtor, all necessary
       applications, motions, answers, orders, reports and papers
       in connection with the administration of the Debtor's
       estate, and appear on behalf of the Debtor at all Court
       hearings in connection with the Debtor's case;

   (e) render legal advice and perform general legal services; and

   (f) perform all other necessary legal services in connection
       with the Chapter 11 case.

The Debtor will pay the Law Offices of Alan R. Smith's
professionals according to their customary hourly rates:

   Name                    Title               Rate per Hour
   ----                    -----               -------------
   Alan R. Smith           Member                  $450
   John G. Gezelin         Attorney                $300
   Peggy L. Turk           Paraprofessional        $205
   Merrilyn Marsh          Paraprofessional        $205

Other paraprofessionals charge at $75 to $105 per hour.

Mr. Gezelin is the uncle of Paul Kinne who is married to Kristine
Kinne, the bankruptcy analyst for the U.S. Trustee for Region 17.

The Debtor will also reimburse the Law Offices of Alan R. Smith
for expenses to be incurred.

In March 2011, Carefree Holdings, Ltd. paid the Law Offices of
8 Alan R. Smith an advance retainer of $35,000.  Mr. Smith
anticipates that all payments for services will be made by
Carefree Holdings, Ltd.  The Law Offices of Alan R. Smith was not
retained for any prepetition 11 services.

Mr. Smith says -- mail@asmithlaw.com --his firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The Court will consider the Debtor's application on May 17, 2011.

The firm can be reached at:

   Alan R. Smith, Esq.
   LAW OFFICES OF ALAN R. SMITH
   505 Ridge Street
   Reno, Nevada 89501
   Tel: (775) 786-4579
   Fax: (775) 786-3066
   E-mail: mail@asmithlaw.com

Carefree Willows LLC is the owner of 300-unit Carefree Senior
Living in Las Vegas.  Carefree Willows filed a Chapter 11 petition
on Oct. 22 (Bankr. D. Nev. Case No. 10-29932).  Lenard E.
Schwartzer, Esq., at Schwartzer & Mcpherson Law Firm, in Las
Vegas, Nevada, serves as counsel to the Debtor.  In its Schedules
of Assets and Liabilities, the Debtor scheduled $30,604,014 in
assets and $36,531,244 in liabilities.


CAREFREE WILLOWS: Wants Marquis Aurbach for AG/ICC Claims Issue
---------------------------------------------------------------
Carefree Willows, LLC, seeks permission from the U.S. Bankruptcy
Court for the District of Nevada to employ Marquis Aurbach Coffing
as its special litigation counsel.

MAC will represent the Debtor in an action to determine the amount
of AG/ICC Willows Loan Owner, LLC's claim.  The determination of
the claim is important to the Debtor as the amount of debt owed to
AG/ICC will be used in the Debtor's plan of reorganization.

David T. Duncan, Esq. of MAC -- dduncan@maclaw.com -- discloses
that:

   (a) PSASP Trust, UAD 10/28/94, a revocable trust of which
       Phillip Aurbach is the Trustee, is a limited partner of
       Carefree Holdings Lill1ited Partnership;

   (b) MAC has provided legal services to the Debtor prepetition.
       As a result of providing these services, MAC is owed $552
       for prepetition services that it provided, and is thus a
       creditor of the Debtor.  MAC has agreed to waive its claim
       for payment of prepetition services provided to the Debtor;

   (c) MAC is not and was not, within two years before the
       commencement of this Chapter 11 case, a director, officer,
       or employee of the Debtor.  Mr. Duncan was employed by
       Templeton Development Corporation (an affiliate of the
       Debtor) from January 1, 2007 through February 5, 2010 as
       Vice President of Asset Management.

Mr. Duncan maintains that MAQ is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The Court will consider the Debtor's application on May 17, 2011.

Carefree Willows LLC is the owner of 300-unit Carefree Senior
Living in Las Vegas.  Carefree Willows filed a Chapter 11 petition
(Bankr. D. Nev. Case No. 10-29932) on Oct. 22, 2010.  Lenard E.
Schwartzer, Esq., at Schwartzer & Mcpherson Law Firm, in Las
Vegas, Nevada, serves as counsel to the Debtor.  In its Schedules
of Assets and Liabilities, the Debtor scheduled $30,604,014 in
assets and $36,531,244 in liabilities.


CARPENTER CONTRACTORS: Court Approves Crowe Horwath as Accountant
-----------------------------------------------------------------
Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern
District of Florida, Fort Lauderdale Division, authorized
Carpenter Contractors of America, Inc., and its debtor affiliates
to employ Scott L. Spencer and Crowe Horwath, LLP, as their
account, nunc pro tunc to the Petition Date.

As reported by the Troubled Company Reporter on March 28, 2011,
the firm will, among other things, audit and report on the
Debtors' consolidated financial statements as of and for the
fiscal year ending Jan. 30, 2011.  The firm will also prepare the
required federal and state tax returns of the Debtors for the
fiscal year ended Jan. 30, 2011.

The firm attested that it does not have any connection with
creditors or other parties-in-interest.  As a condition of
representation, Crowe is waiving its $13,755 prepetition claim.

                   About Carpenter Contractors

Pompano Beach, Florida-based Carpenter Contractors of America,
Inc., dba R&D Thiel, provides carpentry services to builders of
new homes primarily in Illinois and Florida.  It also manufactures
building components and distributes construction materials in
Illinois, Florida, and North Carolina.

CCA Midwest Inc. provides carpentry services to builders of new
homes in Illinois.  It is a wholly-owned subsidiary of Carpenter
Contractors.

Carpenter Contractors and CCA Midwest filed for Chapter 11
bankruptcy protection (Bankr. S.D. Fla. Lead Case No. 10-42604) on
Oct. 25, 2010.  Chad P. Pugatch, Esq., serves as the Debtors'
bankruptcy counsel, and Shaw Gussis Fishman Glantz Wolfson &
Towbin LLC, serve as special counsel.  GlassRatner Advisory &
Capital Group, LLC, led by Thomas Santoro, is the Debtors' as
financial advisor, and Scott L. Spencer, CPA and Crowe Horwath,
LLP is the Debtors' accountant for audit work.  Carpenter
Contractors disclosed $42,900,573 in assets and $25,861,652 in
liabilities as of the Chapter 11 filing.


CARPENTER CONTRACTORS: Inks New CBA with Chicago Carpenters Union
-----------------------------------------------------------------
Carpenter Contractors of America, Inc., seeks authority from Judge
Raymond B. Ray of the U.S. Bankruptcy Court for the Southern
District of Florida, Fort Lauderdale Division, to enter into a new
collective bargaining agreement with Chicago Regional Council of
Carpenters, Affiliated Local Union 792 of the United Brotherhood
of Carpenters and Joiners of America.

Prior to the Petition Date, the CBA between the Debtor and the
Union expired.  After extensive negotiations, the parties reached
an agreement on a new CBA, which amends several terms of the
original CBA.  The New CBA is effective from April 11, 2011 to
September 30, 2011.

According to papers filed with the court, the new CBA will allow
the Debtor substantial savings on labor cost in that employees
hired prior to October 1, 2009 will have a pension rate of $2.35
per hour, reducing the pension rate by $1.65 per hour.

Further, the parties agreed that employees hired prior to October
1, 2009 are entitled to five paid holidays eliminating two
previously paid holidays.  Also, the parties have agreed that
wages will be frozen for the term of the New CBA.

A copy of the motion, together with the NEW CBA, is available
at http://ResearchArchives.com/t/s?75b7

                   About Carpenter Contractors

Pompano Beach, Florida-based Carpenter Contractors of America,
Inc., dba R&D Thiel, provides carpentry services to builders of
new homes primarily in Illinois and Florida.  It also manufactures
building components and distributes construction materials in
Illinois, Florida, and North Carolina.

CCA Midwest Inc. provides carpentry services to builders of new
homes in Illinois.  It is a wholly-owned subsidiary of Carpenter
Contractors.

Carpenter Contractors and CCA Midwest filed for Chapter 11
bankruptcy protection (Bankr. S.D. Fla. Lead Case No. 10-42604) on
Oct. 25, 2010.  Chad P. Pugatch, Esq., serves as the Debtors'
bankruptcy counsel, and Shaw Gussis Fishman Glantz Wolfson &
Towbin LLC, serve as special counsel.  GlassRatner Advisory &
Capital Group, LLC, led by Thomas Santoro, is the Debtors' as
financial advisor, and Scott L. Spencer, CPA and Crowe Horwath,
LLP is the Debtors' accountant for audit work.  Carpenter
Contractors disclosed $42,900,573 in assets and $25,861,652 in
liabilities as of the Chapter 11 filing.


CATALYST PAPER: Snowflake Loses Half of Paper Inventory to Fire
---------------------------------------------------------------
Catalyst Paper advised that a fire in the storage yard at its
Snowflake Mill in northeast Arizona has shut down production and
destroyed approximately 14,000 tonnes of recovered waste paper.

The fire broke out at approximately noon Monday in the waste paper
storage area.  The mill's emergency team responded immediately and
local fire departments from Snowflake, Taylor, Heber, Pinetop,
Lakeside and Show Low were called in to help contain the blaze.

Fire breaks were put into place to limit the spread of the damage
as high winds challenged response team efforts.  As the winds
eased through Monday evening, responders were able to make better
progress in extinguishing the fire.

All appropriate authorities were notified and the region's public
information officer has been assisting in coordination of local
advisories.  There were no serious injuries reported.

Details on the cause of the incident are not known at this time
and the mill will remain down until the full extent of damage to
its waste paper feed system is known.  Paper production is,
however, expected to resume later this week.

The Snowflake mill has annual production capacity of 337,000
tonnes of recycled newsprint and uncoated specialty papers and is
chain of custody certified to the Forest Stewardship Council
standard.  The operation supports recovery and domestic recycling
of more than 480,000 tons of waste paper annually and is the
second largest private sector employer in northeast Arizona.

                        About Catalyst Paper

Catalyst Paper -- http://www.catalystpaper.com/-- manufactures
diverse specialty mechanical printing papers, newsprint and pulp.
Its customers include retailers, publishers and commercial
printers in North America, Latin America, the Pacific Rim and
Europe.  With four mills, located in British Columbia and Arizona,
Catalyst has a combined annual production capacity of 1.9 million
tons.  The Company is headquartered in Richmond, British Columbia,
Canada and its common shares trade on the Toronto Stock Exchange
under the symbol CTL.

The Company posted a net loss of C$398.2 million on sales of
C$1.229 billion during 2010.  The Company's net loss in 2009 was
C$5.6 million on sales of C$1.224 billion.

The Company's balance sheet at Dec. 31, 2010, showed
C$1.696 billion in total assets, C$1.293 billion in total
liabilities, and stockholders' equity of C$403.4 million.

                          *     *     *

Catalyst Paper carried Moody's Investors Service's 'Caa1'
corporate family rating.  Outlook in Negative.  The Company also
carries Standard & Poor's CCC+ long-term corporate credit rating,
Outlook is Stable.


CHESAPEAKE CORP: Canal's Amended Joint Liquidation Plan Effective
-----------------------------------------------------------------
BankruptcyData.com reports that Canal Corporation's Second Amended
Joint Plan of Liquidation as Revised became effective, and the
Company emerged from Chapter 11 protection.  As of the effective
date, and as contemplated by the Plan, the board of directors of
Canal was eliminated, effective immediately, and the rights,
powers and duties of Canal's board of directors were vested in the
Plan administrator, an officer named under the Plan to govern
Canal after the effective date.  As a result, each of Canal's
directors, Sir David Fell, Andrew J. Kohut, Henri D. Petit, John
W. Rosenblum and Beverly L. Thelander, ceased being a director of
Canal on the effective date.

As reported in the April 1, 2011 edition of the Troubled Company
Reporter, Canal Corp. resolved all objections and secured approval
of the Chapter 11 plan at the March 28 confirmation hearing.

Under the Plan, general unsecured creditors with $200 million in
claims are estimated to have a 0.38% recovery.  Holders of
$50 million in revenue bonds may see 2.28% while holders of
$250 million in subordinated notes won't receive anything.

                         About Canal Corp.

Headquartered in Richmond, Virginia, Chesapeake Corporation
supplies specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche end-
use markets.  The Company has 44 locations in Europe, North
America, Africa and Asia.

Chesapeake and 18 affiliates filed Chapter 11 petitions (Bankr.
E.D. Va. Lead Case No. 08-336642) on Dec. 29, 2008.  Lawyers at
Hunton & Williams LLP represent the Debtors.  Chesapeake tapped
Alvarez and Marsal North America LLC, and Goldman Sachs & Co. as
financial advisors.  Tavenner & Beran PLC serves as conflicts
counsel and Hammonds LLP as special counsel.  Kurtzman Carson
Consultants LLC serves as claims agent.  The United States Trustee
for Region 4 appointed seven creditors to serve on an Official
Committee of Unsecured Creditors for the Debtors' Chapter 11
cases.  Lawyers at Greenberg Traurig LLP represent the Committee.

In its petition, Chesapeake disclosed $936,600,000 in total assets
and $937,100,000 in total debts as of September 28, 2008.

In May 2009, Chesapeake sold its assets to entities controlled by
Irving Place Capital Management, L.P. and Oaktree Capital
Management, L.P. and, following a competitive bidding process
which produced no competing bids.  The purchase price was about
$485 million.  The Debtor was renamed to Canal Corp., following
the sale.


CHINA RITAR: Receives Nasdaq Staff Deficiency Letter
----------------------------------------------------
China Ritar Power Corp. received a letter dated April 18, 2011
from the Nasdaq Stock Market (Nasdaq) stating that it failed to
timely file its Annual Report on Form 10-K for the year ended
December 31, 2010 (10-K), and as a result, no longer complies with
the rules required for continued listing on the Nasdaq Capital
Market under Nasdaq Listing Rule 5250(c)(1).

Nasdaq requires that China Ritar submit a plan of compliance by
May 3, 2011 to advise Nasdaq of any action that China Ritar has
taken, or will take, to file the 10-K for 2010 and bring China
Ritar into compliance with the listing standards.  China Ritar
intends to submit the required plan by May 3, 2011.  If Nasdaq
accepts China Ritar's plan, they may grant an extension of 180
calendar days, or until October 12, 2011, during which China Ritar
can regain compliance.  If Nasdaq does not accept the plan, or if
China Ritar does not regain compliance during any applicable
extension period, the Nasdaq staff will provide written notice
that China Ritar's common stock is subject to delisting.

China Ritar intends to file its 10-K for 2010 with the Securities
and Exchange Commission as soon as practicable.

                         About China Ritar

China Ritar -- http://www.ritarpower.com/-- designs, develops,
manufactures and markets environmentally friendly lead acid
batteries with a wide range of capacities and applications,
including telecommunications, Uninterrupted Power Source (UPS)
devices, Light Electrical Vehicles (LEV), and alternative energy
production (solar and wind power).  China Ritar sells, markets and
services six series and 197 models of Ritar-branded, cadmium-free
valve-regulated lead-acid (VRLA) batteries.  Products are sold
worldwide with sales in 81 countries including China, India, and
numerous markets in Europe and the Americas.


CLAIRE'S STORES: Bank Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Claire's Stores,
Inc., is a borrower traded in the secondary market at 94.94 cents-
on-the-dollar during the week ended Friday, April 22, 2011, a drop
of 0.35 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 275 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 29, 2014, and
carries Moody's B3 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.

As reported by the Troubled Company Reporter on March 15, 2011,
Moody's upgraded Claire's Stores, Inc.'s senior secured bank
credit facilities to B3 from Caa1 and its Speculative Grade
Liquidity Rating to SGL-2 from SGL-3.  All other ratings were
affirmed including Claire's Caa2 Corporate Family Rating.  The
rating outlook is positive.

The upgrade of Claire's first lien bank facilities is in response
to the repayment of $245 million of the term loan B, which reduced
the amount of senior secured first lien bank debt in the capital
structure.  The upgrade also reflects Claire's recently issued
$450 million second lien notes, which provide additional support
to the first lien bank facilities.

                      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 Oct. 30, 2010, Claire's debt to EBITDA was
very high at 9.3 times.


CLEAR CHANNEL: Bank Debt Trades at 11% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Clear Channel
Communications, Inc., is a borrower traded in the secondary market
at 88.79 cents-on-the-dollar during the week ended Friday, April
22, 2011, a drop of 1.21 percentage points from the previous week
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  The Company pays 365 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
January 30, 2016, and carries Moody's Caa1 rating and Standard &
Poor's CCC+ 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 CC Media and Clear Channel

Clear Channel Communications, Inc. --
http://www.clearchannel.com/--is a diversified media company with
three primary business segments: radio broadcasting, outdoor
advertising and live entertainment.  Clear Channel (OTCBB:CCMO) is
the operating subsidiary of San Antonio, Texas-based CC Media
Holdings, Inc.

CC Media's balance sheet at Dec. 31, 2010, showed $17.48 billion
in total assets, $1.25 billion in current liabilities, $20.61
billion in long-term liabilities and a $7.20 billion shareholders'
deficit.

                          *     *     *

CC Media Holdings carries 'CCC+' issuer credit ratings from
Standard & Poor's.  Clear Channel Carries a 'Caa2' corporate
family rating from Moody's Investors Service and an issuer default
rating of 'CCC' from Fitch Ratings.

Fitch said in November 2010, that its ratings concerns center on
the company's highly leveraged capital structure, with significant
maturities in 2014 and 2016; the considerable interest burden that
pressures free cash flow generation; technological threats and
secular pressures in radio broadcasting; and the company's
exposure to cyclical advertising revenue.  The ratings are
supported by the company's leading position in both the outdoor
and radio industries, as well as the positive fundamentals and
digital opportunities in the outdoor advertising space.

In February 2011, Standard & Poor's affirmed its 'CCC+' corporate
credit rating and positive outlook on CC Media Holdings and
operating subsidiary Clear Channel, which S&P views on a
consolidated basis.  S&P said the 'CCC+' CCR on CC Media Holdings
reflects the risks surrounding the longer-term viability of the
company's capital structure -- in particular, refinancing risk
relating to sizable secured debt maturities in 2014 ($3.2 billion
pro forma for the transaction) and 2016 ($10.4 billion).  In S&P's
view, the Company has a satisfactory business risk profile, due to
its position as the largest radio and global outdoor advertising
operator, its good geographic and market diversity, and moderate
long-term growth prospects at the outdoor business.  S&P views the
financial risk profile as highly leveraged, given the Company's
significant refinancing risk, roughly break-even EBITDA coverage
of interest expense, and slim discretionary cash flow.


CLEARWIRE CORP: K. Rae and J. Vogel Nominated to Board
------------------------------------------------------
The Board of Directors of Clearwire Corporation nominated Kathleen
Rae to stand for election to the Board at the Company's annual
stockholders meeting.  Ms. Rae was nominated to a position on the
Board by the Nominating and Governance Committee, to replace Peter
Currie, who on April 13, 2011 informed the Board he would not be
standing for re-election.  It is expected that Ms. Rae will serve
on the Audit Committee and will act as the Company's designated
"audit committee financial expert."

The Board also nominated Jennifer Vogel to stand for election to
the Board at the Annual Meeting.  Ms. Vogel was nominated to a
position on the Board by Sprint Nextel Corporation, to replace
Frank Ianna, who will not be standing for re-election.  Sprint had
the right to nominate a replacement for Mr. Ianna pursuant to the
terms of the Equityholders' Agreement dated Nov. 28, 2008 by and
among the Company, Sprint, Intel Corporation, Google Inc., Comcast
Corporation, Time Warner Cable Inc., Bright House Networks LLC,
and Eagle River Holdings, LLC.

On April 14, 2011, the Board also appointed Mufit Cinali to fill a
vacancy on the Audit Committee of the Board.  The Audit Committee
now has three members, in compliance with NASDAQ listing rules.

                    About Clearwire Corporation

Kirkland, Wash.-based Clearwire Corporation (NASDAQ: CLWR)
-- http://www.clearwire.com/-- through its operating
subsidiaries, is a leading provider of wireless broadband
services.  Clearwire's 4G mobile broadband network serves 68
markets, including New York City, Los Angeles, Chicago, Dallas,
Philadelphia, Houston, Miami, Washington, D.C., Atlanta and
Boston.

The Company's balance sheet at Dec. 31, 2010 showed $11.04 billion
in total assets, $5.17 billion in total liabilities $5.87 billion
in total equity.

The Company reported a net loss of $2.30 billion on
$556.82 million of revenue for the year ended Dec. 31, 2010,
compared with a net loss of $1.25 billion on $274.46 million of
revenue during the prior year.

The Company disclosed in its Form 10-Q for the third quarter ended
Sept. 30, 2010, that its expected continued losses from operations
and the uncertainty about its ability to obtain sufficient
additional capital raise substantial doubt about the Company's
ability to continue as a going concern.

"Without additional financing sources, we forecast that our cash
and short-term investments would be depleted as early as the
middle of 2011.  Thus, we will be required to raise additional
capital in the near-term in order to continue operations.

The audit reports of Deloitte & Touche LLP, in Seattle,
Washington, on the Company's financial statements for 2009 and
2010 did not include a going concern qualification.

                           *     *     *

As reported by the Troubled Company Reporter on Nov. 11, 2010,
Standard & Poor's Ratings Services lowered its corporate credit
rating, and all other ratings, on Clearwire Corp. to 'CCC' from
'B-'.  At the same time, S&P revised the CreditWatch listing on
the company from negative to developing.  S&P had initially placed
the ratings on CreditWatch with negative implications on Oct. 6,
2010, based on S&P's view that Clearwire faced significant near-
term liquidity risks.

The downgrade follows the Company's disclosure -- in its Form 10-Q
for quarter ended Sept. 30, 2010 -- regarding the uncertainty
about its ability to obtain additional capital and continue as a
going concern.  In Clearwire's 2010 third-quarter earnings report
and conference call, the company indicated that it expected to run
out cash by mid-2011, which is consistent with S&P's earlier
comments.  Cash totaled around $1.4 billion as of Sept. 30, 2010.


COLIN-G PROPERTIES: Case Summary & 18 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Colin-G Properties, Ltd.
        dba Hwy 276 Self Storage
        aka Hwy 276 Self Stor N More
        P.O. Box 847
        Rockwall, TX 75087

Bankruptcy Case No.: 11-32632

Chapter 11 Petition Date: April 19, 2011

Court: U.S. Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Barbara J. Houser

Debtor's Counsel: Gerald Philip Urbach, Esq.
                  HIERSCHE, HAYWARD, DRAKELEY & URBACH
                  15303 Dallas Parkway, Suite 700
                  Addison, TX 75001
                  Tel: (972) 701-7026
                  Fax: (972) 701-8765
                  E-mail: gurbach@hhdulaw.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 18 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/txnb11-32632.pdf

The petition was signed by Gerald M. Houser, managing member of
general partner.

Affiliate that filed separate Chapter 11 petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Colin-G Management, LLC               11-32631         04/19/11


COMMUNITY CENTRAL: Receives Delisting Notice From NASDAQ
--------------------------------------------------------
Community Central Bank Corporation received a letter from The
Nasdaq Stock Market stating that trading in its common stock will
be suspended at the opening of business on April 25, 2011, and the
Company's securities would be removed from listing and
registration on NASDAQ.  This action is being taken in response to
the Company's decision not to pay NASDAQ's annual listing fee.

As previously announced, the Company has received notices from
NASDAQ stating that the Company is not in compliance with the
following NASDAQ Listing Rules: (i) Rule 5250(c)(1) because the
Company did not timely file its Annual Report on Form 10-K for the
year ended Dec. 31, 2010 with the Securities and Exchange
Commission; (ii) Rule 5450(a)(1) because the minimum bid price of
the Company's common stock was below $1.00 per share for 30
consecutive business days; and (iii) Rule 5550(a)(5) because the
minimum market value of the Company's publicly held shares of
common stock was below $1,000,000 for 30 consecutive business
days.

The Company has until May 3, 2011, to regain compliance with the
minimum closing bid price requirement and until June 28, 2011, to
regain compliance with the minimum market value requirement.  The
Company has until June 6, 2011 to submit a plan to regain
compliance with Rule 5250(c)(1), and if NASDAQ accepts the
Company's plan, it can grant an exception of up to 180 calendar
days from the Form 10-K due date, or until Sept. 27, 2011, to
regain compliance.  If the Company does not regain compliance by
the applicable date or dates, NASDAQ will provide the Company a
written notification that its common stock will be delisted.

The Company has the right until April 20, 2011 to appeal NASDAQ
Staff's determination to suspend trading in the Company's
securities and its delisting and deregistration from NASDAQ, but
does not expect to do so due, in part, to the Company's belief
that it will be unable to regain compliance with at least one, if
not all, of the aforementioned Listing Rules prior to the
expiration of the applicable grace periods.

The Company, following delisting, will seek to have its shares
quoted on the Pink Sheets, LLC, an electronic network through
which participating broker-dealers can make markets, and enter
orders to buy and sell shares of companies.  However, no
registered broker-dealer that currently makes a market in the
Company's shares has yet indicated an intention to sponsor the
Company's shares on the Pink Sheets, or to act as a market maker.
The Company can provide no assurance that a market maker will be
willing to sponsor the Company's common stock on the Pink Sheets,
or that once the Company's common stock is quoted on the Pink
Sheets it will continue to be quoted on the Pink Sheets or on any
other forum.

                     About Community Central

Community Central Bank Corporation is the holding company for
Community Central Bank in Mount Clemens, Michigan.  The Bank
opened for business in October 1996 and serves businesses and
consumers across Macomb, Oakland, St. Clair and Wayne counties
with a full range of lending, deposit, trust, wealth management
and Internet banking services.  The Bank operates four full
service facilities in Mount Clemens, Rochester Hills, Grosse
Pointe Farms and Grosse Pointe Woods, Michigan.  Community Central
Mortgage Company, LLC, a subsidiary of the Bank, operates
locations servicing the Detroit metropolitan area and central and
northwest Indiana.  River Place Trust and Community Central Wealth
Management are divisions of Community Central Bank.  Community
Central Insurance Agency, LLC, is a wholly owned subsidiary of
Community Central Bank.  The Corporation's common shares currently
trade on The NASDAQ Capital Market under the symbol "CCBD".

The Company's balance sheet at Sept. 30, 2010, showed
$513.7 million in total assets, $501.6 million in total
liabilities, and stockholders' equity of $12.1 million.

"As of Sept. 30, 2010, due to the Corporation's significant
net loss from operations in the three and nine months ended
Sept. 30, 2010, deterioration in the credit quality of the
loan portfolio, and the decline in the level of its regulatory
capital to support operations, there is substantial doubt about
the Corporation's ability to continue as a going concern," the
Corporation said in its Form 10-Q for the quarter ended Sept. 30,
2010.

The Bank is currently subject to a "consent order" with the
Federal Deposit Insurance Corporation and the Michigan Office of
Financial and Insurance Regulation and is "significantly
undercapitalized" under the FDIC's prompt corrective action (PCA)
rules and accordingly is operating under significant operating
restrictions.  The Consent Order requires Community Central Bank
to take corrective measures in a number of areas to strengthen and
improve the Bank's financial condition and operations.  The
Consent Order is effective as of November 1, 2010.  By entering
into the Consent Order, the Bank is directed and has agreed to
increase board oversight and conduct an independent study of
management, improve regulatory capital ratios, charge-off certain
classified assets, reduce its level of loan delinquencies and
problem assets, limit lending to certain borrowers, revise lending
and collection policies, adopt and implement new profit, strategic
and liquidity plans, and correct loan underwriting and credit
administration deficiencies.  The Consent Order also requires the
Bank to obtain prior regulatory approval before the payment of
cash dividends or the appointment of any senior executive officers
or directors.  The Bank also is not allowed to accept brokered
deposits without a waiver from the FDIC and must comply with
certain deposit rate restrictions.


COMPTON PETROLEUM: To Hold Annual and Special Meeting on May 10
---------------------------------------------------------------
Compton Petroleum Corporation said that the annual and special
meeting of the shareholders of the Company will be held in the
ENMAX Ballroom, Calgary Chamber of Commerce, Fourth Floor, 517
Centre Street South, Calgary, Alberta, Canada on Tuesday, May 10,
2011, at 3:30 p.m., for the purposes of:

   * receiving the financial statements for the year ended
     Dec. 31, 2010, together with the auditors' report thereon;

   * electing a board of directors to serve until the next annual
     meeting of shareholders or until their successors are duly
     elected or appointed;

   * appointing Grant Thornton LLP, Chartered Accountants, as
     auditors and authorizing the directors of the Corporation to
     fix the auditors' remuneration;

   * approving the ability of the Corporation to issue up to
     1,924,992 Common Shares of the Corporation in partial
     satisfaction of amounts owing to the officers of the
     Corporation under certain employment arrangements that are
     described in the accompanying Management Proxy Circular;

   * approving the ability of the Corporation to issue up to
     1,875,000 Common Shares of the Corporation to the independent
     directors of the Corporation in partial payment of Director's
     fees under a deferred share unit plan described in the
     accompanying Management Proxy Circular; and

   * transacting such other business as may properly be brought
     before the Meeting, or any adjournment or adjournments
     thereof.

Holders of record of common shares of the Corporation at the close
of business on March 25, 2011 will be entitled to vote at the
Meeting.

                      About Compton Petroleum

Compton Petroleum Corporation is an exploration and production
company.  The Company explores for, develops, and produces oil and
gas in western Canada.  Compton's interests include the areas of
Shekille, Senex, Deep Basin, Rimbey, and Vulcan/Gladys, all in
Alberta, Canada.

The Company's balance sheet at Dec. 31, 2010 showed $1.38 billion
in total assets, $712.29 million in liabilities and
$664.03 million in shareholders' equity.

                           *     *     *

Moody's Investors Service has withdrawn Compton Petroleum's
ratings following the repayment of its rated debt.  Ratings
withdrawn include the 'Caa1' Corporate Family Rating and
Probability of Default Rating, and the 'Caa2' senior unsecured
notes rating.

As reported by the Troubled Company Reporter on Dec. 1, 2010,
Standard & Poor's Ratings Services withdrew its 'B' long-
term corporate credit rating on Compton Petroleum Corp.  At the
same time, Standard & Poor's withdrew its 'B-' senior unsecured
rating and '5' recovery rating on subsidiary Compton Petroleum
Finance Corp.'s US$193.5 million senior unsecured notes.  S&P
withdrew the ratings at the Company's request.


CONTECH CONST'N: Bank 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 86.95 cents-on-the-dollar during the week ended Friday,
April 22, 2011, a drop 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 January 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.


CREDIT-BASED ASSET: Court Convenes Confirmation Hearing Today
-------------------------------------------------------------
The Hon. Allan L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York will convene a hearing today,
April 25, 2011, at 11:00 a.m., to consider the confirmation of
Credit-Based Asset Servicing and Securitization LLC, et al.'s
Chapter 11 Plan.

As reported in the March 9, 2011 edition of the Troubled Company
Reporter, the Plan would carry out an agreement reached with
secured lenders before the November bankruptcy filing that allows
the use of $8.2 million to operate in Chapter 11 and distribute to
lower-ranking creditors.

The bankruptcy judge approved the explanatory disclosure statement
on March 4.

According to the Disclosure Statement, senior unsecured creditors
with $903 million in claims are told to expect a 0.5% recovery.
Holders of $539 million in two types of subordinated claims
receive nothing.  The holders of $191.6 million in senior lenders'
claims receive nothing on account of the pre-bankruptcy agreement,
until the liquidating trust recovers more than $15 million. To
receive a distribution, unsecured creditors must give releases to
the lenders.

The senior lenders allowed C-Bass to use $8.2 million of their
money to fund C-Bass through bankruptcy, in exchange for broad
releases against lawsuits for those lenders.

A full-text copy of the disclosure statement, as amended, is
available for free at http://ResearchArchives.com/t/s?7479

A full-text copy of the Chapter 11 plan, as amended, is available
for free at http://ResearchArchives.com/t/s?747a

The Official Committee of Unsecured Creditors has selected
Clifford A. Zucker to serve as the liquidation trustee subject to
confirmation of the Debtors' Chapter 11 Plan of Liquidation.

               About Credit-Based Asset Servicing

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

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

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

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

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


CREEKSIDE-DOUBLE: Case Summary & 3 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Creekside-Double Diamond, LLC
        9190 Double Diamond Parkway
        Reno, NV 89521

Bankruptcy Case No.: 11-51306

Chapter 11 Petition Date: April 19, 2011

Court: U.S. Bankruptcy Court
       District of Nevada (Reno)

Judge: Bruce T. Beesley

Debtor's Counsel: Stephen R. Harris, Esq.
                  BELDING, HARRIS & PETRONI, LTD
                  417 W. Plumb Lane
                  Reno, NV 89509
                  Tel: (775) 786-7600
                  Fax: (775) 786-7764
                  E-mail: steve@renolaw.biz

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

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

A list of the Company's three largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/nvb11-51306.pdf

The petition was signed by Jaffra A. Masad, managing member.

Affiliates that previously sought Chapter 11 protection:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Waltham Way Development, LLC          11-50948            03/25/11
Creekside Development, LLC            11-50949            03/25/11


DANCING BEAR: To Make Sec. 362(d)(3) Payments on April 29
---------------------------------------------------------
At Dancing Bear Land, LLC's behest, Judge Michael E. Romero of the
U.S. Bankruptcy Court for the District of Colorado extended the
time by which the Debtor may commence monthly payments to its
secured creditor WestLB AG under Section 362(d)(3) of the
Bankruptcy Code, through April 29, 2011.

According to the Debtor, WestLB and its receiver have refused to
turnover the Debtor's real property in Aspen, Colorado, and cash
from it and in that the Court has yet to determine the Debtor's
motion to access postpetition financing.  Under those
circumstances, the Debtor insisted that it should not be required
to begin payments to WestLB.

Snowmass, Colorado-based Dancing Bear Land, LLC filed for Chapter
11 protection (Bankr. D. Colo. Case No. 10-39584) on Nov. 23,
2010.  Dancing Bear's affiliates DB Capital Holdings, LLC and
Dancing Bear Development, LP filed separate Chapter 11 petitions
on June 24, 2010 and Oct. 19, 2010, respectively.  In its Chapter
11 petition, Dancing Bear estimated $10,000,001 to $50,000,000 in
assets and $50,000,001 to $100,000,000 in liabilities.

The Debtor is represented by:

   Robert Padjen, Esq.
   LAUFER AND PADJEN LLC
   5290 DTC Parkway, Suite 150
   Englewood, Colorado 80111
   Tel: (303) 830-3173
   Fax: (303) 830-3135
   E-mail: rp@jlrplaw.com

   - and -

   Heidi J. Sorvino
   LEWIS BRISBOIS BISGAARD & SMITH LLP
   77 Water Street, 21st Floor
   New York, New York 10005
   Tel: (212) 232-1300
   Fax: (212) 232-1399
   E-mail: hsorvino@lbbslaw.com


DB CAPITAL: Aspen HH's Seeks Appointment of Ch. 11 Trustee
------------------------------------------------------------
Aspen HH Ventures, LLC asks the U.S. Bankruptcy Court for the
District of Colorado to appoint a Chapter 11 trustee for DB
Capital Holdings, LLC.

Aspen seeks appointment of a Chapter 11 trustee because:

   (i) DB Capital's Operating Agreement, and Colorado law,
       Prohibit DB Capital's Manager, Thomas DiVenere, from taking
       action without its Members' unanimous consent in connection
       with matters that are outside the ordinary course of DB
       Capital's business.  In 2009, DB Capital defaulted on its
       $58 million mortgage loan; since March, 2010, its real
       estate assets have been under the control of a state court
       receiver; it has no operating funds, no employees, and no
       ability to conduct any business; and the company is subject
       to an involuntary bankruptcy proceeding.  DB Capital is not
       now, and has not been since at least March 2010, operating
       its ordinary business.

       Moreover, its two Members are, and have been since March
       2010, hopelessly deadlocked regarding the continuing
       management of the business.  Unless the DB Capital
       Operating Agreement is ignored, the only way to resolve the
       management deadlock is through the appointment of an
       independent, disinterested chapter 11 trustee.

  (ii) DB Capital's current Manager is hopelessly conflicted, and
       cannot satisfy his fiduciary responsibilities to all
       creditors and equity holders.  He has also demonstrated, in
       his own personal chapter 11 bankruptcy case, that he is not
       forthright, and is either unwilling or unable to comply
       with the requirements of the Bankruptcy Code.

According to Aspen, Mr. DiVenere has proposed a grandiose plan to
restructure the Debtors which will require up to $35 million in
15% DIP financing, and the priming of WestLB's loan.  However,
there is a better way to restructure the Debtors -- one which
would likely be more palatable to WestLB, AG and have a much
greater chance of success, Aspen insists.

Aspen also objects to WestLB's motion for relief from the
automatic stay and the Debtors' motion for postpetition financing.

Aspen is represented by:

   Michael H. Moirano
   NISEN & ELLIOTT
   200 West Adams, Suite 2500
   Chicago, Illinois 60602
   Tel.: (312) 346-7800
   Fax: (312) 346-9316
   E-mail: mmoirano@nisen.com

   - and -

   Lawrence Bass
   FAEGRE & BENSON LLP
   3200 Wells Fargo Center, 1700 Lincoln Street
   Denver, CO 80203-4532
   Tel.: (303) 607-3500
   Fax: (303) 607-3600
   E-mail: lbass@faegre.com

                         About DB Capital

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

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

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

On Nov. 23, 2010, Dancing Bear Land, LLC, filed for Chapter 11
relief (Bankr. D. Colo. Case No. 10-39584), in order to stay
foreclosure of its Property.  In its schedules of assets and
liabilities, DB Land reported $0 total scheduled assets and
$58,000,000 total scheduled liabilities.


