TCR_Public/110521.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, May 21, 2011, Vol. 15, No. 139

                            Headlines

AMERICANWEST BANCORP: Ends April 2011 With $5.81 Million Cash
BLOCKBUSTER INC: Has $74.1 Million Cash at April 3
BROWN PUBLISHING: Posts $268,030 Net Loss in 5-Weeks Ended April 3
CAPITAL GROWTH: Posts $2.2 Million Net Loss in March 2011
GREAT ATLANTIC & PACIFIC: Reports $9.46MM Net Income in February

GUARANTY FINANCIAL: Posts $168,729 Net Loss in April 2011
GULFSTREAM INTERNATIONAL: Files March 2011 Operating Report
GULFSTREAM INTERNATIONAL: GIA Has Funds of $2.16MM at March 31
GULFSTREAM INTERNATIONAL: GCI Files March 2011 Operating Report
GULFSTREAM INTERNATIONAL: GTA Files March 2011 Operating Report

MSR RESORT: Reports $25,953 Net Income in March 2011
POINT BLANK: Ends March 2011 With $3.25 Million Cash
PROFESSIONAL VETERINARY: Ends April 2011 With $11,368,247 Cash
RCLC INC: Ends March 2011 With $305,830 Cash
SEAHAWK DRILLING: Ends March 2011 With $2.66 Million Cash

TOWNSENDS INC: Posts $4.7MM Net Loss in 5-Weeks Ended April 3
TRICO MARINE: Reports $186,272 Net Income in March 2011



                            *********


AMERICANWEST BANCORP: Ends April 2011 With $5.81 Million Cash
-------------------------------------------------------------
On May 6, 2011, AmericanWest Bancorporation filed with the
U.S. Bankruptcy Court for the Eastern District of Washington its
monthly operating report for April 2011.

The Debtor reported a net loss of $27,375 on $0 revenue for the
month of April.  The net loss for the month of March was $31,189.

At April 30, 2011, the Debtor had total assets of $7.24 million,
total liabilities of $47.58 million, and a stockholders' deficit
of $40.34 million.  The book balance of cash at April 30, 2011,
was $5.81 million compared to $5.83 million at March 31, 2011.

Payments to attorneys and other professionals totaled $1,031 for
the month.

A full-text copy of the April 2011 monthly operating report is
available for free at http://is.gd/5KeXO2

                 About AmericanWest Bancorporation

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

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

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

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

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


BLOCKBUSTER INC: Has $74.1 Million Cash at April 3
--------------------------------------------------
On May 4, 2011, Blockbuster Inc. and certain of its domestic
subsidiaries filed their monthly operating report for the 5-week
period ended April 3, 2011, with the U.S. Bankruptcy
Court for the Southern District of New York.

The Debtors reported a net loss of $46.2 million on total revenues
of $173.0 million for the period.  The Company had an operating
loss of $67.2 million for the period.

At April 3, 2011, the Debtors had $947.4 million in total
assets, $1.596 billion in total liabilities, and a stockholders'
deficit of $649.0 million.  At April 3, 2011, the Debtors had
$74.1 million in cash and cash equivalents, compared to
$61.2 million at Feb. 27, 2011.

A complete text of the monthly operating report is available for
free at http://bankrupt.com/misc/blockbuster.march2011mor.pdf

                     About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA,
BLOKB) -- http://www.blockbuster.com/-- is a global provider of
rental and retail movie and game entertainment.  It has a library
of more than 125,000 movie and game titles.

Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23,
2010.  It disclosed assets of $1 billion and debts of $1.4 billion
at the time of the filing.

Blockbuster's non-U.S. operations and its domestic and
international franchisees, all of which are legally separate
entities, were not included in the filings and are not parties to
the Chapter 11 proceedings.

Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the Debtors.  Rothschild
Inc. is the financial advisor.  Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

A steering group of senior secured noteholders is represented by
James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin
LLP.  U.S. Bank National Association as trustee and collateral
agent for the senior secured notes is represented by David
McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter
& Hampton LLP.  BDO Consulting is the financial advisor for U.S.
Bank.

Lenders led by Wilmington Trust FSB are providing the DIP
financing.  The DIP Agent is represented by Peter Neckles, Esq.
and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York.

The Official Committee of Unsecured Creditors has retained Cooley
LLP as its counsel.

