TCR_Public/110630.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Thursday, June 30, 2011, Vol. 15, No. 179

                            Headlines

4KIDS ENTERTAINMENT: Amends Schedules of Assets and Liabilities
524 HOWARD: Charles Maher Okayed as Resolution Advocate
AMCARE: Oklahoma Processing Claims on $51-Mil. Insurance Judgment
AMERICAN APPAREL: Authorized Common Shares Hiked to 230 Million
AMF BOWLING: S&P Cuts CCR to 'CCC+' on Refinancing Risk

ANDERSON NEWS: Examiner Spots $75 Million in Avoidable Payments
ANNA NICOLE SMITH: Ruling May Limit Bankruptcy Jurisdiction
ANTELOPE SQUARE: Continental Takes Ownership; 2 Tenants Open
ANTELOPE TECHNOLOGIES: 5th Circ. Affirms Chapter 11 Dismissal
BAILEY & ASSOCIATES: Voluntary Chapter 11 Case Summary

BARNES BAY: Creditors Oppose to New Bay Chapter 11 Plan
BERNARD L MADOFF: Feeder Fund Investors Can't Sue Under SIPA
BERNARD L MADOFF: Judge OKs $212M Settlement With Madoff Feeders
BLACK CROW: Lease Decision Period Extended Until Sept. 6
BLACK PRESS: S&P Raises CCR to 'B' on Improved Profitability

BLOCK 106: Hearing on Voluntary Dismissal Plea on July 12
BLOCKBUSTER INC: U.S. Trustee's Objections to Fees Overruled
BOCA BRIDGE: New Lender JMP Boca Says Plan Outline Inadequate
BRIARWOOD CAPITAL: Principal Wants Sale Transaction Denied
BRONX HEIGHTS: Mismanagement, Unpaid Bills Cue Bankruptcy

BRONX HEIGHTS: Voluntary Chapter 11 Case Summary
BT MOKLER: Case Summary & 20 Largest Unsecured Creditors
CASCADE FINANCIAL: Sale to Opus Bank Expected to Close Today
CB HOLDING: Court Approves J.H. Cohn as Tax Accountants
CHINA-BIOTICS: To Delist From NASDAQ Due to Officials Resignations

CHIQUITA BRANDS: S&P Rates $400-Mil. Credit Facilities at 'BB-'
CLUB VENTURES: Can Access LNB's DIP Facility on Final Basis
CLUB VENTURES: Plan Filing Exclusivity Extended Until Sept. 28
CLUB VENTURES: Court Approves FTI as Panel's Financial Advisor
COLONNADE PROPERTY: Organizational Meeting to Form Panel on July 1

COMMERCIAL CAPITAL: Wants to Hire Sender as Special Counsel
COMMERCIAL CAPITAL: Judge Approves Insurance Settlement Agreement
COMMERCIAL CAPITAL: Contractors Seeks to Foreclose Property
COYOTES HOCKEY: Hulzizer Axes Offer to Acquire Coyotes
CROSSOVER FINANCIAL: Sec. 341 Creditors' Meeting Set for July 19

CRYOPORT INC: Incurs $6.15 Million Net Loss in Fiscal 2011
CRYSTAL CATHEDRAL: Creditors Committee Down to 5 Members
CRYSTAL CATHEDRAL: Panel Objects to More Work for Lutzker
CRYSTALLEX INT'L: Fails to Comply with NYSE's Listing Standards
D-SIGNS INC: Voluntary Chapter 11 Case Summary

DALLAS STARS: Said to Be Preparing Bankruptcy to Push Sale
DAIRY PRODUCTION: Has Until Aug. 8 to Propose Chapter 11 Plan
DEB SHOPS: Hires Kurtzman Carson as Claims & Noticing Agent
DEB SHOPS: Wins Interim OK for Ableco DIP Financing
DENNEY FARMS: Chapter 11 Reorganization Case Dismissed

DEUCE INVESTMENTS: No Assets to Administer, Wants Case Dismissed
DOT VN INC: Co-Founder & Pres. Shares Vision for Vietnamese IDNs
ENRON CORP: 2nd Circ. Denies Appeal of Securities Settlement
EVT HOTEL: Case Summary & 4 Largest Unsecured Creditors
EZENIA! INC: Chief Financial Officer Thomas McCann Quits

FAIRWAY COMMONS II: Roseville Portfolio Wants Stay Lifted
FERNANDEZ MOLEDO: Case Summary & 20 Largest Unsecured Creditors
FLORIDA EXTRUDERS: Triton Capital OK'd as Financial Advisor
FLORIDA EXTRUDERS: Taps McIntyre Panzarella as Legal Counsel
FLORIDA EXTRUDERS: Court OKs $12-Mil. Sale to Benada Aluminum

FLORIDA EXTRUDERS: Amends List of 20 Largest Unsecured Creditors
FULTON HOMES: Settles With Lenders to Emerge From Bankruptcy
G.B.S. HOLDING: Court Approves DurretteCrump as Chapter 11 Counsel
GANNON INTERNATIONAL: Judge Taps Receiver for Apartments
GMX RESOURCES: Files Form S-3; Registers 3.54MM Common Shares

GULFSTREAM AIRLINES: Former Workers Cry Foul Over Severance Pay
HANMI FINANCIAL: To Sell Common Shares to Woori Investment
HARRY & DAVID: First Amended Plan Voting Deadline Set for July 28
HEARUSA INC: Obtains Final Nod of $10 Million DIP Financing
HEARUSA INC: Luis Salazar Named Consumer Privacy Ombudsman

HEARUSA INC: Hearing on Sale of All Assets Set for Aug. 1
HOSPITAL DAMAS: Court Approves Enrique Peral as Special Counsel
HOSPITAL DAMAS: Court OKs FPV&G to Assist in Medicare Cost Report
HOSPITAL DAMAS: To Employ Silva CPA Group as Financial Advisor
HTRINKEL ENTERPRISES: Case Summary & 4 Largest Unsecured Creditors

IMAGINE HOSPITALITY: Case Summary & 5 Largest Unsecured Creditors
INDEPENDENCE TAX: Reports $15.98-Mil. Profit in Fiscal 2011
INNKEEPERS USA: Reorganization Plan Wins Court Approval
IRON MINING: Negotiating Forbearance with MST Financial
ISAACSON STEEL: Files For Chapter 11 Bankruptcy Protection

ISAACSON STEEL: Case Summary & 20 Largest Unsecured Creditors
JACKSON HEWITT: Creditors Seek to Put Brakes on Plan Process
JOHNSON & ASSOCIATES: Case Summary & 20 Largest Unsec. Creditors
JOSEPH PALOMBI: Case Summary & 4 Largest Unsecured Creditors
JTM DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors

KEARNEY LEASING: Case Summary & 3 Largest Unsecured Creditors
KOBRA EFS: Sec. 341 Creditors' Meeting Set for July 25
KTLA, LLC: Case Summary & 8 Largest Unsecured Creditors
LANDAMERICA FIN'L: Trustee Hits Executives With Fraud Suit
LENNY DYKSTRA: SaveLenny.com Solicits Donations From Fans

LIBBEY INC: Stephanie Streeter Named Chief Executive Officer
LOCATION BASED TECH: Inks Lease Agreement with Irvine Company
MAJESTIC TOWERS: Creditors Have Until July 8 to File Claims
MAQ MANAGEMENT: Sec. 341 Creditors' Meeting Set for Aug. 1
MAQ MANAGEMENT: Status Conference Set for July 7

MAQ MANAGEMENT: Wins Interim OK to Hire Talarchyk Merrill
MAQ MANAGEMENT: Asks Bankruptcy Court to Stay BB&T Actions
MARKET STREET: Court Approves Eskew Dumez Ripple as Architects
MARKET STREET: Hires Greenberg Traurig for Environmental Matters
MARKET STREET: To Employ Cohen Financial as Financial Advisor

MERRITT AND WALDING: Sec. 341 Creditors' Meeting Set for July 12
MERRITT AND WALDING: Asks Court to Approve Irvin Grodsky Hiring
MILLER HEALTH: Organizational Meeting to Form Panel on July 6
MINOR FAMILY: DLA Piper Withdraws as Counsel Due to Unpaid Fees
MINOR FAMILY: Has Until Sept. 1 to Propose Chapter 11 Plan

MOKLER PROPERTIES: Case Summary & 6 Largest Unsecured Creditors
MYSPACE INC: Acquired by Specific Media for $35 Million
NATIONAL ENVELOPE: Court Oks Justis Law Firm for Linde Litigation
NEC HOLDINGS: Seeks Stay Pending Appeal of Arbitration Denial
NOVADEL PHARMA: Four Directors Elected at Annual Meeting

OAKHURST LODGE: Case Summary & 20 Largest Unsecured Creditors
OLSEN AGRICULTURAL: Has Interim Okay to Access $675,000 DIP Loans
OLSEN AGRICULTURAL: Files Schedules of Assets and Liabilities
OLSEN AGRICULTURAL: Seeks to Tap Weatherford Thompson as Counsel
ONE PELICAN: Has Green Light to Borrow $30T From Insiders

ONE RENAISSANCE: Files Schedules of Assets and Liabilities
OPTIMUMBANK HOLDINGS: Receives Non-Compliance Notice from NASDAQ
PERI SOFTWARE: Voluntary Chapter 11 Case Summary
PETRA FUND: Files Schedules of Assets and Liabilities
PETRA FUND: Petra Offshore Files Schedules of Assets and Debts

PHILLIPS RENTAL: Plan Provides 100% Payment of Unsecured Claims
PINNACLE HILLS: Abandons Assets, Seeks Case Dismissal
PLATINUM PROPERTIES: Wants Until Nov. 21 to Decide on Leases
POST STREET: Sec. 341 Creditors' Meeting Set for July 19
POST STREET: Status Conference Set for Aug. 8

R & S ST. ROSE: U.S. Trustee Points to L&S Conflict of Interest
RACE FACE: Former Employee Acquires Firm Out of Receivership
RANCHO HOUSING: Taps Snell & Wilmer as General Insolvency Counsel
RANDOLPH MEDICAL: Judge Sawyer Dismisses Chapter 11 Case
REED & JETER: Voluntary Chapter 11 Case Summary

RITTENHOUSE SQUARE: Court Appoints Carl Dranoff as Receiver
RITZ-CARLTON, LAKE TAHOE: Ends Receivership, Gets New Owners
RIVER ROAD: 7th Circ. Affirms Proposed Asset Sale Rejection
RIVERWOOD HOMES: Case Summary & 6 Largest Unsecured Creditors
ROUND TABLE: Court Approves Snell & Wilmer Application

RU LLC: Case Summary & 20 Largest Unsecured Creditors
SBARRO INC: Incurs $6.3 Million Net Loss for May
SEA REAL: Voluntary Chapter 11 Case Summary
SHILO INN SEASIDE: Wins Interim OK to Use OneWest Collateral
SIGNATURE STYLES: Committee Wants Gift Cards Honored

SIGNATURE STYLES: Five Members in Official Creditors Committee
SOVEREIGN OFFICE: Case Summary & 7 Largest Unsecured Creditors
TELLICO LANDING: Case Summary & 11 Largest Unsecured Creditors
TELTRONICS INC: Files For Chapter 11 Protection
TELTRONICS, INC.: Case Summary & 20 Largest Unsecured Creditors

TERRESTAR NETWORKS: No Auction Today; Assets to Go to Dish
THERMOENERGY CORP: Inks Bridge Loan & Warrant Pact with Investors
TIRES GALORE: Voluntary Chapter 11 Case Summary
TIRES GALORE OF MICHIGAN: Voluntary Chapter 11 Case Summary
TOBIANO RESORT: In Receivership After Failing to Keep Current Debt

TRANSDEL PHARMACEUTICALS: Files for Chapter 11 to Sell
TRANSDEL PHARMACEUTICALS: Case Summary & 20 Largest Unsecureds
TRI-STAR ESTATES: Plan Exclusivity Expires Thursday
TRITON CONTAINER: S&P Assigns 'BB+' Corporate Credit Rating
TWO JAYS: Case Summary & 17 Largest Unsecured Creditors

UNITED STATES STEEL: Fitch Cuts Issuer Default Rating to 'BB'
USA COMMERCIAL: 9th Circ. Rejects Bingham's to Keep Payments
UTSTARCOM INC: Completes Reorganization Merger
VERENIUM CORP: Partners with Novus to Develop Animal Nutrition
VINEYARD AT SERRA RETREAT: Sec. 341 Creditors' Meeting on July 22

WII COMPONENTS: Commences Tender Offer and Consent Solicitation
WATERSCAPE RESORT: U.S. Trustee Appoints 3-Member Creditor's Panel
WATERSCOPE RESORT: Committee Objects to Disclosure Statement
WESTLAND PARCEL: Wants to Hire David Goodrich as CRO
WESTLAND PARCEL: Wants to Sell All Assets to Dubar

* Fox Sees These Ten Brands Will Disappear in 2012
* Rhode Island Lawmakers Mull Changes to Receivership Law

* IMF Urges Debt Limit Action in U.S. to Avoid Default

* Recent Small-Dollar & Individual Chapter 11 Filings


                            *********


4KIDS ENTERTAINMENT: Amends Schedules of Assets and Liabilities
---------------------------------------------------------------
4Kids Entertainment Licensing, Inc., a debtor-affiliate of 4Kids
Entertainment, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York amended schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property          $224,115,130
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $125,000
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $48,045,307
                                 -----------      -----------
        TOTAL                   $224,115,130      $48,170,307

4Kids Entertainment, Inc., and other debtor-affiliates also filed
amended schedules disclosing:

   Debtor                         Assets          Liabilities
   ------                         ------          -----------
4Kids Entertainment, Inc.       $78,397,971       $86,515,395
4Kids Ad Sales, Inc.             $2,310,193      $148,965,026
4Kids Productions, Inc.        $116,441,727      $105,694,687

                    About 4Kids Entertainment

New York-based 4Kids Entertainment, Inc., dba 4Kids, is an
entertainment and media company specializing in the youth oriented
market, with operations in these business segments: (i) licensing,
(ii) advertising and media broadcast, and (iii) television and
film production/distribution.  The parent entity, 4Kids
Entertainment, was organized as a New York corporation in 1970.

4Kids Entertainment, along with affiliates, filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on
April 6, 2011.  Kaye Scholer LLP is the Debtors' restructuring
counsel.  Epiq Bankruptcy Solutions, LLC, is the Debtors' claims
and notice agent.  BDO Capital Advisors, LLC, is the financial
advisor and investment banker.  An official committee of unsecured
creditors has not been appointed by the Office of the United
States Trustee.


524 HOWARD: Charles Maher Okayed as Resolution Advocate
-------------------------------------------------------
The Hon. Dennis Montali of the U.S. Bankruptcy Court for the
Northern District of California authorized the appointment of

         Charles P. Maher
         LUCE, FORWARD, HAMILTON & SCRIPPS LLP
         121 Spear Street, Suite 200
         San Francisco, CA 94105
         Tel: (415) 356-4600

as the resolution advocate to serve pursuant to a stipulation
entered between 524 Howard, LLC, and Howard Street Property
Investors, LLC.

Mr. Maher is assigned to resolve the relief from the automatic
stay filed by Howard Street, which is assigned to the Bankruptcy
Dispute Resolution Program in the district.

Howard Street holds secured claims against the Debtor.  Under the
Chapter 11 plan proposed by the Debtor, Howard Street will be paid
in full from the proceeds of the sale of its property.  If the
Debtor is unable to sell the property, it will turnover the
property to Howard Street.

                       About 524 Howard, LLC

524 Howard, LLC, owner of a real property located at 524
Howard Street, in San Francisco, California, filed for Chapter
11 bankruptcy protection (Bankr. N.D. Calif. Case No. 11-30594) on
Feb. 17, 2011.  Iain A. Macdonald, Esq., and Reno F.R. Fernandez,
Esq., at Macdonald and Associates, in San Francisco, serve as the
Debtor's bankruptcy counsel.  Napoleon L. Forte serves as
appraiser for the purpose of valuing certain real property.

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

524 Howard disclosed $38,859,147 in assets and $29,326,164 in
liabilities as of the Chapter 11 filing.


AMCARE: Oklahoma Processing Claims on $51-Mil. Insurance Judgment
-----------------------------------------------------------------
Wayne Greene at Tulsa World reports that Oklahoma Insurance
Commissioner John Doak is processing claims on a $51 million
judgment the state will receive from an insolvent insurance
company.

After a lengthy court dispute, Oklahoma ended up with a
$51 million award from the Louisiana Supreme Court earlier this
year, according to Tulsa World.

The report notes that Shawn Ashley, a spokesman for the Insurance
Department, said the state has received some but not all of that
money and is working on distributing it to doctors, clinics,
ambulance companies, hospitals and other medical providers that
AmCare owed money.

The Oklahoma distributions will range from $15 to more than
$300,000, Mr. Ashley said, the report relates.

AmCare is a health maintenance organization that operated in
Oklahoma, Texas and Louisiana.  AmCare was put into receivership
in 2003.


AMERICAN APPAREL: Authorized Common Shares Hiked to 230 Million
---------------------------------------------------------------
American Apparel, Inc., on June 24, 2011, filed a Certificate of
Amendment to its Amended and Restated Certificate of Incorporation
with the Delaware Secretary of State to increase the total number
of shares of common stock that the Company is authorized to issue
from 120,000,000 to 230,000,000.  A copy of the Charter Amendment
is available for free at http://is.gd/0ZbB4Q

At the 2011 Annual Meeting of Stockholders held on June 21, 2011,
the stockholders:

   (1) elected Robert Greene and Allan Mayer to serve as Class A
       directors for a term of three years and until his successor
       is duly elected and qualified, or such director's earlier
       death, resignation or removal;

   (2) ratified the appointment of Marcum LLP as the Company's
       independent auditors for the fiscal year ending Dec. 31,
       2011;

   (3) approved the amendment to the Company's Amended and
       Restated Certificate of Incorporation to increase the
       number of authorized shares of Common Stock to 230,000,000
       shares;

   (4) approved the compensation of the Company's named executive
       officers;

   (5) approved the proposal to hold an advisory vote on executive
       compensation every three years;

   (6) approved the Warrant Exercise Price Reset Proposal (as
       defined in the Proxy Statement);

   (7) approved the American Apparel, Inc., 2011 Omnibus Stock
       Incentive Plan;

   (8) approved the potential issuance to certain investors of up
       to 27,443,173 shares of Common Stock upon the exercise of
       purchase rights under the Investor Purchase Agreement; and

   (9) approved the potential issuance to Dov Charney of up to
       40,313,316 shares of Common Stock pursuant to the Charney
       Purchase Agreement, and such additional shares as may be
       issued pursuant to topping-up and anti-dilution adjustments
       under the Charney Purchase Agreement.

                      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.

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 March 31, 2011, showed
$333.95 million in total assets, $283.12 million in total
liabilities, and $50.83 million in total stockholders' equity.

The Wall Street Journal reports that Skadden, Arps, Slate, Meagher
& Flom has been advising the company on its recent restructuring
efforts alongside investment bank Rothschild Inc.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.

                        Going Concern Doubt

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.

As of April 30, 2011, the Company had approximately $8,000,000 of
cash, approximately $8,900,000 of availability for additional
borrowings and $46,100,000 outstanding on the credit facility
under the BofA Credit Agreement and $1,400,000 of availability for
additional borrowings and $4,000,000 outstanding on the credit
facility under the Bank of Montreal Credit Agreement.  As May 10,
2011, the Company had approximately $5,941,000 available for
borrowing under the BofA Credit Agreement and $1,481,000 available
under the Bank of Montreal Credit Agreement.

As more fully discussed in Note 13, on April 26, 2011 the Company
sold 15,777,000 shares of Common Stock to a group of investors, at
a price of $0.90 per share, for the aggregate cash purchase price
of approximately $14,200,000 of which $5,000,000 went to satisfy
and meet the availability requirement of the amendment to the BofA
Credit Agreement.  The investors also received the right to
purchase up to an additional 27,443,000 shares at the same price
within 180 days, subject to shareholder approval and subject to
certain anti-dilution and other adjustments.

This transaction improved the liquidity position of the Company by
approximately $8,000,000.

The Company incurred a loss from operations of $13,091,000 for the
three months ended March 31, 2011, compared to a loss from
operations of $21,556,000 for the three months ended March 31,
2010.  The current operating plan indicates that losses from
operations may be incurred for all of fiscal 2011.  "Consequently,
the Company may not have sufficient liquidity necessary to sustain
operations for the next twelve months and this raises substantial
doubt that the Company will be able to continue as a going
concern," the Company said in the Form 10-Q.

"If we are not able to timely, successfully or efficiently
implement the strategies that we are pursuing to improve our
operating performance and financial position, obtain alternative
sources of capital or otherwise meet our liquidity needs, we may
need to voluntarily seek protection under Chapter 11 of the U.S.
Bankruptcy Code."


AMF BOWLING: S&P Cuts CCR to 'CCC+' on Refinancing Risk
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Mechanicsville, Va.-based AMF Bowling Worldwide Inc. "We lowered
our corporate credit rating to 'CCC+' from 'B-'. We revised our
recovery rating on the company's first-lien senior secured credit
facilities to '3', reflecting our expectation for meaningful
(50% to 70%) recovery for lenders in the event of a payment
default, from '2'. We lowered our issue-level rating on the first-
lien senior secured credit facilities to 'CCC+' (the same as the
corporate credit rating) from 'B', in accordance with our notching
criteria for a recovery rating of '3'. The revised recovery rating
reflects our expectation for a more significant decline in cash
flow in our simulated default scenario than that used in our
previous analysis. We also lowered our rating on the second-lien
senior secured credit facility to 'CCC-' (two notches lower than
the corporate credit rating) from 'CCC', and maintained our
recovery rating of '6', indicating our expectation of negligible
(0 to 10%) recovery for lenders in the event of a payment default.
The rating outlook is negative," S&P stated.

"The downgrade reflects the significant refinancing risk
associated with the 2012 and 2013 maturities and our view that a
restructuring of at least a portion of its debt obligations is
becoming more likely," said Standard & Poor's credit analyst
Michael Halchak. Additionally, even in the event AMF does
successfully extend maturities, the company would likely face
higher interest costs, as financial market conditions have
meaningfully changed since the existing credit facilities were put
into place and AMF's operating performance has weakened. "We
believe AMF would likely have difficulty meeting its fixed charges
if it were subject to meaningfully higher interest rates," S&P
related.

Revenues were flat through the first nine months in AMF's fiscal
2011 (ending June), while EBITDA was down approximately 4%
compared with the comparable period last year. AMF has struggled
to contain its relatively high fixed costs in recent years as
revenues continue to decline. "Based on our expectations for
continued gradual declines in EBITDA, we do not foresee an
improvement in credit measures. We expect operating lease-adjusted
total debt to EBITDA and EBITDA coverage of interest expense to be
in the high-8x and mid-1x areas at the end of AMF's fiscal 2011,"
according to S&P.


ANDERSON NEWS: Examiner Spots $75 Million in Avoidable Payments
---------------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that in a boon for
creditors of Anderson News LLC, the defunct magazine wholesaler
could go after some $75 million in transfers that company insiders
received shortly before its collapse, according to a report the
Delaware bankruptcy court issued Friday.

After investigating the company's sudden demise in February 2009,
a court-appointed examiner pored over $1 billion of transfers to
nondebtor affiliates but found no evidence of wrongdoing on the
part of Anderson's top brass and advised against consolidating the
Anderson entities for the benefit of creditors, Law360 says.

Anderson News LLC is a sales and marketing company for books and
magazines.  In March 2009, Anderson News LLC's creditors filed
petitions for the Company's bankruptcy in the U.S. Bankruptcy
Court for the District of Delaware.  The publishing companies
claimed that Anderson News owes them a combined $37.5 million.


ANNA NICOLE SMITH: Ruling May Limit Bankruptcy Jurisdiction
-----------------------------------------------------------
Bingham McCutchen LLP disclosed that on June 23, 2011, the Supreme
Court decided Stern v. Marshall, 564 U.S. ___ (2011), which as a
practical matter may significantly limit the litigation of state-
law claims in bankruptcy courts, and eliminates the previous risk
that creditors, by the mere act of filing claims, submit to
bankruptcy court jurisdiction with respect to all counterclaims of
the debtor.  The Court held that, regardless of the authority
given by federal statute, bankruptcy courts lack the
constitutional authority to enter a final judgment on certain
state-law claims asserted by a debtor as counterclaims to a proof
of claim.  As a constitutional matter, bankruptcy courts now may
enter a final judgment only over counterclaims that (i) arise
directly out of bankruptcy law or (ii) are so factually
intertwined with the proof of claim that they would necessarily
have to be resolved in the claims allowance process.  The Court
did not address the bankruptcy court's jurisdiction over matters
"related to" bankruptcy proceedings, for which current federal law
authorizes a cumbersome process in which a bankruptcy court may
propose findings of fact and conclusions of law, subject to de
novo review in the district courts.

This decision pares down the bankruptcy court's power to enter
final judgments in state-law disputes in connection with the
claims allowance process.  Prior to this ruling, conventional
wisdom was that a claimant who filed a proof of claim thereby
submitted to the jurisdiction of the bankruptcy court, opening
itself to adjudication by a bankruptcy judge of any counterclaim
that could be asserted by a debtor.  The decision in Marshall will
result in more creditor claims being filed in bankruptcy court,
fewer litigations of state-law counterclaims conducted there, and,
possibly, a less-coordinated, longer bankruptcy process for all
parties.

Background

Stern v. Marshall resolves an epic dispute between Vickie Lynn
Marshall, a.k.a. Anna Nicole Smith, and Pierce Marshall, regarding
the estate of J. Howard Marshall, Vickie's deceased husband and
Pierce's father.  In the midst of probate litigation in Texas,
Vickie filed for bankruptcy in California.  Pierce filed a claim
in the bankruptcy, alleging that Vickie defamed him by persuading
her lawyers to state to members of the press that he had engaged
in fraud to gain control of the assets of Howard.  Vickie filed a
counterclaim against Pierce's proof of claim asserting tortious
interference with a gift that she expected to receive from Howard.

In November 1999, the Bankruptcy Court for the Central District of
California granted summary judgment in favor of Vickie on the
defamation claim and, after a bench trial, issued a final judgment
awarding her hundreds of millions of dollars in damages on her
counterclaim.  Pierce appealed on numerous grounds, including that
the Bankruptcy Court lacked jurisdiction to enter a final judgment
on Vickie's counterclaim. Pursuant to 28 U.S.C. Sec. 157,
bankruptcy courts may hear and enter final judgments in core
proceedings in a bankruptcy case.  In non-core proceedings that
are "related to" a bankruptcy case, bankruptcy courts may only
submit proposed findings of fact and conclusions of law to the
district court for review and final judgment.

On appeal, the District Court for the Central District of
California reversed the Bankruptcy Court's holding, finding that
the counterclaim was not core because it was not sufficiently
related to Pierce's defamation claim.  The District Court treated
the Bankruptcy Court's judgment as proposed, not final, and
considered it de novo.  Before the District Court entered final
judgment, a Texas probate court conducted a jury trial on the
merits of the parties' dispute over Howard's estate and entered a
judgment in Pierce's favor.  The District Court nonetheless
decided the counterclaim for Vickie after another bench trial and
awarded her nearly $90 million in compensatory and punitive
damages.

The Court of Appeals for the Ninth Circuit reversed, agreeing with
the District Court that the Bankruptcy Court lacked authority to
enter final judgment on Vickie's counterclaim because the
counterclaim "was not so closely related to [Pierce's] proof of
claim that the resolution of the counterclaim is necessary to
resolve the allowance or disallowance of the claim itself."
However, because the Texas probate court's judgment was the
earliest final judgment on matters relevant to the counterclaim,
the Court of Appeals held that the District Court should have
given the state judgment preclusive effect and ruled in Pierce's
favor.

Supreme Court Decision

The Supreme Court concluded that the Bankruptcy Court was
authorized to exercise jurisdiction over Vickie's counterclaim by
28 U.S.C. Sec. 157(2)(C), which purports to confer core
jurisdiction with respect to "counterclaims by the estate against
persons filing claims against the estate."  However, in cases like
Marshall, the Court found this to be an unconstitutional grant of
jurisdiction to a non-Article III court.

Article III of the Constitution permits Congress to establish the
federal courts, and, as a separation of powers matter, confers on
the judiciary exclusive jurisdiction over "cases and
controversies," which include suits at "common law, or in equity,
or admiralty."  The Court reaffirmed that the bankruptcy court
falls outside of the Article III judiciary.  As the Court
explained in Marshall, Congress may confer jurisdiction on
bankruptcy courts to decide certain matters involving "public
rights."  The Northern Pipeline1 case, a seminal decision
declaring certain jurisdictional provisions of the Bankruptcy Act
of 1978 unconstitutional, acknowledged that the Constitution would
permit bankruptcy courts to exercise such jurisdiction.  But in
Marshall, the Court has limited the public rights exception to
"cases in which the claim at issue derives from a federal
regulatory scheme [such as the Bankruptcy Code], or in which
resolution of the claim by an expert government agency is deemed
essential to a limited regulatory objective within the agency's
authority."  The Court viewed Vickie's counterclaim in Marshall as
materially indistinguishable from the state-law claims at issue in
Northern Pipeline, and therefore held that these claims did not
fall within the "public rights" exception.

The Court also rejected Vickie's argument that, by filing his
proof of claim, Pierce had voluntarily submitted to the
jurisdiction of the Bankruptcy Court. It articulated two instances
where a bankruptcy court would have jurisdiction to issue final
judgment on a counterclaim: (1) where the debtor is asserting a
right of recovery that was created by federal bankruptcy law; or
(2) where the counterclaim is so factually intertwined with the
proof of claim that the counterclaim would necessarily have to be
resolved as part of the claims allowance process.  In Marshall,
Vickie's counterclaim was a state tort action that would have
existed in the absence of any bankruptcy proceeding.  Moreover,
Vickie's counterclaim could not be resolved "in passing on
objections" to Pierce's claim, but required the Bankruptcy Court
to make several additional factual and legal determinations,
including "(1) the existence of an expectancy of a gift; (2) a
reasonable certainty that the expectancy would have been realized
but for the interference; and (3) damages," as well as determining
whether punitive damages were warranted.

Observations

Stern v. Marshall could have broad implications on a bankruptcy
court's ability to issue final judgments on matters involving
state law, or that otherwise do not arise out of federal
bankruptcy law.  With respect to counterclaims, Marshall holds
that state-law claims can be finally adjudicated by a bankruptcy
court only where there is a close nexus between the facts or legal
issues underlying both the proof of claim and the debtor's
counterclaim.  Outside of the claims allowance process, the
decision appears to eliminate a bankruptcy court's power to
exercise core jurisdiction over state-law causes of action on the
theory that collection of the claim might augment the bankruptcy
estate.  While a bankruptcy court can still exercise "related to"
jurisdiction over state-law claims (including counterclaims), this
allows it only to issue proposed findings of fact and conclusions
of law that must be considered de novo by the district court.2  In
short, the ruling could have the effect of lengthening the
bankruptcy process or, as a practical matter, causing debtors to
pursue affirmative state-law claims outside of the bankruptcy
court.

Moreover, because the decision addresses the jurisdictional power
of the bankruptcy court under the Constitution, it will have
retroactive effect, and even in decided matters, litigation may
now arise contesting certain orders as void.

                    About Anna Nicole Smith

Anna Nicole Smith, formally known as Vickie Lynn Hogan, filed
under Chapter 11 in 1996 as part of a struggle over the estate of
J. Howard Marshall, whom she married in 1994 when she was 26 and
died barely a year after they were wed.  Ms. Smith, a former
Playboy model and actress, died in February 2007.

Mr. Marshall left his estate to his son, E. Pierce Marshall, and
nothing to Ms. Smith.  Ms. Smith, alleging that her husband had
promised to leave her a large share of the estate, won a ruling
from a bankruptcy judge in 2000 awarding her $475 million from Mr.
Marshall's estate.  A federal judge in 2002 reduced that amount to
$89 million.  The U.S. Court of Appeals for the Ninth Circuit in
San Francisco threw out the judgment in 2004, holding that the
bankruptcy court didn't have jurisdiction over probate matters.

The U.S. Supreme Court in May 2006 issued a decision, overruling
the appeals court and finding that the bankruptcy court had
jurisdiction, even though the issues also could have been decided
in the Texas probate court.  The Supreme Court remanded the case
for the federal appellate court to decide whether her victory in
the bankruptcy and district courts was knocked out because a Texas
probate court had entered judgment first against her.

On remand from the Supreme Court, the 9th Circuit issued its
decision in March 2010, concluding that the bankruptcy court
didn't have so-called core jurisdiction.  The 9th Circuit noted
that before the U.S. district court was able to enter judgment in
her favor, the Texas probate court had entered judgment against
her saying she was entitled to nothing from her deceased husband's
estate.

In September 2010, the Supreme Court agreed to take a second look
at disputes arising in and related to Ms. Smith's 1996 bankruptcy
case and her entitlement to payment of the $449 million bankruptcy
court judgment.


ANTELOPE SQUARE: Continental Takes Ownership; 2 Tenants Open
------------------------------------------------------------
The Press-Enterprise reports that Continental East Development has
taken ownership of the languishing Antelope Square shopping center
in Murrieta, California.  Developers broke ground on the shopping
center in 2007, but the project fell into receivership before it
was finished.  Continental purchased the note on the property,
which has 84,000 square feet of retail space, and then foreclosed.
Since then, Walgreens and Jack in the Box have opened locations in
the center, and Continental East said it has submitted plans to
the city to build a drive-thru coffee shop and bistro on an
unfinished portion of the property, the report adds.


ANTELOPE TECHNOLOGIES: 5th Circ. Affirms Chapter 11 Dismissal
-------------------------------------------------------------
Megan Stride at Bankruptcy Law360 reports that the Fifth Circuit
affirmed Friday the dismissal of Antelope Technologies Inc.'s
Chapter 11 petition, ruling that a bankruptcy court made no
mistake in finding that the company filed for protection to
improperly help its position in shareholder litigation.

A bankruptcy judge had confirmed a Chapter 11 plan for Antelope
Technologies but the ruling was later reversed by the district
judge.  The district judge remanded the case so the bankruptcy
judge could decide whether to appoint a Chapter 11 trustee or
dismiss the case.  After a hearing following remand, the
bankruptcy judge concluded that the Chapter 11 petition was
designed "to gain an unfair advantage in the shareholder
litigation."  In July 2010, U.S. District Judge Sim Lake in
Houston affirmed the ruling based on the conclusion that the
Chapter 11 filing was not in good faith.

Antelope Technologies, Inc., dba MCC Computer Company, filed for
Chapter 11 (Bankr. S.D. Tex. Case No. 07-31159) on Feb. 14, 2007.
The Debtor scheduled total assets of $448,925 and debts of
$3,477,515.


BAILEY & ASSOCIATES: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Bailey & Associates, Inc.
        1805 Radford St.
        El Paso, TX 79903

Bankruptcy Case No.: 11-31202

Chapter 11 Petition Date: June 22, 2011

Court: United States Bankruptcy Court
       Western District of Texas (El Paso)

Judge: H. Christopher Mott

Debtor's Counsel: Wiley France James, III, Esq.
                  JAMES & HAUGLAND, P.C.
                  P.O. Box 1770
                  El Paso, TX 79949-1770
                  Tel: (915) 532-3911
                  Fax: (915) 541-6440
                  E-mail: wjames@jghpc.com

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

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

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

The petition was signed by Robert Bailey, vice president.


BARNES BAY: Creditors Oppose to New Bay Chapter 11 Plan
-------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that several Barnes Bay
Development Ltd. creditors rose in opposition Thursday to the
Company's new Chapter 11 plan, saying it discriminates between
similarly situated creditors and should be scrapped before even
voting on it.

According to Law360, most of the company's unsecured creditors are
individuals or organizations that put down deposits totaling
$53 million on residences at the debtors' Viceroy Anguilla resort,
but many became disgruntled after the property's opening was
repeatedly delayed.

                   Plan Disclosures Hearing Today

According to Bloomberg News, Barnes Bay scheduled a June 30
hearing for approving the disclosure statement after the
creditors' committee and the developer agreed on a Chapter 11
reorganization plan.  The confirmation hearing for approval of the
plan is tentatively sets for Aug. 18.

Under the Plan, General unsecured creditors are paid in full
without interest, while those who signed contracts before
bankruptcy to buy units have several options.  Prospective buyers
can either complete the purchase, and receive full credit for
deposits given before bankruptcy, or sue to enforce whatever
rights they have under Anguilla law.  Or, purchasers can elect to
receive 15% to 50% of their cash deposits.

The Plan is built around an auction to be held on July 27.
Secured creditor Starwood Capital Group LLC is expected to be the
winner.  Starwood would take title through confirmation of the
plan.  Starwood, owed $370 million, received final court approval
for $5 million in financing for the Chapter 11 effort.  The plan
gives Starwood nothing on account of the deficiency on its secured
claim.  Greenwich, Connecticut-based Starwood acquired the secured
debt in October.

                         About Barnes Bay

Beverly Hills, California-based Barnes Bay Development Ltd., owns
the Viceroy Anguilla Resort & Residences on the British West
Indies island of Anguilla.  Barnes Bay and two affiliates filed
for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No.
11-10792) on March 17, 2011.  The Debtor disclosed $3,331,282 in
assets and $481,840,435 in liabilities as of the Chapter 11
filing.

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

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

The U.S. Trustee appointed five members to the official committee
of unsecured creditors in the Debtors' cases.  Brown Rudnick LLP
serves as the Committee's co-counsel, and Womble Carlyle Sandridge
& Rice, PLLC, as its Delaware co-counsel.  C.R. Hodge & Associates
is the Committee's foreign counsel.  FTI Consulting, Inc.,
serves as the Committee's financial advisors.


BERNARD L MADOFF: Feeder Fund Investors Can't Sue Under SIPA
------------------------------------------------------------
Carolina Bolado at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Burton R. Lifland ruled Tuesday that investors who bought
shares in feeder funds that set up accounts with convicted Ponzi
schemer Bernard Madoff's securities firm were not customers of the
company under the Securities Investor Protection Act.

Law360 relates Judge Lifland said that because the investors
bought ownership interests in the feeder funds and signed over
their rights to make investment decisions to the managers of the
funds, they did not have claims with Bernard L. Madoff Investment
Securities LLC.

                      About Bernard L. Madoff

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

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

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

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

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

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


BERNARD L MADOFF: Judge OKs $212M Settlement With Madoff Feeders
----------------------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Burton R. Lifland gave his stamp of approval Tuesday to a
$212 million settlement between the trustee overseeing the
liquidation of Bernard L. Madoff Investment Securities LLC and two
of the notorious Ponzi schemer's feeder funds.

The settlement between the trustee, Irving Picard, and feeder
funds Greenwich Sentry LP and Greenwich Sentry Partners LP
"resolves a lot of complex issues," Judge Lifland said.

                      About Bernard L. Madoff

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

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

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

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

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

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


BLACK CROW: Lease Decision Period Extended Until Sept. 6
--------------------------------------------------------
The Hon. Paul M. Glenn of the U.S. Bankruptcy Court for the Middle
District of Florida extended until Sept. 6, 2011, Black Crow Media
Group, LLC, et al.'s time to assume or reject unexpired leases of
non-residential real property.

The Debtors relate that the extension will enable them to defer
the assumption or rejection of the leases while they negotiate
with creditors regarding the plan.

                         About Black Crow

Daytona Beach, Florida-based Black Crow Media Group, LLC, owns and
operates 17 FM and 5 AM radio stations in Daytona Beach, Live Oak,
Valdosta, Huntsville, Alabama, and Jackson, Tennessee.

Black Crow filed for Chapter 11 protection two days before a
hearing in U.S. district court where GECC was seeking appointment
of a receiver following default on term loans and a revolving
credit.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
M.D. Fla. Case No. 10-00172) on Jan. 11, 2010.  The Company's
affiliates -- Black Crow Media, LLC, et al. -- also filed separate
Chapter 11 petitions.

H. Jason Gold, Esq., Valerie P. Morrison, Esq., and Dylan G.
Trache, Esq., at Wiley Rein LLP, in McLean, Virginia, serve as the
Debtors' counsel.  Mariane L. Dorris, Esq., and R. Scott Shuker,
Esq., at Latham, Shuker, Eden & Beaudine, LLP, have been tapped as
co-counsel.  Protiviti Inc. is the Debtors' financial advisor.
Epiq Bankruptcy Solutions, LLC, is the claims and notice agent.
Brian G. Rich, Esq., and Douglas Bates, Esq., at Berger Singerman,
P.A., represent the Official Committee of Unsecured Creditors.

Black Crow disclosed $14,661,198 in assets and $48,830,319 in
liabilities.


BLACK PRESS: S&P Raises CCR to 'B' on Improved Profitability
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Victoria, B.C.-based Black Press Ltd. to 'B' from
'B-'. The outlook is stable.

"At the same time, we raised our issue-level ratings on Black
Press' wholly owned Canadian subsidiary Black Press Group Ltd. and
wholly owned U.S. subsidiary Black Press U.S. Partnership two
notches to 'B+' from 'B-'. The bank facilities comprise a $25
million term loan A-1 due 2013 (U.S. borrower), a $140 million
term loan B-1 due 2013 (U.S. borrower), and a US$85 million term
loan B-2 due 2013 (Canadian borrower). We also revised our
recovery rating on this debt to '2' from '4'. A '2' rating
indicates our expectation of substantial (70%-90%) recovery in the
event of default, in contrast to a '4' recovery rating, which
indicates our expectation of average (30%-50%) recovery. The
higher recovery rating reflects better recovery prospects given
the reduction in senior secured debt upon the refinancing," S&P
related.

"The upgrade reflects the ongoing progress Black Press has made in
improving profit margins and credit protection measures despite
lower revenue in fiscal 2011, ended Feb. 28. Ongoing cost cutting
by management and lower newsprint costs have been the main
drivers," said Standard & Poor's credit analyst Lori Harris.

In addition, near-term refinancing risk was eliminated as Black
Press completed a refinancing of its maturing debt on June 24,
2011. The company issued C$110 million subordinated notes due
February 2014 (not rated), the proceeds of which were used to
repay the remaining balances outstanding on Black Press' C$63
million term loan A and C$55 million revolving credit facility,
both due August 2011 and now terminated.

The ratings on Black Press reflect what Standard & Poor's
considers the company's high debt leverage, weak performance in
the U.S., tight leverage covenant cushion, and lack of revenue
diversification outside of the newspaper industry. "Partially
offsetting these factors, in our opinion, are the company's
improving credit protection measures, better performance in Canada
(which makes up the bulk of revenue and profit), and solid market
position within several of its regions," S&P said.

The stable outlook reflects Standard & Poor's expectation that
Black Press will maintain its current operating performance in the
near term given the gradual economic recovery and better
advertising environment, that credit protection measures will
continue to strengthen, and that the company will maintain a
minimum 10% EBITDA cushion on the leverage covenant when it
tightens on Aug. 31, 2011. "We could lower the ratings if the
company's financial flexibility weakens materially because of poor
operating performance, resulting in adjusted debt to EBITDA above
5.5x or less than 10% cushion on the leverage ratio. We are not
contemplating higher ratings within the next year," S&P said.

Black Press is a private company and does not release financial
information publicly.


BLOCK 106: Hearing on Voluntary Dismissal Plea on July 12
---------------------------------------------------------
Block 106 Development, LLC, asks the U.S. Bankruptcy Court for the
District Of New Jersey to dismiss its Chapter 11 case, or, in the
alternative, classify the case as single asset real estate.

The Hon. Donald H. Steckroth will convene a hearing on July 12,
2011, at 10:00 a.m., to consider the Debtor's case dismissal
request.

