TCR_Public/110708.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Friday, July 8, 2011, Vol. 15, No. 187

                            Headlines

151 ST. PAUL: Voluntary Chapter 11 Case Summary
431 AMA: Voluntary Chapter 11 Case Summary
AFY INC: Court Rules on Trustee's Suit v. Sears Cattle et al.
AMBAC FINANCIAL: Terms of Proposed Reorganization Plan
AMBAC FINANCIAL: Hearing on IRS's $807.2-Bil. Claim on July 25

AMBAC FINANCIAL: Proposes to Hire Lathrop & Clark as Counsel
AMERICAN APPAREL: M. Samson and M. Thornton Resign from Board
AMERICAN AXLE: May Close New York Gear-Making Plant
AMTRUST FINANCIAL: FDIC Appeals Loss of $550 Million Trial
BAKERS FOOTWEAR: Defers Payment of Principal Under 2007 Debenture

BERNARD L MADOFF: HSBC Suit Now in Hands of District Judge Rakoff
BETHLEHEM STEEL: Court Rules on Severstal's Duties Under 2003 Sale
BETHLEHEM STEEL: Non-Profits' Suit v. Severstal, Mittal to Proceed
BILLING SERVICES: S&P Withdraws 'B+' Corporate After Refinancing
BIOLASE TECHNOLOGY: Amends License Agreement with P&G

BLOCKBUSTER INC: Mediating with Canadian Unit on Trademarks
BOUNDARY BAY: Court Grants CBT Relief From Automatic Stay
BOWE BELL: Debtor Now Named Mail Systems Liquidation
B.R. SUMMERLIN: Court to Approve Disclosure Statement
B.R. SUMMERLIN: Seeks Extension of Solicitation Period to Sept. 12

BRAM, INC.: Case Summary & 8 Largest Unsecured Creditors
BRIARWOOD CAPITAL: Principal Wants Chapter 11 Trustee Removed
BUILDERS FIRSTSOURCE: Stadium Capital Holds 15.3% Equity Stake
CAPMARK FINANCIAL: Creditors Cleared to Vote on Ch. 11 Plan
CARPENTER CONTRACTORS: Taps Poyner Spruill as Litigation Counsel

CAVALRY CONSTRUCTION: 2nd Cir. Affirms Ruling Against WDF Claim
CENTER COURT: Taps Rocky Ortega to Handle Suit Against Montecito
CLASSICSTAR LLC: Trustee Settles With Former Parent for $2 Million
COLONIAL BANCGROUP: BBT Opposes Proposed Hedge Fund Lawyer
CONTESSA PREMIUM: Sun Capital Tops Auction With $27-Mil. Offer

CORUS BANKSHARES: Tricadia-Supported Plan Hinges on Suit v. FDIC
CROATION SURF: Permitted to Use Cash Collateral in June
CRUCIBLE MATERIALS: Plan Trustee Can Amend Avoidance Suit
CRYSTAL CATHEDRAL: Diocese of Orange Plans to Bid for Assets
CRYSTAL CATHEDRAL: Founder Will Be Non-Voting Chairman of Board

DBSD N.A.: Wins Confirmation of Full-Payment Plan
DELTA AIR: Minnesota Politicians Accuse Delta Of Breaking Promise
DELTA AIR: Stockholders Vote 11 Members to Board of Directors
DEWEY GUIDA: Cline V. Quicken Loans Remanded to State Court
DEWITT REHABILITATION: Seeks Exclusivity Until Oct. 24

DLH MASTER: Taps Steve Wellington to Handle Real Estate Matters
DUNE ENERGY: Well Temporarily Abandoned at 19,550 Feet
FIRST INDUSTRIAL: S&P Affirms CCR at 'B+'; Outlook Positive
FKF MADISON: Longview Ultra Offering Better Plan for One Madison
FRANK PARSONS: Changes Name to FPI Liquidation After Sale Closing

FRANK PARSONS: Gives Up Insurance Policies in Exchange for Cash
GGC SOFTWARE: S&P Assigns 'B' Corporate; Outlook Stable
GENCORP INC: Files Form 10-Q; Breaks Even in May 31 Quarter
GENOIL INC: Posts C$1.5 Million Net Loss in Q1 2011
GOLDENPARK LLC: Taps ACT Solutions to Provide Accounting Services

GOLDENPARK LLC: Levene Neale Approved as Bankruptcy Counsel
GOLDENPARK LLC: HMG Approved as Double Tree Hotel Manager
GRAHAM HOTEL: Voluntary Chapter 11 Case Summary
GSC GROUP: Fights Lenders to Advance $235 Million Asset Sale
HARRY & DAVID: Wants Plan Filing Exclusivity Until Sept. 30

HAWKS PRAIRIE: Court OKs Eclipse-Led Auction on July 29
HORIZON LINES: Extends Subscription Deadline to July 8
HOWREY LLP: Taps Protiviti Inc. as Financial Advisor
INUVO(R) INC.: NYSE Amex Accepts Firm's Plan of Compliance
JACK OUT OF THE BOX: Bankruptcy Judge Dismisses Chapter 11 Case

JACKSON HEWITT: Has Cash Collateral Use Approval Until Aug. 6
JOSEPH DETWEILER: Court Rules on Motion to Dismiss Creditors' Suit
KIEBLER RECREATION: Trustee Taps Jones Lang to Market Assets
KIEBLER RECREATION: Kohrman Jackson OK'd as Counsel for Trustee
LA JOLLA: Preferred Stock Holders Agree to Waive Dividends

LAMBUTH UNIVERSITY: In Ch. 11, School Closed Effective June 30
LEHMAN BROTHERS: Court OKs Stipulation With LEX Over Properties
LEHMAN BROTHERS: European Unit Sues First Commercial for $12-Mil.
LEHMAN BROTHERS: Ex-NBA Owner Wins $2-Mil. Dispute From Collapse
LEHMAN BROTHERS: To Recover up To $65-Bil. for Creditors

LOS ANGELES DODGERS: Court Denies Discovery Requests on Selig
MEDCLEAN TECHNOLOGIES: Hires Rosenberg Rich as New Accountants
MEDICAL CONNECTIONS: Engages Grant Thornton as New Accountants
MMFX CANADIAN: To Present Plan for Confirmation on July 22
MONROE CENTER: Dist. Court Tosses Akai Fine Arts' Admin. Claim

MT. JORDAN: Chap. 11 Plan Features Sale of Real Estate Assets
NAPA HOME: Files for Bankruptcy Amid Recall; Mulls Asset Sale
NEAL QUIGLEY: Car Dealer's Debt Non-Dischargeable
NORTEL NETWORKS: AAI Urges Antitrust Probe of Patent Deal
NORTHERN BERKSHIRE: Wants to Hire Carl Marks as Financial Advisor

NORTHERN BERKSHIRE: Taps Schwartz Hannum to Handle Labor Matters
NOVEMBER 2005: Case Summary & 3 Largest Unsecured Creditors
PALM HARBOR: Taps Bifferato Gentilotti as Special Counsel
PERKINS & MARIE: U.S. Trustee Appoints 7-Member Creditor's Panel
PERKINS & MARIE: Wants to Reject Pepsi Beverage Agreement

PMI MORTGAGE: S&P Affirms 'B-' Counterparty Credit Rating
POINT BLANK: Outside Directors Settling With SEC
QUANTUM FUEL: E&Y Raises Going Concern Doubt; Bankruptcy Possible
QUANTUM FUEL: To Sell 6,996 Common Stock Units for $2.18 Million
RADIANSE INC: Dist. Court Affirms Ruling Versus' Royalty Claim

RADLAX GATEWAY: Can Use Cash Collateral Until Oct. 12
RANDY WALTERS: Files for Chapter 7 Bankruptcy Protection
RASER TECHNOLOGIES: Bayard P.A. Approved as Delaware Counsel
RASER TECHNOLOGIES: Committee Taps Services of BDO Professionals
RASER TECHNOLOGIES: Court OKs Foley & Lardner as Committee Counsel

RASER TECHNOLOGIES: Court OKs Womble as Committee Co-Counsel
RCC NORTH: Seeks Approval of Stipulation With Tenant
RHI ENTERTAINMENT: Halmi Junior Resigns as President and CEO
SATELITES MEXICANOS: Incurs $13.88 Million Net Loss in 2010
SEARS HOLDINGS: Has 'B' From Fitch Due to Declining Sales, Loss

SEVEN SEAS: Dist. Ct. Doesn't See Impact of MPF Case in CIBC Suit
SONJA MORGAN: On The Brink of Losing House Worth $6 Million
SOUTHEASTERN MATERIALS: Court Trims Trustee's Suit v. Bank
SPECIALTY PRODUCTS: Can't Share Privileged Docs, Judge Says
SPRINGCREST PARTNERS: Case Summary & 8 Largest Unsecured Creditors

THYSSENKRUPP BUDD: Bankruptcy Could Undercut Retiree Benefits
TRIBUNE CO: Wins OK to Hire Ernst & Young as Auditor
U.S. POSTAL: To Close Hundreds of Post Offices to Avoid Insolvency
USA UNITED: Voluntary Chapter 11 Case Summary
VINEYARD AT SERRA RETREAT: To Hire David W. Meadows as Counsel

VITRO SAB: Court OKs E&Y as Tax Advisor for U.S. Units
WASHINGTON MUTUAL: Wants to Expand Perkins Coie Retention
WASHINGTON MUTUAL: Dime Investors Seek to Appoint Committee
WASHINGTON MUTUAL: FDIC, Ex-WaMu Officers' Deal Talks Break Down
WJO INC: Gets 8th Interim Order to Use Bank's Cash Collateral

YULEE VENTURE: Voluntary Chapter 11 Case Summary

* Commercial and Individual Bankruptcies Down in June
* Hanging Paragraph Isn't Tolled by Prior Bankruptcy
* Supreme Court Seeks Solicitor General View on Mortgage Case

* FDIC Paves Way to Reclaim Pay From Failed Banks' Execs

* Strategic Value Partners Ups Ante on European Distress Fund

* BOOK REVIEW: The U.S. Healthcare Certificate of Need Sourcebook


                            *********


151 ST. PAUL: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: 151 St. Paul LLC
        683 Middle Neck Road
        Great Neck, NY 11023
        Tel: (516) 487-5444

Bankruptcy Case No.: 11-74760

Chapter 11 Petition Date: July 5, 2011

Court: U.S. Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Alan S. Trust

Debtor's Counsel: James O. Guy, Esq.
                  49 Spice Mill Boulevard
                  Clifton Park, NY 12065
                  Tel: (518) 320-7136
                  Fax: (518) 320-7136
                  E-mail: jguylaw@gmail.com

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

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

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

The petition was signed by Morad Yeroushalmi, managing member.


431 AMA: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: 431 AMA LLC
        24-67 46th Street
        Astoria, NY 11103

Bankruptcy Case No.: 11-13230

Chapter 11 Petition Date: July 5, 2011

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

Debtor's Counsel: David Carlebach, Esq.
                  LAW OFFICES OF DAVID CARLEBACH, ESQ.
                  40 Exchange Place
                  New York, NY 10005
                  Tel: (212) 785-3041
                  Fax: (212) 785-3618
                  E-mail: david@carlebachlaw.com

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

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

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

The petition was signed by Mitchel M. Ozeri, managing member.


AFY INC: Court Rules on Trustee's Suit v. Sears Cattle et al.
-------------------------------------------------------------
Chief Bankruptcy Judge Thomas L. Saladino ruled on the adversary
proceeding filed by Joseph Badami, the Chapter 7 trustee of AFY
Inc., against Sears Cattle Co. (Case No. A10-4062), and against
Robert A. Sears (Case No. A104-063), following a consolidated
trial held in North Platte, Nebraska, on June 21, 2011.