DEL-A-RAE INC: Unbridled Optimism Leads to Relief from Stay
-----------------------------------------------------------
WestLaw reports that the property which secured a creditor's
claim, in which the Chapter 11 debtor had no equity, was not
logically required for the success of any reorganization plan, but
instead was a drain on the solvency of the estate.  Therefore, the
property was not "necessary to an effective reorganization," and
the creditor was entitled to relief from the automatic stay.
Although the debtor, based on its belief that the market would
rebound and the property would be worth substantially more in five
years, proposed to keep the property and make adequate protection
payments to the creditor using its equity cushion in other
property, any plan that had a reasonable possibility of a
successful reorganization would not rely on the property.
Unbridled optimism, the court explained, was not a legal
foundation sufficient to support a plan.  In re Del-A-Rae, Inc., -
-- B.R. ----, 2011 WL 1481722 (Bankr. S.D. Ga.).

Del-A-Rae, Inc., located in Rincon, Ga., sought chapter 11
protection (Bankr. S.D. Ga. Case No. 09-42267) on Oct. 5, 2009, is
represented by C. James McCallar Jr., Esq., in Savannah, Ga., and
estimated its assets and debts at $10 million to $50 million at
the time of the filing.


DEL-A-RAE INC: Oversecured Creditor Gets Default Interest Rate
--------------------------------------------------------------
WestLaw reports that an oversecured creditor was entitled to
accrue postpetition, pre-plan confirmation interest at the notes'
maturity or default rate of interest, as the contract rate of
interest, for all times after the maturity of the notes.  That
interest rate did not violate state law.  Moreover, even if a
balancing of the equities was warranted in determining whether the
creditor could use the notes' maturity or default rate of
interest, the equities did not favor precluding the creditor's use
of that rate, since the debtor was solvent and any decrease in the
interest rate would only benefit the debtor once it emerged from
bankruptcy.  In re Del-A-Rae, Inc., --- B.R. ----, 2011 WL 1482943
(Bankr. S.D. Ga.).

Del-A-Rae, Inc., located in Rincon, Ga., sought chapter 11
protection (Bankr. S.D. Ga. Case No. 09-42267) on Oct. 5, 2009, is
represented by C. James McCallar Jr., Esq., in Savannah, Ga., and
estimated its assets and debts at $10 million to $50 million at
the time of the filing.


DEX MEDIA EAST: Bank Debt Trades at 21% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Dex Media East LLC
is a borrower traded in the secondary market at 78.79 cents-on-
the-dollar during the week ended Friday, April 22, 2011, a drop of
0.25 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 October 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 10% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Dex Media West LLC
is a borrower traded in the secondary market at 89.75 cents-on-
the-dollar during the week ended Friday, April 22, 2011, an
increase of 0.25 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
October 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.


DLGC II: Section 341(a) Meeting Scheduled for May 17
----------------------------------------------------
The U.S. Trustee for Region 14 will convene a meeting of DLGC II,
LLC's creditors on May 17, 2011, at 11:00 a.m.  The meeting will
be held at the US Trustee Meeting Room, 230 N. First Avenue, Suite
102, Phoenix, Arizona.

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.

Phoenix, Arizona-based DLGC II, LLC, filed for Chapter 11
bankruptcy protection (Bankr. D. Ariz. Case No. 11-10174) on
April 13, 2011.  Mark W. Roth, Esq., at Polsinelli Shughart 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.

Affiliate Lake Pleasant Group, LLP (Bankr. D. Ariz. Case No. 11-
10170) filed a separate Chapter 11 petition on April 13, 2011.


DOVE VALLEY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Dove Valley Scottsdale, LLC
        16441 N. 90th Street
        Scottsdale, AZ 85260

Bankruptcy Case No.: 11-11450

Chapter 11 Petition Date: April 22, 2011

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

Judge: Charles G. Case, II

Debtor's Counsel: Mark W. Roth, Esq.
                  POLSINELLI SHUGHART P.C.
                  One East Washington Street
                  CityScape Building, Suite 1200
                  Phoenix, AZ 85004
                  Tel: (602) 650-2012
                  Fax: (602) 926.8562
                  E-mail: mroth@polsinelli.com

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

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

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

The petition was signed by Jeffrey Mastro, manager of Mastro
Properties LLC, managing member.


DTO HOLDINGS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: DTO Holdings, LLC
        15703 Dale Street
        Detroit, MI 48223

Bankruptcy Case No.: 11-51535

Chapter 11 Petition Date: April 22, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Michigan (Detroit)

Judge: Walter Shapero

Debtor's Counsel: Robert N. Bassel, Esq.
                  P.O. Box T
                  Clinton, MI 49236
                  Tel: (248) 677-1234
                  Fax: (248) 369-4749
                  E-mail: bbassel@gmail.com

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

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

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

The petition was signed by Daniel O'Keefe, president.


DUKE REALTY: Fitch Downgrades Preferred Stock Rating to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded these credit ratings of Duke Realty
Corporation (NYSE: DRE) and its operating partnership, Duke Realty
Limited Partnership:

Duke Realty Corporation

   -- Issuer Default Rating (IDR) to 'BBB-' from 'BBB';

   -- Preferred stock to 'BB' from 'BB+'.

Duke Realty Limited Partnership

   -- IDR to 'BBB-' from 'BBB';

   -- Senior unsecured notes to 'BBB-' from 'BBB';

   -- Senior unsecured exchangeable notes to 'BBB-' from 'BBB';

   -- Unsecured revolving credit facility to 'BBB-' from 'BBB'.

The Rating Outlook has been revised to Stable from Negative.

The rating actions reflect Fitch's view that the company's credit
profile is more consistent with a 'BBB-' rating; in particular,
Duke Realty's fixed charge coverage ratio is low for the rating
category.  The actions also reflect continued weakness in suburban
office fundamentals that may adversely impact the portfolio, even
as Duke Realty continues to shift its portfolio away from suburban
office to a higher percentage of industrial and medical office
properties.  The rating also takes into account the company's
credit strengths, which include moderate leverage for the rating
level, a large pool of diversified industrial, office and medical
office properties, solid unencumbered asset coverage of unsecured
debt, and an adequate liquidity position.

Duke Realty's fixed-charge coverage ratio (defined as recurring
operating EBITDA less Fitch's estimate of recurring capital
expenditures and straight-line rent adjustments divided by total
interest incurred and preferred dividends) was 1.5 times (x) in
2010, up slightly from 1.4x in 2009.  Coverage has remained in the
1.4x to 1.6x range since 2007, and absent significant delevering
transactions, over the next few years, Fitch anticipates that
fixed charge coverage will remain at similar levels in the near
term.

Duke Realty has a diversified portfolio of 792 bulk distribution,
suburban office, medical office and retail properties located
across 18 markets, which Fitch views favorably from a property
segment and geographical diversification standpoint.  The
company's portfolio also benefits from a highly diversified tenant
base and well staggered lease expiration schedule. Duke Realty's
largest 20 tenants represented just 15.2% of annual base rents at
Dec. 31, 2010, thus limiting individual tenant credit risk.  In
addition, lease expirations are less than 10% of total annual base
rent in 2011 and 2012, indicating long-term recurring cash flow
throughout the portfolio.

Duke Realty has made significant progress on the repositioning of
its portfolio, and continues to execute on its strategic plan,
which consists of shifting the portfolio mix to increase the
exposure to industrial and medical office assets, while reducing
the exposure to suburban office.  Fitch has a negative outlook on
industrial and suburban office fundamentals, and a stable outlook
on healthcare fundamentals, and views the company's repositioning
strategy positively, although it could take time for such a shift
to result in significant improvements in credit metrics absent
delevering transactions.  There is also the potential for EBITDA
dilution from negative spread asset purchases and sales as the
company shifts the composition of the portfolio.

The company's leverage, defined as net debt to recurring operating
EBITDA, was 7.2x at Dec. 31, 2010, up from 6.7x at Dec. 31, 2009.
Fitch expects leverage to fluctuate in the near term as the
company continues its portfolio repositioning, but eventually to
trend back down below 7.0x, which is appropriate for the 'BBB-'
rating.  The company has curtailed development activities over the
past several years in response to market conditions, as the
company's wholly owned development pipeline represented just 1.3%
of undepreciated book assets as of Dec. 31, 2010, down from 1.4%
and 4.2% as of Dec. 31, 2009 and Dec. 31, 2008, respectively.  The
company has stated that new development starts will focus on
build-to-suit projects and medical office buildings, thus
minimizing development risk going forward, which Fitch views
positively.

Duke Realty has adequate liquidity and financial flexibility.
As of Dec. 31, 2010, the company had 509 unencumbered properties
with a gross book value of $5.8 billion.  Unencumbered asset
coverage of unsecured debt based on applying an 8.5% cap rate
to unencumbered net operating income (NOI) was strong for the
'BBB-' IDR at 2.1x as of Dec. 31, 2010.  In addition, total
sources of liquidity (unrestricted cash, availability under the
unsecured revolving credit facility, and projected retained cash
flow from operating activities after dividends) exceed uses of
liquidity (pro rata debt maturities, expected recurring capital
expenditures, and remaining non-discretionary development costs)
by 1.1x for the period Jan. 1, 2011 to Dec. 31, 2012 (assuming
that Duke Realty is able to refinance maturing mortgage debt at
80% of the maturing amount).

The Stable Outlook is based on Fitch's expectation that leverage
and coverage will remain fairly unchanged relative to current
levels and the company will maintain adequate liquidity.  Fitch's
base case assumes that same-store NOI declines by 2% in 2011,
grows 1% in 2012 and 2% in 2013.

The two notch differential between Duke Realty's IDR and its
preferred stock rating is consistent with Fitch's criteria for
corporate entities with a 'BBB-' IDR.  Based on Fitch's criteria
report (Equity Credit for Hybrids & Other Capital Securities'),
the company's preferred stock is 75% equity-like and 25% debt-like
since it is perpetual and has no covenants but has a cumulative
deferral option in a going concern.

These factors may have a positive impact on the ratings and/or
Outlook:

   -- Net debt to recurring operating EBITDA sustains below 6.0x
     (as of Dec. 31, 2010, leverage was 7.2x);

   -- Fixed-charge coverage sustains above 2.0x (in 2010, coverage
      was 1.5x).

These factors may have a negative impact on the ratings and/or
Outlook:

   -- Fixed-charge coverage sustains below 1.3x;

   -- Net debt to recurring operating EBITDA sustains above 8.0x.

Duke Realty is a self-managed REIT headquartered in Indianapolis
that specializes in the ownership, management and development of
bulk industrial, suburban office, and medical office buildings.
The company owns, maintains an interest in, or has under
development 792 properties containing more than 139 million
rentable square feet in 18 major U.S. cities.  As of Dec. 31,
2010, the company had approximately $8.9 billion in undepreciated
book assets.


DYNAVAX TECHNOLOGIES: Purchase and Sale Pact Kept Confidential
--------------------------------------------------------------
Dynavax Technologies Corporation submitted an application under
Rule 24b-2 requesting an extension of a previous grant of
confidential treatment for information it excluded from the
Exhibits to a Form 10-Q filed on Aug. 4, 2006.  Based on
representations by Dynavax Technologies Corporation that this
information qualifies as confidential commercial or financial
information under the Freedom of Information Act, 5 U.S.C.
552(b)(4), the Division of Corporation Finance has determined not
to publicly disclose it.  Accordingly, a definitive Commercial
Agreement with Rhein Biotech NV and Rhein Biotech GmbH dated April
21, 2006, and a Share Sale and Purchase Agreement will not be
released to the public until through March 27, 2016
.
                    About Dynavax Technologies

Berkeley, Calif.-based Dynavax Technologies Corporation (NASDAQ:
DVAX) -- http://www.dynavax.com/-- is a clinical-stage
biopharmaceutical company.  The Company discovers and develops
novel products to prevent and treat infectious diseases.  The
Company's lead product candidate is HEPLISAV, an investigational
adult hepatitis B vaccine designed to enhance protection more
rapidly and with fewer doses than current licensed vaccines.

As of Sept. 30, 2010, the Company had $61,790,000 in total assets;
$21,026,000 total current liabilities, $6,012,000 deferred
revenue, $10,540,000 long-term note payable to holdings, $944,000
long-term contingent liability to holdings, and $60,000 other
long-term liabilities, and $23,208,000 in stockholders' equity.

As reported in the Troubled Company Reporter on March 18, 2010,
Ernst & Young LLP, in San Francisco, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has incurred significant operating losses
and negative cash flows from operations since its inception.


ELLIPSO INC: Court Affirms CEO's $3,167 Expense Claim
-----------------------------------------------------
Bankruptcy Judge S. Martin Teel, Jr., denied the motion of Mann
Technologies, LLC, Robert B. Patterson, John B. Mann, and The
Registry Solutions Company to alter or amend a Feb. 7, 2011 order
allowing David Castiel's claim for $3,167 in expenses.  David
Castiel, founder and CEO of Ellipso, Inc., filed a proof of claim
seeking several million dollars in unpaid wages and unreimbursed
expenses.  The Mann Creditors filed an objection to Mr. Castiel's
proof of claim, and in a Memorandum Decision and separate order
entered on Feb. 7, 2011, the Court sustained in part and overruled
in part the Mann Creditor's objection, leaving Mr. Castiel with an
allowed claim for $3,167 in unreimbursed expenses.

The Mann Creditors contend that to the extent that the Court
elected to treat Mr. Castiel's expense claim separately from his
unpaid compensation claim, Mr. Castiel's $3,167 un-reimbursed
expense claim was more than offset by the Debtor's payment of
$28,273 of Mr. Castiel's personal expenses in the 12 months prior
to the petition date.

The Court held that the account reconciliation Mr. Castiel
attached to his proof of claim and introduced into evidence at the
hearing on the objection to his claim shows that he had been
advancing money to Ellipso and had been paying Ellipso expenses
since as early as June 2003.

A copy of the Court's April 13, 2011 Memorandum Decision is
available at http://is.gd/vi78g8from Leagle.com.

Ellipso, Inc., filed for Chapter 11 bankruptcy (Bankr. D. D.C.
Case No. 09-00148) on February 25, 2009.  Kermit A. Rosenberg,
Esq. -- krosenberg@tighepatton.com -- at Tighe Patton Armstrong
Teasdale, PLLC, in Washington, DC, serves as the Debtor's counsel.
In its petition, the Debtor estimated under $50,000 in assets and
$1 million to $10 million in debts.


ELM STREET: Amends List of 20 Largest Unsecured Creditors
---------------------------------------------------------
Elm Street Partners, LLC, filed with the U.S. Bankruptcy Court for
the Central District of California an amended list of 20 largest
unsecured creditors.

The Debtor's 20 largest unsecured creditors as of March 23 are:


        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Construction Management and        Lien                   $198,320
Supervision
1400 Ventura Blvd., #206
Sherman Oaks, CA 91423

Karl Brook                         Lien                   $154,132
dba Karl Rex Brook Construction
2774 Sawtelle Blvd.
Los Angeles, CA 90064

Clifford Muller                    Promissory Note        $140,000
14200 Ventura Blvd., Suite 206
Sherman Oaks, CA 91423

Jeffrey Segal                      Legal Fees              $90,000
9200 West Sunset Boulevard, 9th Floor
Los Angeles, CA 90069

Joseph D. Block                    Promissory Note         $85,000
9200 W. Sunset Blvd., 9th Floor
Los Angeles, CA

Express Flooring 2000              Lien                    $61,149
dba Roma Flooring
1440 S. State College Blvd., #6M
Anaheim, CA 92806

Loreno Leandro                     Lien                    $55,963
dba Ultimate Painting Services
23849 Minnequa Dr.
Diamond Bar, CA 91765

Joe And Caron Block                Promissory Note         $50,000
716 26th Street
Santa Monica, CA 90402

Ontario Refrigeration Service Inc. Lien                    $45,619
6002 San Fernando Rd.
Glendale, CA 91202

Steven J. Revitz                   Legal Fees              $21,838
Raieken & Revitz
2049 Century Park East, Suite 3110
Los Angeles, CA 90087

The Floor Club                     Fees                    $19,938
8431 Canoga Avenue, Suite A
Canoga Park, CA 91304

Hakim Electric                     Lien                    $19,068
5618 Venice Blvd.
Los Angeles, CA 90019

Vertical Solutions, Inc.           Lien                    $18,865
7428 Redwood Blvd., Suite 101
Novato, CA 94945

Eaglestone Pacific                 Lien                    $16,108
15942 Arminta St.
Van Nuys, CA 91406

IZ Construction, Inc.              Fees                    $12,963
12165 Branford Street, #Q
Sun Valley, CA 91352

Emanuel Napolitano                 Fees                    $12,400

Craig Fire Protection Co. Inc.     Lien                    $10,790

Imperial Windows & Doors           Fees                    $10,490

Rolling Stone Tile & Marble        Lien                     $9,437

Pico Cabinets & Contracting, Inc.  Lien                     $9,122

Santa Monica, California-based Elm Street Partners, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 11-
20225) on March 9, 2011.  James R. Selth, Esq., at Weintraub &
Selth, APC, serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at $10 million to $50 million.


ELM STREET: Creditors Have Until June 15 to File Proofs of Claim
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, has set June 15, 2011, for creditors to file
proofs of claim against Elm Street Partners, LLC's estate.

The exceptions to the Bar Date are (1) claims arising from
rejection of executory contracts or unexpired leases, (2) claims
of governmental units, and (3) claims arising as the result of the
avoidance of transfer pursuant to Chapter 5 of the Bankruptcy
Code.

For rejection damages, the last day to file a proof of claim is
(a) 30 days after the date of entry of the order authorizing the
rejection, or (b) June 15, 2011, whichever is later.

Governmental units' claims are timely filed if filed before
September 5, 2011, or by June 15, 2011.

For claims arising from the avoidance of transfer pursuant to
Chapter 5 of the Bankruptcy Code, the last day to file a proof of
claim is (a) 30 days after the entry of judgment avoiding the
transfer, or (b) June 15, 2011, whichever is later.

Santa Monica, California-based Elm Street Partners, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 11-
20225) on March 9, 2011.  James R. Selth, Esq., at Weintraub &
Selth, APC, serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at $10 million to $50 million.


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

  Name of Schedule                       Assets       Liabilities
  ----------------                       ------       -----------
A. Real Property                             $0
B. Personal Property                   $318,418
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                     $17,316,855
E. Creditors Holding
   Unsecured Priority
   Claims                                                      $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                                $225,047
                                    -----------       -----------
      TOTAL                            $318,418       $17,541,903

A copy of the Schedules of Assets and Liabilities is available
at http://bankrupt.com/misc/ElmStreet_SAL.pdf

Santa Monica, California-based Elm Street Partners, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 11-
20225) on March 9, 2011.  James R. Selth, Esq., at Weintraub &
Selth, APC, serves as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at $10 million to $50 million.


EMIVEST AEROSPACE: Court Approves Sale of San Antonio Headquarters
------------------------------------------------------------------
Dow Jones' DBR Small Cap reports that a Delaware bankruptcy judge
has granted permission for Emivest Aerospace Corp. to take flight
from its San Antonio headquarters.  The real-estate lease for the
130,000-square-foot hangar and office space used by the Texas
manufacturer, which struggled to profit from its vision for high-
speed corporate jet travel, fetched a $1.64 million winning bid at
an auction held Wednesday.  The deal, which Judge Mary Walrath
2approved Thursday, gives permission for another Texas company
called Smart Traveling Inc. to take over the $100,000-a-year
lease, which runs until 2016.  Representatives for that company
couldn't be reached.  Smart Traveling agreed to offer $1.25
million as the first bid at auction, but it later competed against
another bidder, leading the price to increase.  Distressed
property specialist Hilco Real Estate helped market the space,
which sits at the edge of the San Antonio airport's main runway,
as a good spot for companies in the aviation and defense industry.

                      About Emivest Aerospace

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

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

Daniel B. Butz, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, serves as counsel to the Debtor.  Morgan
Joseph & Co. Inc. is the financial advisor to the Debtor.  The
Debtor also hired DLA Piper LLP (US) as special counsel to assist
in the marketing of its assets.  Attorneys at Pachulski Stang
Ziehl & Jones LLP serve as counsel to the Official Committee of
Unsecured Creditors.  Deloitte Financial Services LLP is the
Committee's financial advisor.


ENCINO CORPORATE: Files for Chapter 11 in California
----------------------------------------------------
Encino Corporate Plaza, L.P., filed a bare-bones Chapter 11
petition (Bankr. C.D. Calif. Case No. 11-14917) on April 20, 2011,
in San Fernando Valley, California.

The Encino, California-based Company estimated assets and debts of
$10 million to $50 million as of the Chapter 11 filing.  According
to the petition, the Debtor is a "Single Asset Real Estate" debtor
as defined in 11 U.S.C. Sec. 101(51B).

M. Aaron Yashouafar, chief executive of ECP Building, Inc., as
general partner of the Debtor, signed the Chapter 11 petition.

According to a court filing, the Yashouafar family owns 96.99% of
the stock of the Debtor.

The Debtor is represented by David L. Neale, Esq., at Levene Neale
Bender Rankin & Brill LLP, in Los Angeles, California.


ENCINO CORPORATE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Encino Corporate Plaza, L.P.
        16661 Ventura Boulevard
        Encino, CA 91436

Bankruptcy Case No.: 11-14917

Chapter 11 Petition Date: April 20, 2011

Court: U.S. Bankruptcy Court
       Central District of California (San Fernando Valley)

Judge: Geraldine Mund

Debtor's Counsel: David L. Neale, Esq.
                  LEVENE NEALE BENDER RANKIN & BRILL LLP
                  10250 Constellation Boulevard, Suite 1700
                  Los Angeles, CA 90067
                  Tel: (310) 229-1234
                  Fax: (310) 229-1244
                  E-mail: dln@lnbrb.com

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

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

The petition was signed by M. Aaron Yashouafar, chief executive
officer of ECP Building, Inc., general partner.

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Kadima Security Services           --                     $195,652
660 S. Figueroa Street, Suite 1880
Los Angeles, CA 90017

Emercon Construction               --                      $76,558
500 N. State College Boulevard, Suite 1100
Orange, CA 92868

Chase Construction                 --                      $50,543
1825 Padora Avenue
Los Angeles, CA 90025

Department of Water and Power      --                      $48,959

Cal System                         --                      $14,548

Avis Maid and Janitorial Service   --                       $4,608

All Safe Electric                  --                       $3,613

City of Los Angeles - Dept of Fire --                       $2,652

Elevator Dynamics                  --                       $1,947

Parkway Electric Co                --                       $1,903

JBS Glass Inc.                     --                       $1,700

Sprint                             --                       $1,677

Waste Management                   --                       $1,419

The Gas Company                    --                       $1,169

Fireguard                          --                       $1,141

Benny's Design                     --                       $1,000

Servicon Systems, Inc.             --                         $885

Steam N Clean                      --                         $650

Chem Pro Laboratory                --                         $560

Mobil Delivery Service             --                         $447


FAIRPOINT COMMUNICATIONS: District Judge Affirms Plan Approval
--------------------------------------------------------------
Carla Main at Bloomberg News reports that FairPoint Communications
Inc. won affirmation of its reorganization plan by a federal judge
who rejected Verizon Communications Inc.'s appeal of bankruptcy
court approval.  U.S. District Judge Colleen McMahon in New York
ruled April 19 that the bankruptcy court had the authority to
confirm FairPoint's Chapter 11 plan in January over Verizon's
objections.

The report recounts that Verizon, the second-largest U.S.
telephone company, appealed the confirmation by U.S. Bankruptcy
Judge Burton R. Lifland, charging that the plan improperly
prevented Verizon from pursuing legal claims against other parties
in the case.  Judge McMahon said the appeal was moot in part
because FairPoint has emerged from Chapter 11 creditor protection.

"The plan has been substantially consummated and Verizon waived
its right to object by not obtaining a stay of the confirmation
order," Judge McMahon wrote.

The appeal is In re FairPoint Communications Inc., 11-00946 (D.
N.Y.).

Under the Plan, lenders would take ownership of the Company.

                   About FairPoint Communications

FairPoint Communications, Inc. (NYSE: FRP) --
http://www.fairpoint.com/-- owns and operates local exchange
companies in 18 states offering advanced communications with a
personal touch, including local and long distance voice, data,
Internet, television and broadband services.  FairPoint is traded
on the New York Stock Exchange under the symbols FRP and FRP.BC.

FairPoint and its affiliates filed for Chapter 11 protection on
October 26, 2009 (Bankr. S.D.N.Y. Case No. 09-16335).  Rothschild
Inc. is acting as financial advisor for the Company; AlixPartners,
LLP, as the restructuring advisor; and Paul, Hastings, Janofsky &
Walker LLP is the Company's counsel.  BMC Group is the claims and
notice agent.

As of June 30, 2009, FairPoint reported $3.24 billion in total
assets, $321.41 million in total current liabilities, $2.91
billion in total long-term liabilities, and $1.23 million in
stockholders' equity.

Andrews Kurth is counsel to the Official Committee of Unsecured
Creditors.  Altman Vilandrie is the operational consultant to the
Creditors' Committee.  Verrill Dana is the Creditors' Committee's
special regulatory counsel.  Jeffries serves as the Creditors'
Committee's financial advisor.

FairPoint Communications on January 24, 2011, successfully
completed its balance sheet restructuring and emerged from Chapter
11.  As a result of the restructuring, FairPoint has reduced its
outstanding debt by approximately 64%, from approximately $2.8
billion (including interest rate swap liabilities and accrued
interest) to approximately $1.0 billion.  In addition, the Company
has a $75 million revolving credit facility available for working
capital and general corporate purposes.  Existing stock in the
Company was cancelled and holders did not receive any
distributions.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of
FairPoint Communications until facts and circumstances, if any
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


FIRST SECURITY: Incurs $44.34 Million Net Loss in 2010
------------------------------------------------------
First Security Group, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $44.34 million on $54.91 million of total interest
income for the year ended Dec. 31, 2010, compared with a net loss
of $33.45 million on $64.00 million of total interest income
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.16 billion
in total assets, $1.07 billion in total liabilities, and
$93.37 million in stockholders' equity.

Joseph Decosimo and Company, PLLC, in Chattanooga, Tennessee,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred losses from operations for the past two
years.  The Company is also operating under formal supervisory
agreements with the Federal Reserve Bank of Atlanta and the Office
of the Comptroller of the Currency and is not in compliance with
all provisions of the Agreements.  Failure to achieve all of the
Agreements' requirements may lead to additional regulatory
actions.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/mZ5QCK

                    About First Security Group

First Security Group, Inc., is a bank holding company
headquartered in Chattanooga, Tennessee, with $1.2 billion in
assets as of Sept. 30, 2010.  Founded in 1999, First
Security's community bank subsidiary, FSGBank, N.A., has 37 full-
service banking offices, including the headquarters, along the
interstate corridors of eastern and middle Tennessee and northern
Georgia and 325 full-time equivalent employees.  In Dalton,
Georgia, FSGBank operates under the name of Dalton Whitfield Bank;
along the Interstate 40 corridor in Tennessee, FSGBank operates
under the name of Jackson Bank & Trust.

On Sept. 7, 2010, the Company entered into a Written Agreement
with the Federal Reserve Bank of Atlanta, the Company's primary
regulator, which prohibits the Company from declaring or paying
dividends without prior written consent of the Federal Reserve.
The Company is also prohibited from taking dividends, or any other
form of payment representing a reduction of capital, from the Bank
without prior written consent.

The Company is also required, within 60 days of the Agreement, to
submit to the Federal Reserve a written plan designed to maintain
sufficient capital at the Company and the Bank.

On April 28, 2010, FSGBank, the Company's wholly-owned subsidiary,
consented and agreed to the issuance of a Consent Order by the
Office of the Comptroller of the Currency (OCC).  Pursuant to that
Consent Order, within 120 days of the effective date of the Order,
the Bank is required to achieve and thereafter maintain total
capital at least equal to 13% of risk-weighted assets and
Tier 1 capital at least equal to 9% of adjusted total
assets.

As of Sept. 30, 2010, the first financial reporting period
subsequent to the 120 day requirement, the Bank's total capital to
risk-weighted assets was 12.93% and the Tier 1 capital to
adjusted total assets was 7.43%.  The Bank has notified the
OCC of the non-compliance.


FIRST SECURITY: Kelly Kirkland Elected to Board of Directors
------------------------------------------------------------
The Board of Directors of First Security Group, Inc., increased
the size of its Board of Directors to eight and elected Kelly
Peters Kirkland to join the Board of First Security Group, Inc.

Ms. Kirkland, age 52, is a 1982 graduate of Mercer University
Walter F. George School of Law.  Ms. Kirkland was in private
practice with the law firm of Leitner, Williams et. al. in
Chattanooga for 27 and a half years prior to retiring at the end
of 2010.  She is a member of the State Bars of Florida, Georgia
and Tennessee and a member of the Chattanooga Bar Association.

Ms. Kirkland was not selected to serve as a director based on any
arrangement or understanding between Ms. Kirkland and any other
persons.  Ms. Kirkland has not been named to any of the Board's
standing committees.

In connection with her appointment to the Board, Ms. Kirkland will
be entitled to participate in the existing cash and equity
compensation programs for the directors of the Company.
Specifically, Ms. Kirkland will receive an annual retainer of
$19,500.  Ms. Kirkland will also be eligible to be paid a $1,000
fee for each Board meeting she attends.  In the event she is
appointed to one or more committees of the Board, she will be
entitled to be paid a $500 fee for each such meeting she attends.
Should she participate in a Board or committee meeting via
teleconference, she will receive 50% of the standard meeting fee.
Like other members of the Board of Directors, Ms. Kirkland will be
eligible to receive an annual grant of 5,000 stock options under
the Company's 2002 Long-Term Incentive Plan.

Prior to her election to the Board of Directors, Ms. Kirkland,
members of her family, and her affiliated business interests have
engaged in banking transactions with FSGBank in the ordinary
course of FSGBank's business.  These banking transactions were
made in the ordinary course of business, were made on
substantially the same terms as those prevailing at the time for
comparable transactions with persons not related to FSGBank, and
do not involve more than the normal risk of collectability or
present other unfavorable features.

Ms. Kirkland's spouse is a salaried project manager at Bruce
Goodwin, Inc., a general construction firm located in Chattanooga,
Tennessee.  Over the last three years, Bruce Goodwin, Inc., has
provided a variety of construction work for First Security Group,
Inc. and FSGBank, for which First Security has paid Bruce Goodwin,
Inc. a total of $105 thousand in 2008, $1,186 thousand in 2009,
$329 thousand in 2010 and $90 thousand to-date in 2011.  Mr.
Kirkland occasionally works on projects at Bruce Goodwin, Inc. for
First Security, but his compensation is not affected by work done
for First Security.  Bruce Goodwin, Inc. is wholly-owned by Bruce
Goodwin, who is Mr. Kirkland's brother-in-law.  First Security
believes the construction work provided by Bruce Goodwin, Inc. was
done in the ordinary course of business and on substantially the
same terms as those prevailing at the time for comparable
transactions.

                    About First Security Group

First Security Group, Inc., is a bank holding company
headquartered in Chattanooga, Tennessee, with $1.2 billion in
assets as of Sept. 30, 2010.  Founded in 1999, First
Security's community bank subsidiary, FSGBank, N.A., has 37 full-
service banking offices, including the headquarters, along the
interstate corridors of eastern and middle Tennessee and northern
Georgia and 325 full-time equivalent employees.  In Dalton,
Georgia, FSGBank operates under the name of Dalton Whitfield Bank;
along the Interstate 40 corridor in Tennessee, FSGBank operates
under the name of Jackson Bank & Trust.

On Sept. 7, 2010, the Company entered into a Written Agreement
with the Federal Reserve Bank of Atlanta, the Company's primary
regulator, which prohibits the Company from declaring or paying
dividends without prior written consent of the Federal Reserve.
The Company is also prohibited from taking dividends, or any other
form of payment representing a reduction of capital, from the Bank
without prior written consent.

The Company is also required, within 60 days of the Agreement, to
submit to the Federal Reserve a written plan designed to maintain
sufficient capital at the Company and the Bank.

On April 28, 2010, FSGBank, the Company's wholly-owned subsidiary,
consented and agreed to the issuance of a Consent Order by the
Office of the Comptroller of the Currency (OCC).  Pursuant to that
Consent Order, within 120 days of the effective date of the Order,
the Bank is required to achieve and thereafter maintain total
capital at least equal to 13% of risk-weighted assets and
Tier 1 capital at least equal to 9% of adjusted total
assets.

As of Sept. 30, 2010, the first financial reporting period
subsequent to the 120 day requirement, the Bank's total capital to
risk-weighted assets was 12.93% and the Tier 1 capital to
adjusted total assets was 7.43%.  The Bank has notified the
OCC of the non-compliance.

The Company reported a net loss of $44.34 million on $54.91
million of total interest income for the year ended Dec. 31, 2010,
compared with a net loss of $33.45 million on $64.00 million of
total interest income during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.16 billion
in total assets, $1.07 billion in total liabilities and $93.37
million in total stockholders' equity.

Joseph Decosimo and Company, PLLC, in Chattanooga, Tennessee,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred losses from operations for the past two
years.  The Company is also operating under formal supervisory
agreements with the Federal Reserve Bank of Atlanta and the Office
of the Comptroller of the Currency and is not in compliance with
all provisions of the Agreements.  Failure to achieve all of the
Agreements' requirements may lead to additional regulatory
actions.


FONIX CORP: G. Steedley and B. Jordan Resign From Board
-------------------------------------------------------
Gilbert Steedley and Barry Jordan each notified Fonix Corporation
that they would resign effective March 30, 2011, from their
positions as members of the board of directors of the Company.
The Company expresses appreciation to Messrs. Steedley and Jordan
for their valuable service.

With the resignations, the Company's board of directors now
consists of Mr. Roger D. Dudley, Mr. Von H. Whitby, and Mr. Steven
G. Jones.

On April 15, 2011, the board of directors of the Company approved
a plan to spin-off the Company's subsidiary, Fonix Speech, Inc.
Under the proposed spin-off, the Company's common and preferred
shareholders will receive shares in Fonix Speech proportional to
their shareholdings in the Company.

Historically, the Company's operations have been conducted through
its two wholly-owned subsidiaries, Fonix Speech and Fonix GS
Acquisition Co., Inc.

Fonix Speech provides value-added speech-enabling technologies,
speech interface development tools, and speech solutions and
applications, including automated speech recognition and text-to-
speech that empower consumers to interact conversationally with
information systems and devices.  Fonix Speech offers its speech-
enabling technologies to markets for personal software for
consumer applications including video games, e.Dictionaries and
mobile navigation devices with GPS, wireless and mobile devices,
computer telephony, and server solutions.

The Company's directors believe the proposed spin-off will
preserve the value of the speech and voice recognition assets and
business of Fonix Speech for the shareholders of the Company.
They believe the Spin-off will permit the development of that
business by facilitating separate audits of Fonix Speech, and
future investment in Fonix Speech, in addition other benefits.

The spin-off plan includes the following:

     * The filing with the Securities and Exchange Commission of a
       registration statement on Form 10 under the Securities
       Exchange Act of 1934, for the purpose of registering the
       common stock of Fonix Speech and causing Fonix Speech to
       become subject to the information reporting requirements
       and other conditions of a reporting company under Exchange
       Act;

     * The assignment from the Company to Fonix Speech of certain
       liabilities of the Company primarily associated with the
       core technologies and speech products of Fonix Speech;

     * The settlement by the Company or Fonix Speech of other
       obligations of the Company; and

     * The distribution to the common and preferred shareholders
       of the Company, on a pro rata basis, of all outstanding
       shares of common stock of Fonix Speech.

The distribution date for the delivery of shares of Fonix Speech
to be issued in the spin-off has not been determined, and is
subject to the satisfaction of a number of conditions, including
these:

     * The Form 10 will have been filed with the Commission, and
       an information statement satisfying the requirements of the
       Commission will have been filed with the Commission and
       mailed to all common and preferred shareholders of the
       Company;

     * All government approvals and other necessary consents will
       have been obtained;

     * Certain waivers and releases of rights, or settlements of
       claims, will have been obtained from certain creditors and
       preferred shareholders of the Company; and

     * No events or developments will have occurred that, in the
       discretion of the board of directors of the Company, would
       prohibit the distribution, or would result in the
       distribution not being in the best interests of the
       Company, its shareholders and creditors.

Even if the foregoing conditions are satisfied, the Company and
Fonix Speech may agree to amend or abandon any and all terms of
the proposed distribution at any time prior to the distribution.
Accordingly, there can be no assurance that the proposed spin-off
will take place.

If the spin-off is completed, it is anticipated that Fonix Speech
will be a separate public reporting company, and that Fonix Speech
will take steps to have its shares quoted in an over-the-counter
market.

                         About Fonix Corp

Fonix Corporation's operations are managed through two wholly
owned subsidiaries, Fonix Speech, Inc., and Fonix GS Acquisition
Co., Inc.  Fonix Speech provides value-added speech-enabling
technologies, speech interface development tools, and speech
solutions and applications, including automated speech recognition
and text-to-speech, that empower users to interact
conversationally with information systems and devices.  Fonix GS
was formed on June 27, 2008, to facilitate the acquisition of
Shanghai Gaozhi Software Systems Limited.  The acquisition was
completed in early 2009.  GaozhiSoft is a Chinese software
developer and solutions provider in 2G (second-generation) and 3G
(third-generation) telecommunication operation support systems in
China and throughout the Asian-Pacific region.  GaozhiSoft's
products are designed to increase data transferring speed, reduce
telecommunications data loss, and provide network management,
billing accuracy and improved implementation techniques to telecom
carriers.

Fonix last filed financial statements with the U.S. Securities and
Exchange Commission in 2009.

As reported by the Troubled Company Reporter on Dec. 7, 2009,
Fonix reported net income of $230,000 for the three months ended
September 30, 2009, from a net loss of $1,701,000 for the year ago
period.  Fonix posted a net loss of $50,000 for the three months
ended September 30, 2009, from a net loss of $4,035,000 for the
year ago period.  Fonix said it expects to continue to incur
significant losses and negative cash flows from operating
activities at least through Dec. 31, 2009, primarily due to
expenditure requirements associated with continued marketing and
development of its speech-enabling technologies.