The Debtor waives oral argument unless opposition to its motion is
filed.  If any party wish to oppose the motion, it must file with
the Office of the Clerk of the Bankruptcy Court responding papers
stating with particularity the basis of the opposition to the
motion.

The Debtor is represented by:

         Gary K. Norgaard, Esq.
         John O'Boyle, Esq.
         STERN, LAVINTHAL, FRANKENBERG & NORGAARD
         184 Grand Avenue
         Englewood, NJ 07631
         Tel: (201) 871-1333

                   About Block 106 Development

Block 106 Development, LLC, filed for Chapter 11 bankruptcy
(Bankr. D. N.J. Case No. 11-27050) on June 1, 2011.  Judge Donald
H. Steckroth presides over the case.  Michael D. Sirota, Esq., at
Cole, Schotz, Meisel, Forman & Leonard, P.A., serves as the
Debtor's bankruptcy counsel.

In its petition, the Debtor estimated $10 million to $50 million
in assets and $1 million to $10 million in debts.  The petition
was signed by Michael Sciarra of Ursa Development Group, LLC, co-
managing member of the Debtor.

Block 106 is affiliated with Tarragon Corporation and various
related entities which filed for bankruptcy (Bankr. D. N.J. Lead
Case No. 09-10555) Jan. 12, 2009.  Based in New York City,
Tarragon Corp. (NasdaqGS:TARR) -- http://www.tarragoncorp.com/--
is a developer of multifamily housing for rent and for sale.
Tarragon's operations are concentrated in the Northeast, Florida,
Texas, and Tennessee.  Judge Steckroth presided over the Tarragon
case.  Michael D. Sirota, Esq., Warren A. Usatine, Esq., and
Felice R. Yudkin, Esq., at Cole Schotz, represent the Tarragon
Debtors as bankruptcy counsel.

Tarragon's Second Amended and Restated Joint Plan of
Reorganization became effective, and the Company emerged from
Chapter 11 protection in July 2010.


BLOCKBUSTER INC: U.S. Trustee's Objections to Fees Overruled
------------------------------------------------------------
Erik Gruenwedel at Home Media Magazine reports that the U.S.
Bankruptcy Court Judge Burton Lifland overseeing the Chapter 11
filing of Blockbuster Inc. ruled the movie rental chain can pay
its legal fees and related expenses -- despite objections raised
by the U.S. Trustee.

Judge Lifland ordered Blockbuster Inc. pay 80% of nearly $9
million in legal fees to 12 firms who handled its bankruptcy from
Sept. 23, 2010, through Jan. 31, 2011.  The judge Lifland also
mandated Blockbuster pay more than $220,000 in related in
expenses.

According to the report, in a June 17 filing, Tracy Hope Davis,
the U.S. Trustee for Region 2, filed a motion objecting to the
scope of the fees charged by nine firms, including Weil, Gotshal &
Manges LLP, Cooley LLP, and PricewaterhouseCoopers LLP, among
others.

                      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.


BOCA BRIDGE: New Lender JMP Boca Says Plan Outline Inadequate
-------------------------------------------------------------
Boca Bridge LLC asks the U.S. Bankruptcy Court for the Southern
District of Florida, to extend until Sept. 10, 2011, its exclusive
period to solicit acceptances for the proposed chapter 11 plan.

The Debtor needs more time to negotiate consensual terms of a plan
of reorganization with the new lender -- JMP Boca Bridge Lender,
LLC.  The Debtor's secured lender was NS/CSE Finance LLC.  While
the Debtor was negotiating consensual terms of a plan with
NorthStar, in early January, the Debtor was notified that the new
lender purchased the mortgage held by NorthStar.

The Debtor has also agreed to stay the Court's determination of
conditional approval of the disclosure statement through the
various joint stay motions.

                New Lender Objects to Conditional
                     Approval of Plan Outline

JMP as successor in interest to CapitalSource Finance LLC, CSE
Mortgage LLC and NS/CS Boca, LLC, filed with the Court numerous
deficiencies in the disclosure statement explaining the Debtor's
plan of reorganization.

JMP said that the disclosure statement in its current form is
inadequate and must be substantially modified and supplemented
before conditional approval.

JMP noted that the disclosure statement, among other things:

   -- failed to meet the minimum threshold for providing adequate
      information, there was inadequate description of
      unclassified claims, JMP secured claim, GFS secured claim,
      prepetition lender claims;

   -- failed to provide a statement of sources and uses; and

   -- there was an inadequate liquidation analysis.

In addition, before setting a hearing on confirmation of the
Debtor's proposed Plan, JMP requested that a status conference be
held to fix a schedule.

                      About Boca Bridge LLC

In August 2010, 10 creditors owed $69,400 filed an involuntary
Chapter 11 petition (Bankr. S.D. Fla. Case No. 10-34538) against
Boca Bridge LLC, the owner of the Boca Raton Bridge Hotel.  In
November, the bankruptcy judge entered ruling placing the Boca
Bridge LLC into Chapter 11.  The Debtor disclosed $10,286,336 in
assets and $11,850,060 in liabilities as of the Chapter 11 filing.


BRIARWOOD CAPITAL: Principal Wants Sale Transaction Denied
----------------------------------------------------------
Nicolas Marsch III, a principal for Briarwood Capital LLC, asks
the U.S. Bankruptcy Court for the Southern District of California
to conduct an evidentiary hearing to determine whether Leslie T.
Gladstone, Chapter 11 trustee, has met her burden of proving that
the Court must accept her recommendation to approve the proposed
sale and settlement.

Mr. Marsch has scheduled a June 30, 2011, evidentiary hearing at
8:30 a.m., before the Hon. Peter W. Bowie.

Further, after the hearing, the Court must reject the proposed
transaction.  If, however, the proposed transaction is approved,
at minimum the Court must decline to make any finding that the
transaction falls within the Section 363 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on May 26, 2011, the
Chapter 11 trustee asked that the Court authorize the private
asset sale; and compromise of controversy embodied in the
settlement agreement dated April 29.

The Briarwood trustee proposes to sell any and all interests the
Briarwood bankruptcy estate has in HCC Investors, LLC, and Lennar
Bridges.  Pursuant to the proposed Settlement Agreement, Lennar
agreed to purchase the Briarwood bankruptcy estate's interests in
HCC and Lennar Bridges for $4 million.

The Briarwood Trustee believes that a payment of $4 million for
the estate's interests in HCC and Lennar Bridges constitutes fair
value for the assets and will allow for a meaningful distribution
to creditors.

Additionally, the Briarwood trustee relates that the sale will
facilitate a global settlement of claims with Lennar and the
Briarwood bankruptcy estate's largest creditors and to liquidate
any interest the estate has in HCC and Lennar Bridges.

                 The Proposed Settlement Agreement

The Settlement Agreement was entered among the Briarwood trustee,
Lennar Corporation, Lennar Homes of California, KBR Group, LLC,
KRMW REal Estate Investment Group, LLC, and City National Bank,
including the Gordon & Holmes Settlement and Release Agreement
among the Briarwood trustee, Lennar, KBR, KRMW,CNB, and Gordon &
Holmes, Frediric Gordon, and Rhonda Holmes.

The material terms of the Settlement Agreement, include:

   -- Lennar will pay $4 million to the Briarwood Trustee in
      exchange for any and all interests in HCC held by the
      Briarwood Estate and any and all interests in Lennar Bridges
      held by the Briarwood Estate.  Within five business days
      after the Agreement date, Lennar will pay the Briarwood
      Trustee $500,000, which payment will be nonrefundable.
      Lennar will pay the Briarwood Trustee the remaining
      $3,500,000 on the Effective Date.

   -- The Briarwood Trustee will deliver to Lennar requests or
      stipulations for dismissals with prejudice of: (i)
      Briarwood's appeal of the Bridges Action, (ii) the
      Lakes/McCrink Action, (iii) the HCC action, (iv) the Florida
      Action Stay Adversary Proceeding, and (v) the HCC Adversary
      Proceeding.

   -- The Briarwood trustee will seek to retain Gordon & Holmes as
      special litigation counsel.  This agreement was made on the
      express condition that Gordon & Holmes will waive any and
      all claims for fees, costs or expenses for providing
      services to the Briarwood and Marsch bankruptcy estates
      under its Contingency Fee Agreement.

The Chapter 11 trustee is represented by:

         Jesse S. Finlayson, Esq.
         Jared M. Toffer, Esq.
         FINLAYSON WILLIAMS TOFFER ROOSEVELT & LILLY LLP
         15615 Alton Parkway, Suite 250
         Irvine, CA 92618
         Tel: (949) 759-3810
         Fax: (949) 759-3812
         E-mail: jfinlayson@fwtrl.com
                 jtoffer@fwtrl.com

             About Nicolas Marsch, Briarwood and Colony

Based in Rancho Santa Fe, California, Briarwood Capital, LLC's
primary business prepetition was land acquisition and organizing
financing for real estate development.  Briarwood filed for
Chapter 11 bankruptcy protection on Feb. 23, 2010 (Bankr. S.D.
Calif. Case No. 10-02677).  In its schedules, the Debtor disclosed
$292,798,759 in assets and $18,563,641 in liabilities as of the
Petition Date.

Colony Properties International, LLC -- Colony I -- (Bankr. S.D.
Calif. Case No. 10-02937) and Colony Properties International II,
LLC -- Colony II -- (Bankr. S.D. Calif. Case No. 10-03361) also
filed for Chapter 11.

Rancho Santa Fe, California-based Nicolas Marsch, III, filed for
Chapter 11 bankruptcy protection on Feb. 25, 2010 (Bankr. S.D.
Calif. Case No. 10-02939).  Mr. Marsch estimated assets at
$100 million to $500 million and debts at $10 million to
$50 million.

Mr. Marsch has a 100% membership interest in Briarwood, which he
valued at over $274 million.  He also has a 100% membership
interest in Colony Properties.  Mr. Marsch also asserts more than
$2 million in claims against Briarwood and is a guarantor of debt
owed by Briarwood and by to KBR Opportunity Fund II.  He is also
the guarantor of Colony's debt to KBR.  Colony asserts more than
$668,000 in claims against Mr. Marsch.  Colony also asserts more
than $50,000 in claims against Briarwood.

The cases are separately administered.  Jeffry A. Davis, Esq., at
Mintz Levin Cohn Ferris Glovsky & Popeo, represents the Debtors in
their restructuring efforts.  In July 2010, the Court held that
Mintz Levin was ineligible to represent the estates of Mr. Marsch,
Briarwood and Colony Properties, or any two of them.  Chapter 11
trustees have been appointed in each of the cases.

Richard M. Kipperman serves as the Chapter 11 trustee for Colony
Properties International, LLC and Colony Properties International
II, LLC; and Leslie T. Gladstone serves as the Chapter 11 trustee
for Briarwood.


BRONX HEIGHTS: Mismanagement, Unpaid Bills Cue Bankruptcy
---------------------------------------------------------
Bronx Heights Neighborhood Community Corp. filed for Chapter 11
bankruptcy on June 25, 2011.  Amanda Fung, writing for Crain's New
York Business, reports that the bankruptcy was anticipated as the
nonprofit has been under fire in recent years for neglecting and
mismanaging affordable housing properties in the Morris Heights
section of the Bronx.

The housing organization owns 10 buildings in Bronx.  According to
Crain's, the organization's unpaid bills on its portfolio of
properties has reached $3.7 million.

Crain's reports that Peter Anderson Jr., Esq., the attorney
representing Bronx Heights, said previous managers of the
organization had mismanaged the nonprofit, but he declined to
elaborate.  Mr. Anderson said Bronx Heights sought bankruptcy
protection "to reorganize and streamline their debt."

Crain's recounts that in 2010, one of Bronx Heights's buildings,
at 99 Featherbed Lane, was lost to a sheriff's sale, with the city
recovering its $414,000 mortgage on the building.  The past week
three properties were sold in a foreclosure auction conducted by a
court-appointed referee.  The city was the winning bidder on the
three buildings.  Bronx Heights accumulated arrears of more than
$1 million on those three properties since 2007, according to
Housing Preservation and Development.

According to the bankruptcy filing, Bronx Heights currently has
interest, valued at $12 million, in four properties: 1664 Davidson
Ave., 1694 Davidson Ave., 1702 Davidson Ave. and 1484 Inwood Ave.


BRONX HEIGHTS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Joint Debtors: Bronx Heights Neighborhood Community Corporation
               Heights Interneighborhood Council HDFC
               1484 Inwood Avenue
               Bronx, NY 10452

Bankruptcy Case No.: 11-13104

Chapter 11 Petition Date: June 27, 2011

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Debtors' Counsel: Peter F. Anderson, Jr., Esq.
                  LAW OFFICES OF PETER F. ANDERSON, JR.
                  370 E. 149th Street, Suite C
                  Bronx, NY 10455
                  Tel: (718) 993-2336
                  Fax: (718) 993-3407
                  E-mail: pandersonbronx@aol.com

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

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

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

The petition was signed by Sergio Clark, president.


BT MOKLER: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: BT Mokler Properties, LLC
        110 Cimarron Ct.
        Oshkosh, WI 54901

Bankruptcy Case No.: 11-29929

Chapter 11 Petition Date: June 22

Court: United States Bankruptcy Court
       Eastern District of Wisconsin (Milwaukee)

Judge: Pamela Pepper

Debtor's Counsel: Leonard G. Leverson, Esq.
                  LEVERSON & METZ S.C.
                  225 East Mason Street, Suite 100
                  Milwaukee, WI 53202
                  Tel: (414) 271-8503
                  E-mail: lgl@levmetz.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/wieb11-29929.pdf

The petition was signed by Christopher J. Mokler, member.


CASCADE FINANCIAL: Sale to Opus Bank Expected to Close Today
------------------------------------------------------------
Opus Bank has received the necessary regulatory approvals from the
California Department of Financial Institutions and the FDIC for
the proposed acquisition of Cascade Financial Corporation and its
bank subsidiary, Cascade Bank.  Additionally, Opus Bank has
received a requested waiver and the non-objection from the Federal
Reserve Bank of San Francisco.

Cascade shareholders approved the acquisition at a special meeting
of shareholders held on May 31, 2011.

The acquisition is expected to close on June 30, 2011, after the
applicable waiting period has expired. Occurring simultaneously
with the completion of the acquisition of Cascade, Cascade Bank
will be merged with and into Opus Bank.

On March 4, 2011, Cascade Financial announced its entry into a
definitive agreement, providing for Opus Bank to acquire the
Company and Cascade Bank, and for the merger of the Bank into Opus
Bank.  Opus Bank is a California-chartered bank with its executive
offices located in Irvine, California.  According to the terms of
the merger agreement, Opus Bank will pay approximately $16.25
million to retire the Company's  $39.0 million in preferred stock
and associated warrants issued to the United States Department of
the Treasury under the Treasury's Capital Purchase Program, and
$5.5 million in cash to the holders of the Company's common stock.
The purchase price for the Company's common stock represents
approximately $0.45 cash per share outstanding.  In addition, Opus
Bank will assume all of the Company's obligations with respect to
the trust preferred securities issued by the Company's trust
subsidiaries.

                        About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank
with $708.0 million of total assets, $182.0 million of total
loans, $293.8 million in total deposits, and $399.9 million of
total equity, as of March 31, 2011.  Opus Bank provides high
value, relationship-based banking products and exceptional service
to its clients comprised of small and mid-sized commercial
businesses, entrepreneurs, real estate investors, high-net-worth
individuals, professionals, and consumers.

                       About Cascade Bank

Established in 1916, Cascade Bank, the only operating subsidiary
of Cascade Financial Corporation, is a Washington-chartered
commercial bank headquartered in Everett, Washington.  Cascade
Bank is a highly regarded community bank with $1.5 billion of
total assets, $1.1 billion of total deposits, and $1.0 billion of
total loans, as of March 31, 2011.

                     About Cascade Financial

Everett, Washington-based Cascade Financial Corporation (NASDAQ:
CASB) -- http://www.cascadebank.com/-- is a bank holding company
incorporated in the state of Washington in 2003.  At March 31,
2011, the Company's wholly-owned subsidiaries were Cascade Bank,
and Cascade Capital Trusts I, II, and III, formed to hold trust
preferred securities.

On July 20, 2010, the Board of Directors of Cascade Bank
stipulated to the entry of a consent order with the Federal
Deposit Insurance Corp. and the Washington State Department of
Financial Institutions, effective July 21, 2010.  Under the terms
of the FDIC Order, the Bank cannot pay any cash dividends or make
any payments to its stockholders without the prior written
approval of the FDIC and the Washington State DFI.

The Company's balance sheet at March 31, 2011, showed
$1.457 billion in total assets, $1.402 billion in total
liabilities, and stockholders' equity of $54.6 million.

Cascade Financial reported a net loss of $70.3 million on $36.4
million of net interest income (before provision for loan losses)
for 2010, compared with a net loss of $23.5 million on $43.3
million of net interest income (before provision for loan losses)
for 2009.  Cascade Financial reported a net loss of $2.6 million
on net interest income (before provision for loan losses) of $8.8
million for the three months ended March 31, 2011, compared with a
net loss of $32.1 million on net interest income (before provision
for loan losses) of $9.7 million for the same period last year.


CB HOLDING: Court Approves J.H. Cohn as Tax Accountants
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
CB Holdings Corp. and its debtor-affiliates to employ J.H. Cohn
LLP as their tax accountants to prepare federal and state income
tax returns for the fiscal years ending September 30, 2010 and
2011, and to advise the Debtors with respect to the tax filings.

The Debtors agreed to pay to the firm a fixed fee of $75,000 for
the preparation of these federal and state income tax returns for
each of 2010 and 2011.

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

                       About CB Holding

New York-based CB Holding Corp. operated 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House, and seven The Office
Beer Bar and Grill restaurants when it filed for bankruptcy
protection.  The Company closed 47 locations before filing for
Chapter 11.

CB Holding sold off its The Office restaurant chain and 12 Bugaboo
Creek stores in separate auctions.  Villa Enterprises Ltd. won the
bidding for The Office chain with its $4.68 million.  RRGK LLC
acquired the 12 Bugaboo Creek stores for $10.05 million, more than
tripling the $3.175 million first bid from an affiliate of
Landry's Restaurants Inc.

CB Holding and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 10-13683) on Nov. 17, 2010.
Christopher M. Samis, Esq., and Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., assist the Debtors in their
restructuring effort.  The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent.  Jeffrey N.
Pomerantz, Esq., Jason S. Pomerantz, Esq., and Bradford J.
Sandler, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the
Official Committee of Unsecured Creditors.  CB Holding estimated
its assets at $100 million to $500 million and debts at
$50 million to $100 million.


CHINA-BIOTICS: To Delist From NASDAQ Due to Officials Resignations
------------------------------------------------------------------
China-Biotics, Inc. intends to voluntarily delist the Company's
common stock from the Nasdaq Global Stock Market.  The Board of
Directors of the Company unanimously determined that maintaining
the listing has imposed difficult burdens on the Company. These
burdens have been compounded by the recent resignations of the
Company's former auditor, BDO Limited, and the Company's Chief
Financial Officer, Travis Cai, as reported by the Company in a
Current Report on Form 8-K filed with the United States Securities
and Exchange Commission on June 23, 2011, and the resignation of
Mr. Simon Yick, the former Chairman of the Audit Committee of the
Board, as reported by the Company in a Current Report on Form 8-K
filed with the SEC on June 28, 2011.

On June 29, 2011, the Company provided written notice to Nasdaq of
its intent to file a Notification of Removal from Listing on Form
25 with the SEC on or around July 11, 2011.  The Company expects
the delisting from Nasdaq to become effective on July 21, 2011,
ten days after filing Form 25 with the SEC.

Upon delisting from Nasdaq, the Company expects that trading by
stockholders of shares of the Company's common stock may be
effected through quotations on the Pink OTC Market (a centralized
quotation service that collects and publishes market maker quotes
for securities).  This will require at least one market maker to
quote the Company's common stock on the Pink OTC Market after the
market maker complies with the Pink OTC Market rules; there is no
assurance that a market maker will comply with those rules.  The
Company has not arranged for its shares to be quoted on any
securities exchange.  Notwithstanding any of the foregoing, the
Company will remain subject to the periodic reporting requirements
of the Exchange Act.

The Company previously reported its receipt from Nasdaq of a
letter stating that, because the Company has not yet filed its
Annual Report on Form 10-K for the fiscal year ended March 31,
2011, and based upon disclosures made by the Company in its
recently filed Form 12b-25 and additional information provided to
Nasdaq, the Company no longer complies with Nasdaq Listing Rules
for continued listing.  In addition, the Nasdaq Letter requested
that the Company provide to Nasdaq a formal "plan of compliance"
setting forth the steps that the Company proposes to take to
regain compliance for continued listing of the Company's common
stock on the Nasdaq, as well as certain other information relevant
to Nasdaq's evaluation of the plan of compliance. In light of the
Company's decision to seek voluntary delisting of its stock from
Nasdaq, the Company has determined that it will not provide Nasdaq
with such plan of compliance or other requested information.

The Board has determined that the effort required to challenge
Nasdaq's determination, and the uncertain outcome of any such
challenge, as well as the uncertainty of when, if ever, the
Company will be able to satisfy Nasdaq's concerns in light of the
recent resignation of its auditor, support its decision to seek
delisting of its common stock from Nasdaq in the best interests of
the Company and its stockholders.

The Company will comply with all applicable provisions of Delaware
law, under which the Company is incorporated, as well as
applicable provisions of the Nasdaq Marketplace Rules and the SEC
rules applicable to the delisting process.

                       About China-Biotics

China-Biotics, Inc. -- http://www.chn-biotics.com/-- a leading
manufacturer of biotechnology products and supplements, engages in
the research, development, marketing, and distribution of
probiotics dietary supplements in China.  Through its wholly owned
subsidiary, Shanghai Shining Biotechnology Co., Ltd., the Company
develops and produces its proprietary product portfolio, including
live microbial nutritional supplements under the "Shining" brand.
Currently, the products are sold OTC through large distributors to
pharmacies and supermarkets in Shanghai, Jiangsu, and Zhejiang
provinces.  In February 2010, China-Biotics began its commercial
production in China's largest probiotics production facility to
meet growing demand in China.


CHIQUITA BRANDS: S&P Rates $400-Mil. Credit Facilities at 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services is assigning preliminary issue-
level and recovery ratings to Cincinnati-based Chiquita Brands
International Inc.'s proposed $400 million senior secured credit
facilities, consisting of a $150 million revolving credit facility
and a $250 million term loan, each due 2016. "We
assigned them a preliminary 'BB-' issue-level rating (two notches
higher than the corporate credit rating on Chiquita), with a
preliminary recovery rating of '1', indicating our expectation for
very high (90% to 100%) recovery in the event of a payment
default. Chiquita Brands LLC would be the borrower
under the proposed credit facilities," S&P said.

The company intends to use the proceeds from these new facilities
to refinance its existing $310 million senior secured credit
facilities at CBLLC and to partially fund a tender offer for $100
million of the outstanding $177 million 8.875% senior notes due
2015 issued by CBII. "As a result of these transactions, which
include an increase in senior secured debt at the operating
company level, we have lowered the issue-level ratings for the
senior unsecured notes at CBII (and Chiquita's senior unsecured
shelf registration preliminary rating) to 'B-' from 'B' and
revised the associated recovery ratings to '5' from '4'. We took
these rating actions because of our reduced recovery expectations
for these notes, given the increased amount of priority secured
debt following the proposed refinancing. We will withdraw the
ratings on the company's existing senior secured credit facilities
upon the close of this refinancing transaction. Issue-level
ratings are based upon preliminary documentation and are subject
to review upon final documentation," S&P related.

The 'B' long-term corporate credit rating on Chiquita and the
stable outlook remain unchanged. "We characterize Chiquita's
business risk profile as vulnerable and its financial risk profile
as highly leveraged. Standard & Poor's ratings on the company
reflect the company's high debt leverage and participation in the
competitive, commodity-oriented, seasonal, and volatile
fresh produce industry, which we believe is subject to political
and economic risks. Following these proposed transactions, we
expect Chiquita's liquidity to remain adequate and its covenant
cushion to remain well above 20%," S&P added.

Ratings List
Chiquita Brands International Inc.
Corporate credit rating           B/Stable/--

Ratings assigned
Chiquita Brands LLC
Senior secured
  $150 mil. revolver due 2016      BB-(Prelim.)
   Recovery rating                 1(Prelim.)
  $250 mil. term loan due 2016     BB-(Prelim.)
   Recovery rating                 1(Prelim.)

Issue-level ratings lowered; Recovery ratings revised
                                   To          From
Chiquita Brands International Inc.
Senior unsecured
  4.25% notes due 2016             B-          B
   Recovery rating                 5           4
  8.875% notes due 2015            B-          B
   Recovery rating                 5           4
  7.5% notes due 2014              B-          B
   Recovery rating                 5           4
  Shelf registration               B-(Prelim)  B(Prelim)


CLUB VENTURES: Can Access LNB's DIP Facility on Final Basis
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Club Ventures Investments LLC, et al., to obtain, on a
final basis, junior secured superpriority postpetition financing
from LNB Holding LLC.

The Debtors provided a 13-Week cash flow forecast from May 28,
2011, to Aug. 20, 2011, which is available for free at:

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

As reported in the March 10, 2011 edition of the Troubled Company
Reporter on March 10, 2011, David B. Shemano, Esq., at Peitzman,
Weg & Kempinsky LLP, explained that the Debtors need the money to
fund their Chapter 11 case, pay suppliers and other parties.  The
DIP Lender has committed to provide up to $800,000.  The DIP
Facility will mature five months after the Petition Date.  A copy
of the DIP financing agreement is available for free at:

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

The DIP facility will incur interest at the Applicable Federal
Rate.  In the event of default, the Debtors will pay an additional
2.0% default interest per annum.  Applicable Federal Rate will
mean, with respect to any month, the interest rate in effect for
the month which would avoid imputation of interest or other items
under Section 7872 of the Internal Revenue Code of 1986, as
amended from time to time.

The DIP Lender is granted automatically perfected, valid and
enforceable junior security interests in and liens on all of the
DIP collateral, including all property constituting cash
collateral.  The DIP Lender is granted allowed superpriority
administrative expense claims in the cases for the DIP Facility
and all obligations owing thereunder and under the DIP Documents,
including all indemnification obligations of the Debtors
thereunder.  The DIP Superpriority Claim will be subordinate only
to the carve-out and the adequate protection claims granted to
Bank of America, N.A.

The DIP lien is subject to an up to 50,000 carve-out for U.S.
Trustee and Clerk of court fees; fees payable to professional
employed in the Debtors' case; and fees of the committee in
pursuing actions challenging the DIP Lenders' lien.

Each of the DIP Lender and the prepetition lenders will have the
right to credit bid with respect to any sale of assets or equity.

                        Cash Collateral Use

The Debtors are also allowed to use cash collateral of prepetition
secured lenders.

Currently, the Debtors are indebted to: (a) Bank of America,
N.A., in the approximate amount of $11,115,000, which indebtedness
is secured by substantially all of the Debtors' assets, (b)
Praesidian Capital Investors, LP, Praesidian II SPV 1 LP and
Praesidian II SPV 2, LP, in the approximate amount of
$30.6 million, which indebtedness is secured by substantially all
of the Debtors' assets, and (c) LNB in the approximate amount of
$22.4 million, which indebtedness is secured by substantially all
of the Debtors' assets.  All of the Debtors' existing cash, and
all of the Debtors' forecasted cash receipts, are the cash
collateral of the Prepetition Secured Creditors and cannot be used
without the consent of the Prepetition Secured Creditors or court
order.  Each of the Prepetition Lenders consents to the Debtors'
use of the Prepetition Lenders' cash collateral and the priming of
the Prepetition Liens to the extent and solely on the terms and
conditions provided for in the interim court order.

As adequate protection of the interests of the Prepetition Lenders
in the Prepetition Collateral against any diminution in value of
the interests, the Prepetition Lenders are granted continuing
valid, binding, enforceable, non-avoidable and automatically
perfected postpetition security interests in and liens on the DIP
collateral.

As further adequate protection, the Prepetition Lenders are each
granted allowed superpriority administrative expense claim in the
bankruptcy cases.

As further adequate protection, the Debtors will provide adequate
protection to (i) the Prepetition Lenders in the form of ongoing
payment of the reasonable legal fees and expenses incurred after
the Petition Date, and (ii) BofA in the form of payment of accrued
interest at the rate provided for in and pursuant to the terms of
the BofA Note and the BofA Loan Agreement.

Hearing

The Court has set a final hearing for March 24, 2011, at
11:00 a.m. (Eastern Time), on the Debtors' request to obtain DIP
financing and use cash collateral.

                       About Club Ventures

New York-based Club Ventures Investments LLC, aka DavidBartonGym,
is a boutique gym company.  Club Ventures owns DavidBartonGym, an
operator of upscale health clubs in four cities.  Founded in 1992
by David Barton, DavidBartonGym has grown to operate health clubs
in New York, Miami, Chicago, and Seattle (Bellevue).

Club Ventures filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 11-10891) on March 2, 2011.  It estimated its
assets at $10 million to $50 million and debts at $50 million to
$100 million.

Affiliates Club Ventures II, LLC (Bankr. S.D.N.Y. Case No. 11-
10892), et al., filed separate Chapter 11 petitions.

David B. Shemano, Esq., at Peitzman, Weg & Kempinsky LLP, serves
as the Debtors' bankruptcy counsel.

The Debtors' cases are jointly administered.  Club Ventures
Investments LLC is the lead case.


CLUB VENTURES: Plan Filing Exclusivity Extended Until Sept. 28
--------------------------------------------------------------
The Hon. Allan L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York extended the exclusive periods of
Club Ventures LLC to file a plan of reorganization to Sept. 28,
2011, and solicit acceptances of that plan to Nov. 28, 2011.

According to the Troubled Company Reporter on June 3, 2011, the
Debtors are workings with the Creditors' Committee and their
financial advisors to achieve agreement on a consensual treatment
of general unsecured creditors.  The Creditors' Committee is
currently performing due diligence to confirm the Debtors'
financial condition.  Until the Creditors' Committee completes
its reasonable due diligence and meaningful negotiations occur,
the Debtors believe it would be premature to file a plan.  The
Debtors are optimistic that such negotiations will occur within
the next several weeks.

                       About Club Ventures

New York-based Club Ventures Investments LLC, aka DavidBartonGym,
is a boutique gym company.  Club Ventures owns DavidBartonGym, an
operator of upscale health clubs in four cities.  Founded in 1992
by David Barton, DavidBartonGym has grown to operate health clubs
in New York, Miami, Chicago, and Seattle (Bellevue).

Club Ventures and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-10891) on March 2,
2011.  Club Ventures disclosed $327,921 and $71,037,100 in
liabilities as of the Chapter 11 filing.

David B. Shemano, Esq., at Peitzman, Weg & Kempinsky LLP, in Los
Angeles, serves as the Debtors' bankruptcy counsel.

The Official Committee of Unsecured Creditors retained Klestadt &
Winters LLP as its counsel.


CLUB VENTURES: Court Approves FTI as Panel's Financial Advisor
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Club Ventures Investments LLC, et al., to
retain FTI Consulting, Inc., as its financial advisor nunc pro
tunc to March 30, 2011.

According to the Troubled Company Reporter on May 16, 2011, FTI
will receive (a) a monthly fixed fee; and (b) reimbursement of
FTI's expenses.

To the best of the Committee's knowledge, FTI is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                       About Club Ventures

New York-based Club Ventures Investments LLC, aka DavidBartonGym,
is a boutique gym company.  Club Ventures owns DavidBartonGym, an
operator of upscale health clubs in four cities.  Founded in 1992
by David Barton, DavidBartonGym has grown to operate health clubs
in New York, Miami, Chicago, and Seattle (Bellevue).

Club Ventures and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-10891) on March 2,
2011.  Club Ventures disclosed $327,921 and $71,037,100 in
liabilities as of the Chapter 11 filing.

David B. Shemano, Esq., at Peitzman, Weg & Kempinsky LLP, in Los
Angeles, serves as the Debtors' bankruptcy counsel.

The Official Committee of Unsecured Creditors proposes retained
Klestadt & Winters LLP as its counsel.


COLONNADE PROPERTY: Organizational Meeting to Form Panel on July 1
------------------------------------------------------------------
Roberta DeAngelis, United States Trustee for Region 3, will hold
an organizational meeting on July 1, 2011, at 10:00 a.m. in the
bankruptcy case of Colonnade Property, LLC.  The meeting will be
held at:

         Office of the United States Trustee
         833 Chestnut Street, Suite 501
         Philadelphia, PA 19107

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.


COMMERCIAL CAPITAL: Wants to Hire Sender as Special Counsel
-----------------------------------------------------------
James T. Markus, the duly appointed Chapter 11 trustee in the
Chapter 11 cases of Commercial Capital, Inc., asks the U.S.
Bankruptcy Court for the District of Colorado for permission to
retain Sender & Wasserman, P.C. as special Counsel to represent
the Trustee and estate in connection with an adversary proceeding.

In order to avoid even an appearance of impropriety or a potential
conflict, the Trustee's counsel, Markus Williams Young &
Zimmerman, LLC, does not seek to represent the Trustee in
connection with an adversary proceeding (Markus v. Wells Fargo
Home Mortgage, Inc., Adv. Pro. No. 11-1250 MER).

The firm will charge the Debtor's estates in accordance with its
the customary rates of its attorneys and staff:

          Harvey Sender            $425 per hour
          John B. Wasserman        $425 per hour
          David V. Wadsworth       $300 per hour
          Mark A. Larson           $240 per hour
          David J. Warner          $210 per hour
          Matthew T. Faga          $185 per hour
          Paralegals               $115 per hour

The Trustee also seeks authorization to provide Sender & Wasserman
a retainer in the amount of $10,000.

John B. Wasserman, Esq., assures the Court that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Mr. Wasserman can be reached at:

          David W. Wadsworth, Esq.
          SENDER & WASSERMAN, P.C.
          1660 Lincoln Street, Suite 2200
          Denver, CO 80264
          Tel: (303) 296-1999
          Fax: (303) 296-7600

                     About Commercial Capital

Greenwood Village, Colorado-based Commercial Capital, Inc. --
http://www.commercialcapitalinc.com/-- and its affiliate, CCI
Funding I, LLC, are commercial real estate lenders and investment
partners engaging in short-term commercial mortgage.

Commercial Capital and CCI Funding filed separate petitions for
Chapter 11 protection on April 22, 2009, and April 24, 2009,
respectively (Bankr. D. Colo. Lead Case No. 09-17238).  Robert
Padjen, Esq., at Laufer and Padjen LLC, assists Commercial Capital
in its restructuring efforts.  In its bankruptcy petition,
Commercial Capital estimated between $100 million and $500 million
in assets, and between $50 million and $100 million in debts.  CCI
Funding estimated between $100 million and $500 million each in
assets and debts.


COMMERCIAL CAPITAL: Judge Approves Insurance Settlement Agreement
-----------------------------------------------------------------
Judge Michael E. Romero has approved the release and settlement
agreement among Commercial Capital, Inc., and CCI Funding I, LLC,
Trimont Real Estate Advisors, Inc., and Great American Assurance
Company.  The settlement agreement relates to water damage to
collateral at 301 Harrison Street in Denver, Colo., which is
comprised of a six-unit condominium project located in Denver's
Cherry Creek neighborhood.

Prior to the filing of their respective bankruptcy petitions,
Commercial Capital, Inc. (CCI), and CCI Funding I, LLC, were
engaged in the commercial real estate lending business.  CCI made
numerous commercial real estate mortgage loans, which were secured
by deeds of trust or mortgages encumbering various parcels of real
property.  CCI Funding claims that the Mortgage Loans were sold by
CCI to CCI Funding, which paid for them with funds borrowed from
WestLB AG, New York Branch.  WestLB claims a security interest in
the Mortgage Loans.  The Chapter 11 Trustee of CCI has filed
claims seeking to avoid the alleged transfer of the Mortgage Loans
to CCI Funding and West LB alleged security interest.

On December 15, 2009, an automatic fire protection sprinkler pipe
in Unit 106 burst, resulting in significant water damage to all
six units of the Harrison Street Properties.  All six units of
the Harrison Street Properties were under the care of TriMont Real
Estate Advisors, Inc., which maintained a policy of insurance with
Great American Assurance Company.

Great American has declined coverage under the Harrison Place
Policy and has commenced litigation, Great American Assurance
Company v. TriMont Real Estate Advisors, Inc., Civil Action No.
1:10-cv-02445-CMA, in the U.S. District Court for the District of
Colorado, seeking a declaration of non-liability on the Harrison
Place Policy.

Under the settlement agreement, Great American will pay TriMont
$300,000.  TriMont will pay its attorneys and then turnover the
balance of the fund to the CCI Funding Trustee to be held in trust
for the benefit of the CCI Funding bankruptcy estate and/or the
CCI bankruptcy estate, pending the resolution of the Ownership
Proceeding.

The Insurance Agreement provides monies to restore a damaged
property in which CCI currently claims an interest, without the
necessity of further ongoing litigation and its related fees and
costs.  In addition, the Insurance Agreement will have no effect
upon the Dispute between the Estates or the outcome of the
Ownership Proceeding.

                     About Commercial Capital

Greenwood Village, Colorado-based Commercial Capital, Inc. --
http://www.commercialcapitalinc.com/-- and its affiliate, CCI
Funding I, LLC, are commercial real estate lenders and investment
partners engaging in short-term commercial mortgage.

Commercial Capital and CCI Funding filed separate petitions for
Chapter 11 protection on April 22, 2009, and April 24, 2009,
respectively (Bankr. D. Colo. Lead Case No. 09-17238).  Robert
Padjen, Esq., at Laufer and Padjen LLC, assists Commercial Capital
in its restructuring efforts.  In its bankruptcy petition,
Commercial Capital estimated between $100 million and $500 million
in assets, and between $50 million and $100 million in debts.  CCI
Funding estimated between $100 million and $500 million each in
assets and debts.


COMMERCIAL CAPITAL: Contractors Seeks to Foreclose Property
-----------------------------------------------------------
Lightning Ventures, Inc., and Yenter Companies, Inc., as well as
Slaton Brothers, Inc., Brannon Sand and Gravel Company, LLC,
Dana Kepner Company, Inc., and R. Nichols Excavating, Inc., seek
further orders of the Bankruptcy Court of the District of Colorado
to permit the Jefferson County District Court to issue its orders
permitting the mechanic's lien claimants to foreclose on the real
property and sell the real property to satisfy the mechanic's
lien claimants.

The Bankruptcy Court previously permitted the parties to proceed
with the foreclosure action in the Jefferson County District Court
on their mechanic's liens, but further ordered that any judgment
pertaining to property of the estate may not be enforced without
further orders of the Court.

The District Court initially made a determination and finding that
the mechanic's liens of the subcontractors with valid mechanic's
liens on the Property had priority under Colorado law, and set the
claim amount with respect to each of the mechanic's lien
claimants:

          Slaton Brothers        $379,114
          Lightning Ventures      188,672
          Brannon                  55,732
          Yenter                  122,842
          R. Nichols              111,214
                               ----------
          Total                $1,505,035

John S. Finn, at Stettner Miller, P.C., representing the
contractors, states that all of the subcontractors involved in
this matter completed their work on the Project during 2009 and
were required to pay for all costs, employee expenses, materials,
fuel and related expenses at that time.

Mr. Finn notes that the remedy that is provided under Colorado law
to contractors that have not been paid for services is to proceed
with a lien foreclosure sale whereby the sheriff sells the
property in order for the mechanic's lien claimants to realize
from the proceeds of the sale monies to compensate them for their
mechanic's lien claims.  In the alternative, the mechanic's lien
claimants can bid their lien amounts at the sale and take title
to the property subject to the owner's rights of redemption and
the rights of all deed of trust holders to redeem.

                    About Commercial Capital

Greenwood Village, Colorado-based Commercial Capital, Inc. --
http://www.commercialcapitalinc.com/-- and its affiliate, CCI
Funding I, LLC, are commercial real estate lenders and investment
partners engaging in short-term commercial mortgage.

Commercial Capital and CCI Funding filed separate petitions for
Chapter 11 protection on April 22, 2009, and April 24, 2009,
respectively (Bankr. D. Colo. Lead Case No. 09-17238).  Robert
Padjen, Esq., at Laufer and Padjen LLC, assists Commercial Capital
in its restructuring efforts.  In its bankruptcy petition,
Commercial Capital estimated between $100 million and $500 million
in assets, and between $50 million and $100 million in debts.  CCI
Funding estimated between $100 million and $500 million each in
assets and debts.


COYOTES HOCKEY: Hulzizer Axes Offer to Acquire Coyotes
------------------------------------------------------
Sports Network reports that Matthew Hulsizer, once a leading
candidate to buy the financially-strapped Phoenix Coyotes, pulled
out of his purchase bid on Monday.

According to the Phoenix Business Journal, the Chicago investment
executive is still interested in buying an NHL franchise, but not
the Coyotes.

Chicago Bulls and White Sox owner Jerry Reinsdorf and another
unnamed group, along with Hulsizer, a co-founder of PEAK6
Investments, were talking to the city of Glendale about purchasing
the team, according to the Phoenix Business Journal.

The report says the team, which is currently owned by the NHL, has
been in turmoil ever since former owner Jerry Moyes filed for
Chapter 11 bankruptcy in 2009. Several bids for the team have
fallen through, including some potential buyers that had hoped to
move the team.

                        About Coyotes Hockey

Dewey Ranch Hockey LLC, Arena Management Group, LLC, Coyotes
Holdings, LLC, and Coyotes Hockey, LLC -- owners and affiliates of
the Phoenix Coyotes National Hockey League team -- filed for
Chapter 11 protection (Bankr. D. Ariz. Case No. 09-09488) on
May 5, 2009.  The Debtors are represented by Thomas J. Salerno,
Esq., at Squire, Sanders & Dempsey, LLP, in Phoenix, and estimate
their assets and liabilities are between $100 million and
$500 million.

In the third quarter of 2009, Judge Redfield T. Baum approved the
sale of the Phoenix Coyotes to the National Hockey League, which
had bought the team to quash a plan by bidder Jim Balsillie's to
move the team to Ontario, Canada.  Coyotes was sent to Chapter 11
to effectuate a sale by owner Jerry Moyes to Mr. Balsillie.


CROSSOVER FINANCIAL: Sec. 341 Creditors' Meeting Set for July 19
----------------------------------------------------------------
The United States Trustee for Region 19 will convene a Meeting of
Creditors pursuant to Sec. 341(a) of the Bankruptcy Code in the
Chapter 11 case of Crossover Financial I, LLC, on July 19, 2011,
at 10:00 a.m. at US Trustee Room C. Set per Directive from the US
Trustee's office.

According to the case docket, the Debtor's Chapter 11 Plan and
Disclosure Statement are due by Oct. 13, 2011.

Crossover Financial I, LLC, based in Elizabeth, Colorado, filed
for Chapter 11 bankruptcy (Bankr. D. Colo. Case No. 11-24257) on
June 15, 2011.  Judge Sidney B. Brooks presides over the case.
Stephen C. Nicholls, Esq., at Nicholls & Associates, P.C., serves
as bankruptcy counsel.  In its petition, the Debtor estimated
assets and debts of $10 million to $50 million.  The petition was
signed by Mitchell B. Yellen.


CRYOPORT INC: Incurs $6.15 Million Net Loss in Fiscal 2011
----------------------------------------------------------
Cryoport, Inc., filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$6.15 million on $475,504 of revenue for the year ended March 31,
2011, compared with a net loss of $5.65 million on $117,956 of
revenue during the prior year.

The Company's balance sheet at March 31, 2011, showed $11.03
million in total assets, $5.08 million in total liabilities and
$5.94 million in total stockholders' equity.