     (A) Case No. A10-4062

The trustee has asserted two claims against Sears Cattle.  The
first claim is for a judgment in the amount of the account
receivable set forth in the schedules of AFY in the amount of
$291,937. In addition, the trustee seeks to collect the court
sanction of $10,000 per day for the four-day delay in closing
beyond June 7, 2010.  In its answer, Sears Cattle raised various
defenses, asserting that the court lacked subject matter
jurisdiction to enter its May 14, 2010, order that the preliminary
injunction does not conform to federal rules, that the preliminary
injunction does not provide reasonable detail as to the acts to be
performed, and that Sears Cattle did not willfully or
intentionally violate the preliminary injunction.  In addition,
Sears Cattle filed a counterclaim asserting that by paying the
proceeds of the sale of the real property, including Sears
Cattle's real property, to the creditors secured by such property,
the trustee has converted or wrongly misappropriated the proceeds
due to Sears Cattle.  Sears Cattle seeks an accounting of such
proceeds and a money judgment for the amount of such proceeds.

At trial, Kyle Gifford testified that as the accountant for AFY
and Sears Cattle, he was aware of the basis for the account
receivable due from Sears Cattle to AFY.  He testified that Sears
Cattle borrowed that amount from AFY as part of a stock redemption
involving prior owners (other Sears family members) of Sears
Cattle.  The $291,937 represented the amount due from Sears Cattle
to AFY on March 25, 2010, the date of bankruptcy filing. Mr.
Gifford further testified that Robert and Korley Sears are the
remaining owners of Sears Cattle.  Further, Robert A. Sears signed
the bankruptcy schedules under penalty of perjury as president of
AFY, and he personally listed that account receivable on the
bankruptcy schedules of AFY.  When Robert A. Sears testified at
trial, he did not mention or dispute the receivable.  Since no
evidence was presented to contradict the amount shown in the
schedules and as testified to by the accountant, the Court said
the trustee is entitled to judgment against Sears Cattle for
$291,937.

The Court also held that no evidence was presented to support the
counterclaim raised by Sears Cattle against the trustee for
misappropriating or wrongfully converting the proceeds of the real
property sale.  Accordingly, Sears Cattle's counterclaim must be
dismissed.

     (B) Case No. A10-4063

The trustee's amended complaint against Robert A. Sears contained
a first cause of action for turnover of a 2008 Toyota pickup.  At
trial, the trustee acknowledged that the pickup had been turned
over and that the trustee was no longer pursuing any claims with
respect to such pickup.  The trustee's second cause of action is
for collection of the court sanction in the amount of $10,000 per
day for the delay in closing after June 7, 2010, until June 11,
2010. In his answer, Robert A. Sears raised the same affirmative
defenses as Sears Cattle regarding a purported lack of subject
matter jurisdiction to enter the May 14, 2010, order and regarding
the lack of conformity of the preliminary injunction to federal
rules, and lack of detail regarding the acts to be performed, and
that he did not willfully or intentionally violate the injunction.
Robert A. Sears further raised a counterclaim asserting his
ownership interest in the truck involved in the trustee's first
cause of action and asserting rights to the truck superior to that
of the trustee.  Accordingly, Robert A. Sears asserted that he was
entitled to the auction sale proceeds of the truck.

The Court held that at the trial, no evidence was presented in
support of the counterclaim by Robert A. Sears regarding ownership
of the truck or entitlement to the truck sale proceeds.  In fact,
Robert A. Sears did not even mention the truck in his testimony,
and none of the documentary evidence supports any claim of
ownership by Robert A. Sears in the truck.  Therefore, Robert A.
Sears' counterclaim regarding the truck has no factual basis and
must be dismissed.

A copy of Judge Saladino's July 6, 2011 Order is available at
http://is.gd/dri7Vmfrom Leagle.com.

                         About AFY Inc.

Ainsworth, Nebraska-based AFY, Inc., doing business as Ainsworth
Feed Yards Company, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Neb. Case No. 10-40875) on March 25, 2010.
Jerrold L. Strasheim, Esq., in Omaha, served as the Debtor's
counsel.  AFY estimated its assets and debts at $10 million to
$50 million as of the bankruptcy filing.

Affiliates Robert A. Sears and Korley B. Sears filed Chapter 11
petitions (Bankr. D. Neb. Case Nos. 10-40275 and 10-40277) on
Feb. 12, 2010.  Mr. Strasheim also represented the Sears Debtors.

Disputes arose in the three cases as to who actually owned or
controlled the voting rights of the shares of stock in AFY.  The
disputes were between Robert and Korley Sears on the one hand and
members of the Sears family on the other hand.  Partly due to this
dispute over the ownership and control of AFY, on April 29, 2010,
the Bankruptcy Court granted a motion to appoint a Chapter 11
trustee.  Joseph H. Badami was subsequently appointed as the
Chapter 11 trustee.  Mr. Strasheim withdrew as attorney for AFY in
June 2010.

The case was converted to one under Chapter 7 on the trustee's
motion.


AMBAC FINANCIAL: Terms of Proposed Reorganization Plan
------------------------------------------------------
Ambac Financial Group, Inc. submitted to Judge Shelley C. Chapman
of the U.S. Bankruptcy Court for the Southern District of New
York its Chapter 11 Plan of Reorganization on July 6, 2011.

AFG Senior Managing Director Diana Adams relates that the Plan
contemplates a global settlement of certain disputes involving
(1) the Debtor; (2) its operating arm Ambac Assurance
Corporation; (3) an ad hoc group of senior note holders
represented by Akin Gump Strauss Hauer & Feld LLP; and (4) the
Office of the Commissioner of Insurance for the State of
Wisconsin, in its capacity as rehabilitator of AAC's Segregated
Account in the rehabilitation proceeding before the Circuit Court
of Dane County, Wisconsin.

Anthony Princi, Esq., at Morrison & Foerster LLP, in New York,
counsel to the Official Committee of Unsecured Creditors, said
the unsecured creditors agree with the most part of AFG's Chapter
11 Plan, Joel Rosenblatt of Bloomberg News reports.

"It should have been filed some time ago but better late than
never," Mr. Princi commented in a phone interview with Bloomberg.

"We agree with the material, substantive terms.  There are
certain provisions that were not in full agreement but for the
most part, we are supportive," Mr. Princi told Bloomberg on
behalf of the Creditors' Committee.

In May 2011, AFG said it found the OCI's term sheet to resolve
disputes involving the Debtor and AAC "disappointing."  AFG then
stated that it will file a plan, with or without a deal with the
OCI, on or before July 6, 2011.

                    Plan Settlement Terms

The Plan Settlement essentially provides for the Debtor to enter
into a cost allocation agreement with AAC and their affiliates,
other than Ambac Assurance UK Limited.  The OCI is to agree to
the Affiliates' entry into the allocation agreement.

Specifically, under the Settlement, ACC will share 85% and the
Debtor will share 15% in the fees and expenses incurred by the
the Debtor relating to the "IRS Dispute."

The IRS Dispute refers to (i) the adversary proceeding the Debtor
commenced against the U.S. Internal Revenue Service relating to
the $7.3 billion in net operating losses or NOLs; and (ii) the
claims filed by the IRS in the Debtor's Chapter 11 case,
including Claim Nos. 3694 and 3699.

Under the Plan Settlement, the Debtor is contemplated to assume a
July 18, 1991 Tax Sharing Agreement.  On the Confirmation Date,
the Debtor will cause its Affiliates to enter into either
Amendment A, B or C to the TSA.

The TSA Amendments will provide for different conditions of use
of NOLs, which will be allocated as:

*  Any NOLs generated by AAC and other members of the AAC
    Subgroup as defined in the TSA occurring after the date,
    which is the earlier of (i) the last day of the calendar
    quarter preceding the Effective Date, or (ii) December 31,
    2011 -- the "Determination Date" -- will be available to AAC
    at no cost.  Such NOLs are referred to as the "Post-
    Determination Date NOLs."

*  Any NOLs generated by AAC and other members of the AAC
    Subgroup on or before, and existing on, the Determination
    Date not taking into account the consequences of any
    Settlement with respect to the IRS Dispute will be available
    for use by the AAC Subgroup.

*  Unless and until there has been a Deconsolidation Event, the
    amount of Pre-Determination Date NOLs allocated to, and
    available for use by, the AAC Subgroup to offset income for
    regular tax and alternative minimum tax purposes will be an
    amount equal to the "Pre-Settlement NOL Amount," minus the
    AAC Pro Rata Settlement Portion.

    The Pre-Settlement NOL Amount is defined as the lesser of:

      (i) $4.0 billion; and

     (ii) the total amount of Pre-Determination Date NOLs, minus
          the sum of (x) the amount of cancellation of
          indebtedness income within the meaning of Section 108
          of the Internal Revenue, realized by the Debtor
          pursuant to the consummation of the Plan, and (y) the
          amount of interest disallowed pursuant to Section
          382(l)(5)(B) of the Internal Revenue Code upon the
          consummation of the Plan.

  *  A reduction in the Pre-Determination Date NOLs as a result
     of a settlement of the IRS Dispute before the Effective
     Date will be allocated as:

       (i) "AAC Pro Rata Settlement Portion,," which refers to
           the product of (i) the Pre-Effective Date Settlement
           Amount and (ii) the ratio of (x) $4.0 billion to
           (y)(i) Pre-Determination Date NOLs minus (y)(ii)
           Debt-Related Income.

      (ii) "AFG Pro Rata Settlement Portion," which refers to
           the Pre-Effective Date Settlement Amount reduced by
           the AAC Pro Rata Settlement Portion.

In the event that TSA Amendment A is entered into, if a
corresponding amended plan of rehabilitation with respect to the
Segregated Account has not been proposed to the Rehabilitation
Court by December 31, 2011, AAC will make a Cash payment to the
Debtor or the Reorganized Debtor of $50,000,000.  If a plan of
rehabilitation has not been confirmed by the Rehabilitation Court
by March 31, 2012, AAC will make an additional Cash payment to
the Debtor or The Reorganized Debtor of $50,000,000.  If a plan
of rehabilitation has not become effective by June 30, 2012, AAC
will make a Cash payment to the Debtor or the Reorganized Debtor
of $100,000,000.

In the event that TSA Amendment B is entered into, if the
Rehabilitation Plan has not become effective, without
modification, by December 31, 2011, AAC will make a Cash payment
to the Debtor or the Reorganized Debtor of $200,000,000; provided
that all Cash payments made by AAC will serve as a credit,
without duplication, against future payments with respect to
Allocated NOLs.

On the Effective Date, AAC will deliver a $30,000,000 Cash Grant
to the Reorganized Debtor; provided that up to $15 million of the
Cash Grant will serve as a credit, without duplication, against
future payments owed by AAC to the Reorganized Debtor pursuant to
TSA Amendment A or TSA Amendment B.  However, until the fifth
anniversary of the Effective Date, if the balance of the Cash
Grant at any time is $15,000,000 or less, the Reorganized Debtor
will not pay Cash dividends or make any other Cash distributions
to holders of New Common Stock.

The Debtor and the Reorganized Debtor, as applicable, will not
take any actions, which would result in the occurrence of a
"Deconsolidation Event", which is defined as any event that
results in neither AAC nor any entity that, pursuant to Section
381 of the Internal Revenue Code, succeeds to the tax attributes
of AAC described in Section 381(b) of the Internal Revenue Code
being characterized as an includible corporation with the
affiliated group of corporations of which the Debtor, the
Reorganized Debtor, or any successor is the common parent, all
within the meaning of Section 1504 of the Internal Revenue Code.

On the Effective Date, the Segregated Account will issue
$350,000,000 of Junior Surplus Notes to the Reorganized Debtor.

The Plan Settlement contemplates a July 29, 2011 deadline.  By
that date, the OCI and AAC have to elect on whether to accept or
reject the terms of the Plan Settlement.

If the OCI and AAC have not accepted the Plan Settlement before
the settlement deadline, the Debtor may either seek to convert
its Chapter 11 case to a case under Chapter 7 of the Bankruptcy
Code, or cause a Deconsolidation Event to occur.

             Classification and Treatment of Claims

The Plan designates eight classes of claims and interests in the
Debtor's case and provides for the treatment of each claim class.