At Sept. 30, 2009, the Company had $4,133,000 in total assets
against $50,132,000 in total liabilities, all current, resulting
in $45,999,000 in stockholders' deficit.

As of Sept. 30, 2009, the Company had an accumulated deficit of
$288,839,000; negative working capital of $46,725,000; derivative
liabilities of $36,460,000 related to the issuance of Series P
Preferred Stock, Series L Preferred Stock, Series M Preferred
Stock, Series N Preferred Stock, Series O Preferred Stock and
Series E Convertible Debentures and Series B Preferred Stock of
its subsidiary, Fonix Speech; accrued liabilities of $8,942,000;
accrued payroll and other compensation of $902,000; accounts
payable of $2,215,000; related party accounts payable of $107,000;
tax payable of $29,000; deferred tax liabilities of $228,000;
related party notes payable of $777,000; and deferred revenues of
$465,000.



FREEDOM COMMUNICATIONS: Creditors Pursue Hoiles Family
------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that creditors are
still in hot pursuit of members of the Hoiles family and other
former leaders who allegedly let Freedom Communications Inc. sink
into bankruptcy while they fretted over their "estate planning."

                   About Freedom Communications

Freedom Communications, in Irvine, California, is a national
privately owned media company operating print publications,
broadcast television stations and interactive businesses.  The
company's print portfolio includes approximately 100 daily and
weekly publications, plus ancillary magazines and other specialty
publications. The broadcast company's stations -- five CBS, two
ABC network affiliates and one CW affiliate -- reach more than
3 million households across the country. The Company's news,
information and entertainment websites complement its print and
broadcast properties.

Freedom Communications filed for Chapter 11 on Sept. 1, 2009
(Bankr. D. Del. Case No. 09-13046).  Attorneys at Young Conaway
Stargatt & Taylor, and Latham & Watkins LLP served as Chapter 11
counsel.  Houlihan, Lokey, Howard & Zukin, Inc., served as
financial advisors while AlixPartners LLC served as restructuring
consultants.  Logan & Co. served as claims and notice agent.

Freedom Communications had $757,000,000 in assets against debts of
$1,077,000,000 as of July 31, 2009.

The Bankruptcy Court confirmed Freedom Communications' Plan of
Reorganization on March 9, 2010.  The Plan became effective
April 30, 2010.  The Plan, which was supported by the Steering
Committee of the Company's secured lenders and the Official
Committee of Unsecured Creditors, eliminated $450 million of debt
from Freedom's balance sheet.


GAMETECH INTERNATIONAL: Four Directors Elected at Annual Meeting
----------------------------------------------------------------
The annual meeting of stockholders of GameTech International,
Inc., was held on April 13, 2011.  At the annual meeting, the
Company's stockholders: (i) elected four directors to serve as a
Company director until the next annual meeting of stockholders;
(ii) approved the appointment of Piercy Bowler Taylor & Kern as
the Company's independent public accountants for the fiscal year
ending Oct. 30, 2011; and (iii) adopted the Company's 2011 Stock
Incentive Plan.

The newly elected directors are Richard H. Irvine, Kevin Y.
Painter, Scott H. Shackelton, and Donald K. Whitaker.

                          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.

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.


GARRISON ROAD: Court Dismisses Involuntary Chapter 11 Case
----------------------------------------------------------
Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the
District of Maryland, at Greenbelt, issued an order dismissing the
involuntary Chapter 11 case of Garrison Road, LLC, for failure by
the parties-in-interest to show cause why the case should not be
dismissed.

The automatic stay imposed by Section 362(a) is terminated.

                  About Garrison Road, LLC

KH Funding Co. filed an involuntary Chapter 11 petition for
Potomac, Maryland-based Garrison Road, LLC, on June 25, 2010
(Bankr. D. Md. Case No. 10-24344).  Lawrence Coppel, Esq.,
represents KH Funding.


GATEHOUSE MEDIA: Bank Debt Trades at 56% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Gatehouse Media,
Inc., is a borrower traded in the secondary market at 44.40 cents-
on-the-dollar during the week ended Friday, April 22, 2011, an
increase of 0.30 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
February 27, 2014, and carries Moody's Ca rating and Standard &
Poor's CCC- 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.

Gatehouse Media, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$26.64 million on $558.58 million of total revenue for the year
ended Dec. 31, 2010, compared with a net loss of $530.61 million
on $584.79 million of total revenue for the year ended Dec. 31,
2009.

The Company reported net income of $1.10 million on $143.36
million of revenue for the three months ended Dec. 31, 2010,
compared with a net loss of $4.27 million on $150.16 million of
total revenue for the same period during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $546.32
million in total assets, $1.33 billion in total liabilities and a
$792.12 million stockholders' deficit.

GateHouse Media, Inc. -- http://www.gatehousemedia.com/--
headquartered in Fairport, New York, is one of the largest
publishers of locally based print and online media in the United
States as measured by its 97 daily publications.  GateHouse Media
currently serves local audiences of more than 10 million per week
across 21 states through hundreds of community publications and
local Web sites.


GEORGE MASSEY: Court Affirms Ruling on Law Firm's Fees
------------------------------------------------------
Bankruptcy Judge Elizabeth W. Magner denied a request by Gordon,
Arata, McCollam, Duplantis & Eagan, LLC, for the court to
reconsider its prior order denying the firm's Third and Final
Application for Allowance of Fees and Costs in the bankruptcy case
of George H. Massey and Sharron Beach Massey.  The firm
represented the Masseys as chapter 11 counsel, before the case was
converted to Chapter 7 liquidation.

In her April 19, 2011 Reasons for Decision, Judge Magner said
nothing presented by the firm's Motion raises any issues that
would support its granting.  Specifically, the Court held that its
Opinion does not contain manifest error of law or fact.  The
firm's Motion is merely a regurgitation of its prior arguments,
facts, and policies already considered by the Court in the
Opinion.  A copy of the Court's April 19 decision is available at
http://is.gd/jrzaq3from Leagle.com.

George H. Massey, Jr. and Sharron Beach Massey in New Orleans,
Louisiana, filed for Chapter 11 bankruptcy (Bankr. E.D. La. Case
No. 06-11338) on Nov. 29, 2006, represented by Phillip K. Wallace,
PLC.  In their petition, the Masseys estimated $1 million to $100
million in both assets and debts.


GLC LIMITED: Wants to Hire Leon E. Ebbert as Accountants
--------------------------------------------------------
GLC Limited seeks authority from the U.S. Bankruptcy Court for the
Southern District of Ohio, Western Division, to employ Leon E.
Ebbert, PC, CPA, as accounts, nunc pro tunc to the Petition Date.

Ebbert will be responsible for, among other things, preparing the
Debtor's payroll, certain financial statements, tax returns, and
bankruptcy schedules.  Ebbert's duties and responsibilities will
be consistent with the typical responsibilities of an accountant.

Leon E. Ebbert assures the Court that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors' estates.

                        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.


GLC LIMITED: Taps James Burritt as Chief Restructuring Officer
--------------------------------------------------------------
GLC Limited seeks authority from Judge Jeffery P. Hopkins of the
U.S. Bankruptcy Court for the Southern District of Ohio, Western
Division, to employ James Burritt as chief restructuring officer,
nunc pro tunc the Petition Date.

In December 2010, the Debtor employed Mr. Burritt of MainStream
Management as its chief restructuring officer and to provide
it management and advisory services.  Pursuant to a resolution,
the Company's board of directors authorized Mr. Burritt to act on
behalf of the Debtor in its Chapter 11 case and in the operation
of the businesses of the Debtor.

Mr. Burritt, as Chief Restructuring Officer of the Debtor, will be
responsible for day-to-day executive management and operational
issues of the Debtor.  His duties and responsibilities will be
comparable to those typically held by a chief executive officer,
the Debtor said in court papers.  In addition, Mr. Burritt will be
responsible for evaluating the assets of the Debtor and
determining the method that will return the highest value to
creditors and the Debtor's chapter 11 estate.

Mr. Burritt will be paid an hourly fee of $315 and receive a
success fee equal to 2%, payable on the gross proceeds returned to
the creditors and other interested parties pursuant to a plan of
reorganization confirmed by the Court.  Mr. Burritt will also be
reimbursed for any necessary out-of-pocket expenses.

The maximum available fee to Mr. Burritt when combining the Weekly
Fee with the Success Fee will not exceed $10,000 per week.  He
will not be entitled to collect a Success Fee on any inventory
sales that occur on or after June 18, 2011.  Any fees earned or
due after June 18, 2011 will be paid on an hourly basis as a
Weekly Fee, subject to the $8,820 per week cap and pursuant to a
budget agreed to by the Official Committee of Unsecured Creditors.

Mr. Burritt assures the Court that he is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor's
estates.

Mr. Burritt, however, discloses that, through Mainstream, he
received a $30,000 retainer in connection with preparing for the
filing of the Debtor's bankruptcy case.  He also discloses that
within one year prior to the Petition Date, he received a total of
$52,921 as payment for prepetition fees and expenses.

                        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.


GLC LIMITED: Court Okays Morrison Manning as Committee's Counsel
----------------------------------------------------------------
Judge Jeffery P. Hopkins of the U.S. Bankruptcy Court for the
Southern District of Ohio, Western Division, authorized the
Official Committee of Unsecured Creditors of GLC Limited to retain
Morris, Manning & Martin, LLP, as its counsel, nunc pro tunc to
March 4, 2011.

                        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 MED: Case Summary & 8 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Global Med Services, Inc.
        16429 Berwyn Road
        Cerritos, CA 90703

Bankruptcy Case No.: 11-27149

Chapter 11 Petition Date: April 20, 2011

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Alan M. Ahart

Debtor's Counsel: Miyun Lim, Esq.
                  LAW OFFICES MIYUN TERI LIM & ASSOCIATES
                  3701 Wishire Boulevard, Suite 1025
                  Los Angeles, CA 90010
                  Tel: (231) 389-3557
                  Fax: (323) 927-3623
                  E-mail: teribklaw@gmail.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 eight largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/cacb11-27149.pdf

The petition was signed by Kwang (John) Chang, CEO.


GMX RESOURCES: S&P Assigns 'B-' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
corporate credit rating to Oklahoma City-based GMX Resources Inc.
The outlook is stable.

S&P noted, "At the same time we assigned a 'B-'issue rating to
GMX's $200 million senior unsecured notes due 2019.  We assigned a
'4' recovery rating to the notes, indicating our expectation of
average (30% to 50%) recovery for lenders in the event of a
payment default."

Proceeds from the notes offering and a concurrent $100 million
common stock offering should be used to refinance existing debt as
well as fund near-term capital spending.

"The ratings on GMX Resources Inc. reflect the company's limited
scale of operations, meaningful exposure to weak natural gas
prices, a very aggressive near-term spending plan, limited
liquidity beyond 2011, and elevated debt leverage," said Standard
& Poor's credit analyst Paul B. Harvey.  "Near-term credit quality
will benefit from the liquidity provided by GMX's $200 million
senior unsecured note issuance and concurrent $100 million common
equity offering, as well as expectations for growing production
from its Haynesville Shale development," S&P related.

The stable outlook reflects the benefits from GMX's favorable
hedges, expectations for growing production, and the liquidity
provided by the concurrent debt and equity offerings.  Ratings
could be lowered if GMX fails too maintain sufficient liquidity,
$30 million or greater, or if its drilling program is
unsuccessful.  Given the company's aggressive capital spending
and less than adequate liquidity, positive rating actions are not
currently expected within the next 12 to 18 months.


GRAPHIC PACKAGING: Fitch Holds 'B' IDR; Revises Outlook to Pos.
---------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook of Graphic Packaging
Holding Company's (GPK) debt securities to Positive from Stable.
Approximately $2.9 billion in debt and credit commitments are
affected.

GPK is about to close on a sale to the public of around
40.5 million common shares before underwriters' overallotment,
following the placement of 6.5 million shares held by the Coors
Trust.  Fitch expects the sale will net the company around
$200 million.  GPK plans to use some portion of the proceeds to
pay for Oroville, CA-based Sierra Pacific Packaging Inc. at a cost
of $53.5 million.  The rest of the proceeds will be used to pay
down debt.

This decision advances the company almost a year in debt repayment
from free cash flow and will lower the company's debt/EBITDA from
4.6 times (x) at last fiscal year-end to approximately 4.3x.  GPK
is striving to de-leverage a further $200-$220 million with cash
from operations this year which, if successful, could see leverage
fall below 4.0x.  Last year GPK earned $563 million in EBITDA and
repaid $221 million in debt.  Paperboard pricing and demand favor
another decent year in 2011.

GPK also has a strong liquidity position with a light debt
maturity profile.  At the end of last December GPK had almost
$139 million in cash on hand and an unused $400 million secured
revolver (apart from letters of credit).  Near term maturities of
debt over the next two years do not exceed $20 million per year.

Fitch affirms these ratings:

   -- Issuer Default Rating (IDR) at 'B';

   -- Senior secured revolver at 'BB/RR1';

   -- Senior secured term loans at 'BB/RR1';

   -- Senior unsecured bonds at 'B/RR4';

   -- Senior subordinated notes at 'CCC/RR6'.

The Rating Outlook is revised to Positive from Stable.


GREAT ATLANTIC & PACIFIC: Teamsters Balk at Bid to Reject Pensions
------------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Teamsters union,
which represents hundreds of retired truck drivers and warehouse
workers who once moved products for Great Atlantic & Pacific Tea
Co., has raised concerns about the company's plan to void its
pension agreement.

                 About Great Atlantic & Pacific

Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States.  It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia.  "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).

A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees.  Roughly 95% of the workforce are covered by
collective bargaining agreements.

A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y.
Case No. 10-24549) on Dec. 12, 2010 in White Plains, New York.  In
its petition, A&P reported total assets of $2.5 billion and
liabilities of $3.2 billion as of Sept. 11, 2010.

Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors.  Kurtzman Carson Consultants LLC
is the claims and notice agent.  Lazard Freres & Co. LLC is the
financial advisor.  Huron Consulting Group is the management
consultant.  Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and
Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represent the Official Committee of Unsecured Creditors.


GREYSTONE LOGISTICS: Incurs $101,558 Loss in Feb. 28 Quarter
------------------------------------------------------------
Greystone Logistics, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $101,558 on $4.20 million of sales for the three
months ended Feb. 28, 2011, compared with a net loss of $76,298 on
$3.54 million of sales for the same period during the prior year.
The Company also reported a net loss of $947,894 on $14.25 million
of sales for the nine months ended Feb. 28, 2011, compared with a
net loss of $2,197 on $11.17 million of sales for the same period
during the prior year.

The Company's balance sheet at Feb. 28, 2011 showed $10.42 million
in total assets, $19.22 million in total liabilities and a $8.80
million total deficit.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://is.gd/6QWnKl

                     About Greystone Logistics

Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB -
News) -- http://www.greystonelogistics.com/-- manufactures and
sells plastic pallets through its wholly owned subsidiary,
Greystone Manufacturing, LLC.  Greystone sells its pallets through
direct sales and a network of independent contractor distributors.
Greystone also sells its pallets and pallet leasing services to
certain large customers direct through its President, Senior Vice
President of Sales and Marketing and other employees.

As reported in the Troubled Company Reporter on Sept. 17, 2010,
HoganTaylor LLP, in Tulsa, Okla., expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's results for the fiscal year ended May 31,
2010.  The independent auditors noted that at May 31, 2010, the
Company has a stockholders' deficit of $7.7 million and a working
capital deficit of $12.6 million.


HANOVER INSURANCE: Fitch Affirms 'BB' Jr. Sub. Debenture Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the 'A-' Insurer Financial Strength
(IFS) rating of The Hanover Insurance Company, the principal
operating subsidiary of The Hanover Insurance Group (NYSE: THG).

Fitch affirms these ratings with a Stable Outlook:

The Hanover Insurance Group

   -- IDR at 'BBB';

   -- 7.625% senior unsecured notes due 2025 at 'BBB-';

   -- 7.55% senior notes due March 1, 2020 'BBB-';

   -- 8.207% junior subordinated debentures due 2027 at 'BB'.

The Hanover Insurance Company

   -- IFS at 'A-'.

Citizens Insurance Company of America

   -- IFS at 'A-'.

The Rating Outlook has been revised to Stable from Positive for
all ratings.

The Outlook revision follows THG's announcement that it has made
an offer to acquire Chaucer Holdings PLC (LSE: CHU).  While the
acquisition would advance THG's specialty strategy and provide
scale and earnings diversification benefits, the Rating Outlook
revision reflects uncertainty tied to entering a new market
outside of the U.S. and ultimately meeting return objectives for
the transaction given the cyclical and competitive nature of
Chaucer's business, as well as moderate deterioration in several
credit factors post-closing.

At approximately $500 million, the transaction value is larger
than THG's previous acquisitions and represents approximately 20%
of its shareholder equity base of $2.5 billion at year-end 2010.
In addition, the acquisition is the company's first foray outside
the U.S.

While THG expects to finance the transaction with a combination of
cash on hand and up to $250 million in new senior debt, Fitch
notes that this results in pro forma debt-to-capital that will be
on the margin of ratings expectations through 2012.  Over time
however, the transaction is expected to be positive for fixed
charge coverage due to expected earnings accretion.

Key ratings drivers that could lead to a downgrade include:

   -- A material addition to CHU's reserves after closing and/or a
      material deterioration in THG's reserve adequacy;

   -- A material deterioration in underwriting and investment
      performance of the combined organization relative to peers;

   -- Operating leverage greater than 1.8 times (x) and net
      leverage greater than 4.5x for the combined organization.

Key ratings drivers that could lead to a future upgrade include:

   -- Underwriting and investment performance that causes Fitch to
      view the combined organization as comparable from a ratings
      perspective with higher-rated companies, with;

   -- statutory capitalization and reserve adequacy on U.S.
      operating subsidiaries maintained at current levels and
      capital adequacy of CHU improved to be consistent with
      THG's;

   -- Holding company debt-to-capital ratio below 25%.


HARRY & DAVID: Creditors Committee Balks at Rights Offering
-----------------------------------------------------------
Dow Jones' DBR Small Cap reports that unsecured creditors are
taking aim at Harry & David Holdings Inc.'s request to launch a
backstopped rights offering, arguing that the measure unfairly
benefits an equity holder and lender of the company while
encroaching on unsecured creditors' rights and recovery prospects.
The official committee representing unsecured creditors in the
bankruptcy proceedings sprung into action Thursday, filing a slew
of objections to everything from the company's final bankruptcy
financing bid to its proposed $55 million rights offering.  The
rights offering objection specifically targets Wasserstein & Co.,
a firm the creditors say wears "nearly every hat possible" in the
case and is using its power to injure the unsecured creditors.

                         About Harry & David

Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear
Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek
Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek
Orchards, 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.

Harry & David Holdings filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 11-10884) on March 28, 2011.

Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885),
Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886),
and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887)
filed separate Chapter 11 petitions.

Daniel J. DeFranceschi, Esq.; Paul Noble Heath, Esq.; and Zachary
Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors'
local counsel.  David G. Heiman, Esq.; Brad B. Erens, Esq.; and
Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' legal
counsel.  Rothschild Inc. is the Debtors' investment banker.
Alvarez & Marsal LLC is the Debtors' financial advisor.  Garden
City Group Inc. is the Debtors' claims and notice agent.  McKinsey
Recovery & Transformation Services U.S. LLC is being tapped as
management consultants.

The cases are jointly administered, with Harry David Holdings as
lead case.

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 are counsel to principal noteholders.  Moelis & Company
is the financial advisor to the principal noteholders.

Lowenstein Sandler has been retained as counsel to the unsecured
creditors committee in the Harry & David bankruptcy case.

The Debtors disclosed $304.3 million in total assets and
$360.8 million in total debts as of Dec. 25, 2010.


HASSEN REAL ESTATE: Court Extends Filing of Schedules Until May 27
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has extended, at the behest of Hassen Real Estate Partnership and
Eastland Tower Partnership, the deadline for the filing of a
schedule of assets and liabilities, a schedule of current income
and expenditures, a statement of executory contracts and unexpired
leases, a statement of financial affairs, and a list of equity
security holders until May 27, 2011.

The Debtors said that the analysis and compilation of the
information for the Schedules and Statements will take significant
time because (i) there are urgent other demands upon the Debtors
as a result of the filing of these cases that will consume the
time of the Debtors' small staff of people, (ii) the Debtors have
approximately forty parties in interest and creditors on its
creditor matrix, (iii) the Debtors' operations involve numerous
contracts, leases, and other agreements, including tenant leases
(iv) certain of the Debtor's liabilities may constitute
contingent, unliquidated claims relating to obligations that are
difficult to quantify, (v) the Debtors and their professionals
need time to evaluate the information comprising the Schedules and
Statements once compiled, and (vi) the Debtors do not have a large
corporate staff available to perform and oversee all work
necessary to prepare the Schedules and Statements.

Hassen Real Estate Partnership and affiliate Eastland Tower
Partnership are each engaged in the business of commercial real
estate development and operation in West Covina, California.  HREP
owns and operates a retail/office center known as the West Covina
Village Shopping Center, while ETP owns and operates an office
tower known as the Wells Fargo Bank Tower.

HREP filed for Chapter 11 bankruptcy protection (Bankr. C.D.
Calif. Case No. 11-25499) on April 10, 2011.  Christine M. Pajak,
Esq., at the Stutman, Treister & Glatt Professional Corporation,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.

ETP (Bankr. C.D. Calif. Case No. 11-25500) simultaneously filed a
separate Chapter 11 petition.


HASSEN REAL ESTATE: Section 341(a) Meeting Scheduled for May 23
---------------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of Hassen
Real Estate Partnership's creditors on May 23, 2011, at 10:00 a.m.
The meeting will be held at Room 2610, 725 S Figueroa Street, Los
Angeles, California.

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.

                     About Hassen Real Estate

Hassen Real Estate Partnership and affiliate Eastland Tower
Partnership are each engaged in the business of commercial real
estate development and operation in West Covina, California.  HREP
owns and operates a retail/office center known as the West Covina
Village Shopping Center, while ETP owns and operates an office
tower known as the Wells Fargo Bank Tower.

HREP filed for Chapter 11 bankruptcy protection (Bankr. C.D.
Calif. Case No. 11-25499) on April 10, 2011.  Christine M. Pajak,
Esq., at the Stutman, Treister & Glatt Professional Corporation,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.

ETP (Bankr. C.D. Calif. Case No. 11-25500) simultaneously filed a
separate Chapter 11 petition.


HASSEN REAL ESTATE: Wants to Use Cash Collateral; Lenders Object
----------------------------------------------------------------
Hassen Real Estate Partnership and Eastland Tower Partnership seek
authority from the U.S. Bankruptcy Court for the Central District
of California to use the cash collateral until June 30, 2011.

Each of the Debtors is a borrower under one of two promissory
notes both dated Nov. 21, 2006, and each in the principal amount
of $41 million, which are secured by deeds of trust.  Each Note is
secured by substantially all of the respective Debtors' assets.
The Notes are now held by CSMC 2006-C5 Azusa Avenue Limited
Partnership and CSMC 2006-C5 Barranca Street Limited Partnership,
respectively, and LNR Partners, LLC, acts as the special asset
manager for both partnerships.  As of the Petition Date, Azusa
Partnership contends that HREP owes approximately $48.6 million,
and Barranca Partnership contends that ETP owes approximately
$50.5 million.

Marina Fineman, Esq., at Stutman, Treister & Glatt Professional
Corporation, explains that the Debtors need the money to fund
their Chapter 11 case, pay suppliers and other parties.  The
Debtors will use the collateral pursuant to a budget, a copy of
which is available for free at:

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

As of the Petition Date, each Debtor has opened a new debtor-in-
possession operating bank account at Wells Fargo Bank. All monies
collected from the tenants at the Debtors' properties, and any
monies that may be forwarded by the Lenders to the Debtors from
tenant collections going forward, will be deposited into the
respective Debtor accounts at Wells Fargo Bank.  All direct
obligations of each of the Debtors' properties will be paid from
the respective Wells Fargo Bank debtor-in-possession operating
accounts.  Upon approval of the Debtors' request to use cash
collateral, the Debtors will provide notice to their tenants that
payments should no longer be made in accordance with the most
recent procedures established by the Lenders and the Debtors
prepetition.  Instead, the Debtors will direct all of their
tenants to commence making rent payments directly to the Debtors,
which will be deposited in their respective Wells Fargo Bank
operating accounts.  The Debtors also seek court order directing
the Lenders to turnover, within five days of receipt, any and all
monies that KeyCorp/KeyBank Real Estate Capital may receive from
tenants beginning in May 2011.

Each Debtor will open a separate debtor-in-possession reserve bank
account at Wells Fargo Bank, into which each Debtor will deposit
any amounts that may be turned over to the Debtors, by the
Lenders, from the Reserve Accounts in accordance with court order.
Each Debtor will also open a utilities reserve account at Wells
Fargo Bank.

The Debtors assure the Court that its use of cash collateral won't
result in any diminution of the value of the Lenders' interests in
the collateral.

In exchange for the use of cash collateral, the Lenders will
replacement liens, subject to the same defenses and rights of
avoidance as their lien in cash collateral, on any cash,
receivables, or other rights created postpetition relating to the
Debtors' properties.

                          Lenders Object

The Lenders object to the Debtors' use of cash collateral, saying
"the Lenders object to the use of this motion as a vehicle to: (1)
cease the funding of tax and insurance reserves and the payment of
debt service to the Lender out of excess cash flows from the
properties, which is what the parties bargained for almost a year
ago; (2) pay management fees to insiders; and (3) pay management
fees in excess of the industry standard."

The Lenders state that "with respect to the Eastland Property,
Eastland is attempting to 'double dip' and seeks management fees
not only for Eastland, but also for HDC.  There are 'maintenance
and repair' costs of $49,500, payroll of $94,500, payroll taxes of
$7,230, and 'other' of $4,500.  In addition, in the 'G&A Exp.,'
Eastland is also seeking 'salaries & wages' of $115,900, payroll
taxes of $17,740, 'professional fees' of $3,000, and management
fees of $36,000.  Adding these amounts and dividing by the total
rental income for the same period of $1,024,932 results in a total
percentage of 32% for managing and operating only the Eastland
Property.  Simply taking the management fees of $36,000 and
dividing by $1,024,932 equals management fees of 3.5% -- hardly a
'reduced amount' as claimed by Ziad.  With respect to Hassen,
there is in fact, no reduction as taking only the management fees
of $26,355 and dividing by $753,018 is equal to 3.5%."

The Lenders are unable to ascertain whether the Debtors' proposed
budgets are accurate and reliable.

"Pursuant to the budgets provided by the Debtors in June 2010
which have been applied for the past year, the Debtors show
Hassen's total collected base rental revenue as $822,711.
However, pursuant to Exhibit 1 to the Motion, the Debtors list
such amount as $753,018.  Other amounts also do not align, such as
the payroll taxes increase from $6,660 in the June 2010 Budgets to
$10,000 in the Motion Budgets even though the salaries and wages
are listed as lower in the Motion Budgets.  Thus, it appears that
the value of Lender's collateral is actually declining," the
Lenders say.

According to the Lenders, the Debtors have not met their burden of
proof that the Lenders are adequately protected if the Debtors are
allowed to revoke the cash management procedures that have been in
place since the forbearance period began almost one year ago, and
the Court should allow the Debtors' to use cash collateral only
for necessary expenses.

The Lenders are represented by H. Mark Mersel and Sheri Kanesaka
at Bryan Cave LLP.

           About Hassen Real Estate & Eastland Tower

Hassen Real Estate Partnership and affiliate Eastland Tower
Partnership are each engaged in the business of commercial real
estate development and operation in West Covina, California.  HREP
owns and operates a retail/office center known as the West Covina
Village Shopping Center, while ETP owns and operates an office
tower known as the Wells Fargo Bank Tower.

HREP filed for Chapter 11 bankruptcy protection (Bankr. C.D.
Calif. Case No. 11-25499) on April 10, 2011.  Christine M. Pajak,
Esq., at the Stutman, Treister & Glatt Professional Corporation,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.

ETP (Bankr. C.D. Calif. Case No. 11-25500) simultaneously filed a
separate Chapter 11 petition.


HAWKER BEECHCRAFT: Bank Debt Trades at 12% Off in Secondary Market
------------------------------------------------------------------
Participations in a syndicated loan under which Hawker Beechcraft
is a borrower traded in the secondary market at 87.86 cents-on-
the-dollar during the week ended Friday, April 22, 2011, a drop of
0.44 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 March 26, 2014, and
carries Moody's Caa1 rating and Standard & Poor's CCC+ 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 Hawker Beechcraft

Hawker Beechcraft Acquisition Company, LLC, headquartered in
Wichita, Kan., is a leading manufacturer of business jets,
turboprops and piston aircraft for corporations, governments and
individuals worldwide.

The Company's balance sheet at Sept. 30, 2010, showed $3.384
billion in assets, $3.482 billion in liabilities, and a deficit of
$97.3 million.

The Company reported a net loss of $238.6 million on $1.802
billion of net sales for nine months ended Sept. 30, 2010,
compared with a net loss of $458.6 million on $2.112 billion of
net sales for nine months ended Sept. 27, 2009.

Hawker Beechcraft carries 'Caa2' corporate family and probability
of default ratings from Moody's Investors Service.


HERITAGE ORGANIZATION: Bankr. Ct. Won't Hear TUFTA Claims
---------------------------------------------------------
Bankruptcy Judge Barbara Houser held that the bankruptcy court has
jurisdiction to certain portions of the suit, Dennis Faulkner,
Trustee, v. Eagle View Capital Management, et al., Adv. Pro. No.
10-3357 (Bankr. N.D. Tex.).  Dennis Faulkner serves as trustee of
the Heritage Creditors Trust, which was established under The
Heritage Organization, LLC's bankruptcy plan.

The Defendants have asked the Court to dismiss the suit.  The
Defendants are Gary M. Kornman, Eagle View Capital Management,
LLC, Financial Marketing Services, Inc., 618 BR, LLC, TL
Marketing, LLC, Valiant Investments 94-1, LP, Valiant Investments
94-3, LP, Valiant Investments 94-5, LP, Valiant Investments 94-6,
LP, Valiant Investments 95-4, LP, Valiant Investments 95-5, LP,
Intrepid Investments II, LP, The Oak Group, LP, GMK 2002 Friends
and Family Trust, Kornman Corporation, Steadfast Investments, LP,
Kornman & Associates, Inc., DPK Investments, LP, Life Underwriters
of America, Inc., Dorothy P. Kornman - GMK PAS Trust, 814G, LLC,
2002 DPK Descendants Trust I, Ettman Family Trust I, Flagstone
Management, LLC, and Treasured Investment, LP.

According to Judge Houser, the Court has post-confirmation subject
matter jurisdiction under 28 U.S.C. Sec. 1334(b) over the
Trustee's claim under section 550 of the Bankruptcy Code.  The
Court does not have post-confirmation subject matter jurisdiction
under 28 U.S.C. Sec. 1334(b) over the Trustee's claim pursuant to
Texas's Uniform Fraudulent Transfer Act.  Nor does the Court have
the ability to exercise ancillary jurisdiction over that claim.
Accordingly, the Kornman Defendants' Motion to Dismiss is granted
in part, and the Trustee's TUFTA claim is dismissed for lack of
jurisdiction.

A copy of Judge Houser's April 18, 2011 Memorandum Opinion is
available at http://is.gd/LWKY4Sfrom Leagle.com.

The bankruptcy case is In re: The Heritage Organization, L.L.C.,
(Bankr. N.D. Tex. Case No. 04-35574).  The Trustee was appointed
pursuant to Heritage's plan of reorganization.  The Plan was
confirmed by order entered on Sept. 12, 2007.


HORIZON BANCORP: Incurs $5.77 Million Net Loss in 2010
------------------------------------------------------
Horizon Bancorporation, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $5.77 million on $58,184 of total operating income for the
year ended Dec. 31, 2010, compared with a net loss of $8.12
million on $0 of total operating income during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.26 million
in total assets, $1.07 million in total liabilities and $190,838
in total shareholders' equity.

Francis & Co., CPA's, in Atlanta, Georgia, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has suffered heavy
losses in calendar years 2010 and 2009, reducing its capital
accounts significantly.  Moreover, federal and state regulators,
in 2009, imposed a Written Agreement on the Bank mainly due to
increasing levels in non-performing assets and eroding regulatory
capital.

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

                    About Horizon Bancorporation

Horizon Bancorporation, Inc. (OTC BB: HZNB)
-- http://www.horizonbankfl.com/-- is the bank holding company of
Horizon Bank, a commercial bank chartered under the laws of
Florida.  The Company maintains its corporate offices and main
banking center at 900 53rd Avenue East, in Bradenton, Florida.

On Sept. 10, 2010, Horizon Bank failed and the Federal Deposit
Insurance Corporation was appointed as receiver for the Bank and
its assets.

The Company's existing management team, consisting of Charles S.
Conoley, as President and CEO, and Kathleen M. Jepson, as CFO, and
the Company's existing directors will continue to manage the
affairs of the Company.  Management and the Board of Directors are
currently evaluating the possibility of the Company entering into
one or more lines of business, which may or may not involve the
ownership of a financial institution, while, in the short run,
resolving all outstanding issues stemming from Horizon Bank's
receivership.  The Company intends to maintain, for the
foreseeable future, the Company's status as a fully reporting
public company.


HORSESHOE POINT: Court Grants Lender Relief From Stay
-----------------------------------------------------
Bankruptcy Judge Nancy V. Alquist granted Lafayette Financial LLC
relief from the automatic stay in the bankruptcy case of Horseshoe
Point, LLC, in view of the Debtor's deteriorating finances.

Horseshoe Point, LLC, owns a parcel of land located at 1 Norwood
Road, Annapolis, Maryland.  The Property was purchased with the
intent of building a residence for the principals of the Debtor,
Mr. Brian McCormick and Ms. Angela Nagel, his spouse.  The
Property is a waterfront parcel on the Severn River.  The Property
was purchased with cash; the Debtor obtained financing from the
Lender to construct the residence.  Before its chapter 11 filing,
the Debtor hired a building contractor, Pyramid Builders, Inc., to
construct the residence, and to obtain necessary permitting.  The
Debtor razed the existing structure on the Property, and created
on the site an excavation intended to have been the start of the
foundation for the future residence.  The Debtor ran out of funds.
Building has not commenced, and the excavation has remained on the
Property for some time, during which it is at constant risk (if
not continually pumped), of filling with water from rains or the
adjacent river.

The Debtor hired Pyramid to pump the water from the Property and
to build a secant wall in the excavation site. The secant wall,
which was intended to be only temporary, abuts the neighboring
residential property (4 Norwood Road) owned by Donald Roland. The
wall is intended to hold back erosion and prevent the shifting of
earth in and around the excavation. The Lender -- and now the
neighbor and the City of Annapolis -- have become concerned about
the condition of the secant wall, which they claim has
deteriorated and has the potential to shift or collapse, causing
damage to the Property and to the neighboring land, house,
outbuildings and swimming pool.

Judge Alquist said the Lender has established that it is entitled
to relief from stay because: (I) there is an obligation owed from
the Debtor to the Lender, (ii), the Lender holds a valid security
interest and (iii) cause exists to lift the stay because the
Lender's interest is not adequately protected.

A copy of the Court's April 14, 2011 Memorandum is available at
http://is.gd/QA0cx5from Leagle.com.

Horseshoe Point, LLC, in Annapolis, Maryland, filed for Chapter 11
bankruptcy (Bankr. D. Md. Case No. 10-36752) on Nov. 24, 2010.
Paul Sweeney, Esq. -- psweeney@loganyumkas.com -- at Logan,
Yumkas, Vidmar & Sweeney LLC, serves as the Debtor's counsel.  In
its petition, the Debtor estimated $1 million to $10 million in
assets and debts.


HOVNANIAN ENTERPRISES: Fitch Affirms 'CCC' IDR; Outlook Now Stable
------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook for Hovnanian
Enterprises, Inc. (NYSE: HOV) to Stable from Negative.  Fitch has
also affirmed the company's Issuer Default Rating (IDR) at 'CCC'.
The rating for HOV is influenced by the company's execution of its
business model, land policies and geographic, price point and
product line diversity.  The rating also reflects the company's
liquidity position, substantial debt and high leverage.

The Outlook revision to Stable from Negative takes into account
the company's improved liquidity position following the completion
of a number of capital markets transactions this year, allowing
the company to improve its cash position and further push out
its debt maturities.  On a pro forma basis, the company had
unrestricted cash of roughly $435 million at Jan. 31, 2011, and no
major debt maturities until calendar year 2014, when $87 million
of debt become due.  The Stable Outlook also reflects somewhat
better prospects for the housing sector this year.

While the company currently has a healthy liquidity position,
Fitch is somewhat concerned that the company is willing to lower
its cash levels to between $200 million and $275 million to take
advantage of land acquisition opportunities.  Given that the
company terminated its revolving credit facility during the fourth
quarter of 2009, Fitch is concerned that this level of cash
(around $200 million) does not provide a large enough liquidity
cushion in the event that the current low levels of housing
activity persist longer than anticipated.  The absence of a bank
credit facility also means a lack of bank oversight, which is a
useful check on management's appetite for risk.

HOV spent $287.9 million on new land purchases during its fiscal
2010.  Land and development expenditures during the first quarter
of 2011 totaled approximately $75 million, flat compared to the
same period last year.  For the twelve month period ending
Jan. 31, 2011, the company generated $86.3 million of cash flow
from operations, which included $291.3 million of tax refunds.

Excluding tax refunds, the company has been cash flow negative in
each of the last seven quarters.  For all of fiscal 2011, Fitch
expects HOV to be cash flow negative as the company continues to
build its land position (through land purchases and development
spending).