KMJ Corbin & Company LLP expressed substantial doubt about
CryoPort's ability to continue as a going concern, following
the Company's results for fiscal year ended March 31, 2010.  The
firm noted that the Company has incurred recurring losses and
negative cash flows from operations since inception.

The Company reported a net loss of $5.6 million on $117,956 of
revenues for the fiscal year ended March 31, 2010, compared with a
net loss of $16.7 million on $35,124 of revenues for the year
ended March 31, 2009.

KMJ Corbin & Company did not include a going concern qualification
in its report on the Company's fiscal 2011 results.

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

                       http://is.gd/rk48k7

                       About CryoPort Inc.

Headquartered in Lake Forest, Calif., CryoPort, Inc. (OTC BB:
CYRXD) -- http://www.cryoport.com/-- provides innovative cold
chain frozen shipping system dedicated to providing superior,
affordable cryogenic shipping solutions that ensure the safety,
status and temperature of high value, temperature sensitive
materials.  The Company has developed a line of cost-effective
reusable cryogenic transport containers capable of transporting
biological, environmental and other temperature sensitive
materials at temperatures below 0-degree Celsius.


CRYSTAL CATHEDRAL: Creditors Committee Down to 5 Members
--------------------------------------------------------
The U.S. Trustee for Region 16 filed a notice amending the list of
unsecured creditors on the Official Committee of Unsecured
Creditors of Crystal Cathedral Ministries.

The Committee now comprises:

      1. Advantage Mailing Inc.
         Brett Noss, Chief Financial Officer
         1600 N. Kraemer Blvd.
         Anaheim, CA 92806
         Tel: (714) 538-3881
         Fax: (714) 282-3903

      2. Media Services Agency
         John S. Casoria
         2442 Michelle Dr.
         Tustin, CA 92780
         Tel: (714) 665-2102
         Fax: (714) 665-2868

     3. World Marketing - Los Angeles
        Richard Pane
        10918 Emiline Street
        Omaha, NE 68128
        Tel: (402) 408-1419
        Fax: (402) 408-1421

     4. Promotional Media, Inc.
        Denise Bodourian, VP Sales
        727 N. Main Street
        Orange, CA 92868
         Tel: (714) 639-6390
         Fax: (714) 639-6270

      5. Kristina Oliver, c/o Dorie Oliver
         33677 Mojonnier Way
         Wildomar, CA 92695
         Tel: (951) 741-1922
         Fax: (951) 674-6116

A-1 Building Maintenance, Inc. and FGS - CA were in the original
list of members.

                   About Crystal Cathedral

Crystal Cathedral Ministries is a Southern California-based
megachurch founded by television evangelist Robert Schuller.  The
church is known for its television show "The Hour of Power."

Crystal Cathedral filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Calif. 10-24771) on Oct. 18, 2010.  The Debtor
disclosed $72,872,165 in assets and $48,460,826 in liabilities as
of the Chapter 11 filing.

The U.S. Trustee for Region 16 appointed seven members to the
official committee of unsecured creditors in the Chapter 11 case
of Crystal Cathedral Ministries.


CRYSTAL CATHEDRAL: Panel Objects to More Work for Lutzker
---------------------------------------------------------
The Official Committee of Creditors Holding Unsecured Claims of
Crystal Cathedral Ministries objects to the Debtor's application
to amend the terms of employment and compensation of Lutzker &
Lutzker LLP.

The Committee submits that the Debtor has failed to demonstrate
the need for expanded services by Lutzker & Lutzker LLP.  Crystal
Cathedral and the Firm should, provide sufficient information to
allow the Court, the Committee and all interested parties to
understand the claims or issues that Debtor believes require the
assistance of counsel and how those issues impact the debtor's
reorganization efforts.

Todd C. Ringstad, Esq., at Ringstad & Sanders, LLP, counsel for
the committee, notes that financial information presently before
the Court reflects that the Debtor has incurred substantial
operating losses post-petition.  The incurring of additional
professional fees, unless absolutely necessary to the
reorganization effort will only exacerbate this already tenuous
situation.

                      About Crystal Cathedral

Crystal Cathedral Ministries is a Southern California-based
megachurch founded by television evangelist Robert Schuller.  The
church, known for its television show "The Hour of Power."
Crystal Cathedral filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Calif. 10-24771) on Oct. 18, 2010.  The Debtor
disclosed $72,872,165 in assets and $48,460,826 in liabilities as
of the Chapter 11 filing.  Marc J. Winthrop, Esq., at Winthrop
Couchot P.C. represent the Debtor.

The U.S. Trustee for Region 16 appointed seven members to the
official committee of unsecured creditors in the Chapter 11 case
of Crystal Cathedral Ministries.  Todd C. Ringstad, Esq., at
Ringstad & Sanders, LLP, represent the Committee.


CRYSTALLEX INT'L: Fails to Comply with NYSE's Listing Standards
---------------------------------------------------------------
Crystallex International Corporation reported as required pursuant
to Section 402 of the NYSE Amex Company Guide and as requested by
NYSE Regulation, that it has been advised it has fallen below
compliance with the minimum continued listing standards in Section
1003(a)(i), (ii) and (iii) of the NYSE Amex Company Guide.  In a
letter dated June 22, 2011, the Company was informed by NYSE
Regulation that, as of June 15, 2011, the Company's market
capitalization was below the minimum required $50 million for
thirty consecutive trading days.

On June 6, 2011, the Company reported that trading of the
Company's common stock was suspended on the NYSE Amex exchange
subject to the Company's appeal to remain listed on that Exchange.
Subsequent to the NYSE Amex suspension, on June 7, 2011, the
shares began trading in the US on the OTCQB Marketplace under the
symbol CRYXF.  The Company shares continue to trade on both the
Toronto Stock Exchange and the OTCQB.

The Company also reports that the resolution authorizing the
Company to consolidate its common shares did not gain shareholder
approval at the Company's annual and special meeting held on
June 22, 2011.  The resolution required approval of at least two-
thirds of the votes cast.  Approximately 64% of the votes cast
were in favour of the resolution.  Shareholders were asked to
approve the share consolidation resolution as a consolidation may
be necessary for the Company to maintain the listing of its common
shares on the NYSE Amex.

The Company also announced that Mr. Bill Faust, Crystallex's Chief
Operating Officer, will be leaving the Company effective June 30,
2011.

The Company held its Annual Meeting on June 22, 2011.
PricewaterhouseCoopers LLP were appointed as auditors of the
Corporation for the ensuing year and the directors of the
Corporation were authorized to fix the remuneration of the
auditors.

Five directors were elected to hold office for the ensuing year or
until their successors are elected or appointed:

   (1) Robert A. Fung
   (2) Michael J.H. Brown
   (3) Harry J. Near
   (4) Marc J. Oppenheimer
   (5) Johan C. van't Hof

The resolution relating to the approval of the Corporation's New
Incentive Share Option Plan to increase the maximum number of
common shares issued and issuable thereunder by 3,000,000 common
shares as set out in the Corporation's management information
circular dated May 11, 2011, was ratified by shareholders at the
Meeting.  The special resolution to authorize an amendment to the
articles of the Corporation to consolidate the issued and
outstanding common shares of the Corporation, on the basis of a
consolidation ratio of not more than one post-consolidation share
for every ten pre-consolidation shares as set out in the Circular
was defeated by shareholders at the Meeting.  The resolution
relating to the approval of the sale of mining equipment of the
Corporation as set out in the Circular was ratified by
shareholders at the Meeting.

                   About Crystallex International

Based in Toronto, Canada, Crystallex International Corporation
(TSX: KRY) (NYSE Amex: KRY) -- http://www.crystallex.com/-- is a
Canadian-based company, which has been granted the Mine Operating
Contract to develop and operate the Las Cristinas gold properties
located in Bolivar State, Venezuela.

"As at Sept. 30, 2010, the Company had working capital of
US$12.50 million, including cash of $21.47 million.  Management
estimates that these funds will be sufficient to meet the
Company's obligations and budgeted expenditures for the
foreseeable future, but will not be sufficient to repay the
US$100.00 million notes payable due on December 23, 2011."

The Company's balance sheet at March 31, 2011, showed US$38.41
million in total assets, US$114.80 million in total liabilities
and a US$76.39 million total deficit.


D-SIGNS INC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: D-Signs, Inc.
        2602 National Place
        Garland, TX 75041

Bankruptcy Case No.: 11-34092

Chapter 11 Petition Date: June 26, 2011

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

Judge: Barbara J. Houser

Debtor's Counsel: Howard Marc Spector, Esq.
                  SPECTOR & JOHNSON, PLLC
                  12770 Coit Road
                  Banner Place, Suite 1100
                  Dallas, TX 75251
                  Tel: (214) 365-5377
                  Fax: (214) 237-3380
                  E-mail: hspector@spectorjohnson.com

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

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

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

The petition was signed by Christopher Jason Horton, president.


DALLAS STARS: Said to Be Preparing Bankruptcy to Push Sale
----------------------------------------------------------
Rivals drop out, clear Rudin deal for St. Vinny
Appeal in St. Vincent's bankruptcy dropped; NFL fans won't be
seeing the league's logo on that medical campus.

Barbara Benson, writing for Crain's New York Business, reports
that the group consisting of former City Councilmember Alan
Gerson, Dudley Gaffin, and Dr. Robert Adelman, which opposed the
sale of St. Vincent's Hospital campus to the Rudin family, has
voluntarily dismissed its appeal last week.  Although the group
made an emotional plea to keep a hospital open at the St.
Vincent's site, no rival bid ever emerged to unseat the $260
million deal with the Rudins.

The group had asked the court to delay the proposed sale, filing
an appeal on April 18.  The group objected to the sale, saying it
was talking to an unnamed New York City-based real estate
developer and an unnamed New York City medical center and medical
school that could buy the campus for the same price as the Rudins.
Crain's notes the group said its intent was to build and operate a
hospital and develop the remainder of the property.  By appealing
the sale order, the group wanted to buy time while it solicited
"offers from major real estate investors and hospital operators
that will better serve the communities" and generates more money
for creditors, according to court papers.

Crain's says the group cited only one possible collaborator: the
National Football League Alumni Association, which it said
indicated "that they may like to be involved in establishing a
hospital to treat their members [as well as the general public].
They would bring the NFL logo to any such development."

Crain's says the group withdrew the appeal last week without
explanation.

According to Crain's, Mark Toney, St. Vincent's chief
restructuring officer and a partner at Grant Thornton, said, "We
believe it's probably the best situation, and allows the
transaction to go forward."

Crain's also reports that lawyers for St. Vincent's are in court
on Thursday to address several other matters, including the
eviction of some doctors who refuse to vacate the hospital's
property.  The holdouts were served with eviction notices when the
medical system reached an agreement to sell its campus to the
Rudins.

                       About Saint Vincents

Saint Vincents Catholic Medical Centers of New York, doing
business as St. Vincent Catholic Medical Centers --
http://www.svcmc.org/-- was anchored by St. Vincent's Hospital
Manhattan, an academic medical center located in Greenwich Village
and the only emergency room on the Westside of Manhattan from
Midtown to Tribeca, St. Vincent's Westchester, a behavioral health
hospital in Westchester County, and continuing care services that
include two skilled nursing facilities in Brooklyn, another on
Staten Island, a hospice, and a home health agency serving the
Metropolitan New York area.

Saint Vincent Catholic Medical Centers of New York and six of its
affiliates first filed for Chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951).

St. Vincents Catholic Medical Centers returned to bankruptcy court
by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No.
10-11963) on April 14, 2010.  The Debtor estimated assets of $348
million against debts totaling $1.09 billion in the new petition.

Although the hospitals emerged from the prior reorganization in
July 2007 with a Chapter 11 plan said to have "a realistic chance"
of paying all creditors in full, the bankruptcy left the medical
center with more than $1 billion in debt.  The new filing occurred
after a $64 million operating loss in 2009 and the last potential
buyer terminated discussions for taking over the flagship
hospital.

Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer
Levin Naftalis & Frankel LLP, represent the Debtor in its
Chapter 11 effort.


DAIRY PRODUCTION: Has Until Aug. 8 to Propose Chapter 11 Plan
-------------------------------------------------------------
The Hon. James D. Walker, Jr., of the U.S. Bankruptcy Court for
the Middle District of Georgia, extended Dairy Production Systems
- Georgia, LLC, and its debtor affiliates' exclusive periods to
file and solicit acceptances for the proposed Chapter 11 plan and
solicit acceptances until Aug. 8, 2011, and Oct. 3, respectively.

As reported in the Troubled Company Reporter on May 13, the
Debtors requested for exclusive periods to file a plan until
Sept. 5, and solicit acceptances of that plan until Nov. 4.

The Debtors related that they needed more and sufficient time
to allow Morgan Joseph TriArtisan LLC, as financial advisor and
investment banker of the Debtors, to identify and contact
prospective investors and lenders.  Further, the Debtors require
additional time to allow the firm to solicit indication of
interest in a transaction among prospective investors and lenders.

                       About Dairy Production

Baconton, Georgia-based Dairy Production Systems - Georgia LLC,
dba Dairy Production Systems, was formed in November of 2008 and
owns the operating assets acquired from Aurora Dairy - Georgia,
LLC, exclusive of the real property owned by Aurora-Georgia.  DPS
Georgia owns approximately 3,490 head of cattle, along with
equipment and dairy improvements located on a 1,065-acre farm
leased from Aurora-Georgia.

DPS Georgia filed for Chapter 11 bankruptcy protection (Bankr.
M.D. Ga. Case No. 10-11752) on Oct. 7, 2010.  Neil C. Gordon,
Esq., Sean C. Kulka, Esq., and Zachary D. Wilson, Esq., at Arnall
Golden Gregory LLP, in Atlanta, Ga., serve as the Debtor's
bankruptcy counsel.  Morgan Joseph TriArtisan LLC serves as their
financial advisor and investment banker. DPS Georgia disclosed
assets of $6,178,324 and debts of $19,182,907 as of the Petition
Date.

Affiliates Dairy Production Systems - Mississippi, LLC (Bankr.
M.D. Ga. Case No. 10-11755), Dairy Production Systems, LLC (Bankr.
M.D. Ga. Case No. 10-11754), Heifer Haven, LLC (Bankr. M.D. Ga.
Case No. 10-11757), and New Frontier Dairy, LLC (Bankr. M.D. Ga.
Case No. 10-11756), filed separate Chapter 11 petitions.  Dairy
Production Systems, LLC, estimated its assets and debts at
$10 million to $50 million at the Petition Date.

The cases are jointly administered, with Dairy Production Systems
- Georgia as lead case.

Ward Stone, Jr., and David L. Bury, Jr., at Stone & Baxter, LLP,
in Macon, Ga., serve as the official committee of unsecured
creditors' bankruptcy counsel.


DEB SHOPS: Hires Kurtzman Carson as Claims & Noticing Agent
-----------------------------------------------------------
DSI Holdings, Inc. and its debtor-affiliates seek bankruptcy court
permission to employ Kurtzman Carson Consultants LLC as their
claims and noticing agent.  The Debtors estimate that they have
thousands of creditors; accordingly, a claims and noticing agent
is required to assist the clerk of court.

Prior to the Petition Date, the Debtors paid KCC a $50,000
retainer.

Albert H. Kass, vice president of corporate restructuring at KCC,
attests that his firm is a "disinterested person" as that term is
defined in Sec. 101(14) of the Bankruptcy Code, as modified by
Sec. 1107(b).

KCC may be reached at:

          Drake D. Foster, Esq.
          KURTZMAN CARSON CONSULTANTS LLC
          2335 Alaska Ave.
          El Segundo, CA 90245
          Tel: 310-823-9000
          Fax: 310-823-9133
          E-mail: dfoster@kccllc.com

                          About Deb Shops

Deb Shops Inc., is a closely held women's-clothing retailer based
in Philadelphia.  Deb Shops sells junior and large-size clothing
for girls and women ages 13 to 25 through more than 320 U.S.
stores and through debshops.com.  It was bought out by the New
York investment firm Lee Equity Partners in October 2007.

DSI Holdings Inc. and 54 affiliates, including Deb Shops, sought
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11941), on
June 26, 2011, to sell all assets under 11 U.S.C. Sec. 363.  As of
April 30, 2011, the Debtors' unaudited financial statements
reflected assets totaling $124.4 million and liabilities totaling
$270.1 million.

Lawyers at Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., serve as bankruptcy counsel.  Rothschild Inc. serves
as the Debtors' investment banker and financial advisors.
Kurtzman Carson Consultants, LLC, serves as claims agent.  Sitrick
& Company serves as public relations consultants.

The DIP Agent is represented by lawyers at Klee Tuchin Bogdanoff &
Stern LLP.  Conway Del Genio serves as financial advisors to the
First Lien Lenders.  Schulte Roth serves as corporate and tax
advisors to the First Lien Lenders.  Lender Lee DSI Holdings is
represented by Fried Frank Harris Shriver & Jacobson LLP.


DEB SHOPS: Wins Interim OK for Ableco DIP Financing
---------------------------------------------------
Deb Shops Inc. won interim Court authority to obtain postpetition
loan of up to $15 million, on an interim basis from Ableco, LLC,
which serves as administrative agent and collateral agent.

The DIP lenders have committed to provide up to $21.7 million in
postpetition financing.  The DIP Lenders and their loan
commitments are:

                                    Revolving
                                       Credit
                    Revolving      Commitment   Percentage
                       Credit     (Upon Final     of Total
                   Commitment        Facility    Revolving
                (Upon Interim       Effective       Credit
   Lender     Effective Date)           Date)   Commitment
   ------     ---------------     -----------   ----------
Ableco LLC     $11,316,301.58  $16,370,916.29      75.4420%
Orpheus         $2,867,371.13   $4,148,130.24      19.1158%
  Holdings LLC
Credit Suisse     $816,327.28   $1,180,953.47       5.4422%
  Loan Funding
              ---------------     -----------   ----------
  Total        $15,000,000.00  $21,700,000.00     100.0000%

The Court will hold a final hearing to consider the DIP Facility
on July 21.

Dep Shops is seeking to sell its assets pursuant to a deal also
with Ableco, this time as agent for the prepetition first lien
lenders.  Consideration to be provided by the First Lien Lenders
consists of:

     -- payment in cash of no less than $77 million plus the
        Debtors' outstanding obligations under the DIP Facility
        plus the wind-down costs of the Debtors, plus expense
        reimbursement;

     -- replacement of outstanding letters of credit posted by the
        Lee entities;

     -- assumption of certain company liabilities.

Ableco has committed to credit bid $75 million of the first-lien
debt.

The DIP Facility requires the Debtors to obtain Court approval of
bid procedures by July 25, 2011, commence the auction by Aug. 31,
obtain approval of the sale to the highest bidder by Oct. 4, 2011,
and close the deal 21 days after entry of the sale order.
Competing bids are due Aug. 24.

If the Debtors struck a deal with a rival buyer, they will
reimburse Ableco's expenses up to $500,000.

The DIP Facility charges interest at LIBOR Rate plus 9.00% per
annum or Reference Rate plus 8.50% per annum.  The DIP Facility
matures on the earlier of six months from the date of the credit
agreement; the effective date of a plan of reorganization in the
Debtors' case; or the date of sale or liquidation of substantially
all of the equity interests or assets of the Debtors.

DSI Holdings Inc. and its other debtor-affiliates act as guarantor
under the DIP credit agreement.

The Debtors are also seeking to use cash collateral securing their
obligations to their prepetition lenders.  The Debtors' first lien
lenders and the so-called Lee Parties have consented to the
Debtors' use of cash collateral, entry into the DIP Facility, and
the proposed adequate protection.  The second lien lenders have
waived their right to object to the DIP Facility or the proposed
adequate protection.  Among other things, the Debtors propose to
grant the DIP Agent and the DIP Lenders liens on and security
interests in avoidance actions under Chapter 5 of the Bankruptcy
Code.

The Debtors owe the first lien lenders $129.9 million under a 2007
First Lien Credit Agreement.  The term loan portion of the
facility matures April 23, 2014, and the revolver portion matures
Oct. 23, 2013.  Ableco serves as successor first lien
administrative agent.

Deb Shops is also a borrower under a 2009 Sponsor Loan Agreement
with Lee DSI Holdings LLC as lender.  Deb Shops owes $4.8 million
under this facility as of the bankruptcy filing date.

Deb Shops is also a borrower under a 2009 Credit Support Agreement
with Lee DSI Holdings as lender.  Under this agreement, Lee DSI
would cause Citibank N.A., to issue for the benefit of Ableco, as
first lien administrative agent, two standby letters of credit for
$3 million -- Revolving Loan LC -- and $12 million -- Term Loan LC
-- each with a final expiry date of July 23, 2014.

On June 15, 2011, the First Lien Lenders assigned $15 million of
First Lien Obligations to Lee DSI.  As of the bankruptcy petition
date, roughly $19.8 million is owed under the agreements with Lee
DSI.  Another $5.2 million in accrued fees and interest is owed in
connection with the agreements with Lee DSI.

Dep Shops is also a borrower under a 2007 Second Lien Credit
Agreement with Barclays Capital, as sole lead arranger and
bookrunner, Crystal Capital Fund Management L.P., as syndication
agent, and Barclays Bank PLC as documentation agent and second
lien administrative agent.  As of the petition date, $58.6 million
was outstanding under the Second Lien Facility, including payment-
in-kind interest.

The Debtors have prepared a 13-week DIP budget from the week
ending July 2 to Sept. 24.  During the period, the Debtors expect
total receipts to be roughly $76.4 million and total disbursements
to be $83.3 million.

The DIP Agent may be reached at:

          Joe Naccarato
          ABLECO LLC
          299 Park Avenue, 22nd Floor
          New York, NY 10171
          Tel: 212-891-2100
          Fax: 212-891-1541
          E-mail: jnaccarato@ablecofinance.com

                          About Deb Shops

Deb Shops Inc., is a closely held women's-clothing retailer based
in Philadelphia.  Deb Shops sells junior and large-size clothing
for girls and women ages 13 to 25 through more than 320 U.S.
stores and through debshops.com.  It was bought out by the New
York investment firm Lee Equity Partners in October 2007.

DSI Holdings Inc. and 54 affiliates, including Deb Shops, sought
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11941), on
June 26, 2011, to sell all assets under 11 U.S.C. Sec. 363.  As of
April 30, 2011, the Debtors' unaudited financial statements
reflected assets totaling $124.4 million and liabilities totaling
$270.1 million.

Lawyers at Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., serve as bankruptcy counsel.  Rothschild Inc. serves
as the Debtors' investment banker and financial advisors.
Kurtzman Carson Consultants, LLC, serves as claims agent.  Sitrick
& Company serves as public relations consultants.

The DIP Agent is represented by:

          Michael L. Tuchin, Esq.
          David A. Fidler, Esq.
          KLEE TUCHIN BOGDANOFF & STERN LLP
          1999 Avenue of the Stars, 39th Floor
          Los Angeles, CA 90067
          Tel: 310-407-4000
          E-mail: mtuchin@ktbslaw.com
                  dfidler@ktbslaw.com

Conway Del Genio serves as financial advisors to the First Lien
Lenders.  Schulte Roth serves as corporate and tax advisors to the
First Lien Lenders.

Lender Lee DSI Holdings is represented by:

          Jennifer Rodburg, Esq.
          FRIED FRANK HARRIS SHRIVER & JACOBSON LLP
          One New York Plaza
          New York, NY 10004
          Fax: 212-859-4000
          E-mail: jennifer.rodburg@friedfrank.com


DENNEY FARMS: Chapter 11 Reorganization Case Dismissed
------------------------------------------------------
The Hon. Arthur S. Weissbrodt of the the U.S. Bankruptcy Court for
the Northern District of California dismissed the Chapter 11 case
of Denney Farms.

As reported in the Troubled Company Reporter on May 23, 2011, the
Debtor related that pursuant to the order of the Bankruptcy Court,
secured creditor, Farm Credit West, PCA, and Farm Credit West,
FLCA, obtained relief from the automatic stay regarding the
Debtor's real property consisting of a residential home, vineyards
and open farm lands located 72120 Jolon Road, Bradley, Monterey
County, California.

Farm Credit West, PCA, and Farm Credit West, FLCA, and the Debtor
have entered into agreement to settle the claims of the secured
creditor in this Chapter 11 case.

Mr. Moncrief added that there is no equity value in the remaining
assets of the Debtor's estate and that there is no reasonable
likelihood of the Debtor obtaining an order confirming a Plan of
Reorganization.

                        About Denney Farms

Bradley, California-based Denney Farms, a California Limited
Partnership, produces wine grapes on over 1,000 acres of vineyards
in south Monterey County.  The Company filed for Chapter 11
bankruptcy protection (Bankr. N.D. Calif. Case No. 10-59704) on
Sept. 17, 2010.  Paul W. Moncrief, Esq., at Johnson & Moncrief,
PLC, in Salinas, Calif., assists the Debtor in its restructuring
effort.  The Debtor estimated its assets and debts at $10 million
to $50 million.


DEUCE INVESTMENTS: No Assets to Administer, Wants Case Dismissed
----------------------------------------------------------------
Deuce Investments, Inc., asks the U.S. Bankruptcy Court for the
Eastern District of North Carolina to dismiss its Chapter 11 case.

The Debtor explains that it has no assets to administer and
believes it is in the best interest of all parties for the case to
be dismissed.

Clayton, North Carolina-based Deuce Investments, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. E.D.N.C. Case No.
10-01083) on Feb. 12, 2010.  Trawick H. Stubbs, Jr., Esq., at
Stubbs & Perdue, P.A., assists the Company in its restructuring
effort.  The Company scheduled assets of $17,334,282, and total
debts of $21,297,698 as of the bankruptcy filing.


DOT VN INC: Co-Founder & Pres. Shares Vision for Vietnamese IDNs
----------------------------------------------------------------
Lee Johnson, Co-Founder and President of Dot VN, Inc., writes to
shareholders as follows:

Dear Friends:

Close to two months ago, on April 28, 2011, Dot VN and VNNIC
launched the Vietnamese Native Language Internationalized Domain
Name System ("Vietnamese IDNs"), a separate system of Domain Names
that are written in native Vietnamese.  We believe that the IDNs
represent the next stage of evolution in the Vietnamese Internet.
An internet that speaks to the Vietnamese people in their own
language; accessed, searched and used in their native tongue.  We
believed that the IDNs would be the next big thing in the
Vietnamese Internet.  Based on the response we have received, we
think the Vietnamese people agree with us.

Since the official launch, we are proud to report that we have
registered over 229,000 Vietnamese IDNs.  As of today, the total
number of IDNs registered has exceeded the standard Vietnamese
ccTLD (English alphabet).  To put it succinctly, we have
accomplished in two months what had before taken ten years.  In
the coming months we hope to continue the rapid expansion of the
Vietnamese Native Language Internet as well as add new products
and services to enrich its value and enhance the overall user
experience.

Vietnam's population in the past few years has grown into a
sophisticated and savvy technological society.  The overwhelming
adoption of the Vietnamese IDNs clearly demonstrates that point.
Moreover, their thirst for online services and demands for better
and more reliable applications pushes us to offer new and exciting
programs integrated into the IDN offering.  We believe that the
IDNs will become a tremendous tool for businesses both in Vietnam
and internationally to reach Vietnamese consumers in their
language.  In addition to IDN registration services, we look
forward to offering these businesses a variety of value added
services from web hosting to search engine marketing.

In the coming weeks, we will be launching our all-new IDN web
designer application.  Each IDN user will have the option of
designing their own webpage, with our application, which can be
customized with their own photos, videos and text.  We have also
integrated an INFO.VN news feed into the web designer templates
and in the coming months expect to upgrade the service with
cutting edge communications tools, daily deals and entertainment
offerings to enhance the users experience and generate revenues
for the Company.  We will continue to strive towards building an
online network that delights and energizes the Vietnamese Internet
user while supporting social exchange and commerce.

As we move forward, we will continue to update you on the latest
Company news including exciting new services on our INFO.VN
platform.  We also recommend you visit our website frequently for
important information: www.DotVN.com.  I thank you for your
support and shared belief in Dot VN as we look ahead to our
promising future.

Warm regards,

Lee Phuoc Johnson
President & Co-Founder
Dot VN, Inc.

                           About Dot VN

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

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

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

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

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


ENRON CORP: 2nd Circ. Denies Appeal of Securities Settlement
------------------------------------------------------------
Ian Thoms at Bankruptcy Law360 reports that the Second Circuit
refused Tuesday to force investment funds to return more than $50
million worth of commercial paper to a creditors recovery body for
bankrupt energy giant Enron Corp.

In a 2-1 decision, Law360 relates, the appeals court determined
that the paper constituted settlement payments and were protected
from avoidance actions under a safe harbor provision of the
Bankruptcy Code.

                         About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 01-16033) on Dec. 2, 2001,
following controversy over accounting procedures that caused its
stock price and credit rating to drop sharply.

Enron hired lawyers at Togut Segal & Segal LLP; Weil, Gotshal &
Manges LLP; Venable; Cadwalader, Wickersham & Taft, LLP for its
bankruptcy case.  The Official Committee of Unsecured Creditors in
the case tapped lawyers at Milbank, Tweed, Hadley & McCloy LLP.

The Debtors won confirmation of their Plan in July 2004, and the
Plan was declared effective on Nov. 17, 2004.  After approval of
the Plan, the new board of directors decided to change the name of
Enron Corp. to Enron Creditors Recovery Corp. to reflect the
current corporate purpose.  ECRC's sole mission is to reorganize
and liquidate certain of the operations and assets of the "pre-
bankruptcy" Enron for the benefit of creditors.

ECRC has been involved in the MegaClaims Litigation, an action
against 11 major banks and financial institutions that ECRC
believes contributed to Enron's collapse; the Commercial Paper
Litigation, an action involving the recovery of payments made to
commercial paper dealers; and the Equity Transactions Litigation,
which ECRC filed against Lehman Brothers Holdings, Inc., UBS AG,
Credit Suisse and Bear Stearns to recover payments made to the
four banks on transactions involving Enron's stock while the
company was insolvent.


EVT HOTEL: Case Summary & 4 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: EVT Hotel, Inc.
        PMB 300 PO Box 4956
        Caguas, PR 00726

Bankruptcy Case No.: 11-05346

Chapter 11 Petition Date: June 24, 2011

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

Debtor's Counsel: Luis D. Flores Gonzalez, Esq.
                  LUIS D FLORES GONZALEZ LAW OFFICE
                  80 Calle Georgetti Suite 202
                  San Juan, PR 00925-3624
                  Tel: (787) 758-3606
                  Fax: (787) 753-5317
                  E-mail: ldfglaw@coqui.net

Scheduled Assets: $3,361,772

Scheduled Debts: $3,971,859

A list of the Company's four largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-05346.pdf

The petition was signed by Ezequiel Vazquez Toro, president.


EZENIA! INC: Chief Financial Officer Thomas McCann Quits
--------------------------------------------------------
Thomas McCann, the Chief Financial Officer of Ezenia! Inc.,
departed the Company.  Until a new Chief Financial Officer is
appointed, Larry Snyder will serve as principal financial and
accounting officer of the Company.  Information regarding Mr.
Snyder can be found in the Company's definitive proxy statement
filed with the SEC on June 24, 2011.  The Company has engaged
Brighton Company LLC, Burlington, Massachusetts, a licensed
certified public accounting firm, to provide the Company with
accounting and financial services on an interim basis.  Mr. McCann
will be available to assist in the transition.

                        About Ezenia! Inc.

Nashua, New Hampshire-based Ezenia! Inc. (OTC BB: EZEN)
-- http://www.ezenia.com/-- develops and markets products that
enable organizations to provide technically advanced high-quality
group communication to commercial, governmental, consumer and
institutional users.

The Company's balance sheet at March 31, 2011, showed $3.2 million
in total assets, $3.3 million in total liabilities, and a
stockholders' deficit of $92,000.

The Company reported a net loss of $2.8 million on $2.7 million of
revenue for 2010, compared with a net loss of $3.4 million on
$3.5 million of revenue for 2009.

As reported in the TCR on April 11, 2011, McGladrey & Pullen, LLP,
in Boston, Mass., expressed substantial doubt about Ezenia! Inc.'s
ability to continue as a going concern, following the Company's
2010 results.  The independent auditors noted that the Company has
had recurring losses, and negative cash flows from operations and
has limited existing resources available to meet 2011 commitments.


FAIRWAY COMMONS II: Roseville Portfolio Wants Stay Lifted
---------------------------------------------------------
Roseville Portfolio MSCI 2006-HQ8 LLC asks the Bankruptcy Court
for relief from the automatic stay in the bankruptcy case of
Fairway Commons II LLC so it may issue and record by July 5, 2011,
a trustee's deed upon sale to fully perfect its ownership
interests in certain property previously owned by Fairway Commons
II.

Roseville Portfolio also seeks stay relief so it may take any
other action that may be necessary to perfect its title to the
property pursuant to California Civil Code Section 2924h(c).

Roseville Portfolio is represented by:

          H. Mark Mersel Esq.
          BRYAN CAVE LLP
          3161 Michelson Drive, Suite 1500
          Irvine, CA 92612-4414
          Tel: 949-223-7000
          Fax: 949-223-7100
          E-mail: mark.mersel@bryancave.com

              About Kobra EFS and Fairway Commons II

Kobra EFS, in Roseville, California, filed for Chapter 11
bankruptcy (Bankr. E.D. Calif. Case No. 11-35250) on June 20,
2011.  Affiliates that also sought Chapter 11 protection are
Fairway Commons II, LLC (Case No. 11-35255) and Eureka Ridge, LLC
(Case No. 11-35256).  Judge Christopher M. Klein presides over the
case.  Paul A. Warner, Esq., serves as the Debtors' bankruptcy
counsel.  Kobra EFS and Fairway Commons II separately estimated
$10 million to $50 million in both assets and debts.

Affiliates that previously sought Chapter 11 protection are:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Kobra Petroleum I, LLC                11-23348            02/10/11
Sierra Valley Associates, Inc.        09-40212            09/18/09
Central Valley Food Services, Inc.    09-40214            09/18/09
Kobra Associates, Inc.                09-40068            09/18/09
Food Service Management, Inc.         09-40066            09/18/09
Douglas Pointe, LLC                   09-32854            06/23/09
Rocky Ridge Center, LLC               08-38105            12/09/08
Kobra Properties                      08-37271            11/25/08
Vernon Street Associates, LLC         08-37273            11/25/08
Kobra Preserve, LLC                   08-37272            11/25/08


FERNANDEZ MOLEDO: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Fernandez Moledo Inc.
        PO Box 13346
        San Juan, PR 00908-3346

Bankruptcy Case No.: 11-05334

Chapter 11 Petition Date: June 24, 2011

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

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza, 2nd Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Scheduled Assets: $3,861,827

Scheduled Debts: $7,183,013

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-05334.pdf

The petition was signed by Donato J. Fernandez, president.


FLORIDA EXTRUDERS: Triton Capital OK'd as Financial Advisor
-----------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Florida Extruders International,
Inc., to employ Triton Capital Partners, LTD as financial advisor
and investment banker.

To the best of the Debtor's knowledge, Triton Capital is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Headquartered in Sanford, Florida, Florida Extruders
International, Inc. -- http://www.floridaextruders.com/-- was
formed in 1989 and is a low cost, vertically integrated aluminum
extruder, window, sliding glass door, and patio screen door
manufacturer, and building products distributor.  It filed a bare-
bones Chapter 11 petition (Bankr. M.D. Fla. Case No. 11-07761) on
April 25, 2011.  The case has been assigned to Judge K. Rodney
May.  Christopher C. Todd, Esq., at McIntyre, Panzarella,
Thanasides, serves as the Debtor's counsel.

The Company disclosed $33,816,432 in assets and $23,958,630 in
liabilities as of the Chapter 11 filing. The Debtor disclosed
$26.3 million in assets and $16.9 million in debt, mainly owed to
lender Wells Fargo & Co., in its original schedules.  The secured
lender Wells Fargo Bank NA, owed $13.2 million, offered financing
for the Chapter 11 case.


FLORIDA EXTRUDERS: Taps McIntyre Panzarella as Legal Counsel
------------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Florida Extruders International,
Inc., to employ McIntyre, Panzarella, Thanasides, Hoffman,
Bringgold & Todd, P.L. as legal counsel.

To the best of the Debtor's knowledge, McIntyre Panzarella is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Headquartered in Sanford, Florida, Florida Extruders
International, Inc. -- http://www.floridaextruders.com/-- was
formed in 1989 and is a low cost, vertically integrated aluminum
extruder, window, sliding glass door, and patio screen door
manufacturer, and building products distributor.  It filed a bare-
bones Chapter 11 petition (Bankr. M.D. Fla. Case No. 11-07761) on
April 25, 2011.  The case has been assigned to Judge K. Rodney
May.  Christopher C. Todd, Esq., at McIntyre, Panzarella,
Thanasides, serves as the Debtor's counsel.  Triton Capital
Partners, LTD serves as financial advisor and investment banker.

The Company disclosed $33,816,432 in assets and $23,958,630 in
liabilities as of the Chapter 11 filing. The Debtor disclosed
$26.3 million in assets and $16.9 million in debt, mainly owed to
lender Wells Fargo & Co., in its original schedules.  The secured
lender Wells Fargo Bank NA, owed $13.2 million, offered financing
for the Chapter 11 case.


FLORIDA EXTRUDERS: Court OKs $12-Mil. Sale to Benada Aluminum
-------------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Florida Extruders International,
Inc., to sell substantially all of its assets to Benada Aluminum
Products, LLC.

At the June 14 auction, Benada Aluminum submitted the final bid of
$11,800,000, representing the highest and best offer received for
the Debtor's assets.

The Court approved Speyside Acquisition Company LLC as a back-up
bidder with a bid in the cash amount of $10,000,000.

Counsel RB Capital, LLC, the stalking horse bidder, offered to buy
the Debtor's assets for $8,000,000.

Counsel RB will receive a  break-up fee in the amount of up to
3% of the purchase price as provided in the purchase agreement and
the overbid protection in the amount of $400,000.  Counsel RB will
receive payment at the time of the closing of the sale with such
third party buyer.

            About Florida Extruders International, Inc.

Sanford, Florida-based Florida Extruders International, Inc. --
http://www.floridaextruders.com/-- was formed in 1989 and is a
low cost, vertically integrated aluminum extruder, window, sliding
glass door, and patio screen door manufacturer, and building
products distributor.  It filed a bare-bones Chapter 11 petition
(Bankr. M.D. Fla. Case No. 11-07761) on April 25, 2011.  The case
has been assigned to Judge K. Rodney May.  Christopher C. Todd,
Esq., at McIntyre, Panzarella, Thanasides, serves as the Debtor's
counsel.  Triton Capital Partners, LTD serves as financial advisor
and investment banker.

The Company disclosed $33,816,432 in assets and $23,958,630 in
liabilities as of the Chapter 11 filing. The Debtor disclosed
$26.3 million in assets and $16.9 million in debt, mainly owed to
lender Wells Fargo & Co., in its original schedules.  The secured
lender Wells Fargo Bank NA, owed $13.2 million, offered financing
for the Chapter 11 case.


FLORIDA EXTRUDERS: Amends List of 20 Largest Unsecured Creditors
----------------------------------------------------------------
Florida Extruders International, Inc., filed with the U.S.
Bankruptcy Court for the Middle District of Florida amended list
of its largest unsecured creditors, disclosing:

   Name of Creditor         Nature of Claim    Amount of Claim
   ----------------         ---------------    ---------------
Lehman, Joel                Shareholder Loan    $4,972,860
3117 Pennwa Court
Longwood, FL 32779

Elrad Martin H.             Shareholder Loan      $300,000
550 SE 5th Ave., Apr. 906-S
Boca raton, FL 33432

The Castle 2000
Trust                       Shareholder Loan      $249,900

Yanowitz, Bennett           Shareholder Loan      $207,600

Florida Power & Light       Utility               $183,198

Dupont Powder Coating
USA Inc.                    Trade Debt            $161,234

FELA Realty Trust           Lease for Sarasota    $136,842
                            Property

Akerman, Senterfit & Eidson Professional Fees     $124,777

Northeast Metal
Traders, Inc.               Trade Debt            $115,330

CMC Commonwealth
Metals                      Trade Debt             $86,687

Alder, Norman               Shareholder Loan       $83,400

Alder, Dale                 Shareholder Loan       $83,400

Youngstown Tool & Die       Trade Debt             $77,911

Arnson, Gerald I.           Shareholder Loan       $75,000

AGC Flat Glass North
America Inc.                Trade Debt             $70,618

Bulk Chemical, Inc.         Trade Debt             $55,986

Huttig Building
Products, Inc.              Settlement Case        $50,000

Guardian Industries
Corp.                       Trade Debt             $46,972

Zenith Insurance Co.         Insurance             $42,667

Thumb Tool &
Engineering Co.             Trade Debt             $39,790

Sanford, Florida-v-based, Florida Extruders International, Inc. --
http://www.floridaextruders.com/-- was formed in 1989 and is a
low cost, vertically integrated aluminum extruder, window, sliding
glass door, and patio screen door manufacturer, and building
products distributor.  It filed a bare-bones Chapter 11 petition
(Bankr. M.D. Fla. Case No. 11-07761) on April 25, 2011.  The case
has been assigned to Judge K. Rodney May.  Christopher C. Todd,
Esq., at McIntyre, Panzarella, Thanasides, serves as the Debtor's
counsel.  Triton Capital Partners, LTD seves as financial advisor
and investment banker.

The Company disclosed $33,816,432 in assets and $23,958,630 in
liabilities as of the Chapter 11 filing. The Debtor disclosed
$26.3 million in assets and $16.9 million in debt, mainly owed to
lender Wells Fargo & Co., in its original schedules.  The secured
lender Wells Fargo Bank NA, owed $13.2 million, offered financing
for the Chapter 11 case.


FULTON HOMES: Settles With Lenders to Emerge From Bankruptcy
------------------------------------------------------------
Max Jarman at the Arizona Republic reports that Fulton Homes has
reached a settlement with its lenders that will allow it to emerge
from bankruptcy protection, after 28 months.

According to the report, a group of lenders led by Bank of America
has agreed to withdraw a competing reorganization plan in exchange
for company founder Ira Fulton forgiving $25 million in personal
loans he made to the company.  The settlement paved the way for
the approval of Fulton's reorganization plan by U.S. Bankruptcy
Judge George Nielsen and the company's return to normal
operations.

Under terms of the reorganization, the lender group will receive
an up-front cash payment of $57.5 million and will receive the
balance of the total $163 million owed in installments over the
next four years.  An additional $2.2 million in miscellaneous
debts will be paid when the plan becomes effective.

Fulton Chief Financial Officer Steve Walters said the company will
emerge from Chapter 11 "completely solvent" and able to meet its
operating expenses without relying on outside financing.

                        About Fulton Homes

Fulton Homes Corporation -- http://www.fultonhomes.com/-- is
a Tempe, Arizona-based homebuilder.  The Company filed for
Chapter 11 protection (Bankr. D. Ariz. Case No. 09-01298) on
Jan. 27, 2009.  Mark W. Roth, Esq., at Shughart Thomson & Kilroy
PC, represents the Debtor in its restructuring efforts.  The
Debtor estimated assets and debts between $100 million and
$500 million in its Chapter 11 petition.


G.B.S. HOLDING: Court Approves DurretteCrump as Chapter 11 Counsel
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
authorized G.B.S. Holding, Ltd., to employ DurretteCrump PLC as
counsel in its Chapter 11 case.