The Bank of New York Trust Company, N.A., as trustee under that
certain indenture, dated as of Aug. 20, 2004, with respect to the
9% Senior Subordinated Notes due 2012 issued by Blockbuster Inc.,
is represented by Edward P. Zujkowski, Esq., at Emmet, Marvin &
Martin, LLP.

The Ad Hoc Studio Committee of Blockbuster Inc. et al. is
represented by Robert J. Feinstein, Esq., at Pachulski Stang Ziehl
& Jones LLP.

Blockbuster on Feb. 21, 2011, entered into an Asset Purchase and
Sale Agreement providing for the sale of substantially all of
their assets or the proceeds of those assets to a newly formed
entity named Cobalt Video Holdco LLC.  For purposes of entering
into the Purchase Agreement, the Purchaser was established by
Monarch Alternative Capital LP, Owl Creek Asset Management LP,
Stonehill Capital Management, LLC, and Varde Partners, Inc. who
collectively hold more than 50% of the Senior Secured Notes and
each of which is a member of the Steering Committee.  Cobalt Video
Holdco LLC, the stalking horse purchaser, was represented by Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP.

The auction was held earlier in April and Dish Network Corp. won
with an offer having a gross value of $320 million.


BROWN PUBLISHING: Posts $268,030 Net Loss in 5-Weeks Ended April 3
------------------------------------------------------------------
The Brown Publishing Company, et al., reported a net loss of
$268,030 on $9,355 of total revenue for the filing period
Feb. 28, 2011, to April 3, 2011.

At April 3, 2011, The Brown Publishing Company's balance sheet
showed $27.18 million in total assets, $48.87 million in total
liabilities, and a stockholders' deficit of $21.69 million.

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

    http://bankrupt.com/misc/brownpublishing.march2011mor.pdf

                      About Brown Publishing

The Brown Publishing Company, Brown Media Holdings Company and
their subsidiaries filed for Chapter 11 bankruptcy (Bankr.
E.D.N.Y. Lead Case No. 10-73295) on April 30, 2010 and May 1,
2010.  BPC estimated $10 million to $50 million in assets and
debts in its Chapter 11 petition.  Edward M. Fox, Esq., and Eric
T. Moser, Esq., at K&L Gates LLP, serve as counsel for the
Debtors.

BPC is a privately held community news and information
corporation, organized under the laws of the State of Ohio that,
prior to the sale of its assets, had been one of the largest
newspaper publishers in Ohio, and also operated publications in
Illinois, South Carolina, Texas and Utah.  On Sept. 3, 2010, the
Debtors completed the sale of substantially all of their assets.
Brown Publishing sold most of its assets to Ohio Community Media
LLC, which was formed by the Company's lenders, for about $21.8
million.  Brown Publishing's New York newspaper group, Dan's
Papers Inc., was sold to Dan's Papers Holdings LLC for about $1.8
million.


CAPITAL GROWTH: Posts $2.2 Million Net Loss in March 2011
---------------------------------------------------------
Capital Growth Systems, Inc., reported a consolidated net loss of
$2.2 million on $4.4 million of revenues for the month of
March 2011.

The Debtor's balance sheet at March 31, 2011, showed $26.4 million
in total assets, $66.3 million in total liabilities, and a
stockholders' deficit of $39.9 million.  The Debtor ended
March 2011 with $2,054,996 in cash.

A complete text of the March 2011 monthly operating report is
available for free at http://is.gd/QpJlQr

                      About Global Capacity

Headquartered in Chicago, Illinois, Capital Growth Systems, Inc.,
known as Global Capacity, and its subsidiaries operate in one
reportable segment as a single source telecom logistics provider
in North America and the European Union.  The Company helps
customers improve efficiency, reduce cost, and simplify operations
of their complex global networks -- with a particular focus on
access networks.

Capital Growth Systems and its affiliates filed for Chapter 11
protection on.  The lead debtor is Global Capacity Holdco LLC
(Bankr. D. Del. Case No. 10-12302).  Global Capacity Group Inc.
estimated $10 million to $50 million in assets and debts in its
petition.

As reported in the TCR on May 18, 2011, Global Capacity has
completed the sale of substantially all of its assets to GC
Pivotal, LLC, an affiliate of Pivotal Group, Inc.  Pivotal had
previously acquired 100% of the secured debt of Global Capacity.