At Jan. 31, 2011, the company controlled 33,442 lots (including
unconsolidated joint ventures), of which 56% were owned and the
remaining lots controlled through options and joint venture
partnerships.  Based on the latest 12 month (LTM) closings, HOV
controlled 7 years of land and owned roughly 4.2 years of land.

Recent macroeconomic housing statistics (new and existing home
sales, single-family housing starts) are weak and disappointing,
especially during the month of February.  However, there seems to
be a slight seasonal pick-up in the spring orders compared to the
winter.  The public builders have reported clear improvement in
traffic.  Selling incentives appear to be rising, to the
disadvantage of near-term margins, although new home prices are
relatively stable.

Builder comparisons are challenging during the first half of 2011
and then ease in the third and fourth quarters.  If the economy
continues its advance and a moderate number of jobs are added,
macroeconomic housing metrics should, for the most part, rise at a
single-digit pace this year.

Fitch currently projects new single-family housing starts will
increase 8.5% in 2011 following 5.8% growth in 2010.  After
falling 14.4% in 2010, new home sales are forecast to grow about
1.9% in 2011. Fitch expects existing home sales to stay flat in
2011 after a 4.8% decline in 2010.

Future ratings and Outlooks will be influenced by broad housing
market trends as well as company specific activity, such as trends
in land and development spending, general inventory levels,
speculative inventory activity (including the impact of high
cancellation rates on such activity), gross and net new order
activity, debt levels and especially free cash flow trends and
uses, and the company's cash position.  Negative rating actions
could occur if the anticipated recovery in housing does not
materialize and the company prematurely steps up its land
/development spending, leading to consistent and significant
negative quarterly cash flow from operations.

HOV's rating is constrained in the intermediate term due to weak
credit metrics and high leverage, but a Positive Outlook may be
considered if the recovery in housing is significantly better than
Fitch's outlook and the company shows improvement in credit
metrics and its liquidity position.

Fitch has affirmed these ratings for HOV with a Stable Outlook:

   -- IDR at 'CCC';

   -- Senior secured notes at 'B-/RR3';

   -- Senior secured notes (third lien) at 'C/RR6';

   -- Senior unsecured notes at 'C/RR6';

   -- Series A perpetual preferred stock at 'C/RR6'.

Fitch's Recovery Rating (RR) of 'RR3' on HOV's senior secured
notes indicates good recovery prospects for holders of these debt
issues.  The 'RR6' on HOV's senior secured (third lien), senior
unsecured notes, senior subordinated notes and preferred stock
indicates poor recovery prospects in a default scenario.

HOV's exposure to claims made pursuant to performance bonds and
the possibility that part of these contingent liabilities would
have a claim against the company's assets were considered in
determining the recovery for the unsecured debt holders.  Fitch
applied a liquidation value analysis for these RRs.


HSRE-CDS: Creditor Wants Chapter 11 Case Dismissed
--------------------------------------------------
Dow Jones' DBR Small Cap reports that GB HoldCo LLC, HSRE-CDS I
LLC's biggest creditor, said the debtor has "absolutely no
prospects" for a successful restructuring and shouldn't be allowed
to remain under the shelter of Chapter 11.

According to DBR, GB HoldCo also pointed out that the company has
"little or no" cash flow to fund a restructuring because GB HoldCo
ultimately owns the rents and income HSRE-CDS collects.  "In the
absence of any access to income, the debtor's Chapter 11 case is a
sham for which no reorganization is possible whatsoever," GB
HoldCo said in court papers filed Tuesday.

GB HoldCo is owed $22.1 million in secured debt.

                         About HSRE-CDS I

Irving, Texas-based HSRE-CDS I, LLC, is a real estate company
engaged in the acquisition, ownership, operation, management,
leasing, financing, mortgaging and selling of real property.  It
is a partnership between campus-housing operator Collegiate
Management Group and private equity firm Harrison Street Real
Estate Capital LLC.

HSRE-CDS I filed for Chapter 11 bankruptcy protection on March 31,
2011 (Bankr. D. Del. Case No. 11-10972).  The Debtor has not had
sufficient time to discuss with the new lender the terms and
conditions to use any cash collateral.  The bankruptcy case will
allow the Debtor the breathing room to negotiate with the new
lender about issues likely to be key in this case.

R. Craig Martin, Esq., at DLA Piper LLP, serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets at
$10 million to $50 million and debts at $10 million to
$50 million.


IMPERIO DE SIMON: Case Summary & 15 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Imperio De Simon Bolivar Inc.
        1636 W. 8th Street, # 314
        Los Angeles, CA 90017

Bankruptcy Case No.: 11-27107

Chapter 11 Petition Date: April 20, 2011

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Barry Russell

Debtor's Counsel: M. Jonathan Hayes, Esq.
                  LAW OFFICE OF M. JONATHAN HAYES
                  9700 Reseda Boulevard, Suite201
                  Northridge, CA 91324
                  Tel: (818) 882-5600
                  Fax: (818) 882-5610
                  E-mail: jhayes@polarisnet.net

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

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/cacb11-27107.pdf

The petition was signed by Hossein Dallalbashi, president.


INOVA TECHNOLOGY: Amends 2008 10-K; Posts $1.45 Million Net Loss
----------------------------------------------------------------
Inova Technology, Inc., filed with the U.S. Securities and
Exchange Commission an amended annual report on Form 10-K/a for
the fiscal year ended April 30, 2008.  Specifically, the amendment
was made to record:

   (1) change in fair value of derivatives liabilities resulting
       from reclassification of put warrants;

   (2) additional debt discount amortization as a result of
       derivative liabilities resulting from reclassification
       of put warrants;

   (3) expense for a previously unrecorded liability and common
       stock issuance;

   (4) additional net loss as a result items above; and

   (5) issuance of common stock previously unrecorded.

The restated statement of operations reflects a net loss of $1.45
million on $5.44 million of revenue for the year ended April 30,
2008, compared with a net loss of $976,062 on $5.44 million of
revenue as originally reported.

The Company's restated balance sheet at April 30, 2008 showed
$10.58 million in total assets, $10.18 million in total
liabilities and $397,764 in total stockholders' equity, compared
with $10.48 million in total assets, $9.08 million in total
liabilities and $1.40 million in total stockholders' equity.

A full-text copy of the annual report on Form 10-K, as amended, is
available for free at http://is.gd/0uaRSk

                       About Inova Technology

Based in Las Vegas, Nevada, Inova Technology, Inc. (OTC BB: INVA)
-- http://www.inovatechnology.com/-- through its subsidiaries,
provides information technology (IT) consulting services in the
United States.  It also manufactures radio frequency
identification (RFID) equipment; and provides computer network
solutions.  The company was formerly known as Edgetech Services
Inc. and changed its name to Inova Technology, Inc., in 2007.

The Company's balance sheet at Jan. 31, 2011, showed
$10.39 million in total assets, $16.32 million in total
liabilities, and a $5.93 million stockholders' deficit.

As reported in the Troubled Company Reporter on August 26, 2010,
MaloneBailey, LLP, in Houston, expressed substantial doubt about
the Company's ability to continue as a going concern, following
its results for the fiscal year ended April 30, 2010.  The
independent auditors noted that Inova incurred losses from
operations for fiscal 2010 and 2009 and has a working capital
deficit as of April 30, 2010.


INOVA TECHNOLOGY: Awarded $570,000 Network Solutions Project
------------------------------------------------------------
Inova Technology, through its wholly owned subsidiary, Desert
Communications, has been awarded a $570,000 network solutions
project for Gallup McKinley school district in New Mexico.

"We been expanding our business development efforts beyond Texas
and are very happy to be awarded this project in New Mexico," said
CEO, Mr. Adam Radly.  "The company has also bid on numerous
additional projects and we expect to provide the results of those
bids in the near future."

The company receives projects in two stages: The first stage
involves being "awarded" the project and the second stage involves
getting approved "funding" for the project (at which time the
project is deemed "awarded and funded".  Projects that form part
of the company's backlog are projects that are both awarded and
funded.

The Company previously announced that its revenue for the nine
months ended January 2011 was up by 32%, compared to the same
period a year ago.  Inova also previously announced that it paid
down $600,000 of debt in February 2011.

Inova is filing certain restatements from 2008/2009.  All
amendments and restatements are non-cash in nature.  There is not
a significant impact to earnings or EBITDA.

The accounting for warrants associated with various notes was
incorrect and will result in a reclassification from equity to
debt.

The original accounting for these transactions classified the
warrant values as equity because of the fact that there is not a
put liability until the lender exercises its warrants and elects
to put the shares back to the Company.  Further, the effective
dates of 2010-2013 made it appear that the liability wouldn't
exist in 2008 and 2009.

                      About Inova Technology

Based in Las Vegas, Nevada, Inova Technology, Inc. (OTC BB: INVA)
-- http://www.inovatechnology.com/-- through its subsidiaries,
provides information technology (IT) consulting services in the
United States.  It also manufactures radio frequency
identification (RFID) equipment; and provides computer network
solutions.  The company was formerly known as Edgetech Services
Inc. and changed its name to Inova Technology, Inc., in 2007.

The Company's balance sheet at Jan. 31, 2011, showed
$10.39 million in total assets, $16.32 million in total
liabilities, and a $5.93 million stockholders' deficit.

As reported in the Troubled Company Reporter on August 26, 2010,
MaloneBailey, LLP, in Houston, expressed substantial doubt about
the Company's ability to continue as a going concern, following
its results for the fiscal year ended April 30, 2010.  The
independent auditors noted that Inova incurred losses from
operations for fiscal 2010 and 2009 and has a working capital
deficit as of April 30, 2010.


INTELSAT SA: Amends Form S-1; Stockholders to Sell $190MM Notes
---------------------------------------------------------------
Intelsat S.A. filed with the U.S. Securities and Exchange
Commission Pre-Effective Amendment No. 1 to Form S-1 registration
statement regarding the sale by the selling securityholders of up
to $190,910,000 aggregate principal amount of Intelsat
(Luxembourg) S.A.'s 11 1/4% Senior Notes due 2017.  The original
11 1/4% Senior Notes due 2017 were issued on June 27, 2008,
pursuant to Rule 144A and Regulation S and the notes were issued
in exchange for the original notes on Jan. 20, 2010.  The selling
securityholders are affiliates of the Company and the Company has
agreed to file the prospectus to register the notes held by the
selling securityholders for resale.  The Company will not receive
any proceeds from the sale of the notes in this offer.

A full-text copy of the amended prospectus is available for free
at http://is.gd/iFQSAF

                          About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services.  It had US$2.5 billion in revenue in 2009.

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

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of Intelsat
S.A., its indirect parent.  Intelsat Corp. had US$7.70 billion in
assets against US$4.86 billion in debts as of Dec. 31, 2010.

The Company reported a net loss of US$507.77 million on
US$2.54 billion of revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$782.06 million on US$2.51 billion
of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed US$17.59
billion in total assets, US$18.29 billion in total liabilities,
and US$698.94 million in total Intelsat S.A shareholder's deficit.


INTERNATIONAL GARDEN: Selling Assets to Gardens Alive at Auction
----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that International Garden
Products Inc. will put its assets on the auction block next month
with a leading bid from garden-pest control company Gardens Alive
Inc.

               About International Garden Products

International Garden Products, Inc. was incorporated in 1996 as a
holding company for Iseli Nursery, Inc., California Nursery
Supply, Weeks Wholesale Rose Grower, and Old Skagit, Inc.  The
company's operating businesses, Iseli and Weeks, focus primarily
on growing horticultural products for nationwide sale to
independent garden centers, landscape suppliers, landscapers and
similar parties.  Iseli's is known in the industry as the premium
source of dwarf conifers, Japanese maples and unique companion
plants.  Weeks is one of the largest wholesale breeders and
growers of premium roses in the U.S.

International Garden Products, Inc., and its affiliates filed for
Chapter 11 protection on Oct. 4, 2010 (Bankr. Lead Case No. 10-
13207).  International Garden estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.

Andrew R. Remming, Esq., at Morris, Nichols, Arsht & Tunnell,
serves as bankruptcy counsel.  Bryan Cave LLP is the legal
counsel.  FTI Consulting is the restructuring advisor.  Garden
City Group is the claims and notice agent.

The debtor-affiliates are Weeks Wholesale Rose Grower (Bankr. D.
Del. Case No. 10-13208), California Nursery Supply (Case No. 10-
13209), Iseli Nursery, Inc. (Case No. 10-13210), and Old Skagit,
Inc. (Case No. 10-13211).


IVOICE INC: Rosenberg Rich Raises Going Concern Doubt
-----------------------------------------------------
iVoice, Inc., filed on April 12, 2011, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2010.

Rosenberg Rich Baker Berman & Co, in Somerset, New Jersey,
expressed substantial doubt about iVoice, Inc.'s ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred substantial accumulated deficits.

The Company reported a net loss of $1.5 million on $177,198 of
sales for 2010, compared with net income of $219,780 on $108,120
of sales for 2009.

At Dec. 31, 2010, the Company's balance sheet showed $1.7 million
in total assets, $3.4 million in total liabilities, and a
stockholders' deficit of $1.7 million.

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

                       http://is.gd/HfCNa9

Matawan, N.J.-based iVoice, Inc. -- http://www.ivoice.com/-- is
focused on the development and licensing of its proprietary
technologies.  To date the Company has filed fifteen (15) patent
applications with the United States Patent and Trademark Office
for speech enabled applications that the Company has developed
internally.  Of the patent applications the Company has filed,
four (4) patents have been awarded.


JACOBS FINANCIAL: Incurs $344,701 Net Loss in Feb. 28 Quarter
-------------------------------------------------------------
Jacobs Financial Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $344,701 on $414,261 of total revenues for the three
months ended Feb. 28, 2011, compared with a net loss of $145,865
on $345,638 of total revenues for the same period during the prior
year.  The Company also reported a net loss of $1.07 million on
$1.14 million of total revenues for the nine months ended Feb. 28,
2011, compared with a net loss of $990,190 on $1.04 million of
total revenues for the same period a year ago.

The Company's balance sheet at Feb. 28, 2011 showed $8.25 million
in total assets, $12.95 million in total liabilities, $3.11
million in total mandatorily redeemable preferred stock and a
$7.81 million total stockholders' deficit.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://is.gd/3Lah9r

                       About Jacobs Financial

Jacobs Financial Group, Inc. (OTC Bulletin Board: JFGI) is a
Charleston, West Virginia-based holding company for First Surety
Corporation, a West Virginia domiciled surety, Triangle Surety
Agency, an insurance agency that specializes in coal reclamation
surety bonds, and Jacobs & Company, a registered investment
advisor.

As reported in the Troubled Company Reporter on Sept. 17, 2010,
Malin, Bergquist & Company, LLP, in Pittsburgh, Pa., expressed
substantial doubt about Jacobs Financial's ability to continue as
a going concern, following the Company's results for the fiscal
year ended May 31, 2010.  The independent auditors noted of the
Company's significant net working capital deficit and operating
losses.

The Company reported a net loss attributable to common
stockholders of $2.7 million on $1.4 million of revenue for fiscal
2010, compared to a net loss attributable to common stockholders
of $3.1 million on $1.2 million of revenue for fiscal 2009.


JENNIFER CONVERTIBLES: Reports $32.1MM Net Income in Feb. 26 Qtr.
-----------------------------------------------------------------
Jennifer Convertibles, Inc., filed its quarterly report on Form
10-Q, reporting net income of $32.1 million on $16.7 million of
revenues for the thirteen weeks ended Feb. 26, 2011, compared with
a net loss of $6.4 million on $19.7 million of revenues for the
same period ended Feb. 27, 2010.  Results for the second quarter
included a one-time gain on discharge of debt of $16.7 million.

At Feb. 26, 2011, the Company's balance sheet showed $37.7 million
in total assets, $26.3 million in total liabilities, and
stockholders' equity of $11.4 million.

The Company emerged from bankruptcy under Chapter 11 of the United
States Bankruptcy Code on Feb. 22, 2011, and has adopted fresh-
start reporting effective Feb. 26, 2011, which is the second
quarter period end date.

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

                       http://is.gd/MfFNTD

                   About Jennifer Convertibles

Based in Woodbury, N.Y., Jennifer Convertibles, Inc.
-- http://www.jenniferfurniture.com/-- is the owner and licensor
of the largest group of sofabed specialty retail stores in the
United States, with 64 Jennifer Convertibles(R) stores and is the
largest specialty retailer of leather furniture with 8 Jennifer
Leather stores.  As of April 12, 2011, the Company owned 72 stores
and operates six licensed Ashley Furniture HomeStores.

The Company and its affiliates filed for Chapter 11 bankruptcy
protection on July 18, 2010 (Bankr. S.D.N.Y. Case No. 10-13779).

On Feb. 22, 2011, (the "Effective Date"), Jennifer Convertibles,
Inc., emerged from bankruptcy.  On the Effective Date and pursuant
to the Plan, all outstanding equity interests of the Company,
including but not limited to all outstanding shares of common
stock, par value $0.01 per share (the "Existing Common Stock"),
and all outstanding shares of preferred stock, par value $0.01 per
share (the "Existing Preferred Stock"), options and contractual or
other rights to acquire any equity interests, were canceled and
extinguished.  Pursuant to the Plan, the Company issued 1,000,000
shares of new common stock, par value $0.01 per share.

                          *     *     *

This concludes the Troubled Company Reporter's coverage of
Jennifer Convertibles, Inc., until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


JETBLUE AIRWAYS: Donald Smith Discloses 10.06% Equity Stake
-----------------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, Donald Smith & Co., Inc., disclosed that it
beneficially own 29,467,039 shares of common stock of JetBlue
Airways Corporation representing 10.06% of the shares outstanding.
Donald Smith Long/Short Equities Fund, L.P., also owns 29,574,014.
The number of shares outstanding of the Company's common stock as
of Jan. 31, 2011 was 294,752,749 shares.

                       About JetBlue Airways

JetBlue Airways Corp., based in Forest Hills, New York, operates a
low-cost, point-to-point airline from a hub in New York.  JetBlue
serves 60 cities with 600 daily non-stop flights.

The Company's balance sheet at Dec. 31, 2010, showed $6.59 billion
in total assets, $4.94 billion in total liabilities, and
$1.65 billion in stockholders' equity.

                          *     *     *

JetBlue carries 'Caa1' long term corporate family and probability
of default ratings, with positive outlook, from Moody's.  It has a
'B-' long term issuer default rating, with stable outlook, from
Fitch.  It also has a 'B-' issuer credit ratings from Standard &
Poor's.

In November 2010, Standard & Poor's Ratings Services affirmed its
ratings, including its 'B-' corporate credit rating, on Forest
Hills, New York-based JetBlue Airways Corp.  At the same time, S&P
revised its outlook on the rating to positive from stable.  The
recovery rating on senior unsecured debt remains '6', indicating
S&P's expectations of a negligible (0%-10%) recovery in a default
scenario.  S&P noted that while JetBlue has been profitable in six
of the last seven quarters, its financial profile remains highly
leveraged, with EBITDA interest coverage of 2.5x, funds flow to
debt of 15.7%, and debt to capital of 75.2%.


KARLEN MANAGEMENT: Case Summary & 8 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Karlen Management, L.L.C.
        684 North Beers Street
        Holmdel, NJ 07733

Bankruptcy Case No.: 11-22513

Chapter 11 Petition Date: April 21, 2011

Court: U.S. Bankruptcy Court
       District of New Jersey (Trenton)

Judge: Raymond T. Lyons, Jr.

Debtor's Counsel: Jules L. Rossi, Esq.
                  LAW OFFICE OF JULES L. ROSSI
                  208 Main Street
                  Asbury Park, NJ 07712
                  Tel: (732) 774-5520
                  Fax: (732) 744-5870
                  E-mail: jlrbk423@aol.com

Scheduled Assets: $1,000,000

Scheduled Debts: $1,447,543

A list of the Company's eight largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/njb11-22513.pdf

The petition was signed by Leonard Rubinstein, managing member.


KCXP INVESTMENTS: Wins Approval to Employ Darby Law as Counsel
--------------------------------------------------------------
KCXP Investments, LLC obtained approval from the U.S. Bankruptcy
Court for the District of Nevada to employ Darby Law Practice Ltd.
as its counsel nunc pro tunc to December 14, 2010.

                      About KCXP Investments

Dayton, Nevada-based KCXP Investments, LLC, dba Jet Ranch Hangar
Community Association, owns and operates an airplane hangar
located at the Carson City Airport in Carson City, Nevada, which
consists of 12-buildings totaling 82,400 square feet of hangar and
office space situated on 3.3 acres of leased real estate at the
east end of the Carson City Airport.

KCXP Investments filed for Chapter 11 bankruptcy protection on
December 14, 2010 (Bankr. D. Nev. Case No. 10-54847).  Kevin A.
Darby, Esq., at Darby Law Practice, Ltd., serves as the Debtor's
bankruptcy counsel.  According to its schedules, the Debtor
disclosed $12,588,750 in total assets and $6,027,645 in total
debts as of the Petition Date.


KH FUNDING: U.S. Trustee Gets More Time to Object to BDO Hiring
---------------------------------------------------------------
Bankruptcy Judge Thomas J. Catliota signed off on a stipulation
extending the time for the United States Trustee for Region 4 to
file an objection to the application by the Official Committee of
Unsecured Creditors in KH Funding Company's case to retain BDO
Consulting, a division of BDO USA, LLP, nunc pro tunc to Feb. 7,
2011, as financial advisor.  The U.S. Trustee was given until
April 21, 2011, to file a comment, objection or other responsive
pleading to the Application.

A copy of the parties' stipulation, approved by Judge Catliota on
April 14, 2011, is available at http://is.gd/X4ZzhGfrom
Leagle.com.

The Troubled Company Reporter ran a story on the committee's
application to retain BDO in its April 18 edition.

                      About KH Funding Company

Silver Spring, Maryland-based KH Funding Company filed for
Chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 10-37371)
on Dec. 3, 2010.  Lawrence Coppel, Esq., at Gordon Feinblatt
Rothman Hoffberger & Hollander, LLC, in Baltimore, Maryland,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.

W. Clarkson McDow, Jr., United States Trustee for Region 4,
appointed seven creditors to serve on the Debtor's Official
Committee of Unsecured Creditors.  The Committee is represented by
Bradford J. Sandler, Esq., at Pachulski Stang Ziehl & Jones LLP,
and lawyers at McGuireWoods LLP as co-counsel.  The Committee has
tapped BDO Consulting, a division of BDO USA, LLP, as its
financial advisor.


KM ALLIED OF NAMPA: May Restructure Zions Bank Claim
----------------------------------------------------
KM Allied of Nampa LLC was formed to develop and construct
improvements on certain real property located at 3015 E. Comstock,
Nampa, Idaho, such real property ultimately to be leased to Allied
Waste of North America, LLC.  On July 14, 2008, Kowallis & Mackey
Development, LLC, and Zions First National Bank, N.A., entered
into a construction loan agreement, promissory note, and
commercial security agreement.  Zions Bank loaned $1,750,000 to
KMD for "Construction Financing for Land and Facilities for Allied
Waste located in Nampa, Idaho."  KMD is the obligor on the
promissory note and the borrower on the construction loan
agreement. Zions Bank had financed other KMD projects and
developments. John W. Mackey, manager of the Debtor, testified
that generally a project-specific limited liability company would
be formed to hold title to the property and that such an entity
would later be made a borrower or a guarantor of the KMD-Zions
Bank construction or development loans on that particular project.
That did not occur; the Debtor is not an obligor on, nor is it a
guarantor of, the promissory note.

On July 14, 2008, contemporaneously with the execution of the note
and construction agreement by KMD, the Debtor executed a deed of
trust and fixture filing on the Property to the benefit of Zions
Bank.  An assignment of rents to Zions Bank was also executed by
the Debtor the same day.

The Debtor asserts that, after construction was concluded and
Allied Waste had taken possession and begun paying rent, Zions
Bank refused to enter into permanent financing.  Zions Bank issued
notice of default in the spring of 2010 and a deed of trust sale
was set for Sept. 20, 2010.

The Debtor filed for Chapter 11 bankruptcy (Bankr. D. Idaho Case
No. 10-03056) on Sept. 17, 2010.  Randal J. French, Esq. --
rfrench@bauerandfrench.com -- at Bauer & French, serves as
bankruptcy counsel.  The Debtor scheduled $2,020,600 in assets and
$2,626,080 debts.

The bankruptcy filing stayed the deed of trust sale.  Immediately
before filing the Debtor's chapter 11 petition, KM Leasing LLC,
the Debtor's sole member, merged into the Debtor.  Following that
merger, and by an accompanying resolution, the 100% ownership of
the Debtor by KML was converted to a situation where Littlewood
Landing, LLC had 100% "capital ownership" of the Debtor and an
82.5% "interest in profits and losses," and Kowallis & Mackey
Development II LLC had a 10% interest in its profits and losses
and an individual, Scott Steed, had a 7.5% interest in its profit
and losses.

The Debtor filed a proposed chapter 11 plan and disclosure
statement on the same day as the petition for relief.  An amended
chapter 11 plan and an amended disclosure statement were filed on
Jan. 14, 2011.  On Feb. 2, Zions Bank filed its motion for relief
from stay.  The issue that underlies all the others debated by the
parties is whether the Debtor may properly attempt to restructure
under chapter 11 the obligation to Zions Bank when the Debtor is
not a party to the note or the construction agreement.  Zions Bank
argues the Debtor "lacks contractual privity" with Zions Bank in
this transaction and therefore cannot modify or restructure the
"loan."

In an April 14, 2011 Memorandum of Decision, Chief Bankruptcy
Judge Terry L. Myers ruled that the Debtor may properly seek to
address the "claim" of Zions Bank in the Chapter 11 case.  A copy
of Judge Myers' decision is available at http://is.gd/Ph64Tofrom
Leagle.com.


KM ALLIED OF NAMPA: Can't Use Plan Outline as Legal Brief
---------------------------------------------------------
Chief Bankruptcy Judge Terry L. Myers directed KM Allied of Nampa
LLC to further revise by May 5, 2011, the amended disclosure
statement explaining its plan of reorganization.

Judge Myers said the Debtor is using its disclosure statement as a
legal brief, which is improper.  As a general observation, the
amended disclosure statement contains extensive argument that
should be placed in a separate brief at such time as legal
disputes -- such as confirmation -- are properly before the Court.

The judge pointed out that, while it is appropriate for the Debtor
to disclose a proposed interest rate for the treatment of Zions
First National Bank, N.A.'s claim, and even to briefly explain the
authority on which such a rate is proposed and believed to be
adequate, the discussion goes on far too long, in an unduly
adversarial tone, and with at times inappropriately derisive
language.  The Debtor threatens legal action for sanctions and
other relief should Zions Bank "fabricate" a post-confirmation
event of default.

"This sort of disparaging rhetoric has little if any place in
briefing, and no place at all in a disclosure statement," Judge
Myers said.

The Debtor also must address issues surrounding its post-
confirmation management.  There are multiple connections and
relationships among the Debtor, numerous other Kowallis & Mackey
entities, and individuals John Mackey and Douglas Kowallis.  The
same should be disclosed.  Additionally, further disclosure is
required as to Messrs. Mackey and Kowallis given their involvement
in controlling the Debtor and its operations.

The Debtor filed a proposed chapter 11 plan and disclosure
statement on the bankruptcy petition date.  An amended chapter 11
plan and an amended disclosure statement were filed on Jan. 14,
2011.

                     About KM Allied of Nampa

KM Allied of Nampa LLC in Boise, Idaho, was formed to develop and
construct improvements on certain real property located at 3015 E.
Comstock, Nampa, Idaho, such real property ultimately to be leased
to Allied Waste of North America, LLC.  It filed for Chapter 11
bankruptcy (Bankr. D. Idaho Case No. 10-03056) on Sept. 17, 2010.
Randal J. French, Esq. -- rfrench@bauerandfrench.com -- at Bauer &
French, serves as bankruptcy counsel.  The Debtor scheduled
$2,020,600 in assets and $2,626,080 debts.


LA JOLLA: To Effect a 1-for-100 Reverse Stock Split
---------------------------------------------------
La Jolla Pharmaceutical Company amended its Certificate of
Incorporation to effect a 1-for-100 reverse split of its
outstanding common stock.  The Reverse Split was approved by the
Company's Board of Directors, pursuant to authority delegated to
the Board by the Company's stockholders on Aug. 12, 2010.  The
Reverse Split was effected with the filing of a Certificate of
Amendment with the Delaware Secretary of State.  No fractional
shares will be issued in the Reverse Split and stockholders will
instead be entitled to receive the cash value of any fractions of
shares that would have been issued as a result of the Reverse
Split.  A copy of the Certificate of Amendment is available for
free at http://is.gd/yO28ID

Additionally, effective as of April 14, 2011, the Company amended
its bylaws to allow for the issuance of common stock in an
uncertificated form.  Shares of common stock being issued after
the Reverse Split will not be issued in certificated form and will
instead be issued only in book-entry form.  A copy of the amended
and restated bylaws of the Company is available for free at:

                         http://is.gd/EPmYig

                    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 reported a net loss of $3.76 million on $0 of revenue
from collaboration agreement for the year ended Dec. 31, 2010,
compared with a net loss of $8.63 million on $8.12 million of
revenue from collaboration agreement during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $6.93 million
in total current assets, $6.40 million in total current
liabilities $47,000 in Series C-1 redeemable convertible preferred
stock, and $482,000 in total stockholders' equity.

As reported by the TCR on April 18, 2011, BDO USA, LLP, in San
Diego, Calif., expressed substantial doubt about the Company's
ability to continue as a going concern, following the 2010
financial results.  The independent auditors noted that the
Company has suffered recurring losses from operations, an
accumulated deficit of $428 million as of Dec. 31, 2010 and has no
current source of revenues.


LAKE PLEASANT: Section 341(a) Meeting Scheduled for May 17
----------------------------------------------------------
The U.S. Trustee for Region 14 will convene a meeting of Lake
Pleasant Group, LLP's creditors on May 17, 2011, at 10:30 a.m.
The meeting will be held at the US Trustee Meeting Room, 230 N.
First Avenue, Suite 102, Phoenix, Arizona.

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.

Phoenix, Arizona-based Lake Pleasant Group, LLP, filed for Chapter
11 bankruptcy protection (Bankr. D. Ariz. Case No. 11-10170) on
April 13, 2011.  Mark W. Roth, Esq., at Polsinelli Shughart P.C.,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
its assets and debts at $10 million to $50 million.

Affiliate DLGC II, LLC (Bankr. D. Ariz. Case No. 11-10174) filed a
separate Chapter 11 petition on April 13, 2011.


LEGACY AT JORDAN: Court Denies Confirmation of Plan
---------------------------------------------------
Bankruptcy Judge Randy D. Doub denied confirmation of the Plan of
Reorganization filed by The Legacy at Jordan Lake, LLC, holding
the Debtor has failed to prove that its proposed treatment of
Capital Bank equals the indubitable equivalent of the bank's claim
by even a preponderance of the evidence.  Under Option Two
provided in the Plan, Capital Bank will not receive the
indubitable equivalent of its claim.  The claim of Capital does
not receive fair and equitable treatment under 11 U.S.C. Sec.
1129(b)(2)(A)(iii).

The Debtor filed the Plan and explanatory disclosure statement on
July 23, 2010.  Capital Bank objected; the Bankruptcy
Administrator also responded to the Plan.

The Legacy at Jordan Lake was formed in 2005 to develop 628 acres
of real property, located in Chatham County, North Carolina, near
Jordan Lake, into a 463 residential lot subdivision to be
constructed in six phases.  The vision of the Debtor was to
develop a gated community with meadows and walking trails.
Amenities in the Project were to include a clubhouse, pools, spa,
short irons golf facility, tennis courts, walking paths and
trails, waterfalls, and mini-parks.

The Debtor commenced selling both developed and undeveloped lots
in Phase I in 2005. Of the 105 platted lots in Phase I, 54 lots
were purchased by builders and several lots were purchased by
individuals directly from the Debtor.  Today, the Debtor owns 37
lots in Phase I that are platted and ready for sale.  In addition,
the lots in Phase II and Phase III are platted but the
infrastructure is not complete.  The remaining phases are still
raw undeveloped land.  The Debtor contends that lots in Phase II
could be offered for sale with a relatively minimal capital
expenditure based on the previous work completed by the Debtor.

Capital Bank was listed as a secured creditor on Schedule D and is
owed approximately $17,500,000.  The Debtor contends that because
of certain unilateral acts of Capital, the Debtor has been unable
to complete Phase I, sell any platted lots in Phase II, or move
forward with the development of lots in Phases III-VI.

Pursuant to the terms of the Plan, the Debtor proposes three
treatment options for the claims of Capital.  The Plan permits the
Debtor to select which option it prefers.

      (I) Option One

Pursuant to Option One, the Debtor would pay Capital a lump sum
payment of 50% of its secured claim within 180 days of the
effective date.  If the Debtor fails to pay the claim in full
within 180 days, the Debtor would develop, market, and sell lots.
From the lot sales, Capital would receive 40% of the net sales
proceeds.  35% of the net sales proceeds would be earmarked for
construction of the amenities and the remaining 25% of the net
sales proceeds would be retained by the Debtor for continued
development in the subdivision.  The Plan does not provide a
minimum sales price for lots under Option 1.

If the Debtor elects Option 1, after the completion of the
amenities, the Debtor proposes to pay to Capital 75% of the net
sales price for each lot and retain the remaining 25% for its
operational costs.  The existing amenities would be immediately
transferred to the HOA free and clear of Capital's lien and Phase
VII amenities will be transferred to the HOA at a later date.
Furthermore, the Debtor would be granted access to its money
market account to pay its bills. Capital admitted in its Objection
that use of this account is currently restricted.

     (II) Option Two

Under Option Two, the Debtor proposes to surrender certain lots in
full satisfaction of all indebtedness owed to Capital.  The Debtor
would retain Lots 2, 4, 5, 7, 17, 21, 23, 43, 67, and 70 in Phase
I and surrender the remaining lots in Phase I, the partially
developed lots and raw land in Phases II and III, and the raw land
in Phase IV.  The Debtor would retain the raw land in Phase V and
Phase VI.  Any property retained by the Debtor would be free and
clear of all liens.  Furthermore, the Debtor would transfer Phase
VII to the HOA and such transfer would be free and clear of any
liens.

    (III) Option Three

Option Three provides that the Debtor surrender to Capital all raw
land and developed lots in Phases I-VI in full satisfaction of its
claims.  The Debtor would transfer Phase VII to the HOA and such
transfer would be free and clear of any liens of Capital. As part
of Option Three, Capital would be required to pay the Debtor
$8,000,000 and release the funds, in the amount of approximately
$500,000, held in the Debtor's money market account.

                          Plan Objections

Capital contends that the Disclosure Statement fails to provide
sufficient information about how the Debtor intends to implement
its Plan and fails to include adequate information as required by
Section 1125 of the Bankruptcy Code.  In addition, Capital states
that the Plan improperly prefers equity holders; is not feasible;
does not satisfy the best interest of creditors test in that it
fails to provide Capital with as much as it would receive in a
liquidation; is not fair and equitable; improperly releases the
collateral of Capital without compensation or its consent; and
improperly protects non-debtor guarantors from potential liability
in connection with Capital's claims.

The Bankruptcy Administrator provided a synopsis of the proposed
treatment of Capital's claims and recognized that Capital was
likely to object to the Plan.  The Bankruptcy Administrator noted
that the Plan provided that unsecured creditors are to be paid in
full, with payments of $12,416.63 per quarter for five years.
Based on the value of the Project espoused by the Debtor, there
would be substantial equity in the Project, thereby, requiring
payment in full to unsecured creditors plus interest.  The Plan
fails to provide that interest will be paid to the unsecured
creditors' class.  In addition to his objection regarding the
treatment of unsecured creditors, the Bankruptcy Administrator
contends that the Plan is not feasible.

Option Two and Option Three contain an exchange of all or a
portion of the Project, the real estate collateral or "dirt," in
full satisfaction of debt owed to Capital.  The proposed exchanges
preclude any recovery from Capital on a deficiency claims or
claims against any of the guarantors should Capital not recover
its claims in full from the Debtor.

During the course of the hearing, the Debtor abandoned Plan
Options One and Three.  Judge Doub said confirmation of the Plan
based on the proposed treatment of Capital under Option Two is
denied.

A copy of the Court's April 14, 2011 Order is available at
http://is.gd/iZ5aRBfrom Leagle.com.

                 About The Legacy at Jordan Lake

Headquartered in Apex, North Carolina, The Legacy at Jordan Lake,
LLC, filed for Chapter 11 bankruptcy protection on April 27, 2010
(Bankr. E.D. N.C. Case No. 10-03317).  Trawick H. Stubbs Jr.,
Esq., at Stubbs & Perdue, P.A., assists the Company in its
restructuring effort.  The Company estimated its assets and debts
at $10 million to $50 million.


LITTLE REST: Seeks Dismissal of Involuntary Petition
----------------------------------------------------
Little Rest Twelve Inc. has asked the U.S. Bankruptcy Court for
the Southern District of Florida to dismiss the involuntary
Chapter 11 case filed by its creditors.

Solby+Westbrae Partners, 19 SHC Corp., Ajna Brands Inc., 601/1700
NBC LLC, Axafina Inc. and Oxana Adler LLM filed a petition on
March 17, 2011, to force Little Rest and its two affiliates into
an involuntary bankruptcy.

In a court filing, Little Rest said the claims asserted by the
creditors are subject to a "bona fide dispute" and does not meet
the requirement of Section 303(b) of the Bankruptcy Code that
petitioning creditors must have undisputed claims.

Little Rest is questioning in particular the authenticity of a
promissory note made in January 2009, which, the company believes,
is a fraud.

Three of the petitioning creditors, Solby+Westbrae, 19 SHC and
601/1700 NBC, claim to hold a debt stemming from the assignment of
that note.

Little Rest also argued that the petitioning creditors' claims in
the aggregate fail to meet the minimum threshold claim amount of
$14,425 pursuant to Section 303(b).  The company further said that
the petition was filed in bad faith and was intended to prevent
the New York Supreme Court from ruling in a lawsuit, styled Little
Rest Twelve Inc., et al. v. Raymond Visan, et al., which would
determine the issue of ownership and control of the company.