According to the troubled Company Reporter on June 24, 2011, the
names, positions, and current hourly rates of the firm's lawyers
and paraprofessionals currently expected to have primary
responsibility for providing services to the Debtor are:

         Professional             Position         Hourly Rate
         ------------             --------         -----------
         Bruce E. Arkema          Partner              $335
         Kevin J. Funk            Associate            $235
         Beth McMillen            Legal Secretary       $85

DurretteCrump has received a $7,121 retainer for its services to
be provided in the Debtor's case.  On June 3, 2011, the firm
applied $2,039 of the retainer as payment for fees and expenses
incurred for the period through and including the Petition Date.
Accordingly, as of the Petition Date, $5,081 of the retainer
remains unapplied.

DurretteCrump represents Roseland Village, LLC in a pending
Chapter 11 case, which was filed on Jan. 13, 2011 (Bankr. E.D. Va.
Case No. 11-30223). G.B.S. Holding, Ltd. owns 50% of Roseland
Village, LLC.

Bruce E. Arkema, Esq., a partner and shareholder of DurretteCrump,
attested that DurretteCrump neither holds nor represents any
interest adverse to the Debtor or its estate in the matters for
which DurretteCrump is proposed to be retained.  DurretteCrump is
a "disinterested person," as defined in section 101(14) of the
Bankruptcy Code and as required by section 327(a).

                         About GBS Holding

Based in Midlothian, Virginia, G.B.S. Holding, Ltd., filed for
Chapter 11 (Bankr. E.D. Va. Case No. 11-33708) on June 3, 2011.
Chief Judge Douglas O. Tice Jr. presides over the case.
DurretteCrump PLC serves as the Debtor's bankruptcy counsel.

In its petition, the Debtor estimated assets of $50 million to
$100 million and debts $10 million to $50 million.  The petition
was signed by George B. Sowers, Jr., president, who serves as the
Debtor's designee pursuant to a court order.

Affiliate Roseland Village, LLC, filed for Chapter 11 (Bankr. E.D.
Va. Case No. 11-30223) on Jan. 13, 2011. G.B.S. Holding, Ltd. owns
50% of Roseland Village, LLC.  DurretteCrump represents also
represents Roseland Village.


GANNON INTERNATIONAL: Judge Taps Receiver for Apartments
--------------------------------------------------------
STLToday.com reports that a judge has appointed a receiver to take
over management of the Suson Pines Apartments in South St. Louis
County, Missouri.  It's the third residential property owned by
Gannon International placed in receivership this year.

MLP Investments took over management of Suson Pines after a
federal judge approved appointing a receiver on June 2, according
to stltoday.com.

stltoday.com notes that PNC Bank sought the appointment of a
receiver in connection to a loan it made to an affiliate of Creve
Coeur-based Gannon that is secured by Suson Pines.

In a federal lawsuit, PNC alleges Gannon is in default on a
promissory note and owes more than $13 million, the report says.

PNC filed a lawsuit in April against several affiliates of Gannon
International and its chief executive, William Franke, alleging
Gannon is in default on loans secured by real estate, the report
recalls.

MLP Investments has also been appointed receiver to take over
management of two other Gannon-owned properties: Springwood
Apartments in Bel-Ridge and the Aspen Cove Townhomes in
Ellisville.

STLToday.com adds that PNC alleges Gannon is in default on a $5.7
million loan secured by Springwood and $272,438 for Aspen Cove.

The Suson Pines Apartments at 5625 Suson Hills Drive has 336 units
on 36 acres.


GMX RESOURCES: Files Form S-3; Registers 3.54MM Common Shares
-------------------------------------------------------------
GMX Resources Inc. filed with the U.S. Securities and Exchange
Commission a Form S-3 registration statement relating to the
resale of up to 3,542,091 shares of common stock, par value $0.001
per share, of the Company that may be offered and sold from time
to time by selling shareholders.

The selling shareholders and certain transferees may offer and
sell from time to time the shares of common stock at market
prices, in negotiated transactions or otherwise, or distribute all
or a portion of the shares to its shareholders.  The timing and
amount of any sale are within the sole discretion of the selling
shareholders.  The selling shareholders may sell the shares of
common stock directly or through underwriters, brokers or dealers
or through a combination of these methods.  The selling
shareholders will pay commissions or discounts to underwriters,
brokers or dealers in amounts to be negotiated prior to the sale.
The Company will not receive any of the proceeds from the sale of
the shares covered by this prospectus.

The Company's common stock is listed on The New York Stock
Exchange under the symbol "GMXR."  On June 23, 2011, the closing
sale price of the Company's common stock on The New York Stock
Exchange was $4.36 per share.

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

                        http://is.gd/VU2WBD

                        About GMX Resources

GMX Resources Inc. -- http://www.gmxresources.com/-- is an
independent natural gas production company headquartered in
Oklahoma City, Oklahoma.  GMXR has 53 producing wells in Texas &
Louisiana, 24 proved developed non-producing reservoirs, 48 proved
undeveloped locations and several hundred other development
locations. GMXR has 9,000 net acres on the Sabine Uplift of East
Texas.  GMXR has 7 producing wells in New Mexico.  The Company's
strategy is to significantly increase production, revenues and
reinvest in increasing production.  GMXR's goal is to grow and
build shareholder value every day.

The Company reported a net loss of $138.29 million on
$96.52 million of oil and gas sales for the year ended Dec. 31,
2010, compared with a net loss of $181.08 million on $94.29
million of oil and gas sales during the prior year.

The Company's balance sheet at March 31, 2011, showed $606.60
million in total assets, $413.10 million in total liabilities and
$193.50 million in total equity.

                           *     *     *

GMX Resources got a first time 'Caa1' Corporate Family Rating
and SGL-3 Speculative Grade Liquidity rating from Moody's
Investors Service in February 2011.  GMX's 'Caa1' CFR reflects its
small size, limited diversification, production that is 97%
natural gas in a low gas price environment, high leverage on
production and reserves, and the risks inherent
in developing its newly acquired oil focused Bakken and Niobrara
acreage while outspending cash flow," commented Jonathan
Kalmanoff, Moody's Analyst.  "The rating also considers the
potential for improvement in both profitability and
diversification if GMX is successful in developing its newly
acquired acreage, the pre-funding of the majority of 2011 capital
spending through both debt and equity offerings, a lack of
required drilling to hold acreage in the company's East Texas
properties, and hedges in place which add support to realized
prices for gas production through 2012."

As reported by the TCR on April 25, 2011, Standard & Poor's
Ratings Services said it assigned its 'B-' corporate credit rating
to Oklahoma City-based GMX Resources Inc.  The outlook is stable.
"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.


GULFSTREAM AIRLINES: Former Workers Cry Foul Over Severance Pay
---------------------------------------------------------------
Alison Lowe at The Tribune reports that former Bahamian employees
of Gulfstream Airlines are crying foul after the company allegedly
defaulted on an obligation to pay them severance monies owed while
-- now under new ownership after emerging from Chapter 11
bankruptcy protection -- it expands its operations in this nation.

According to the report, ex-assistant general manager for
Gulfstream in Nassau, Ian Hutchinson, said he was told by the
Department of Labour there was nothing they could do to make the
company pay up the money it still owes.  He was told the only
option he would have would be to seek to recover the money through
a legal action.

"It will cost me money to get money owed to me. It's not fair,"
the report quotes Mr. Hutchinson, adding that after 22 years of
service he is owed around $30,000 by the company in severance, as
saying.

Mr. Hutchinson suggested that the Government should require
foreign companies to place bonds in the Bahamas, so as to ensure
ex-employees do not lose out when companies leave the country
abruptly or fail to follow through on financial obligations.  He
compared the situation to that of the employees of the Royal Oasis
resort in Freeport.

                 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.


HANMI FINANCIAL: To Sell Common Shares to Woori Investment
----------------------------------------------------------
Hanmi Financial Corporation entered into a Common Stock Purchase
Agreement for a private placement transaction to issue shares of
the Company's common stock to Woori Investment & Securities.
Pursuant to the terms of the Common Stock Purchase Agreement dated
June 27, 2011, between Woori and the Company, Woori will be
purchasing that number of shares equal to 4.9 percent of the
Company's outstanding common stock immediately after the closing
of the Company's previously announced public offering, subject to
adjustment in certain circumstances, at a price per share equal to
the public offering price.  The private placement is contingent
upon the closing of the Company's public offering.  The total
amount of common stock being sold in the private placement and the
Company's public offering is expected to total $75,000,000,
assuming no exercise of the underwriter's over-allotment option.

Hanmi President and CEO J.S. Yoo stated, "We are quite pleased
that Woori has committed to invest in Hanmi in a private
transaction, which is a significant step in our collaborative
relationship.  We believe that our partnership with Woori Finance
Holdings Co. Ltd., which is one of Korea's largest financial
institutions and the parent company of Woori Investment &
Securities, should benefit both parties in expanding our ongoing
business relationship and help to build value for our
shareholders."

The Company intends to contribute a substantial portion of the net
proceeds from the private placement to Hanmi Bank as additional
capital and to support future organic and acquisition driven
growth.  The Company intends to retain the remaining net proceeds
at the Company level for use as working capital and other general
corporate purposes.

A free writing prospectus was filed with the U.S. Securities and
Exchange Commission, a full-text copy of which is available for
free at http://is.gd/lEldVV

                       About Hanmi Financial

Headquartered in Los Angeles, California, Hanmi Financial Corp.
(Nasdaq: HAFC) -- http://www.hanmi.com/-- is the holding company
for Hanmi Bank, a state chartered bank with headquarters located
at 3660 Wilshire Boulevard, Penthouse Suite A, in Los Angeles.
Hanmi Bank provides services to the multi-ethnic communities of
California, with 27 full-service offices in Los Angeles, Orange,
San Bernardino, San Francisco, Santa Clara and San Diego counties,
and a loan production office in Washington State.

The Company reported a net loss of $88.01 million on $144.51
million of total interest and dividend income for the year ended
Dec. 31, 2010, compared with a net loss of $122.27 million on
$184.14 million during the prior year.

The Company's balance sheet at March 31, 2011, showed
$2.87 billion in total assets, $2.69 billion in total liabilities,
and $184.05 million in total stockholders' equity.

                           Going Concern

The Company is required by federal regulatory authorities to
maintain adequate levels of capital to support its operations.
Hanmi Bank is also required to increase its capital and maintain
certain regulatory capital ratios prior to certain dates specified
in a Final Order issued by the California Department of Financial
Institutions.  By July 31, 2010, the Bank was required to increase
its contributed equity capital by not less than an additional $100
million and maintain a ratio of tangible stockholders' equity to
total tangible assets of at least 9.0%.

In addition, the Bank was also required to maintain a ratio of
tangible stockholders' equity to total tangible assets of at least
9.5 percent at Dec. 31, 2010 and until the Final Order is
terminated.

As a result of the successful completion of the registered rights
and best efforts offering in July 2010, the capital contribution
requirement set forth in the Final Order was satisfied.  However,
the tangible capital ratio requirement set for in the Final Order
has not been satisfied at Dec. 31, 2010. Further, should the
Company's asset quality continue to erode and require significant
additional provision for credit losses, resulting in added future
net operating losses at the Bank, or should the Company otherwise
fail to be profitable, the Company's capital levels will
additionally decline requiring the raising of more capital than
the amount currently required to satisfy the Company' agreements
with its regulators.

The Company said an inability to raise additional capital when
needed or comply with the terms of the Final Order or the Written
Agreement with the Board of Governors of the Federal Reserve
System, raises substantial doubt about its ability to continue as
a going concern.

The Company's independent registered public accounting firm in
their audit report for fiscal year 2010 has expressed substantial
doubt about the Company's ability to continue as a going concern.
Continued operations may depend on the Company's ability to comply
with the regulatory orders the Company is subject to.


HARRY & DAVID: First Amended Plan Voting Deadline Set for July 28
-----------------------------------------------------------------
Ballots containing the votes for or against the first amended plan
of reorganization of Harry & David Holdings, Inc., and its debtor
affiliates must be duly completed, executed and received by 5:00
p.m., Eastern Time, on July 28, 2011, to be counted.

Holders of Class 1 Other Secured Claims, Class 2 Priority Claims,
are unimpaired, and Class 6 Equity Interests in Subsidiary Debtors
are deemed to have accepted the Plan, and are not entitled to
vote.

Holders of Class 3 Senior Notes and Claims and Pension Benefit
Guaranty Corporation Claims, Class 4 General Unsecured Claims,
Class 5 Intercompany Claims, and Class 7 Equity Interests in Harry
& David Holdings are impaired and are entitled to vote.

According to the Debtors' counsel, David G. Heiman, Esq., at Jones
Day, in Cleveland, Ohio, the Debtors' key stakeholders support the
Plan, including the Official Committee of Unsecured Creditors of
the Debtors and an ad hoc group of holders of the Debtors' public
notes that own the vast majority of outstanding notes.  The
individual members of the Ad Hoc Committee have agreed to vote in
favor of the Plan, he added.

As previously reported by The Troubled Company Reporter on
June 27, 2011, the Debtors' First Amended Plan contemplates the
reorganization of the Debtors through (a) the elimination of the
PBGC Claims and the Debtors' Senior Notes in exchange for the
issuance of new stock and (b) a rights offering (the 'Rights
Offering') that will provide the PBGC and the Noteholders that
meet certain SEC requirements with the opportunity to purchase
stock of the reorganized Debtors in connection with their
emergence from chapter 11. The Debtors will utilize the proceeds
of the Rights Offering to repay outstanding amounts under their
second lien debtor-in-possession term loan and to fund the
Debtors' business operations going forward. The Rights Offering
permits qualified Noteholders to purchase approximately 74.9
percent of the stock of the reorganized Debtors for $55 million.

Because the Plan does not require qualified Noteholders to
participate in the Rights Offering, the Debtors also entered into
an agreement with a specific group of their Noteholders to
'backstop' the Rights Offering (as amended, the 'Backstop
Agreement'). Pursuant to the Backstop Agreement, the Noteholders
that are party to that agreement will purchase any remaining stock
that was not purchased by other Noteholders or the PBGC as part of
the Rights Offering. In consideration for the performance of their
obligations under the Backstop Agreement, the Noteholders that are
party to the Backstop Agreement will receive 50,000 shares in
Reorganized Holdings. The Backstop Agreement ensures that the
Debtors will obtain $55 million in new equity financing upon their
emergence from these cases. After the Petition Date, the Debtors
also obtained Bankruptcy Court approval to enter into a $100
million exit facility that would become effective on the effective
date of the Plan. This facility, provided by the same lenders who
provided the Debtors with a similar facility prior to the Petition
Date and the $100 million first lien debtor-in-possession
revolving credit facility, permits the Debtors to maintain their
historical working capital financing upon emergence from chapter
11 on terms substantially similar to those that existed prior to
the Petition Date.

A full-text copy of the Disclosure Statement explaining the First
Amended Plan, dated June 21, 2011, is available for free at:

                http://ResearchArchives.com/t/s?7658

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

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 Debtor also tapped DJM Realty Services, LLC, as real estate
consultants; Alvarez & Marsal North America to provide the Debtors
an interim chief executive officer and chief restructuring officer
and certain additional officers; and McKinsey Recovery &
Transformation Services U.S. LLC as their management consultant.

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.

The Debtors' proposed Plan of Reorganization will allow the
Company to convert all of its approximately $200 million of
outstanding public notes into equity of the reorganized company.
The Plan also includes an equity capital raise that will generate
$55 million in equity financing upon the Company's emergence from
chapter 11.  The Plan has the support of the Official Committee of
Unsecured Creditors and the holders of approximately 81% of the
Company's public notes.


HEARUSA INC: Obtains Final Nod of $10 Million DIP Financing
-----------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida authorized HearUSA Inc., on a final
basis, to borrow up to $10,000,000 in postpetition financing
provided by William Demant Holdings A/S pursuant to the Credit and
Security Agreement.

The bankruptcy judge acknowledged that the ability of the Debtor
to obtain sufficient working capital and liquidity through the new
indebtedness for borrowed money and other financial accommodations
is vital to the preservation and maintenance of the going concern
value of the Debtor and its successful reorganization.

The DIP Lender consents to the borrowings of the DIP Loan Amount
as necessary to fund all of the proposed disbursements under the
DIP budget, including fees due to the clerk of the Court and the
U.S. Trustee for Region 21, the DIP Budget will include, and
provide for payment during the week of July 1, 2011, the estimated
amount of those fees for the remainder of the Debtor's bankruptcy
case through consummation of a plan, which fees will be funded
through the reserve.

The Debtor is also authorized to grant liens, security interests
and superpriority claims to the DIP Lender pursuant to this final
order.

Contemporaneously or prior to the execution of the DIP Credit
Agreement, the DIP Lender or its affiliate, the Debtor and
Auxiliary Health Corporation entered into an asset purchase
agreement for the purchase of substantially all of the Debtor's
assets and Auxiliary Health's assets and to serve as the stalking
horse bidder under a Section 363 of the Bankruptcy Code sale in
the Debtor's bankruptcy case.

Prior to the auction of the Debtor's assets, the Debtor will
borrow an amount as set forth in the Budget necessary to fund the
wind down of the Debtor's Chapter 11 case and the Reserve.  The
Reserve constitutes funds placed in escrow with the Debtor's
counsel for the exclusive benefit of the payment of professionals
with the approval of the Court and fees due to the Clerk of the
Court and the U.S. Trustee.  The Wind Down Amount and Reserve (i)
will be retained by the Debtor; (ii) will be free and clear of all
liens, claims and encumbrances in favor of any secured creditor,
including the Prepetition Lender or the DIP Lender, and will not
be sold and transferred to the Purchaser under the APA.

The bankruptcy judge also authorized the Debtor to use prepetition
collateral, including cash collateral of Siemens Hearing
Instruments, Inc., subject to the expense line items in the DIP
Budget, including any permitted variances.

A copy of the DIP Budget is available for free at:

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

The Debtor may use Cash Collateral only to pay reasonable and
necessary general operating expenses it incurred in the ordinary
course of business.

To protect the Prepetition Lender's interest for any diminution in
the value of the Prepetition Collateral from, among other things,
the use of the Cash Collateral, the Prepetition Lender will have a
continuing, perfected replacement lien, and security interest upon
all assets of the Debtor's estate acquired after the Petition Date
and all other property of the Debtor's estate that is not
Prepetition Collateral or Postpetition Like Kind Collateral.

All rights and remedies granted to the DIP Lender will at all
times be subject to and subordinate to the prior satisfaction of
the outstanding obligations under the Prepetition Credit Agreement
totaling $31.3 million, the bankruptcy judge ruled.

Full-text copies of the final DIP order and the DIP Credit
Agreement are available for free at:

   http://bankrupt.com/misc/HearUSA_FinalDIPOrder.pdf
   http://bankrupt.com/misc/HearUSA_DIPCreditAgr.pdf

                     About HearUSA

HearUSA, Inc., which sells hearing aids in 10 states, filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No.
11-23341) on May 16, 2011, to sell the business for $80 million to
William Demant Holdings A/S.  The Debtor said that assets are
$65.6 million against debt of $64.7 million as of March 31, 2010.
HearUSA owes $31.3 million to Siemens Hearing Instruments Inc.,
the principal supplier and primary secured lender.

Judge Erik P. Kimball presides over the case.  Brian K. Gart,
Esq., Paul Steven Singerman, Esq., and Debi Evans Galler, Esq., at
Berger Singerman, P.A., represent the Debtor.  The Debtor has
tapped Bryan Cave LLP as special counsel; Sonenshine Partners LLC,
investment banker; Development Specialist Inc., restructuring
advisor ans Joseph J. Luzinski as chief restructuring officer; and
AlixPartners LLC, as communications consultant.
Trustee Services, Inc., serves as claims and notice agent.
HearUSA, INC.

The Official Committee of Unsecured Creditors was appointed on
May 25, 2011.  Robert Paul Charbonneau and the law firm of
Ehrenstein Charbonneau Calderin represents the Committee.


HEARUSA INC: Luis Salazar Named Consumer Privacy Ombudsman
----------------------------------------------------------
Donald F. Walton, the U.S. Trustee for Region 2, appointed Luis
Salazar, Esq., at Infante, Zumpano, Salazar & Miloch, in Coral
Gables, Florida as the consumer privacy ombudsman in HearUSA
Inc.'s Chapter 11 case, on June 2, 2011.

Judge Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida directed the U.S. Trustee to appoint
a consumer privacy ombudsman in connection with any hearing on
approval of the Debtor's sale of substantially all of its assets.

The Consumer Privacy Ombudsman will file a report prior to and
appear to answer questions at a hearing on approval of the sale.

As previously reported by the TCR on May 31, 2011, the assets
include personally identifiable consumer information of customers
who are subject to the Debtor's privacy policy, necessitating the
appointment of a consumer privacy ombudsman under Section 332 of
the Bankruptcy Code.

                     About HearUSA

HearUSA, Inc., which sells hearing aids in 10 states, filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No.
11-23341) on May 16, 2011, to sell the business for $80 million to
William Demant Holdings A/S.  The Debtor said that assets are
$65.6 million against debt of $64.7 million as of March 31, 2010.
HearUSA owes $31.3 million to Siemens Hearing Instruments Inc.,
the principal supplier and primary secured lender.

Judge Erik P. Kimball presides over the case.  Brian K. Gart,
Esq., Paul Steven Singerman, Esq., and Debi Evans Galler, Esq., at
Berger Singerman, P.A., represent the Debtor.  The Debtor has
tapped Bryan Cave LLP as special counsel; Sonenshine Partners LLC,
investment banker; Development Specialist Inc., restructuring
advisor ans Joseph J. Luzinski as chief restructuring officer; and
AlixPartners LLC, as communications consultant.
Trustee Services, Inc., serves as claims and notice agent.
HearUSA, INC.

The Official Committee of Unsecured Creditors was appointed on
May 25, 2011.  Robert Paul Charbonneau and the law firm of
Ehrenstein Charbonneau Calderin represents the Committee.


HEARUSA INC: Hearing on Sale of All Assets Set for Aug. 1
---------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida will consider approval of HearUSA
Inc.'s request to sell substantially all of its assets to William
Demant Holdings A/S or to the highest and best bidder on
August 1, 2011 at 9:30 p.m.

The Court also approved the bidding procedures governing the
proposed sale.

The deadline for submitting bids for the purchased assets is July
21, 2011 at 4:30 p.m.

If Qualified Bids, other than the Qualified Bid of the Proposed
Purchaser are timely received, the Debtor will conduct an auction
on July 29, 2011 at 10:00 a.m.

The Proposed Purchaser will be entitled to credit bid each round
at the auction using the current outstanding balance of the DIP
Loan, and a break-up fee of $2,000,000.

The break-up fee will be paid to the Proposed Purchaser in the
event the Debtor consummates an alternative transaction, provided
that the APA has not been terminated by the Debtor.

Objections, if any, to the sale contemplated by the Asset Purchase
Agreement with the Proposed Purchaser must be filed on or before
July 22, 2011 at 4:30 p.m.

All objections to the Debtor's Bidding Procedure Motion or the
relief provided that have not been withdrawn, waived or settled,
and all reservations of rights included therein, are overruled and
denied on the merits, Judge Kimball ruled.

A full-text copy of the bidding procedures order is available for
free at: http://bankrupt.com/misc/HearUSA_BiddingProcsOrd.pdf

                     About HearUSA

HearUSA, Inc., which sells hearing aids in 10 states, filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No.
11-23341) on May 16, 2011, to sell the business for $80 million to
William Demant Holdings A/S.  The Debtor said that assets are
$65.6 million against debt of $64.7 million as of March 31, 2010.
HearUSA owes $31.3 million to Siemens Hearing Instruments Inc.,
the principal supplier and primary secured lender.

Judge Erik P. Kimball presides over the case.  Brian K. Gart,
Esq., Paul Steven Singerman, Esq., and Debi Evans Galler, Esq., at
Berger Singerman, P.A., represent the Debtor.  The Debtor has
tapped Bryan Cave LLP as special counsel; Sonenshine Partners LLC,
investment banker; Development Specialist Inc., restructuring
advisor ans Joseph J. Luzinski as chief restructuring officer; and
AlixPartners LLC, as communications consultant.
Trustee Services, Inc., serves as claims and notice agent.
HearUSA, INC.

The Official Committee of Unsecured Creditors was appointed on
May 25, 2011.  Robert Paul Charbonneau and the law firm of
Ehrenstein Charbonneau Calderin represents the Committee.


HOSPITAL DAMAS: Court Approves Enrique Peral as Special Counsel
---------------------------------------------------------------
Hospital Damas, Inc., obtained approval from the U.S. Bankruptcy
Court of the Central District of Puerto Rico to appoint Enrique
Peral Law Offices, P.S.C. as special counsel for determining if
the project for the expansion of Debtor's obstetrics and
gynecology room and the acquisition of a multi slide CT system to
be financed by doctors and companies having a relationship with
Debtor comply with the Federal Regulations known as Stark I, II,
III and the antikickback statutes.

Peral Law Offices, its partners and associates, do not represent
or hold any interest adverse to Debtor or the estate in respect to
the matters on which it is to be employed.

The firm's hourly rates are:

             Personnel                        Rates
             ---------                        -----
          Enrique Peralta, Esq.             $175 per hour
          Maria Teresa Figueroa, Esq.       $135 per hour
          Ernesto Blanes, Esq.              $125 per hour
          Guillermo Hernandez, Esq.         $125 per hour
          Paralegals                         $80 per hour

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  In October 2010, the United States Trustee appointed
five creditors to serve on the Official Committee of Unsecured
Creditors of the Debtor.  Todd C. Meyers, Esq., and Colin M.
Bernardino, Esq., at Kilpatrick Stockton LLP, represents the
Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo
Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities as of the Petition Date.


HOSPITAL DAMAS: Court OKs FPV&G to Assist in Medicare Cost Report
-----------------------------------------------------------------
Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
Central District of Puerto Rico granted Hospital Damas Inc.
authority to employ FPV & Galindez PSC to process and prepare
statistical data required for the preparation of the Medicare cost
report.

FPV&G had acted as the Debtor's external audit firm since the year
ended Dec. 31, 2007, and had audited the Debtor's financial
statements.

The Debtor says FPV&G, its partners, and associates do not
represent or hold any interest adverse to the Debtor or the
estate.  The firm and its members are disinterested persons as
defined in 11 U.S.C. Sec. 101(14).

The firm's hourly rates are:

          Consulting director          US$165
          Consulting staff              US$70

The firm's costs will be capped at US$10,800.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  In October 2010, the United States Trustee appointed
five creditors to serve on the Official Committee of Unsecured
Creditors of the Debtor.  Todd C. Meyers, Esq., and Colin M.
Bernardino, Esq., at Kilpatrick Stockton LLP, represents the
Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo
Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities as of the Petition Date.


HOSPITAL DAMAS: To Employ Silva CPA Group as Financial Advisor
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved Hospital Damas Inc's application to employ Silva CPA
Group as its financial advisor.

The Debtor needs a financial advisor to assist its management in
the preparation of a study to oppose a request by the Menonita
Health System to the Department of Health Puerto Rico directed to
establishing a general hospital in the Municipality of Aibonito.

The firm can be reached at:

     Jose A. Silva, Esq.
     SILVA CPA GROUP
     Coto Laurel
     P.R. 00780-1292
     Tel: (787) 284-2884
     Fax: (888) 270-1159

The firm will charge a $2,000 fee as to the aforesaid matter plus
$100 per hour required visits to the Department of Health upon
application(s) and the approval of the Court.  These rates are
considered reasonable and fair, in line with services comparable
to those performed in behalf of clients.

                      About Hospital Damas

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  In October 2010, the United States Trustee appointed
five creditors to serve on the Official Committee of Unsecured
Creditors of the Debtor.  Todd C. Meyers, Esq., and Colin M.
Bernardino, Esq., at Kilpatrick Stockton LLP, represents the
Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo
Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities as of the Petition Date.


HTRINKEL ENTERPRISES: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Htrinkel Ensterprises
        11125 Portage River Ct.
        Rancho Cordova, CA 95670

Bankruptcy Case No.: 11-35629

Chapter 11 Petition Date: June 23, 2011

Court: United States Bankruptcy Court
       Eastern District of California (Sacramento)

Judge: Robert S. Bardwil

Debtor's Counsel: W. Austin Cooper, Esq.
                  W. AUSTIN COOPER, A PROF. CORP.
                  2525 Natomas Park Dr #320
                  Sacramento, CA 95833
                  Tel: (916) 927-2525
                  Fax: (916) 920-0355
                  E-mail: austincooperlaw@yahoo.com

Scheduled Assets: $500,001 to $1,000,000

Scheduled 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/caeb11-35629.pdf

The petition was signed by Herman Rinkel, general partner.


IMAGINE HOSPITALITY: Case Summary & 5 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Imagine Hospitality, Inc.
        5622 Havenwood
        Houston, TX 77066

Bankruptcy Case No.: 11-35389

Chapter 11 Petition Date: June 24, 2011

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Jeff Bohm

Debtor's Counsel: Samuel L. Milledge, Esq.
                  10333 Northwest Frwy, Ste 202
                  Houston, TX 77092
                  Tel: (713) 812-1409
                  Fax: (713) 812-1418
                  E-mail: milledge@milledgelawfirm.com

Scheduled Assets: $7,500,000

Scheduled Debts: $4,463,500

A list of the Company's five largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/txsb11-35389.pdf

The petition was signed by Syed Rizwan Mohiuddin, president.


INDEPENDENCE TAX: Reports $15.98-Mil. Profit in Fiscal 2011
-----------------------------------------------------------
Independence Tax Credit Plus L.P. II filed with the U.S.
Securities and Exchange Commission its Annual Report on Form 10-K
reporting net income of $15.98 million on $7.14 million of total
revenues for the year ended March 31, 2011, compared with a net
loss of $23.67 million on $6.94 million of total revenues.

The Company's balance sheet at March 31, 2011, showed $22.41
million in total assets, $49.83 million in total liabilities and a
$27.41 million total partners' deficit.

Trien Rosenberg Weinberg Ciullo & Fazzari LLP, in New York,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
at March 31, 2011, the Partnership's liabilities exceeded assets
by $27,415,490 and for the year then ended incurred net income of
$15,984,571, including gain on sale of properties of $20,284,069
and loss on impairment of properties of $1,047,336.  Partnership
management fees of approximately $4,930,000 will be payable out of
sales or refinancing proceeds only to the extent of available
funds after payments on all other Partnership liabilities have
been made and after the Limited Partners have received a 10%
return on their capital contributions.  As such, the General
Partner cannot demand payment of these deferred fees beyond the
Partnership's ability to pay them.  In addition, where the
Partnership has unpaid partnership management fees related to sold
properties, such management fees are written off and recorded as
capital contributions.

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

                       http://is.gd/73Se7C

           About Independence Tax Credit Plus L.P. II

Based in New York, Independence Tax Credit Plus L.P. II was
organized on Feb. 11, 1992, and commenced its public offering on
Jan. 19, 1993.  The general partner of the Partnership is Related
Independence Associates L.P., a Delaware limited partnership.  The
general partner of Related Independence Associates L.P. is Related
Independence Associates Inc., a Delaware Corporation.  The
ultimate parent of Related Independence Associates L.P. is
Centerline Holding Company.

The Partnership's business is primarily to invest in other
partnerships owning leveraged apartment complexes that are
eligible for the low-income housing tax credit enacted in the Tax
Reform Act of 1986, some of which may also be eligible for the
historic rehabilitation tax credit.

The Partnership is in the process of developing a plan to dispose
of all of its investments.


INNKEEPERS USA: Reorganization Plan Wins Court Approval
-------------------------------------------------------
Innkeepers USA Trust and its affiliates disclosed that less than a
year after the Company entered Chapter 11, the United States
Bankruptcy Court for the Southern District of New York entered an
order confirming the Company's chapter 11 plan of reorganization.
The Court's approval of the plan, which was supported by the
Company's secured lenders and has been accepted by more than 90
percent of Innkeepers' unsecured creditors and shareholders,
clears the way for Innkeepers to emerge from Chapter 11.

"Given the fact that in 2010 the hospitality industry was still
experiencing one of the most challenging operating environments in
its history as well as the sluggish economic recovery, the
successful restructuring of this company and the preservation of
3,500 jobs is a truly remarkable achievement."

Innkeepers' Chief Restructuring Officer, Marc A. Beilinson said
that the reorganization plan confirmed by the Court provides
maximum recovery to the Company's creditors while ensuring the
continued viability of the hotel properties.  "Ensuring our
secured and unsecured creditors would receive the greatest
possible recovery, while at the same time preserving the value of
the hotel properties, was our key objective as we examined the
various restructuring alternatives available.  The Plan of
Reorganization confirmed today fulfills these goals and is a great
result for our creditors, franchisors, guests and employees."

The Company also noted that throughout its restructuring process,
Innkeepers has maintained normal business operations at all of its
properties, including completing substantial work on the property
improvement plans required by franchisors on time and under
budget, as well as having successfully maintained its supportive
relationships with its franchisors.

The Company's plan of reorganization is the result of an extensive
marketing process which increased Innkeepers' enterprise value by
approximately $150 million. Under the terms of the plan:

A joint venture between the private-equity firm Cerberus Capital
Management, L.P. and the real estate investment trust Chatham
Lodging will purchase for approximately $1.1 billion the equity in
entities that own and operate 65 of the Company's hotels.

Chatham Lodging will also purchase for approximately $195 million,
five of the Company's hotels that serve as collateral for loan
trusts serviced by LNR Partners LLC.

The majority of the Company's unsecured creditors and all of the
holders of the publicly traded Preferred C Shares are expected to
receive a meaningful recovery.

"Given the fact that in 2010 the hospitality industry was still
experiencing one of the most challenging operating environments in
its history as well as the sluggish economic recovery, the
successful restructuring of this company and the preservation of
3,500 jobs is a truly remarkable achievement," Mr. Beilinson said.
"The significant progress we have made during our restructuring is
the result of a great deal of hard work from all involved. We are
grateful to our creditors who worked with us to achieve a
consensual resolution as well as the loyalty our franchisors and
suppliers demonstrated during this challenging time."

The Company is working diligently to effectuate the transaction
outlined in the plan, including closing the sales transactions to
Chatham Lodging and the joint venture.  The Company expects that
the transactions will close in short order.

Kirkland & Ellis LLP is Innkeepers' restructuring counsel and
Moelis & Company LLC is its financial advisor.

                     About Innkeepers USA Trust

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

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

Apollo Investment Corporation acquired Innkeepers in June 2007.

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

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

The confirmation hearing for approval of Innkeepers' Chapter 11
plan is set for June 23.


IRON MINING: Negotiating Forbearance with MST Financial
-------------------------------------------------------
Iron Mining Group, Inc., on June 17, 2011, received notice from
MST Financial, LLC., that the Company was in default under that
certain Loan Agreement, dated Dec. 20, 2010, by and among the
Company, as borrower, the lenders party thereto, as lenders, and
MST, as administrative agent and collateral agent, pursuant to
which the Lenders advanced $3,300,000 to the Company.  The notice
states that the Company failed to pay the Obligations by the
Maturity Date.  According to the Loan Agreement, if an event of
default occurs the Lenders may, among other remedies, accelerate
the repayment of all amounts due under the related convertible
notes.  As of June 27, 2011, the total outstanding balance due
under the Notes, including accrued and unpaid interest, is
approximately $3,559,521.

The Company is presently negotiating a Forbearance Agreement with
MST, pursuant to which the Company will, among other things, repay
the full amount of all principal and accrued interest within 90
days of the Maturity Date in consideration of the Lenders not
pursuing remedies against the Company.

                         About Iron Mining

Iron Mining Group, Inc., is a diversified global iron ore company
positioned to fuel China's next decade of urbanization and
industrial growth through the development of strategic mining and
trading opportunities with an emphasis on those located in North
and South America.  IMG has signed sizeable multi-year offtake
agreement with Tianjin Bohai Steel Group for its current and
future iron ore supply.  IMG consists of a global iron ore trading
group and direct mining operations in Mexico and Chile, where it
owns and controls a number of iron ore projects in various stages
of development.


ISAACSON STEEL: Files For Chapter 11 Bankruptcy Protection
----------------------------------------------------------
Sara Young-Knox at Union Leader reports that Isaacson Structural
Steel Inc. filed for bankruptcy protection under Chapter 11 in
Manchester, New Hampshire.  The Company furloughed its 72 shop
workers, calling back 42 of them.  Berlin Mayor Paul Grenier said
he is sure that the company will emerge from bankruptcy protection
stronger.  Isaacson owners Steve Griffin and co-owner Arnie Hanson
are quality people, he added.

According to the report, Isaacson was one of the subcontractors on
the Berlin Federal Correctional Facility, providing the steel.
"ISSI used 3-D modeling extensively to coordinate details with the
precast concrete wall panels and to allow the project's units of
measure to be easily translated between metric and imperial
units," it says on the company's web site.  The company did the
steel work on the 20-story addition to the Dana-Farber Cancer
Institute.

Isaacson was founded in 1962 by Eli Isaacson.  It provides the
steel infrastructure for buildings across the Northeast.


ISAACSON STEEL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Isaacson Steel, Inc.
        PO Box 67
        Berlin, NH 03570

Bankruptcy Case No.: 11-12415

Chapter 11 Petition Date: June 22, 2011

Court: United States Bankruptcy Court
       District of New Hampshire (Manchester)

Debtor's Counsel: William S. Gannon, Esq.
                  WILLIAM S. GANNON PLLC
                  889 Elm Street, 4th Floor
                  Manchester, NH 03101
                  Tel: (603) 621-0833
                  Fax: (603) 621-0830
                  E-mail: bgannon@gannonlawfirm.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nhb11-12415.pdf

The petition was signed by Arnold P. Hanson, Jr., president.


JACKSON HEWITT: Creditors Seek to Put Brakes on Plan Process
------------------------------------------------------------
Dow Jones' DBR Small Cap reports that the recently formed
unsecured creditors committee in Jackson Hewitt Tax Service Inc.'s
bankruptcy case is again calling for a slowdown of the tax
preparer's plan process, seeking to have the confirmation hearing
delayed for two months so that the group can mull objections to
the plan.

BankruptcyData.com reports that Jackson-Hewitt Tax Service's
official committee of unsecured creditors filed with the U.S.
Bankruptcy Court an objection to the Debtors' motion (I) for an
order (A) scheduling a combined hearing on adequacy of the
Company's Disclosure Statement and confirmation of the Plan, (B)
approving the form and manner of notice of a combined hearing and
commencement of the Chapter 11 cases, (C) establishing procedures
for objecting to the Disclosure Statement and Plan and (D) waiving
the requirement for a 341-meeting of creditors and (II) for an
order (A) approving pre-petition solicitation procedures, (B)
approving adequacy of the Company's Disclosure Statement and (C)
confirming the Plan of Reorganization.

According to the committee, "It is primarily the relief requested
in connection with publication notice as it applies to 'known'
creditors that the Committee objects to."

                      About Jackson Hewitt

Parsippany, New York-based Jackson Hewitt Tax Service Inc., aka
JHTS Inc., provides computerized preparation services for federal,
state and local individual income tax returns in the United States
through a nationwide network of franchised and company-owned
offices operating under the brand name Jackson Hewitt Tax Service.
The Company has 700 franchisees who collectively operated a total
of 4,846 offices.  The Company also operates 1,110 company-owned
offices.

Jackson Hewitt and its affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Lead Case No. 11-11587) on May 24, 2011.  Judge
Mary F. Walrath presides over the case.  Skadden, Arps, Slate,
Meagher & Flom LLP, serves as the Debtors' bankruptcy counsel.
Alvarez & Marsal North America, LLC, serves as their financial
advisor.  Moelis & Company LLC acts as investment banker.  The
Garden City Group, Inc., serves as the Debtors' Claims and
Noticing Agent.  The Debtors also tapped Deloitte & Touche to
serve as tax advisors and Kekst & Company to serve as
communications advisors.

The Debtors filed a Joint Prepackaged Plan of Reorganization and
Disclosure Statement together with their petitions.  Under the
terms of the Plan, Jackson Hewitt's current secured lenders will
receive their pro rata share of a new $100 million term loan and
all of the equity in the reorganized enterprise.  The Company also
anticipates entering into a new $115 million revolving credit
facility upon consummation of the Plan.  It is anticipated that
upon consummation of the proposed Plan, Jackson Hewitt's new
equity will be privately held.  All of the Company's existing
common stock will be cancelled upon Jackson Hewitt's emergence
from bankruptcy.

On May 23, 2011, the Debtors commenced solicitation of votes on
the Plan from the lenders.  No other classes of creditors or
stockholders were solicited, as each such class is either being
paid in full or receiving no recovery and hence, is deemed either
to accept or reject the Plan, respectively.  The Debtors received
overwhelming acceptances to the Plan from the lenders.

Mark McDermott, Esq., at Skadden Arps, told the Bankruptcy Court
at a May 25 hearing that investor and financier Bayside Capital is
in line to be "a significant majority" owner of Jackson Hewitt.
Bayside Capital has $4.5 billion under management.  Bayside is the
largest of 10 secured lenders that Jackson Hewitt owes a total of
$357 million.

Mr. McDermott also told the Court that Jackson Hewitt, worth an
estimated $225 million, does not have sufficient value to cover
the secured debt.

The Court set a July 8 court date to consider confirmation of
Jackson Hewitt's Chapter 11 plan.



JOHNSON & ASSOCIATES: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Johnson & Associates Real Estate, Inc.
        dba Johnson Homes
        611 E. Academy Street
        Cherryville, NC 28021

Bankruptcy Case No.: 11-31641

Chapter 11 Petition Date: June 23, 2011

Court: United States Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: George R. Hodges

Debtor's Counsel: Richard M. Mitchell, Esq.
                  MITCHELL & CULP, PLLC
                  1001 Morehead Square Drive, Suite 330
                  Charlotte, NC 28203
                  Tel: (704) 333-0630
                  Fax: (704) 333-4975
                  E-mail: rmmatty@mitchellculp.com

Scheduled Assets: $887,998

Scheduled Debts: $1,471,404

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/ncwb11-31641.pdf

The petition was signed by Robert Ray Johnson, president.


JOSEPH PALOMBI: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Joseph J. Palombi, MD, PC
        8424 Dorsey Circle
        Manassas, VA 20110

Bankruptcy Case No.: 11-14615

Chapter 11 Petition Date: June 23, 2011

Court: United States Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Robert G. Mayer

Debtor's Counsel: Madeline A. Trainor, Esq.
                  CYRON & MILLER, LLP
                  100 N. Pitt Street, Suite 200
                  Alexandria, VA 22314
                  Tel: (703) 299-0600
                  Fax: (703) 299-0603
                  E-mail: mtrainor@cyronmiller.com

Estimated Assets: $0 to $50,000

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

A list of the Company's four largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/vaeb11-14615.pdf

The petition was signed by Joseph J. Palombi, MD, president.


JTM DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: JTM Development Corp.
        3704 Pacific Avenue, Suite 200
        Virginia Beach, VA 23451

Bankruptcy Case No.: 11-72916

Chapter 11 Petition Date: June 26, 2011

Court: United States Bankruptcy Court
       Eastern District of Virginia (Norfolk)

Judge: Stephen C. St. John

Debtor's Counsel: John D. McIntyre, Esq.
                  WILSON & MCINTYRE, PLLC
                  500 East Main Street, Suite 920
                  Norfolk, VA 23510
                  Tel: (757) 961-3900
                  E-mail: jmcintyre@wmlawgroup.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/vaeb11-72916.pdf

The petition was signed by John Mamoudis, owner/president.


KEARNEY LEASING: Case Summary & 3 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Kearney Leasing, LLC
        5309 Parklane Drive Suite 2
        Kearney, NE 688458

Bankruptcy Case No.: 11-41725

Chapter 11 Petition Date: June 22, 2011

Court: United States Bankruptcy Court
       District of Nebraska (Lincoln Office)

Debtor's Counsel: Galen E. Stehlik, Esq.
                  LAURITSEN, BROWNELL, BROSTROM, STEHLIK
                  724 W. Koenig
                  P.O. Box 400
                  Grand Island, NE 68802
                  Tel: (308) 382-8010
                  Fax: (308) 382-8018
                  E-mail: galens@lauritsenlaw.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 three largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/neb11-41725.pdf

The petition was signed by Jeffrey S. Sikes, managing member of
Kearny Culvers, LLC, sole owner.