GREAT ATLANTIC & PACIFIC: Reports $9.46MM Net Income in February
----------------------------------------------------------------
On May 11, 2011, The Great Atlantic & Pacific Tea Company, Inc.,
and its U.S. subsidiaries filed their monthly operating report for
the period from Jan. 30, 2011, to Feb. 26, 2011, with the U.S.
Bankruptcy Court for the Southern District of New York.

The Debtors reported net income of $9.46 million on
$577.25 million of sales for the four weeks ended Feb. 26, 2011.
The Debtors recorded income from discontinued operations of
$112.76 million for the period.

At Feb. 26, 2011, the Debtors' consolidated balance sheet showed
$2.645 billion in total assets, $3.643 billion in total
liabilities, $143.30 million in Series A redeemable preferred
stock, and a stockholders' deficit of $1.141 billion.  The Debtors
ended the period with $352,607,000 in cash compared to
$376,111,000 at Jan. 29, 2011.

A full-text copy of the monthly operating report for the four
weeks ended Feb. 26, 2011, is available for free at:

                       http://is.gd/WVG5Fn

                  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.


GUARANTY FINANCIAL: Posts $168,729 Net Loss in April 2011
---------------------------------------------------------
On May 11, 2011, Guaranty Financial Group Inc. and each of
its wholly owned subsidiaries, Guaranty Group Ventures Inc.,
Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed
their unaudited monthly operating reports for April 2011 with
the United States Bankruptcy Court for the Northern District of
Texas, Dallas Division.

Guaranty Financial Group reported a net loss of $168,729 for the
month of April 2011.  The Debtor incurred a total of $167,536 in
professional fees for the month.

At April 30, 2011, Guaranty Financial Group had $14.36 million
in total assets, $329.41 million in total liabilities, and a
stockholders' deficit of $315.05 million.

Guaranty Financial had unrestricted cash of $9.67 million
and restricted cash of $2.13 million at April 30, 2011, for
total cash of $11.80 million, compared to unrestricted cash of
$9.70 million and restricted cash of $1.22 million at March 31,
2011, for total cash of $10.92 million.

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

Guaranty Group Ventures reported a net loss of $325 for the month
of April 2011.

At April 30, 2011, Guaranty Group Ventures had $12.24 million
in total assets, $371,385 in total liabilities, and stockholders'
equity of $11.87 million.  Guaranty Group Ventures ended the month
with $6.29 million in cash.

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

Guaranty Holdings reported a net loss of $325 for the month of
April 2011.

At April 30, 2011, Guaranty Holdings had $6,196 in cash, $529
in total liabilities, and $5,667 in total equity.

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

Guaranty Group Capital reported a net loss of $325 for the month
of April 2011.

At April 30, 2011, Guaranty Group Capital had $4,173,743 in
cash, $1,275 in total liabilities and $4,172,468 in total equity.

A full-text copy of Guaranty Group Capital's monthly operating
report is available for free at http://is.gd/CYMb7D

                      About Guaranty Financial

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

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

As reported in the TCR on May 13, 2011, the Bankruptcy Court, on
May 11, 2011, confirmed the Debtors Second Amended Joint Plan of
Liquidation.  On May 13, 2011, the Debtors filed a Notice of
Effective Date of the Plan with the Bankruptcy Court.  As a result
of the Plan being declared effective, the Company's existing
equity interests, including all issued, unissued, authorized, or
outstanding shares of stock, together with any warrants, options,
or contractual rights to purchase or acquire such equity
securities at any time and all rights arising with respect
thereto, or partnership, limited liability company, or similar
interests, have been canceled without consideration as of the
Effective Date and have no value.  No shares are being reserved
for future issuance in respect of claims and interests filed and
allowed under the Plan.  Therefore, all existing equity interests,
including common stock, of the Company are worthless.


GULFSTREAM INTERNATIONAL: Files March 2011 Operating Report
-----------------------------------------------------------
Lead Debtor Gulfstream International Group, Inc., filed with the
U.S. Bankruptcy Court for the Southern District of Florida on
April 22, 2011, its monthly operating report for March 2011.

The Lead Debtor did not attach a current balance sheet and income
statement.

A complete text of the Lead Debtor's March 2011 monthly report
is available for free at:

    http://bankrupt.com/misc/gulfstreamiint'l.march2011mor.pdf

                 About Gulfstream International

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

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

Gulfstream International Airlines disclosed $15,967,096 in total
assets and $25,243,099 in total liabilities.