In a related development, Little Rest's affiliate Mutual Benefits
Offshore Fund Ltd., filed court papers in its Chapter 11 case
calling for the dismissal of the creditors' involuntary petition.

The Bankruptcy Court will hold a hearing on May 17, 2011, at 3:00
p.m., to consider the proposed dismissal of the involuntary
petition.

Solby+Westbrae Partners; 19 SHC, Corp.; Ajna Brands, Inc.;
601/1700 NBC, LLC; Axafina, Inc.; and Oxana Adler, LLM, filed an
involuntary Chapter 11 petition against Miami Beach, Florida-based
Little Rest Twelve, Inc. (Bankr. S.D. Fla. Case No. 11-17061) on
March 17, 2011.

On the same date, involuntary Chapter 11 petitions were also filed
against the Company's affiliates, Mutual Benefits Offshore Fund,
LTD (Bankr. S.D. Fla. Case No. 11-17051) and Fisher Island
Investments, Inc. (Bankr. S.D. Fla. Case No. 11-17047).


LITTLE TOKYO: Court Approves First-Citizens Deal to Exit Chap. 11
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, approved the settlement between Little Tokyo
Partners, L.P., and First-Citizen Bank & Trust Company, as
successor to First Regional Bank, which provided for the Debtor's
exit from bankruptcy.

As reported by the Troubled Company Reported on March 29, 2011,
the deal provides for the restructuring of the Debtor's loan with
FRB, which will be partially guaranteed by certain guarantors.

FRB originally extended to the Debtor a $44 million loan in 2007.
In 2008, FRB released all obligations under the loan guaranties.
In 2009, the Debtor redefined the FRB loan wherein the Debtor
borrowed from FRB $33.6 million, by which the Kyoto Grand Hotel
was used to secure the new loan -- the Bank Hotel Note.  The $10.4
million remaining balance on the Old Loan was secured by the
Weller Court mall -- the Bank Weller Note.

Under the settlement, the Debtor will pay the Lender (i) $5
million principal pay down on the Hotel Loan; (ii) payment of the
Post-December Accrued Interest Amounts for both Loans; (iii)
payment of $200,000 for the "Seville Breakup Fee;' and (iv)
payment in full of the "Hawaii Land Loan."

The settlement also calls for the modification of the loans.  The
new maturity date is Dec. 31, 2014.  Interest only payments will
be at the existing floating contract rate of interest with maximum
of 1% increase in any 12 month period.  Principals will execute
new guaranties with respect to each Loan.

Moreover, the Parties will exchange mutual releases on their
pending disputes.

The settlement further provides that the parties will seek
dismissal (i) with prejudice of the adversary proceeding commenced
by the Bank seeking to avoid the December 2008 releases of the
guarantors, and (ii) of the Debtor's bankruptcy case.

Accordingly, the Debtor also seeks voluntary dismissal of its
Chapter 11 Case.  The Debtor asserts that its request is warranted
as its bankruptcy case was initiated primarily to restructure the
Bank's secured claims and the current settlement achieves that
goal.

While the Debtor no longer need the protections of Chapter 11 once
the settlement is approved, the Debtor seeks that the Court
retains jurisdiction on limited matters, including: (a) setting
hearings and entering orders on final fee applications to be
submitted by professionals employed by the Debtor or the Official
Committee of Unsecured Creditors; (b) deciding matters related to
disputed claims; (c) overseeing any administrative matter that may
arise in connection with implementing the dismissal; and (d)
entering ministerial orders as necessary to implement the
dismissal; and (4) dismissing the Adversary Proceeding, with
prejudice.

                        About Little Tokyo

Little Tokyo Partners LP filed for Chapter 11 protection (Bankr.
C.D. Calif. Case No. 10-39113) on July 15, 2010, in Los Angeles,
California.  The Debtor estimated assets and debts of $10,000,001
to $50,000,000 as of the Chapter 11 filing.

Little Tokyo, the owner of the Kyoto Grand Hotel in downtown Los
Angeles, was facing mortgage foreclosure on July 16.  The property
has two mortgages totaling $44 million.  There was a default since
January.  Financial problems were caused by a "precipitous drop in
revenue starting in the last quarter of 2008," a court filing
says.

Kyoto Grand is a 21-story hotel built in 1977.  It has 434 rooms.
It adjoins the three-story Weller Court outdoor mall, which is
also in Chapter 11.


LOCATEPLUS HOLDINGS: Derrick Spatorico Elected to Board
-------------------------------------------------------
The Board of Directors of LocatePLUS Holdings Corporation on
March 15, 2011, appointed Derrick Spatorico as director to fill
the vacancy arising from the recent resignation of Christian
Williamson.

Mr. Spatorico has previously served  the company and is a former
board member.

Derrick Spatorico is the son of Anthony Spatorico who is also a
Director.

                     About LocatePLUS Holdings

Beverly, Mass.-based LocatePLUS Holdings Corporation, through
itself and its wholly-owned subsidiaries LocatePLUS Corporation,
Worldwide Information, Inc., Entersect Corporation, Dataphant,
Inc., and Employment Screening Profiles, Inc. are business-to-
business, business-to-government and business-to-consumer
providers of public information via its proprietary data
integration solutions.

In the Form 10-Q for quarter ended Sept. 30, 2010, the Company
noted that it has sustained net losses of $639,916 and
$2.8 million for the fiscal periods ended Sept. 30, 2010, and Dec.
31, 2009, respectively.  The Company has an accumulated deficit of
$53.9 million, a stockholders' deficit of $9.0 million and a
working capital deficit of $6.3 million at Sept. 30, 2010.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern, the Company said.

The Company's balance sheet at Sept. 30, 2010, showed
$2.5 million in total assets, $11.5 million in total liabilities,
and a stockholders' deficit of $9.0 million.


M&M CONTRACTING: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: M&M Contracting of Jasper, Inc.
        1950 Highway 53 West
        Jasper, GA 30143

Bankruptcy Case No.: 11-21665

Chapter 11 Petition Date: April 20, 2011

Court: U.S. Bankruptcy Court
       Northern District of Georgia (Gainesville)

Judge: Robert Brizendine

Debtor's Counsel: G. Frank Nason, IV, Esq.
                  LAMBERTH, CIFELLI, STOKES ELLIS & NASON
                  3343 Peachtree Road, NE, Suite 550
                  Atlanta, GA 30326
                  Tel: (404) 262-7373

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/ganb11-21665.pdf

The petition was signed by Boyd Lee Mullins, Jr., president.


MANSIONS AT HASTINGS: Taps Joyce McFarland as Special Counsel
-------------------------------------------------------------
Mansions at Hastings Green, LP, and Mansions at Hastings Green
Senior, LP, seek permission from the U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division, to employ Joyce,
McFarland + McFarland, LLP, as special counsel.

As special counsel, Joyce McFarland will provide the Debtors with
legal advice and services with respect to:

   (a) investigating, filing and prosecuting potential claim
       objections to the claims of Robert Burchfield and Nations
       Construction Management;

   (b) to represent the Debtors' interest in the Adversary
       Proceeding styled James Fred Hofheinz and Nantions
       Construction Management, Inc., v. Red Capital Markets, LLC,
       SCDC, LLC, and John Does 1-10, case no. 11-03026 related to
       the claims asserted by Nations Construction Management and
       James Fred Hofheinz, including the pursuit of affirmative
       claims/third party claims of the Debtors against Robert
       Burchfield, Mansions At Hasting Green I, LLC, Mansions At
       Hastings Green Senior I, LLC, Nations Construction
       Management, and James Fred Hofheinz; and

   (c) to assist, advise and represent the Debtors in filing
       avoidance actions under Sections 544, 545, 547, 548, 550
       and 553 of the Bankruptcy Code as they relate to Robert
       Burchfield, Mansions At Hastings Green I, LLC, Mansions At
       Hastings Green Senior I, LLC, Nations Construction
       Management, James Fred Hofheinz, Feniksas and other
       affiliated parties.

The Debtors will pay the professionals of Joyce McFarland
according to their hourly rates:

   Jeff Joyce, Esq.                    $550
   John H. McFarland, Esq.             $435
   Karen Chrisholm Brisch, Esq.        $400
   Lindsey Eubank Simmons, Esq.        $295
   Benjamin C. Wickert, Esq.           $260
   Legal Assistants/Paralegals         $175

The Debtors will also reimburse the firm for any necessary out-of-
pocket expenses.

Jeff Joyce, Esq., at Joyce, McFarland + McFarland, LLP, assures
the Court that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors' estates.

Mr. Joyce, however, discloses that he has represented the Debtors
limited partners and affiliates in various matters relating to the
Mansions Family and Mansions Senior properties.  Specifically, he
and his firm represented, and continues to represent, the Debtors'
Investor Limited Partners, namely Red Capital Tax Credit Fund
XXIV, LLC and Red Capital Tax Credit Fund XXVIII.  In addition,
Mr. Joyce represents SCDC, LLC, and Red Capital Markets, LLC, in
the Insider Litigation.  SCDC, LLC, serves as the Debtors' Special
Limited Partner.  Red Capital Markets, LLC, is an affiliate of
SCDC, LLC and the Investor Limited Partners.

According to Mr. Joyce, he and his firm will continue to represent
SCDC, LLC, and Red Capital Markets, LLC, in the Insider Litigation
or related adversary proceedings, and other unrelated matters.
However, he and his firm will not represent SCDC, LLC, and Red
Capital Markets, LLC, or the Investor Limited Partners in any
matter adverse to the Debtors.

The Firm may be reached at:

      Joyce, McFarland & McFarland LLC
      Attn: Jeff Joyce
      712 Main Street, Suite 1500
      Houston, Texas 77002

A hearing on the employment application is set for May 10, 2011,
at 11:15 a.m.

Columbus, Ohio-based Mansions at Hastings Green, L.P., dba The
Mansions at Hastings Green, A Multifamily Community, and Mansions
at Hastings Green Senior, LP, filed for Chapter 11 bankruptcy
(Bankr. S.D. Tex. Case No. 10-39474) on Oct. 22, 2010, represented
by Annie E. Catmull, Esq. -- catmull@hooverslovacek.com -- Edward
L. Rothberg, Esq. -- rothberg@hooverslovacek.com -- and T. Josh
Judd, Esq. -- judd@hooverslovacek.com -- at Hoover Slovacek LLP;
and Vincent P. Slusher, Esq. -- vince.slusher@dlapiper.com -- at
DLA Piper (US) LLP.


MARONDA HOMES: Taps Manion McDonough as Bankruptcy Counsel
----------------------------------------------------------
Maronda Homes, Inc., et al., ask for authorization from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to
employ Manion McDonough & Lucas, P.C., as bankruptcy counsel.

Manion McDonough can be reached at:

         Joseph F. McDonough, Esq.
         MANION MCDONOUGH & LUCAS
         USX Tower, Grant Street, Suite 1414
         Pittsburgh, PA 15219
         Tel: (412) 232-2000
         Fax: (412) 232-0206
         E-mail: jmcdonough@mmlpc.com

Manion McDonough will charge the Debtors based on the hourly rates
of its professionals:

         Joseph F. McDonough                  $435
         James G. McLean                      $350
         Associates                         $185-$315
         Paralegals                           $115

Joseph F. McDonough, Esq., a member at Manion McDonough, assures
the Court that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

Roberta A. DeAngelis, United States Trustee for Region 3, objects
to the Debtors' hiring of Manion McDonough as bankruptcy counsel,
saying that Manion McDonough's simultaneous representation of a
creditor holding substantial claims against the bankruptcy estates
of the Debtors raises serious adverse interest and loyalty issues.
The Debtors say that more than five years ago, Manion McDonough
represented PNC Bank, National Association, and Key Bank National
Association in matters having no relationship to or connection
with the Debtors.

Maronda, based in Clinton, Pennsylvania, near Pittsburgh, builds
homes in Florida, Pennsylvania, Georgia and Kentucky.  It filed
for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No. 11-
22418) on April 18, 2011.  The Debtor estimated its assets at
$100 million to $500 million and debts at $50 million to
$100 million.

The petition was signed by Ronald W. Wolf, president/CEO.

Affiliates Maronda Homes, Inc. of Ohio (Bankr. W.D. Pa. Case No.
11-22422) and Maronda Homes of Cincinnati, LLC (Bankr. W.D. Pa.
Case No. 11-22424) simultaneously filed separate Chapter 11
petitions on April 18, 2011.


METAMORPHIX INC: Court OKs Chapter 7 Conversion
-----------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that after selling its
assets to noteholders for a $6 million credit bid, and with its
directors and officers absent, MetaMorphix Inc. won a Delaware
bankruptcy court's blessing on April 20, 2011, to convert its
Chapter 11 case into a Chapter 7 liquidation.

                         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.


METISCAN INC: Large Accumulated Deficit Cues Going Concern Doubt
----------------------------------------------------------------
Metiscan, Inc., filed on April 12, 2011, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2010.

Eugene M Egeberg, CPA, in Baltimore, expressed substantial doubt
about Metiscan's ability to continue as a going concern.  The
independent auditor noted that the Company the Company has a large
accumulated deficit through Dec. 31, 2010.

The Company reported a net loss of $438,374 on $2.53 million of
revenues for 2010, compared with a net loss of $1.42 million on
$2.54 million of revenues for 2009.

At Dec. 31, 2010, the Company's balance sheet showed
$12.03 million in total assets, $4.58 million in total
liabilities, all current, and stockholders' equity of
$7.45 million.

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

                       http://is.gd/2sN8bs

Dallas, Tex.-based Metiscan, Inc. (OTC PK: MTIZ)
-- http://www.metiscan.com/-- is the parent company of a
portfolio of enterprises with operations in healthcare, healthcare
IT, mobile technology and employment services.


MFJT LLC: Seeks to Employ Crane Heyman as Counsel
-------------------------------------------------
MFJT, LLC seeks the permission of Judge Eugene R. Wedoff of the
U.S. Bankruptcy Court for the Northern District of Illinois to
employ David K. Welch, Esq., Arthur G. Simon, Esq., Jeffrey C.
Dan, Esq., and the law firm of Crane, Heyman, Simon, Welch & Clar
as its counsel.

As the Debtor's counsel, CHSWC will:

   (a) prepare necessary applications, motions, answers, orders,
       adversary proceedings, reports and other legal papers;

   (b) provide the Debtor with legal advice with respect to its
       rights and duties involving its property as well as its
       reorganization efforts;

   (c) appear in court and to litigate whenever necessary; and

   (d) perform any and all other legal services that may be
       required from time to time in the ordinary course of the
       Debtor's business during the administration of this
       bankruptcy case.

CHSWC is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

Before the Petition Date, CHSWC was paid $100,000 as an advance
payment retainer for its representation of the Debtor in this
bankruptcy case and related matters.  All compensation and
reimbursement of expenses to CHSWC are subject to the further
order of the Court.

Alsip, Illinois-based MFJT, LLC -- dba Somerset Park Apartments
and Somerset II -- filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Ill. Case No. 11-11819) on March 22, 2011.  David K.
Welch, Esq., at Crane Heyman Simon Welch & Clar, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.


MFJT LLC: Seeks to Employ Tailwind Services as Financial Advisor
----------------------------------------------------------------
MFJT, LLC sought and obtained permission from Judge Eugene R.
Wedoff of the U.S. Bankruptcy Court for the Northern District of
Illinois to employ Tailwind Services, LLC as its financial
advisor, nunc pro tunc to March 22, 2011.

As the Debtor's financial advisor, Tailwind will:

   (a) assist with the administration of the Chapter 11 case,
       including the preparation of schedules and monthly
       operating reports;

   (b) assist with the restructuring of the mortgage indebtedness
       on the Debtor's properties;

   (c) identify and implement a cohesive cash management system
       for the Debtor's properties;

   (d) assist with the substantive consolidation of the Debtor's
       case with related cases; and

   (e) assist with the formulation of a plan of reorganization and
       disclosure statement.

The Debtor will pay to Tailwind a monthly flat fee amount of
$7,500, of which $5,625 per month will be paid by the Debtor,
subject to a reduction in the Debtor's share of the monthly amount
based on the engagement of Tailwind in other related bankruptcy
cases.

Tailwind was paid a prepetition advance payment retainer of $7,500
by the Debtor, for its engagement as the Debtor's Financial
Advisor.

Tailwind is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

Alsip, Illinois-based MFJT, LLC -- dba Somerset Park Apartments
and Somerset II -- filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Ill. Case No. 11-11819) on March 22, 2011.  David K.
Welch, Esq., at Crane Heyman Simon Welch & Clar, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.


MGIC INVESTMENT: Posts Third Straight Quarterly Loss
----------------------------------------------------
Carla Main at Bloomberg News reports that MGIC Investment Corp.
posted its third straight loss as the housing slump deepened.  The
first-quarter net loss of $33.7 million, or 17 cents a share,
compares with a loss of $150.1 million, or $1.20, in the year-
earlier period, the Milwaukee-based company said in a statement.
The operating loss, which excludes some investment results, was 20
cents a share, missing by 7 cents the average estimate by eight
analysts surveyed by Bloomberg.  MGIC, which pays lenders when
homeowners default and foreclosures fail to recoup costs, suffered
losses along with rivals PMI Group Inc. and Radian Group Inc. as
the number of soured loans surged during the recession.  U.S. home
prices fell 3.9% in January from a year earlier as the housing
market struggled to recover from the worst crash in seven decades.
Policy sales advanced 7.2% to $274.5 million from $256.1 million a
year earlier.  The insurer said that price changes expected from
government-backed mortgage insurance may make its coverage more
competitive for individuals with high credit scores.

MGIC Investment Corporation is a holding company.  Through its
wholly owned subsidiaries, the Company provides private mortgage
insurance in the United States.  As of Dec. 31, 2009, the
Company's principal subsidiary, Mortgage Guaranty Insurance
Corporation, was licensed in all 50 states of the United States,
the District of Columbia, Puerto Rico and Guam.  During the year
ended Dec. 31, 2009, MGIC wrote all of its new insurance
throughout the United States.  In addition to mortgage insurance
on first liens, the Company, through its subsidiaries, provides
lenders with various underwriting, and other services and products
related to home mortgage lending.  There are two principal types
of private mortgage insurance: primary and pool.  As of Dec. 31,
2009, the Company was not issuing new commitments for pool
insurance.


MICHAEL R MASTRO: Case Trustee Rejects $7.1MM Judgment Offer
------------------------------------------------------------
Seattle Times business reporter Eric Pryne reported that the
bankruptcy trustee seeking millions from Michael R. Mastro and
associates rejected a proposed agreement that the bankrupt
developer owes $7.1 million but didn't do anything wrong.

The report noted that Bankruptcy Judge Marc Barreca said he would
rule today on Ms. Ireland's proposal.

According to the report, representatives of Mr. Mastro offered on
April 19 to accept a court order decreeing Mr. Mastro must pay
$7.1 million to his creditors.  But Faith Ireland, the guardian
representing Mr. Mastro, said the judgment would be uncollectable,
because Mr. Mastro is broke.  And she said Mr. Mastro won't agree
to formal findings that he engaged in fraud, as trustee James
Rigby alleges.

According to the report, Ms. Ireland's proposal came on the
opening day of a trial in federal bankruptcy court in which Mr.
Rigby seeks to recover tens of millions from Mr. Mastro and others
for what the trustee contends were fraudulent transactions
designed to shield assets from creditors.

According to the report, Spencer Hall, one of Mr. Rigby's lawyers,
said that while the trustee is pleased Mr. Mastro is accepting
liability, Ms. Ireland's offer isn't enough.  Mr. Hall pointed out
that Mr. Mastro essentially is proposing to "leave the courtroom
with no adverse consequences." Mr. Hall added, "I just don't think
he has the right to do that."

The report noted that Mr. Hall said Mr. Mastro wants to avoid
formal findings that he did anything wrong because that could
influence a Justice Department criminal investigation targeting
him.  The trustee also believes Mr. Mastro still has concealed
assets, his lawyer said.

                     About Michael R. Mastro

Michael R. Mastro began working as a real estate lender and
developer in 1965.  Mr. Mastro, doing business as Mastro
Properties, owned and developed residential, multi-family, and
commercial real estate.  Mr. Mastro's development projects
included residential subdivisions, apartment or condominium
complexes, warehouses, and office buildings.  Mr. Mastro also made
real estate secured loans to borrowers who could put up real
property for collateral.

On July 10, 2009, three banks, Columbia Bank, First Sound Bank,
and Venture Bank, filed an involuntary chapter 7 bankruptcy
petition against Mr. Mastro.  Initially, Mr. Mastro challenged the
basis for the filing of the petition.  However, in August 2009,
Mr. Mastro consented to the bankruptcy petition.  Mr. Mastro's
bankruptcy filings list total assets of approximately $250 million
and total liabilities of more than $550 million.

The Securities Administrator of the State of Washington has
alleged that Mr. Mastro violated the Securities Act of Washington.
Among other things, when offering and selling the promissory note
investments, Mr. Mastro caused some investors to believe that
their investments would be secured by life insurance policies that
had Mastro as the insured.  Mr. Mastro failed to disclose to
investors that the life insurance policies were not assigned to
the investors and that the policies did not name the investors as
beneficiaries, so the investors had no protected security interest
in the life insurance policies.

Earlier in 2011, Mr. Mastro suffered a severe head injury in a
fall at his Palm Springs, California, home.  The court deemed him
incapacitated and appointed Ireland, a former state Supreme Court
justice, to act on his behalf.


MIDWAY GAMES: Judge Gross Won't Hear Mortal Kombat Dispute
----------------------------------------------------------
WestLaw reports that a Delaware bankruptcy court lacked subject-
matter jurisdiction over an adversary proceeding brought by the
claimant, which asserted that it held intellectual property
interests in a series of the Chapter 11 debtors' videogames,
against the debtors and others, and in which, after the debtors'
assets were sold, it wished to substitute the asset purchaser as a
defendant.  The dispute was between two unrelated third parties,
and the property at issue no longer comprised part of the
bankruptcy estate.  The controversy, moreover, did not involve an
attempt by the claimant to readjust the terms of the sale or
anything which might have even remotely placed the debtors' estate
at risk, and nothing required the court to interpret or enforce
the sale order.  In re Midway Games Inc., --- B.R. ----, 2011 WL
1167757 (Bankr. D. Del.) (Gross, J.).

A copy of the Honorable Kevin Gross' Memorandum Opinion dated Mar.
29, 2011, entered in Threshold Entertainment, Inc. v. Midway
Games, Inc., et al., Adv. Pro. No. 09-51081 (Bankr. D. Del.), is
available at http://is.gd/qu8Pfefrom Leagle.com.


MK NETWORK: Bankruptcy Court Dismisses Chapter 11 Cases
-------------------------------------------------------
The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the
Southern District of New York issued an order dismissing the
Chapter 11 cases of MK Network, LLC, and its debtor affiliates.

As reported by the Troubled Company Reporter on April 20, 2011,
Judge Lane authorized the Debtors to enter into a binding term
sheet, which memorializes global agreements on the Debtors'
Chapter 11 cases and the disposition of the Debtors' prepetition
collateral.

The term sheet provides that the Debtors' Chapter 11 cases will be
closed pursuant to Section 350(a) of the Bankruptcy Code and a
final decree will be granted for the Debtors' chapter 11 cases.

The Debtors executed the term sheet with Fifth Street Finance
Corp. or "FSFC"; Triton Pacific Capital Partners LLC; MedKnowledge
Investors, L.P. and MedKnowledge Investors II, L.P.; Erica
Keleher, and Michael Keleher, in their individual capacities.
Upon review, the Keleher Family Irrevocable Trust u/a 6/19/08 and
The Customer Link, Inc. aver that they agree to the terms of the
parties' agreement.

FSFC is the Debtors' pre-bankruptcy lender.  To secure their debt,
the Debtors granted to FSFC a lien on all of their assets.  Such
property and all cash and non-cash proceeds are referred to as the
prepetition collateral.  When the Debtors filed for bankruptcy,
they owed FSFC $16,144,140 in loan obligations plus interest and
fees.

The term sheet further provides that the Debtors will surrender to
FSFC peaceful possession of the Prepetition Collateral to be set
from time to time on a list or lists to be prepared by FSFC in its
sole discretion, wherever located.

The Debtors are only allowed to retain in their account at
People's Bank these amounts:

  -- $50,000 for the reasonable fees incurred by Lowenstein
     Sandler PC and JH Cohn LLP in connection with the Debtors'
     cases

  -- $5,850 for fees due under 28 U.S.C. Section 1930 during the
     pendency of the Chapter 11 cases

  -- $1,000 for the renewal of the Debtors' insurance policy
     issued by Continental Casualty Company

The Parties will also exchange mutual releases.

              About MK Network & Meridian Behavioral

MK Network, LLC, and Meridian Behavioral Health Network LLC, along
with a number of related entities, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-10859).

MK Network, LLC and its related affiliates provide medical
communication services and assist pharmaceutical and biotechnology
brand teams with educating healthcare professionals on the
features, benefits and appropriate prescribing of drugs.  It
collectively employs 47 persons and has a monthly payroll of
$270,000.

Meridian Behavioral Health Network LLC and its subsidiaries own
largest for-profit behavioral healthcare company in Minnesota.
It collectively employs approximately 220 persons and have a
monthly payroll of approximately $700,000.

The MK Network Debtors are MK Network, LLC and its subsidiaries:
MedKnowledge Group, LLC; TCL Institute LLC; Insight Interactive
Network LLC; MedKnowledge Communications LLC; InteliMed
Communications LLC; MK Global Communications LLC; PharMediCom LLC;
MES Communications LLC; Center for Health Care Education LLC;
Medfinance LLC; Chester Education Group LLC; and The Center for
Medical Knowledge LLC.

The Meridian Debtors are Meridian Behavioral Health LLC and its
subsidiaries: Avalon Programs LLC; Alliance Clinic LLC; Cedar
Ridge Treatment Center LLC; Meadow Creek LLC; Odyssey Programs
LLC; Tapestry Treatment Center LLC; and, Twin Town Treatment
Center LLC.

Samuel Jason Teele, Esq., at Lowenstein Sandler, P.C., serves as
the Debtors' bankruptcy counsel.

Meridian and its subsidiaries had total assets of $13,932,174 and
total liabilities of $12,379,110 as of Dec. 31, 2010.

MK Network had consolidated assets of $27,334,969 and $29,447,953
as of Dec. 31, 2010.


MMFX CANADIAN: Court Okays Pillsbury as Special Corporate Counsel
-----------------------------------------------------------------
MMFX Canadian Holdings, Inc. and its debtor affiliates sought and
obtained approval from the U.S. Bankruptcy Court for the Central
District of California to retain Pillsbury Winthrop Shaw Pittman
LLP as their special corporate counsel.

Pillsbury was retained to handle the negotiation and the
documentation of a potential financial restructuring, debt or
equity transaction, licensing transaction or sale of substantially
all of the Debtors' assets.

Ronald Fleming, Esq., and Jonathan Whitney, Esq., at Pillsbury
Winthrop, are anticipated to primarily take the responsibility in
representing the Debtors.  Other Pillsbury professionals may also
be tapped to provide legal services.

The Debtors will pay the firm's professionals for their services
on an hourly basis and will reimburse them for their expenses.

The hourly rates for the firm's attorneys range from approximately
$605 to $1,070 for partners and counsel; $365 to $860 for
associates; and $115 to $395 for paralegals.

Pillsbury and its professionals do not hold or represent interests
adverse to the Debtors and their estates.

                            About MMFX

Irvine, California-based MMFX International Holdings, Inc., and
MMFX Canadian Holdings, Inc., filed for Chapter 11 (Bankr. C.D.
Calif. Case Nos. 10-10085 and 10-10083) on Jan. 5, 2010.  Margaret
M. Mann, Esq., at Sheppard Mullin Richter & Hampton LLP represents
the Debtors in their restructuring efforts.  MMFX Int'l and MMFX
Canadian estimated assets and debts at $50 million to $100 million
as of the Chapter 11 filing.


MMFX CANADIAN: Committee Authorized to File Documents Under Seal
----------------------------------------------------------------
Judge Robert Kwan has approved a stipulation between the Official
Committee of Unsecured Creditors and MMFX Canadian Holdings Inc.,
which authorizes the Committee to file under seal certain
documents containing confidential information.

The documents include a motion and other court papers filed by the
Committee to terminate the Debtors' exclusive period to file a
Chapter 11 plan and solicit votes from their creditors.

Judge Kwan ordered that the documents will remain nonpublic and
will be made available only to the Court and its staff.  The
Office of the U.S. Trustee and other parties can also access the
documents subject, however, to confidentiality protection and with
approval from the Court.

                            About MMFX

Irvine, California-based MMFX International Holdings, Inc., and
MMFX Canadian Holdings, Inc., filed for Chapter 11 (Bankr. C.D.
Calif. Case Nos. 10-10085 and 10-10083) on Jan. 5, 2010.  Margaret
M. Mann, Esq., at Sheppard Mullin Richter & Hampton LLP represents
the Debtors in their restructuring efforts.  MMFX Int'l and MMFX
Canadian estimated assets and debts at $50 million to $100 million
as of the Chapter 11 filing.


MONEYGRAM INT'L: Completes Syndication Process of $540MM Facility
-----------------------------------------------------------------
MoneyGram International, Inc., announced that the syndication
process has been completed for its new $540 million senior secured
credit facility consisting of a $150 million, five-year revolving
credit facility and a $390 million, six-year term loan.  The net
proceeds from the term loan under the new credit facility will be
used to consummate the Company's previously announced
recapitalization and to refinance the Company's existing credit
facility.  The proposed term loan is expected to bear interest at
LIBOR plus 3.25% (with a LIBOR floor of 1.25%).

"Completion of the syndication process is an important step toward
the consummation of our recapitalization agreement.  We are very
pleased with the lender group and the terms of this new credit
facility and we are hopeful we will be closing on the
recapitalization and the new facility in mid-May," said Pamela H.
Patsley, MoneyGram's Chairman and Chief Executive Officer."

The recapitalization agreement is subject to certain closing
conditions, including the approval of the recapitalization by the
affirmative vote of a majority of the outstanding shares of the
Company's common stock (excluding any common shares held by
affiliates of Thomas H. Lee Partners and its co-investors or
affiliates of Goldman Sachs) voting on the recapitalization at a
special meeting of the Company's stockholders currently scheduled
for May 18 and the closing of the new senior credit facility or
other satisfactory financing.

Closing on the new credit facility is subject to finalization and
execution of the new credit agreement with the lenders and
customary terms and conditions.  Closing on the new credit
facility will take place in conjunction with the closing of the
recapitalization.

                   About MoneyGram International

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

                           *     *     *

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

The Company reported net income of $43.80 million on $1.17 billion
of total revenue for the year ended Dec. 31, 2010, compared with a
net loss of $1.91 million on $1.16 billion of total revenue during
the prior year.

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


MORTGAGEBROKERS.COM: Incurs $494,009 Net Loss in 2010
-----------------------------------------------------
Mortgagebrokers.com Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting a
net loss of $494,009 on $14.28 million of revenue for the year
ended Dec. 31, 2010, compared with net income of $863,679 on
$16.85 million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $883,248 in
total assets, $2.01 million in total liabilities, and a
$1.12 million total stockholders' deficit.

McGovern, Hurley, Cunningham, LLP, in Toronto, Canada, noted that
the Company's operating losses, negative working capital, and
total capital deficiency 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/Xl4QDy

                About MortgageBrokers.com Holdings

Based in Toronto, Canada, MortgageBrokers.com Holdings,
Inc., provides mortgage brokerage services in the Canadian
provincial markets of Newfoundland, Nova Scotia, New Brunswick,
Prince Edward Island, Ontario, Saskatchewan and Alberta.


NACHSHON DRAIMAN: Court Rejects Plan, Mulls Dismissal or Chapter 7
------------------------------------------------------------------
Bankruptcy Judge John H. Squires denied confirmation of the fourth
amended Chapter 11 plan of reorganization filed by Nachshon
Draiman amid objections filed by Dynegy Marketing and Trade.
Judge Squires, however, rejected Dynegy's bid to dismiss or
convert the case.  Nonetheless, noting that the case has been
pending for approximately two years, the Court set a hearing on
May 24, 2011, at 10:00 a.m. to determine whether the case should
be converted to Chapter 7 or dismissed.

The Court held that the Plan does not satisfy the good faith
requirement of Section 1129(a)(3) of the Bankruptcy Code.  The
Court noted that, although the Debtor is not married and does not
have any dependents, the monthly operating reports reflect
expensive shopping excursions at women's clothing stores.  The
Debtor has also withdrawn substantial amounts of cash from his
individual bank account during the pendency of his Chapter 11
case.  He also has continued to gamble through the pendency of
this bankruptcy case.

In Dynegy's reply to its motion to dismiss or convert, it attached
a response to a subpoena and request for production of documents
from Horseshoe Casino Hammond, which was served upon Horseshoe on
Dec. 2, 2010 by the Examiner.  That response supplied the Debtor's
gaming history with Horseshoe Casino Hammond from January 2008
through October 2009.

"While casino gambling is not illegal, it is completely
unnecessary and unreasonable.  The Court finds that such conduct
by the Debtor shows a complete lack of regard for repayment of his
creditors.  Moreover, the Debtor's post-petition gambling is
offensive to the integrity of the bankruptcy system," Judge
Squires said.

A copy of the Court's April 19, 2011 Memorandum Opinion is
available at http://is.gd/4zzUp7from Leagle.com.

                      About Nachshon Draiman

Nachshon Draiman has interests in healthcare, real estate, and
energy procurement (natural gas and electricity).  He is the sole
proprietor of Future Associates, a management and consulting firm
that operates several nursing facilities in the Chicago area, and
is the president of Lifescan Laboratory, Inc., a medical testing
laboratory.  He also is the manager or member in three area
nursing home facilities -- Embassy Health Care Center, Inc.,
Peterson Park Nursing Home, and Burnham Health Care Center; and
partner in MNRE Ventures, LLC, a real estate partnership that owns
and leases nine residential condominiums in Chicago. MNRE owns six
condominium units which are currently in foreclosure.  He is also
the president and sole shareholder of Multiut Corporation, a
supplier of natural gas and electrical energy services.

Mr. Draiman filed a voluntary Chapter 11 petition (Bankr. N.D.
Ill. Case No. 09-17582) on May 14, 2009.  Multiut filed a separate
Chapter 11 bankruptcy petition (Bankr. N.D. Ill. Case No. 09-
17575) on the same day.  Mr. Draiman is represented by Michael L.
Ralph, Sr., Esq. -- mralph@rss-chtd.com -- at Ralph, Schwab &
Schiever, Chtd.  In his petition, Mr. Draiman estimated $1 million
to $10 million in assets and $50 million to $100 million in debts.


NARAYAN KRUPA: Case Summary & 17 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Narayan Krupa LLC
        dba Quality Inn Scottsburg
        1525 W. McClain Avenue
        Scottsburg, IN 47170

Bankruptcy Case No.: 11-91165

Chapter 11 Petition Date: April 22, 2011

Court: U.S. Bankruptcy Court
       Southern District of Indiana (New Albany)

Judge: Basil H. Lorch, III

Debtor's Counsel: David M. Cantor, Esq.
                  SEILLER WATERMAN LLC
                  462 4th Street, Suite 2200
                  Louisville, KY 40202
                  Tel: (502) 584-7400
                  E-mail: cantor@derbycitylaw.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 17 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/insb11-91165.pdf

The petition was signed by Yogendra Patel, member.


NEWPAGE CORP: Curtis Short Elected Interim SVP and CFO
------------------------------------------------------
NewPage Corporation announced that Curtis H. Short, currently
controller and chief accounting officer, has been elected as
senior vice president and chief financial officer on an interim
basis effective May 11, 2011, replacing David J. Prystash, who
resigned from NewPage to pursue other opportunities.  Mr. Short
will serve in the interim role until a permanent replacement is
named.

Mr. Short joined the company in April, 2009 and is responsible for
managing the corporate accounting and reporting process and
ensuring that all financial statements and filings are accurate,
complete and timely.  In addition, he ensures that corporate-wide
accounting policies and appropriate controls are in place in
accordance with generally accepted accounting principles and works
with operations and other finance functions to improve accounting
and reporting capabilities.

"Curt has a wealth of experience in driving results, enhancing the
timeliness and accuracy of financial reporting and improving our
finance function," stated George F. Martin, president and chief
executive officer for NewPage.  "I am confident in his ability to
oversee the financial activities for the company as we search for
a replacement CFO; and this change in leadership is not expected
to have an impact on our business, customers, suppliers or other
stakeholders."

                        About NewPage Corp.

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

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

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

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

                           *     *     *

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

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


NORTEL NETWORKS: Canada Balks at Bid to Sell Internet Addresses
---------------------------------------------------------------
Bert Hill, writing for the Ottawa Citizen, reported that the
Canadian federal government objected to Nortel Networks' plan to
sell thousands of Internet addresses, warning the action could
ultimately help criminals and terrorists.

According to the report, Marta Morgan, assistant deputy minister
with the industry department in Canada, advised a U.S. bankruptcy
court that the sale could create a class of unregulated or "black
numbers" beyond the reach of criminal, fraud and antiterrorism
investigators.  She also said the government disputes the right of
Nortel to sell the addresses because it "does not believe that
legacy Internet numbers in Canada are property of the persons
authorized to use them."

The report noted that Nortel unveiled in March that it plans to
sell 666,624 Internet addresses to Microsoft for $7.5 million
after seeking bids from 80 companies.

According to the Ottawa Citizen, the potential sale initially
generated interest because it shows how the Internet address on
every mobile device and other Internet access point -- the
equivalent of house numbers in the real world -- is suddenly
becoming a valuable commodity.  The reason, the Ottawa Citizen
said, is that the current stock of 4.3 billion Internet addresses
is expected to start running out later this year. A new almost
limitless system, Ipv6, is being introduced but will take time to
grow. In the meantime, companies like Microsoft see value in
stocking up on old addresses to avoid shortages.