KOBRA EFS: Sec. 341 Creditors' Meeting Set for July 25
------------------------------------------------------
The United States Trustee for Region 17 will convene a Meeting of
Creditors pursuant to Sec. 341(a) of the Bankruptcy Code in the
Chapter 11 cases of Kobra EFS and its affiliates on July 25, 2011,
at 2:30 p.m. at Office of the UST (7-500).

The last day to oppose discharge in the cases is Sept. 23, 2011.
Proofs of claim are due by Oct. 24, 2011.

The Bankruptcy Court separately set a Status Conference also on
July 25, 2011, at 10:00 a.m. at Sacramento Courtroom 35,
Department C.

              About Kobra EFS and Fairway Commons II

Kobra EFS, in Roseville, California, filed for Chapter 11
bankruptcy (Bankr. E.D. Calif. Case No. 11-35250) on June 20,
2011.  Affiliates that also sought Chapter 11 protection are
Fairway Commons II, LLC (Case No. 11-35255) and Eureka Ridge, LLC
(Case No. 11-35256).  Judge Christopher M. Klein presides over the
case.  Paul A. Warner, Esq., serves as the Debtors' bankruptcy
counsel.  Kobra EFS and Fairway Commons II separately listed
$10 million to $50 million in both assets and debts.

Affiliates that previously sought Chapter 11 protection are:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Kobra Petroleum I, LLC                11-23348            02/10/11
Sierra Valley Associates, Inc.        09-40212            09/18/09
Central Valley Food Services, Inc.    09-40214            09/18/09
Kobra Associates, Inc.                09-40068            09/18/09
Food Service Management, Inc.         09-40066            09/18/09
Douglas Pointe, LLC                   09-32854            06/23/09
Rocky Ridge Center, LLC               08-38105            12/09/08
Kobra Properties                      08-37271            11/25/08
Vernon Street Associates, LLC         08-37273            11/25/08
Kobra Preserve, LLC                   08-37272            11/25/08


KTLA, LLC: Case Summary & 8 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: KTLA, LLC
        62 First Street
        San Francisco, CA 94105

Bankruptcy Case No.: 11-32401

Chapter 11 Petition Date: June 27, 2011

Court: U.S. Bankruptcy Court
       Northern District of California (San Francisco)

Judge: Thomas E. Carlson

Debtor's Counsel: Reno F.R. Fernandez, Esq.
                  MACDONALD AND ASSOC.
                  221 Sansome Street
                  San Francisco, CA 94104
                  Tel: (415)362-0449
                  E-mail: r.fernandez@macdonaldlawsf.com

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

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

The petition was signed by Graham Seel, SVP, California Mortgage
and Realty.

Debtor's List of eight Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Los Angeles County Tax Collector   Real Property Taxes     $71,961
P.O. Box 54018
Los Angeles, CA 90054-0018

Los Angeles County Tax Collector   Real Property Taxes     $66,389
P.O. Box 54018
Los Angeles, CA 90054-0018

Los Angeles County Tax Collector   Real Property Taxes     $36,439
P.O. Box 54018
Los Angeles, CA 90054-0018

Los Angeles County Tax Collector   Real Property Taxes     $32,000

Bear Contractors Inc.              Maintenance             $29,740

City of Los Angeles Housing        Fees                     $8,266

Specialty Fitness                  Fitness Equipment/         $115
                                   Service

Wal-Mart Stores, Inc.              Supplies                    $90


LANDAMERICA FIN'L: Trustee Hits Executives With Fraud Suit
----------------------------------------------------------
Carolina Bolado at Bankruptcy Law360 reports that the liquidation
trustee charged with recovering money for creditors of LandAmerica
Financial Group Inc. sued the company's executives Friday in
Virginia bankruptcy court, claiming they should have anticipated
liquidity problems with a subsidiary's auction rate securities.

According to Law360, LFG Liquidation trustee Bruce H. Matson
contends that the executives of the title insurance underwriter
and its subsidiary LandAmerica 1031 Exchange Services Inc.
breached their fiduciary duty to shareholders by failing to act in
the face of an impending crisis that contributed to the company's
demise.

                    About LandAmerica Financial

LandAmerica Financial Group, Inc., provided real estate
transaction services with offices nationwide and a vast network of
active agents.  LandAmerica Financial Group and its affiliate
LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11
protection Nov. 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994).
Attorneys at Willkie Farr & Gallagher LLP and McGuireWoods LLP
served as co-counsel.  Zolfo Cooper served as the restructuring
advisor.  Epiq Bankruptcy Solutions served as claims and notice
agent.

Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, served as counsel to the Creditors Committee of 1031
Exchange.  Bingham McCutchen LLP and LeClair Ryan served as
counsel to the Creditors Committee of LFG.

In its bankruptcy petition, LFG reported total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of
Sept. 30, 2008.

On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own Chapter 11
petition.  Affiliate LandAmerica Title Company filed for for
Chapter 11 relief on March 27, 2009.   LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 2009.

LandAmerica filed a Joint Plan of Liquidation on Sept. 9, 2009.
The Bankruptcy Court confirmed that plan on Nov. 23, 2009, and the
plan took effect on Dec. 7, 2009.


LENNY DYKSTRA: SaveLenny.com Solicits Donations From Fans
---------------------------------------------------------
Zachary Cox at NESN reports that SaveLenny.com has been created in
an attempt to solicit donations to former Mets and Phillies star
Lenny Dykstra's bail payment.

According to the report, fans can donate money via Paypal, which
also features a glowing profile of "Nails" and letters from fans,
including one from a man who describes how Dykstra embodies "all
of the qualities and traits [you] will need to succeed in life."

The report says, although SaveLenny.com is set up to appear fan-
created, NBCSports' Josiah Schlatter points out that the domain is
registered to Mr. Dykstra's investment company, Nails Investments.

SaveLenny.com said the $500,000 needed for collateral on
Mr. Dykstra's bail has been secured, but the former center fielder
still needs $40,000 to $50,000 in cash to pay a bail bond agent.
He will remain locked up until that money is paid.

                       About Lenny Dykstra

Lenny Dykstra is a former Major League Baseball all-star player.
He was center fielder for the New York Mets and Philadelphia
Phillies.  He filed for Chapter 11 bankruptcy protection (Bankr.
C.D. Calif. Case No. 09-18409) on July 7, 2009, in Woodland Hills,
California.  The Law Office of M. Jonathan Hayes, in Northridge,
California, represents the Debtor.  The Debtor estimated up to
$50,000 in assets and $10 million to $50 million in debts in his
Chapter 11 petition.

A Chapter 11 trustee was appointed in September 2009, and the case
was converted to a liquidation in Chapter 7 on November 20, 2009.
The trustee -- Arturo M. Cisneros -- was investigating the
disposition of personal property both before and after the Chapter
11 filing.

In August 2010, Mr. Cisneros stepped down as Chapter 7 trustee
following issues with his failing to disclose the extent of his
business with J.P. Morgan Chase & Co., which happens to be largest
creditor in Mr. Dykstra's case.


LIBBEY INC: Stephanie Streeter Named Chief Executive Officer
------------------------------------------------------------
The Board of Directors of Libbey Inc. announced that Stephanie A.
Streeter has been appointed Chief Executive Officer and will be
elected to the Libbey Board of Directors effective Aug. 1, 2011.
An accomplished public company CEO and corporate director,
Streeter brings to Libbey a diverse background.  She has led
consumer-facing, industrial manufacturing and service businesses
and she has a solid history of building world-class leadership
teams that drive business success and innovation.

Appointed by the United States Olympic Committee Board of
Directors, on which she served from 2004 until 2009, Ms. Streeter
served as interim Chief Executive Officer of the United States
Olympic Committee from March 2009 to March 2010.  Prior to that
Ms. Streeter was Chairman, President and CEO of Banta Corporation,
a $1.6 billion global market leader in printing and supply-chain
management and a public company listed on the NYSE.  She served as
CEO of Banta from 2002 to 2007, when RR Donnelly & Sons Company
acquired Banta.  Streeter currently serves on the Boards of
Directors of the Goodyear Tire and Rubber Company, Kohl's
Corporation, the Green Bay Packers (NFL), and Catalyst (a premier
non-profit working to expand opportunities for women in business).

William A. Foley, who has been a director of Libbey since 1994,
has been named Chairman of the Board.  Mr. Foley currently serves
as Chairman and CEO of Blonder Home Accents.  Mr. Foley is the
chair of the Nominating and Governance Committee and a member of
the Compensation Committee of the Libbey board of directors.
Commenting on the appointment of Ms. Streeter as Libbey's new CEO,
Mr. Foley said, "Stephanie is an experienced public company CEO
with a proven track record running a complex and capital intensive
business."

Current Chairman and Chief Executive Officer John F. Meier
announced in February 2011 his intention to retire this year.  "As
my forty one year career with Libbey draws to a conclusion, I look
forward to beginning a new journey and I am confident that
Stephanie will continue to build on Libbey's many successes."
Ms. Streeter said, "I look forward to working with John to achieve
a seamless transition and I am excited to have the opportunity to
drive the improving performance and cultural transition of the
Company.  Profitably delivering quality and innovative products to
our customers, continuing to reduce leverage and building
shareholder value will be key priorities in the coming year."

                         About Libbey Inc.

Based in Toledo, Ohio, since 1888, Libbey, Inc., operates glass
tableware manufacturing plants in the United States in Louisiana
and Ohio, as well as in Mexico, China, Portugal and the
Netherlands.  Libbey supplies tabletop products to foodservice,
retail, industrial and business-to-business customers in over 100
countries.

The Company's balance sheet at March 31, 2011, showed $778.87
million in total assets, $758.58 million in total liabilities and
$20.29 in million total shareholders' equity.

                         *     *     *

Libbey carries 'B' issuer credit ratings, with stable outlook,
from Standard & Poor's Ratings Services.

On Oct. 28, 2009, Libbey restructured a portion of its debt
by exchanging the old 16% Senior Subordinated Secured Payment-in-
Kind Notes due December 2011 of subsidiary Libbey Glass Inc.,
having an outstanding principal amount as of October 28, 2009, of
$160.9 million for (i) $80.4 million principal amount of new
Senior Subordinated Secured Payment-in-Kind Notes due 2021 of
Libbey Glass, and (ii) 933,145 shares of common stock and warrants
exercisable for 3,466,856 shares of common stock of Libbey Inc.

On Feb. 8, 2010, Libbey used the proceeds of a $400.0 million
debt offering of 10.0% Senior Secured Notes due 2015 of Libbey
Glass Inc., as well as cash on hand, to (i) repurchase the
$306.0 million then outstanding Floating Rate Senior Secured Notes
due 2011 of Libbey Glass, (ii) repay the $80.4 million New PIK
Notes and (iii) pay related fees and expenses.  Concurrent with
the closing of the offering of the Senior Secured Notes, Libbey
entered into an amended and restated $110 million Asset Based Loan
facility which, among other terms, extended the maturity date to
2014.


LOCATION BASED TECH: Inks Lease Agreement with Irvine Company
-------------------------------------------------------------
Location Based Technologies, Inc., entered into a lease agreement
with The Irvine Company LLC to lease approximately 4,700 square
feet of general office space located at 49 Discovery, Suite 260,
Irvine, California, for base rent ranging from $6,199 to $7,193
per month over the 48 month lease term.  The lease term is from
July 1, 2011, through June 30, 2015.  The lease agreement is
available for free at http://is.gd/F39ImP

                  About Location Based Technologies

Headquartered in Irvine, Calif., Location Based Technologies, Inc.
(OTC BB: LBAS) -- http://www.locationbasedtech.com/-- designs,
develops, and sells personal, pet, and vehicle locator devices and
services.

As reported in the Troubled Company Reporter on Dec. 22, 2010,
Comiskey & Company, in Denver, Colo., expressed substantial doubt
about Location Based Technologies' ability to continue as a going
concern following its results for the fiscal year ended August 31,
2010.  The independent auditors noted that the Company has
incurred recurring losses since inception and has an accumulated
deficit in excess of $28,800,000 and a working capital deficit in
excess of $5,900,000.

The Company's balance sheet at Feb. 28, 2011, showed $1.75 million
in total assets, $6.96 million in total liabilities, and a $5.21
million stockholders' deficit.


MAJESTIC TOWERS: Creditors Have Until July 8 to File Claims
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
set July 8, 2011, as deadline for creditors of Majestic Towers
Inc. and 3515 Wilshire LLC to file proofs of claim.

Los Angeles, California-based, Majestic Towers, Inc., filed for
Chapter 11 protection (Bankr. C.D. Calif. Case No. 11-28407) on
April 28, 2011.  Bankruptcy Judge Sheri Bluebond presides the
case.  Victor A. Sahn, Esq., and Mark S. Horoupian, Esq., at
Sulmeyerkupetz, A Professional Corporation, in Los Angeles,
California, serve as the Debtor's counsel.  The Debtor disclosed
$7,685,411 in assets and $9,237,464 in liabilities as of the
Chapter 11 filing.


MAQ MANAGEMENT: Sec. 341 Creditors' Meeting Set for Aug. 1
----------------------------------------------------------
The United States Trustee for Region 21 will convene a Meeting of
Creditors pursuant to 11 U.S.C. Sec. 341(a) in the bankruptcy case
of MAQ Management, Inc., on Aug. 1, 2011, at 1:30 p.m. at 1515 N
Flagler Dr Room 870, West Palm Beach.

The deadline to file a complaint to determine dischargeability
of certain debts is Sept. 30, 2011.  Proofs of claim are due by
Oct. 31, 2011.

                       About MAQ Management

Based in Boca Raton, Florida, MAQ Management, Inc., and three
other affiliates serve as commercial landlords to convenience
stores and gas stations in primarily in South Florida.  They filed
for Chapter 11 bankruptcy (Bankr. S.D. Fla. Cases No. 11-26571 to
11-26574) on June 15, 2011.  Affiliates that sought Chapter 11
protection are Super Stop Petroleum, Inc., Super Stop Petroleum I,
Inc., and Super Stop Petroleum IV, Inc.  Judge Erik P. Kimball
presides over the case.  Lawyers at Talarchyk Merrill, LLC, serve
as the Debtors' counsel.  MAQ Management estimated assets and
debts of $1 million to $10 million.  Super Stop estimated assets
and debts of $10 million to $50 million.  The petitions were
signed by Mahammad A. Qureshi, CEO.


MAQ MANAGEMENT: Status Conference Set for July 7
------------------------------------------------
The Bankruptcy Court will hold an initial Chapter 11 status
conference in the Chapter 11 cases of MAQ Management, Inc., and
its affiliated debtors on July 7, 2011, at 1:30 p.m. at 1515 N
Flagler Dr Room 801 Courtroom B, West Palm Beach.

                       About MAQ Management

Based in Boca Raton, Florida, MAQ Management, Inc., and three
other affiliates serve as commercial landlords to convenience
stores and gas stations in primarily in South Florida.  They filed
for Chapter 11 bankruptcy (Bankr. S.D. Fla. Cases No. 11-26571 to
11-26574) on June 15, 2011.  Affiliates that sought Chapter 11
protection are Super Stop Petroleum, Inc., Super Stop Petroleum I,
Inc., and Super Stop Petroleum IV, Inc.  Judge Erik P. Kimball
presides over the case.  Lawyers at Talarchyk Merrill, LLC, serve
as the Debtors' counsel.  MAQ Management estimated assets and
debts of $1 million to $10 million.  Super Stop estimated assets
and debts of $10 million to $50 million.  The petitions were
signed by Mahammad A. Qureshi, CEO.


MAQ MANAGEMENT: Wins Interim OK to Hire Talarchyk Merrill
---------------------------------------------------------
The Bankruptcy Court granted interim approval to the application
of MAQ Management, Inc., and its affiliated debtors to employ
Talarchyk Merrill, LLC, as their counsel.

The Court will conduct a final hearing July 7, 2011, on the
Application at 1:30 p.m. at the United States Bankruptcy Court,
Flagler Waterview Building, 1515 N. Flagler Drive, 8th floor,
Courtroom B, West Palm Beach, Florida.

The Debtors propose to pay Talarchyk Merrill in accordance with
its hourly rates:

        Associates and members                  $480 - $170
        Paralegals and legal assistants         $170 - $130

In their Application, the Debtors said Talarchyk Merrill has
provided restructuring services prepetition.  On various dates
beginning from and after June 15, 2011, Talarchyk Merrill
requested and received in total $37,727 as retainer.  Aside from
the retainer, the firm, within one year of the petition date,
received $20,000 for its prepetition services to the Debtors.

Tina M. Talarchyk, Esq., attests that her firm does not hold or
represent an interest adverse to the Debtors' estates and is a
"disinterested person," as that term is defined in Sec. 101(14) of
the Bankruptcy Code.

                       About MAQ Management

Based in Boca Raton, Florida, MAQ Management, Inc., and three
other affiliates serve as commercial landlords to convenience
stores and gas stations in primarily in South Florida.  They filed
for Chapter 11 bankruptcy (Bankr. S.D. Fla. Cases No. 11-26571 to
11-26574) on June 15, 2011.  Affiliates that sought Chapter 11
protection are Super Stop Petroleum, Inc., Super Stop Petroleum I,
Inc., and Super Stop Petroleum IV, Inc.  Judge Erik P. Kimball
presides over the case.  Lawyers at Talarchyk Merrill, LLC, serve
as the Debtors' counsel.  MAQ Management estimated assets and
debts of $1 million to $10 million.  Super Stop estimated assets
and debts of $10 million to $50 million.  The petitions were
signed by Mahammad A. Qureshi, CEO.


MAQ MANAGEMENT: Asks Bankruptcy Court to Stay BB&T Actions
----------------------------------------------------------
MAQ Management, Inc., and its affiliated debtors are suing Branch
Banking and Trust Company from continuing state court actions
against affiliates, guarantors and officers of the Debtors.

BB&T has pending in the Ninth Circuit Court in and for Orange
County, Florida, Case No.: 09-CA-35158, an action to collect to
foreclosure and collect a debt against the Debtors and Mahammad A.
Qureshi, the president of each of the Debtors and an alleged
guarantor on various liabilities owed by the Debtors.  BB&T has
acknowledged the fact that the automatic stay afforded by 11
U.S.C. Sec. 362 prohibits the continuation of the action as to the
Debtors, but is proceeding with its action against Mr. Qureshi.

The Debtors contend that the state court action impedes and limits
the actions and authorities of the Bankruptcy Court by dealing
with matters inexorably linked to property of the four bankruptcy
estates as well as affecting the ability of Mr. Qureshi to focus
his efforts and resources on finalizing the schedules and
statements due, preparing and authorizing "first day" motions of a
critical nature and potentially limiting his ability to provide
new value which may be required to ultimately prosecute a
successful reorganization of the Debtors.  Mr. Qureshi, according
to the complaint, is involved in the day-to-day operations of the
Debtors and is critical to the success of the Chapter 11 cases.
Mr. Qureshi is merely a guarantor and not a co-debtor on the debts
he is liable for.  Accordingly, until the issue of liability is
resolved as to the Debtors, it is not possible to know how much,
if anything, is owed by him.

Branch Banking & Trust Company is represented in the case by:

          Kevin A. Reck, Esq.
          FOLEY & LARDNER LLP
          111 North Orange Avenue, Suite 1800
          Orlando, FL 32801-2386
          Tel: 407-244-3269
          E-mail: kreck@foley.com
                  khall@foley.com

The Debtors separately have filed a motion to enjoin state court
actions against their affiliates, guarantors and officers.

Fifth Third Bank, which filed a foreclosure action against non-
debtor Super Stop #407, Inc., Denise Qureshi and Mr. Qureshi,
disputed the motion, saying there are no unusual circumstances
present which would justify the extraordinary remedy of injunctive
relief in favor of the non-debtor parties in the state court
action.

Fifth Third Bank is represented by:

          W. Glenn Jensen, Esq.
          Mychal J. Katz, Esq.
          ROETZEL & ANDRESS
          P.O. Box 6507
          Orlando, FL 32802-6507
          Tel: 407-896-2224
          Fax: 407-835-3596
          E-mail: gjensen@ralaw.com
                  mkatz@ralaw.com.

                       About MAQ Management

Based in Boca Raton, Florida, MAQ Management, Inc., and three
other affiliates serve as commercial landlords to convenience
stores and gas stations in primarily in South Florida.  They filed
for Chapter 11 bankruptcy (Bankr. S.D. Fla. Cases No. 11-26571 to
11-26574) on June 15, 2011.  Affiliates that sought Chapter 11
protection are Super Stop Petroleum, Inc., Super Stop Petroleum I,
Inc., and Super Stop Petroleum IV, Inc.  Judge Erik P. Kimball
presides over the case.  Lawyers at Talarchyk Merrill, LLC, serve
as the Debtors' counsel.  MAQ Management estimated assets and
debts of $1 million to $10 million.  Super Stop estimated assets
and debts of $10 million to $50 million.  The petitions were
signed by Mahammad A. Qureshi, CEO.


MARKET STREET: Court Approves Eskew Dumez Ripple as Architects
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana
authorized Market Street Properties, LLC, to employ Eskew Dumez
Ripple/Manning Architects as architects.

Eskew+Dumez+Ripple is a design-driven studio based in New Orleans
which produces diverse projects in architecture and planning.

Eskew will provide the Debtor with presentations of master plans
for the development of the Debtor's properties, such as an
approximately 500,000 square foot power plant, two substations and
three parcels of vacant land.  In particular, Eskew will assist
the Debtor in presenting plans at scale the International
Convention of Shopping Centers in Las Vegas, Nevada, and in
development of final master plans thereafter.

Eskew will be paid a flat fee of $320,000 for the services
described in the Professional Services Agreement. In addition to
the flat fee, the Debtor and Skew anticipate that in order to
provide necessary traffic and transportation planning, Eskew will
be required to pay a fee to a sub-consultant, Urban Systems, a
total amount of $156,500 and that the Debtor will reimburse Eskew
for such amount.  Additionally, the Profession Services Agreement
contemplates that Eskew will be reimbursed for all expenses
incurred by it in connection with the services provided, including
identifiable expenses that would not have been incurred except for
the engagement on behalf of the particular client.

To the best of the Debtor's knowledge, Eskew does not hold any
interest adverse to the Debtor or the Debtor's estate.

                  About Market Street Properties

Oceanside, New York-based Market Street Properties, L.L.C., owns
an approximately 500,000 square-foot power plant, two substations,
and three parcels of vacant land.  It filed for Chapter 11
bankruptcy (Bankr. E.D. La. Case No. 09-14172) on Dec. 23, 2009,
represented by Christopher T. Caplinger, Esq., Joseph Patrick
Briggett, Esq., and Stewart F. Peck, Esq., at LUGENBUHL WHEATON
PECK RANKIN & HUBBARD, in New Orleans.  The Company disclosed
$52,404,026 in assets and $26,848,596 in liabilities as of the
Chapter 11 filing.

Cupkovic Architecture LLC serves as the Debtor's architect; and
Patrick J. Gros, CPA, as accountant.  James E. Fitzmorris, Jr.
serves as political consultant and advisor.  No trustee or
examiner has been appointed in the case.


MARKET STREET: Hires Greenberg Traurig for Environmental Matters
----------------------------------------------------------------
Market Street Properties, LLC, obtained permission from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Greenberg Traurig LLP, as special environmental counsel.

Greenberg will represent the Debtor with regard to resolving
certain complex environmental matters relating to its properties.

The hourly rates of Greenberg's personnel are:

          Curtis B. Toll             $525
          Samantha Corson            $440
          Paul McIntyre              $425
          Adam Silverman             $220

To the best of the Debtors' knowledge, Greenberg is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                  About Market Street Properties

Oceanside, New York-based Market Street Properties, L.L.C., owns
an approximately 500,000 square-foot power plant, two substations,
and three parcels of vacant land.  It filed for Chapter 11
bankruptcy (Bankr. E.D. La. Case No. 09-14172) on Dec. 23, 2009,
represented by Christopher T. Caplinger, Esq., Joseph Patrick
Briggett, Esq., and Stewart F. Peck, Esq., at LUGENBUHL WHEATON
PECK RANKIN & HUBBARD, in New Orleans.  The Company disclosed
$52,404,026 in assets and $26,848,596 in liabilities as of the
Chapter 11 filing.

Cupkovic Architecture LLC serves as the Debtor's architect; and
Patrick J. Gros, CPA, as accountant.  James E. Fitzmorris, Jr.
serves as political consultant and advisor.  No trustee or
examiner has been appointed in the case.


MARKET STREET: To Employ Cohen Financial as Financial Advisor
-------------------------------------------------------------
The U.S. Bankruptcy Court Eastern District Of Louisiana has
approved Market Street Properties, L.L.C.'s application to employ
Cohen Financial as financial adviser.

As financial advisor, Cohen will:

   -- assist the Debtor in analyzing and evaluating the business,
      operations and financial position of the Debtor;

   -- with the Debtors' assistance prepare, after completing a
      review of the Debtor, a brief summary of the Debtor, to be
      utilized in the marketing of the Debtor for any type of
      transaction; and

   -- assist the Debtor in developing a strategy to effectuate a
      transaction, including identifying and soliciting potential
      investor prospects and marketing a transaction.

The Debtor proposes to pay a fixed monthly fee of $5,000 until
Dec. 31, 2011.  Upon approval of the terms of engagement letter,
the Debtor will provide Cohen a $7,000 retainer.

To the best of the Debtors' knowledge, Cohen is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                  About Market Street Properties

Oceanside, New York-based Market Street Properties, L.L.C., owns
an approximately 500,000 square-foot power plant, two substations,
and three parcels of vacant land.  It filed for Chapter 11
bankruptcy (Bankr. E.D. La. Case No. 09-14172) on Dec. 23, 2009,
represented by Christopher T. Caplinger, Esq., Joseph Patrick
Briggett, Esq., and Stewart F. Peck, Esq., at LUGENBUHL WHEATON
PECK RANKIN & HUBBARD, in New Orleans.  The Company disclosed
$52,404,026 in assets and $26,848,596 in liabilities as of the
Chapter 11 filing.

Cupkovic Architecture LLC serves as the Debtor's architect; and
Patrick J. Gros, CPA, as accountant.  James E. Fitzmorris, Jr.
serves as political consultant and advisor.  No trustee or
examiner has been appointed in the case.


MERRITT AND WALDING: Sec. 341 Creditors' Meeting Set for July 12
----------------------------------------------------------------
The Bankruptcy Administrator will convene a First Meeting of
Creditors pursuant to Sec. 341(a) of the Bankruptcy Code in the
Chapter 11 case of Merritt and Walding Properties LLP on July 12,
2011, at 2:00 p.m. at Meeting Room, 182 St. Francis Street, in
Mobile, Alabama.

Objections to discharge are due by Sept. 12, 2011.

               About Merritt and Walding Properties

Merritt and Walding Properties, LLP, in Pt. Clear, Alabama, filed
for Chapter 11 bankruptcy (Bankr. S.D. Ala. Case No. 11-02322) on
June 10, 2011.  Irvin Grodsky, P.C., serves as the Debtor's
bankruptcy counsel.  In its petition, the Debtor estimated assets
and debts of $10 million to $50 million.  The petition was signed
by Richard T. Merritt and R. Fred Walding, as general partners.

An affiliate of the debtor, Richard T. Merritt (Bankr. S.D. Ala.
Case No. 11-00380) filed for bankruptcy on Feb. 1, 2011.


MERRITT AND WALDING: Asks Court to Approve Irvin Grodsky Hiring
---------------------------------------------------------------
Merritt and Walding Properties LLP seeks Bankruptcy Court
permission to employ as bankruptcy counsel:

          IRVIN GRODSKY P.C.
          P.O. BOX 3123
          Mobile, AL 36652-3123
          Tel: (251) 433-3657
          E-mail: igpc@irvingrodskypc.com

The Debtor has paid the firm $1,039 for the court filing fee and
$10,000 as retainer.  The firm charges at $250 per hour for Irvin
Grodsky, Esq., $200 per hour for Terrie S. Owens, and $60 an hour
for paralegal.

               About Merritt and Walding Properties

Merritt and Walding Properties, LLP, in Pt. Clear, Alabama, filed
for Chapter 11 bankruptcy (Bankr. S.D. Ala. Case No. 11-02322) on
June 10, 2011.  In its petition, the Debtor estimated assets and
debts of $10 million to $50 million.  The petition was signed by
Richard T. Merritt and R. Fred Walding, as general partners.

An affiliate of the debtor, Richard T. Merritt (Bankr. S.D. Ala.
Case No. 11-00380) filed for bankruptcy on Feb. 1, 2011.


MILLER HEALTH: Organizational Meeting to Form Panel on July 6
-------------------------------------------------------------
Roberta DeAngelis, United States Trustee for Region 3, held an
organizational meeting on July 6, 2011, at 10:00 a.m. in the
bankruptcy case of Miller Health Care, LLC dba, Lawrenceville
Nursing Rehabilitation Center.  The meeting will be held at:

   United States Trustee's Office
   One Newark Center
   1085 Raymond Blvd.
   21st Floor, Room 2106
   Newark, NJ 07102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

Miller Health Care, LLC, filed a Chapter 11 petition (Banrk. D.
N.J. Case No. 11-28615) on June 18, 2011, in Trenton, New Jersey.
The Debtor has tapped Scott M. Zauber, Esq., at Subranni Zauber
LLC, in Atlantic City, as counsel.  In its schedules, Miller
disclosed $455,462 in assets and $3,139,028 in liabilities.



MINOR FAMILY: DLA Piper Withdraws as Counsel Due to Unpaid Fees
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia
granted DLA Piper LLP (US) leave to withdraw as counsel of record
for Minor Family Hotels, LLC, and Halsey M. Minor.

In connection, with the order to withdraw as counsel, the Debtor
has withdrawn it motion to employ DLA Piper as special counsel.

DLA Piper related that the Debtor lacked the ability to make any
current payments toward the postpetition fees and costs.   In
addition, Mr. Minor has not made any payments on account of the
postpetition fees and costs.

DLA Piper added that the adversary proceedings has resulted in
more than $2 million in fees and costs.  Unpaid prepetition
fees and costs for the state court litigation relating to or
removed to the adversary proceedings exceed $3 million.

                        About Minor Family

Charlottesville, Virginia-based Minor Family Hotels, LLC, is the
owner of the Landmark Hotel project in downtown Charlottesville,
Virginia.  Minor Family filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Va. Case No. 10-62543) on September 1, 2010.
Benjamin Webb King, Esq., at Woods Rogers Hazlegrove, serves as
bankruptcy counsel.  Minor Family estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.

As reported by the Troubled Company Reporter on September 3, 2010,
Dow Jones' DBR Small Cap said Minor Family Hotels filed for
Chapter 11 protection to resolve "burdensome" lawsuits that have
delayed the hotel's construction.  Eight lawsuits have been filed
in connection with the project.


MINOR FAMILY: Has Until Sept. 1 to Propose Chapter 11 Plan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia
extended Minor Family Hotels, LLC's exclusive periods to file and
solicit acceptances for the proposed chapter 11 plan until
Sept. 1, 2011, and Nov. 1, respectively.

Charlottesville, Virginia-based Minor Family Hotels, LLC, is the
owner of the Landmark Hotel project in downtown Charlottesville,
Virginia.  Minor Family filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Va. Case No. 10-62543) on September 1, 2010.
Benjamin Webb King, Esq., at Woods Rogers Hazlegrove, serves as
bankruptcy counsel.  Minor Family estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.

As reported by the Troubled Company Reporter on September 3, 2010,
Dow Jones' DBR Small Cap said Minor Family Hotels filed for
Chapter 11 protection to resolve "burdensome" lawsuits that have
delayed the hotel's construction.  Eight lawsuits have been filed
in connection with the project.


MOKLER PROPERTIES: Case Summary & 6 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Mokler Properties, Inc.
        110 Cimarron Ct.
        Oshkosh, WI 54902

Bankruptcy Case No.: 11-29932

Chapter 11 Petition Date: June 22, 2011

Court: United States Bankruptcy Court
       Eastern District of Wisconsin (Milwaukee)

Judge: Pamela Pepper

Debtor's Counsel: Leonard G. Leverson, Esq.
                  LEVERSON & METZ S.C.
                  225 East Mason Street, Suite 100
                  Milwaukee, WI 53202
                  Tel: (414) 271-8503
                  E-mail: lgl@levmetz.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 six largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/wieb11-29932.pdf

The petition was signed by Christopher J. Mokler, president.


MYSPACE INC: Acquired by Specific Media for $35 Million
-------------------------------------------------------
Specific Media, a digital media company, has acquired MySpace from
News Corporation.  As part of the agreement, News Corporation will
take a minority equity stake in Specific Media.  Additional terms
of the agreement are confidential and will not be disclosed.

Matthew Flamm, writing for Crain's New York Business, reports that
MySpace will be sold for $35 million, down from the $580 million
News Corp. paid six years ago.

"There are many synergies between our companies as we are both
focused on enhancing digital media experiences by fueling
connections with relevance and interest. We look forward to
combining our platforms to drive the next generation of digital
innovation."

"MySpace is a recognized leader that has pioneered the social
media space.  The company has transformed the ways in which
audiences discover, consume and engage with content online," said
Tim Vanderhook, Specific Media CEO.  "There are many synergies
between our companies as we are both focused on enhancing digital
media experiences by fueling connections with relevance and
interest. We look forward to combining our platforms to drive the
next generation of digital innovation."

Crain's says Specific Media was reportedly one of four bidders
that included MySpace co-founders Chris DeWolfe and Tom Anderson,
who each had private equity backing.

Crain's also reports that News Corp., which reportedly held onto a
less than 5% stake in MySpace, had been determined to unload the
site before the close of its fiscal year on Thursday. According to
reports, it had hoped MySpace would fetch $100 million.

A spokesman for News Corp. declined to comment on the sale.

MySpace CEO Mike Jones is expected to leave the company after a
brief transition period.  In a memo to employees, he said the sale
would be followed by restructurings that would involve a
"significant reduction in our work force," according to Bloomberg.

                        About Specific Media

Specific Media -- http://www.specificmedia.com/-- is an
innovative global interactive media company that enables
advertisers to connect with consumers in meaningful, impactful and
relevant ways.  Founded in 1999 by brothers Tim, Chris and Russell
Vanderhook, Specific Media is currently headquartered in Irvine,
CA and operates offices around the world.

                           About Myspace

MySpace Inc. -- http://www.myspace.com/-- is a social networking
site.  The company is headquartered in Beverly Hills, California.


NATIONAL ENVELOPE: Court Oks Justis Law Firm for Linde Litigation
-----------------------------------------------------------------
Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware granted National Envelope Corporation and its debtor-
affiliates authority to employ The Justis Law Firm LLC as their
special litigation counsel for the purpose of reviewing,
analyzing, and prosecuting claims relating to the "Linde
Litigation."

The fee owed to the firm will be determined on a contingent basis.
A contingent fee of 20% will be paid on all monies collected from
settling potentially responsible parties.  A contingent fee of 25%
will be paid on (i) any claims settled at any time during the one
month period prior to the trial of any lawsuit, of after the
commencement of trial or any appeal on any lawsuit or (ii) a
judgment in the Debtors' favor.

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

                        About NEC Holdings

Uniondale, New York-based National Envelope Corporation
was the largest manufacturer of envelopes in the world with
14 manufacturing facilities and 2 distribution centers and
approximately 3,500 employees in the U.S. and Canada.

NEC Holdings Corp., together with affiliates, including
National Envelope Inc., filed for Chapter 11 (Bankr. D. Del. Lead
Case No. 10-11890) on June 10, 2010.  Kara Hammond Coyle, Esq., at
Young Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel
to the Debtors.  David S. Heller, Esq., at Josef S. Athanas, Esq.,
and Stephen R. Tetro II, Esq., at Latham & Watkins LLP, serve as
co-counsel.  The Garden City Group is the claims and notice agent.
Bradford J. Sandler, Esq., and Robert J. Feinstein, Esq., at
Pachuiski Stang Ziehl & Jones LLP, represent the Official
Committee of Unsecured Creditors.  Morgan Joseph & Co., Inc., is
the financial advisor to the Committee.  NEC Holdings estimated
assets and debts of $100 million to $500 million in its Chapter 11
petition.

In September 2010, National Envelope's key assets were bought in
a roughly $208 million deal by The Gores Group LLC, a West Coast
private equity firm that manages about $2.9 billion of capital.


NEC HOLDINGS: Seeks Stay Pending Appeal of Arbitration Denial
-------------------------------------------------------------
ACE American Insurance Company and ESIS, Inc. seek a stay pending
their appeal of Judge Peter Walsh's denial of their motion to
compel arbitration of a cash collateral dispute in the cases of
NEC Holdings Corp., et al.

As reported by the Troubled Company Reporter, Bloomberg News cited
that insurance provider Ace American unsuccessfully argued that
its cash collateral dispute with the Debtors should be sent to
arbitrators under an arbitration clause in the parties' insurance
agreement.  The dispute stems from the Debtors asking permission
from the Delaware Court to pay bills using what they claim is
excess cash held as collateral by Ace.  In a June 13, 2011 order,
Judge Walsh ruled that the dispute isn't subject to arbitration.
Judge Walsh said he'd rule on the other aspects of the dispute at
a later date, according to Bloomberg.

Ace filed a notice of appeal on June 15 of Judge Walsh's
arbitration denial order.

Ace argues that it will incur extraordinary risk and irreparable
harm if the Debtors are permitted to use the Collateral, even in
part or even on a temporary basis: the insurance provider would be
required to release its lien, and would, as a practical matter,
forever be deprived of that Collateral.

In contract, Ace further argues, granting the requested stay will
not harm public interest.  Moreover, Ace notes, the Debtors have
not shown that it will be difficult to administer their cases
without the requested cash collateral.

                       Debtors Oppose Stay

An appeal of the Arbitration Denial Order is frivolous and cannot
proceed, the Debtors contend.  Such a ruling would upset the
delicate balance between secured creditors and debtors established
by Congress in Section 363 of the Bankruptcy Code, the Debtors
note.

As a result, a stay is wholly unjustified and the Ace entities'
attempt to further delay a hearing on the Cash Collateral Motion
should be denied, the Debtors assert.

                        About NEC Holdings

Uniondale, New York-based National Envelope Corporation
was the largest manufacturer of envelopes in the world with
14 manufacturing facilities and 2 distribution centers and
approximately 3,500 employees in the U.S. and Canada.

NEC Holdings Corp., together with affiliates, including
National Envelope Inc., filed for Chapter 11 (Bankr. D. Del. Lead
Case No. 10-11890) on June 10, 2010.  Kara Hammond Coyle, Esq., at
Young Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel
to the Debtors.  David S. Heller, Esq., at Josef S. Athanas, Esq.,
and Stephen R. Tetro II, Esq., at Latham & Watkins LLP, serve as
co-counsel.  The Garden City Group is the claims and notice agent.
Bradford J. Sandler, Esq., and Robert J. Feinstein, Esq., at
Pachuiski Stang Ziehl & Jones LLP, represent the Official
Committee of Unsecured Creditors.  Morgan Joseph & Co., Inc., is
the financial advisor to the Committee.  NEC Holdings estimated
assets and debts of $100 million to $500 million in its Chapter 11
petition.

In September 2010, National Envelope's key assets were bought in
a roughly $208 million deal by The Gores Group LLC, a West Coast
private equity firm that manages about $2.9 billion of capital.


NOVADEL PHARMA: Four Directors Elected at Annual Meeting
--------------------------------------------------------
NovaDel Pharma Inc. held its annual meeting of stockholders on
June 23, 2011.  The stockholders (1) elected Mark J. Baric, Thomas
E. Bonney, CPA, Charles B. Nemeroff, M.D., Ph.D., and Steven B.
Ratoff to the Company's Board of Directors, (2) approved the
amendment to the Company's Restated Certificate of Incorporation
and (3) ratified the appointment of J.H. Cohn LLP as the Company's
independent registered public accounting firm for 2011.

                       About NovaDel Pharma

Bridgewater, N.J.-based NovaDel Pharma Inc. (OTC BB: NVDL)
-- http://www.novadel.com/-- is a specialty pharmaceutical
company that develops oral spray formulations of marketed
pharmaceutical products.  The Company's patented oral spray drug
delivery technology seeks to improve the efficacy, safety, patient
compliance, and patient convenience for a broad range of
prescription pharmaceuticals.

The Company's balance sheet at March 31, 2011, showed $2.7 million
in total assets, $9.4 million in total liabilities, and a
stockholders' deficit of $6.7 million.

As reported in the TCR on April 1, 2011, J.H. Cohn LLP, in
Roseland, New Jersey, expressed substantial doubt about Novadel
Pharma's ability to continue as a going concern, following the
Company's 2010 results.  The independent auditors noted that the
Company has suffered recurring losses from operations and negative
cash flows from operating activities.


OAKHURST LODGE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Oakhurst Lodge, Inc.
        a California Corporation
        PO Box 0297
        Oakhurst, CA 93644-0297

Bankruptcy Case No.: 11-17165

Chapter 11 Petition Date: June 22, 2011

Court: United States Bankruptcy Court
       Eastern District of California (Fresno)

Judge: W. Richard Lee

Debtor's Counsel: Peter L. Fear, Esq.
                  LAW OFFICE OF PETER L. FEAR
                  7750 N Fresno St #101
                  Fresno, CA 93720-1145
                  Tel: (559) 436-6575
                  Fax: (559) 436-6580
                  E-mail: pfear@fearlaw.com

Scheduled Assets: $4,795,250

Scheduled Debts: $3,821,549

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/caeb11-17165.pdf

The petition was signed by Steven Marshall, CEO.


OLSEN AGRICULTURAL: Has Interim Okay to Access $675,000 DIP Loans
-----------------------------------------------------------------
Judge Frank R. Alley of the U.S. Bankruptcy Court for the District
of Oregon authorized, on an interim basis, Olsen Agriculture
Enterprises LLC to obtain advances under the DIP Loan in the
aggregate amount of $675,000 from Bacchus Capital, L.P.

A hearing to consider final approval of the Debtor's request to
obtain DIP Loans will be held on July 13, 2011, commencing at
10:00 a.m.

The Debtor seeks authority to borrow $3,000,000 from the DIP
Lender on a final basis.  The Debtor said they need the financing
to allow it to continue the operation of its business, pay payroll
and other postpetition operating expenses, and satisfy other
working capital and operational needs.  The Debtor related that it
anticipates that through Dec. 31, 2011, it will be required to
spend, on a cumulative basis, approximately $6.2 million for its
operational needs and for its restructuring costs and non-
operating iterms.  Over that period, the Debtor projects that it
will generate approximately $4.3 million in cash from its
operations.  Without additional funding, the Debtor will have a
negative cash position during the week of June 13, 2011, and for
subsequent periods, its counsel, David A. Foraker, Esq., at Greene
& Markley, P.C., in Portland, Oregon, told the Court.

Pursuant to the Interim DIP Order, advances under the DIP Loan
Documents will be used by the Debtor to fund, in accordance with
the DIP Loan Documents, its expenses in accordance with the
Approved Budget.

The DIP Lender is granted an allowed superpriority administrative
expense claim pursuant to Section 364(c)(1) of the Bankruptcy Code
for all DIP Loan Obligations, having priority over any and all
other administrative expense claims.

The DIP Loan Obligations will be secured by first priority senior
liens on all of the Debtors' property; first priority senior liens
on that portion of the Collateral that is unencumbered property of
the Debtor; and second priority liens on that portion of the
Collateral subject to any non-primed liens.