Victory Park provided Gulfstream with up to $5 million debtor-in-
possession financing to fund the Chapter 11 case.


GULFSTREAM INTERNATIONAL: GIA Has Funds of $2.16MM at March 31
--------------------------------------------------------------
Gulfstream International Airlines, Inc., filed with the U.S.
Bankruptcy Court for the Southern District of Florida on April 22,
2011, its monthly operating report for March 2011.

GIA had funds of $2.16 million at March 31, 2011, compared to
$727,624 at Feb. 28, 2011.  GIA reported a net loss of $251,856 on
$15.96 million of operating revenue for the three months ended
March 31, 2011.

At March 31, 2011, GIA had $4.76 million in total assets,
$16.69 million in total liabilities, and a stockholders' deficit
of $11.93 million.

A complete text of GIA's March 2011 monthly report is available
for free at http://bankrupt.com/misc/GIA.march2011mor.pdf

                 About Gulfstream International

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

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

Gulfstream International Airlines disclosed $15,967,096 in total
assets and $25,243,099 in total liabilities.

Victory Park provided Gulfstream with up to $5 million debtor-in-
possession financing to fund the Chapter 11 case.


GULFSTREAM INTERNATIONAL: GCI Files March 2011 Operating Report
---------------------------------------------------------------
Gulfstream Connection, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Florida on April 22, 2011, its
monthly operating report for March 2011.

GCI reported a net loss of $31,273 on $185,334 of operating
revenues for the three months ended March 31, 2011.

At March 31, GCI's balance sheet showed $81,751 in total assets,
$782,475 in total liabilities, and a stockholders' deficit of
$700,724.

A complete text of the March 2011 monthly report is available
for free at http://bankrupt.com/misc/GCI.march2011mor.pdf

                 About Gulfstream International

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

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

Gulfstream International Airlines disclosed $15,967,096 in total
assets and $25,243,099 in total liabilities.

Victory Park provided Gulfstream with up to $5 million debtor-in-
possession financing to fund the Chapter 11 case.


GULFSTREAM INTERNATIONAL: GTA Files March 2011 Operating Report
---------------------------------------------------------------
Gulfstream Training Academy, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Florida on April 22, 2011, its
monthly operating report for March 2011.

The Debtor reported a net loss of $24,144 on $57,026 of revenues
for the month.

At March 31, 2011, the Debtor's balance sheet showed $3.24 million
in total assets, $2.60 million in total liabilities, and
stockholders' equity of $640,518.

A complete text of the the monthly operating report is available
for free at http://bankrupt.com/misc/GTA.march2011mor.pdf

                 About Gulfstream International

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

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

Gulfstream International Airlines disclosed $15,967,096 in total
assets and $25,243,099 in total liabilities.

Victory Park provided Gulfstream with up to $5 million debtor-in-
possession financing to fund the Chapter 11 case


MSR RESORT: Reports $25,953 Net Income in March 2011
----------------------------------------------------
MSR Resort Golf Course LLC, et al., reported net income of $25,953
on total revenue of $55.86 million for March 2011.  Net income
from continuing operations was $1.17 million.  Reorganization
items totaled $1.14 million for the month, which consisted
primarily of professional fees associated with the Chapter 11
cases.

At March 31, 2011, the Debtors had total assets of $2.204 billion,
total liabilities of $1.931 billion, and members' capital of
$272.90 million.

A copy of the March 2011 monthly operating report is available
for free http://bankrupt.com/misc/msrresort.march2011mor.pdf

                         About MSR Resort

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

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

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

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

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

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


POINT BLANK: Ends March 2011 With $3.25 Million Cash
----------------------------------------------------
Point Blank Solutions, Inc., and its subsidiaries reported a
consolidated net loss of $509,833 on sales of $13.8 million for
the month ended March 31, 2011.

At March 31, 2011, the Debtors had $46.1 million in total assets
and $74.0 million in total liabilities.  The Debtors ended the
period with $3,254,148 cash, compared to $7,535,218 at Feb. 28,
2011.  Debtor professional fees totaled $260,292.  EC Professional
fees totaled $300,000.  UCC professional fees totaled $17,000.

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

       http://bankrupt.com/misc/pointblank.march2011mor.pdf

                        About Point Blank

Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.

The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.

Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010.  Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy
counsel to the Debtor.  Olshan Grundman Frome Rosenweig & Wolosky
LLP serves as corporate counsel.  T. Scott Avila of CRG Partners
Group LLC is the restructuring officer.  Epiq Bankruptcy Solutions
serves as claims and notice agent.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case.  The Equity Committee has tapped Morrison
Cohen LLP, Baker & McKenzie LLP, and The Bayard, P.A., as its
counsel.  Robert M. Hirsh, Esq., and Heike M. Vogel, Esq., at
Arent Fox LLP, serve as counsel to the Creditors Committee, and
Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at Messana
Rosner & Stern LLP, serve as co-counsel.


PROFESSIONAL VETERINARY: Ends April 2011 With $11,368,247 Cash
--------------------------------------------------------------
On May 12, 2011, Professional Veterinary Products, Ltd., and
its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed
their unaudited monthly operating report for April 2011 with
the U.S. Bankruptcy Court for the District of Nebraska.

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

     Beginning Balance                 $11,450,137
     Total Receipts                       $142,122
     Disbursements                        $224,011
     Net Cash Flow                        ($81,889)
     Ending Cash Balance               $11,368,247

Disbursements for professional and trustee fees totaled $175,714.

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

                       http://is.gd/1Lns8L

              About Professional Veterinary Products

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

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

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

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

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


RCLC INC: Ends March 2011 With $305,830 Cash
--------------------------------------------
On May 4, 2011, RCLC, Inc., and certain of its subsidiaries
filed their unaudited monthly operating reports for March 2011
with the U.S. Bankruptcy Court for the District of New Jersey.

RCLC, Inc., reported a net loss of $12,452 on $92,450 of revenues
for the month of March 2011.

At March 31, 2011, RCLC had $17.1 million in total assets,
$10.7 million in total liabilities, and stockholders' equity of
$6.4 million.

RCLC ended March 2011 with $305,830 in cash.  It paid a total of
$58,657.66 in professional fees and reimbursed a total of
$1,077.44 in professional expenses in March 2011.

A full-text copy of RCLC's March 2011 monthly operating report
is available for free at http://is.gd/F4GR8J

RCPC Liquidating Corp. reported a net loss of $94,369 on $0
revenue for March 2011.

At March 31, 2011, RCPC had $4.2 million in total assets,
$2.9 million in total liabilities, and stockholders' equity of
$1.3 million.

RCPC ended March 2011 with $1.6 million in unrestricted cash.
It paid a total of $58,657.66 in professional fees and reimbursed
a total of $1,077.44 in professional expenses in March.

A full-text copy of RCPC Liquidating Corp.'s March 2011 monthly
operating report is available for free at http://is.gd/00g17s

RA Liquidating Corp. reported a net loss of $99,675 on $0 revenue
for March 2011.

At March 31, 2011, RA had $5.6 million in total assets,
$1.4 million in total liabilities, and stockholders' equity of
$4.2 million.

RA ended March 2011 with $1.6 million cash.  It paid a total of
$91,636.89 in professional fees and reimbursed a total of
$1,077.77 in professional expenses in March.

A full-text copy of RA Liquidating's March 2011 monthly
operating report is available for free at http://is.gd/qSQYz2

                         About RCLC Inc.

RCLC, Inc., formerly known as Ronson Corporation, in Woodbridge,
New Jersey, historically, has been engaged principally in these
businesses -- Consumer Products; and Aviation-Fixed Wing and
Helicopter Services.

Trenton, New Jersey-based Ronson Aviation, Inc., now known as RA
Liquidating Corp., filed for Chapter 11 protection on Aug. 17,
2010 (Bankr. D. N.J. Case No. 10-35315).  The Debtor disclosed
$17,140,000 in assets and $11,290,000 in liabilities as of the
Chapter 11 filing.  Affiliates RCLC, Inc. (Bankr. D. N.J. Case No.
10-35313), and RCPC Liquidating Corporation (Bankr. D. N.J. Case
No. 10-35318) filed separate Chapter 11 petitions on Aug. 17,
2010, each estimating their assets at $1 million to $10 million
and debts at $1 million to $10 million.  The cases, along with
RCLC, Inc.'s, are jointly administered, with RCLC, Inc., as the
lead case.

Michael D. Sirota, Esq., and David M. Bass, Esq., and Felice R.
Yudkin, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in
Hackensack, N.J., represent the Debtors as counsel.  Attorneys at
Lowenstein Sandler, PC, represent the Creditors' Committee as
counsel.