According to the Ottawa Citizen, the Canadian government is
particularly concerned about legacy addresses issued to Bell
Northern Research, a Nortel predecessor, long before the current
rules of the Internet took force.  It believes the older Nortel
numbers are particularly attractive because of "the underlying
theory that they are unencumbered and unrestrained by current
Internet governance structures."

Meanwhile, the Ottawa Citizen noted that Nortel has a deal to sell
its former U.S. headquarters campus in Richardson, a suburb of
Dallas.  Pillar Communications LLC will pay $43 million for two
buildings with more than 800,000 square feet of office and lab
space and 18.3 surrounding acres.  Nortel will keep some space
while it winds up operations to the end of this year.  Nortel had
been trying to sell the space, coming close late last year, before
Pillar emerged as the winner among nine bidders.

                       About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the
U.S. by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.  Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware, represent the Official Committee of
Unsecured Creditors.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A.  On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.

Nortel Networks divested off key assets while in Chapter 11.
In March 2009, the U.S. Bankruptcy Court entered an order
approving the sale of the Layer 4-7 assets to Radware Ltd. as the
successful bidder at auction.  In July 2009, Nortel sold its CDMA
and LTE-related assets to Telefonaktiebolaget LM Ericsson (Publ).
In September 2009, the Court Nortel sold its Enterprise Solutions
business to Avaya Inc.  In October 2009, the Court approved the
sale of assets associated with Nortel's Next Generation Packet
Core network components to Hitachi, Ltd.  On Dec. 2, 2009, the
Court approved the sale of assets associated with Nortel's
GSM/GSM-R business to Telefonaktiebolaget LM Ericsson (Publ) and
Kapsch Carriercom AG.  In December 2009, the Debtors sold their
Metro Ethernet Networks business to Ciena Corporation.  In March
2010, Nortel sold its Carrier Voice Over IP and Application
Solutions business to GENBAND Inc.  In September 2010, Nortel sold
its Multi-Service Switch business to Ericsson.

Nortel Networks filed a proposed plan of liquidation in the
U.S. Bankruptcy Court.  The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.


NPS PHARMACEUTICALS: Converts $30.57MM Notes to Common Shares
-------------------------------------------------------------
NPS Pharmaceuticals, Inc., received conversion notices from a
holder of the Company's 5.75% Convertible Notes due Aug. 7, 2014,
converting in the aggregate $30,575,211 of the outstanding
principal amount of the Notes.  Pursuant to the terms of the
Notes, the Notes are convertible into shares of the Company's
common stock at any time on or before Aug. 7, 2014 at the
conversion rate of $5.44 per share.  In connection with the
conversion of the Notes, the Company issued 5,620,445 shares of
the Company's common stock.  The Notes have $16,545,495 of
outstanding principal remaining.  The Notes were issued on Aug. 7,
2007 in a private placement in reliance on Section 4(2) of the
Securities Act of 1933, as amended and Rule 506 promulgated under
the Securities Act.

                     About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.

The Company reported a consolidated net loss of $31.44 million on
$89.41 million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of $17.86 million on $84.15 million of
total revenue during the prior year.

The Company and its subsidiaries' consolidated balance sheet at
Dec. 31, 2010 showed $228.90 million in total assets,
$384.18 million in total liabilities and a $155.27 million
stockholders' deficit.

NPS noted in its Form 10-K for the year ended Dec. 31, 2009, it
has not been profitable since its inception in 1986.  As of
Dec. 31, 2009, it had an accumulated deficit of
$922.7 million.  "Currently, we are not a self-sustaining business
and certain economic, operational and strategic factors may
require us to secure additional funds."  The Company though
believes its existing capital resources at Dec. 31, 2009,
along with the receipt of $38.4 million from the sale of its
REGPARA royalty stream, should be sufficient to fund its current
and planned operations through at least January 1, 2011.


NPS PHARMACEUTICALS: Completes 12.65MM Common Stock Offering
------------------------------------------------------------
NPS Pharmaceuticals, Inc., announced the completion of its
underwritten public offering of 12,650,000 shares of its common
stock, which included 1,650,000 shares sold pursuant to the full
exercise of an option granted to the underwriters to purchase
additional shares.  NPS expects that its net proceeds from the
offering will be approximately $107 million after deducting
underwriting discounts and commissions and other offering
expenses.

Citi and Leerink Swann LLC acted as joint book-running managers.
Canaccord Genuity Inc. and Needham & Company, LLC are senior co-
managers and Brean Murray, Carret & Co., Summer Street Research
Partners and ThinkEquity LLC were co-managers for the offering.

The securities were offered by NPS pursuant to a registration
statement previously filed and declared effective by the
Securities and Exchange Commission on Nov. 10, 2010.

A final prospectus supplement relating to the offering has been
filed with the SEC and is available on the SEC's Web site located
at www.sec.gov.  Copies of the prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
by sending a request to the offices of Citi at Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220,
telephone number (800) 831-9146 or email at
batprospectusdept@citi.com or to Leerink Swann LLC, Attention:
Syndicate Department, One Federal Street, 37th Floor, Boston, MA
02110, telephone number (800) 808-7525, Ext. 4814.

                     About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.

The Company reported a consolidated net loss of $31.44 million on
$89.41 million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of $17.86 million on $84.15 million of
total revenue during the prior year.

The Company and its subsidiaries' consolidated balance sheet at
Dec. 31, 2010 showed $228.90 million in total assets,
$384.18 million in total liabilities and a $155.27 million
stockholders' deficit.

NPS noted in its Form 10-K for the year ended Dec. 31, 2009, it
has not been profitable since its inception in 1986.  As of
Dec. 31, 2009, it had an accumulated deficit of
$922.7 million.  "Currently, we are not a self-sustaining business
and certain economic, operational and strategic factors may
require us to secure additional funds."  The Company though
believes its existing capital resources at Dec. 31, 2009,
along with the receipt of $38.4 million from the sale of its
REGPARA royalty stream, should be sufficient to fund its current
and planned operations through at least January 1, 2011.


PARTSEARCH TECHNOLOGIES: Committee Hires BDO for Tax Services
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that the official committee of
unsecured creditors of Partsearch Technologies Inc. is seeking
permission to hire BDO USA and BDO Canada as tax-services
provider.  BDO USA's Randy Schwartzman will primarily provide
services to the committee.

According to DBR, the firm will provide these services:

     (A) U.S. Tax Services -- tax compliance services including
the preparation of the federal, New Jersey, New York and Texas
returns for the fiscal year ending Dec. 31 and for the stub period
year ending 2011; and

     (B) Canadian Tax Services -- tax compliance services
including the preparation of the Canadian corporate tax returns
and schedules for Partstore Technologies Inc. (Canada) for the
taxation years ending Dec. 31, 2009, and 2010 and for the stub
period year ending 2011.

                   About Partsearch Technologies

Partsearch Technologies Inc., based in Kingston, New York, offers
parts for consumer electronics and outdoor power equipment.  It
doesn't hold inventory of its own. Inventory comes from suppliers.

Partsearch filed for Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 11-10282) on Jan. 27 after discovering it overcharged its
largest customer Best Buy Co. Inc. by $5.9 million.  William R.
Baldiga, Esq., at Brown Rudnick LLP, in New York, serves as
counsel.  Partsearch disclosed assets for $4 million and total
liabilities of $13 million.

As reported by the Troubled Company Reporter on March 30, 2011,
electronics retailer Best Buy Co. obtained permission to buy
Partsearch Technologies for $6.4 million.


PAYMENT DATA: Incurs $464,168 Net Loss in 2010
----------------------------------------------
Payment Data Systems, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $464,168 on $2.62 million of revenue for the year ended
Dec. 31, 2010, compared with a net loss of $803,526 on $3.22
million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.98 million
in total assets, $2.12 million in total liabilities, all current,
and a $134,309 total stockholders' deficit.

Akin, Doherty, Klein & Feuge, P.C., San Antonio, Texas, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred
substantial losses since inception, which has led to a deficit in
working capital.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/2AZqi3

                    About Payment Data Systems

San Antonio, Tex.-based Payment Data Systems, Inc. provides
integrated electronic payment processing services to merchants and
businesses, including credit and debit card-based processing
services and transaction processing via the Automated
Clearinghouse Network.  The Company also operates an online
payment processing service for consumers under the domain name
http://www.billx.com/through which consumers can pay anyone.


PINNACLE HILLS: Section 341(a) Meeting Scheduled for May 24
-----------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of Pinnacle
Hills West, LLC's creditors on May 24, 2011, at 2:30 p.m.  The
meeting will be held at the U.S. Federal Building, 35 E. Mountain
Street, 4th Floor, Room 416, Fayetteville, Arkansas.

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.

Rogers, Arkansas-based Pinnacle Hills West, LLC, filed for Chapter
11 bankruptcy protection (Bankr. W.D. Ark. Case No. 11-71721).
Stanley V. Bond, Esq., at the Bond Law Office, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets at
$10 million to $50 million and debts at $50 million to
$100 million.


PINNACLE HILLS: Taps Bond Law as Bankruptcy Counsel
---------------------------------------------------
Pinnacle Hills West, LLC, asks for authorization from the U.S.
Bankruptcy Court for the Western District of Arkansas to employ
the Bond Law Office s bankruptcy counsel.

Bond Law can be reached at:

         Stanley V. Bond, Esq.
         BOND LAW OFFICE
         P.O. Box 1893
         Fayetteville, AR 72701-1893
         Tel: (479) 444-0255
         Fax: (479) 444-7141
         E-mail: attybond@me.com

Bond Law will bill the Debtor pursuant to the hourly rates of its
professionals:

         Stanley Bond             $250
         Branch Fields            $175

Stanley V. Bond, Esq., an attorney at the Bond Law, assures the
Court that Bond Law is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.


Rogers, Arkansas-based Pinnacle Hills West, LLC, filed for Chapter
11 bankruptcy protection (Bankr. W.D. Ark. Case No. 11-71721).
The Debtor estimated its assets at $10 million to $50 million and
debts at $50 million to $100 million.


PLATINUM ENERGY: Incurs $5.13 Million Net Loss in 2010
------------------------------------------------------
Platinum Energy Resources, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting a
net loss of $5.13 million on $20.40 million of oil and gas sales
for the year ended Dec. 31, 2010, compared with a net loss of
$32.02 million on $17.30 million of oil and gas sales during the
prior year.

The Company's balance sheet at Dec. 31, 2010 showed $53.09 million
in total assets, $23.73 million in total liabilities, not subject
to compromise, $5.10 million in liabilities subject to compromise,
related to assets held for sale-discontinued operations, and
$24.26 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/IOzOXL

                       About Platinum Energy

Houston, Tex.-based Platinum Energy Resources, Inc. --
http://www.platenergy.com/-- is an independent oil and gas
exploration and production company.  The Company has approximately
37,000 acres under lease in relatively long-lived fields with
well-established production histories.  The properties properties
are concentrated primarily in the Gulf Coast region in Texas, the
Permian Basin in Texas and New Mexico, and the Fort Worth Basin in
Texas.

GBH CPAs, PC, in Houston, Texas, expressed substantial doubt about
the Company's ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2009.  The independent auditors noted that the
Company has experienced significant losses since inception and is
currently in default of its debt agreements.

The Company has incurred significant losses, resulting in
cumulative losses of $113,747,702 through Sept. 30, 2010.  At
Sept. 30, 2010, the Senior Credit Facility balance was
approximately $5.15 million.  The Company's current cash on hand
of $2,395,820 is not adequate to satisfy the debt.  Also, the
Company has negative working capital of $8,168,992.  Currently the
Company is looking at various ways of correcting these issues,
including exploring joint venture opportunities as well as a
thorough analysis of our specific assets for potential
divestiture.  Further the Company has assets and liabilities that
could be affected by unfavorable outcomes of litigation in
progress.


PLAYLOGIC ENTERTAINMENT: Changes Name to Donar Ventures
-------------------------------------------------------
The Board of Directors has decided to change Playlogic
Entertainment, Inc.'s name into Donar Ventures, Inc., and no
longer use Playlogic Entertainment, Inc.  Accordingly, the company
started the process with the Securities and Exchange Commission to
change the name and the ticker code at the stock exchange.

                  About Playlogic Entertainment

Playlogic Entertainment, Inc. (Nasdaq OTC: PLGC.OB)
-- http://www.playlogicgames.com/-- is an independent worldwide
publisher of digital entertainment software for consoles, PCs,
handhelds, mobile devices, and other digital media platforms.
Playlogic publishes and distributes products throughout all
available channels, both online and offline.  Playlogic is
headquartered in New York City and in Amsterdam, the Netherlands.

The Company's balance sheet at March 31, 2010, showed
$14.1 million in assets and $16.5 million of liabilities, for a
stockholders' deficit of $2.4 million.  As of March 31, 2010, the
Company has an accumulated deficit of approximately $82.8 million.

In July 2010 Playlogic Entertainment voluntary requested a delay
of payments, 'surseance van betaling', the Dutch equivalent
of Chapter 11, for its subsidiary Playlogic International N.V and
wholly owned subsidiary Playlogic Game Factory B.V.  Tough market
conditions, late payments by large customers and the delays in
projects have forced the company to seek protection under the
Dutch bankruptcy laws.


POLI-GOLD LLC: Exclusive Plan Filing Period Extended Until June 15
------------------------------------------------------------------
Judge Randolph J. Haines of the U.S. Bankruptcy Court for the
District of Arizona extended the time by which Poli-Gold, L.L.C.,
has exclusive right to propose a plan of reorganization until June
15, 2011.  The time by which the Debtor has exclusive right to
solicit acceptances of the plan is likewise extended to August 15.

The Troubled Company Reported on March 28, 2011 said David Wm.
Engelman, Esq., at Engelman Berger, P.C. in Phoenix, Arizona --
dwe@eblawyers.com -- asserts that the Debtor has been working with
its primary secured creditor to formulate a consensual plan of
reorganization, and has not, therefore, focused on drafting a
unilateral plan.  He told the Court that the Debtor sought the
secured creditor's consent to the extension request, has not yet
heard back on that request and is not expecting to receive
opposition to the request.

                         About Poli-Gold

Fort Mohave, Arizona-based Poli-Gold, LLC, owns a cabin and RV
resort in Panguitch, Utah.  It also owns a commercial
building/warehouse/storage facility in Fort Mohave, Arizona, as
well as a commercial property in Lake Havasu City, Arizona, and
some vacant lots in Kingman, Arizona.

Poli-Gold filed for Chapter 11 bankruptcy protection on November
17, 2010 (Bankr. D. Ariz. Case No. 10-37018).  Engelman Berger,
P.C., serves the Debtor as bankruptcy counsel.  In its schedules,
the Debtor disclosed assets of $30,384,943 and liabilities of
$14,401,515 as of the petition date.


PURESPECTRUM INC: Incurs $7.97 Million Net Loss in 2010
-------------------------------------------------------
PureSpectrum, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$7.97 million on $79,634 of revenue for the year ended Dec. 31,
2010, compared with a net loss of $7.31 million on $12,490 of
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.05 million
in total assets, $3.12 million in total assets and a $2.07 million
total stockholders' deficit.

                           Going Concern

The Company has incurred net losses from operations of $7,972,931
for the year ended Dec. 31, 2010.  In addition, at Dec. 31, 2010,
the Company has an accumulated deficit of $22,184,093 and negative
working capital of approximately $2,560,437.  These factors, among
others, raise substantial doubt about the Company's ability to
continue as a going concern.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/9QWaKv

                     About PureSpectrum, Inc.

Savannah, Ga.-based PureSpectrum, Inc. (OTC: PSRU)
-- http://www.purespectrumlighting.com/-- is engaged in the
development, marketing, licensing, and contract manufacturing of
lighting technology for use in residential, commercial, and
industrial applications worldwide.


QUALITY BODY: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Quality Body Shop, Inc.
        6753 Thomasville Road, 108-225
        Tallahassee, FL 32312

Bankruptcy Case No.: 11-40288

Chapter 11 Petition Date: April 19, 2011

Court: U.S. Bankruptcy Court
       Northern District of Florida (Tallahassee)

Debtor's Counsel: Thomas B. Woodward, Esq.
                  THOMAS B. WOODWARD, ATTY.
                  P.O. Box 10058
                  Tallahassee, FL 32302
                  Tel: (850) 222-4818
                  Fax: (850) 561-3456
                  E-mail: woodylaw@embarqmail.com

Scheduled Assets: $755,100

Scheduled Debts: $1,058,889

A list of the Company's five largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/flnb11-40288.pdf

The petition was signed by A. Stan Freeman, president.


RADIANT OIL: Incurs $2.97 Million Net Loss in 2010
--------------------------------------------------
Radiant Oil & Gas, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $2.97 million on $169,649 of oil and gas revenue for
the year ended Dec. 31, 2010, compared with a net loss of $1.27
million on $106,502 of oil and gas revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $3.27 million
in total assets, $6.62 million in total liabilities and a $3.35
million total stockholders' deficit.

MaloneBailey LLP, in Houston, Texas, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has recurring losses
from operations and has a working capital deficit.

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

                      About Radiant Oil & Gas

Houston, Tex.-based Radiant Oil & Gas, Inc., seeks to develop,
produce, and acquire oil and natural gas properties along the Gulf
Coasts of Texas and Louisiana and on the Outer Continental Shelf
of the United States.


RADIENT PHARMACEUTICALS: Sees $68MM to $74MM Net Loss in 2010
-------------------------------------------------------------
Radient Pharmaceuticals Corporation announced, as disclosed in the
Company's  Form 8-K filed with the Securities and Exchange
Commission on April 14, 2011, that due to requests for financial
information from and related to the Company's deconsolidated
Chinese subsidiary Jade Pharmaceuticals, Inc., the Company is not
able to complete its audited financial statements for the fiscal
year ended Dec. 31, 2010 in a timely manner, and is therefore
unable to file its Form 10-K with the SEC by April 15, 2011 as
required.  JPI indicated they are gathering the requested data and
information and RPC expects to receive it shortly.  RPC will
therefore require additional time to file its Form 10-K for fiscal
2010 with the SEC and expects to file the Form 10-K within the
next 30 days.

While the Form 10-K has been delayed, RPC provided in the
April 14, 2011 Form 8-K, an unaudited consolidated balance sheet
as of Dec. 31, 2010 which was presented as an exhibit.  The
Company expects to report a net loss in the range of $68M-74M
compared with net loss of approximately $17M for fiscal 2009.  The
Company also expects to report approximately $7M-$7.5M as net cash
used in operating activities of continuing operations in fiscal
2010 compared to approximately $3.2M in fiscal 2009.

As previously reported, the Company requested an appeals hearing
before the NYSE Amex Listing Qualifications Panel to explain why
the Company's common stock should remain listed on the Exchange.
The hearing was held on April 14, 2011 and the Company has not yet
received the Panel's determination.  The Company will promptly
provide an update to the public following receipt of the Panel's
determination.

                   About Radient Pharmaceuticals

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

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

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

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


RCI REGIONAL: Section 341(a) Meeting Scheduled for May 18
---------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of RCI
Regional Grove, LLC's creditors on May 18, 2011, at 2:30 p.m.  The
meeting will be held at Room 200C, 3685 Main Street, 2nd Floor,
Riverside, California.

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.

Temecula, California-based RCI Regional Grove, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 11-
22055) on April 12, 2011.  Ron Bender, Esq., at Levene, Neale,
Bender, Yoo & Brill LLP, serves as the Debtor's bankruptcy
counsel.  The Debtor estimated its assets at $10 million to
$50 million and $1 million to $10 million.


RED MOUNTAIN: Separate Classification of Deficiency Claim Okay
--------------------------------------------------------------
WestLaw reports that a secured lender's deficiency claim was not
substantially similar to the general unsecured claims, and the
mere fact that the debtors placed the deficiency claim in a
separate class from general unsecured claims did not preclude
confirmation of their proposed Chapter 11 plan as involving
improper gerrymandering of claims to create an impaired, accepting
class.  The lender's claims, unlike those of general unsecured
creditors, was subject to a pending equitable subordination
proceeding, and the lender, unlike other general unsecured
creditors, could look to the debtors' principals for payment by
virtue of their guarantees.  Indeed, there was no improper
gerrymandering even if the claims were substantially similar,
since there were multiple impaired classes accepting the plan.  In
re Red Mountain Machinery Co., --- B.R. ----, 2011 WL 1428266
(Bankr. D. Ariz.).

              About Red Mountain Machinery Company

Chandler, Ariz.-based Red Mountain Machinery Company (dba Red
Mountain Holdings, LLC, Red Mountain Pacific, LLC, and BTH, LLC)
and Red Mountain Holdings, LLC, sought chapter 11 protection
(Bankr. D. Ariz. Case Nos. 09-19166 and 09-19170) on Aug. 11,
2009.  Steven N. Berger, Esq., at Engelman Berger, P.C.,
represents the Debtors.   The Debtors estimated their assets and
debts at $10 million to $50 million at the time of the filing.


REGAL PLAZA: Taps Charles E. Jack as Real Estate Appraisers
-----------------------------------------------------------
Regal Plaza, LLC, seeks authority from the U.S. Bankruptcy Court
for the District of Nevada to employ Charles E. Jack Appraisal &
Consulting, Inc., as real estate appraisers, nunc pro tunc to
September 24, 2010.

As appraiser for the Debtor, Jack will provide an appraisal of
real property located at 5803, 5831, 5855 West Craig Road, Las
Vegas, Nevada, 89130, APN 138-01-312-002, owned by the Debtor.

Jack may provide (i) additional appraisals of the Debtor's
property as necessary for the completion and verification of the
Debtor's schedules and statements, disclosure statement, and plan
confirming hearing; and (ii) testimony regarding those appraisals
and valuations in conjunction with the Debtor's confirmation
hearing.

Jack will be paid a fee ranging between $4,000 to $6,000.  In the
event that further discussions, meetings, expert witness
testimony, or report analysis is required, Jack will be paid $275
per hour.  Jack will also be reimbursed for any necessary out-of-
pocket expenses.

Charles E. Jack IV, independent fee appraiser and real estate
consultant, assures the Court that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

                      About Regal Plaza, LLC

Las Vegas, Nevada-based Regal Plaza, LLC, owns a shopping center
in Las Vegas, Nevada.  The shopping center was originally
constructed in 2000 on 5.72 acres which are operated as the Regal
Plaza.  There is 56,097 square feet of rentable space,
approximately 22,510 square feet are currently occupied and 23,187
square feet are currently being improved for tenants with signed
leases.  The Company filed for Chapter 11 bankruptcy protection
(Bankr. D. Nev. Case No. 10-26707) on Sept. 1, 2010.  Lenard E.
Schwartzer, Esq., at Schwartzer & Mcpherson Law Firm, in Las
Vegas, Nev., represents the Debtor as counsel.  In its schedules,
the Debtor disclosed $10,815,564 in assets and $8,592,879 in
liabilities as of the petition date.


REGEN BIOLOGICS: Potential Bidder Provides Bankruptcy Loan
----------------------------------------------------------
Dow Jones' DBR Small Cap reports that ReGen Biologics Inc. has
lined up bankruptcy financing from a company affiliated with
existing stakeholder Ivy Capital Partners LLC, which may also try
to buy the maker of orthopedic products out of Chapter 11
protection.

ReGen Biologics Inc., filed for Chapter 11 protection following a
decision by the Food & Drug Administration in March 2011 to
rescind approval of its meniscus implant.  ReGen Biologics in
Hackensack, New Jersey, sought Chapter 11 protection (Bankr. D.
Del. Case No. 11-11083) on April 8, 2011.  An affiliate, RBio,
Inc., also sought protection from creditors (Case No. 11-11084).
Attorneys at Pillsbury Winthrop Shaw Pittman LLP and Phillips,
Goldman & Spence represent the Debtors.  ReGen disclosed
$1,496,261 in assets and $5,208,393 in liabilities as of the
Chapter 11 filing.


RITE AID: Board Approves Adoption of 2012 Bonus Plan
----------------------------------------------------
The Compensation Committee of the Board of Directors of Rite Aid
Corporation approved the adoption of the 2012 Bonus Plan, a cash
bonus plan for the Named Executive Officers, other corporate
executive officers and key managers, and the performance goals and
target bonus percentages under the 2012 Bonus Plan.  The 2012
Bonus Plan contains a payout matrix for bonuses based on Rite
Aid's attainment of Adjusted EBITDA.  Target bonus levels for each
participant that are defined as a percentage of base pay were
established.  Target bonus levels for fiscal year 2012 for each of
the Named Executive Officers expressed as a percentage of his or
her base pay are:  John Standley, the Company's President and
Chief Executive Officer, 200%; Frank Vitrano, the Company's Senior
Executive Vice President, Chief Financial Officer and Chief
Administrative Officer, 125%; Kenneth Martindale, the Company's
Senior Executive Vice President and Chief Operating Officer, 125%;
and Brian Fiala, the Company's Executive Vice President, Store
Operations, 60%.  Bonuses equal to a multiple of a participant's
target bonus will be paid based on Rite Aid's achievement of the
2012 Adjusted EBITDA performance goals.  Bonus payments under the
2012 Bonus Plan increase as performance levels increase between
the minimum and the maximum Adjusted EBITDA performance goals.
Upon satisfaction of the minimum Adjusted EBITDA performance goal
($810 million), the participant will receive 25% of the target
bonus and upon satisfaction of the maximum Adjusted EBITDA
performance goal ($980 million), the participant will receive 200%
of the target bonus.

                          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.

The Company reported a net loss of $555.42 million on $25.21
billion of revenue for the 52 weeks ended Feb. 26, 2011, compared
with a net loss of $506.67 million on $25.67 billion of revenue
for the 52 weeks ended Feb. 27, 2010.

The Company's balance sheet at Feb. 26, 2011, showed $7.55 billion
in total assets, $9.76 billion in total liabilities and $2.21
billion in total stockholders' deficit.

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.


RIVER ISLAND: Wants to Hire Sandler & Sandler as Attorneys
----------------------------------------------------------
River Island Farms, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Florida, Fort Lauderdale
Division, to employ Martin J. Sandler of the law firm Sandler &
Sandler, as attorneys.

As attorneys, Sandler will:

   (a) give advice to the Debtor with respect to its powers and
       duties as a debtor-in-possession and the continued
       management of its business operations;

   (b) advise the Debtor with respect to its responsibilities in
       complying with the U.S. Trustee's operating guidelines and
       reporting requirements and with the rules of the court;

   (c) prepare motions, pleadings, orders, applications, adversary
       proceedings, and other legal documents necessary in the
       administration of the case;

   (d) protect the interest of the Debtor in all matters pending
       before the court; and

   (e) represent the Debtor in negotiations with its creditors in
       the preparation of a plan.

Martin L. Sandler, Esq., an attorney and shareholder of M.L.
Sandler, P.A., dba Sandler & Sandler, assures the Court that his
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor's estates.

Fort Lauderdale, Florida-based River Island Farms, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 11-
15410) on Feb. 28, 2011   Martin L. Sandler, Esq., at Sandler &
Sandler By M. L. Sandler, P.A., serves as the Debtor's bankruptcy
counsel.  The Debtor estimated assets and debts at $10 million
to $50 million.


RIVER ISLAND: Files Schedules of Assets and Liabilities
-------------------------------------------------------
River Island Farms, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of Florida, its schedules of assets and
liabilities, disclosing:

  Name of Schedule                       Assets       Liabilities
  ----------------                       ------       -----------
A. Real Property                    $23,500,000
B. Personal Property                   $474,222
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                     $11,162,034
E. Creditors Holding
   Unsecured Priority
   Claims                                                      $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                              $3,305,774
                                    -----------       -----------
      TOTAL                         $23,974,222       $14,467,808

A copy of the Schedules of Assets and Liabilities is available
at http://bankrupt.com/misc/RiverIsland_SAL.pdf

Fort Lauderdale, Florida-based River Island Farms, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 11-
15410) on Feb. 28, 2011   Martin L. Sandler, Esq., at Sandler &
Sandler By M. L. Sandler, P.A., serves as the Debtor's bankruptcy
counsel.  The Debtor estimated assets and debts at $10 million
to $50 million.


ROYAL PUBLIC: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Royal Public Fort Myers II, LLC
        1605 S. State Street, Suite 112
        Champaign, IL 61820

Bankruptcy Case No.: 11-07332

Chapter 11 Petition Date: April 19, 2011

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

Debtor's Counsel: Daniel R. Fogarty, Esq.
                  STICHTER, RIEDEL, BLAIN & PROSSER, PA
                  110 East Madison Street, Suite 200
                  Tampa, FL 33602
                  Tel: (813) 229-0144
                  E-mail: dfogarty.ecf@srbp.com

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

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

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

The petition was signed by Michael J. Henneman and Rodrick L.
Schmidt, managers.


SCHMITT CONSTRUCTION: Case Summary & Creditors List
---------------------------------------------------
Debtor: Schmitt Construction, LLC
        P.O. Box 497
        Harrison, TN 37341

Bankruptcy Case No.: 11-12144

Chapter 11 Petition Date: April 20, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Tennessee (Chattanooga)

Judge: John C. Cook

Debtor's Counsel: W. Thomas Bible, Jr., Esq.
                  LAW OFFICE OF W. THOMAS BIBLE, JR.
                  6918 Shallowford Road, Suite 100
                  Chattanooga, TN 37421
                  Tel: (423) 424-3116
                  Fax: (423) 553-0639
                  E-mail: jessica@tombiblelaw.com

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

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/tneb11-12144.pdf

The petition was signed by Larry Schmitt, president.


SEAHAWK DRILLING: Shareholders Dispute Bonus Program
----------------------------------------------------
Dow Jones' DBR Small Cap reports that Seahawk Drilling Inc.
shareholders argue that uncertainty surrounding the value of
Hercules Offshore Inc.'s court-approved offer to buy Seahawk
Drilling Inc.'s assets warrants holding off on a bonus program for
Seahawk employees that's tied to the deal.

Seahawk is proposing to pay 17 employees, including senior
managers, bonuses that hinge upon the employees' successfully
boosting the going-concern value of the company's assets.  Seahawk
said it expects to pay out $2.3 million under the program, which
the U.S. Bankruptcy Court in Corpus Christi, Texas, will take up
Monday.

According to DBR, the official committee representing Seahawk's
equity holders is questioning how the Houston company can
determine now the going-concern value of its assets without
knowing the exact price at which Hercules is purchasing Seahawk's
assets.

As reported by the Troubled Company Reporter on April 20, 2011,
Seahawk Drilling is seeking permission to pay $2.3 million in
bonuses to executives.

                       About Seahawk Drilling

Houston, Texas-based Seahawk Drilling, Inc., engages in a jackup
rig business in the United States, Gulf of Mexico, and offshore
Mexico.  It offers rigs and drilling crews on a day rate
contractual basis.

The Company and several affiliates filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Lead Case No. 11-20089) on Feb. 11,
2011.  Berry D. Spears, Esq., and Johnathan Christiaan Bolton,
Esq., at Fullbright & Jaworkski L.L.P., serve as the Debtors'
bankruptcy counsel.  Jordan, Hyden, Womble, Culbreth & Holzer,
P.C., serves as the Debtors' co-counsel.  Alvarez and Marsal North
America, LLC, is the Debtors' restructuring advisor.  Simmons And
Company International is the Debtors' transaction advisor.
Kurtzman Carson Consultants LLC is the Debtors' claims agent.
Judy A. Robbins, U.S. Trustee for Region 7, appointed three
creditors to serve on an Official Committee of Unsecured Creditors
of Seahawk Drilling Inc. and its debtor-affiliates.  Heller,
Draper, Hayden, Patrick & Horn, L.L.C., represents the creditors
committee.

The Debtors disclosed $504,897,000 in total assets and
$124,474,000 in total debts as of the Petition Date.

Seahawk filed for Chapter 11 protection to complete the sale of
all assets to Hercules Offshore, Inc.  As reported by the Troubled
Company Reporter on April 11, 2011, the Bankruptcy Court approved
an Asset Purchase Agreement between Hercules Offshore and its
wholly owned subsidiary, SD Drilling LLC, and Seahawk Drilling,
pursuant to which Seahawk agreed to sell to Hercules, and Hercules
agreed to acquire from Seahawk, all 20 of Sellers' jackup rigs and
related assets, accounts receivable and cash and certain
liabilities of Sellers in a transaction pursuant to Section 363 of
the U.S. Bankruptcy Code.

According to DBR Small Cap, the deal was valued at about
$176 million when it received court approval.

Based on previous TCR reports, the purchase price for the
Acquisition will be funded by the issuance of roughly 22.3 million
shares of Hercules Offshore common stock and cash consideration of
$25 million, which will be used primarily to pay off Seahawk's
Debtor-in-Possession loan.  The number of shares of Hercules
Offshore common stock to be issued will be proportionally reduced
at closing, based on a fixed price of $3.36 per share, if the
outstanding amount of the DIP loan exceeds $25 million, with the
total cash consideration not to exceed $45 million.  Closing of
the deal was expected to occur April 20, 2011.


SEALY CORP: Nine Directors Elected at Annual Meeting
----------------------------------------------------
Sealy Corporation held its annual meeting of stockholders on
April 14, 2011.

The stockholders elected all of Sealy's nominees for directors;
ratified the appointment of Deloitte & Touche LLP as the Company's
independent registered public accounting firm for the fiscal year
ending Nov. 27, 2011; held an advisory vote on executive
compensation; and held an advisory vote on the frequency of
holding an advisory vote on executive compensation.

The directors elected at the meeting are:

     * Simon E. Brown
     * Deborah G. Ellinger
     * James W. Johnston
     * Gary E. Morin
     * Dean B. Nelson
     * Paul J. Norris
     * John B. Replogle
     * Richard W. Roedel
     * Lawrence J. Rogers

In light of the voting results with respect to the frequency of
advisory votes on executive compensation, Sealy's board of
directors has determined that the Company currently intends to
hold an advisory vote on the compensation of the Company's named
executive officers every three years until the next required vote
on the frequency of advisory votes on executive compensation.
Sealy is required to hold votes on frequency every six years.

                         About Sealy Corp.

Trinity, North Carolina-based Sealy Corp. (NYSE: ZZ) --
http://www.sealy.com/-- is the largest bedding manufacturer in
the world with sales of $1.5 billion in fiscal 2008.  The Company
manufactures and markets a broad range of mattresses and
foundations under the Sealy(R), Sealy Posturepedic(R), including
SpringFree(TM), PurEmbrace(TM) and TrueForm(R); Stearns &
Foster(R), and Bassett(R) brands.  Sealy operates 25 plants in
North America, and has the largest market share and highest
consumer awareness of any bedding brand on the continent.  In the
United States, Sealy sells its products to approximately 3,000
customers with more than 7,000 retail outlets.

Sealy carries 'B' local and issuer credit ratings from Standard &
Poor's.

The Company reported a net loss of $902,000 on $305.53 million of
net sales for the three months ended Feb. 27, 2011, compared with
net income of $5.71 million on $311.88 million of net sales for
the three months ended Feb. 28, 2010.

The Company's balance sheet at Feb. 27, 2011 showed
$949.09 million in total assets, $1.02 billion in total
liabilities, and $74.11 million in total stockholders' deficit.


SENEZ ROOFING: Case Summary & 8 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Senez Roofing, LLC
        1060 E. Industrial Drive, Unit K
        Orange City, FL 32763

Bankruptcy Case No.: 11-02832

Chapter 11 Petition Date: April 19, 2011

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

Debtor's Counsel: Walter J. Snell, Esq.
                  SNELL & SNELL, P.A.
                  436 N. Peninsula Drive
                  Daytona Beach, FL 32118
                  Tel: (386) 255-5334
                  E-mail: snellandsnell@mindspring.com

Scheduled Assets: $49,100

Scheduled Debts: $1,308,612

A list of the Company's eight largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/flmb11-02832.pdf

The petition was signed by Isaac Senez, manager.


SEVERN BANCORP: Announces $1.0 Million Increase in 1Q Earnings
--------------------------------------------------------------
Severn Bancorp, Inc., parent company of Severn Savings Bank, FSB,
today announced an increase of $975,000 in net income for the
quarter ended March 31, 2011 compared to the quarter ended
March 31, 2010.  Net income was $447,000 or $.00 per share for the
fist quarter of 2011, compared to a net loss of $528,000 or ($.10)
for the first quarter of 2010.  Earnings per share is calculated
using net income available for common shareholders, which is net
income less preferred stock dividends.

"We are pleased to report year-over-year improvement in earnings
as we continue to steer through the sluggish economic recovery,"
said Alan J. Hyatt, president and chief executive officer.  Mr.
Hyatt continued, "We persist in our efforts to balance ensuring
sustained shareholder value, increasing regulatory demands being
placed on financial institutions and providing excellent full
service banking to Anne Arundel County residents and businesses."

                     About Severn Savings Bank

Founded in 1946, Severn Savings Bank, FSB --
http://www.severnbank.com/-- is a full-service community bank
offering a wide array of personal and commercial banking products
as well as residential and commercial mortgage lending.  It has
assets of nearly $1 billion and four branches located in
Annapolis, Edgewater and Glen Burnie.  The bank specializes in
exceptional customer service and holds itself and its employees to
a high standard of community contribution.  Severn Bancorp, Inc.,
(Nasdaq: SVBI) is the parent company of Severn Savings Bank.

As reported by the TCR on Nov. 25, 2009, Annapolis, Maryland-
based Severn Bancorp along with its Bank unit, has entered into
supervisory agreements with the Office of Thrift Supervision, the
Bank's primary federal regulator.  The agreements set forth steps
being taken in response to regulatory concerns with its operating
results and effects of the current economic environment facing the
financial services industry.

The Company's balance sheet at Dec. 31, 2010 showed
$962.54 million in total assets, $856.44 million in total
liabilities and $106.10 million in total stockholders' equity.