         Claim/Equity                  Voting
  Class  Interest        Impairment    Rights
  -----  ------------    ----------    ------
    1    Priority Non-   Unimpaired    Not Entitled to Vote
         Tax Claims                    Deemed to Accept

    2    Secured         Unimpaired    Not Entitled to Vote
         Claims                        Deemed to Accept

    3    General         Impaired      Entitled to Vote
         Unsecured
         Claims

    4    Senior Notes    Impaired      Entitled to Vote
         Claims

    5    Subordinated    Impaired      Entitled to Vote
         Notes Claims

    6    Section 510(b)  Impaired      Not Entitled to Vote
         Claims                        Deemed to Reject

    7    Intercompany    Impaired      Not Entitled to Vote
         Claims                        Deemed to Reject

    8    Equity          Impaired      Not Entitled to Vote
         Interests                     Deemed to Reject

Holders of Allowed Class 1 Priority Non-Tax Claims will be paid
in full in Cash.

Holders of Allowed Class 2 Secured Claims will receive, in the
Reorganized Debtor's sole discretion: (1) Cash, including the
payment of any interest required to be paid pursuant to Section
506(b) of the Bankruptcy Code, in the amount equal to the Allowed
Secured Claim; (2) the collateral securing the Allowed Secured
Claim; or (3) any other treatment so that the Allowed Secured
Claim will be Unimpaired; provided that the aggregate amount of
Allowed Secured Claims will not exceed $200,000.

Holders of Allowed Class 3 General Unsecured Claims will receive
its Pro Rata share of (1) the New Common Stock distributed to
Holders of Allowed General Unsecured Claims, Senior Notes Claims,
and Subordinated Notes Claims pursuant to the Plan; and (2) the
General Unsecured Warrants.

Class 4 Senior Notes Claims will be allowed in the aggregate
amount of $1,246,129,468.  Holders of Allowed Senior Notes Claim
will receive its Pro Rata share of the New Common Stock and
redistributions of New Common Stock and Subordinated Notes
Warrants from the Subordinated Notes Indenture Trustee in
accordance with the subordination provisions of the Indentures.

Class 5 Subordinated Notes Claims will be allowed in the
aggregate amount of $444,182,604.  Each Holder of Allowed
Subordinated Notes Claim shall receive its Pro Rata share of (a)
the New Common Stock; and (b) the Subordinated Notes Warrants.

All Class 6 Section 510(b) Claims, Class 7 Intercompany Claims,
and Class 8 Equity Interests will be terminated, cancelled, and
extinguished.  Each holder of those claims will not be entitled
to, and will not receive or retain, any property or interest in
property.

The Plan also provides for the full payment of allowed
Administrative and Priority Tax Claims.

                    Other Plan Provisions

All consideration necessary to make all monetary payments in
accordance with the Plan will be obtained from the Cash of the
Debtor or the Reorganized Debtor, as applicable, including the
Cash Grant if the OCI and AAC accept the Plan Settlement prior to
the Plan Settlement Deadline.

The Plan also incorporates releases required by a stipulation of
settlement entered by AFG and certain director defendants to
resolve certain securities actions and derivative actions for
$27.1 million before the U.S. District Court for the Southern
District of New York.  The District Court preliminary approved
the stipulation of settlement.  The Bankruptcy Court has yet to
rule on the Stipulation of Settlement, with a hearing scheduled
for July 19, 2011.

A full-text copy of the July 6 Ambac Financial Plan is available
for free at http://bankrupt.com/misc/Ambac_July6ReorgPlan.pdf

                     About Ambac Financial

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

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

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

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

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

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

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

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


AMBAC FINANCIAL: Hearing on IRS's $807.2-Bil. Claim on July 25
-------------------------------------------------------------
Bankruptcy Judge Shelley Chapman adjourned the hearing to consider
Ambac Financial Group, Inc.'s objection to the Internal Revenue
Service's claims from July 19, 2011, to July 25, 2011.

At the hearing, Ambac Financial will ask the bankruptcy judge to
disallow the U.S. Department of the Treasury - Internal Revenue
Service Claim Nos. 3694 and 3699 because the Claims are
substantially duplicative of one another, each asserting a
priority claim against the Debtor for $807,243,827.

From 1999 through 2008, Ambac Credit Products LLC, a wholly owned
subsidiary of Ambac Assurance Corporation, sold credit protection
to buyers in the form of credit default swap contracts.  AAC
insured ACP's performance under the CDS Contracts.  Because ACP
is disregarded for federal income tax purposes, AAC was treated
as the party to the CDS Contracts.  Almost all of the CDS
Contracts that ACP entered into from 1999 through 2004 were
substantially similar.  Likewise, substantially all of the CDS
Contracts that ACP entered into from 2005 through 2008 were
substantially similar.

AAC treated the Pre-2005 CDS Contracts as "put options" subject
to the "wait and see" method of accounting for federal income tax
purposes.  Pursuant to this method, AAC did not realize income or
expense until it disposed of a bond received from the exercise of
a credit protection buyer's physical settlement right or the
contract expired unexercised.  AAC also continued applying the
"wait and see" method of accounting with respect to its income
from the payments it received with respect to the Post-2004 CDS
Contracts and thus did not recognize income in either 2005 or
2006 because the contracts neither expired nor terminated.

In 2007, AAC suffered significant losses in its CDS Contract
portfolio for financial and statutory accounting purposes
beginning in 2007.  In preparing its 2007 consolidated federal
income tax return, the Debtor, in consultation with its
accountant KPMG LLP, determined that based upon the differences
between the Pre-2005 CDS Contracts and the Post-2004 CDS
Contracts, the Post-2004 CDS Contract should have been treated as
notional principal contracts or NPCs rather than as put options
subject to the "wait and see" method of accounting.

The proposed regulations promulgated in 2004 by the Treasury
Department concerning NPCs (i) require that a taxpayer use either
of two methods to account for "contingent nonperiodic payments,"
as payments made to credit protection buyers with respect to CDS
Contracts upon the occurrence of a credit event - the
"noncontingent swap" method or the "mark-to-market" method; and
(ii) specify that these two methods apply to NPCs entered into on
or after 30 days after the proposed regulations are finalized.

Because the 2004 Proposed Regulations have not been finalized in
2007 and until now, the Debtor applied the "impairment" method of
accounting to these losses.  The Preamble to the 2004 Proposed
Regulations also provides that taxpayers that have not adopted an
accounting method for NPCs providing for contingent nonperiodic
payments must adopt a method that takes those payments into
account over the life of the contract under a "reasonable
amortization method."

In April 2008, the Debtor filed with the IRS an application for
change in accounting method.  The application was supplemented by
a letter dated September 2, 2008, that clarified that AAC had not
adopted an accounting method with respect to losses incurred with
respect to the Post-2004 CDS Contracts, and that AAC would adopt
the impairment method of accounting with respect to any losses.
The IRS has yet to formally rule on the Accounting Method
Application.

As a result of the application of the impairment method of
accounting with respect to the losses incurred under the Post-
2004 CDS Contracts, the Debtor reported an approximately
$33 million taxable loss for 2007 and $3.2 billion taxable loss
for 2008.  On Sept. 23, 2008, August 11, 2009, and Dec. 21, 2009,
the Debtor filed claims for tentative carryback adjustments as a
result of the carryback to prior taxable years of the net
operating losses reflected on its 2007 and 2008 consolidated
federal income tax returns.

Based on these claims, in December 2008, September 2009, and
February 2010, the IRS refunded to the Debtor $11,470,930,
$252,704,185, and $443,940,722 in Tax Refunds, totaling
$708,115,837.  Pursuant to a tax sharing agreement dated July 19,
1991, among the Debtor and its subsidiaries in its consolidated
tax group, as amended, the Debtor distributed the Tax Refunds to
AAC.

On May 5, 2011, the IRS filed its claims, which list taxes
allegedly due and interest and penalties from those taxes but do
not explain the basis for the claims.

The IRS Claims are premised on the assumption that $708,115,837
in tax refunds paid to the Debtor between December 2008 and
February 2010 on account of carrying back losses that resulted
from its credit default swap contracts were erroneously paid to
the Debtor.  However, the Tax Refunds were not erroneously paid
to the Debtor, Peter A. Ivanick, Esq., at Dewey & LeBoeuf LLP, in
New York, argues.

Mr. Ivanick contends that the Debtor is entitled to the Tax
Refunds, and the IRS should not be entitled to assert claims in
respect of those refunds, because AAC's use of the impairment
method beginning in 2007 with respect to the contingent non-
periodic payments under the Post-2004 CDS Contracts was the
initial adoption of a proper method of accounting.

"Even if AAC's use of the impairment method could somehow be
considered an impermissible change in accounting method, the
IRS's withholding of consent from AAC to use the impairment
method should be deemed an abuse of discretion, given that the
Preamble expressly disavowed the 'wait and see' method of
accounting for NPCs with contingent nonperiodic payments, which
AAC had been utilizing up until 2007, and the impairment method
conforms with the Preamble and the IRS's prior guidance," Mr.
Ivanick points out.

In the alternative, even if AAC's use of the impairment method
could somehow be considered improper, the IRS should be equitably
estopped from challenging AAC's use of that method given the fact
that the IRS never formally ruled on the Debtor's Accounting
Method Application and the Debtor's 2007 consolidated federal
income tax return put the IRS on notice of AAC's use of the
impairment method, Mr. Ivanick maintains.

                     About Ambac Financial

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

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

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

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

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

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

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

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


AMBAC FINANCIAL: Proposes to Hire Lathrop & Clark as Counsel
------------------------------------------------------------
Ambac Financial Group, Inc. seeks permission from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Lathrop & Clark LLP as its special counsel, nunc pro tunc to
April 4, 2011.

Lathrop will represent the Debtor in Ambac Assurance
Corporation's rehabilitation proceedings in the Circuit Court for
Dane County, in Wisconsin.

As the Debtor's special counsel, Lathrop will:

  (i) appear on the Debtor's behalf;

(ii) draft and file legal documents;

(iii) provide advice and counsel to the Debtor;

(iv) perform other tasks directly related to the representation
      of the Debtor's interests.

The Debtor will pay Lathrop's professionals according to the
firm's customary hourly rates:

        Title                      Rate per Hour
        -----                      -------------
        Partners and Counsel        $120 to $360
        Associates                  $170 to $285
        Paraprofessionals            $50 to $175

The Debtor will also reimburse Lathrop for reasonable expenses
the firm incurred or will incurred.

Kenneth B. Axe, Esq., a member at Lathrop & Clark LLP, in
Madison, Wisconsin -- kaxe@lathropclark.com -- discloses that his
firm represents GE Capital, Liberty Mutual Insurance Company, and
U.S. Bank in matters unrelated to the Debtor.  Lathrop also
represented The Hartford Life Insurance Company, Metropolitan
Life Insurance Company and National Union Insurance Company in
past matters unrelated to the Debtor, he adds.  Lathrop, he
cites, represented the Debtor's affiliate Ambac Assurance UK in
connection with the rehabilitation of AAC, although at present it
is not actively representing Ambac UK.

Notwithstanding those disclosures, Mr. Axe insists that Lathrop
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

                     About Ambac Financial

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

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

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

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

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

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

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

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


AMERICAN APPAREL: M. Samson and M. Thornton Resign from Board
-------------------------------------------------------------
Mark Samson and Mark Thornton resigned as members of the Board of
Directors of American Apparel, Inc.  The resignations of Messrs.
Samson and Thornton were not due to any disagreement with the
Company on any matter relating to the Company's operations,
policies or practices.

As disclosed on June 30, 2011, the Board appointed Marvin Igelman
as a director of the Board and as a member of the Audit Committee,
effective automatically upon the occurrence or creation of a
future vacancy on the Board or such committee, with Mr. Igelman to
serve in the same director class as such vacancy.  Messrs. Samson
and Thornton were both Class C directors and members of the Audit
Committee, among other committees.  On July 1, 2011, upon the
resignations of Messrs. Samson and Thornton, Mr. Igelman was
appointed to the Board as a Class C director and to the Audit
Committee, to serve until the 2013 Annual Meeting of Stockholders
at which such class is up for re-election and until his successor
is elected and qualified, or his earlier death, resignation or
removal.

                       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.

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.

"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," the Company said following its first quarter
results.


AMERICAN AXLE: May Close New York Gear-Making Plant
---------------------------------------------------
Jeff Bennett, writing for Dow Jones Newswires, reports that
American Axle & Manufacturing Holdings Inc. may close a New York
gear-making plant, where talks on a new union contract have
sputtered.