All DIP Loan Obligations will be due and payable, and repaid in
full, in cash, on the date that is the first to occur of: (i)
February 15, 2012; (ii) the effective date of a plan of
reorganization confirmed in the Debtors' Chapter 11 case;
(iii) conversion or dismissal of the Chapter 11 case; (iv)
appointment of a trustee in the Chapter 11 case; or (v) the
occurrence of an Event of Default under and as defined in the
DIP Loan Documents.

Interest on the DIP Loan Obligations will accrue at 12% per annum
compounding daily and will be payable monthly in arrears.  The
default rate of interest will be 4% higher than the rate otherwise
payable.

According to Mr. Foraker, the Debtor's existing prepetition
secured creditors -- (i) Rabo Agrifinance, Inc.; (ii) BFS
International, LLC; (iii) United States of America, acting by and
through the Internal Revenue Service; (iv) Ledeboer Seed, LLC; and
(v) Callisons, Inc. d/b/a I.P. Callisons and Sons -- have not
consented to the incurrence of the DIP Loan Obligations by the
Debtor under the DIP Loan Documents and the Debtor's granting of
priming liens in connection therewith.  The Existing Secured
Creditors are granted adequate protection of their interests in
the Debtor's prepetition property in exchange for the priming of
their security interests in and liens on the Prepetition
Collateral by the DIP Liens being granted to the DIP Lender
pursuant to the DIP Loan Documents and the Interim DIP Order.  The
adequate protections are:

   -- postpetition lien on the Collateral, which lien will be
      junior in priority only to (i) the DIP Liens, (ii) the
      Replacement Liens, and (iii) all validly perfected and
      enforceable security interests in and liens on the
      Collateral extant as of the Petition Date; and

   -- an administrative expense claim under Section 503(b), which
      claim will be junior in priority to (i) the DIP Lender's
      Superpriority Claim, and (ii) the superpriority
      administrative expense claims awarded to the Existing
      Secured Creditors under the Interim Cash Collateral Order
      and under any subsequent cash collateral orders.

Prior to the occurrence of an Event of Default, the allowed fees
and expenses incurred by estate professionals that may be paid
prior to the occurrence of an Event of Default will be subject to
an aggregate cap of $600,000.

Upon the occurrence and during the continuance of an Event of
Default with respect to which the DIP Lender provides written
notice to the Debtor of the cessation of funding under the DIP
Loan Documents, to the extent unencumbered funds are not available
to pay allowed administrative expenses in full, the DIP Liens, the
Superpriority Claim, the Adequate Protection Claims and the
Adequate Protection Liens will be subject to the payment of the
"Carve-Out," which will mean:

   -- an amount not to exceed $300,000 on account of all allowed
      professional fees and expenses incurred by the estate
      professionals prior to delivery of the Carve-Out Trigger
      Notice, but which fees and expenses will not exceed the
      amounts set forth in the Approved Budget for those items
      through the date of the notice less any amounts actually
      paid to or on account of such professionals with respect to
      that period of time; plus

   -- $50,000 for the payment of allowed professional fees and
      expenses, including those of a Chapter 7 trustee and its
      professionals, incurred by the estate arising after delivery
      of the Carve-Out Trigger Notice; plus

   -- fees incurred pursuant to Section 1930(a)(6) of the
      Judiciary and Judicial Procedures Code and fees payable to
      the clerk of the Bankruptcy Court, to the extent those fees
      were incurred prior to delivery of the Carve-Out Trigger
      Notice.

A full-text copy of the Interim DIP Order is available for free
at http://ResearchArchives.com/t/s?765a

           Debtor Seeks Amendment to Interim DIP Order

Immediately after receiving interim authority from the Court to
access DIP Loans, the Debtor asks the Court to amend the Interim
DIP Order to, among other things, correct phrases stricken from
the proposed Interim DIP Order submitted by the Debtor.
Specifically, the Debtor wants the Court to:

   (a) make the findings recited in paragraph G, as lodged with
       the Court prior to its entry, which were stricken on page 8
       of the Interim DIP Order;

   (b) amend paragraph 13 thereof by reinserting the sentence
       that was stricken on page 20 and which reads "The DIP
       Lender shall not be subject in any way whatsoever to the
       equitable doctrine of `marshaling' or any similar doctrine
       with respect to the Collateral";

   (c) to amend paragraph 14 thereof by reinserting subsection (b)
       that was stricken on page 21;

   (d) to amend paragraph 27 thereof by reinserting subsection (a)
       that was stricken on page 31 and which reads "request
       authorization to obtain postpetition loans or other
       financial accommodations pursuant to Bankruptcy Code
       section 364(e) or (d), or otherwise, other than from DIP
       Lender"; and

   (e) in light of the deletion by the Court of the phrase "any
       transaction, occurrence, omission, or action, including,
       without limitation" in paragraph 27 on page 31 thereof, to
       amend subsection (ii) by adding the term "DIP Obligations"
       so that it will read "any action seeking to invalidate, set
       aside, avoid or subordinate, in whole or in part, the DIP
       Obligations and/or DIP Liens" and to amend subsection (iii)
       by adding the term "DIP Obligations" so that it will read
       "any action that has the effect of preventing, hindering or
       delaying (whether directly or indirectly) the DIP Lender's
       assertion, enforcement or realization on the Collateral and
       DIP Obligations in accordance with the DIP Loan Documents
       or this Interim Order."

               About Olsen Agricultural Enterprises

Based in Monmouth, Oregon, Olsen Agricultural Enterprises LLC
operates an agricultural enterprise on roughly 7,762 acres of
owned and leased land located in Benton, Linn and Polk Counties.
Its business is comprised principally of three divisions: (a)
Olsen Seed Company, which produces and sells a variety of
grass seed and grains on 5,934 acres; (b) Olsen Agriculture, which
grows and sells peppermint, nursery stock, squash, hazelnuts and
blueberries on 1,334 acres; and (c) Olsen Family Vineyards, which
grows a variety of grapes on 494 acres and produces and sells
quality wines under the "Viridian" label as well as private
labels.

Olsen Agricultural Enterprises is the surviving entity of a merger
transaction that was consummated on June 1, 2011.  In the merger
transaction, Olsen Agricultural Company, Inc., an Oregon
corporation, Jenks-Olsen Land Co., an Oregon general partnership,
Olsen Vineyard Company, LLC, an Oregon limited liability company
and The Olsen Farms Family Limited Partnership were merged with
and into Olsen Agricultural Enterprises.

Olsen Agricultural Enterprises filed for Chapter 11 bankrutpcy
(Bankr. D. Ore. Case No. 11-62723) on June 1, 2011.  Judge Frank
R. Alley III presides over the case.  Greene & Markley, P.C., acts
as the Debtor's bankruptcy counsel.  Clyde A. Hamstreet &
Associates, LLC, serves as the Debtor's restructuring consultant
and financial advisor.

An official committee of unsecured creditors has been appointed in
the case.

In its petition, the Debtor estimated $10 million to $50 million
in assets and debts.  The petition was signed by Robin G. Olsen,
operations director.

For the fiscal year ended December 31, 2010, OAC reported total
revenues of $6,428,880 and a net loss of ($5,791,310). At the time
of the merger, on a consolidated basis, the books and records of
OAC, JOLC and OVC reflected assets totaling $29.8 million and
liabilities totaling $37.2 million.  The fair market value of the
Debtor's assets, on a going concern basis, is roughly $50 million.


OLSEN AGRICULTURAL: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Olsen Agricultural Enterprises LLC filed with the U.S. Bankruptcy
Court for the District of Oregon, its schedules of assets and
liabilities, disclosing:

Name of Schedule               Assets                Liabilities
----------------              -------                -----------
A. Real Property                $39,100,00
B. Personal Property             $9,895,899
C. Property Claimed as
  Exempt
D. Creditors Holding
  Secured Claims                                      $31,624,300
E. Creditors Holding
  Unsecured Priority
  Claims                                                 $135,905
F. Creditors Holding
  Unsecured Non-priority
  Claims                                               $3,511,231
                             ------------          --------------
     TOTAL                    $48,995,899             $35,271,436

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

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

               About Olsen Agricultural Enterprises

Based in Monmouth, Oregon, Olsen Agricultural Enterprises LLC
operates an agricultural enterprise on roughly 7,762 acres of
owned and leased land located in Benton, Linn and Polk Counties.
Its business is comprised principally of three divisions: (a)
Olsen Seed Company, which produces and sells a variety of
grass seed and grains on 5,934 acres; (b) Olsen Agriculture, which
grows and sells peppermint, nursery stock, squash, hazelnuts and
blueberries on 1,334 acres; and (c) Olsen Family Vineyards, which
grows a variety of grapes on 494 acres and produces and sells
quality wines under the "Viridian" label as well as private
labels.

Olsen Agricultural Enterprises is the surviving entity of a merger
transaction that was consummated on June 1, 2011.  In the merger
transaction, Olsen Agricultural Company, Inc., an Oregon
corporation, Jenks-Olsen Land Co., an Oregon general partnership,
Olsen Vineyard Company, LLC, an Oregon limited liability company
and The Olsen Farms Family Limited Partnership were merged with
and into Olsen Agricultural Enterprises.

Olsen Agricultural Enterprises filed for Chapter 11 bankrutpcy
(Bankr. D. Ore. Case No. 11-62723) on June 1, 2011.  Judge Frank
R. Alley III presides over the case.  Greene & Markley, P.C., acts
as the Debtor's bankruptcy counsel.  Clyde A. Hamstreet &
Associates, LLC, serves as the Debtor's restructuring consultant
and financial advisor.

An official committee of unsecured creditors has been appointed in
the case.

In its petition, the Debtor estimated $10 million to $50 million
in assets and debts.  The petition was signed by Robin G. Olsen,
operations director.

For the fiscal year ended December 31, 2010, OAC reported total
revenues of $6,428,880 and a net loss of ($5,791,310). At the time
of the merger, on a consolidated basis, the books and records of
OAC, JOLC and OVC reflected assets totaling $29.8 million and
liabilities totaling $37.2 million.  The fair market value of the
Debtor's assets, on a going concern basis, is roughly $50 million.


OLSEN AGRICULTURAL: Seeks to Tap Weatherford Thompson as Counsel
----------------------------------------------------------------
Olsen Agricultural Enterprises LLC seeks authority from the U.S.
Bankruptcy Court for the District of Oregon to employ Weatherford
Thompson Cowgill Black & Schultz P.C. as special counsel for the
purposes of advising and assisting it in connection with:

   (i) completing the partition of property in Brownsville, Linn
       County, Oregon,

  (ii) obtaining Measure 49 partition approvals for property in
       Linn County, and

(iii) other land use and real estate matters.

The Debtor will pay Michael G. Cowgill, Esq., a principal of the
firm, $245 per hour, and Joel D. Kalberer, Esq., a principal of
the firm, $230 per hour.

In a statement filed pursuant to Rule 2014 of the Federal Rules of
Bankruptcy Procedure, Weatherford 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 or its estate.

               About Olsen Agricultural Enterprises

Based in Monmouth, Oregon, Olsen Agricultural Enterprises LLC
operates an agricultural enterprise on roughly 7,762 acres of
owned and leased land located in Benton, Linn and Polk Counties.
Its business is comprised principally of three divisions: (a)
Olsen Seed Company, which produces and sells a variety of
grass seed and grains on 5,934 acres; (b) Olsen Agriculture, which
grows and sells peppermint, nursery stock, squash, hazelnuts and
blueberries on 1,334 acres; and (c) Olsen Family Vineyards, which
grows a variety of grapes on 494 acres and produces and sells
quality wines under the "Viridian" label as well as private
labels.

Olsen Agricultural Enterprises is the surviving entity of a merger
transaction that was consummated on June 1, 2011.  In the merger
transaction, Olsen Agricultural Company, Inc., an Oregon
corporation, Jenks-Olsen Land Co., an Oregon general partnership,
Olsen Vineyard Company, LLC, an Oregon limited liability company
and The Olsen Farms Family Limited Partnership were merged with
and into Olsen Agricultural Enterprises.

Olsen Agricultural Enterprises filed for Chapter 11 bankrutpcy
(Bankr. D. Ore. Case No. 11-62723) on June 1, 2011.  Judge Frank
R. Alley III presides over the case.  Greene & Markley, P.C., acts
as the Debtor's bankruptcy counsel.  Clyde A. Hamstreet &
Associates, LLC, serves as the Debtor's restructuring consultant
and financial advisor.

An official committee of unsecured creditors has been appointed in
the case.

In its petition, the Debtor estimated $10 million to $50 million
in assets and debts.  The petition was signed by Robin G. Olsen,
operations director.

For the fiscal year ended December 31, 2010, OAC reported total
revenues of $6,428,880 and a net loss of ($5,791,310). At the time
of the merger, on a consolidated basis, the books and records of
OAC, JOLC and OVC reflected assets totaling $29.8 million and
liabilities totaling $37.2 million.  The fair market value of the
Debtor's assets, on a going concern basis, is roughly $50 million.


ONE PELICAN: Has Green Light to Borrow $30T From Insiders
---------------------------------------------------------
One Pelican Hill Road North, L.P., won Court authority, on an
interim basis, to enter into a post-petition financing agreement
with RGSS LLC.  The Debtor is authorized to draw up to $30,000 of
the funds available under the parties' financing agreement prior
to the final hearing on the Motion to pay for property and
casualty insurance premium; utility charges; general partner fee;
and liability insurance premium.

RGSS has committed to provide up to $300,000 in financing.  RGSS
is a California limited liability company that is owned by certain
limited partners of the Debtor.  These limited partners also hold
junior liens against the property securing more than $6.0 million
in debt.

According to papers filed by the Debtor, the Villa del Lago will
require $105,720 for expenses from June 6 to Sept. 6, 2011.

Pursuant to the Court's order, the Interim Draw is secured by a
lien against the Debtor's property that is second in priority only
to the lien against the Property asserted by OneWest Bank, FSB.
The Interim Draw will have priority over all other administrative
claims, pursuant to 11 U.S.C. Sec. 364(c)(1).  However, RGSS will
have no disgorgement rights against other administrative claimants
in the event that the sums advanced under the Financing Agreement
are not repaid.

The Debtor owes OneWest Bank $20 million under a construction
loan.

The Court will hold a final hearing on the Debtor's request on
July 6, 2011, at 11:30 a.m.

The Debtor is seeking to sell its property through an auction and
intends to embark on a 60-day process to market the property
throughout the world.  The Debtor said the value of the property
is in excess of $30 million.  The Debtor expects to close a deal
by year end.  The Debtor will use the DIP loan to fund operations
during the time frame prior to the expected sale.  The DIP
facility is set to mature on the earlier of Dec. 31, 2011, or an
event of default.  The DIP Facility carries an 8% interest rate
per annum.

                 About One Pelican Hill Road North

One Pelican Hill Road North LP, owns the Villa del Lago, a 12.5-
acre hillside property, once valued as high as $87 million,
featuring a 17,000-square-foot, three-story mansion, a private
lake, tennis court, vineyard and horse stables.  It filed for
Chapter 11 bankruptcy (Bankr. C.D. Calif. Case No. 11-17998) on
June 6, 2011, to halt a foreclosure sale by OneWest Bank that had
been scheduled for June 20.

Judge Robert N. Kwan presides over the case.  Marc J. Winthrop,
Esq., at Winthrop Couchot PC, serves as the Debtor's bankruptcy
counsel.  Spach Capaldi & Waggaman, LLP, serves as the Debtor's
special litigation counsel.  In its petition, the Debtor estimated
assets and debts of $10 million to $50 million.  The Debtor said
the value of the property is in excess of $30 million.  The
petition was signed by Corey Gulbranson, managing member of VDL
One Pelican Hill, LLC, its general partner.


ONE RENAISSANCE: Files Schedules of Assets and Liabilities
----------------------------------------------------------
One Renaissance, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of North Carolina its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $23,616,118
  B. Personal Property              $114,143
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $17,111,347
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $83,162
                                 -----------      -----------
        TOTAL                    $27,730,261      $17,194,510

Raleigh, North Carolina-based One Renaissance, LLC, a limited
liability company, filed for Chapter 11 bankruptcy protection
(Bankr. E.D. N.C. Case No. 11-01793) on March 9, 2011.  Jason L.
Hendren, Esq., at Hendren & Malone, PLLC, serves as the Debtor's
bankruptcy counsel.  The Debtor estimated its assets and debts at
$10 million to $50 million.

No creditors committee has been appointed in the Debtor's case.


OPTIMUMBANK HOLDINGS: Receives Non-Compliance Notice from NASDAQ
----------------------------------------------------------------
OptimumBank Holdings, Inc., on June 21, 2011, received a written
notice from the Listing Qualifications Staff of The Nasdaq Stock
Market notifying the Company that it fails to comply with the
audit committee composition requirement set forth in Nasdaq's
Listing Rule 5605(c)(2) due to the resignation of Jerry Grace from
the Company's board of directors on May 23, 2011.  Mr. Grace was
the former Chairman of the Company's audit committee.  The Audit
Committee Rule requires audit committees to have a minimum of
three members who meet stringent independence requirements, are
financially literate, and one of whom is financial sophisticated.
As a result of Mr. Grace's resignation, the Company's audit
committee currently has two members, neither of whom has the
requisite financial sophistication.  The Company has been provided
a cure period in order to regain compliance with the Audit
Committee Rule until: (a) the earlier of the Company's next annual
shareholders' meeting or May 23, 2012, or (b) if the next annual
shareholders' meeting is held before Nov. 21, 2011, no later than
Nov. 21, 2011.

In addition, on June 21, 2011, the Company received another
written notice from the Staff notifying the Company that due to
Jerry Grace's resignation as a director of the Company, the
Company has only two independent directors on its five member
board, and, therefore, is no longer eligible for the cure period
previously granted by the Staff for the Company's prior failure to
comply with the majority independent director requirement set
forth in Nasdaq's Listing Rule 5605(b)(1).  The Majority
Independent Director Rule requires the board of directors to have
a majority of members who are independent.  The Company had
previously been provided a cure period in order to regain
compliance with the Majority Independent Director Rule until: (a)
the earlier of the Company's next annual shareholders' meeting or
Jan. 6, 2012; or (b) if the next annual shareholders' meeting is
held before July 5, 2011, no later than July 5, 2011.  The Company
now has 45 calendar days, or until Aug. 5, 2011, to submit a plan
to regain compliance with the Majority Independent Director Rule.
If the plan is accepted, the Staff may grant an exception of up to
180 calendar days from the date of Staff's initial notification,
until Dec. 18, 2011, to evidence compliance with the Majority
Independent Director Rule.  If the Staff does not accept the
Company's plan, the Company will have the opportunity to appeal
that decision before a Hearings Panel.

The Company is actively seeking no less than two qualified
independent directors to fill the vacancies on its audit committee
and board of directors.

                    About OptimumBank Holdings

Fort Lauderdale, Fla.-based OptimumBank Holdings, Inc. is a
is a one-bank holding company and owns 100% of OptimumBank, a
state (Florida)-chartered commercial bank.  The Bank offers a
variety of community banking services to individual and corporate
customers through its three banking offices located in Broward
County, Florida.  The Bank's wholly-owned subsidiaries are OB Real
Estate Management, LLC, OB Real Estate Holdings, LLC, OB Real
Estate Holdings 1503, LLC, and OB Real Estate Holdings 1695, LLC,
all of which were formed in 2009.  OB Real Estate Management, LLC,
is primarily engaged in managing foreclosed real estate.  OB Real
Estate Holdings, LLC, OB Real Estate Holdings 1503, LLC, and OB
Real Estate Holdings 1695, LLC, hold and dispose of foreclosed
real estate.

OptimumBank is currently operating under a Consent Order issued by
the Federal Deposit Insurance Corporation ("FDIC") and the State
of Florida Office of Financial ("OFR"), effective as of April 16,
2010.  As of Sept. 30, 2010, the Bank was considered
"undercapitalized" under these FDIC requirements.  As an
"undercapitalized" institution, the Bank is subject to
restrictions on capital distributions, payment of management fees,
asset growth and the acceptance, renewal or rollover of brokered
and high-rate deposits.  In addition, the Bank must obtain prior
approval of the FDIC prior to acquiring any interest in any
company or insured depository institution, establishing or
acquiring any additional branch office, or engaging in any new
line of business.

"The Bank [OptimumBank] has experienced recent and continuing
increases in nonperforming assets, declining net interest margin,
increases in provisions for loan losses, continuing high levels of
noninterest expenses related to the credit problems, and eroding
regulatory capital which raise substantial doubt about the Bank's
ability to continue as a going concern," the Company said in its
Form 10-Q for the quarter ended Sept. 30, 2010.

The Company reported a net loss of $8.45 million on $8.78 million
of total interest income for the year ended Dec. 31, 2010,
compared with a net loss of $11.48 million on $14.00 million of
total interest income during the prior year.

As reported by the TCR on April 20, 2011, Hacker, Johnson & Smith
PA, in Fort Lauderdale, Florida, noted that the Company's
operating and capital requirements, along with recurring losses
raise substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at March 31, 2011, showed $183.80
million in total assets, $182.12 million in total liabilities and
$1.67 million in total stockholders' equity.


PERI SOFTWARE: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Peri Software Solutions Inc.
        570 Broad Street
        Newark, NJ 07102

Bankruptcy Case No.: 11-29067

Chapter 11 Petition Date: June 23, 2011

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

Judge: Rosemary Gambardella

Debtor's Counsel: David Edelberg, Esq.
                  NOWELL AMOROSO KLEIN BIERMAN, P.A.
                  155 Polifly Road
                  Hackensack, NJ 07601
                  Tel: (201) 343-5001
                  Fax: (201) 343-5181
                  E-mail: dedelberg@njbankruptcy.com

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

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

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

The petition was signed by Saravanan Periasamy, sole shareholder
and officer.


PETRA FUND: Files Schedules of Assets and Liabilities
-----------------------------------------------------
Petra Fund REIT Corp. filed with the U.S. Bankruptcy Court for the
Southern District of New York its schedules of assets and
liabilities, disclosing:

    Name of Schedule               Assets        Liabilities
    ----------------             ----------      -----------
A. Real Property                        $0
B. Personal Property            $5,385,079
C. Property Claimed as
    Exempt
D. Creditors Holding
    Secured Claims                                   Unknown
E. Creditors Holding
    Unsecured Priority
    Claims                                                $0
F. Creditors Holding
    Unsecured Non-priority
    Claims                                      $123,663,104
                                -----------     ------------
       TOTAL                     $5,358,079     $123,663,104

                        About Petra Fund

Petra Fund REIT Corp. and its affiliates are in the business of
originating, investing in, structuring and trading loans secured
by commercial real-estate.  Petra Fund REIT is a subsidiary of
Petra Capital Management.

Petra Fund and Petra Offshore sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 10-15500) on Oct. 20, 2010, and are
represented by Shaya M. Berger, Esq., and Brian Edward Goldberg,
Esq., at Dickstein Shapiro, LLP.  At the time of the filing, each
of the Debtor estimated its assets at less than $10 million and
its debts at more than $100 million.

Petra Fund blamed its Chapter 11 filing on the extraordinary and
unprecedented collapse of the credit and commercial real estate
markets, which caused a mark-to-market value of its assets to
plummet.


PETRA FUND: Petra Offshore Files Schedules of Assets and Debts
--------------------------------------------------------------
Petra Offshore Fund LP filed with the U.S. Bankruptcy Court for
the Southern District of New York its schedules of assets and
liabilities, disclosing:

    Name of Schedule                 Assets      Liabilities
    ----------------                 ------      -----------
A. Real Property                        $0
B. Personal Property                    $0
C. Property Claimed as
    Exempt
D. Creditors Holding
    Secured Claims                                        $0
E. Creditors Holding
    Unsecured Priority
    Claims                                                $0
F. Creditors Holding
    Unsecured Non-priority
    Claims                                       $65,922,650
                                     ------      -----------
       TOTAL                             $0      $65,922,650

                         About Petra Fund

Petra Fund REIT Corp. and its affiliates are in the business of
originating, investing in, structuring and trading loans secured
by commercial real-estate.  Petra Fund REIT is a subsidiary of
Petra Capital Management.

Petra Fund and Petra Offshore sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 10-15500) on Oct. 20, 2010, and are
represented by Shaya M. Berger, Esq., and Brian Edward Goldberg,
Esq., at Dickstein Shapiro, LLP.  At the time of the filing, each
of the Debtor estimated its assets at less than $10 million and
its debts at more than $100 million.

Petra Fund blamed its Chapter 11 filing on the extraordinary and
unprecedented collapse of the credit and commercial real estate
markets, which caused a mark-to-market value of its assets to
plummet.


PHILLIPS RENTAL: Plan Provides 100% Payment of Unsecured Claims
---------------------------------------------------------------
Phillips Rental Properties, LLC submitted to the U.S. Bankruptcy
Court for the Eastern District of Tennessee a plan of
reorganization and disclosure statement dated June 16, 2011.

The Plan reflects a payment schedule for the Debtor's secured loan
claims.  The Debtor says it is simultaneously pursuing additional
refinancing options which would pay secured creditors the full
principal balance.

Under the Plan, unsecured non-priority claims will be paid over a
60-month period.  These claims will have a 100% pay-off of the
principal balance of claims, which the Debtor estimates to be
$70,264.

A copy of the Disclosure Statement is available at:

     http://bankrupt.com/misc/PHILLIPSRENTAL_Jun16DS.pdf

The Debtor believes that unsecured creditors will be paid more
from the payments described under the Plan from its continued
operation than unsecured creditors would receive in liquidation.

In light of the proposed Plan, the Debtor's request for an
extension of its exclusive plan filing period has been withdrawn.
As previously reported by The Troubled Company Reporter, the
Debtor sought a 45-day extension from June 4 of its exclusivity
period.  Several creditors, including TriSummit Bank, Regions Bank
and Citizens Bank expressed objection to the request.

                     About Phillips Rental Properties

Piney Flats, Tennessee-based Phillips Rental Properties, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. E.D. Tenn. Case
No. 10-53129) on Dec. 7, 2010.  Fred M. Leonard, Esq. --
fredmleonard@earthlink.net -- in Bristol, Tennessee, serves as the
Debtor's bankruptcy counsel. According to its schedules, the
Debtor disclosed $13,499,682 in total assets and $9,650,892 in
total liabilities.  No unsecured creditors committee has been
appointed in the case.


PINNACLE HILLS: Abandons Assets, Seeks Case Dismissal
-----------------------------------------------------
Pinnacle Hills West LLC asks the U.S. Bankruptcy Court for the
Western District of Arkansas to dismiss its Chapter 11 case.

The Debtor believes it is in the best interests of the Debtor, to
creditors and the estate that the case be dismissed.  The Debtor's
chief asset was abandoned from the estate by court order and the
possibility of an effective reorganization does not exist at this
time.

Rogers, Arkansas-based Pinnacle Hills West, LLC, filed for Chapter
11 bankruptcy protection (Bankr. W.D. Ark. Case No. 11-71721).
The Debtor disclosed $35,543,490 in assets and $62,302,543 in
liabilities as of the Chapter 11 filing.


PLATINUM PROPERTIES: Wants Until Nov. 21 to Decide on Leases
------------------------------------------------------------
Platinum Properties, LLC, et al., asks the U.S. Bankruptcy Court
for the Southern District of Indiana to extend until Nov. 21,
2011, the deadline to assume leases of nonresidential real
property.

The Debtor says that it will be in a position to determine whether
assumption or rejection of the leases is in the best interests of
the estate by Aug. 23, 2011.

The Debtor's headquarters are located at 9757 Westpoint Drive,
Indianapolis, Indiana 46256.  The Debtor leases the office space
from Crosspoint Partners VIII, LLC.  The lease term will expire
Nov. 30, 2015.

The Debtor leases a self-storage unit from Shurgard Storage
Center.  The Shurgard Lease is a month-to-month lease, and neither
party has terminated the lease.

Absent the extension requested, the Debtor's time to decide to
assume or reject the lease will expire on Aug. 23.

             About Platinum Properties and PPV LLC

Indianapolis, Indiana-based Platinum Properties, LLC, is a
residential real estate developer. Platinum acquires land, designs
the projects, obtains zoning and other approvals, and constructs
roads, drainage, utilities, and other infrastructure of
residential subdivisions.  Platinum then sells the finished,
platted lots.  Platinum also has an ownership interest in several
special purpose entities that in turn own, operate and manage
individual projects.

PPV LLC is a joint venture between Platinum and a non-debtor
entity, Pittman Partners, Inc., each of whom hold an equity
interest in PPV.  PPV owned four projects directly and owns 100%
of the membership interest of Sweet Charity Estates, LLC.

Platinum Properties and PPV LLC filed for Chapter 11 protection
(Bankr. S.D. Ind. Case Nos. 11-05140 and 11-05141) on April 25,
2011.  Lawyers at Baker & Daniels serve as the Debtors' bankruptcy
counsel.  Platinum Properties disclosed $14,624,722 in assets and
$181,990,960 in liabilities as of the Chapter 11 filing.


The U.S Trustee has not yet appointed a creditors committee in the
Debtor's case.  The U.S. Trustee reserves the right to appoint
such a committee should interest developed among the creditors.


POST STREET: Sec. 341 Creditors' Meeting Set for July 19
--------------------------------------------------------
The United States Trustee for Region 17 will convene a First
Meeting of Creditors pursuant to 11 U.S.C. Sec. 341(a) in the
bankruptcy case of Post Street LLC on July 19, 2011, at 2:30 p.m.
at San Francisco U.S. Trustee Office.

Proofs of claim are due by Oct. 17, 2011.

Post Street LLC, based in San Francisco, California, filed for
Chapter 11 bankruptcy (Bankr. Case No. 11-32255) on June 15, 2011.
Judge Thomas E. Carlson presides over the case.  Eric D. Goldberg,
Esq., at Stutman, Treister and Glatt, serves as the Debtor's
bankruptcy counsel.  In its petition, the Debtor estimated assets
and debts of $10 million to $50 million.  The petition was signed
by Stanley W. Gribble, authorized agent.


POST STREET: Status Conference Set for Aug. 8
---------------------------------------------
The Bankruptcy Court will hold a status conference in the Post
Street LLC's case on Aug. 8, 2011, at 9:30 a.m. at San Francisco
Courtroom 23 - Carlson.

Post Street LLC, based in San Francisco, California, filed for
Chapter 11 bankruptcy (Bankr. Case No. 11-32255) on June 15, 2011.
Judge Thomas E. Carlson presides over the case.  Eric D. Goldberg,
Esq., at Stutman, Treister and Glatt, serves as the Debtor's
bankruptcy counsel.  In its petition, the Debtor estimated assets
and debts of $10 million to $50 million.  The petition was signed
by Stanley W. Gribble, authorized agent.


R & S ST. ROSE: U.S. Trustee Points to L&S Conflict of Interest
---------------------------------------------------------------
August B. Landis, Acting U.S. Trustee for Region 17, asks the U.S.
Bankruptcy Court for the District of Nevada to deny R & S St. Rose
Lenders, LLC's request for permission to employ Larson & Stephens,
LLC, as general bankruptcy counsel.

The U.S. Trustee explains that L&S is not disinterested within the
meaning of Section 101(14) of the Bankruptcy Code.  L&S's retainer
was funded by the creditors of the Debtor's estate.  The U.S.
Trustee  adds that L&S should have disclosed the connection to
Debtor's creditors who contributed monies to fund the retainer
tendered to L&S.

The U.S. Trustee maintains that denying the Debtor's request will
permit arbitration of disputes concerning L&S' engagement and
compensation.

As reported in the Troubled Company Reporter on May 26, 2011, the
Debtors have tapped L&S to, among other things:

     a. prepare schedules, statements, applications and reports
        for which the services of an attorney is necessary;

     b. advise the Debtors of its rights and obligations and its
        performance of its duties during the administration of
        this case;

     c. assist the Debtors in formulating a plan of reorganization
        and disclosure statements and obtain approval and
        confirmation thereof; and

     d. represent the Debtors in all proceedings before the Court
        and other courts with jurisdiction over this case.

The Debtors will compensate attorneys and paralegals at varying
rates as follows:

         Zachariah Larson           $450
         Shara Larson               $350
         Paralegals                 $175

Zachariah Larson, Esq., assured the Court that Larson & Stephens
is a "disinterested person" within the meaning of Section 101(14)
of the Bankruptcy Code.

The U.S. Trustee is represented by:

         Athanasios E. Agelakopoulos, Esq.
         UNITED STATES DEPARTMENT OF JUSTICE
         Office of the United States Trustee
         300 Las Vegas Boulevard, So., Suite 4300
         Las Vegas, NV 89101
         Tel: (702) 388-6600 Attorney Ext. 224
         Fax: (702) 388-6658
         E-mail: athanasios.agelakopoulos@usdoj.gov

                    About R & S St. Rose Lenders

R & S St. Rose Lenders, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. D. Nev. Case No. 11-14973) on April 4, 2011.
Zachariah Larson, Esq., and Sarah Larson, Esq., at Larson &
Stephens, LLC, in Las Vegas, serve as bankruptcy counsel.  David
J. Merrill, P.C. serves as special counsel.  The Debtor amended
its schedules disclosing $12,041,574 in assets and $24,502,319 in
liabilities.

The previously schedules filed by the Debtor showed $12,041,574 in
assets and $19,688,291 in liabilities.


RACE FACE: Former Employee Acquires Firm Out of Receivership
------------------------------------------------------------
The Vancouver Sun reports that former employee and now part-owner
Derek Wills has seen Race Face rise, fall and now rise once again
as the company is out of receivership and has 17 employees back to
work.

Two months after hearing the news that their company was in
receivership and their jobs were gone, staff at Race Face
Performance Products is breathing new life into the company,
according to The Vancouver Sun.

The report notes that despite booming sales projections for 2011,
the company's lenders found some overstated assets in Race Face's
financials and pulled the plug in March, cutting 50 local
engineering, design, manufacturing, sales and administrative jobs
as well as 20 jobs from Race Face's shop in Taiwan.

Two former employees, Derek Wills and Chris Tutton, and two silent
investors beat out about nine other bids to buy Race Face out of
hock and restarted production in May, the report says.

Race Face Performance Products is a local mountain bike parts and
apparel manufacturer.


RANCHO HOUSING: Taps Snell & Wilmer as General Insolvency Counsel
-----------------------------------------------------------------
Rancho Housing Alliance, Inc., asks the U.S. Bankruptcy Court for
the Central District of California for authority to employ Snell &
Wilmer L.L.P. as general insolvency counsel.

The firm can be reached at:

         Michael B. Reynolds, Esq.
         Robert C. Briseno, Esq.
         SNELL & WILMER L.L.P.
         600 Anton Boulevard, Suite 1400
         Costa Mesa, CA 92626-7689
         Tel: (714) 427-7000

As the Debtor's general insolvency counsel, Snell & Wilmer will,
among other things:

     (a) advise and assist the Debtor in evaluating this
         Chapter 11 case and complying with the requirements
         of the Bankruptcy Code and the Office of the United
         States Trustee;

     (b) advise the Debtor regarding matters of bankruptcy law,
         including rights and remedies of the Debtor with regard
         to the estate, its assets, and the claims of creditors;

     (c) consult with the Debtor concerning the administration
         Of the case;

     (d) make any court appearances on behalf of, and to represent
         the Debtor in any proceedings or hearings in the
         Bankruptcy Court and any other court where the rights of
         the Debtor may be litigated or affected; and

     (e) conduct examinations of witnesses, claimants or adverse
         parties and to prepare and assist in the preparation of
         reports, accounts and pleadings related to this
         Chapter 11 case.

The firm will be paid on its regular hourly rates:

    Attorneys                             2011 Rates
    ---------                             ----------
    Michael B. Reynolds                      $515
    Robert C. Briseno                        $330

    Paralegals                            2011 Rates
    ----------                            ----------
    Heather S. Lourick                       $230

The firm may utilize professionals in its California or other
offices as needed to expedite and facilitate the handling of
matters on behalf of the Debtor.  These professionals will bill at
their standard rates, which range between $150 and $700 per hour.

The firm's engagement agreement with the Debtor called for a pre-
petition retainer of $50,000, which was funded by DACE.  Prior to
the filing of the bankruptcy petition, the firm drew down on the
retainer to cover pre-petition fees and costs in the amount of
$28,227, leaving a retainer balance of $21,873.

Michael B. Reynolds, Esq., of Snell & Wilmer L.L.P., assures the
Court that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

                       About Rancho Housing

Based in Coachella, California, Rancho Housing Alliance, Inc.,
filed for Chapter 11 bankruptcy (Bankr. C.D. Calif. Case No.
11-27519) on May 27, 2011.  Judge Scott C. Clarkson presides over
the case.  Michael B. Reynolds, Esq., at Snell & Wilmer LLP,
serves as the Debtor's counsel.  The Debtor scheduled $12,882,123
in total assets and $22,404,858 in total liabilities.


RANDOLPH MEDICAL: Judge Sawyer Dismisses Chapter 11 Case
--------------------------------------------------------
Jason Bacaj at the Anniston Star reports that Judge William R.
Sawyer has dismissed Randolph Medical Center's bankruptcy case.

According to the report, Judge Sawyer ruled that the Roanoke
Health Care Authority is not eligible for Chapter 11 bankruptcy
because the authority does not meet the definition of a person
under federal bankruptcy code.  The rural hospital had been in
financial duress and under threat of closure for at least eight
years before it was forced to close March 17 after emergency room
physicians walked out.  It had roughly $9.6 million in debt when
it locked the doors.

The Anniston Star relates that the health authority filed for
Chapter 11 bankruptcy on April 4 because, as a governmental
organization, it couldn't file under Chapter 7, Lee Benton, the
authority's bankruptcy lawyer, has said in prior interviews.  Two
days after filing under Chapter 11, the authority petitioned to
convert the proceedings to Chapter 7 bankruptcy.

The Randolph Medical Center owes $5.9 million in a USDA loan,
which is accounted for by the hospital's portion of a Randolph
County ad valorem tax.  It also owes about $2.2 million in
Medicare overpayments and more than $1.5 million to various
vendors.


REED & JETER: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Reed & Jeter, Inc.
        aka Wadco Aerospace
        5229 Vesta Farley Road
        Fort Worth, TX 76119-6479

Bankruptcy Case No.: 11-43558

Chapter 11 Petition Date: June 25, 2011

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: D. Michael Lynn

Debtor's Counsel: Mark Joseph Petrocchi, Esq.
                  GRIFFITH, JAY & MICHEL, LLP
                  2200 Forest Park Blvd.
                  Ft. Worth, TX 76110
                  Tel: (817) 926-2500
                  Fax: (817) 926-2505
                  E-mail: mpetrocchi@lawgjm.com

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

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

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

The petition was signed by Brady Reed, president.


RITTENHOUSE SQUARE: Court Appoints Carl Dranoff as Receiver
-----------------------------------------------------------
Alan J. Heavens at Inquirer Real Estate reports that a Common
Pleas Court judge Tuesday appointed developer Carl Dranoff
receiver for 10 Rittenhouse Square, the multimillion-dollar high-
rise condo building at 130 S. 18th St. in the first of two steps
sought last year by the project's senior lender but delayed by an
abortive Chapter 11 bankruptcy filing.

As reported in the Troubled Company Reporter on Sept. 24, 2010,
the senior lender for a luxury high-rise on Philadelphia's tony
Rittenhouse Square wants to foreclose on the $300 million project,
LDNews reports.  According to the report, New York-based Istar
Tara L.L.C. filed a suit last week in Common Pleas Court to place
the 33-story 10 Rittenhouse Square building in receivership.  The
report relates that another lender, Delaware Valley Real Estate
Investment Fund, filed suit against Istar Tara in July.  The
report said that building management told The Philadelphia
Inquirer that 41 of the project's 135 condos are sold or under
contract with five more in negotiation.  The units are priced from
$600,000 to $15 million, the report added.


RITZ-CARLTON, LAKE TAHOE: Ends Receivership, Gets New Owners
------------------------------------------------------------
RJG.com reports that Ritz-Carlton, Lake Tahoe will end its court-
appointed receivership later this month as the luxury resort gets
new ownership.  The report relates Steven Holt, Ritz-Carlton, Lake
Tahoe public relations director, said that the resort is scheduled
to have its official ownership change on June 27.

RJG.com says that Mr. Holt said the name of the resort's new owner
will also be announced on that date, and the property will
continue to be managed under the Ritz-Carlton brand.

The report notes that the new ownership marks the end of a rocky
period in the new resort's history, which was at risk for
foreclosure after Bank of America filed a notice of default
against the property's developer, Avon, Colo.-based East West
Resort Development, on March 31, 2010.

At the time, records from Placer County showed that the original
borrower was late on almost $19 million in payments for loans that
totaled about $157 million, the report says.

East West also filed for Chapter 11 bankruptcy in 2010 after the
developer's real estate sales dropped by 60%, RJG.com notes.

The 400,000-square-foot Ritz-Carlton, Lake Tahoe cost $300 million
to build and officially opened in Dec. 9, 2009.


RIVER ROAD: 7th Circ. Affirms Proposed Asset Sale Rejection
-----------------------------------------------------------
The Seventh Circuit affirmed a bankruptcy court's decision that
rejected River Road Hotel Partners LLC's proposed asset sale,
ruling that the bidding procedures did not offer secured lenders
the protections required under the bankruptcy code.

According to Law360, the Seventh Circuit said the proposed
auctions lacked a "crucial check against undervaluation" by
failing to allow secured lenders to credit bid and could not be
approved under the Bankruptcy Code, as the debtors -- River Road
Hotel Partners, RadLAX Gateway Hotel LLC and related entities -
had argued.

The decision, which was the subject of the appeal denied approval
of the debtors' proposed bid procedures for a sale of
substantially all of their assets, which are comprised primarily
of the InterContinental Hotel Chicago O'Hare located in Rosemont,
Illinois (a suburb of Chicago close to O'Hare International
Airport), according to Chapter11Cases.com.

Chapter11Cases.com notes that the decision also applies to the
denial of substantially similar bidding procedures proposed in the
bankruptcy cases of In re RadLAX Gateway Hotel, LLC et al.  Those
debtors own the Radisson Hotel at Los Angeles International
Airport.

                  About River Road Hotel Partners

River Road Hotel Partners, LLC, developed and manages the
InterContinental Hotel Chicago O'Hare located in Rosemont,
Illinois.  Affiliate RadLAX Gateway Hotel LLC owns the Radisson
hotel at Los Angeles International Airport.  Both are ultimately
controlled owned by Harp Group.

River Road and its affiliates filed Chapter 11 in Chicago (Bankr.
N.D. Ill. Lead Case No. 09-30029) on Aug. 17, 2009.  Based in Oak
Brook, Illinois, River Road estimated assets of as much as
$100 million and debt of as much as $500 million in its Chapter 11
petition.  River Road disclosed $0 in assets and $14,400,000 in
liabilities as of the Chapter 11 filing.  Terrence O'Brien & Co.
serves as the Debtors' appraiser, and Madigan & Getzendanner as
serves as the Debtors' special counsel.

RadLAX and its affiliates filed a separate chapter 11 petition
(Bankr. N.D. Ill. Case No 09-30047), estimating assets at
$50 million to $100 million.

David M. Neff, Esq., at Perkins Coie LLP, serves as counsel to the
River Road and RadLAX debtors.  The two cases, however, are not
jointly administered.

The Official Committee of Unsecured Creditors is represented by
Stephen T. Bobo and Ann E. Pille at Reed Smith LLP.

Adam A. Lewis, Esq., and Norman S. Rosenbaum, Esq., of Morrison
Foerster LLP of San Francisco, California; and John W. Costello,
Esq., and Mary E. Olson, Esq., of Wildman, Harrold, Allen & Dixon
LLP of Chicago, Illinois, represent Amalgamated Bank.  John
Sieger, Esq., and Andrew L. Wool, Esq., of Katten Muchin Rosenman
LLP represent U.S. Bank.