SHIPPERS' CHOICE: Creditor Challenges Motion for Final Decree
-------------------------------------------------------------
Creditor Commercial Driver Services, Inc., objected to the motion
by Shippers' Choice of Virginia, Inc., for final decree closing
its bankruptcy case and for filing a Chapter 11 Final Report.  CDS
also filed a motion to compel distributions, and a motion to
dismiss the case.  Shippers' Choice and CDS have engaged in
settlement discussions in an effort to resolve the Objection.

A hearing has been scheduled on the Objection for June 2, 2011, at
2:00 p.m.

Shippers' Choice and CDS have agreed that Shippers' Choice will be
granted a two-week extension of time in which to respond to the
Objection so that its response is due on or before April 29, 2011.

A copy of the parties' stipulation, approved April 18 by Judge
Nancy V. Alquist, is available at http://is.gd/upvTj9from
Leagle.com.

Shippers' Choice of Virginia, Inc., filed for Chapter 11
bankruptcy (Bankr. D. Md. Case No. 04-17933) in 2004.  Shippers'
Choice is represented by:

          Alan M. Grochal, Esq.
          TYDINGS & ROSENBERG LLP
          100 East Pratt Street
          Baltimore, MD 21202-1062
          Tel: (410) 752-9700
          E-mail: agrochal@tydingslaw.com

Attorneys for Commercial Driver Services, Inc., is represented by:

          Gary H. Leibowitz, Esq.
          Cole Schotz Meisel Forman & Leonard, P.A.
          300 East Lombard Street #2000
          Baltimore, MD 21202
          Tel: (410) 230-0660
          E-mail: gleibowitz@coleschotz.com


SI INVESTMENTS: 11th Cir. Affirms Ruling on 99-Year Lease
---------------------------------------------------------
Lori D. Ritenour, Steven G. Ritenour, Plaintiffs-Appellant, v. Les
S. Osborne, Defendant-Appellee, No. 10-12627 (11th Cir.), is an
appeal from the district court's June 3, 2010 order, confirming
two orders of the bankruptcy court in the Chapter 11 case of SI
Investments.  In the district court, appellants claimed that the
bankruptcy court erred in (1) declining to invalidate a 99-year
lease that was assigned to the debtor, and (2) concluding that
certain escalator provisions of the lease were waived for purposes
of determining the cure amount owed to appellants.  The district
court found no such error and affirmed the challenged bankruptcy
court rulings.  Having heard argument of counsel, a three-judge
panel of the Eleventh Circuit are convinced, for the reasons the
district court stated in its June 3 order, that the bankruptcy
court did not err as appellants claim.  The district court's
judgment is affirmed.

The three-judge panel consists of Circuit Judges Gerald Bard
Tjoflat and Rosemary Barkett, and District Judge John E. Steele of
the Middle District of Florida, sitting by designation.  A copy of
the Eleventh Circuit's April 21, 2011 per curiam decision is
available at http://is.gd/1HzGXRfrom Leagle.com.


SILVIA JIMENEZ: House Necessary for Effective Reorganization
------------------------------------------------------------
Bankruptcy Judge Margaret M. Mann denied U.S. Bank National
Association's request for relief from automatic stay in the
bankruptcy case of Silvia Jimenez.

Ms. Jimenez filed her Chapter 11 petition (Bankr. S.D. Calif. Case
No. 10-18065) on Oct. 9, 2010.  Ms. Jimenez, together with her
husband Juan Carlos, owns the real property located at 410
Montgomery Street in Chula Vista, California.  The Property has
three units -- Ms. Jimenez resides in one unit, her father resides
in another, and a tenant resides in the third.  Currently the
monthly rent received from the Property is $1,750.

The Property is encumbered by a deed of trust securing a
promissory note payable on its face to Alliance Bancorp, executed
in connection with a $740,000 loan made by Alliance. A copy of the
Note is endorsed as payable to US Bank, as Trustee for Washington
Mutual Mortgage Pass through Certificate for WMALT Series 2006-AR7
Trust.  The original monthly payment was $2,380.13, however this
amount has increased incrementally and US Bank now asserts the
monthly payment is $4,197.40.

US Bank seeks relief from stay on two statutory grounds: 11 U.S.C.
Sec. 362(d)(1) (2011) (cause, including lack of adequate
protection of an interest in property), and 11 U.S.C. Sec.
362(d)(2) (2011) (lack of equity and property not necessary for an
effective reorganization).

Judge Mann said it is undisputed that there is no equity in the
Debtor's property, as Ms. Jimenez admits that the fair market
value of the Property is $400,000, less than the amount of US
Bank's claim.  However, the Court must also consider whether the
Property is necessary to an effective reorganization.  The
Property is Ms. Jimenez's residence and the Court cannot conclude
at this time that she cannot restructure this debt in her Chapter
11 case.  The monthly property report shows rental income for the
Property of $1,750, which not only provides sufficient income to
make the trial monthly payment of $960.20, but also to cure the
default and potentially provide additional income which could fund
Jimenez's plan of reorganization.  The Court held that the
Property is necessary for an effective reorganization.

Ms. Jimenez is directed to submit for Court approval an adequate
protection plan for curing her post-petition default and providing
for future monthly payments.  This adequate protection proposal
should include default remedies.  A status conference will be held
on this matter on April 28, 2011 at 2.00 p.m. for further
proceedings on the adequate protection to be offered.

A copy of Judge Mann's April 11, 2011 Memorandum Decision is
available at http://is.gd/wmoVIufrom Leagle.com.


SINOBIOMED INC: Dismisses Schumacher & Associates as Accountants
----------------------------------------------------------------
Sinobiomed Inc. dismissed Schumacher & Associates, Inc., as the
Company's independent registered public accounting firm on
April 14, 2011.  On the same date, the Company approved and
authorized the engagement of the accounting firm of Burr Pilger
Mayer, Inc., as the Company's new independent registered public
accounting firm.

Schumacher & Associates, Inc.'s report on the Company's financial
statements dated March 31, 2011 for the two most recent fiscal
years ended Dec. 31, 2010 and 2009 did not contain an adverse
opinion or disclaimer of opinion, or qualification or modification
as to uncertainty, audit scope, or accounting principles, except
that S&A's report contained an explanatory paragraph in respect to
the substantial doubt as to the Company's ability to continue as a
going concern.

In connection with the audit of the Company's financial statements
for the two most recent fiscal years ended Dec. 31, 2010 and 2009
through the effective date of dismissal on April 14, 2011, there
were no disagreements, resolved or not, with S&A on any matters of
accounting principles or practices, financial statement disclosure
or auditing scope or procedures, which disagreements, if not
resolved to the satisfaction of S&A would have caused them to make
reference to the subject matter of the disagreements in connection
with their report on the financial statements for those years.

During the two most recent fiscal years ended Dec. 31, 2010 and
2009 through the effective date of dismissal of S&A on April 14,
2011, there were no reportable events as described in Item
304(a)(1)(v) of Regulation S-K.

During the two most recent fiscal years ended Dec. 31, 2010 and
2009, through the effective date of appointment of Burr Pilger
Mayer, Inc., on April 14, 2011, the Company had not, nor had any
person on the Company's behalf, consulted with Burr Pilger Mayer,
Inc., regarding either the application of accounting principles to
a specified transaction, either completed or proposed, or the type
of audit opinion that might be rendered on the Company's financial
statements, nor had Burr Pilger Mayer, Inc., provided to the
Company a written report or oral advice regarding those principles
or audit opinion on any matter that was the subject of a
disagreement as set forth in Item 304(a)(1)(iv) of Regulation S-K
or a reportable event as set forth in Item 304(a)(1)(v) of
Regulation S-K with the Company's former independent registered
public accounting firm.

                          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.

The Company reported a net loss of US$577,531 on US$0 of revenue
for the year ended Dec. 31, 2010, compared with net income of
US$3.63 million on US$0 of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed US$210,176 in
total assets, US$686,095 in total liabilities and US$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.


SKINNY NUTRITIONAL: Incurs $6.91 Million Net Loss in 2010
---------------------------------------------------------
Skinny Nutritional Corp. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $6.91 million on $6.92 million of net revenue for the year
ended Dec. 31, 2010, compared with a net loss of $7.30 million on
$4.14 million of net revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.67 million
in total assets, $4.33 million in total liabilities, all current,
and a $2.66 million stockholders' deficit.

Marcum, LLP, in Bala Cynwyd, Pennsylvania, expressed substantial
doubt about the Company's ability to continue as a going concern,
following the 2010 financial results.  The independent auditors
noted that the Company had a working capital deficiency of
$3,517,280, an accumulated deficit of $37,827,090, stockholders'
deficit of $2,658,043 and no cash on hand.  The Company had net
losses of $6,914,269 and $7,305,831 for the years ended Dec. 31,
2010 and 2009, respectively.  Additionally, the Company is
currently in arrears under its obligation for the purchase of
trademarks.  Under the agreement, the seller of the trademarks may
choose to exercise their legal rights against the Company's
assets, which includes the trademarks.

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

                      About Skinny Nutritional

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


SONJA TREMONT: Court Denies Hannibal Pictures' Motion to Dismiss
----------------------------------------------------------------
Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York denied, without prejudice, Hannibal
Pictures, Inc.'s motion seeking to dismiss or convert the Chapter
11 cases of Sonja Tremont-Morgan and STAM LLC, or, alternatively,
to appoint a Chapter 11 trustee.

Sonya Tremont is represented by:

     GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
     1501 Broadway, 22th Floor
     New York, NY 10036
     Tel: (212) 221-5700

Hannibal Pictures are represented by:

     Robert N. Michaelson, Esq.
     THE MICHAELSON LAW FIRM
     11 Broadway, Suite 615
     New York, NY 10004
     Tel: (212) 604-0685
     Fax: (800) 364-1291

          - and -

     Kenneth C. Greene, Esq.
     HAMRICK & EVANS, LLP
     111 Universal Hollywood Drive Suite 2200
     Universal City, CA 91608
     Tel: (818) 763-5292
     Fax: (818) 763-2308

                    About Sonja Tremont-Morgan

New York City-based Sonja Tremont-Morgan filed for Chapter 11
protection on Nov.  17, 2010 (Bankr. S.D.N.Y Case No. 10-16132).
The Debtor disclosed $13,458,749 in assets and $19,839,501 in
liabilities as of the Chapter 11 filing.


SOUTH PADRE: Files Schedules of Assets and Liabilities
------------------------------------------------------
South Padre Investment, LP filed with the U.S. Bankruptcy Court
for the Southern District of Texas its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $12,700,000
  B. Personal Property            $4,566,680
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $4,711,382
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $11,500
                                 -----------      -----------
        TOTAL                    $17,266,680       $4,722,882

Glendale, California-based South Padre Investment, LP fdba South
Padre Investment, Inc. filed for Chapter 11 protection (Bankr.
S.D. Tex. Case No. 11-20056) on Jan. 29, 2011.  James S Wilkins,
Esq., at Willis & Wilkins represents the Debtor.


SUPERIOR BANCORP: Bank Closed by OTS; FDIC Appointed Receiver
-------------------------------------------------------------
Superior Bancorp announced that the Office of Thrift Supervision
closed its subsidiary bank, Superior Bank on April 15, 2011, and
appointed the Federal Deposit Insurance Corporation as receiver.
The Corporation is no longer the parent of Superior Bank.

In a virtually simultaneous transaction, Superior Bank, N.A.,
acquired the operations and deposits and purchased essentially all
of the assets of the Bank in a loss-share transaction facilitated
by the FDIC and will continue to operate the Bank, according to
the FDIC in a press release.  The depositors of Superior Bank will
automatically become depositors of Superior Bank, N.A., for the
full amount of their deposits, and they will continue to have
uninterrupted access to their deposits.  Customers who have
questions about the foregoing matters, or who would like
additional information about the closure of the Bank, can visit
the FDIC's Web site located at
http://www.fdic.gov/bank/individual/failed/superior_al.html, or
call the FDIC toll-free at 1-800-640-2538

The Corporation also announced that it received a letter on
April 18, 2011 from the NASDAQ Stock Market indicating that in
accordance with Listing Rules 5101, 5110(b) and IM-5101-1, the
Corporation's shares will be delisted from NASDAQ.  The delisting
is a result of closure of its wholly-owned subsidiary and
principal asset, the Bank, by the Office of Thrift Supervision,
and the appointment of the FDIC as received of the Bank.

The Corporation does not intend to appeal NASDAQ's decision to
delist its common stock.

In accordance with this process, trading in the Corporation's
common stock will be suspended at the opening of business on
April 27, 2011.  Trading in the Corporation's common stock was
halted by NASDAQ on April 15, 2011.  No resumption in trading is
expected.

As a result of the Bank's receivership, the Corporation is
evaluating its alternatives for winding down the affairs of the
Corporation, including the possibility of filing a voluntary
petition seeking relief under Chapter 7 of Title 11 of the United
States Code.

                      About Superior Bancorp

Superior Bancorp (NASDAQ: SUPR) is a $3.0 billion thrift holding
company headquartered in Birmingham, and the second largest bank
holding company headquartered in Alabama.  The principal
subsidiary of Superior Bancorp is Superior Bank, a southeastern
community bank that currently has 73 branches, with 45 locations
throughout the state of Alabama and 28 locations in Florida.
Superior Bank also operates 23 consumer finance offices in North
Alabama as 1st Community Credit and Superior Financial Services.

On Sept. 3, 2010, Superior Bancorp entered into a second
modification and limited waiver agreement related to a
$5.9 million outstanding on its line of credit with a regional
bank.  The Agreement extends the maturity date to Nov. 3, 2010,
and provides a limited waiver of certain rights and covenants
under the original loan agreement.

In addition, Superior Bancorp has deferred regularly scheduled
interest payments on all issues of its junior subordinated
debentures relating to its five different issues of trust
preferred securities aggregating $118 million in principal amount
currently outstanding.  During the deferral period, the trusts
will likewise suspend the declaration and payment of dividends on
the trust preferred securities.  The terms of the junior
subordinated debentures and the related documents governing the
respective issues of trust preferred securities contemplate the
possibility of such deferrals and allow Superior Bancorp to defer
payments without default or penalty.  The deferrals are for up to
five years.

On Nov. 4, 2010, Superior Bancorp and its principal operating
subsidiary, Superior Bank, entered into agreements with the Office
of Thrift Supervision, their primary regulator, to continue taking
actions to strengthen their financial condition and operations.

At Sept. 30, Superior Bancorp had $3.166 billion in total assets
and $3.151 billion in total liabilities


SWORDFISH FINANCIAL: Incurs $2.69 Million Net Loss in 2010
----------------------------------------------------------
Swordfish Financial, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $2.69 million on $0 of net sales for the year ended
Dec. 31, 2010, compared with a net loss of $1.94 million on $0 of
net sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $3.76 million
in total assets, $5.39 million in total liabilities, and a
$1.63 million total stockholders' deficit.

Patrick Rodgers, CPA, PA, in Altamonte Springs, Florida, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the company
has suffered recurring losses from operations and negative cash
flows from operations the past three years.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/Sh34U4

                     About Swordfish Financial

Rockwall, Tex.-based Swordfish Financial, Inc., formerly Nature
Vision, Inc., designed, manufactured and marketed outdoor
recreation products primarily for the sport fishing and hunting
markets.  Based on the limited assets, product lines and resources
remaining after the M&I Business Credit LLC liquidation, Swordfish
Financial, Inc. has decided that there is not enough remaining of
the Nature Vision operations to continue as an outdoor
recreations products company and will concentrate on the business
on being an asset recovery company and using the financial
resources recovered to retire the Company's debts and invest in
other businesses domestically and internationally.


TAYCO, LLC: Case Summary & 4 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Tayco, LLC
        P.O. Box 32068
        Charlotte, NC 28232

Bankruptcy Case No.: 11-31053

Chapter 11 Petition Date: April 21, 2011

Court: U.S. Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: George R. Hodges

Debtor's Counsel: Travis W. Moon, Esq.
                  MOON WRIGHT & HOUSTON, PLLC
                  227 West Trade Street, Suite 1800
                  Charlotte, NC 28202
                  Tel: (704) 944-6565
                  Fax: 704-944-0380
                  E-mail: tmoon@mwhattorneys.com

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

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

A list of the Company's four largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/ncwb11-31053.pdf

The petition was signed by Thomas E. Norman, president.


TBS INTERNATIONAL: Agrees to Modify Loan Covenants
--------------------------------------------------
TBS International plc announced that it and its various lender
groups have agreed to modify certain financial covenants through
Dec. 31, 2011.  Pursuant to the new modifications, the minimum
consolidated interest charges coverage ratio has been reduced for
the fiscal quarters ending June 30, 2011 through Dec. 31, 2011
from 3.35 to 1.00 to 2.50 to 1.00.  In addition, the modifications
increased the maximum consolidated leverage ratio for the same
periods from 4.00 to 1.00 to 5.10 to 1.00, and reduced the minimum
cash requirement from $15 million to $10 million for the period
from July 1, 2011 to Dec. 31, 2011.

The Company expects that these latest amendments will allow the
Company to comply with its various credit facilities through
Dec. 31, 2011.  Unless the Baltic Dry Index, and the freight and
charter rates that TBS obtains, strengthen significantly in the
near future, however, it is likely that after Dec. 31, 2011 TBS
would fail to meet the tests under certain of its financial
covenants.  The Company's lenders have agreed to enter into
further negotiations at that time, if necessary, to seek further
modifications of those financial covenants.

                    About TBS International plc

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

The Company reported a net loss of US$247.76 million on US$411.83
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$67.04 million on US$302.51 million
of total revenue during the prior year.

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

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

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal Bank
of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.

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

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


TELTRONICS INC: May Sell Maintenance Contracts to Raise Capital
---------------------------------------------------------------
Teltronics, Inc., said it is negotiating a possible transaction
under which it could sell a portion of its maintenance contracts
including the New York City Department of Education to a third
party.  The decision to negotiate the possible transaction was
made to raise additional capital that will allow the Company to
focus on its core products.  The possible sale is subject to
negotiation and execution of an Asset Purchase Agreement with no
assurance that an Asset Purchase Agreement will be executed or if
executed, the possible sale will occur.  The Company is expected
to continue to sell new systems and upgrades to the New York City
Department of Education.

The Company's Annual Report on Form 10-K for the year ended
Dec. 31, 2010, will be filed late.  The Company needs additional
time to finalize its annual Report on Form 10-K.  At this time,
the Company is uncertain when it will be in a position to file its
annual Report on Form 10-K.

                       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.


TENET HEALTHCARE: Board to Review CHS's Revised Proposal
--------------------------------------------------------
Tenet Healthcare Corporation confirmed that it has received a
revised proposal from Community Health Systems, Inc., to acquire
all of the outstanding shares of Tenet for $6.00 per share in
cash.

Consistent with its fiduciary duties and in consultation with its
independent financial and legal advisors, Tenet's Board of
Directors will review the revised proposal to determine the course
of action that it believes is in the best interests of the Company
and its shareholders.  Tenet's shareholders are advised to take no
action at this time pending the review of the revised proposal by
the Tenet Board of Directors.

Tenet noted that the Community Health revised proposal is for the
same price as a previous Community Health proposal received by
Tenet on Nov. 12, 2010.  On Dec. 6, 2010, the Tenet Board of
Directors, after consultation with its financial and legal
advisors, sent a letter to Community Health stating that it had
unanimously determined that the Community Health proposal grossly
undervalued Tenet and was not in the best interests of Tenet or
its shareholders.

Barclays Capital is acting as financial advisor to Tenet and
Gibson, Dunn & Crutcher LLP and Debevoise & Plimpton LLP are
acting as Tenet's legal counsel.

                       About Tenet Healthcare

Dallas, Texas-based Tenet Healthcare Corporation (NYSE: THC) --
http://www.tenethealth.com/-- is a health care services company
whose subsidiaries and affiliates own and operate acute care
hospitals, ambulatory surgery centers and diagnostic imaging
centers.

The Company's balance sheet at Dec. 31, 2010, showed $8.50 billion
in total assets, $6.68 billion in total liabilities, and
$1.82 billion in total equity.

                           *     *     *

As reported by the TCR on Aug. 5, 2010, Moody's Investors Service
affirmed its 'B2' corporate family rating for Tenet.  The rating
reflects Moody's expectation that the Company will likely see
positive free cash flow for the full year ending Dec. 31,
2010, as operating results continue to improve and litigation
settlement payments end in the third quarter.  However, the
ratings also consider the significant headwinds facing the
company, and the sector as a whole, with respect to increasing bad
debt expense, weak volume trends and changes in mix as commercial
volumes decline.

S&P's corporate credit rating on Tenet is 'B' and remains
unchanged.  The ratings agency noted that while the Company has
experience recent successes to date of a multiyear turnaround
effort, the Company has a still-weak business risk profile and
high financial leverage.

Fitch Ratings has issued its Recovery Rating review of the U.S.
Healthcare sector.  This review includes an analysis of valuation
multiples, EBITDA discounts applied, and detailed recovery
worksheets for issuers with a Fitch Issuer Default Rating of 'B+'
or lower in this sector.

Fitch Ratings has placed Tenet Healthcare Corp.'s ratings on
Rating Watch Positive.  Tenet's existing ratings are Issuer
Default Rating 'B-'; Secured bank facility 'BB-/RR1'; Senior
secured notes 'BB-/RR1'; Senior unsecured notes 'B/RR3.  The
ratings apply to approximately $4.3 billion of debt outstanding as
of Sept. 30, 2010.


THORNBURG MORTGAGE: Officers' Counterclaims Survive Dismissal Bid
-----------------------------------------------------------------
Counterclaimants Larry A. Goldstone and Clarence G. Simmons, III,
filed a two count counterclaim against TMST, Inc., asserting
negligent misrepresentation (Count One) and conversion (Count
Two).  Joel I. Sher, Chapter 11 Trustee for TMST, Inc., f/k/a
Thornburg Mortgage, Inc., moves to dismiss both counterclaims.  In
his April 15, 2011 Memorandum Opinion, District Judge Richard D.
Bennett denied TMST's motion to dismiss Messrs. Goldstone and
Simmons's Counterclaims.

Mr. Goldstone worked at TMST as Director, Chief Executive Officer
and President, and Mr. Simmons served as TMST's Chief Financial
Officer and Senior Executive Vice President.  They resigned from
their posts in September 2009, following the Debtor's bankruptcy
filing.

The case before the District Court is captioned, Joel I. Sher,
Chapter 11 Trustee, v. SAF Financial, Inc., et al., Civil Action
No. RDB 10-1895 (D. Md.).  A copy of the District Court's ruling
is available at http://is.gd/vNCiXGfrom Leagle.com.

                        About Thornburg Mortgage

Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages.  It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets.  Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.

Thornburg Mortgage and its four affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787).  Thornburg
changed its name to TMST, Inc.

Judge Duncan W. Keir is handling the case.  David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, serves as bankruptcy
counsel.  Orrick, Herrington & Sutcliffe LLP serves as special
counsel.  Jim Murray, and David Hilty, at Houlihan Lokey Howard &
Zukin Capital, Inc., serve as investment banker and financial
advisor.  Protiviti Inc. provides financial advisory services.
KPMG LLP is the tax consultant.  Epiq Systems, Inc., is claims and
noticing agent.  Thornburg disclosed total assets of $24.4 billion
and total debts of $24.7 billion, as of January 31, 2009.

On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.


THORNBURG MORTGAGE: Ch. 11 Trustee Can't Block Docs in Fraud Suit
-----------------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that a Maryland federal
judge on April 19, 2011, allowed the former CEO of TMST Inc. to
access documents underlying the Chapter 11 trustee's lawsuit
alleging TMST's brass and Orrick Herrington & Sutcliffe LLP looted
the company.

The trustee cannot prevent third-party witness Protiviti Inc., the
debtor's financial adviser, from responding to ex-CEO Larry A.
Goldstone's subpoena and handing over documents that the trustee
relied on, Law360 says.

                       About Thornburg Mortgage

Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages.  It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets.  Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.

Thornburg Mortgage and its four affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787).  Thornburg
changed its name to TMST, Inc.

Judge Duncan W. Keir is handling the case.  David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, is tapped as counsel.
Orrick, Herrington & Sutcliffe LLP is employed as special counsel.
Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin
Capital, Inc., are tapped as investment banker and financial
advisor.  Protiviti Inc. is also engaged for financial advisory
services.  KPMG LLP is the tax consultant.  Epiq Systems, Inc., is
claims and noticing agent.  Thornburg disclosed total assets of
$24.4 billion and total debts of $24.7 billion, as of Jan. 31,
2009.

On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.


TONGJI HEALTHCARE: Incurs $56,232 Net Loss in 2010
--------------------------------------------------
Tongji Healthcare Group, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $56,232 on $1.92 million of total operating revenue for
the year ended Dec. 31, 2010, compared with a net loss of $324,335
on $1.87 million of total operating revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $6.84 million
in total assets, $6.64 million in total liabilities, all current,
and $202,078 in total stockholders' equity.

Kabani & Company, Inc., in Los Angeles, Calif., noted that the
Company's significant operating losses and insufficient 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/kbDGuq

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., was incorporated in the State of Nevada on
December 19, 2006.  The Company operates Tongji Hospital,
a general hospital with 105 licensed beds.


TOP SHIPS: In Breach of Financial Covenants with Certain Banks
--------------------------------------------------------------
Top Ships Inc. filed on April 12, 2011, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2010.

Deloitte Hadjipavlou, Sofianos & Cambanis S.A., in Athens, Greece,
expressed substantial doubt about Top Ships Inc.'s ability to
continue as a going concern.

The independent auditors noted that of the Company's inability to
comply with financial covenants under its current loan agreements
as of Dec. 31, 2010, and 2009, and its negative working capital
position.

"As of Dec. 31, 2010, the Company was in breach of loan covenants
relating to EBITDA, overall cash position (minimum liquidity
covenants), adjusted net worth, and asset cover, with certain
banks," the Company said in the filing.  "As a result of these
covenant breaches and due to cross default provisions contained in
all its bank facilities, the Company is in breach of all its loan
facilities and has classified all its debt and financial
instruments as current.  The amount of long term debt and
financial instruments that have been reclassified and presented
together with current liabilities amounts to $304,551,000 and
$4,125,000 respectively."

The Company reported net income of $2.5 million on $90.9 million
of revenues for 2010, compared with a net loss of $50.2 million on
$108.0 million of revenues for 2009.

At Dec. 31, 2010, the Company's balance sheet showed
$622.1 million in total assets, $366.6 million in total
liabilities, all current and stockholders' equity of
$255.5 million.

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

                       http://is.gd/TnGY12

Based in Maroussi, Greece, Top Ships Inc. (Nasdaq: TOPS)
-- http://www.topships.org/-- is an international maritime
shipping company that provides transportation services for crude
oil, petroleum products, and dry bulk commodities.


TRADE UNION: Taps Tatum LLC as Reorganization Consultant
--------------------------------------------------------
Trade Union International, Inc., and Duck House, Inc., seek
authority from the U.S. Bankruptcy Court for the Central District
of California, Riverside Division, to employ Tatum, LLC, a
division of SFN Professional Services LLC, as their reorganization
consultant, effective as of March 15, 2011.

As reorganization consultant, Tatum will prepare a cash collateral
budget and financial plan for the Debtors and prepare a cash
forecast for the next five years.

Tatum will be paid $250 hour.  In no event will the firm be paid
more than 80 hours.

James Hickey, a partner with Tatum LLC, assures the Court that his
firm does not represent any interest adverse to the Debtors and
their estates and is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

Montclair, California-based Trade Union International Inc.
supplies aftermarket aluminum alloy wheels and wheel and truck
accessories.  It filed for Chapter 11 bankruptcy protection on
January 31, 2011 (Bankr. C.D. Calif. Case No. 11-13071).  James C.
Bastian, Jr., Esq., at Shulman Hodges & Bastian LLP, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.

Affiliate Duck House, Inc., a California corporation, filed a
separate Chapter 11 petition on January 27, 2011 (Bankr. C.D.
Calif. Case No. 11-13072).


TRADE UNION: Employs Shulman Hodges as General Counsel
------------------------------------------------------
Trade Union International Inc. and Duck House, Inc., sought and
obtained authority from the U.S. Bankruptcy Court for the Central
District of California, Riverside Division, to employ Shulman
Hodges & Bastina LLP as general counsel.

Montclair, California-based Trade Union International Inc.
supplies aftermarket aluminum alloy wheels and wheel and truck
accessories.  It filed for Chapter 11 bankruptcy protection on
January 31, 2011 (Bankr. C.D. Calif. Case No. 11-13071).  James C.
Bastian, Jr., Esq., at Shulman Hodges & Bastian LLP, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.

Affiliate Duck House, Inc., a California corporation, filed a
separate Chapter 11 petition on January 27, 2011 (Bankr. C.D.
Calif. Case No. 11-13072).


TRADE UNION: Court Junks Request for Appointment of Ch. 11 Trustee
------------------------------------------------------------------
Judge Deborah Saltzman of the U.S. Bankruptcy Court for the
Central District of California, Riverside Division, denied,
without prejudice, Cathay Bank's request for the Court to direct
the U.S. Trustee to appoint a Chapter 11 trustee in the bankruptcy
cases of Trade Union International Inc. and Duck House, Inc.

Trade Union appeared through James C. Bastian, Jr., Esq., at
Shulman Hodges & Bastian LLP.  Cathay Bank, a California
corporation, appeared through Michael G. Fletcher, Esq., at
Frandzel Robins  Bloom & Csato, L.C.

The Court rendered the decision after having reviewed the request
and supporting declarations and the opposition and supporting
declarations of opposition by the Debtors.

Montclair, California-based Trade Union International Inc.
supplies aftermarket aluminum alloy wheels and wheel and truck
accessories.  It filed for Chapter 11 bankruptcy protection on
January 31, 2011 (Bankr. C.D. Calif. Case No. 11-13071).  James C.
Bastian, Jr., Esq., at Shulman Hodges & Bastian LLP, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at $10 million to $50 million.

Affiliate Duck House, Inc., a California corporation, filed a
separate Chapter 11 petition on January 27, 2011 (Bankr. C.D.
Calif. Case No. 11-13072).


TRANSAX INTERNATIONAL: Incurs $2.09 Million Net Loss in 2010
------------------------------------------------------------
Transax International Limited filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $2.09 million on $0 of revenue for the year ended Dec. 31,
2010, compared with a net loss of $2.80 million on $0 of revenue
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $823,877 in
total assets, $10.82 million in total liabilities, and a
$10.00 million total stockholders' deficit.

MSPC Certified Public Accountants and Advisors, in New York,
expressed substantial doubt about the Company's ability to
continue as a going concern, following the 2010 financial results.
The independent auditors noted that the Company has accumulated
losses from operations of approximately $19.3 million, a working
capital deficiency of approximately $10.8 million and a
stockholders' deficiency of approximately $10.0 million at
Dec. 31, 2010.  Additionally,the Company sold its sole operating
subsidiary.

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

                       http://is.gd/cXGG24

                    About Transax International

Transax International Limited -- http://www.transax.com/--
primarily through its 55% owned subsidiary, Medlink Conectividade
em Saude Ltda is an international provider of information network
solutions specifically designed for healthcare providers and
health insurance companies.  The Company's MedLink Solution
enables the real time automation of routine patient eligibility,
verification, authorizations, claims processing and payment
functions.  The Company has offices located in Plantation, Florida
and Rio de Janeiro, Brazil.  The Company currently trades on the
OTC Pink Sheet market under the symbol "TNSX" and the Frankfurt
and Berlin Stock Exchanges under the symbol "TX6".


TREY RESOURCES: Enters Into $550,000 Promissory Notes
-----------------------------------------------------
Trey Resources, Inc., entered into two promissory notes each in
the aggregate face amount of $275,000, with two accredited
investors.  Pursuant to the terms of each of the Notes, each
Investor funded $275,000 to the Corporation (the aggregate amount
of such funding equaling $550,000) in consideration of the receipt
of the Notes executed in favor of the Investors.  Each Note bears
7% interest and has a maturity date of Sept. 15, 2011.  All
principal and interest due under the Notes is payable in full on
the Maturity Date.  In consideration of the Investors making and
maintaining the Loan and as collateral security for the payment
and performance of the obligations of the Corporation under the
Notes, the Corporation granted a security interest in all of the
Corporation's assets, among other things.  The Notes are subject
to various default provisions and the occurrence of an Event of
Default will cause the outstanding principal amount under the
Notes and all other amounts payable thereunder to become
immediately due and payable to the Investors.

The proceeds paid to the Corporation pursuant to the Notes will be
used by the Corporation to satisfy any and all obligations owed as
of the date hereof under that certain (i) Secured Convertible
Debenture No. CCP-1, dated as of Dec. 30, 2005, as amended, issued
by the Corporation to YA Global Investments, L.P., in the original
principal amount of $600,000, of which approximately $874,381 is
currently owed and outstanding as April 15, 2011; (ii) Secured
Convertible Debenture No. CCP-2, dated as of Dec. 30, 2005, as
amended, issued by the Corporation to YA Global in the original
principal amount of $1,159,047, of which approximately $1,147,867
is currently owed and outstanding as of the date hereof; and (iii)
Secured Convertible Debenture No. CCP-2, dated as of May 5, 2006,
as amended, issued by the Corporation to YA Global in the original
principal amount of $600,000, of which approximately $176,988 is
currently owed and outstanding as of the date hereof.

On the Effective Date, the Corporation executed two letter
agreements, each as accepted and agreed to by the relevant
Investor, pursuant to the which the Corporation, inter alia, as an
inducement for the Investors advancing the Loans to the
Corporation, promised to issue, within 30 days of the Effective
Date, two shares of convertible preferred stock with voting rights
per share of convertible preferred stock equal to 5,000,000,000
shares of class A common stock of the Corporation, pursuant to the
terms and conditions therein contained.

                        About Trey Resources

Livingston, N.J.-based Trey Resources, Inc. operates as a business
consultant, and value-added reseller and developer of financial
accounting software in the United States.

The Company reported a net loss of $568,505 on $7.48 million of
total revenue for the year ended Dec. 31, 2010, compared with a
net loss of $1.50 million on $7.41 million of total revenue during
the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $1.02 million
in total assets, $6.13 million in total liabilities and $5.11
million in total stockholders' deficit.

Friedman LLP, in East Hanover, NJ, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
Company's financial statements for the year ended Dec. 31, 2010
have been prepared assuming the Company will continue as a going
concern.  The Company has incurred substantial accumulated
deficits and operating losses, and at Dec. 31, 2010, has a working
capital deficiency of approximately $5.1 million.


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 69.51 cents-on-the-
dollar during the week ended Friday, April 22, 2011, a drop of
0.52 percentage points from the previous week according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  The Company pays 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)


TRICO MARINE: Units Escape Ch. 11 as Deal with Lenders Reached
--------------------------------------------------------------
Trico Supply AS and Trico Shipping AS, subsidiaries of Trico
Marine Services, Inc. and whose subsidiaries include DeepOcean AS
and CTC Marine Projects Ltd., disclosed that they have reached an
agreement in principle with their working capital facility
lenders.  The Company also announced that it has accepted for
exchange $396,454,000, or over 99.1%, of its 11 7/8% Senior
Secured Notes due 2014 that had been tendered in its exchange
offer to noteholders.  In the Company's out-of-court
restructuring, these noteholders, the Company's lenders and Trico
Marine entities holding intercompany claims and interests, will be
equitized and proportionately share all the common stock (the "New
Common Stock") of DeepOcean Group Holding AS, a new Norwegian
private limited company.  The Company and its subsidiaries will no
longer be subsidiaries of Trico Marine but of DeepOcean Group
Holding AS, a new company to be based in Europe.  Operations will
continue in the normal course.

The Exchange Offer is expected to conclude on or about April 28,
2011.  As the Company expects to finalize the out-of-court
restructuring, the Company has set aside its efforts to seek
further support for a prepackaged plan of reorganization.

"Today's announcement represents a major accomplishment in the
Trico Supply Group's financial restructuring efforts and we are
very pleased to have received the approval from its noteholders
and other creditors," said Richard A. Bachmann, Trico Marine's
Chairman of the Board of Directors, President and Chief Executive
Officer.  "The debt-to-equity swap will enable the Trico Supply
Group to reduce total debt to approximately $75 million and
provides the Company with increased operating flexibility and a
more appropriate capital structure for a company its size.  Once
the restructuring is complete, we believe that the Company,
including its primary business units of DeepOcean and CTC Marine,
will be in an excellent position to take advantage of improving
market conditions and global growth opportunities."

Mr. Bachmann added, "The Trico Supply Group looks forward to an
improved liquidity position from which it will be able to better
serve its customers.  We remain committed to quality, consistency
and customer service, and we appreciate the dedication of all our
employees, whose hard work is critical to our success.  We also
thank our customers, vendors and all of our stakeholders for their
continued support."

The restructuring will reduce the Company's total debt outstanding
from $468 million to approximately $75 million.  As part of the
restructuring, the Company will also receive a new $100 million
first priority senior secured credit facility that would be used
to refinance some existing debt and fund working capital
borrowings.

Trico Marine and some of its subsidiaries will receive shares of
common stock of DeepOcean Group Holding AS.  However, the out-of-
court financial restructuring of the Trico Supply Group does not
otherwise alter Trico Marine's pending bankruptcy proceeding
before the US Bankruptcy Court.

                         About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection (Bankr. D. Del. Case No. 10-
12653) on Aug. 25, 2010.  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
serve as the Debtor's bankruptcy counsel.  The Debtor disclosed
US$30,562,681 in assets and US$353,606,467 in liabilities as of
the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.

The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Delaware, and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.


TSP CO: Bankruptcy Judge Won't Hearing KOSHA Proceedings
--------------------------------------------------------
Bankruptcy Judge Tracey N. Wise abstains from hearing the
administrative proceeding, Secretary of the Labor Cabinet,
Commonwealth of Kentucky, v. T.S.P. CO., Inc., Adv. Pro. No.
11-5004 (Bankr. E.D. Ky.), and remanded the case to the Kentucky
Occupational Safety and Health Review Commission, at the
plaintiff's behest.