Dow Jones says the Cheektowaga plant, like the company's Detroit
axle plant, is no longer viable since workers are paid more than
$30 an hour including benefits, a level the company believes is
the "market competitive" labor rate, American Axle spokesman
Christopher Son said.

American Axle has said it would close a Detroit axle-making
facility once the current contract expires on Feb. 26.  Dow Jones
notes that in Detroit, no agreement was reached even as the union
proposed a labor cost cut pegged to returning some work to the
U.S. from Mexico. The United Auto Workers has said its pending
contract talks with the Detroit Three will look to increase the
auto makers' U.S. production.  The UAW, which starts contract
talks with General Motors Co., Ford Motor Co. and Chrysler Group
LLC in two weeks, is interested in reopening mothballed plants or
securing more work at existing U.S. plants.

According to Dow Jones, at American Axle, the UAW said it would
accept labor costs of $32 an hour including benefits, down from
$45 an hour. It also said it made a last ditch offer of $30 an
hour conditioned on a return of jobs from Mexico. But the company,
which disputed the union's $30 an hour figure, said labor costs
and a drop in demand by chief customer GM, made closing the
Detroit plant a "done deal."

The Cheektowaga plant employs about 100 people. The Detroit plant
closing will eliminate 260 hourly and 40 salaried jobs.


AMTRUST FINANCIAL: FDIC Appeals Loss of $550 Million Trial
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Federal Deposit Insurance Corp. appealed the
ruling by a U.S. district judge in Cleveland in favor of AmTrust
Financial Corp.  The court concluded that the FDIC failed to prove
there was a commitment for AmTrust to provide $550 million in
capital to the bank subsidiary that subsequently failed.  Had the
FDIC won, its priority claim for a commitment would have come
ahead of all AmTrust unsecured creditors.

                      About AmTrust Financial

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

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

AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Ohio Case No. 09-21323) on Nov. 30, 2009.  The debtor
subsidiaries include AmFin Real Estate Investments, Inc., formerly
AmTrust Real Estate Investments, Inc. (Case No. 09-21328).

G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri
L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland,
Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey
(US) LLP, in Cincinnati, Ohio, serve as counsel to the Debtors.
Kurtzman Carson Consultants serves as claims and notice agent.
Attorneys at Hahn Loeser & Parks LLP serve as counsel to the
Official Committee of Unsecured Creditors.  AmTrust Management
estimated $100 million to $500 million in assets and liabilities
in its Chapter 11 petition.

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


BAKERS FOOTWEAR: Defers Payment of Principal Under 2007 Debenture
-----------------------------------------------------------------
Bakers Footwear Group, Inc., entered into an amendment to its
$4 million in aggregate principal amount of 9.5% Subordinated
Convertible Debentures issued by the Company to investors on
June 26, 2007.  The Debenture Amendments defer payment of
principal under the Debentures.  Originally, all $4 million in
principal amount was payable on June 30, 2012.  Under the
Debenture Amendments, principal will be repaid in four equal
annual installments of $1 million beginning on June 30, 2012.  The
interest rate on the Debentures was also increased from 9.5% to
12% per annum.  The Debentures continue to be nonamortizing, with
interest payable semi-annually on each June 30 and December 31.

The Debenture Amendments are available for free at:

                        http://is.gd/CB9A4k

The Company's Second Amended and Restated Loan and Security
Agreement, as amended, required that the Company refinance the
Debentures on or before May 1, 2012, to extend the maturity to a
date beyond July 27, 2013.  The Senior Secured Loan Agreement
matures on May 28, 2013.  In connection with the Debenture
Amendments, the Company's senior lender, Bank of America, N.A.,
consented to the Debenture Amendments, subject to the terms of an
amendment to that certain Senior Secured Loan Agreement, which was
entered into between the Bank and the Company on June 30, 2011.
The Bank's consent was also subject to the terms of an amended and
restated subordination agreement in favor of the Bank entered into
on June 30, 2011, among the Company, the Debenture Investors, and
the Bank.

The Bank Amendment and the Bank Subordination Agreement remove the
Refinancing Covenant and allow the Company to make the $1 million
required principal payment on June 30, 2012, provided that certain
conditions are met, including that the Company maintains at least
a 1.0 to 1.0 ratio of adjusted EBITDA to its interest expense for
the 12 month period ending May 26, 2012, all as calculated
pursuant to the Senior Secured Loan Agreement.  As previously
disclosed, the Company's Senior Secured Loan Agreement already
requires that the Company maintain unused availability greater
than 20% of the calculated borrowing base or maintain the ratio of
its adjusted EBITDA to its interest expense of no less than
1.0:1.0.  The minimum availability covenant is tested daily and,
if not met, then the adjusted EBITDA covenant is tested on a
rolling twelve month basis.  The Bank Amendment and Bank
Subordination Agreement are available for free at:

                        http://is.gd/E09ay2
                        http://is.gd/gGsOML

                       About Bakers Footwear

St. Louis, Mo.-based Bakers Footwear Group, Inc. (OTC BB: BKRS.OB)
is a national, mall-based, specialty retailer of distinctive
footwear and accessories for young women.  The Company's
merchandise includes private label and national brand dress,
casual and sport shoes, boots, sandals and accessories.  The
Company currently operates 231 stores nationwide.  Bakers' stores
focus on women between the ages of 16 and 35.  Wild Pair stores
offer fashion-forward footwear to both women and men between the
ages of 17 and 29.

The Company reported a net loss of $9.29 million on $185.62
million of net sales for the year ended Jan. 29, 2011, compared
with a net loss of $9.08 million on $185.36 million of net sales
for the year ended Jan. 30, 2010.

The Company's balance sheet at April 30, 2011, showed
$48.51 million in total assets, $56.92 million in total
liabilities and a $8.41 million total shareholders' deficit.

As reported by the TCR on May 6, 2011, Ernst & Young LLP, in St.
Louis, Mo., expressed substantial doubt about Bakers Footwear's
ability to continue as a going concern.  The independent auditors
noted that the Company has incurred substantial losses from
operations in recent years and has a significant working capital
deficiency.

                         Bankruptcy Warning

The Company noted in the Form 10-K that its ability to maintain
and ultimately improve its liquidity position is highly dependent
on sustaining the positive sales trends that began in June 2008
and have continued through April 2011.  Comparable store sales for
the last three quarters of fiscal year 2008 increased 4.7% and its
comparable store sales for fiscal years 2009 and 2010 increased
1.3% and 1.7%, respectively.  Through the first 12 weeks of fiscal
year 2011 comparable stores sales increased 10.1%.

The Company noted that net losses in recent years have negatively
impacted its liquidity and financial position.  As of Jan. 29,
2011, it had negative working capital of $8.7 million, unused
borrowing capacity under our revolving credit facility of $3.1
million, and a shareholders' deficit of $6.0 million.

The Company stated, "If positive sales trends do not continue, or
if we were to incur significant unplanned cash outlays, it would
become necessary for us to obtain additional sources of liquidity,
or take additional cost cutting measures.  Any future financing
would be subject to our financial results, market conditions and
the consent of our lenders.  We may not be able to obtain
additional financing or we may only be able to obtain such
financing on terms that are substantially dilutive to our current
shareholders and that may further restrict our business
activities.  If we cannot obtain needed financing, our operations
may be materially negatively impacted and we may be forced into
bankruptcy or to cease operations and you could lose your
investment in the Company."


BERNARD L MADOFF: HSBC Suit Now in Hands of District Judge Rakoff
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that HSBC Holdings Plc told U.S. District Judge Jed Rakoff
that it's entitled to dismissal of five of 24 claims in the
$9 billion lawsuit filed in bankruptcy court by the trustee
liquidating Bernard L. Madoff Investment Securities Inc.  Judge
Rakoff ruled earlier that a district court should make threshold
decisions on the five claims before sending the case back to
bankruptcy court for further processing.

According to Mr. Rochelle, the suit alleges that London-based HSBC
"enabled" Madoff's Ponzi scheme and engaged in "financial fraud
and misconduct" by being "willfully and deliberately bind to the
fraud." The complaint seeks $9 billion on "theories of
contribution" and $2.3 billion for receipt of fraudulent
transfers.

Judge Rakoff, Mr. Rochelle recounts, said in an April 25 opinion
that there are "difficult questions under non-bankruptcy federal
law" underpinning two issues at the foundation of five counts in
the complaint.  The first issue is whether the trustee has power
to bring claims that initially at least belonged to customers.
The second question is whether some of the trustee's claims are
barred by a federal statute called the Securities Litigation
Uniform Standards Act.

                      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.


BETHLEHEM STEEL: Court Rules on Severstal's Duties Under 2003 Sale
------------------------------------------------------------------
Severstal Sparrows Point, LLC, on July 30, 2010, filed a Petition
with the Maryland District Court to resolve disputes with the
United States Environmental Protection Agency and the Maryland
Department of Environment pursuant to the dispute resolution
provisions contained within Section XX of the 1997 Consent Decree
entered in the District Court in Maryland v. Bethlehem Steel
Corp., No. JFM-97-558 (D. Md. filed Feb. 25, 2007).  The Consent
Decree detailed the environmental obligations of the Bethlehem
Steel for the Sparrows Point Facility, which is now owned by
Severstal.  The Petition requests, inter alia, that the District
Court resolve a dispute over the effect of the April 23, 2003 sale
order entered by the U.S. Bankruptcy Court for the Southern
District of New York on the obligations of Severstal under the
1997 Consent Decree.

In a July 5, 2011 Opinion, District Judge J. Frederick Motz held
that the Sale Order does limit Severstal's liability under the
1997 Consent Decree to releases of hazardous wastes and hazardous
constituents occurring after April 23, 2003 only.  That finding,
however, does not lead the District Court to conclude -- as
Severstal argues -- that Severstal necessarily is relieved of its
obligation under the Consent Decree to conduct a Site Wide
Investigation that includes offshore media sampling.  Indeed,
while arguably the scope of the SWI should be limited by virtue of
the fact that Severstal is not liable for remediating toxic
discharges that occurred prior to April 23, 2003, Severstal's
obligation to conduct a SWI is a free-standing liability that
Severstal assumed when it purchased the assets of BSC.

Accordingly, the District Court will retain jurisdiction over the
matter and directed the parties to submit a report within Aug. 19,
stating whether they have been able to reach agreement as to the
scope of the SWI that is to be conducted.

Sparrows Point is located nine miles southeast of downtown
Baltimore, Maryland on a 2,300 acre peninsula on the north side of
the Patapsco River.  BSC owned and operated the Facility from 1916
through its bankruptcy in 2003.  The Facility produces hot rolled
sheet, cold rolled sheet, galvanized sheet, and tin mill products.

In the late 1990s, EPA and MDE brought an action against BSC for
violations of the Resource Conservation and Recovery Act, 42
U.S.C. Sec. 6901 et seq., the Clean Water Act, 33 U.S.C. Sec. 1251
et seq., and corresponding state law, which the parties settled by
executing a Consent Decree, entered in the District Court on
October 8, 1997.

The Consent Decree requires BSC to implement interim remedial
measures, conduct a SWI, and then conduct a Corrective Measures
Study. Additionally, the Consent Decree imposes compliance
requirements related to the two on-site landfills, Coke Point and
Greys Landfills.

International Steel Group purchased the Facility, along with other
assets, from Bethlehem pursuant to a bankruptcy sale.  In April
2005, Mittal Steel acquired ISG, including its subsidiary ISG
Sparrows Point, LLC, which owned the Facility.  In June 2006,
Mittal Steel merged with Arcelor, forming ArcelorMittal as the new
parent corporation.  In May 2008, ISG Sparrows Point merged with
Severstal Sparrows Holding LLC, and the surviving entity was
renamed Severstal Sparrows Point, LLC, which became the owner of
the Facility.

The case is Severstal Sparrows Point, LLC Petitioner, v. United
States Environmental Protection Agency and State of Maryland
Department of the Environment, Respondents, Civil No. JFM-97-558,
No. JFM-97-559 (D. Md.).  A copy of the Court's July 5, 2011
Opinion is available at http://is.gd/a1JkE8from Leagle.com.