The Company's foreign subsidiary, RCC, Inc., formerly known as
Ronson Corporation of Canada Ltd., is not included in the filing.

Upon the closing of the sale of the Company's Aviation Division on
Oct. 15, 2010, the Company ceased to have operations, other
than to effectuate its wind-down and approve its liquidation plan
by the Bankruptcy Court.


SEAHAWK DRILLING: Ends March 2011 With $2.66 Million Cash
---------------------------------------------------------
Seahawk Drilling, Inc., et al., reported a net loss of
$2.98 million on $9.36 million of revenues for the month ended
March 31, 2011.

At March 31, 2011, the Debtor had $145.22 million in total assets,
$441.11 million in total liabilities, and a stockholders' deficit
of $295.89 million.

The Debtor ended the period with $2.66 million cash, compared with
$3.30 million cash at the beginning of the period.

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

                       http://is.gd/EZadeq

                      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 Jonathan C. Bolton, Esq., at
Fullbright & Jaworkski L.L.P., in Houston, serve as the Debtors'
bankruptcy counsel.  Shelby A. Jordan, Esq., and Nathaniel Peter
Holzer, Esq. at Jordan, Hyden, Womble, Culbreth & Holzer, P.C., in
Corpus Christi, Texas, serve as the Debtors' co-counsel.  Alvarez
and Marsal North America, LLC, is the Debtors' restructuring
advisor.  Simmons & 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.

In its amended schedules, Seahawk Drilling disclosed $208,190,199
in assets and $438,458,460 in liabilities 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.

The deal closed on April 27, 2011.


TOWNSENDS INC: Posts $4.7MM Net Loss in 5-Weeks Ended April 3
-------------------------------------------------------------
Townsends Inc. and subsidiaries reported a consolidated net loss
of $4.7 million on $0 revenue for the 5-week period ended April 3,
2011.  The Debtors accrued $945,000 in professional fees, and
$42,000 in U.S. Trustee Quarterly fees for the period.

At April 3, 2011, the Debtors had $25.8 million in total assets,
$90.2 million in total liabilities, and stockholders' deficit of
$64.4 million.

Townsend paid a total of $760,000 in professional fees for the
period.

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

       http://bankrupt.com/misc/townsends.march2011mor.pdf

                        About Townsends Inc.

Founded in 1891, Townsends Inc. is a third-generation, family-
owned poultry company.  Headquartered in Georgetown, Delaware,
Townsends operates production and processing facilities in
Arkansas and North Carolina.  Townsends Inc. -- fka Townsend
Speciality Foods -- and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 10-14092) on
Dec. 19, 2010.  As of Dec. 5, 2010, the Debtors disclosed
$131 million in total assets and $127 million in total debts.

Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel.  McKenna Long & Aldridge LLP
serves as special counsel.  Huron Consulting Group's Dalton T.
Edgecomb serves as the Debtors' chief restructuring officer.  SSG
Capital Advisors, LLC, serves as investment banker.  Donlin,
Recano & Company, Inc., is the Debtors' claims, noticing and
balloting agent.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee has tapped Lowenstein Sandler PC as its
counsel and J.H. Cohn LLP as its financial advisor.


TRICO MARINE: Reports $186,272 Net Income in March 2011
-------------------------------------------------------
On May 11, 2011, Trico Marine Services, Inc., and subsidiaries
Trico Marine Assets, Inc., Trico Holdco, LLC, Trico Marine
Operators, Inc., Trico Marine Cayman, LP, and Trico Marine
International, Inc., filed their unaudited combined monthly
operating report for March 2011 with the U.S. Bankruptcy Court for
the District of Delaware.

Trico Marine Services reported net income of $186,272 on $0
revenue for the period.

At March 31, 2011, Trico Marine Services' balance sheet showed
$419.9 million in total assets, $161.6 million in total
liabilities, and stockholders' equity of $258.3 million.

Trico Marine Operators reported a net loss of $5.6 million on
$382,639 of revenues for the month.

At March 31, 2011, Trico Marine Operators' balance sheet showed
($44.5 million) in assets, $26.8 million in total liabilities, and
a stockholders' deficit of $71.3 million.

A copy of the monthly operating report is available for
free at http://is.gd/kkErDn

                        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.


                           *********

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, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

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

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

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


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