On Oct. 30, 2009, the Debtor was cited by the Commonwealth of
Kentucky, Labor Cabinet, for 10 "willful serious" safety
violations of Kentucky's Occupational Safety and Health Act and
fined a penalty of $42,000 for each violation.  The Debtor
contested the citations and penalties by forwarding a notice of
contest to Jan Williamson, in-house counsel for the Cabinet, on
Dec. 30, 2009.  Upon receipt of the contest to the citation, Ms.
Williamson forwarded the notification of the intent to contest the
citations and penalties to the Review Commission on Jan. 4, 2010.
A notice of receipt of contest was served on Jan. 5, 2010 to the
Debtor's counsel. The Complaint was then officially filed before
the Review Commission by the Cabinet on Jan. 13, 2010.

On the afternoon of Jan. 19, 2011, the last day of the hearing,
the Debtor removed the matter to the Bankruptcy Court pursuant to
28 U.S.C. Sec. 1441.  The Debtor argues that the matter is
properly removed to the Bankruptcy Court because the Cabinet is
attempting to assess and collect a debt.

The Cabinet argues that the action is a non-core administrative
proceeding and not removable under 28 U.S.C. Sec. 1452.  The
Cabinet further argues that if the Bankruptcy Court Court is
inclined take jurisdiction, the Court should either abstain from
hearing this matter based on 28 U.S.C. Sections 1334(c)(1) and
1334(c)(2), or remand based on equitable considerations pursuant
to 28 U.S.C. Sec. 1452(b).

According to Judge Wise, the Cabinet's action commenced before the
Review Commission is based exclusively on Kentucky state law and
administrative regulations.  There is no diversity of the parties
or issues raised giving rise to federal question jurisdiction.
Furthermore, the hearing officer is proceeding to determine the
validity of the citations but not the proposed penalty, the
enforcement and collection of which is the only possible
connection to this bankruptcy estate.  There is no reason why the
administrative proceeding cannot be adjudicated in a timely matter
within the parameters set by the hearing officer, particularly
considering the Debtor did not remove the action until the
eleventh hour immediately prior to the conclusion of the hearing
on the merits.  All the elements of mandatory abstention exist.

A copy of the Court's April 14, 2011 Memorandum Opinion is
available at http://is.gd/dH00v5from Leagle.com.

                        About T.S.P. Co.

T.S.P. Co., Inc. in Lexington, Kentucky, filed for Chapter 11
bankruptcy (Bankr. E.D. Ky. Case No. 10-53637) on Nov. 14, 2010.
David M. Kaplan, Esq. -- DMKap@aol.com -- serves as bankruptcy
counsel.  The Debtor scheduled $2,448,703 in assets and $2,411,907
in debts.


ULTIMATE ACQUISITION: Streambank to Auction Intangible Assets
-------------------------------------------------------------
Streambank, LLC will be conducting an auction of the Ultimate
Electronics trademarks, domains, and related intellectual property
on May 25, 2011 in New York.  Ultimate Electronics Inc. has filed
a motion with the Delaware Bankruptcy Court seeking approval of
the sale of its intellectual property.  The assets include the
Ultimate Electronics trademarks, 11 related trademarks, 16 related
domain names, and the company's social media sites and databases.
The hearing to approve the sale is scheduled for May 26, 2011.

As of January 2011, Ultimate Electronics operated 46 stores in 16
states including the mid-west, western United States and New
England.  Ultimate Electronics store locations average
approximately 30-40,000 square feet and are primarily located in
high traffic retail centers and malls.  In 2010 Ultimate achieved
over $400 million in retail sales.  Ultimate Electronics is best
known for its consumer electronics and accessories assortment,
installation services and in-home and in-car entertainment
solutions.

In addition to operating a retail store, the combination of
trademarks and domain names can be used to support a variety of
new formats including flash or membership sales site, a drop-ship
internet business, product review site, and other concepts as
well.

"Ultimate developed a loyal customer following who took advantage
of our service, installation, and warranty offerings," said Bruce
Giesbrecht, the company's CEO.  "Ultimate really does mean best."

                         About Streambank

Streambank -- http://www.streambankllc.com/is an advisory firm
specializing in the valuation, marketing, and sale of intangible
assets for businesses at all stages. The firm's experience spans a
broad range of industries including apparel, automotive, consumer
products, food, manufacturing, medical technologies,
pharmaceuticals, retail and textiles.  Streambank's recent client
engagements include Movie Gallery, Anchor Blue, Tavern on the
Green, Circuit City Stores, Collins & Aikman and KB Toys.
Streambank provides sound advice on value maximization strategies
and liquidity options. Streambank is headquartered in Needham, MA
and has an office in New York City.

                    About Ultimate Electronics

Ultimate Acquisition Partners LP and CC Retail, LLC are specialty
retailers of high-end entertainment and consumer electronics with
46 stores in over a dozen states, primarily in the mid-west and
western United states.  Of the 46 stores, 35 are operated by UAP
and 11 are operated by CC Retail.  All are operated under the name
"Ultimate Electronics".  UAP and CC Retail have more than 1,500
full-time and part-time employees.

Ultimate Acquisition and CC Retail filed for Chapter 11 protection
(Bankr. D. Del. Lead Case No. 11-10245) on Jan. 26, 2011.
Ultimate Acquisition estimated assets and liabilities between
$100 million and $500 million.

Kathleen Campbell Davis, Esq., and Mark T. Hurford, Esq., at
Campbell & Levine LLC, in Wilmington, Del., and Jay L. Welford,
Esq., and Judith Greenstone Miller, Esq., at Jaffe, Raitt, Heuer &
Weiss, P.C., in Southfield, Mich., serve as the Debtor's
bankruptcy counsel.  Kurtzman Carson Consultants LLC is the claims
and notice agent.

An Official Committee of Unsecured Creditors was appointed on
Feb. 9, 2011.  The Panel has hired BDO USA LLP as its financial
advisor, and Cooley LLP and Womble Carlyle Sandridge & Rice PLLC
as bankruptcy counsel.

The Company was given formal approval from the court in February
to conduct going-out-of-business sales at all 46 stores.
Controlled by Mark J. Wattles, Ultimate decided to liquidate when
no one would provide financing for a reorganization.


ULURU INC: Lane Gorman Raises Going Concern Doubt
-------------------------------------------------
ULURU Inc. filed on March 31, 2011, its annual report on Form 10-K
for the fiscal year ended Dec. 31, 2010.

Lane Gorman Trubitt, PLLC, in Dallas, Tex., expressed substantial
doubt about ULURU Inc.'s ability to continue as a going concern.
The independent auditors noted that the Company has suffered
recurring losses from operations, negative cash flows from
operating activities and is dependent upon raising additional
funds from strategic transactions, sales of equity, or issuance of
debt.

The Company reported a net loss of $5.0 million on $1.6 million of
revenues for 2010, compared with a net loss of $9.2 million on
$667,949 of revenues for 2009.

At Dec. 31, 2010, the Company's balance sheet showed $9.0 million
in total assets, $1.6 million in total liabilities, and
stockholders' equity of $7.4 million.

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

                       http://is.gd/cGIhJO

Addison, Tex.-based ULURU Inc. (NYSE AMEX: ULU)
-- http://www.uluruinc.com/-- is a specialty pharmaceutical
company focused on the development of a portfolio of wound
management and oral care products to provide patients and
consumers improved clinical outcomes through controlled delivery
utilizing its innovative Nanoflex(R) Aggregate technology and
OraDisc(TM) transmucosal delivery system.



VILICA LLC: Creditors Meeting Scheduled for May 4
-------------------------------------------------
The Office of the U.S. Trustee for Region 17 announced in a notice
that it will be holding a meeting of creditors of Vilica, LLC on
May 4, 2011, at 10:30 a.m.  The meeting will be held at the U.S.
Federal Bldg., 280 South First Street Room 268, San Jose,
California.

All creditors are invited, but not required, to attend.  The
meeting offers opportunity 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.

The notice also announced an August 2, 2011 deadline for Vilica
creditors, except governmental units, to file their proofs of
claim.  Governmental units are required to file their proofs of
claim within 180 days after the date the order for relief was
entered.

Meanwhile, the deadline to file a complaint to determine
dischargeability of certain debts is July 5, 2011, according to
the notice.

Santa Cruz, California-based Vilica, LLC, filed for Chapter 11
bankruptcy protection (Bankr. N.D. Calif. Case No. 10-62728) on
Dec. 13, 2010.  Stephen T. Davies, Esq., at Turner Litigation
Services, serves as the Debtor's bankruptcy counsel.  According to
its schedules, the Debtor disclosed $12,757,273 in total assets
and $4,245,843 in total debts at the Petition Date.


VITRO SAB: Affiliates Seek Extension of Schedule Filing Deadline
----------------------------------------------------------------
Vitro America, LLC and three other U.S. affiliates of Vitro Asset
Corp. has sought approval from the U.S. Bankruptcy Court for the
Northern District of Texas to file their schedules of assets and
liabilities and statements of financial affairs until May 20,
2011.

The three affiliates are Super Sky Products Inc., Super Sky
International Inc. and VVP Finance Corporation.

The Debtors said that based on the amount of work entailed in
completing the schedules and statements, they won't be able to
complete the schedules and statements within the 14-day period for
filing those documents required under Rule 1007 of the Federal
Rules of Bankruptcy Procedure.

                           About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated
the reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, Vitro SAB agreed to put Vitro units -- Vitro America LLC
and three other U.S. subsidiaries -- that were subject to the
involuntary petitions into voluntary Chapter 11.  The judge will
decide later about the involuntary petitions filed against eight
non-operating Vitro subsidiaries in the U.S.

An official committee of unsecured creditors has been appointed in
the Chapter 11 cases of Vitro Asset Corp., et al.


VIVAKOR INC: Matthew Nicosia Appointed as Chief Financial Officer
-----------------------------------------------------------------
The current sole director of Vivakor, Inc., Matthew Nicosia,
appointed himself as the Chief Financial Officer of the Company,
thereby filling a vacancy in such office.  Before that
appointment, Matthew Nicosia was, and as of April 12, 2011 Matthew
Nicosia continues to be, the Chief Executive Officer of the
Company.

                         About Vivakor Inc.

Coralville, Iowa-based Vivakor, Inc., is a transdisciplinary
research company that develops products in the fields of molecular
medicine, electro-optics, biological handling and natural and
formulary compounds.

The Company's balance sheet at September 30, 2010, showed
$2.65 million in total assets, $2.66 million in total liabilities,
and a stockholders' deficit of $11,602.

As reported in the Troubled Company Reporter on April 9, 2010,
McGladrey & Pullen, LLP, in Cedar Rapids, Iowa, expressed
substantial doubt about Vivakor, Inc.'s ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company's ability to become a
profitable operating company is dependent upon obtaining financing
adequate to fulfill its research and market introduction
activities, and achieving a level of revenues adequate to support
the Company's cost structure.


WASHINGTON MUTUAL: Fund Seeks Docs Backing Investor's Claims
------------------------------------------------------------
Evan Weinberger at Bankruptcy Law360 reports that hedge fund
Appaloosa Management LP asked a Delaware bankruptcy judge on
April 19, 2011, to force a shareholder seeking to block a
$10 billion settlement key to Washington Mutual Inc.'s unfinished
Chapter 11 reorganization to produce documents to back his insider
trading claims.

                        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.


WEGENER CORP: Incurs $970,584 Net Loss in March 4 Quarter
---------------------------------------------------------
Wegener Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $970,584 on $1.43 million of net revenues for the three months
ended March 4, 2011, compared with a net loss of $521,744 on $2.35
million of net revenues for the three months ended Feb. 26, 2010.
The Company also reported a net loss of $996,360 on $4.40 million
of net revenues for the six months ended March 4, 2011, compared
with a net loss of $1.51 million on $4.27 million of net revenues
for the six months ended Feb. 26, 2010.

The Company's balance sheet at March 4, 2011 showed $7.99 million
in total assets, $9.01 million in total liabilities, all current,
and a $1.02 million total capital deficit.

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

                        http://is.gd/4fHHTt

                        About Wegener Corp.

Johns Creek, Ga.-based Wegener Corporation --
http://www.wegener.com/-- was formed in 1977 and is a Delaware
corporation.  The Company conducts its continuing business through
Wegener Communications, Inc. (WCI), a wholly-owned subsidiary.
WCI, a Georgia corporation, is an international provider of
digital video and audio solutions for broadcast television, radio,
telco, private and cable networks.

In Wegener's annual report filed on Nov. 15, 2010, on Form 10-K
for the fiscal year ended Sept. 3, 2010, Habif, Arogeti & Wynne,
LLP, in Atlanta, Ga., expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring losses from
operations and has a capital deficiency.


WILLIAM LYON: Expects to Complete Financials Within Grace Period
----------------------------------------------------------------
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.

On March 30, 2011, the Company filed a Form 12b-25 disclosing that
it required 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.

As of April 15, 2011, the Company has not completed its financial
statements for the year ended Dec. 31, 2010.  The Company
continues to work diligently on its financial statements and
expects to complete the process within the 30 day grace period
provided in the indentures governing William Lyon Homes, Inc.'s
7 5/8% Senior Notes due 2012, 10 3/4% Senior Notes due 2013 and
7 1/2% Senior Notes due 2014.

                     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.


WIRELESS TELECOM: Court Rules on Pepper Hamilton's Fee Request
--------------------------------------------------------------
Bankruptcy Judge John J. Thomas ruled on final fee applications
for general counsel, Pepper Hamilton, LLP; Robert J. Keller,
Special FCC counsel; and of Executive Sounding Board Associates,
Inc., the business manager, in the bankruptcy case of Wireless
Telecommunications Inc.

Pepper is seeking an award of $2,164,000. Objections were filed by
the United States Trustee and Vermont Telephone, Inc.

In his April 18, 2011 Opinion, Judge Thomas held that Pepper has
offered to surrender 12.38% of their fee application to
voluntarily provide for a nominal distribution to creditors.  That
calculates to a $267,903.20 reduction in the request.  While other
administrative creditors are clearly not bound to follow this
reduction, it appears abundantly clear that it should be imposed
on Pepper, Judge Thomas said.

Judge Thomas also noted that objections filed to the fee
applications of Robert J. Keller and Executive Sounding Board
Associates, Inc., have been reviewed and are not of such material
significance as to reduce their award.

Judge Thomas' opinion noted that the bankruptcy case of Wireless
Telecommunication "had more peaks and valleys than our great
Appalachian mountain range."  The case started in 2000 as an
involuntary filing in the District's Harrisburg division (Bankr.
M.D. Pa. Case No. 00-02188) with then Chief Judge, Robert J.
Woodside, presiding.  Judge Thomas succeeded to Judge Woodside's
administration upon his passing in 2002.

The involuntary case was followed by the voluntary Chapter 11
filing of a related entity known as Wireless Ventures, III, Inc.
(Bankr. M.D. Pa. Case No. 00-03533), which later in 2000 converted
to Chapter 7.  WTI remained in Chapter 7 for three years while the
Trustee appointed by the United States Trustee attempted to effect
a liquidation of its sole assets, telecommunication licenses.  The
effort was unsuccessful, but rather than suffer dismissal, it
converted to Chapter 11 in 2003.  A private sale was actually
arranged for $4.5 million, a figure sufficient only to partly
address secured creditors.  Subsequently, however, the stock of
Wireless was transferred, and under new management, the Debtor was
able to arrange a sale in an amount in excess of $12 million, a
figure initially thought to be sufficient to pay in full all
estate creditors.  It was a hollow promise, however.  Years of
delay in the approval of the license transfer by the FCC and
significant litigation over the fees of professionals and
management have reduced the pot to insolvency, apparently
insufficient to address even the pool of administrative creditors.

A copy of the Court's opinion is available at http://is.gd/zk8hDq
from Leagle.com.


WITS END: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Wits End Guest Ranch & Resort, Inc.
        5850 Harbour Preserve Circle
        Cape Coral, FL 33914

Bankruptcy Case No.: 11-18872

Chapter 11 Petition Date: April 19, 2011

Court: U.S. Bankruptcy Court
       District of Colorado (Denver)

Judge: Michael E. Romero

Debtor's Counsel: Daniel Lowenberg, Esq.
                  LAW OFFICE OF DANIEL J. LOWENBERG, LLC
                  P.O. Box 386
                  Montrose, CO 81402
                  Tel: (970) 497-2204
                  E-mail: djl@lowenberglawllc.com

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

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

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

The petition was signed by James H. Custer, president.


YRC WORLDWIDE: Parties Finalizing Definitive Agreements
-------------------------------------------------------
YRC Worldwide Inc. has made significant progress in negotiating
the terms of the major agreements that are required to achieve the
company's financial restructuring by the end of July.

John Lamar, YRC Worldwide Chief Restructuring Officer stated, "We
have been working closely with JP Morgan, agent for the senior
secured lender group, the steering committee, the company's
pension funds and the Teamsters National Freight Industry
Negotiating Committee and we are very pleased with the progress
that has been made and the support we have received.  All
stakeholders are continuing to finalize definitive agreements to
complete the company's financial restructuring."

The company had previously announced that it had reached an
Agreement in Principle on Feb. 28 that set forth the overall plan
for the YRC Worldwide financial restructuring, which will include
a very substantial dilution to common shareholders.

                    About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that through
wholly owned operating subsidiaries offers its customers a wide
range of transportation services.  These services include global,
national and regional transportation as well as logistics.

The Company's balance sheet at Dec. 31, 2010, showed $2.63 billion
in total assets, $2.73 billion in total liabilities and $95.84
million in total shareholders' deficit.

KPMG LLP's audit reports on the consolidated financial statements
of YRC Worldwide Inc. and subsidiaries for 2009 and 2010 each
contain an explanatory paragraph that states that the Company has
experienced significant declines in operations, cash flows and
liquidity and these conditions raise substantial doubt about the
Company's ability to continue as a going concern.

                           *     *     *

In January 2011, Standard & Poor's Ratings Services placed its
'CCC-' corporate credit rating on YRC Worldwide Inc. (YRCW) on
CreditWatch developing.  At the same time, S&P is withdrawing the
existing issue level ratings on Yellow Corp.'s senior unsecured
debt, given the negligible amounts outstanding.

"The ratings on Overland Park, Kan.-based YRCW reflect its near-
term liquidity challenges, meaningful off-balance-sheet contingent
obligations related to multiemployer pension plans, as well as its
participation in the competitive, capital-intensive, and cyclical
trucking industry," said Standard & Poor's credit analyst Anita
Ogbara.  "YRCW's substantial (albeit deteriorating) market
position in the less-than-truckload (LTL) sector, which has high
barriers to entry, partially offsets these characteristics.  We
characterize YRCW's business profile as weak, financial profile as
highly leveraged, and liquidity as weak."

As reported by the TCR on March 22, 2011, Moody's Investors
Service has lowered the Corporate Family Rating of YRC Worldwide,
Inc to Ca from Caa3.  The rating outlook is negative.  The rating
has been downgraded in response to the company's recent disclosure
of a "Milestone Failure" relating to requirements under its
amended credit agreement.  Moody's believes that this development
increases the risk in YRC's efforts to conclude critical
refinancing that is instrumental to its ability to avoid
bankruptcy.


* Grant Analyzes Factors Behind Automobile Loans Performance
------------------------------------------------------------
Grant Thornton LLP released its new white paper prepared with the
assistance of the Auto Finance Council: Risk-Weighting of
Automobile Loans.  The paper analyzes the trends behind the above-
par performance of automobile loans as compared with other
consumer loans that experienced high charge-offs in the nation's
latest economic downturn.

The study found that consumers became more diligent about making
their automobile loan payments during the recession.  Consumers
who were unable to meet their monthly debt obligations
historically made their mortgage payments before making an auto
loan payment; however Grant Thornton's Corporate Advisory &
Restructuring Services practice found the converse happened in the
most recent economic downturn.

The analysis, which relied on data from credit ratings agencies
Standard & Poor's and Experian, found that auto loans exhibited
the lowest default rate among consumer loans when the asset class
began outperforming first and second mortgages as of January 2007.
Automobile loans produced a 2.41% default rate compared with first
and second mortgages that generated default rates of 3.48% and
3.52%, respectively.  From July 2004 through April 2010 auto loans
had an average default rate of 1.92% when first mortgages recorded
a default rate of 2.44% and second mortgages 2.50%. In short,
automobile loans have proven to be the least volatile of these
three types of consumer credit.

"The automobile finance industry withstood the fiscal pressures
experienced by mortgage providers during the nation's most recent
economic downturn.  Credit standards and underwriting processes
remained consistent, contributing to lower delinquency and default
rates as borrowers continued to make auto loan payments even when
many defaulted on their first or second mortgages," said Paul
Melville, Grant Thornton Corporate Advisory & Restructuring
Services principal.

Other key factors discussed in Risk-Weighting of Automobile Loans
include:

Credit Underwriting -- Lax credit underwriting standards
contributed to increased default rates in the mortgage industry,
whereas tighter controls and processes in automotive lending
helped maintain lower default rates among borrowers of auto loans.

Loan Duration -- Auto loans average three-year maturity periods
compared with the 15-year and 30-year mortgages consumers take out
for home buyers, which help contribute to lower delinquency and
default rates.

Ease of Repossession -- Repossessing automobiles is easier than
foreclosing on homes, enabling lenders to implement collateral
recollection in as little as 45 days. Moreover, the automobile
finance industry has well-developed and sophisticated markets for
disposing of repossessed automobiles.

Strategic Defaults -- Borrowers are more diligent about making
auto loan payments than mortgage holders, some of whom have chosen
to "strategically" default on mortgages when the equity on their
home became significantly devalued. Many of these same borrowers,
however, continued to meet their auto loan obligations.

To read more or download a copy of the Risk-Weighting of
Automobile Loans white paper please visit
http://www.GrantThornton.com/CARS-PublishedArticles.

               About Grant Thornton LLP Corporate

Grant Thornton LLP's Corporate Advisory & Restructuring Services
(CARS) group includes more than 65 professionals in six offices in
the U.S.  The group also works closely with the Restructuring &
Recovery practices of Grant Thornton International member firms,
comprised of several hundred restructuring professionals
internationally.

The group's professionals possess extensive experience with both
bankruptcy and out-of-court restructuring, spanning many
industries, including energy, automotive, gaming and hospitality,
healthcare, manufacturing, real estate and retail.

                     About Grant Thornton LLP

The people in the independent firms of Grant Thornton
International Ltd provide personalized attention and the highest
quality service to public and private clients in more than 100
countries.  Grant Thornton LLP is the U.S. member firm of Grant
Thornton International Ltd, one of the six global audit, tax and
advisory organizations.  Grant Thornton International Ltd and its
member firms are not a worldwide partnership, as each member firm
is a separate and distinct legal entity.


* Fitch: Global CDS Spreads Widen Across All Sectors
----------------------------------------------------
Fitch Solutions said April 20 that, in its latest Risk and
Performance Monitor, Global CDS spreads widened across all sectors
the week before, driven mainly by European sovereign and financial
institutions.  European names were behind the financial sector's
underperformance last week, selling off 7.8%.  On average, CDS on
Irish, Portuguese, French and Spanish banks widened the most at
19%, 17%, 14% and 14%, respectively.  Meanwhile, CDS on European
sovereigns sold off 12.2%.

'Renewed concern over European sovereign credit is likely
attributed to fears of a Greek debt restructuring as well as
potential ramifications for those countries with significant
exposure to Greek debt through their banking systems,' said Diana
Allmendinger, the report's author and Director, Fitch Solutions.
The five-year Probability of Default (PD) Index grew 2% globally,
reversing the positive trend observed over the previous three
weeks.


* S&P's 2011 Global Corporate Defaults Now Total 13
---------------------------------------------------
One Russian bank and two U.S.-based utilities defaulted last week,
raising the 2011 global corporate default tally to 13, said an
article published Friday by Standard & Poor's Global Fixed Income
Research, titled "Global Corporate Default Update (April
15 - 21, 2011) (Premium)."

"Eight of this year's defaulters are based in the U.S., two are
based in New Zealand, one in Canada, one in the Czech Republic,
and one in Russia," said Diane Vazza, head of Standard & Poor's
Global Fixed Income Research.  "By comparison, 32 global corporate
issuers had defaulted by this time in 2010."

Of these defaulters, 23 were from the U.S., one was from Europe,
two issuers were from the emerging markets, and six were in the
other developed region (Australia, Canada, Japan, and New
Zealand).

S&P noted that it revised the 2011 figures as part of our
quarterly data reconciliation process to account for two issuers
that had ratings withdrawn several months prior to default.  Also,
it added two New Zealand-based issuers that defaulted earlier this
month -- one as a result of regulatory action, and the other
because of a distressed exchange.

"Five of this year's defaults were due to missed interest or
principal payments, and another five were due to distressed
exchange offers -- both among the top reasons for default in
2010," said Ms. Vazza.  Of the remaining three, one issuer
defaulted after it filed for bankruptcy, another had its banking
license revoked by its country's central bank, and the third was
forced into liquidation as a result of regulatory action.

Of the defaults in 2010, 28 defaults resulted from missed interest
or principal payments, 25 defaults resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%.  A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast.

The projection of 1.6% is another 0.86-percentage-point (or
another 35%) decline from the 2.46% default rate in March 2011.
This rate of decline would be sharp, but slower than the decline
over the past 16 months.  Improved lending conditions and a lower
cost of capital are keeping our default expectations relatively
upbeat in the next 12 months.  S&P is seeing stronger credit
quality, as reflected in fewer downgrades and lower negative bias.
In addition to its baseline projection, S&P forecasts the default
rate in our optimistic and pessimistic scenarios.  In its
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected.  As a result, S&P
would expect the default rate to be 1.2% (18 defaults in the next
12 months).

On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is our pessimistic
scenario-- S&P expects the default rate to be 3.3% (50 defaults)
by March 2012.  S&P bases its forecasts on quantitative and
qualitative factors that we consider, including, but not limited
to, Standard & Poor's proprietary default model for the U.S.
corporate speculative-grade bond market.  S&P updates its outlook
for the U.S. issuer-based corporate speculative-grade default rate
each quarter after analyzing the latest economic data and
expectations.


* U.S. Corporate Credit Risk Falls to Two-Week Low on Earnings
--------------------------------------------------------------
Carla Main at Bloomberg News reports that the cost of protecting
U.S. corporate bonds from default fell to the lowest level in two
weeks as companies released positive earnings and outlooks.  The
Markit CDX North America Investment Grade Index, which investors
use to hedge against losses on corporate debt or to speculate on
creditworthiness, decreased 1.4 basis points to a mid-price of
93.4 basis points as of 8:46 a.m. April 20 in New York, according
to index administrator Markit Group Ltd.  The credit swaps index
is at the lowest level since April 6 as companies from Intel Corp.
to International Business Machines Corp. boosted their outlooks,
and credit traders wagered that U.S. corporations can grow even as
some European countries may restructure their debt.  The index
gauges perceptions of creditworthiness and falls as investor
confidence improves.  The cost to protect high-yield, high-risk
debt also declined.


* Filings Under Wisconsin Bankruptcy Statutes Increase
------------------------------------------------------
Bruce Vielmetti of the Journal Sentinel in Milwaukee, Wisconsin,
reported that petitions for so-called voluntary debt amortization,
a bankruptcy alternative unique to Wisconsin, have grown
exponentially in Milwaukee County the past three years and are on
pace to double yet again this year.  The report said these court-
approved debt repayment plans allow individual debtors who can't
get ahead on their bills to obtain a three-year repayment plan in
state court that suspends penalties, interest, garnishments and,
for now at least, utility disconnections.

According to the Journal Sentinel, the relief under Chapter 128 of
the Wisconsin statutes has exploded in popularity as lawyers and
trustees advertise the option, which is far simpler and cheaper
than bankruptcy and generates steady fees for a handful of
trustees who distribute debtors' prorated payments to creditors.

The report noted that as of April 19, 642 petitions had been filed
in 2011, compared with 349 by that date in 2010 -- a year that
produced a total of 3,422, triple the number of filings in 2009.
That year, just over 1,000 were filed, which was double the number
in 2008.

Filings were also are up sharply in Waukesha, Racine, Ozaukee and
Washington counties last year, though with far fewer cases filed,
the report said.


* Value of Bankruptcy Claims Traded Jumped in First Quarter
------------------------------------------------------------
American Bankruptcy Institute reports that the value of U.S.
bankruptcy claims that traded in the first three months of the
year jumped 41% from last year, thanks to several large trades in
the Mesa Air Group Inc bankruptcy.


* A&M's Business Consulting Group Gets Kalakota, Rawal
------------------------------------------------------
As companies face mounting IT-related regulatory and business
risks, global professional services firm Alvarez & Marsal expands
its business process and performance capabilities with the
addition of Ravi Kalakota and Dhiren Rawal, who join the firm's
business consulting group as managing directors based in New York.

The former chief technology and information officer of Mercer
(Marsh McLennan Companies), Dr. Kalakota adds extensive
operational experience and IT performance improvement
capabilities, while Mr. Rawal brings 20 years of experience of
global operations and technology consulting in the financial
services sector.

"In the midst of heightened regulatory activity and challenging
economic conditions, companies are facing mounting technology-
related risks and being forced to take on a two-front battle
involving renovation and innovation of both strategy and
architecture," said Joe Berardino, national practice leader of the
firm's business consulting practice based in New York.  "On one
hand, they must transform the organization to meet demands for
transparency and insight brought on by new regulations, such as
Dodd-Frank. On the other, to remain competitive, they must engage
in a game of catch-up to bring antiquated business systems in line
with consumer technology, which is at least 15 years ahead.  And
they must do both at a time when budgets are being constrained."

"Alvarez & Marsal has a long track record of working with
management and chief risk and compliance officers to deliver IT
performance improvement and operational excellence to companies
across a broad range of industries, including financial services,"
he added.  "Ravi and Dhiren bring impressive backgrounds in IT
transformation and will further enhance our ability to serve
clients with a range of strategic advisory and interim management
services."

Dr. Kalakota brings extensive industry experience in the areas of
CIO advisory services, interim CIO services, digital strategy
(cloud, mobile and social); BI / Analytics; corporate IT
transformation and restructuring; IT governance and PMO, cost
transformation and economics; shared services optimization,
enterprise architecture and complex application development. At
Marsh, he was responsible for a $300 million IT spend; 1,200
employees; 15 development centers; 800 applications; and 500
resources in three offshore locations -- India, China and
Singapore.  Before that, he was the managing partner and vice
president of strategy and solutions management for the Global
Industries business unit of Unisys.  Earlier in his career, he
served as CEO of E-Business Strategies (EBS), a technology
research and consulting practice, CEO and Chairman of hsupply.com,
a B2B technology and held positions at several universities
including Georgia State University in Atlanta, Simon Graduate
School of Business at the University of Rochester and McCombs
School of Business at the University of Texas in Austin.

The author of 10 best-selling books on e-commerce, e-business, m-
business, service-oriented architecture and global outsourcing,
Dr. Kalakota earned his Ph.D. in business administration from the
University of Texas at Austin, his master's degree in computer
science from the University of Hawaii and his bachelor's degree in
computer science from Osmania University in India.

With extensive experience in the financial services sector, Mr.
Rawal focuses on delivering business transformations, complex
systems integration projects and trading solutions, including
market and reference data.  Over the course of his career, he has
worked closely with investment banks in North America, Europe and
Asia with major assignments in IT strategy definition and planning
for trading and market data platforms, working with two global
investment banks to streamline their technology platforms and
deliver significant improvements in performance, productivity and
cost efficiencies and implementing capital markets solutions,
including the integration of multiple OTC trading entities into a
single, regulated entity.  Additionally, he developed
transformational outsourcing arrangements encompassing IT
services, AD services and business processes. Prior to joining
A&M, he established Accenture as a leading provider of data
management consulting and solutions providing services in North
America, Europe and Asia.

Mr. Rawal earned a bachelor's degree in business information
systems from Staffordshire University in the U.K.  He has authored
numerous papers on data management, electronic execution and
algorithmic smart order routing.

                      About Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com--
is a global professional services firm specializing in turnaround
management, performance improvement and business advisory
services.  Founded in 1983, the firm builds on a distinct
restructuring heritage to deliver world-class consulting,
operational and industry expertise to management and investors
seeking to accelerate performance, solve problems and maximize
value across the corporate and investment life cycles.


* BOND PRICING -- For Week From April 18 - April 22
---------------------------------------------------

  Company           Coupon      Maturity   Bid Price
  -------           ------      --------   ---------
AMBAC INC             9.50%    2/15/2021     10.25
AMBAC INC             7.50%     5/1/2023     13.95
AMBAC INC             5.95%    12/5/2035     11.35
AMBAC INC             6.15%     2/7/2087      1.63
AGCO-CALL05/11        6.88%    4/15/2014    100.63
AHERN RENTALS         9.25%    8/15/2013     50.03
AMBASSADORS INTL      3.75%    4/15/2027     43.52
BANK NEW ENGLAND      9.88%    9/15/1999     13.50
BANKUNITED FINL       6.37%    5/17/2012      5.50
CAPMARK FINL GRP      5.88%    5/10/2012     53.94
CELL THERAPEUTIC      7.50%    4/30/2011     99.63
CELL THERAPEUTIC      7.50%    4/30/2011     99.00
DUNE ENERGY INC      10.50%     6/1/2012     71.25
EDDIE BAUER HLDG      5.25%     4/1/2014      4.00
FORD MOTOR CRED       7.50%    4/25/2011     99.28
FRANKLIN BANK         4.00%     5/1/2027      5.19
FAIRPOINT COMMUN     13.13%     4/2/2018      1.13
GREAT ATLANTIC        9.13%   12/15/2011     26.00
GREAT ATLA & PAC      6.75%   12/15/2012     29.00
HARRY & DAVID OP      9.00%     3/1/2013     25.38
HORIZON LINES         4.25%    8/15/2012     80.00
KEYSTONE AUTO OP      9.75%    11/1/2013     41.35
LEHMAN BROS HLDG     12.12%    9/11/2009      5.39
LEHMAN BROS HLDG     22.65%    9/11/2009     24.00
LEHMAN BROS HLDG      6.00%     4/1/2011     15.00
LEHMAN BROS HLDG      4.50%     8/3/2011     23.75
LEHMAN BROS HLDG      6.63%    1/18/2012     24.25
LEHMAN BROS HLDG      5.25%     2/6/2012     23.80
LEHMAN BROS HLDG      6.00%    7/19/2012     25.13
LEHMAN BROS HLDG      5.63%    1/24/2013     24.25
LEHMAN BROS HLDG      5.10%    1/28/2013     23.65
LEHMAN BROS HLDG      5.00%    2/11/2013     23.05
LEHMAN BROS HLDG      4.70%     3/6/2013     21.00
LEHMAN BROS HLDG      5.00%    3/27/2013     24.26
LEHMAN BROS HLDG      5.75%    5/17/2013     25.13
LEHMAN BROS HLDG      4.80%    3/13/2014     23.88
LEHMAN BROS HLDG      6.20%    9/26/2014     25.75
LEHMAN BROS HLDG      5.15%     2/4/2015     24.25
LEHMAN BROS HLDG      5.25%    2/11/2015     24.00
LEHMAN BROS HLDG      8.80%     3/1/2015     24.55
LEHMAN BROS HLDG      6.00%    6/26/2015     24.00
LEHMAN BROS HLDG      8.50%     8/1/2015     23.25
LEHMAN BROS HLDG      5.00%     8/5/2015     23.50
LEHMAN BROS HLDG      6.00%   12/18/2015     24.25
LEHMAN BROS HLDG      8.92%    2/16/2017     25.75
LEHMAN BROS HLDG      5.88%   11/15/2017     22.28
LEHMAN BROS HLDG      8.05%    1/15/2019     24.25
LEHMAN BROS HLDG     11.00%    6/22/2022     23.25
LEHMAN BROS HLDG     11.00%    8/29/2022     24.38
LEHMAN BROS HLDG      9.50%   12/28/2022     23.50
LEHMAN BROS HLDG      9.50%    1/30/2023     24.50
LEHMAN BROS HLDG      9.50%    2/27/2023     23.38
LEHMAN BROS HLDG      9.00%     3/7/2023     23.63
LEHMAN BROS HLDG     10.00%    3/13/2023     24.38
LEHMAN BROS HLDG     10.38%    5/24/2024     23.00
LEHMAN BROS INC       7.50%     8/1/2026     14.00
LEHMAN BROS HLDG     11.00%    3/17/2028     23.75
LTX-CREDENCE          3.50%    5/15/2011     95.33
MAJESTIC STAR         9.75%    1/15/2011     20.13
MISBAP-CALL05/11      8.20%    5/15/2025     98.28
NEWPAGE CORP         10.00%     5/1/2012     59.50
NEWPAGE CORP         12.00%     5/1/2013     27.49
RESTAURANT CO        10.00%    10/1/2013     15.16
RIVER ROCK ENT        9.75%    11/1/2011     89.20
RASER TECH INC        8.00%     4/1/2013     29.76
SBARRO INC           10.38%     2/1/2015     20.55
THORNBURG MTG         8.00%    5/15/2013      3.00
TRANS-LUX CORP        8.25%     3/1/2012     16.63
TRANS-LUX CORP        9.50%    12/1/2012     15.25
TOUSA INC             9.00%     7/1/2010     19.00
TIMES MIRROR CO       7.25%     3/1/2013     46.00
TRICO MARINE          3.00%    1/15/2027      5.00
TEXAS COMP/TCEH       7.00%    3/15/2013     29.00
VIRGIN RIVER CAS      9.00%    1/15/2012     48.00
WCI COMMUNITIES       7.88%    10/1/2013      0.50
WOLVERINE TUBE       15.00%    3/31/2012     40.19
WASH MUT BANK FA      5.65%    8/15/2014      0.27



                           *********

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

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

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

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

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

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

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

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

                           *********

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

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

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

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

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


                  *** End of Transmission ***