                       About Bethlehem Steel

Headquartered in Bethlehem, Pennsylvania, Bethlehem Steel
Corporation -- http://www.bethlehemsteel.com/-- was the second-
largest integrated steelmaker in the United States, manufacturing
and selling a wide variety of steel mill products including hot-
rolled, cold-rolled and coated sheets, tin mill products, carbon
and alloy plates, rail, specialty blooms, carbon and alloy bars
and large diameter pipe.  The Company filed for chapter 11
protection on Oct. 15, 2001 (Bankr. S.D.N.Y. Case No. 01-15288).
Jeffrey L. Tanenbaum, Esq., and George A. Davis, Esq., at Weil,
Gotshal & Manges LLP, represented the Debtors in their
restructuring, the centerpiece of which was a sale of
substantially all of the steelmaker's assets to International
Steel Group.  Bethlehem disclosed $4,266,200,000 in total assets
and $4,420,000,000 in liabilities as of the bankruptcy filing.
Bethlehem obtained confirmation of a chapter 11 plan on Oct. 22,
2003, which took effect on Dec. 31, 2003.


BETHLEHEM STEEL: Non-Profits' Suit v. Severstal, Mittal to Proceed
------------------------------------------------------------------
District Judge J. Frederick Motz said non-profits Chesapeake Bay
Foundation, Inc., and Baltimore Water Harbor Keeper, Inc., and a
group of individuals can proceed with certain of their
environmental liability claims against Severstal Sparrows Point
LLC, a/k/a Severstal North America and ArcelorMittal USA Inc.,
over a site formerly owned by defunct Bethlehem Steel Corporation.

International Steel Group purchased the Facility, along with other
assets, from Bethlehem pursuant to a bankruptcy sale.  In April
2005, Mittal Steel acquired ISG, including its subsidiary ISG
Sparrows Point, LLC, which owned the Facility.  In June 2006,
Mittal Steel merged with Arcelor, forming ArcelorMittal as the new
parent corporation.  In May 2008, ISG Sparrows Point merged with
Severstal Sparrows Holding LLC, and the surviving entity was
renamed Severstal Sparrows Point, LLC, which became the owner of
the Facility.

The case is Chesapeake Bay Foundation, Inc., et al., v. Severstal
Sparrows Point, LLC, et al., Civil No. JFM-10-1861 (D. Md.).  A
copy of Judge Motz's July 5, 2011 Opinion is available at
http://is.gd/8FwakHfrom Leagle.com.

                       About Bethlehem Steel

Headquartered in Bethlehem, Pennsylvania, Bethlehem Steel
Corporation -- http://www.bethlehemsteel.com/-- was the second-
largest integrated steelmaker in the United States, manufacturing
and selling a wide variety of steel mill products including hot-
rolled, cold-rolled and coated sheets, tin mill products, carbon
and alloy plates, rail, specialty blooms, carbon and alloy bars
and large diameter pipe.  The Company filed for chapter 11
protection on Oct. 15, 2001 (Bankr. S.D.N.Y. Case No. 01-15288).
Jeffrey L. Tanenbaum, Esq., and George A. Davis, Esq., at Weil,
Gotshal & Manges LLP, represented the Debtors in their
restructuring, the centerpiece of which was a sale of
substantially all of the steelmaker's assets to International
Steel Group.  Bethlehem disclosed $4,266,200,000 in total assets
and $4,420,000,000 in liabilities as of the bankruptcy filing.
Bethlehem obtained confirmation of a chapter 11 plan on Oct. 22,
2003, which took effect on Dec. 31, 2003.


BILLING SERVICES: S&P Withdraws 'B+' Corporate After Refinancing
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew all its ratings on San
Antonio-based Billing Services Group Ltd. at the company's request
after BSG refinanced its outstanding senior debt with a local bank
group. The withdrawal includes the 'B+' corporate credit rating,
and the 'BB' issue rating on the senior term loan held at
subsidiary Billing Services Group North America Inc.


BIOLASE TECHNOLOGY: Amends License Agreement with P&G
-----------------------------------------------------
Biolase Technology, Inc., on June 28, 2011, entered into a letter
agreement amending that certain License Agreement with The Procter
& Gamble Company, with an effective date of Jan. 1, 2009, which
superseded that certain prior License Agreement, dated Jan. 24,
2007.  The Letter Agreement amends the License Agreement so as to
release certain prepaid royalty payments made by P&G to the
Company in accordance with the terms and conditions of the License
Agreement.

                     About BIOLASE Technology

Irvine, Calif.-based BIOLASE Technology, Inc. (NASDAQ: BLTI)
-- http://www.biolase.com/-- is a dental laser company.  The
Company develops, manufactures and markets Waterlase technology
and lasers and related products that advance the practice of
dentistry and medicine.

The Company reported a net loss of $12.02 million on
$24.58 million of products and services revenues for the year
ended Dec. 31, 2010, compared with a net loss of $2.95 million on
$42.14 million of products and services revenues during the prior
year.

The Company's balance sheet at March 31, 2011, showed
$20.30 million in total assets, $15.97 million in total
liabilities, and $4.33 million in total stockholders' equity.

BDO USA, LLP, raised substantial doubt about the Company's ability
to continue as a going concern, following the 2010 financial
results.  The accounting firm noted that the Company has suffered
recurring losses from operations, has had declining revenues and
has a working capital deficit at Dec. 31, 2010.


BLOCKBUSTER INC: Mediating with Canadian Unit on Trademarks
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Blockbuster Inc. and Blockbuster Canada Co. agreed in
bankruptcy court to mediate the question of whether the Canadian
subsidiary has the right to continue using company trademarks.
The issues are further complicated because Blockbuster Canada is
in bankruptcy in its home country and filed a Chapter 15 petition
in New York.

                     About Blockbuster Canada

Blockbuster Canada Co., an indirect subsidiary of Blockbuster
Inc., has operated video rental stores in Canada using the
Blockbuster trademarks since 1990.  It employs roughly 4,000
employees in more than 400 stores across 10 Canadian provinces.
Blockbuster Canada's corporate head office is located in
Etobicoke, Ontario.

Blockbuster Canada went into receivership in Canada on May 3,
2011.  Grant Thornton Limited was appointed by the Ontario
Superior Court of Justice.

Michael Creber, on behalf of Grant Thornton Ltd., commenced a
Chapter 15 case for Blockbuster Canada (Bankr. S.D.N.Y. Case No.
11-12433) in Manhattan on May 20, 2011, to seek the U.S. court's
recognition of the receivership proceedings in Canada.  Robert J.
Feinstein, Esq., at Pachulski Stang Ziehl & Jones LLP, serves as
counsel for Grant Thornton.  Blockbuster Canada is estimated to
have $50 million to $100 million in assets and liabilities.

                      About Blockbuster Inc.

Blockbuster Inc., the movie rental chain with a library of
more than 125,000 titles, along with 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.

Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the U.S. 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.  The Official
Committee of Unsecured Creditors retained Cooley LLP as its
counsel.

In April 2011, Blockbuster conducted a bankruptcy court-sanctioned
auction for all the assets.  Dish Network Corp. won with an offer
having a gross value of $320 million.


BOUNDARY BAY: Court Grants CBT Relief From Automatic Stay
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
ruled that relief from the automatic stay is granted for the
limited purpose of allowing the State Court to rule on the
demurrers of secured creditor California Bank & Trust to the First
Amended Cross-complaints filed in the actions entitled California
Bank & Trust v. Heritage-Orcas Partners, LP, et al., Orange County
Superior Court case number 30-2010-00389709; California Bank &
Trust v. Cartwright Properties, LLC, et al., Orange County
Superior Court case number 30-2010-00379838, and California
Bank & Trust v. Heritage Orcas Partners, LP, et al., Orange
County Superior Court case number 30-2010-00398829, and the
State Court may rule on the demurrers.

                        About Boundary Bay

Irvine, California-based Boundary Bay Capital, LLC, a California
LLC, fka Covenant Bancorp, Inc., is in the business of making
loans secured by real estate.  The debtor owns real estate
property obtained through foreclosures on real estate loans.

Boundary Bay Capital filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Calif. Case No. 11-14298) on March 28, 2011.
The Debtor disclosed $15,876,118 in assets and $54,448,485 in
liabilities in its schedules.

Affiliate Cartwright Properties, LLC, filed a separate Chapter 11
petition on June 9, 2010 (Bankr. C.D. Calif. Case No. 10-17823).


BOWE BELL: Debtor Now Named Mail Systems Liquidation
----------------------------------------------------
As a result of the closing of the sale of substantially all the
assets of Bowe Bell + Howell to Contrado BBH Funding, LLC, which
requires the Debtors to change their corporate and company names,
Judge Peter Walsh authorized that the Debtors' names be changed
to:

     Original Name                 New Name
     -------------                 --------
     Bowe Systec, Inc.             Mail Systems Liquidation, Inc.
     BBH, Inc.                     Mail Liquidation, Inc.
     Bowe Bell + Howell Company    Company + Liquidation, Inc.
     Bowe Bell + Howell Postal     Postal Liquidation, Inc.
        Systems Company
     BCC Software, Inc.            Mail Software Liquidation, Inc.
     Bowe Bell + Howell            4461029 Canada Inc.
        International Ltd.

                         About Bowe Bell

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

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

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

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

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

Versa Capital Management, Inc. on June 27 announced the completion
of its previously publicized acquisition of the assets of Bowe
Bell + Howell and the formation of a new company and brand, Bell
and Howell, LLC.


B.R. SUMMERLIN: Court to Approve Disclosure Statement
-----------------------------------------------------
Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the
District of Nevada found that the disclosure statement explaining
B.R. Summerlin Property, L.L.C.'s second amended plan of
reorganization contains adequate information within the meaning of
Section 1125(a)(1) of the Bankruptcy, and will be approved subject
to the Debtor submitting a completed order.

The proposed Plan divides the creditors and interest holders into
six classes.  Class 1 consists of the secured claim of Greystone
Bank, its primary creditor, that the Debtor proposes to pay in
full within seven years.  Class 2 consists of other secured claims
and Class 3 consists of priority unsecured claims.  The Debtor
does not believe, however, that any claims actually exist in Class
2 or Class 3.  Class 4 encompasses general unsecured claims
against the Debtor which the Debtor estimates at approximately
$7,205.  Class 5 consists of the unsecured claim of Gibbs, Giden,
Locher, Turner & Sente in the approximate amount of $47,340.
Class 6 consists of the equity interest holders of the Debtor.

        Est. Greystone Claim Amount Reduced to $13.2-Mil

Under the Second Amended Plan filed June 13, the estimated amount
of claims for the Class 1 Claim was reduced to $13,200,000 from
$14,200,000 in the previously filed plan.

Greystone alleges that as of the Petition Date, the total amount
due under the Debtor's Loan is approximately $15,292,775,
consisting of the principle balance of $14,928,000, interest at
the contract rate in the amount of $729,813, default interest in
the amount of $364,906, late fees in the amount of $29,422, an
exit fee in the amount of $149,280, plus legal and other
expenses.  The Debtor contends that it does not owe default
interest under the Fourth Modification of the Loan Agreement,
which fixed the applicable interest rate at 8% per annum.
Further, the Debtor contests the late fees as improper penalties,
and the exit fee, as the Debtor will enter into a new loan with
Greystone pursuant to the Plan.  Therefore, the Debtor believes
that the allowable Greystone Claim is $14,905,072, consisting of
principal in the amount of $14,298,000 and non-default interest in
the amount of $607,072.  The Debtor asserts that the Allowed
Greystone Claim must be further reduced by payments received by
Greystone both prepetition and postpetition that it has not
applied to the outstanding balance.  As of the anticipated date of
Confirmation, the Debtor believes Greystone will hold
approximately $1.7 million suspense, which must be applied
against the outstanding balance, reducing the prepetition portion
of Greystone's Claim to approximately $13,200,000.  Because
Greystone is oversecured, Greystone will also be entitled
to recover postpetition interest and attorneys' fees to the extent
allowed by Section 506(b) of the Bankruptcy Code.