RIVERWOOD HOMES: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Riverwood Homes, Inc.
        2825 NW 12th Avenue
        Camas, WA 98607

Bankruptcy Case No.: 11-45084

Chapter 11 Petition Date: June 23, 2011

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

Judge: Brian D. Lynch

Debtor's Counsel: John D. Nellor, Esq.
                  NELLOR RETSINAS CRAWFORD PLLC
                  1201 Main St.
                  PO Box 61918
                  Vancouver, WA 98666
                  Tel: (360) 695-8181
                  E-mail: jd@nellorlaw.com

Scheduled Assets: $1,816,288

Scheduled Debts: $1,904,190

A list of the Company's six largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/wawb11-45084.pdf

The petition was signed by Matthew Morris, president.


ROUND TABLE: Court Approves Snell & Wilmer Application
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
has permitted Round Table Pizza, Inc., et al. to employ Snell &
Wilmer, LLP to advise and represent the Debtor in matters related
to franchise law.

                      About Round Table Pizza

Based in Concord, California, Round Table Pizza, Inc. --
http://www.roundtablepizza.com/-- is a private, 100% employee-
owned company with corporate offices based in Concord, California.
Round Table is largely owned by an Employee Stock Ownership Plan,
with 3,190 participants.  The ESOP is designed and intended to
provide a source of retirement income to Round Table's loyal,
long-term employees.

Round Table filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Calif. Case No. 11-41431) on Feb. 9, 2011.  Judge Roger L.
Efremsky presides over the case.  Scott H. McNutt, Esq., at McNutt
Law Group serves as the Debtor's bankruptcy counsel.  The Debtors
also tapped Frank, Rimerman & Co. as an auditor and accountant.
Round Table disclosed $1,066,524 in assets and $35,625,649 in
liabilities as of the Chapter 11 filing.

The case is jointly administered with affiliates -- The Round
Table Franchise Corporation, Round Table Development Company, and
Round Table Pizza Nevada LLC.

The U.S. Trustee formed a three-member official committee of
unsecured creditors.  The committee has tapped Brownstein Hyatt
Farber Schreck, LLP as counsel.  The Debtor also tapped First
Bankers Trust Services, Inc. as discretionary, independent, and
institutional ESOP Trustee, and Johanson Berenson LLP as an ESOP
counsel.


RU LLC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------
Debtor: RU, LLC
        208 E. New Bern Road
        Kinston, NC 28501

Bankruptcy Case No.: 11-04776

Chapter 11 Petition Date: June 21, 2011

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

Judge: Randy D. Doub

Debtor's Counsel: Michael P. Peavey, Esq.
                  PO Box 1115
                  Wilson, NC 27894-1115
                  Tel: (252) 291-8020
                  Fax: (252) 291-8309
                  E-mail: mpeavey@peaveylaw.com

Estimated Assets: $0 to $50,000

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/nceb11-04776.pdf

The petition was signed by Mahefuja Contractor, member.


SBARRO INC: Incurs $6.3 Million Net Loss for May
------------------------------------------------
Chapter11Cases.com reports that Sbarro, Inc. and its affiliates
filed their consolidated monthly operating report for May 2-29,
2011 with the bankruptcy court.

Chapter11Cases.com discloses that among the key financial
disclosures contained in the monthly operating report:


   * Sbarro reported a net loss of approximately $6.3 million for
     the month on revenues of $22.1 million.

   * For the entire bankruptcy period (April 4 - May 29), Sbarro
     has generated a net loss of $13 million on $46 million of
     revenues.

   * Sbarro ended May with $20 million in cash and $33.2 million
     of current assets.  The companies had total assets of
     slightly more than $446 million.

   * By comparison, the companies ended May with over $515 million
     in liabilities.  Of the total, $42.4 million were classified
     as current liabilities and $402.9 million were classified as
     liabilities subject to compromise.

   * Sbarro's cash balance decreased by almost $3 million in May.
     The net cash decrease includes an additional $3.5 million in
     proceeds from Sbarro's DIP financing received in May.  In
     total, Sbarro has drawn $20 million in DIP financing since
     its chapter 11 filing.

   * Including accrued interest, the balance outstanding under the
     DIP financing facility as of May 29, 2011 was $20.2 million.

The Sbarro family started its business after moving to Brooklyn,
New York, from Naples, Italy, in 1956.  Today Sbarro is a leading,
global Italian quick service restaurant concept with approximately
5,170 employees, 1,045 restaurants throughout 42 countries, and
annual revenues in excess of $300 million.

Sbarro Inc. sought bankruptcy protection under Chapter 11 (Bankr.
S.D.N.Y. Lead Case No. 11-11527) to eliminate about $200 million
in debt.  According to its schedules, the Debtor disclosed
$51,537,899 in total assets and $460,975,646 in total debts.

Sbarro said it has reached an agreement with all of its second-
lien secured lenders and approximately 70% of its senior
noteholders on the terms of a reorganization plan that will
eliminate more than half of the Company's total indebtedness.

Edward Sassower, Esq., and Nicole Greenblatt, Esq., at Kirkland &
Ellis, LLP, serve as the Debtors' general bankruptcy counsel.
Rothschild, Inc., is the Debtors' investment banker and financial
advisor.  PriceWaterhouseCoopers LLP is the Debtors' bankruptcy
consultants.  Marotta Gund Budd & Dzera, LLC, is the Debtors'
special financial advisor.  Curtis, Mallet-Prevost, Colt & Mosle
LLP serves as the Debtors' conflicts counsel.  Epiq Bankruptcy
Solutions, LLC, is the Debtors' claims agent.  Sard Verbinnen & Co
is the Debtors' communications advisor.


SEA REAL: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Sea Real Estate CCHF 101, LLC
        25 Englewood Terrace
        Lakewood, NJ 08701

Bankruptcy Case No.: 11-28764

Chapter 11 Petition Date: June 21, 2011

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

Judge: Michael B. Kaplan

Debtor's Counsel: David C. Steinmetz, Esq.
                  KUNSTLINGER STEINMETZ, LLP
                  212 2nd St Ste 304
                  Lakewood, NJ 08701
                  Tel: (732) 367-1880

Estimated Assets: not indicated

Estimated Debts: not indicated

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

The petition was signed by Sarah L. Newmark, secretary.


SHILO INN SEASIDE: Wins Interim OK to Use OneWest Collateral
------------------------------------------------------------
Shilo Inn, Seaside Oceanfront, LLC, won interim authority to use
cash collateral securing its obligations to OneWest Bank FSB.

Judge Vincent P. Zurzolo will hold a final hearing July 19, 2011,
at 11:30 a.m. to consider the Debtor's request.

The debt was originally with La Jolla Bank, which originated the
loan with the Debtor in 2007 in the amount of $12 million.
OneWest Bank assumed the loan after La Jolla Bank was taken over
by the Federal Deposit Insurance Corp. through receivership in
March 2010.

The loan is cross-collateralized with two individually owned and
operated Shilo properties -- the hotel property in Pomona Hilltop
owned by Shilo Inn Pomona Hilltop, LLC; and the hotel property in
Palm Springs owned by Shilo Inn Palm Springs, LLC -- to consummate
a September 2009 loan modification.

OneWest Bank elected in October 2010 to judicially foreclose on
the Pomona Hilltop and Palm Springs properties and moved to take
receiverships over both properties.

Shilo Inn Palm Springs filed its chapter 11 bankruptcy (Bankr.
C.D. Calif. Case No. 11-26501) on April 13, 2011.  Shilo Inn
Pomona Hilltop filed its chapter 11 bankruptcy (Bankr. C.D. Calif.
Case No. 11-26270) on April 14, 2011.  Both cases are pending
before Judge Zurzolo.

OneWest filed judicial foreclosure against Shilo Inn Seaside
Oceanfront on May 24, 2011, and requested a receivership hearing
on June 9, 2011, forcing the Debtor to seek bankruptcy protection.

The Debtor said without use of cash collateral and the ability to
operate, existing hotel guests will not receive services and will
depart, canceling existing charges.  Moreover, without use of cash
collateral, future reservations will also be cancelled.  Even if
the Debtor does not have use of cash collateral on a limited time
basis, the public perception associated with the foregoing will
certainly hurt, if not eviscerate, the Debtor's business, thereby
reducing the value of the estate and potential recovery to
creditors.

The Debtor said secured creditors are adequately protected in the
use of cash collateral by a substantial equity cushion,
replacement lien and by the continued operation of the Debtor's
business.  The Debtor said OneWest is protected by an equity
cushion of approximately 60.1%.  According to the Debtor, based on
the expert opinion of Mark Hemstreet, founder and owner of Shilo
Inn hotels, who personally developed the Debtor's Hotel in 1983,
the value of the Hotel is at least $21 million.  OneWest asserts a
first priority security interest in the Debtor's assets to secure
an obligation in the amount of roughly $13.04 million.  The Debtor
said it also owes $104,184.43 in prepetition real property taxes
and $12,047.57 in prepetition personal property taxes due to
Clatsop County, for roughly $126,250 in total.

OneWest has challenged the $21 million value the Debtor assigned
to the Property, saying the Debtor's hotel is worth much lower.
OneWest also pointed out that the amounts owed by related debtors
Pomona Hilltop and Palm Springs are also secured by the Debtor's
hotel.  When the total debt owed by the three related debtors and
all collateral are viewed in the aggregate, there is no equity
cushion to provide adequate protection to OneWest.

OneWest also argued the Debtor has not made a regular payment on
its obligation since September 2009, and although the hotel
generates rents in excess of its operating expenses, the Debtor
has chosen to divert that cash collateral for purposes other than
paying debt service or property taxes.

OneWest is represented in the case by:

          A. Kenneth Hennesay, Jr., Esq.
          Loraine L. Pedowitz, Esq.
          ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP
          1900 Main Street, Fifth Floor
          Irvine, CA 92614-7321
          Tel: 949-553-1313
          Fax: 949-553-8354
          E-mail: KHennesay@allenmatkins.com
                  LPedowitz@allenmatkins.com

                About Shilo Inn Seaside Oceanfront

Based in Portland, Oregon, Shilo Inn, Seaside Oceanfront, LLC,
operates the Seaside Hotel, a 113-room hotel situated on 1.37
beautiful acres in Seaside, Oregon, pursuant to a franchise
agreement with Shilo Franchise International, LLC. The Hotel is
located directly on the beach and is the premier fixture of the
Seaside promenade.

Shilo Inn Seaside Oceanfront filed for Chapter 11 bankruptcy
(Bankr. C.D. Calif. Case No. 11-34669) on June 7, 2011.  David B.
Golubchik, Esq., at Levene Neale Bender Rankin & Brill LLP, serves
as the Debtor's bankruptcy counsel.  In its petition, the Debtor
estimated assets and debts of $10 million to $50 million.

Debtor-affiliates that previously sought Chapter 11 protection are
Shilo Inn, Diamond Bar, LLC (Case No. 10-60884) on Nov. 29, 2010;
Shilo Inn, Killeen, LLC (Case No. 10-62057) on Dec. 6, 2010; Shilo
Inn, Palm Springs, LLC (Case No. 11-26501) on April 13, 2011; and
Shilo Inn, Pomona Hilltop, LLC (Case No. 11-26270) on April 14,
2011.


SIGNATURE STYLES: Committee Wants Gift Cards Honored
----------------------------------------------------
Chapter11Cases.com reports that the Official Committee of
Unsecured Creditors appointed in the chapter 11 bankruptcy cases
of Signature Styles, LLC and Signature Styles Gift Cards, LLC
filed its initial pleadings responding to the companies' plans to
sell all of their assets to an affiliate of their current owners,
who are also affiliates of, among other things, their senior
secured creditors and DIP lenders (all of whom are affiliated with
Patriarch Partners).

The Committee's pleadings also address the companies' decision to
stop honoring their outstanding gift cards and merchandise credits
owing to customers - a decision which the Committee calls
"shocking" and sure to "negatively impact the public perception of
this company and alienate its customer base," according to
Chapter11Cases.com

The report notes that addressing first the debtors' decision not
to seek authority to continue honoring their customer programs
(gift cards and merchandise credits), the Committee describes the
decision as one of several "extraordinary measures designed to
make the Debtors' assets appear less desirable to competing
bidders."

It court filings, the Committee states that it "is not aware of
any other recent going concern sale process in this or any other
district where the debtor decided to stop honoring gift cards and
merchandise credits," Chapter11Cases.com states.  Therefore, the
Creditors' Committee asked the court in Friday's pleadings to
force the debtors to honor outstanding gift cards, merchandise
credits and other programs for Spiegel, Newport News and Shape Fx
customers "in the ordinary course until the sale of substantially
all of their assets."

Chapter11Cases.com says that customers holding gift cards,
merchandise credits or other credits from Spiegel, Newport News or
Shape Fx should note that, at this time, this is only a request by
the Creditors' Committee -- it will have to be ruled upon by the
bankruptcy court.

The Committee also expressed much broader concerns about the
proposed sale process, stating on the first page of its pleadings
that it "is gravely concerned that the sale process currently
proposed by the Debtors is woefully deficient, crafted solely to
benefit Patriarch, provides no benefit to the Debtors' estates and
is nothing more than half-hearted window dressing intended to
cloak Patriarch's efforts to cleanse the Debtors' balance sheet of
unsecured indebtedness with the appearance of fairness and equit,"
Chapter11Cases.com relates.  Therefore, the Committee has asked
the court to authorize it to take an active role in the sale
process and soliciting alternative sale proposals, stating that
the Committee's active involvement is necessary to "restore
balance and ensure an even playing field for potential bidders,
while simultaneously protecting the interests of general unsecured
creditors and maximizing value for the Debtors' estates,"
Chapter11Cases.com discloses.

The specific authorizations from the court which the Committee
requests in its court filings include:

   * Subject to certain limitations, the Committee and its
     professionals be authorized to disseminate confidential
     information of the debtors to "third parties potentially
     interested in purchasing any or all of the Debtors' assets
     and/or sponsoring a plan of reorganization in these chapter
     11 cases."

   * The Committee and its professionals be authorized to
     "participate in all aspects of the sale process including,
     but not limited to (i) participate in all in-person and
     telephonic meetings with management, including management
     presentations, receive copies of any written materials
     provided in connection with the same and be provided with
     reasonable access to management in connection with the
     Committee's efforts to supplement the sale process, (ii)
     receive all correspondence from potential bidders within one
     (1) business day of receipt by the Debtors or their advisors,
     (iii) participate in weekly sale process update calls with
     Western Reserve [the debtors' financial advisors], (iv)
     receive weekly, written updates from Western Reserve
     concerning potential bidders contacted and the status of each
     contact, and (v) receive weekly data-room statistics, to the
     extent available, as reasonably requested by the Committee's
     advisors."

The Committee's advisors be involved in preparing "all
communications sent to potential bidders."

Separately, Chapter11Cases.com notes that the Committee filed a
motion asking for court authority to authorize it to conduct
discovery and examination of the debtors and Patriarch pursuant to
Bankruptcy Rule 2004.  In the motion, the report relates, the
Committee notes that the stalking horse bid for the debtors'
assets (from an affiliate of Patriarch) is "the assumption of
purportedly secured indebtedness held by Patriarch that arose in
connection with Patriarch's failed leveraged buyout of the company
in 2009."

This, according to the Committee, requires an "expedited
investigation of the sanctity of such indebtedness,"
Chapter11Cases.com discloses.

Therefore, the Committee has asked the court to direct the
production of documents and the examination of individuals from
the debtors and Patriarch, as well as to authorize the Committee
to issue subpoenas, so far as the Committee deems necessary to
investigate "the relationship between Patriarch and the Debtors,
the purported prepetition indebtedness of Patriarch and the 2009
Acquisition which, upon information and belief, gave rise to a
portion of the purported indebtedness and the negotiations between
Patriarch and the Debtors concerning the sale process and stalking
horse agreement," Chapter11Cases.com says.

Chapter11Cases.com relates that the motion notes that both the
debtors and Patriarch have been cooperative with the Committee's
requests thus far and that the motion is being filed "in an
abundance of caution" given the expedited nature of the proposed
sale process.

On June 28, Judge Kevin Gross agreed to hear both of the
Committee's motions on an expedited basis.

The motions will be considered at a hearing to be held on
Thursday, June 30, beginning at 3:30 p.m. (Eastern).  Objections
must be filed and served so as to be received no later than noon
(Eastern) on Thursday.

                      About Signature Styles

Signature Styles LLC, owner of the Spiegel catalog, filed a
Chapter 11 petition (Bankr. D. Del. Case No. 11-11733) on June 6,
2011, along with a deal to sell the business to affiliates of the
current owners and lenders.

New York-based Signature Styles, which filed for bankruptcy
together with its affiliates, disclosed assets of $48.6 million
and debt of $867.6 million.  It purchased the Spiegel business for
$21.7 million at a foreclosure sale in June 2009.  Debt includes
$37.2 million owing on a secured term loan and revolving credit.
Unsecured debt totals $35.3 million, which include $9.8 million
owing to trade suppliers and $23.2 million in customer
obligations.  The lenders and owners are funds affiliated with
Patriarch Partners LLC.

Christopher A. Ward, Esq., at Polsinelli Shughart PC, in
Wilmington, Delaware, serves as counsel to the Debtor.  Western
Reserve Partners LLC serves as investment bankers. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

A fund affiliated with Patriarch Partners LLC has an agreement to
buy the business in return for the assumption of specified debt,
including $30 million owing on the term loan and revolving credit.
The buyer also will honor some customer obligations.  The
stalking-horse purchase agreement requires approval of bidding
procedures by July 7 and approval of a sale by Aug. 4.


SIGNATURE STYLES: Five Members in Official Creditors Committee
--------------------------------------------------------------
Roberta A. Deangelis, United States Trustee for Region 3, under 11
U.S.C. SEC 1102(a) and (b), appointed the following amended
unsecured creditors who are willing to serve on the Official
Committee of Unsecured Creditors of Signature Styles LLC.

The Creditors Committee members are:

      1. Gould Paper Corp.,
         ATTN: Michael Ritter
         11 Madison Ave.
         New York, NY 10010
         Tel: (212) 301-8682
         Fax: (212) 247-3409

      2. Google, Inc.
         ATTN: Blake Reese
         1600 Amphitheatre Pkwy.
         Mountain View, CA 94043
         Tel: (212) 565-4869
         Fax: (650) 253-8616

      3. Hearst Communications, Inc.
         ATTN: Allan Bittner
         214 North Tryson St.
         Charlotte, NC 28202
         Tel: (704) 348-8295
         Fax: (704) 376-2424

      4. Experian Marketing Solutions Inc.
         ATTN: Stephen Grant
         475 Anton Blvd., Costa Mesa
         CA 92807
         Tel: (714) 830-7710

      5. X+1
         ATTN: Nancy Lazarus
         470 Park Ave. South
         #175, New York, NY 10016
         Tel: (203) 663-4321
         Fax: (203) 299-182

                      About Signature Styles

Signature Styles LLC, owner of the Spiegel catalog, filed a
Chapter 11 petition (Bankr. D. Del. Case No. 11-11733) on June 6,
2011, along with a deal to sell the business to affiliates of the
current owners and lenders.

New York-based Signature Styles, which filed for bankruptcy
together with its affiliates, disclosed assets of $48.6 million
and debt of $867.6 million.  It purchased the Spiegel business for
$21.7 million at a foreclosure sale in June 2009.  Debt includes
$37.2 million owing on a secured term loan and revolving credit.
Unsecured debt totals $35.3 million, which include $9.8 million
owing to trade suppliers and $23.2 million in customer
obligations.  The lenders and owners are funds affiliated with
Patriarch Partners LLC.

Christopher A. Ward, Esq., at Polsinelli Shughart PC, in
Wilmington, Delaware, serves as counsel to the Debtor.  Western
Reserve Partners LLC serves as investment bankers. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

A fund affiliated with Patriarch Partners LLC has an agreement to
buy the business in return for the assumption of specified debt,
including $30 million owing on the term loan and revolving credit.
The buyer also will honor some customer obligations.  The
stalking-horse purchase agreement requires approval of bidding
procedures by July 7 and approval of a sale by Aug. 4.


SOVEREIGN OFFICE: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Sovereign Office Park, LLC
        PO Box 57627
        Oklahoma City, OK 73157

Bankruptcy Case No.: 11-13388

Chapter 11 Petition Date: June 23, 2011

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

Judge: Sarah A. Hall

Debtor's Counsel: Janice D. Loyd, Esq.
                  BELIINGHAM & LOYD, P.C.
                  620 North Robinson, Suite 207
                  Oklahoma City, OK 73102
                  Tel: (405) 235-9371
                  Fax: (405) 232-1003
                  E-mail: jdltrustee@bellinghamloyd.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 seven largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/okwb11-13388.pdf

The petition was signed by Michael E. Deeba, Chapter 11 Trustee
for Macco Properties, Inc.

Affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Holbrook Shopping Plaza, LLC           11-11235   03/17/11
JU Villa Del Mar Apartments, LLC       10-16842   11/11/10
MA Cedar Lake Apartments, LLC          10-16563   10/28/10
Macco Properties, Inc.                 10-16682   11/02/10
NV Brooks Apartments, LLC              10-16503   10/27/10
SEP Riverpark Plaza LLC                10-16832   11/11/10
Twin Lakes Apartments, LLC             10-13881   06/25/10


TELLICO LANDING: Case Summary & 11 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Tellico Landing, LLC
        P.O. Box 4187
        Maryville, TN 37802

Bankruptcy Case No.: 11-33018

Chapter 11 Petition Date: June 27, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Tennessee (Knoxville)

Judge: Richard Stair, Jr.

Debtor's Counsel: Thomas Lynn Tarpy, Esq.
                  HAGOOD, TARPY & COX PLLC
                  Suite 2100, Riverview Tower
                  900 South Gay Street
                  Knoxville, TN 37902-1537
                  Tel: (865) 525-7313
                  E-mail: ltarpy@htandc.com

Scheduled Assets: $40,444,352

Scheduled Debts: $8,532,455

The petition was signed by Michael L. Ross, chief manager.

Debtor's List of 11 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
LTR Properties                     Management Fees for    $628,445
P.O. Box 4187                      2008 Reimbursements
Maryville, TN 37802

Ward Welchel                       Management Fees        $305,557
3003 River Haven Point
Knoxville, TN 37922

Robert Stooksbury                  Management Fees        $300,000
12748 Shady Ridge Lane
Knoxville, TN 37934

Loudon County Trustee              2008-2010 Property     $276,778
P.O. Box 351                       Tellico Landing
Loudon, TN 37774

Michael L. Ross                    Reimbursements          $98,848

TN Department of Revenue           --                      $71,466

APAC Atlantic, Inc                 Street Paving           $68,511

Long, Ragsdale & Water, PC         Legal Fees              $22,584

Tellico Lake Properties            4% Marketing Fee        $21,130

Sun Sigh Graphics                  Street Signs               $710

Rarity Point Comm. Assoc, Inc.     Prorated Association       $266
                                   Dues


TELTRONICS INC: Files For Chapter 11 Protection
-----------------------------------------------
Teltronics Inc. has filed for Chapter 11 protection (Bankr. M.D.
Fla. Case No. 11-122150) in Tampa, Florida.

The Company said sales revenue from its electronics and computer
software programs could no longer sustain its operations.


The Company is represented by Charles A. Postler of Stichter,
Riedel, Blain & Prosser.

The Company has also sought immediate approval of its hiring of
Michael J. Worrall and Solutions Management as chief restructuring
officer.

                     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.


TELTRONICS, INC.: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Teltronics, Inc.
        2511 Corporate Way
        Palmetto, FL 34221-8478

Bankruptcy Case No.: 11-12150

Chapter 11 Petition Date: June 27, 2011

Court: U.S. Bankruptcy Court
       Middle District of Florida (Tampa)

Judge: K. Rodney May

Debtor's Counsel: Charles A. Postler, Esq.
                  STICHTER, RIEDEL, BLAIN & PROSSER
                  110 E Madison Street, Suite 200
                  Tampa, FL 33602-4700
                  Tel: (813) 229-0144
                  E-mail: cpostler.ecf@srbp.com

Debtor's
Chief
Restructuring
Offier:           Michael J. Worrall
                  SOLUTIONS MANAGEMENT

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

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

The petition was signed by Ewen R. Cameron, president.

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Delco Electrical Corp.             --                     $480,702
766 5th Avenue
Brooklyn, NY 11232-1619

GHT Co. Ltd.                       --                     $437,070
16 Nanyunyi Lu
Guangzhou Science City
China 00051-0663

Arrow Electronics                  --                     $395,643
P.O. Box 951597
Dallas, TX 75395-1597

Weather Wise Conditioning Corp     --                     $367,589
333 Stagg Street
Brooklyn, NY 11206-1701

Datacomm Consulting Group          --                     $220,283

Starcom Comm Services, Inc.        --                     $200,493

Avnet EMG                          --                     $175,342

Expertel Communications Ltd.       --                     $146,629

Sat Utility Contracting LLC        --                     $135,474

New York City Dept. of Finance     --                     $130,954

Gulfcoast Property No. 1, LLC      --                     $121,722

GM Data Communications Inc.        --                     $117,004

Active Sales Assoc, Inc.           --                     $110,189

CBIZ Kirkland, Russ, Murphy & Tapp --                     $103,000

Network                            --                      $78,467

Powell Electronics Inc.            --                      $72,014

Manatee County Tax Collector       --                      $60,780

Epstein Becker & Green, P.C.       --                      $58,445

Innovative Circuits Inc.           --                      $55,948

Anixter, Inc.                      --                      $51,883


TERRESTAR NETWORKS: No Auction Today; Assets to Go to Dish
----------------------------------------------------------
TerreStar Networks filed with the U.S. Bankruptcy Court a notice
that the June 30, 2011 auction related to the sale of
substantially all of the Debtors' assets has been canceled and a
hearing to consider approval of DISH Networks' Gamma Acquisition's
$1.375 billion stalking horse bid has been scheduled for July 7,
2011.

TerreStar has cancelled the auction after no rival bids were made
by a 5 p.m. deadline on June 27.

DISH has signed a contract to buy the assets, absent higher and
better offers, for a purchase price of $1.375 billion consisting
of:

    (i) $50 million, which will be deposited into the Escrow
        Account to provide funding for working capital and
        administrative expenses;

   (ii) $1.295 billion, which will be payable on or before the
        Funding Date;

  (iii) $30 million, less the amount of the Employee Obligations;

   (iv) the Purchaser's assumption of the Employee Obligations on
        the Closing Date.

                      About TerreStar Networks

TerreStar Corporation and TerreStar Holdings, Inc., filed
voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for
the Southern District of New York on Feb. 16, 2011.

TSC's Chapter 11 filing joins the bankruptcy proceedings of
TerreStar Networks Inc. and 12 other affiliates, which filed on
Oct. 19, 2010.  The October Chapter 11 cases are procedurally
consolidated under TSN's Case No. 10-15446 under Judge Sean H.
Lane.

TSC is the parent company of each of the October Debtors.  TSC has
four wholly owned direct subsidiaries: TerreStar Holdings, Inc.,
TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings
Inc.

TSC's case is jointly administered with the cases of seven of the
October Debtors under the caption In re TerreStar Corporation, et
al., Case No. 11-10612 (SHL).  The seven Debtor entities who
sought joint administration with TSC are TerreStar New York Inc.,
Motient Communications Inc., Motient Holdings Inc., Motient
License Inc., Motient Services Inc., Motient Ventures Holdings
Inc., and MVH Holdings Inc.

TSC is a Delaware corporation whose main asset is the equity in
non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use
a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by
the Federal Communication Commission.  TSC also has an indirect
89.3% ownership interest in TerreStar Network, Inc., which
operates a separate and distinct mobile communications business.
TerreStar Holdings is a Delaware corporation that directly holds
100% of the interests in 1.4 Holdings LLC.

TerreStar Networks -- TSN -- the principal operating entity of
TSC, developed an innovative wireless communications system to
provide mobile coverage throughout the United States and Canada
using satellite-terrestrial smartphones.  The system, however,
required an enormous amount of capital expenditures and initially
produced very little in the way of revenue.  TSN's available cash
and borrowing capacity were insufficient to cover its funding;
thus, forcing TSN to seek bankruptcy protection in October 2010.

TSC estimated assets and debts of $100 million to $500million in
its Chapter 11 petition.

Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
in New York, serves as counsel for the TSC and TSN Debtors.
Garden City Group is the claims and notice agent.  Blackstone
Advisory Partners LP is the financial advisor.

The Garden City Group, Inc., is the claims and noticing agent in
the Chapter 11 cases.  Otterbourg Steindler Houston & Rosen P.C.
is the counsel to the Official Committee of Unsecured Creditors
formed in TSN's Chapter 11 cases.  FTI Consulting, Inc., is the
Committee's financial advisor.


THERMOENERGY CORP: Inks Bridge Loan & Warrant Pact with Investors
-----------------------------------------------------------------
ThermoEnergy Corporation, on June 17, 2011, entered into a Bridge
Loan and Warrant Amendment Agreement with Robert S. Trump; Focus
Fund L.P.; Hughes Capital; Scott A. Fine; Peter J. Richards,
Empire Capital Partners, LP; Empire Capital Partners, Ltd; and
Empire Capital Partners Enhanced Master Fund, Ltd, who hold
warrants for the purchase in the aggregate, of 22,379,232 shares
of the Company's Common Stock.

Pursuant to the Agreement, the Investors made loans to the Company
in the respective principal amounts set forth below opposite the
name of each Investor, against the Company's issuance to each
Investor the Company's Promissory Note in such amount:

                                                    Principal
  Noteholder                                      Amount of Note
  ----------                                      --------------
  Robert S. Trump                                  $1,522,443
  Focus Fund L.P.                                    $390,000
  Hughes Capital                                      $20,000
  Scott A. Fine                                       $65,000
  Peter J. Richards                                    $65,000
  Empire Capital Partners, LP                        $285,728
  Empire Capital Partners, Ltd                       $284,584
  Empire Capital Partners Enhanced Master Fund, Ltd  $276,543

Pursuant to the Agreement, the Company agreed, subject to the
satisfaction of certain conditions, to amend the Warrants (i) to
provide that they will be exercisable for the purchase of shares
of the Company;s Series B Convertible Preferred Stock instead of
Common Stock; and (ii) to change the exercise prices of all
Warrants to $1.30 per share of Series B Stock.  The Investors
agreed, subject to the satisfaction of certain conditions, to
exercise all of the Warrants.  The principal amount of the Notes
is equal to the aggregate exercise price of the Warrants.

The terms of the Series B Stock as set forth in the Company's
Certificate of Incorporation, as amended, include anti-dilution
provisions which automatically reduce, on a weighted-average
formula basis, the conversion price of the Series B Stock
(currently $2.40 per share, or $0.24 per Common-equivalent share)
in the event the Company issues shares of Common Stock (or
securities exercisable for, or convertible into, shares of Common
Stock) at an issuance, exercise or conversion price that is less
than $0.24 per share.  The amendment and exercise of the Warrants
as contemplated by the Agreement would, under the current
applicable provisions of the Company's Certificate of
Incorporation, trigger a reduction in the conversion price of all
outstanding shares of Series B Stock.  Consequently, the Agreement
provides that the amendment and exercise of the Warrants will not
be effective unless and until the anti-dilution provisions of the
Series B Stock are waived.  Because the terms of the Company's
Series B Stock do not include a provision for the waiver of the
anti-dilution provisions, in order to implement fully the
Agreement and to consummate the amendment and exercise of the
Warrants contemplated thereby, it will be necessary for the
Company to amend its Certificate of Incorporation to permit such a
waiver.  In the Agreement, the Investors (i) consented to the
amendment of the Company's Certificate of Incorporation to add a
provision excluding from the application of the anti-dilution
provisions any transaction that is approved by the holders of a
majority of the outstanding shares of Series B Stock and (ii)
subject to the effectiveness of such amendment, waived the
application of the anti-dilution provisions with respect to the
amendment and exercise of the Warrants.  Because stockholders
holding sufficient shares of the Company's voting stock to effect
the proposed amendment and waiver have given their consent, the
Company does not intend to submit the matter to a vote at a
stockholders' meeting or otherwise to solicit generally the votes
of the Company's stockholders with respect to the proposed
amendment and waiver.  Prior to filing the proposed amendment to
the Company's Certificate of Incorporation the Company will
prepare an information statement for the Company's stockholders
which will be filed with the Securities and Exchange Commission.
The information statement and other relevant documents filed with
the SEC will be available free of charge at the SEC's Web site,
www.sec.gov and stockholders will also be able to obtain copies of
the information statement and other relevant documents free of
charge by directing their requests to ThermoEnergy Corporation.,
124 West Capitol Avenue, Suite 880, Little Rock, Arkansas 72201,
Attention: Investor Relations.

                  About ThermoEnergy Corporation

Little Rock, Ark.-based ThermoEnergy Corporation is a clean
technologies company engaged in the worldwide development of
advanced municipal and industrial wastewater treatment systems and
carbon reducing clean energy technologies.

The Company reported a net loss of $9.85 million on $2.87 million
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $12.98 million on $4.01 million of revenue during the
prior year.

The Company's balance sheet at March 31, 2011, showed
$3.97 million in total assets, $13.15 million in total liabilities
and a $9.18 million total stockholders' deficiency.

As reported by the TCR on April 7, 2011, Kemp & Company, a
Professional Association, in Little Rock, Arkansas, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred net losses since inception and will require
substantial capital to continue commercialization of the
Company's technologies and to fund the Companies liabilities.


TIRES GALORE: Voluntary Chapter 11 Case Summary
-----------------------------------------------


TIRES GALORE OF MICHIGAN: Voluntary Chapter 11 Case Summary
-----------------------------------------------------------
Debtor: Tires Galore of Michigan, Inc.
        15703 Dale Street
        Detroit, MI 48223

Bankruptcy Case No.: 11-57485

Affiliate simultaneously filing for Chapter 11:

  Debtor                                 Case No.
  ------                                 --------
Tires Galore of Inkster, Inc.            11-57486

Chapter 11 Petition Date: June 24, 2011

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

Judge: Thomas J. Tucker

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: $50,001 to $100,000

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

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

The petitions were signed by Daniel O'Keefe, president.

Affiliate that previously sought Chapter 11 protection:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
DTO Holdings, Inc.                    11-51535            04/22/11


TOBIANO RESORT: In Receivership After Failing to Keep Current Debt
------------------------------------------------------------------
Cam Fortems at The Daily News reports that B.C. Supreme Court has
placed Tobiano Resort in receivership after it failed to keep
current on debts totaling more than $27 million.

The Bank of Montreal initiated legal action last month after
making payment demands on developer Michael Grenier and his
companies, including Kamlands Holdings Ltd. and Pagebrook Inc.,
according to The Daily News.  The report relates that the court
ordered a Vancouver receiver, Bowra Group, to take control of
Grenier's companies on June 9.

Mr. Grenier has agreed to stay on to assist the receiver.  Mr.
Grenier blamed continuing economic fallout from the 1998 recession
as well as failure of a number of government agencies to
contribute or loan money for a proposed marina for the project's
financial problems, The Daily News adds.


TRANSDEL PHARMACEUTICALS: Files for Chapter 11 to Sell
------------------------------------------------------
Transdel Pharmaceuticals Inc., a specialty pharmaceutical company,
filed for Chapter 11 protection (Bankr. S.D. Calif. Case No. 11-
10497).

Transdel has immediately requested court permission to sell its
assets, including a drug candidate to treat arthritis, to Cardium
Therapeutics.

In February 2011, the Company announced that it "ha[d] been
exploring strategic alternatives aimed at enhancing shareholder
value with two investment banks, American MedTech Advisors and ESC
Advisors, a division of KEMA Partners.  The goal of this
engagement is to continue further development of TDLP-110 (aka
Ketotransdel), the Company's lead late stage pain product."

Th Debtor is represented by Michael D. Breslauer, Esq., at Solomon
Ward Seidenwum & Smith.


TRANSDEL PHARMACEUTICALS: Case Summary & 20 Largest Unsecureds
--------------------------------------------------------------
Debtor: Transdel Pharmaceuticals, Inc.
        4275 Executive Square, Suite 230
        La Jolla, CA 92037

Bankruptcy Case No.: 11-10497

Chapter 11 Petition Date: June 26, 2011

Court: United States Bankruptcy Court
       Southern District of California (San Diego)

Debtor's Counsel: Michael D. Breslauer, Esq.
                  SOLOMON WARD SEIDENWURM & SMITH, LLP
                  401 B Street, Suite 1200
                  San Diego, CA 92101
                  Tel: (619) 231-0303
                  E-mail: mbreslauer@swsslaw.com

Scheduled Assets: $1,771,392

Scheduled Debts: $1,507,122

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/casb11-10497.pdf

The petition was signed by John Lomoro, chief financial officer.


TRI-STAR ESTATES: Plan Exclusivity Expires Thursday
---------------------------------------------------
Tri-Star Estates, LLC's exclusive period to solicit acceptances
for its proposed Plan of Reorganization expires June 30, 2011,
according to an order signed by Judge Jack B. Schmetterer.

As reported in the Troubled Company Reporter on April 13, 2011,
according to the Disclosure Statement, the Plan provides for
distributions to the holders of Allowed Claims from funds realized
from the continued operation of the Debtor's business well as from
existing cash deposits and cash resources of the Debtor.  The
Debtor owns a manufactured home community, consisting of
approximately 900 sites located at 43 East 5000 North Road,
Bourbonnais, Illinois.  To the extent necessary, the payment to
Wells Fargo Bank, N.A., as Trustee for the registered holders of
Banc of America Commercial Mortgage Inc., Commercial Mortgage
Pass-Through Certificates, Series 2005-1, by and through its
special servicer J.E. Robert Company, Inc., may be paid from the
proceeds of the refinancing of the underlying mortgage
indebtedness due to lender or from the sale of the property.

The Debtor will purchase and either rent or sell (with seller
financing) new or pre-owned manufactured homes to tenants,
increasing occupancy and, therefore, net operating income.
Outside lending sources for the financing of manufactured homes
would materialize from either banks, credit companies, home
manufacturers, conduit lenders, or outside lending sources,
further increasing occupancy.  Funds for the financing of
manufactured homes may also be procured by the syndication of
partnership interests.

Due to an increase in occupancy and, therefore, net operating
income, the refinancing of the property is likely to occur by the
end of year three or four with either a credit company, life
insurance company, bank, loan securitization group, pension fund,
or other lending sources.

                        Treatment of Claims

Class 1 - Bank of America -- Interest on its Allowed Class 1
Claims will be paid at the prepetition, non-default contract rate
of 5.176%, with interest computed based on a 30 day month/360 day
year.

Class 2 - Kankakee County Treasurer -- Secured claim will be paid
with statutory interest on Effective Date.

Class 3 - Tenant Security Deposits will be paid according to terms
of tenant leases in ordinary course of Debtor's business.

Class 4 - Other Secured Claims: Airco Mobile Home Repair and
Rosebrook Carefree Pools will be aid in full in cash with interest
based on an annual interest rate of 5.176% and a 30-day/360 day
year.

Class 5 - John Deere Credit will be paid in full in cash with
interest based on an annual interest rate of 5.176% and a 30-
day/360 day year.

Class 6 - Non-Priority Unsecured Claims Interest will be paid at
the annual rate of 5.176%, with interest computed based on a
30 day month/360 day year.

Class 7 - The Meadows Limited Partnership will retain its equity
interest in the Debtor.

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

                     About Tri-Star Estates

Chicago, Illinois-based Tri-Star Estates, LLC, is the owner of a
manufactured home community, consisting of approximately
900 sites located at 43 East 5000 North Road, Bourbonnais,
Illinois.  The Company filed for Chapter 11 protection (Bankr.
N.D. Ill. Case No. 10-49360) on Nov. 3, 2010.  The Debtor
estimated assets and debts at $10 million to $50 million.

No trustee, examiner or committee of unsecured creditors has been
appointed to serve in the Debtor's Chapter 11 case.


TRITON CONTAINER: S&P Assigns 'BB+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' corporate
credit rating to San Francisco-based Triton Container
International Ltd. "At the same time we assigned a 'BBB' rating to
the company's proposed $300 million senior notes
with a '1' recovery rating, indicating our expectations of a very
high (90%-100%) recovery in a payment default scenario. We also
assigned a 'BBB' rating to the company's existing $650 million
senior secured notes and $335 million term loan, as well as a $400
million revolving line of credit co-issued by Triton and Triton
Container Investments LLC, a subsidiary of Triton, with a '1'
recovery rating. The outlook is stable," S&P related.

"The ratings on Triton reflect its significant position within the
marine cargo container leasing industry and the relatively stable
earnings and cash flow generated from a substantial proportion of
its long-term leases," said Standard & Poor's credit analyst Funmi
Afonja. "The ratings also incorporate the cyclicality and capital
intensity of the marine cargo container leasing industry. We
categorize Triton's business risk profile as fair, its financial
risk profile as significant, and its liquidity as adequate."

"Our ratings and outlook take into consideration significant
incremental debt to fund fleet expansion, higher cash interest
expense payments, and the increased operating costs of managing a
larger fleet. Nonetheless, we expect the company will maintain its
financial profile over at least the next year on increased
earnings and strong market fundamentals, which we believe will
support high utilization levels and improved lease rates," S&P
stated.

Triton has historically enjoyed relatively stable earnings and
cash flow due to its high proportion of fixed-rate long-term
leases. Although term lease rates tend to be lower than those of
master leases, term leases result in higher utilization rates and
stable cash flow, especially in periods of weaker demand. While
master leases command higher rates than term leases, the marine
cargo containers may be returned to the lessors in periods of low
demand, depressing utilization and increasing costs for the lessor
(including storage and redeployment) as it tries to re-lease the
marine cargo containers.

"The outlook is stable, reflecting our expectation that improving
market fundamentals should contribute to increased earnings and
help the company maintain a relatively stable financial profile
despite its significant incremental debt to finance growth. If
earnings do not improve to the levels we expect, leading to a
weaker financial profile and FFO to debt falling to the low-teen
percentage area for a sustained period, we could lower the
ratings," Ms. Afonja continued. "We believe any ratings upgrade is
unlikely in the near future, unless we see stronger-than-expected
improvement in Triton's earnings or a material reduction in debt,
leading to sustained FFO to debt above 25%."


TWO JAYS: Case Summary & 17 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Two Jays Spirits, Inc.
        383 First Avenue
        New York, NY 10010

Bankruptcy Case No.: 11-13086

Chapter 11 Petition Date: June 26, 2011

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Debtor's Counsel: Paul D. Feinstein, Esq.
                  102 Sunnyside Drive
                  Yonkers, NY 10705
                  Tel: (212) 687-2080
                  E-mail: paulfeinstein@optonline.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 17 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nysb11-13086.pdf

The petition was signed by Adam Goldberg, vice president,
secretary and treasurer.


UNITED STATES STEEL: Fitch Cuts Issuer Default Rating to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of United
States Steel Corporation to 'BB' from 'BB+'.

The Rating Outlook is Stable.

The ratings have been downgraded as a result of higher than
expected cash burn in 2010 and the possibility of a prolonged
period of higher financial leverage. Fitch believes that free cash
flow could be negative in the range of $500 million for 2011
following negative free cash flow of $1 billion in 2010 and $736
million (after of $147 million of capital expenditures by variable
interest entities) in 2009. While management has a high degree of
control over its raw materials, the company has a large fixed cost
base and capacity utilization in North America has been less than
80%, thereby pressuring earnings and cash flow. There is no
visibility into when capacity utilization in the region will show
material improvement.