The Debtor also alleges that it has claims against Greystone
because Greystone misrepresented to the Debtor that the Debtor
could obtain financing from the U.S. Department of Housing and
Urban Development when it was not qualified for that loan.
Greystone disputes the allegations.  The Debtor said it cannot
predict the value of its claims against Greystone; however, the
Debtor believes its damages would include and it would be entitled
to recover the interest accrued on the Loan from at least December
1, 2008, through the Petition Date, which exceeds the rate of
interest the Debtor would have received if it had been able to
obtain HUD financing, including any default interest to which
Greystone would otherwise be entitled, all late fees charged by
Greystone, and the extension fees paid to Greystone.  These
damages are exclusive of any attorneys' fees and costs to which
the Debtor may be entitled under applicable bankruptcy or non-
bankruptcy law, Gregory E. Garman, Esq., at Gordon Silver, in Las
Vegas, Nevada, says.

        2nd Amended Plan Impairs Equity Interest Holders

Class 6 Equity Interests are impaired under the Second Amended
Plan.  Class 6 was unimpaired under the First Amended Plan.

              Management & Operation of Facility

Leasehold Resource Group, LLC, has up to 23 years remaining on the
term of the lease to the Debtor's property, a skilled nursing
facility known as The Heights of Summerlin, located at 10550 Park
Run Drive, in Las Vegas, Nevada.

The Debtor says it intends to assume the Lease pursuant to the
Plan.  As a result, upon expiration or termination of the Lease,
the Debtor will continue to be obligated to return the portion of
LRG's $420,000 security deposit not used or applied in accordance
with the Lease.  Based on the Debtor's projections, the Debtor
will have sufficient cash on hand to satisfy this obligation.

To the extent LRG does not exercise its option, the Lease will
terminate in approximately three years.  In that event, the Debtor
will either (i) lease the Facility to another tenant, or (2)
operate the Facility.

                       Valuation Analysis

Mr. Garman tells the Court that even if it were assumed that the
Debtor would obtain a price equal to the appraised value of
$15,330,000 in a liquidation, the value provided under the Plan to
the Holders of Claims and Equity Interests in the Impaired Classes
would be greater than they would receive in a Chapter 7
liquidation, because the sale price would be reduced by sales
commissions and closing costs, any commission payable to the
Chapter 7 trustee and the trustee's attorneys' and accounting
fees, as well as the administrative costs of the Chapter 11
estate.

          Disclosure Statement has Adequate Information

The Court, having reviewed and considered the Disclosure
Statement, including a comparison against the original draft
offered by the Debtor as plan proponent, concluded that the
adequate information requirement has been met.

Judge Nakagawa stated that though additional information might be
included, like the basis for calculation of interest rates, the
Debtor's rationale for classification of the Gibbs Giden claim,
and the like, but the benefit of providing the information appears
to be outweighed by its cost.  The case, he noted, is not unduly
complex and the information requested likely will be presented
when the Debtor attempts to meet its burden of proof at plan
confirmation.  Moreover, no creditor, other than a well-counseled
creditor having the means and incentive to obtain additional
information, has objected to the adequacy of the current
disclosures by the Debtor, he pointed out.

Accordingly, Judge Nakagawa directed the Debtor's counsel to
submit a completed order approving the Disclosure Statement in a
timely fashion.  He also required counsel for the Debtor and
Greystone to confer as to an appropriate date or dates for the
plan confirmation hearing.

A full-text copy of the Second Amended Plan is available for free
at http://ResearchArchives.com/t/s?7668

                  About B.R. Summerlin Property

Woodland Hills, California-based B.R. Summerlin Property, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case
No. 11-10148) on Jan. 5, 2011.  The Company disclosed  $23,066,151
in assets and $15,414,103 in liabilities.

Affiliates B.R. Brookfield Commons No. 1, LLC (Bankr. D. Nev. Case
No. 10-38835) and B.R. Brookfield Commons No. 2, LLC (Bankr. D.
Nev. Case No. 10-38838) filed separate Chapter 11 petitions on
Nov. 29, 2010.  The Debtor disclosed $23,066,151 in assets, and
$15,414,103 in debts.

B.R. Summerlin Property is represented by Gregory E. Garman, Esq.,
-- ggarman@gordonsilver --, Gabrielle A. Hamm, Esq., --
ghamm@gordonsilver.com --, at Gordon Silver, in Los Angeles,
Nevada.


B.R. SUMMERLIN: Seeks Extension of Solicitation Period to Sept. 12
------------------------------------------------------------------
B.R. Summerlin Property, LLC, asks Judge Mike K. Nakagawa of the
U.S. Bankruptcy Court for the District of Nevada to extend the
period to solicit acceptances of their Second Amended Plan of
Reorganization through Sept. 12, 2011.

The Debtor relates that the confirmation hearing has been
scheduled for Sept. 12, 2011, to allow time for entry of an order
approving the Disclosure Statement explaining its Plan, to comply
with Rule 2002(b) of the Federal Rules of Bankruptcy Procedure,
and to provide sufficient time after the Disclosure Statement
Hearing for the solicitation of votes on the Plan and for parties-
in-interest to review, analyze, and, if they deem appropriate,
object to confirmation of the Plan.

As the Debtor is expeditiously proceeding in good faith toward
confirmation of its Plan, Debtor asks that the Exclusivity Period
be extended through the date of the Confirmation Hearing.

The Debtor's solicitation period expired on July 6.

A hearing on the request is scheduled for July 20, 2011, at 9:30
a.m.

                  About B.R. Summerlin Property

Woodland Hills, California-based B.R. Summerlin Property, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case
No. 11-10148) on Jan. 5, 2011.  The Company disclosed  $23,066,151
in assets and $15,414,103 in liabilities.

Affiliates B.R. Brookfield Commons No. 1, LLC (Bankr. D. Nev. Case
No. 10-38835) and B.R. Brookfield Commons No. 2, LLC (Bankr. D.
Nev. Case No. 10-38838) filed separate Chapter 11 petitions on
Nov. 29, 2010.  The Debtor disclosed $23,066,151 in assets, and
$15,414,103 in debts.

B.R. Summerlin Property is represented by Gregory E. Garman, Esq.,
-- ggarman@gordonsilver --, Gabrielle A. Hamm, Esq., --
ghamm@gordonsilver.com --, at Gordon Silver, in Los Angeles,
Nevada.


BRAM, INC.: Case Summary & 8 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Bram, Inc.
          dba Econolodge Colonial
        216 Parkway Drive
        Williamsburg, VA 23185

Bankruptcy Case No.: 11-51228

Chapter 11 Petition Date: July 5, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Virginia (Newport News)

Judge: Frank J. Santoro

Debtor's Counsel: Karen M. Crowley, Esq.
                  CROWLEY, LIBERATORE, & RYAN, P.C.
                  1435 Crossways Boulevard, Suite 300
                  Chesapeake, VA 23320
                  Tel: (757) 333-4500
                  Fax: (757) 333-4501
                  E-mail: kcrowley@clrfirm.com

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

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

A list of the Company's eight largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/vaeb11-51228.pdf

The petition was signed by Ajit Patel, president.


BRIARWOOD CAPITAL: Principal Wants Chapter 11 Trustee Removed
-------------------------------------------------------------
Nicolas Marsch III, a principal for Briarwood Capital LLC, asks
the Hon. Peter W. Bowie of the U.S. Bankruptcy Court for the
Southern District of California to remove Chapter 11 Leslie T.
Gladstone in bankruptcy case of Briarwood Capital LLC because she
is not a disinterested party.

A hearing is set for Aug. 10, 2011, at 2:00 p.m., to consider
Mr. Marsch's request.  Richard S. Van Dyke, Esq., at Van Dyke &
Associates APLC, represents Mr. Marsch.  Mr. Van Dyke asked the
Court to shorten the hearing but Judge Bowie denied the request.

According to Mr. Van Dyke, since trustee's appointment, additional
circumstances have developed that further call into question her
"disinterestedness."   The Debtor's schedules were amended
Jan. 27, 2011, to list a potential legal malpractice claim against
the DLA Piper law firm as a result of work done by the legal team
of which Trustee had been a member, thereby placing Trustee in the
unenviable position of having to decide whether to pursue, or
abandon, a legal malpractice claim against her former law firm and
former legal team members.

The Chapter 11 trustee is now before the Court on a motion to
approve a sale of Debtor's interest in HCC Investors LLC to Lennar
Corporation and Lennar Homes Corporation of California, Inc., and
to approve a compromise of claims between Debtor and Lennar.  In
connection with that motion, Chapter 11 Trustee, who bears the
burden of proof, is asking the Court to accept her evaluation and
business judgment of the fair value of one former client HCC that
she wishes to sell to another former client Lennar and the value
of litigation claims between former clients, all without this
Court's consideration of whatever it is that Trustee herself has
considered in forming her evaluations and judgments.

Mr. Van Dyke relates that, because Chapter 11 Trustee cannot be
free from bias in such circumstances and her decisions necessarily
carry an appearance of impropriety, the Trustee should be removed
as Trustee in this matter.

             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.


BUILDERS FIRSTSOURCE: Stadium Capital Holds 15.3% Equity Stake
--------------------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, Stadium Capital Management, LLC, and its
affiliates disclosed that they beneficially own 14,808,890 shares
of common stock of Builders Firstsource, Inc., representing 15.3%
of the shares outstanding.  A full-text copy of the filing is
available for free at http://is.gd/EtQKXh

                     About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource Inc. --
http://www.bldr.com/-- supplies and manufactures building
products for residential new construction.  The Company operates
in 9 states, principally in the southern and eastern United
States, and has 55 distribution centers and 51 manufacturing
facilities, many of which are located on the same premises as its
distribution facilities.

Builders FirstSource reported a net loss of $95.51 million on
$700.34 million of sales for the year ended Dec. 31, 2010,
compared with a net loss of $61.85 million on $677.88 million of
sales during the prior year.

The Company's balance sheet at March 31, 2011, showed
$403.93 million in total assets, $264.25 million in total
liabilities and $139.68 million in total stockholders' equity.

                           *     *     *

Builders FirstSource Inc. carries 'CCC+' issuer credit ratings,
with negative outlook, from Standard & Poor's.   S&P affirmed the
ratings in April 2011.  "The ratings affirmation reflects our
belief that Builders FirstSource will likely continue to generate
negative free cash flow over the upcoming year, given the ongoing
weakness in new residential housing markets.  While the company's
liquidity position, which we currently view as adequate, is likely
to somewhat improve due to the increased cash balances following
the planned refinancing and the extended maturity of its revolving
credit facility, it will likely continue to rely primarily on its
cash balances to meet its interest and operating obligations until
total housing starts improve at least 35% from 2010's level.  If
housing starts were to remain at its recent historically low
levels, we believe the proposed refinancing would allow Builders
FirstSource to fund its anticipated cash shortfall for
approximately two years.  The ratings also reflect what Standard &
Poor's Ratings Services considers to be the company's vulnerable
business profile given its significant exposure to highly cyclical
new residential construction markets and its narrow end-market
focus and geographic scope," S&P elaborated.

In April 2011, Moody's Investors Service assigned 'Caa2' corporate
family rating and probability of default ratings to Builders
FirstSource.  Moody's said the 'Caa2' Corporate Family Rating
results from very weak operating performance due to ongoing
pressures in the residential new construction end market, the
primary driver of BLDR's revenues.  Although some areas within
BLDR's primary geographic markets of North Carolina and South
Carolina may have some pockets of strength, overall, Moody's does
not expect substantial improvement in new housing starts in 2011
relative to 2010.  The company's products are highly price
sensitive to competition and ongoing market conditions, making it
difficult for it to pass on substantial price increases.  It is
also exposed to fluctuating costs associated with lumber, its
major raw material, adding to earnings volatility. For 2010,
adjusted operating margins are inadequate at negative 7.6% and
free cash flow-to-debt is insufficient at negative 15.3% (adjusted
per Moody's methodology).  The company's inability to generate
positive earnings will result in very weak credit metrics for the
foreseeable future and will require cash to fund operating
shortfalls.


CAPMARK FINANCIAL: Creditors Cleared to Vote on Ch. 11 Plan
-----------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Christopher S. Sontchi gave his blessing on Wednesday to the
disclosure statement explaining Capmark Financial Group Inc.'s
reorganization plan, allowing the commercial mortgage lender to
put the plan to creditors for a vote.

Law360 relates that Judge Sontchi overruled the lone unresolved
objection to the disclosure statement - from Prairie Enterprises
Ltd. - saying the landlord had requested information beyond what
the document is meant to provide.

Pursuant to the Plan, the reorganized company will issue $1.25
billion in notes to general unsecured creditors who are owed about
$7 billion.  Creditors will also be given stock in the new company
and some cash.  After the assets have been given out, the biggest
group of creditors, those who hold unsecured loans and notes not
guaranteed by collateral, will recover about $3.89 billion, or
56.1% of what they are owed, according to the plan.

Capmark intends to streamline operations by eliminating its low-
income housing tax credit business.  The overall plan consists of
14 separate plans for each of the reorganizing entities, with
Capmark's other 32 bankrupt affiliates - all special purpose
entities for the LITHC business.

"Any alternative to confirmation of the plan would result in
significant delays, litigation, lost value and additional costs,"
the Company said in the disclosure statement describing the Plan.

                      About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- provides financial services to
investors in commercial real estate-related assets.  Capmark has
three core businesses: lending and mortgage banking, investments
and funds management, and servicing.  Capmark operates in North
America, Europe and Asia.  Capmark has 1,000 employees located in
37 offices worldwide.

On Oct. 25, 2009, Capmark Financial and certain of its
subsidiaries filed voluntary petitions for relief under Chapter 11
(Bankr. D. Del. Lead Case No. 09-13684).  Capmark disclosed assets
of US$20 billion against total debts of US$21 billion as of
June 30, 2009.

Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company.  Capmark's bankruptcy counsel is Dewey
& LeBoeuf LLP.  Richards, Layton & Finger, P.A., serves as local
counsel.  Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

The Official Committee of Unsecured Creditors in Capmark Financial
Group Inc.'s cases tapped Kramer Levin Naftalis & Frankel LLP as
its counsel and JR Myriad LLC as its commercial real estate
business advisors.  The Committee also retained Cutler Pickering
Hale and Dorr LLP as its attorneys for the special purpose of
providing legal services in connection with Federal Deposit
Insurance Corporation matters.

Protech Holdings C LLC, an affiliate of Capmark, filed for
Chapter 11 protection on July 29, 2010 (Bankr. D. Del. Case No.
10-12387).  The Debtor estimated assets and debts in excess of
$1 billion as of the filing date.

Since filing for Chapter 11, Capmark completed three sales to
generate more than $1 billion in cash.  Berkshire Hathaway Inc.
and Leucadia National Corp. bought most of the business for
$468 million.

In April 2011, Greenline Ventures LLC completed the acquisition of
the New Markets Tax Credit division of Capmark Financial Group
Inc.  Since inception of the NMTC program, Capmark's NMTC division
has closed over $1.1 billion of NMTC investment funds and financed
over $2.5 billion of projects and businesses in low income
communities nationwide.


CARPENTER CONTRACTORS: Taps Poyner Spruill as Litigation Counsel
----------------------------------------------------------------
Carpenter Contractors of America, Inc., and its debtor affiliates
ask the U.S. Bankruptcy Court for the Southern District of Florida
for permission to employ Thomas L. Ogburn, Esq. and the law firm
of Poyner Spruill as special litigation counsel.

The Debtor is involved in several litigation matters for the
collection of unpaid services rendered, construction liens and
general liability cases.  As such, it is critical to the Debtor's
operations and would benefit the estate to pursue the litigation
and recover funds for the estate to pay creditors.

The firm will be representing the Debtor in pending litigation and
any new matters that arise postpetition.

Mr. Ogburn tells the Court that the firm received a prepetition
payment of $369, and a postpetition payment of $1,253.  The firm
is owed $4,869 in fees and costs for work performed.

Mr. Ogburn assures the Court that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

         POYNER SPRUILL
         301 South College street, Suite 2300
         Charlotte, NC 28202

                   About Carpenter Contractors

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

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

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

The U.S. Trustee for Region 21 notified the Court that until
further notice, he will not appoint a committee of creditors.


CAVALRY CONSTRUCTION: 2nd Cir. Affirms Ruling Against WDF Claim
---------------------------------------------------------------
WDF Inc., Federal Insurance Company, Seaboard Surety Co., jointly
and severally with St. Paul Fire and Marine Insurance Co., as
Seaboard's successor in interest, Fidelity and Deposit Company of
Maryland appeal from a May 5, 2010 judgment of the U.S. District
Court for the Southern District of New York (Karas, J.) affirming
certain damage awards in an April 24, 2009 final order and
judgment of the U.S. Bankruptcy Court for the Southern District of
New York (Hardin, J.).

Cavalry Construction Inc. worked as a masonry subcontractor to WDF
on a variety of projects for the New York City School Construction
Authority.  In July 2007, Cavalry filed a voluntary Chapter 11
petition and continued to conduct business.  In November 2007,
Cavalry commenced an adversary proceeding against WDF for damages
for additional work performed under the relevant contracts.  WDF
cross-claimed against the SCA for indemnification.  Cavalry later
commenced separate adversary proceedings against WDF's sureties:
Federal Insurance Company, and Seaboard Surety Co., jointly and
severally with St. Paul Fire and Marine Insurance Co., as
Seaboard's successor in interest, Fidelity and Deposit Company of
Maryland. The proceedings were consolidated.  After trial, the
bankruptcy court made certain determinations regarding damages
owed to Cavalry and backcharges owed to WDF, and those findings
were affirmed by the district court.  In re Cavalry Const., Inc.,
428 B.R. 25, 37-42 (S.D.N.Y. 2010).

On appeal, WDF argues that the bankruptcy court erred in awarding
Cavalry damages because Cavalry failed to submit sufficient proof
of its alleged damages.  WDF argues that the evidence submitted in
support of Cavalry's claims is insufficient, as a matter of law.
To establish its damages claims at trial, Cavalry submitted
numerous documents labeled "Change Order Proposal." Cavalry's
president, Kerry Timmons, testified that while labeled "Change
Order Proposals," the documents actually referred to work already
performed, not to work being proposed.

The U.S. Court of Appeals for the Second Circuit held that the
bankruptcy court was entitled to credit the testimony, and its
finding that the proposals were prepared post-work, not pre-work,
is not clearly erroneous.  Moreover, under New York law, a
contractor may prove its damages claim based solely on oral
testimony.

WDF also alleges that the courts below erred in failing to
properly calculate its backcharges.  To support its claim for
backcharges, WDF proffered the testimony of Joseph Zerilly, its
site superintendent.  Mr. Zerilly testified that he compiled
"daily reports," and then calculated labor costs by going through
his reports, breaking down the hours required for each activity
each day, adding them up and multiplying by the labor rate.  He
checked his daily reports against the certified payroll reports.
Based on this testimony, the bankruptcy court awarded WDF
$81,885.30.  The bankruptcy court rejected WDF's claim for
$124,014 in additional surcharges.

To support the higher number, WDF submitted handwritten notations
on the daily reports made some two to six months after work was
complete.  The bankruptcy court found the handwritten notations
were not credible evidence because they were made months after the
work had been completed and at a time when litigation between the
parties was anticipated.

The Second Circuit said it sees no reason to disturb this
credibility determination by the finder of fact.

The appeal is WDF, Inc., Federal Insurance Co., Seaboard Surety
Co., and jointly and severally St. Paul Fire and Marine Insurance
Co., as successor in interest, Fidelity and Deposit Co. of
Maryland, Appellants, v. Cavalry Construction Inc., Appellees, No.
10-2028-bk (2nd Cir.).  The panel consists of Circuit Judges Roger
J. Miner, Joseph M. McLaughlin, and Rosemary S. Pooler.  A copy of
the Second Circuit's July 6, 2011 Summary Order is available at
http://is.gd/mKfOrKfrom Leagle.com.

                    About Cavalry Construction

Based in Mount Vernon, New York, Cavalry Construction Inc. owns
and operates a masonry company that operates primarily as a
subcontractor on various public improvement construction project
in the New York Metropolitan area, Westchester County and other
surrounding counties.  Cavalry filed a voluntary Chapter 11
petition (Bankr. S.D.N.Y. Case No. 07-22707) on July 27, 2007,
represented by Arlene Gordon Oliver, Esq., at Rattet & Pasternak,
L.L.P.  Judge Adlai S. Hardin Jr. presides over the case.  In its
petition, the Debtor estimated assets and debts of $1 million to
$100 million.


CENTER COURT: Taps Rocky Ortega to Handle Suit Against Montecito
----------------------------------------------------------------
Center Court Partners, LLC, asks the U.S. Bankruptcy Court for the
Central District of California for permission to employ

         Rocky Ortega, Esq.
         LAW OFFICES OF ROCKY ORTEGA
         405 El Camino Real, Suite 320
         Menlo Park, CA 94025
         Tel: (408) 667-4313
         Fax: (408) 521-0222

to handle the adversary proceeding related to the Chapter 11 case
titled Center Court Partner, LLC vs. Montecito Bank and Trust.

The Debtor will pay Mr. Ortega $150 per hour for attorney's fees.

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

                        About Center Court

Based in Agoura Hills, California, Center Court Partners LLC owns
a commercial property located at 29501 Canwood Street, Agoura
Hills, Calif.  The monthly rent receipts are the Debtor's sole
source of income.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Calif. Case No. 11-13715) on March 25,
2011.  Judge Maureen Tighe presides over the case.  Martin D.
Gross, Esq., represents the Debtor as counsel.  The Debtor
estimated both assets and debts between $10 million and
$50 million as of the Chapter 11 filing.


CLASSICSTAR LLC: Trustee Settles With Former Parent for $2 Million
------------------------------------------------------------------
Ian Thoms at Bankruptcy Law360 reports that the bankruptcy trustee
for ClassicStar LLC said Wednesday he had reached a $2 million
settlement with the breeder's former owner, GeoStar Corp., in a
tax and securities fraud case included in multidistrict litigation
over a mare leasing program.

James D. Lyon, the Chapter 7 trustee for ClassicStar, claimed
energy company GeoStar, former ClassicStar CEO David Plummer and
others drained the thoroughbred breeder dry using the company as
an ATM and operating a $200 million tax fraud, Law360 says.

                        About ClassicStar LLC

Headquartered in Lexington, Kentucky, ClassicStar LLC operated as
a thoroughbred horse breeder.  The Company also leased horses and
rents out the reproductive systems of select thoroughbred mares.

The Company filed for Chapter 11 protection (Bankr. E.D. Ky. Case
No.07-51786) on Sept. 14, 2007.  Attorneys at Henry Watz Gardner
Sellars & Gardner, PLLC, represented the Debtor while attorneys at
Stites & Harbison, PLLC, represented the Creditors Committee.

In its petition, the Debtor said assets totaled $227 million,
comprised of account receivable from National Equine Lending
Corp., and debts of $72.7 million.

On April 14, 2008, the Court converted the case to a Chapter 7
liquidation, at the behest of the U.S. Trustee.  James D. Lyon was
appointed to serve as Chapter 7 Trustee.


COLONIAL BANCGROUP: BBT Opposes Proposed Hedge Fund Lawyer
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that secured creditor Branch Banking & Trust Co. said in a
court filing that Colonial BancGroup Inc. is attempting an "end
run" around rulings the bankruptcy judge made while approving the
Chapter 11 plan.

The bank, according to the report, takes issue with Colonial's
request for authority to hire the law firm Quinn Emanuel Urquhart
& Sullivan LLP as special litigation counsel.  Given that the firm
represented hedge fund Marble Arch Investments LLC during the
case, Branch Banking sees the retention as a violation of the
requirement by the judge that the post-confirmation creditors'
trust be independent of control by creditors.

The bank, the report relates, said a "small group of bondholders"
has sought to "unduly influence" Colonial to advance their goal of
making a profit on their purchases of distressed debt.  The bank
based its objection on a ruling the bankruptcy judge made during
the plan confirmation process which required that decisions for
the trust be made by a trustee and not controlled by creditors.

The bankruptcy judge will consider the retention of Los Angeles-
based Quinn Emanuel at a July 11 hearing.