The ratings reflect solid liquidity, weak but slowly improving
market conditions, and weak earnings and cash flow. Fitch believes
that U.S. Steel will revert to an average annual EBITDA of $2
billion but that it may take as long as 2012 or 2013 to realize.

The Stable Outlook reflects Fitch's view that U.S. Steel's
liquidity is sufficient to support operations should the recovery
remain weak for the next 12-18 months.

Operating EBITDA is expected to be about $1.5 billion for the year
compared with $520 million for 2010 and a loss of $1.1 billion for
2009. Debt at March 31, 2011 was $3.8 billion. On a GAAP basis,
pensions benefit obligations exceeded the fair value of pension
plan assets by $1.975 billion at Dec. 31, 2010 and U.S. Steel
voluntarily contributed $140 million per year to the main defined
pension plan over each of the past five years.

Liquidity is solid with cash on hand at quarter-end at $421
million; the $750 million revolver available up to the amount
above which the fixed charges coverage ratio requirement is
applicable ($637.5 million) and the $525 million accounts
receivable facility was fully available. The revolver expires May
11, 2012, and the receivables facility expires July 19, 2013. The
revolver has a 1.10:1.00 fixed charges coverage ratio requirement
only at such times as availability under the facility is less
$112.5 million.

As of December 31, 2010, scheduled maturities of debt were $216
million in 2011 and $20 million in 2012, and $300 million in 2013,
$863 million in 2014, and $150 million in 2015. In 2011, $196
million of the maturities relate to environmental revenue bonds
which the company agreed to refinance related to its separation
from Marathon Oil Corporation. The $863 million due in 2014 is an
in-the-money convertible issue. Capital expenditure guidance for
2011 was $990 million. Fitch expects interest expense in the range
of $230 million to $240 million.

A review of the ratings and Outlook would be warranted should
liquidity deteriorate beyond current expectations or if results
are much weaker than expected.

Fitch has downgraded these ratings:

   -- Long-term IDR to 'BB' from 'BB+';

   -- Senior secured credit facility to 'BB+' from 'BBB-'; and

   -- Senior unsecured notes at to 'BB' from 'BB+'.


USA COMMERCIAL: 9th Circ. Rejects Bingham's to Keep Payments
------------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that the Ninth Circuit
on Friday rejected Bingham McCutchen LLP's attempt to retain
$200,000 that USA Commercial Mortgage Co. paid on behalf of an
affiliated real estate developer.

Issuing a nonprecedential opinion, the appeals court concluded
that the $200,000 payment was a constructive fraudulent transfer,
agreeing with the district court that the bankruptcy court
correctly granted the liquidating trust for USACM summary judgment
on its bid to recover the funds, according to Law360.

                       About USA Commercial

Based in Las Vegas, Nevada, USA Commercial Mortgage Company, dba
USA Capital -- http://www.usacapitalcorp.com/-- provides more
than $1 billion in short-term and permanent financing to
homebuilders, commercial developers, apartment owners and
institutions nationwide.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 13, 2006 (Bankr. D. Nev.
Case Nos. 06-10725 to 06-10729).

Lenard E. Schwartzer, Esq., at Schwartzer & Mcpherson Law Firm,
and Annette W. Jarvis, Esq., at Ray Quinney & Nebeker, P.C.,
represented the Debtors in their restructuring efforts.  Thomas J.
Allison, a senior managing director at Mesirow Financial Interim
Management LLC, served as Chief Restructuring Officer for the
Debtors.

Susan M. Freeman, Esq., and Rob Charles, Esq., at Lewis and Roca
LLP represented the Official Committee of Unsecured Creditors of
USA Commercial Mortgage Company.  Edward M. Burr at Sierra
Consulting Group, LLC, provided financial advice to the Creditors
Committee of USA Mortgage.

Marc A. Levinson, Esq., and Jeffery D. Hermann, Esq., at Orrick,
Herrington & Sutcliffe LLP, and Bob L. Olson, Esq., and Anne M.
Loraditch, Esq., at Beckley Singleton, Chartered, represented the
Official Committee of Equity Security Holders of USA Capital
Diversified Trust Deed Fund, LLC.  FTI Consulting, Inc., provided
financial advice to the Equity Committee of USA Diversified.

Candace C. Carlyon, Esq., and Shawn w. Miller, Esq., at Shea &
Carlyon, Ltd., and Jeffrey H. Davidson, Esq., Frank A. Merola,
Esq., and Eve H. Karasik, Esq., at Stutman, Treister & Glatt, PC,
represented the Official Committee of Equity Security Holders of
USA Capital First Trust Deed Fund, LLC.  Matthew A. Kvarda, at
Alvarez & Marsal, LLC, provided financial advise to the Equity
Committee of USA First.

When the Debtors filed for protection from their creditors, they
estimated assets of more than $100 million and debts between
$10 million and $50 million.

The Debtor's Chapter 11 plan of reorganization was confirmed on
Jan. 8, 2007.  USACM Liquidating Trust was created pursuant to the
Debtors' Third Amended Joint Chapter 11 Plan of Reorganization,
which became effective March 12, 2007.  Under the Joint Plan, the
Trust obtained the right to enforce USACM's causes of action.


UTSTARCOM INC: Completes Reorganization Merger
----------------------------------------------
UTStarcom, Inc., and UTStarcom Holdings Corp., announced that the
proposed merger to reorganize the Company as a Cayman Islands
company was approved by the stockholders of UTStarcom at the
annual meeting held on June 24, 2011.  The Company announced on
June 25, 2011, that the merger has been completed.

Pursuant to the approval of the Company's stockholders, UTSI
Mergeco Inc., a wholly-owned subsidiary of UTS Holdings, will
merge with and into the Company's existing public company,
UTStarcom, which is incorporated under the laws of the State of
Delaware.  As a result of the reorganization, UTS Holdings,
currently a wholly-owned subsidiary of UTStarcom, will become the
parent company of UTStarcom group of companies.  After the
reorganization, UTStarcom expects to continue to conduct its
business in substantially the same manner.

UTStarcom stockholders will have their existing common stock
automatically converted into a right to receive an equal number of
ordinary shares in UTS Holdings, the new Cayman Islands public
company.  Upon completion of the Merger, UTS Holdings's shares
will be traded on the NASDAQ Stock Market under the same stock
symbol "UTSI."

Following completion of the Merger, UTS Holdings is expected to
qualify as a "foreign private issuer" under the rules and
regulations of the Securities and Exchange Commission.  The
Company will remain subject to the mandates of the Sarbanes-Oxley
Act of 2002, and as long as the UTS Holdings' ordinary shares are
listed on NASDAQ, the governance and disclosure rules of that
stock exchange.

The Company announced the official results of its 2011 Annual
General Meeting, held on June 24, 2011, in Beijing, China.  The
shareholders:

   (1) elected Jack Lu, Baichuan Du and Xiaoping Li as Class II
       Directors to serve until the 2014 Annual General Meeting of
       Shareholders;

   (2) ratified PricewaterhouseCoopers Zhong Tian CPAs Limited
       Company as the Company's independent auditor for the fiscal
       year ending Dec. 31, 2011;

   (3) approved on an advisory basis, the 2010 executive
       compensation awarded to the Company's named executive
       officers as disclosed in the proxy statement for the 2011
       annual general meeting of stockholders;

   (4) approved the proposal to hold future advisory votes every
       year to approve the compensation of the Company's named
       executive officers; and

   (5) adopted the Agreement and Plan of Merger and
       Reorganization, entered into as of April 25, 2011, by and
       among UTStarcom, UTStarcom Holdings Corp., a Cayman Islands
       exempted company and a wholly-owned subsidiary of
       UTStarcom, and UTSI Mergeco Inc.

                        About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

The Company reported a net loss of $65.29 million on $291.53
million of net sales for the year ended Dec. 31, 2010, compared
with a net loss of $225.70 million on $386.34 million of net sales
during the prior year.

The Company's balance sheet at March 31, 2011, showed
$726.30 million in total assets, $488.06 million in total
liabilities, and $238.23 million in total equity.


VERENIUM CORP: Partners with Novus to Develop Animal Nutrition
--------------------------------------------------------------
Verenium Corporation and Novus International Inc. announced a
strategic collaboration to jointly develop and commercialize a
suite of new enzyme products from Verenium's late-stage product
pipeline in the animal nutrition and health area globally.

"We are extremely enthusiastic about our partnership with Novus,
the potential opportunity it represents for the continued
development of our pipeline and for Verenium to become a more
active participant in the animal health and nutrition marketplace
with our suite of high-performance enzyme products," said James
Levine, President and Chief Executive Officer at Verenium.  "Novus
brings world-class leadership and experience launching products in
this market, and with our combined skills, we look forward to
working closely as partners to commercialize a series of market-
leading products over the coming years."

Thad Simons, President and Chief Executive Officer of Novus
International adds, "We are very excited about our partnership
with Verenium, as it will propel Novus toward new solutions to
performance challenges and help us as we work to add further value
to our customers' businesses.  Verenium's approach to product
development is very innovative and based on the highest standards
of science.  This partnership is a natural alignment and we expect
to deliver great results for our industry working together."

Key terms and highlights of the collaboration include:

     * The initial focus of the partnership will be on select
       late-stage product candidates from Verenium's pipeline
       targeting the poultry, swine, beef, dairy, aquaculture and
       companion animals markets;

     * The global partnership will include equal management
       representation from Verenium and Novus to direct various
       activities, including budgeting, development and marketing
       plans;

     * The companies will partner equally to fund development and
       commercialization and share in the profits, as well as
       provide other resources and expertise that would otherwise
       have been funded solely by Verenium;

     * Verenium will receive license payments of $2.5 million upon
       signing and $2.5 million following regulatory filings or
       commercial activity; and

     * In the marketplace, all products will be co-branded by
       Verenium and Novus.

            About The Animal Health and Nutrition Market

Enzymes are used in the animal health and nutrition market to
allow livestock, poultry, aquaculture and companion animals to
more readily digest and absorb the nutrients naturally occurring
in grains and protein meals.  According to industry reports in the
animal health and nutrition market, enzymes are experiencing
remarkable growth due to their ability to provide better nutrition
and an improved environmental impact.  Global sales of animal feed
enzymes are estimated to have reached $520 million in 2010, and
are expected to grow 6 to 7 percent annually to reach over $720
million by 2015, making it one of the largest and fastest growing
markets for industrial enzymes.  Given the trends of global
population growth, increased meat consumption in emerging markets
and increased grain prices leading to higher feed costs for
producers, enzymes are an effective means of improving the
sustainability of animal production both economically and
environmentally.

                     About Verenium Corporation

Cambridge, Mass.-based Verenium Corporation (NASDAQ: VRNM) --
http://www.verenium.com/-- is a pioneer in the development and
commercialization of high-performance enzymes for use in
industrial processes.  Verenium currently sells enzymes developed
using its R&D capabilities to industrial customers globally for
use in markets including biofuels, animal health and oil seed
processing.

The Company's balance sheet at March 31, 2011, showed $73.52
million in total assets, $65.80 million in total liabilities and
$7.72 million in stockholders' equity.

The Company reported a net loss of $5.35 million on $52.07 million
of total revenue for the year ended Dec. 31, 2010, compared with a
net loss of $56.24 million on $48.82 million of total revenue
during the prior year.

As reported in the Troubled Company Reporter on March 19, 2010,
Ernst & Young LLP, in San Diego, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
operating losses and accumulated deficit of $630.0 million at
Dec. 31, 2009.


VINEYARD AT SERRA RETREAT: Sec. 341 Creditors' Meeting on July 22
-----------------------------------------------------------------
The United States Trustee for Region 16 will convene a Meeting of
Creditors pursuant to 11 U.S.C. Sec. 341(a) in the bankruptcy case
of The Vineyard at Serra Retreat, LLC, on July 22, 2011, at 10:30
a.m. at RM 105, 21051 Warner Center Lane, in Woodland Hills,
California.  The meeting was originally set for July 14.

The Vineyard at Serra Retreat, LLC, in Malibu, California, filed
for Chapter 11 bankruptcy (Bankr. C.D. Calif. Case No. 11-17323)
on June 15, 2011.  Judge Victoria S. Kaufman presides over the
case.  The Law Offices of David W. Meadows serves as bankruptcy
counsel.  In its petition, the Debtor estimated assets and debts
of $10 million to $50 million.  The petition was signed by John
Hall, manager.


WII COMPONENTS: Commences Tender Offer and Consent Solicitation
---------------------------------------------------------------
WII Components, Inc., commenced a cash tender offer and consent
solicitation with respect to any and all of its outstanding
$105,850,000 aggregate principal amount of 10% Senior Notes due
2012.  The tender offer and consent solicitation are being made
subject to the terms and conditions set forth in an Offer to
Purchase and Consent Solicitation Statement dated June 24, 2011,
which more fully sets forth the terms and conditions of the tender
offer and consent solicitation.  The tender offer and consent
solicitation will expire at 11:59 p.m., New York City time, on
July 22, 2011, unless extended or earlier terminated.

Holders who validly tender (and do not validly withdraw) their
Notes on or prior to the consent payment deadline of 5:00 p.m.,
New York City time, on July 7, 2011, and whose Notes are accepted
for payment, will receive total consideration equal to $1,002.50
per $1,000 principal amount of Notes, plus any accrued and unpaid
interest on the Notes up to, but not including, the early
settlement date.  The Total Consideration includes a consent
payment of $2.50 per $1,000 principal amount of Notes.

Holders who validly tender (and do not validly withdraw) their
Notes after the Consent Date, but on or prior to the Expiration
Date, and whose Notes are accepted for payment, will receive the
tender offer consideration equal to $1,000.00 per $1,000 principal
amount of Notes, plus any accrued and unpaid interest on the Notes
up to, but not including, the final settlement date described
below.  Holders of Notes who tender after the Consent Date will
not receive a consent payment.

Holders who tender Notes on or prior to the Consent Date may
withdraw such Notes at any time on or prior to the Consent Date.

In connection with the tender offer, the Company is also
soliciting consents from the holders of the Notes to certain
proposed amendments that would eliminate substantially all of the
restrictive covenants and certain events of default contained in
the indenture governing the Notes.  Adoption of the proposed
amendments with respect to the Notes requires the consent of the
holders of at least a majority of the outstanding principal amount
of the Notes.  Holders who tender their Notes will be deemed to
consent to the proposed amendments, and holders may not deliver
consents to the proposed amendments without tendering their Notes
in the tender offer.

The tender offer and consent solicitation are subject to customary
conditions, including, among others, a financing condition that
the Company receive net proceeds from its proposed new senior
secured credit facilities and subordinated notes in an amount
sufficient to fund all of its obligations under the tender offer
and consent solicitation.  Provided that the conditions to the
tender offer have been satisfied or waived, the Company will pay
for Notes purchased in the tender offer, together with any accrued
and unpaid interest, on either the early settlement date or the
final settlement date, as applicable.

Holders of Notes that have been validly tendered (and not validly
withdrawn) and accepted by the Company by the Consent Date will
receive the Total Consideration and will be paid on the early
settlement date, which is expected to be promptly after
satisfaction of the financing condition and following the Consent
Date, provided that all other conditions to the tender offer have
been satisfied or waived at such time.  Holders of Notes that have
been validly tendered (and not validly withdrawn) and accepted by
the Company after the Consent Date, but on or prior to the
Expiration Date, will receive the Tender Offer Consideration only,
and will be paid on the final settlement date, which is expected
to be promptly following the date on which the Expiration Date
occurs.  The Company may, in its sole discretion, accept for
payment on the early settlement date Notes tendered after the
Consent Date but prior to the early settlement date.

The Company has engaged D.F. King & Co., Inc., to act as tender
agent and information agent for the tender offer and consent
solicitation.  Questions regarding the tender offer and consent
solicitation and requests for documents may be directed to D.F.
King & Co., Inc., at (888) 628-9011 (toll free) or (212) 269-5550
(collect).

                       About WII Components

WII Components Inc. manufactures hardwood cabinet doors and
related components in the United States, selling primarily to
kitchen and bath cabinet original equipment manufacturers.

As reported in the TCR on Oct. 27, 2010, Standard & Poor's Ratings
Services assigned its preliminary 'B-' corporate credit rating to
St. Cloud, Minn.-based WII Components Inc.  The rating outlook is
stable.  "The 'B-' preliminary corporate credit rating on WII
reflects its highly leveraged financial risk profile and
vulnerable business risk profile," said Standard & Poor's credit
analyst Pamela Rice.  In November 2010, S&P withdrew all of its
preliminary ratings, including its preliminary 'B-' corporate
credit rating, on WII Components because the company's proposed
$115 million senior secured notes offering was not completed.

The Company reported a net loss of $3.37 million on $145.38
million of net sales for the year ended Dec. 31, 2010, compared
with a net loss of $15.18 million on $130.45 million of net sales
during the prior year.

The Company's balance sheet at March 31, 2011, showed
$196.13 million in total assets, $130.42 million in total
liabilities and $65.70 million in total stockholders' equity.


WATERSCAPE RESORT: U.S. Trustee Appoints 3-Member Creditor's Panel
------------------------------------------------------------------
Tracy Hope Davis, the United States Trustee for Region 2, under 11
U.S.C. SEC 1102(a) and (b), appointed unsecured creditors who are
willing to serve on the Official Committee of Unsecured Creditors
of Waterscape Resort LLC, aka Cassa NY Hotel And Residences.

The Committee members are:

      1. LOAR Corporate Servicing, Inc.
         P.O. Box 131
         Yonkers, New York 10704
         ATTN: Armando Rodriguez, Jr.
         Tel: (914) 969-0009

      2. Council for Economic Education
         122 East 42nd Street, 26th Floor
         New York, New York 10168
         ATTN: Cynthia Hallenbeck
               Acting Chief Financial Officer
         Tel: (212) 730-7007

      3. Tecton N.Y. Management Services, LLC
         601 Brickell Key Drive, Suite 902
         Miami, Florida 33131
         ATTN: John Michael Register
         Tel: (305) 577-8484

                    About Waterscape Resort

Waterscape Resort LLC, aka Cassa NY Hotel And Residences, is a
Delaware limited liability company formed on or about Jan. 24,
2005.  The principal office of the Debtor is at 15 West 34th
Street, New York, New York 10001.  On July 19, 2005, Waterscape
acquired the property, consisting of the three contiguous
buildings at 66, 68 and 70 West 45th Street in Manhattan, for the
sum of $20 million to develop the property into a 45-storey
condominium project including a luxury hotel, a restaurant and
luxury residential apartments.  The purchase was financed with a
$17 million acquisition loan and mortgage from U.S. Bank
Association.

Construction of the hotel and residential units, given the name
Cassa NY Hotel and Residences, commenced in July 2007.  By the end
of September 2010, the hotel and residential units were completed.
The Debtor generates its revenue from guests who stay at the hotel
and in the Debtor's residential condominium units, and from sales
of unsold residential condominium units.  The Debtor's hotel and
rental business has produced gross revenues of approximately
$17 million to $18 million on an annual basis, and by the end of
September 2010, the Debtor had sold five residential apartment
units for a total of approximately $12,710,340.

The Debtor's Cassa NY Hotel and Residences features 165 hotel
rooms, and above the hotel units, 57 residences.  The Debtor's
restaurant will occupy the first level below ground, but will be
visible from the ground floor hotel lobby.  The Debtor's
restaurant is not yet open for business.

The Debtor has for several months been embroiled in litigation
with numerous contractors and subcontractors who have asserted
alleged mechanics lien claims against the Property totaling
approximately $20 million.

As of the Petition Date, the Debtor had outstanding approximately
$134.4 million of secured loan principal obligations under credit
facilities with US Bank and USB Capital Resources, Inc.  The debt
is secured by liens upon all of the assets of the Debtor,
including mortgages on the Debtor's real property, together with
liens on all rents, proceeds and cash of the Debtor, pledges of
member interests in Waterscape, and guarantees by Waterscape
members and other third-party grantors.  The Debtor's secured debt
was incurred under three separate agreements for: (i) an
acquisition and project loan; (ii) a construction loan; and (iii)
a mezzanine loan; each of which was made in connection with the
acquisition or development of the Debtor's property.

Over the last several months, the Debtor engaged in extensive
negotiations with the Secured Lenders regarding the parameters of
a comprehensive restructuring.  The Debtor also engaged in
extensive marketing efforts and negotiations to sell its hotel
assets to a non-insider buyer.  The restructuring discussions
between the Debtor and the Secured Lenders reached an impasse, and
on March 21, 2011, UBS, the junior of the two Secured Lenders,
filed a foreclosure action against the Debtor in the Supreme Court
of the State of New York, County of New York.

The Debtor then filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 11-11593) on April 5, 2011.  Brett D. Goodman,
Esq., and Lee William Stremba, Esq., at Troutman Sanders LLP
represent the Debtor as Bankruptcy Counsel.  Holland & Knight LLP
serves as its special litigation counsel.  The Debtor disclosed
$214,285,027 in assets and $158,756,481 in liabilities as of the
Chapter 11 filing.


WATERSCOPE RESORT: Committee Objects to Disclosure Statement
------------------------------------------------------------
The Official Committee of Unsecured Creditors asks the U.S.
Bankruptcy Court for the Southern District of New York to reject
Waterscape Resort LLC's proposed Disclosure Statement and plan
of reorganization.

Louis T. DeLucia, Esq., at Schiff Hardin LLP, counsel to the
Committee, states that although the Plan purportedly provides for
payment in full of all allowed unsecured claims, with interest,
the Plan fails to:

    (a) properly disclose or assess the correct amount of the
        unsecured claims;

    (b) demonstrate in any way that the Debtor will have the cash
        on hand or immediately available to pay the allowed
        unsecured claims on the date(s) provided for under the
        Plan; and

    (c) establish that the Plan is "feasible" and not likely to
        require further financial reorganization or liquidation.

                   About Waterscape Resort

Waterscape Resort LLC, aka Cassa NY Hotel And Residences, is a
Delaware limited liability company formed on or about Jan. 24,
2005.  The principal office of the Debtor is at 15 West 34th
Street, New York, New York 10001.  On July 19, 2005, Waterscape
acquired the property, consisting of the three contiguous
buildings at 66, 68 and 70 West 45th Street in Manhattan, for the
sum of $20 million to develop the property into a 45-storey
condominium project including a luxury hotel, a restaurant and
luxury residential apartments.  The purchase was financed with a
$17 million acquisition loan and mortgage from U.S. Bank
Association.

Construction of the hotel and residential units, given the name
Cassa NY Hotel and Residences, commenced in July 2007.  By the end
of September 2010, the hotel and residential units were completed.
The Debtor generates its revenue from guests who stay at the hotel
and in the Debtor's residential condominium units, and from sales
of unsold residential condominium units.  The Debtor's hotel and
rental business has produced gross revenues of approximately
$17 million to $18 million on an annual basis, and by the end of
September 2010, the Debtor had sold five residential apartment
units for a total of approximately $12,710,340.

The Debtor's Cassa NY Hotel and Residences features 165 hotel
rooms, and above the hotel units, 57 residences.  The Debtor's
restaurant will occupy the first level below ground, but will be
visible from the ground floor hotel lobby.  The Debtor's
restaurant is not yet open for business.

The Debtor has for several months been embroiled in litigation
with numerous contractors and subcontractors who have asserted
alleged mechanics lien claims against the Property totaling
approximately $20 million.

As of the Petition Date, the Debtor had outstanding approximately
$134.4 million of secured loan principal obligations under credit
facilities with US Bank and USB Capital Resources, Inc.  The debt
is secured by liens upon all of the assets of the Debtor,
including mortgages on the Debtor's real property, together with
liens on all rents, proceeds and cash of the Debtor, pledges of
member interests in Waterscape, and guarantees by Waterscape
members and other third-party grantors.  The Debtor's secured debt
was incurred under three separate agreements for: (i) an
acquisition and project loan; (ii) a construction loan; and (iii)
a mezzanine loan; each of which was made in connection with the
acquisition or development of the Debtor's property.

Over the last several months, the Debtor engaged in extensive
negotiations with the Secured Lenders regarding the parameters of
a comprehensive restructuring.  The Debtor also engaged in
extensive marketing efforts and negotiations to sell its hotel
assets to a non-insider buyer.  The restructuring discussions
between the Debtor and the Secured Lenders reached an impasse, and
on March 21, 2011, UBS, the junior of the two Secured Lenders,
filed a foreclosure action against the Debtor in the Supreme Court
of the State of New York, County of New York.

The Debtor then filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 11-11593) on April 5, 2011.  Brett D. Goodman,
Esq., and Lee William Stremba, Esq., at Troutman Sanders LLP
represent the Debtor as Bankruptcy Counsel.  Holland & Knight LLP
serves as its special litigation counsel.  The Debtor disclosed
$214,285,027 in assets and $158,756,481 in liabilities as of the
Chapter 11 filing.


WESTLAND PARCEL: Wants to Hire David Goodrich as CRO
----------------------------------------------------
Westland Parcel J. Partners, LLC, asks permission from the U.S.
Bankruptcy Court for the Central District of California to employ
as chief Restructuring Officer:

         David M. Goodrich
         Goodrich Law Corporation
         26459 Rancho Parkway South
         Lake Forest, CA 92630
         (949) 709-2662

The Debtor is requesting that the court grant the motion without
a hearing, as provided for in LBR 9013-1 (0).

Mr. Goodrich will work with the Debtor's current professionals
and staff in its efforts to monetize assets and propose a
liquidating Chapter 11 Plan.  Mr. Goodrich will have all of the
powers of a sole managing member of the Debtor.

Mr. Goodrich will be compensated at the rate of $250 per hour,
with a $5,000, retainer to be paid by the Debtor after approval
of the Application.  In addition, the Debtor will reimburse
Mr. Goodrich for reasonable and necessary expenses incurred in
connection with the Chapter 11 case.  Mr. Goodrich has not
sought, and will not be paid, a success fee.

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

                About Westland Parcel J Partners

Long Beach, California-based Westland Parcel J Partners, LLC,
is developing a mixed-use commercial project consisting of
general aviation, aviation-oriented office, retail, restaurant,
and other airport related uses.  The Company filed for Chapter 11
bankruptcy protection (Bankr. C.D. Calif. Case No. 10-58987) on
Nov. 15, 2010.  Jeffrey S Shinbrot, Esq., at The Shinbrot Firm,
assists the Debtor in its restructuring effort.   Kallman & Co.,
LLC, serves as its certified public accountants.  AG Commercial
serves as its leasing broker.  The Debtor estimated its assets
and debts at $10 million to $50 million.

Affiliate David William Neary (Bankr. C.D. Calif. Case No. 10-
39802) filed separate Chapter 11 petition on July 20, 2010.


WESTLAND PARCEL: Wants to Sell All Assets to Dubar
--------------------------------------------------
Westland Parcel J Partners, LLC, asks the U.S. Bankruptcy Court
for the Central District of California for authority to sell
substantially all of the assets of the instant chapter 11 estate
to T. Courtney Dubar, free and clear of liens, claims and
encumbrances, or to the highest over-bidder.  The Debtors also
seek authorization to assume and assign leases and executory
contracts, including the Debtor's ground lease with the City of
Long Beach, to Dubar or the highest over-bidder.

The terms of the proposed sale are:

     a. Dubar will pay the Debtor's prepetition secured real
        property taxes in full, estimated to be $258,000;

     b. Dubar will contribute an additional $100,000 to the
        estate;

     c.. Dubar will release his secured interests in, and will
         cause Pacific Western Bank (PWB) to release its secured
         interest in, an additional $100,000 of the Debtor's cash
         collateral so that the Debtor has an unencumbered cash
         balance upon consummation of the transaction of $200,000;

     d. Dubar will release his secured interests in, and will
        cause PWB to release its secured interests in, sufficient
        additional cash collateral to cure any and all defaults in
        the tenant subleases to be assigned to Dubar, and to the
        extent unencumbered cash is insufficient to cure such
        defaults, Dubar will contribute additional funds as
        determined by this Court to be amounts necessary to cure
        defaults in assign subleases;

     e. Dubar will release and re-convey his secured claims
        against the estate, if Dubar is the successful purchaser
        and Dubar will subordinate his unsecured claims to the
        first $200,000 of estate cash.  If there are overbidders,
        Dubar reserves his right to credit bid.

     f. PWB will release all claims, including PWB's secured
        claims, which shall be fully re-conveyed.  The Debtor will
        release all claims against PWB.

Jeffrey S. Shinbrot, Esq., attorney to the Debtor, states that
proposed sale will result in release of in excess of $15,000,000
of secured debt and leave the Debtor with at least of $200,000
of unencumbered assets, which will form the basis of its
liquidating chapter 11 plan.

                About Westland Parcel J Partners

Long Beach, California-based Westland Parcel J Partners, LLC,
is developing a mixed-use commercial project consisting of
general aviation, aviation-oriented office, retail, restaurant,
and other airport related uses.  The Company filed for Chapter 11
bankruptcy protection (Bankr. C.D. Calif. Case No. 10-58987) on
Nov. 15, 2010.  Jeffrey S Shinbrot, Esq., at The Shinbrot Firm,
assists the Debtor in its restructuring effort.   Kallman & Co.,
LLC, serves as its certified public accountants.  AG Commercial
serves as its leasing broker.  The Debtor estimated its assets
and debts at $10 million to $50 million.

Affiliate David William Neary (Bankr. C.D. Calif. Case No. 10-
39802) filed separate Chapter 11 petition on July 20, 2010.


* Fox Sees These Ten Brands Will Disappear in 2012
--------------------------------------------------
Chapter11Cases.com reports that Fox Business says that these ten
brands will disappear in 2012.

   -- Sony Pictures
   -- A&W
   -- Saab
   -- American Apparel
   -- Sears
   -- Sony Ericsson
   -- Kellogg's Corn Pops
   -- MySpace
   -- Soap Opera Digest
   -- Nokia


* Rhode Island Lawmakers Mull Changes to Receivership Law
---------------------------------------------------------
The Associated Press reports that Rhode Island lawmakers are
considering changes to a law allowing the state to take over
financially troubled cities.

A bill scheduled for a hearing would allow elected city leaders to
make non-financial decisions, according to the AP.  The report
relates that the receiver law now allows the governor to appoint a
board or a receiver to assume total control of cities facing
severe financial distress.

Central Falls is the only city so far placed under the control of
a receiver.  City leaders initially sought state intervention, but
objected when the receiver relegated the city council to an
advisory board, the report notes.

Rep. Agostinho Silva is the bill's sponsor.

Mr. Siva said his bill would allow elected leaders to handle day-
to-day affairs including city licenses, appointments to boards and
planning, while keeping financial decisions in the receiver's
hands, the AP adds.


* IMF Urges Debt Limit Action in U.S. to Avoid Default
------------------------------------------------------
The International Monetary Fund urged the United States government
to raise its borrowing limit, warning that inaction could lead to
higher interest rates that would harm the domestic economy and
world financial markets.

Budget negotiations between U.S. President Barack Obama's
Democrats and Republicans fell apart in Washington earlier this
week.

The amount the U.S. government can borrow to help finance its
operations is limited to $14.29 trillion, which was already
exhausted in May.  U.S. Treasury Secretary Timothy Geithner said
that the U.S. needs to raise the statutory limit as the U.S.
Treasury Department is due to pay off $30 billion in maturing
short-term debt on Aug. 4.

Republican lawmakers including Senator Pat Toomey of Pennsylvania
and Representative Michele Bachmann of Minnesota, however, have
opposed the plan and instead suggested a "prioritization" -- the
U.S. would make interest payments on its debt but would defer
payment of other obligations.

According to Mr. Geithner, the scheme would still cause investors
to shun U.S. Treasury securities.  "This `prioritization' proposal
advocates a radical and deeply irresponsible departure from the
commitment by presidents of both parties, throughout American
history, to honor all of the commitments our nation has made," Mr.
Geithner said.

                            Modest Pace

The U.S. economy continues to recover at a modest pace, but has
hit a soft patch. Concerns about risks, including the lack of a
credible deficit reduction plan, persist, the IMF said after
wrapping up its annual review of the world's largest economy.  An
IMF team, led by IMF Acting Managing Director John Lipsky, met
with Treasury Secretary Timothy Geithner, Federal Reserve Chairman
Ben Bernanke, senior government officials, and representatives
from the private sector during May 27-June 27.

"The U.S. economic expansion remains only moderate. At the same
time, there are significant challenges ahead that will need to be
dealt with decisively if the expansion is to strengthen," said Mr.
Lipsky at a press conference on June 29.

"The expansion could outpace our forecast if consumer confidence
improves faster than we expect, but, on the downside, still-weak
fundamentals pose risks to the housing markets. Moreover, a loss
of fiscal credibility could cause an increase in interest rates or
a sovereign downgrade, with significant global repercussions," he
added.

                           Debt Ceiling

"At the opposite extreme, an excessively front-loaded adjustment
could hurt the recovery. And a worsening of financial turmoil in
European sovereign and bank debt markets could hurt U.S. growth
through financial sector linkages," Mr. Lipsky noted.

The debate over the debt ceiling has not yet been resolved. A
failure to raise the debt ceiling would lead to a severe shock to
the global economy, the IMF statement said.

                          Taxing the Rich

The Wall Street Journal's Carol E. Lee and Janet Hook report that
President Obama on Wednesday made the case Wednesday for ending
certain tax breaks for "millionaires and billionaires" in a deal
to keep the U.S. government from defaulting on its debt,
sharpening his tone with just weeks left for Democrats and
Republicans to reach an agreement.  The Journal says the proposal
could raise as much as $64 billion over 10 years, but would do
little to dent the $1.5 trillion annual deficit.

According to the report, Republicans responded by repeating their
opposition to any tax increases, saying they would hurt the
fragile economy.

Senate Democratic leaders met with Mr. Obama Thursday for a
briefing on the budget talks, and he told them he had made a
general proposal to Republicans and hoped to get a response by the
end of the week, according to a person familiar with the meeting,
the Journal says.

The Journal notes Democrats and Republicans have agreed on about
$1 trillion in spending cuts over at least 10 years.  The final
sticking point is whether to include some tax changes, as
Democrats insist, or none, as Republicans want.

The Journal notes negotiators are trying to find ways to get a
deficit-reduction deal that can win enough Democratic and
Republican votes to pass Congress, clearing the way for an
increase in the $14.29 trillion federal borrowing limit.  Treasury
Department officials warn that the debt ceiling must be lifted
before Aug. 2 or the government will run out of cash to pay all
its bills, which could shake financial markets and cause another
recession.

According to the Journal, Moody's Investors Service Inc. said
Wednesday that a U.S. debt default would lead not just to a
downgrade of the government's top-notch credit rating, but also to
lowering of other credit ratings linked to the government.  These
include ratings on bonds issued by mortgage-finance firms Fannie
Mae and Freddie Mac, and bonds issued by banks guaranteed by the
U.S. government.


* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In Re Log Cabin Inn, Inc.
        fka Bay Minette Days Inn, Inc.
   Bankr. S.D. Ala. Case No. 11-02412
      Chapter 11 Petition filed June 16, 2011
        See http://bankrupt.com/misc/alsb11-02412.pdf

In Re Hamid Keshavarz
   Bankr. C.D. Calif. Case No. 11-17414
      Chapter 11 Petition filed June 16, 2011

In Re Mohammad Moayery
   Bankr. C.D. Calif. Case No. 11-17410
      Chapter 11 Petition filed June 16, 2011

In Re Subrok, LLC
   Bankr. C.D. Calif. Case No. 11-29821
      Chapter 11 Petition filed June 16, 2011
         See http://bankrupt.com/misc/cacb11-29821.pdf

In Re Robert Olson
   Bankr. E.D. Calif. Case No. 11-16894
      Chapter 11 Petition filed June 16, 2011

In Re Premier Construction Group, LLC
   Bankr. M.D. Fla. Case No. 11-04441
      Chapter 11 Petition filed June 16, 2011
         See http://bankrupt.com/misc/flmb11-04441.pdf

In Re Hector Diaz
   Bankr. D. Nev. Case No. 11-19531
      Chapter 11 Petition filed June 16, 2011

In Re Joseph Perconti
   Bankr. D. N.J. Case No. 11-28397
      Chapter 11 Petition filed June 16, 2011

In Re Reel Plumbing, Inc.
   Bankr. D. N.J. Case No. 11-28377
      Chapter 11 Petition filed June 16, 2011
         See http://bankrupt.com/misc/njb11-28377.pdf

In Re Off the Wall Products LLC
        fka OTW Safety
   Bankr. D. Utah Case No. 11-28938
      Chapter 11 Petition filed June 16, 2011
        See http://bankrupt.com/misc/utb11-28938p.pdf
        See http://bankrupt.com/misc/utb11-28938c.pdf

In Re Garry Vandekieft
   Bankr. W.D. Wash. Case No. 11-17130
      Chapter 11 Petition filed June 16, 2011

In Re Alex Rahmi
   Bankr. N.D. W.Va. Case No. 11-01129
      Chapter 11 Petition filed June 16, 2011

In Re Otto Noriega
   Bankr. C.D. Calif. Case No. 11-29986
      Chapter 11 Petition filed June 17, 2011

In Re Michael Milot
   Bankr. D. Colo. Case No. 11-24493
      Chapter 11 Petition filed June 17, 2011

In Re Denise Roberts-Dude
   Bankr. S.D. Fla. Case No. 11-26900
      Chapter 11 Petition filed June 17, 2011

In Re Troy Reddick
   Bankr. S.D. Ga. Case No. 11-60324
      Chapter 11 Petition filed June 17, 2011

In Re Joseph's Bistro & Pub, Inc.
   Bankr. D. Mass. Case No. 11-42618
      Chapter 11 Petition filed June 17, 2011
         See http://bankrupt.com/misc/mab11-42618.pdf

In Re Caring Hands Chiropractic, P.C.
   Bankr. W.D. Mich. Case No. 11-06654
      Chapter 11 Petition filed June 17, 2011
         See http://bankrupt.com/misc/miwb11-06654.pdf

In Re Dewey Furniture, Inc.
   Bankr. D. Minn. Case No. 11-60629
      Chapter 11 Petition filed June 17, 2011
         See http://bankrupt.com/misc/mnb11-60629.pdf

In Re Gobinder Chopra
   Bankr. D. Nev. Case No. 11-19571
      Chapter 11 Petition filed June 17, 2011

In Re Broco Developement Corp.
   Bankr. N.D. N.Y. Case No. 11-11942
      Chapter 11 Petition filed June 17, 2011
         See http://bankrupt.com/misc/nynb11-11942.pdf

In Re Duke Bazzel Tobacco and Lounge, LLC
   Bankr. N.D. N.Y. Case No. 11-11940
      Chapter 11 Petition filed June 17, 2011
         See http://bankrupt.com/misc/nynb11-11940.pdf

In Re Portfolio Investments LLC
   Bankr. W.D. Wash. Case No. 11-44932
      Chapter 11 Petition filed June 17, 2011
         filed pro se

In Re Steven Nikolich
   Bankr. W.D. Wash. Case No. 11-44933
      Chapter 11 Petition filed June 17, 2011

In Re Laufer Builders Inc.
   Bankr. E.D. Wis. Case No. 11-29740
      Chapter 11 Petition filed June 17, 2011
         filed pro se

In Re HB Global, LLC
   Bankr. D. Ariz. Case No. 11-17648
      Chapter 11 Petition filed June 18, 2011
         See http://bankrupt.com/misc/azb11-17648.pdf

In Re David Johnson
   Bankr. D. Idaho Case No. 11-41001
      Chapter 11 Petition filed June 18, 2011

In Re David Allison
   Bankr. E.D. N.C. Case No. 11-04728
      Chapter 11 Petition filed June 18, 2011

In Re Job Cruz
   Bankr. N.D. Calif. Case No. 11-55761
      Chapter 11 Petition filed June 19, 2011

In Re Luisa Barrera
   Bankr. S.D. Fla. Case No. 11-26953
      Chapter 11 Petition filed June 19, 2011

In Re The Greek Magazi, LLC
   Bankr. N.D. Ill. Case No. 11-25581
      Chapter 11 Petition filed June 19, 2011
         See http://bankrupt.com/misc/ilnb11-25581p.pdf
         See http://bankrupt.com/misc/ilnb11-25581c.pdf

In Re Susan Angell
   Bankr. C.D. Calif. Case No. 11-36504
      Chapter 11 Petition filed June 20, 2011

In Re Synergy 2002 R.E.I., Inc.
   Bankr. C.D. Calif. Case No. 11-36567
      Chapter 11 Petition filed June 20, 2011
         See http://bankrupt.com/misc/cacb11-36567.pdf

In Re Tatiana Khan
   Bankr. C.D. Calif. Case No. 11-36527
      Chapter 11 Petition filed June 20, 2011

In Re James McDilda
   Bankr. E.D. Calif. Case No. 11-35260
      Chapter 11 Petition filed June 20, 2011

In Re Editha Masacayan
   Bankr. N.D. Calif. Case No. 11-32304
      Chapter 11 Petition filed June 20, 2011

In Re Evaristo Rodriguez
   Bankr. N.D. Calif. Case No. 11-46616
      Chapter 11 Petition filed June 20, 2011

In Re Epicurean, Inc.
   Bankr. S.D. Calif. Case No. 11-10172
      Chapter 11 Petition filed June 20, 2011
         See http://bankrupt.com/misc/casb11-10172.pdf

In Re Men Women & Youth In Action USA Inc.
   Bankr. M.D. Fla. Case No. 11-09315
      Chapter 11 Petition filed June 20, 2011
         See http://bankrupt.com/misc/flmb11-09315.pdf

In Re Seminole Drive Developers LLC
   Bankr. S.D. Fla. Case No. 11-27032
      Chapter 11 Petition filed June 20, 2011
         See http://bankrupt.com/misc/flsb11-27032p.pdf
         See http://bankrupt.com/misc/flsb11-27032c.pdf

In Re Erwin Quinanola
   Bankr. N.D. Ill. Case No. 11-25768
      Chapter 11 Petition filed June 20, 2011

In Re Garden Homes
   Bankr. S.D. Ind. Case No. 11-07791
      Chapter 11 Petition filed June 20, 2011

In Re Top Roofing, Inc.
   Bankr. D. Md. Case No. 11-22814
      Chapter 11 Petition filed June 20, 2011
         See http://bankrupt.com/misc/mdb11-22814.pdf

In Re Daniel Sullivan
   Bankr. D. Mass. Case No. 11-15869
      Chapter 11 Petition filed June 20, 2011

In Re Marracci Temple No. 13 of Detroit, MI,
      A Subordinate Temple of the Imperial Council,
      Ancient Eqyptian Arabic Order
   Bankr. E.D. Mich. Case No. 11-57093
      Chapter 11 Petition filed June 20, 2011
         See http://bankrupt.com/misc/mieb11-57093.pdf

In Re Joel Groshong
   Bankr. S.D. Miss. Case No. 11-02179
      Chapter 11 Petition filed June 20, 2011

In Re Jean-David Daudet
   Bankr. D. Nev. Case No. 11-196529
      Chapter 11 Petition filed June 20, 2011

In Re KCA, LLC
        dba GW's Pantry
   Bankr. W.D. N.C. Case No. 11-31616
      Chapter 11 Petition filed June 20, 2011
        See http://bankrupt.com/misc/ncwb11-31616.pdf

In Re KATN Living Trust
   Bankr. D. Nev. Case No. 11-19669
      Chapter 11 Petition filed June 20, 2011
         filed pro se

In Re Geoffrey Thompson
   Bankr. D. Ore. Case No. 11-35376
      Chapter 11 Petition filed June 20, 2011

In Re Internal Medicine Associates, PC
   Bankr. D. S.C. Case No. 11-03870
      Chapter 11 Petition filed June 20, 2011
         See http://bankrupt.com/misc/scb11-03870.pdf



                           *********

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

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

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

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

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

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

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

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

                           *********

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

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

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

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

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


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