                   About The Colonial BancGroup

Headquartered in Montgomery, Alabama, The Colonial BancGroup Inc.
(NYSE: CNB) owned Colonial Bank, N.A, its banking subsidiary.
Colonial Bank -- http://www.colonialbank.com/-- operated 354
branches in Florida, Alabama, Georgia, Nevada and Texas with over
$26 billion in assets.  On Aug. 14, 2009, Colonial Bank was seized
by regulators and the Federal Deposit Insurance Corporation was
named receiver.  The FDIC sold most of the assets to Branch
Banking and Trust, Winston-Salem, North Carolina.  BB&T acquired
$22 billion in assets and assumed $20 billion in deposits of the
Bank.

The Colonial BancGroup filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Ala. Case No. 09-32303) on Aug. 25, 2009.  W. Clark
Watson, Esq., at Balch & Bingham LLP, and Rufus T. Dorsey IV,
Esq., at Parker Hudson Rainer & Dobbs LLP, serve as counsel to
the Debtor.  The Debtor disclosed $45 million in total assets and
$380 million in total liabilities as of the Petition Date.

In September 2009, an Official Committee of Unsecured Creditors
was formed consisting of three members, Fine Geddie & Associates,
The Bank of New York Trust Company, N.A., and U.S. Bank National
Association.  Burr & Forman LLP and Schulte Roth & Zabel LLP serve
as co-counsel for the Committee.

Colonial Brokerage, a wholly owned subsidiary of Colonial
BancGroup, filed for Chapter 7 protection with the U.S. Bankruptcy
Court in the Middle District of Alabama in June 2010.  Susan S.
DePaola serves as Chapter 7 trustee.

In June 2011, the bankruptcy judge signed a confirmation order
approving Colonial BancGroup's Chapter 11 plan over objection from
the Federal Deposit Insurance Corp.


CONTESSA PREMIUM: Sun Capital Tops Auction With $27-Mil. Offer
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that an affiliate of Sun Capital Partners Inc. made a bid
of $27 million and won the auction to buy Contessa Premium Foods
Inc.  The bankruptcy court in Los Angeles approved the sale on
July 1.  The sale included a new manufacturing facility in
Commerce, California, designed to be the "world's first
environmentally friendly frozen food processing center," a court
filing said.

Sun Capital, a Boca Raton, Florida-based private-equity investor,
paid $55 million in June to buy U.S. subsidiaries of Mexican
glassmaker Vitro SAB in a Chapter 11 sale.

Contessa's sales fell from a peak of $221 million in 2007 to $154
million in 2010, according to court papers.  Consumers are buying
less expensive alternatives to privately-owned Contessa's
products, the filing said.

                   About Contessa Premium Foods

San Pedro, California-based Contessa Premium Foods, Inc., fka ZB
Industries, Inc., and Contessa Food Products, Inc., provides farm
raised shrimp, convenience meals, stir-fry vegetables, and other
frozen food products that are marketed and sold primarily in the
United States and to a lesser extent in Canada, Europe, Asia, and
Mexico.  It divides its business into two internal groups:
Contessa Seafood, which includes its seafood items, and Contessa
"Green Cuisine," which includes all other fruit, vegetable and
complete meal blends.

Contessa Premium filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Calif. Case No. 11-13454) on Jan. 26, 2011.  Craig A.
Wolfe, Esq., at Kelley Drye & Warren LLP, in New York, represents
the Debtor as counsel.  Jeffrey N. Pomerantz, Esq., and Jeffrey W.
Dulberg, Esq., at Pachulski Stang Ziehl & Jones LLP, in Los
Angeles, serve as conflicts counsel for the Debtor.  Scouler &
Company, LLC, serves as financial advisors.  Imperial Capital, LLC
serves as investment banker.  Holthouse Carlin & Van Trigt LLP
serves as auditors and accountants.  The Debtor scheduled
$49,370,438 in total assets and $35,305,907 in total liabilities.

The Official Committee of Unsecured Creditors in the Debtor's
Chapter 11 case is represented by Arent Fox LLP.  FTI Consulting
Inc. serves as its financial consultants.


CORUS BANKSHARES: Tricadia-Supported Plan Hinges on Suit v. FDIC
----------------------------------------------------------------
Corus Bankshares Inc. filed a proposed Chapter 11 plan last week
along with an explanatory disclosure statement.  The Plan is co-
proposed by hedge-fund manager Tricadia Capital Management.
The Plan has support from the official unsecured creditors'
committee.

The hearing for approval of the disclosure statement is set for
July 28.  If Corus can stick to the schedule, the confirmation
hearing for approval of the plan would take place Sept. 9.

Bill Rochelle, the bankruptcy columnist for Bloomberg News, notes
that the plan puts the Federal Deposit Insurance Corp. into two
classes, one for a priority claim and another for its nonpriority
unsecured claim.  Corus doesn't believe the FDIC will have any
valid priority claim to be paid in full ahead of unsecured
creditors.  For its unsecured claim that could be as much as
$183.4 million, the disclosure statement says the FDIC will
recover between 6.2% and 53.3%.  Holders of trust preferred
securities, known as TOPrS, are to have a similar recovery for
their $415.6 million in claims.  General unsecured creditors with
claims totaling between $10 million and $21 million are to have an
identical dividend.  Subordinated creditors and shareholders won't
receive anything.  The FDIC and Corus are in litigation over who
owns $258 million in tax refunds.

Eric Morath, writing for Dow Jones' Daily Bankruptcy Review,
outlines the salient terms of the Plan:

     -- Unsecured creditors, primarily Tricadia and other holders
        of securities related to collateralized-debt obligations,
        or CDOs, owed a collective $415.6 million, would receive
        either stock in the reorganized company or a cash payment;

     -- The reorganized company would pursue a $257 million
        lawsuit against Federal Deposit Insurance Corp., the
        agency that became Corus Bank NA's receiver in September
        2009.  The lawsuit centers on whether the holding company
        or the FDIC should have the rights to millions of dollars
        in tax refunds derived from the losses tracked to the
        bank's failure and seizure that can be counted against
        years of taxes paid when the lender profited from the
        building boom.

     -- If that lawsuit is successful, it would provide funds for
        Corus Bankshares to restart its dormant real-estate-
        investment operations; and

     -- The minimum expected recovery for unsecured creditors is
        increased to 6.2% from the 4.5% they would have received
        under the prior liquidation plan.  The larger payoff would
        come if Corus Bankshares succeeds in the FDIC lawsuit.
        That would result in unsecured creditors recovering up to
        53.3 cents on the dollar.

As reported by the Troubled Company Reporter on Nov. 29, 2010,
Corus delivered a liquidating Chapter 11 plan that provides
unsecured creditors and holders of TOPrS a recovery between 4.5%
and 47.6% of the face amount of their claims.  The liquidating
plan proposes that on its Effective Date, all of the Debtor's
assets will be transferred to and vest in New Corus.  The Plan
provides for the appointment of Andrew Scruton of FTI Consulting,
Inc., as the Plan Administrator and U.S. Bank, N.A., Wilmington
Trust Company and Wells Fargo Bank, N.A. as the members of the
Plan Committee to oversee the activities of New Corus.  The Plan
Administrator, supervised by the Plan Committee, will be
responsible for administering New Corus as set forth under the
Plan, including monetizing all of New Corus' assets, resolving all
Claims, pursuing all Causes of Action and distributing Net Free
Cash and Residual Net Free Cash to creditors.

Creditors thumbed down the liquidation proposal.

Mr. Morath reports that Corus has said the new plan has support
from the majority of creditors, including five major claim holders
that voted last year to reject the liquidation plan.

The Court will convene a hearing July 28 to consider approval of
the disclosure statement explaining the plan.

Earlier this year, Tricadia funds purchased Corus' trust-preferred
securities with a face value of $109 million.  According to Mr.
Morath, the move was significant because it gave the holding
company a known stakeholder with which to negotiate.

Tricadia was founded by Arif Inayat and Michael Barnes.

Mr. Morath says a Tricadia representative declined to comment when
reached Wednesday.

                     About Corus Bankshares

Chicago, Illinois-based Corus Bankshares, Inc., is a bank holding
company.  Its lone operating unit, Corus Bank, N.A., was closed
on September 11, 2009, by regulators, and the Federal Deposit
Insurance Corporation was named receiver.  To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with MB Financial Bank, National Association, Chicago,
Illinois, to assume all of the deposits of Corus Bank.

The Company sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 10-26881) on June 15, 2010, disclosing $314,145,828 in
assets and $532,938,418 in liabilities as of the Chapter 11
filing.

Kirkland & Ellis LLP's James H.M. Sprayregen, Esq., David R.
Seligman, Esq., and Jeffrey W. Gettleman, Esq., serve as the
Debtor's bankruptcy counsel.  Kinetic Advisors is the Company's
restructuring advisor.  Plante & Moran is the Company's auditor
and accountant.  Kilpatrick Stockton LLP's Todd Meyers, Esq., and
Sameer Kapoor, Esq.; and Neal Gerber & Eisenberg LLP's Mark
Berkoff, Esq., Deborah Gutfeld, Esq., and Nicholas M. Miller,
Esq., represent the official committee of unsecured creditors.


CROATION SURF: Permitted to Use Cash Collateral in June
-------------------------------------------------------
Judge Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina, Greenville Division,
authorized Croation Surf Club to use cash collateral for the month
of June.

Specifically, the Debtor may use the Cash Collateral in a limited
amount and for limited purposes during June 2011 as follows:

   June 2011 condominium association fees          $26,000
   July 2011 COA Fees                               26,000
   Utilities                                         3,500
   Mediation fees                                    1,000
   Bankruptcy Administrator's Fee                      975
   Hot tub cleaning and maintenance                  2,200

As of the end of June 2011, the Debtor may maintain a sum of not
in excess of $5,000 in its DIP Account.

In addition to the permitted payment of the CC Payments, the
Debtor will establish the Tax Escrow Account as a segregated DIP
escrow account for the accumulation of funds to pay the 2011 Real
Estate Taxes when due and deposit the sum of $20,000 into the Tax
Escrow Account during May 2011 from the Cash Collateral.  Royal
Bank America will be granted a first priority replacement lien and
security interest in all of the money deposited into the Tax
Escrow Account but will not have the right to set off against the
Tax Escrow Account without the prior order of the Court.  No money
may be paid from the Tax Escrow Account without the written
consent of Royal or the order of the Court.

As adequate protection for Royal's and Edwards Family Partnership
LP's asserted secured interests in the Property and the Debtor's
use of the Cash Collateral, the Debtor proposes that Royal and
Edwards be granted postpetition liens and security interests in
the same collateral, and with the same priority, as their
respective prepetition liens and security interests in the
Debtor's assets.

To the extent that the adequate protection under the Order is
insufficient, the Debtor agrees that the Secured Creditors each
reserve and preserve their respective rights to assert
superpriority claim under Section 507(b) of the Bankruptcy Code
and to assert their respective rights to a superpriority
administrative claim with priority over all costs, fees, amounts
and claims under, described in or contemplated by Section
507(a)(1)(C) to the extent of and reflecting the priority of their
interests in the Cash Collateral.

A full-text copy of the Interim Cash Collateral Order is available
for free at http://ResearchArchives.com/t/s?7669

                      About Croatan Surf

Kill Devil Hills, North Carolina-based Croatan Surf Club, LLC,
owns a 36-unit ocean-front condominium building in Dare County,
North Carolina.  It filed for Chapter 11 bankruptcy protection
(Bankr. E.D.N.C. Case No. 11-00194) on Jan. 10, 2011.  Walter L.
Hinson, Esq., and Maureen Radford, at Hinson & Rhyne, P.A., in
Wilson, N.C., represent the Debtor as counsel.  Silverang &
Donohoe LLC serves as co-counsel.  No creditors committee has been
formed in the case.  In its schedules, the Debtor disclosed
$26,151,718 in assets and $19,350,000 in liabilities.


CRUCIBLE MATERIALS: Plan Trustee Can Amend Avoidance Suit
---------------------------------------------------------
Bankruptcy Judge Mary F. Walrath granted the defendant's request
to dismiss the lawsuit, Ronald S. Gellert, as Successor Litigation
Trustee of the Crucible Materials Corporation Creditors'
Litigation Trust, v. The Lenick Company, Adv. Proc. No. 10-55178
(Bankr. D. Del.), but gave the Trustee leave to amend the
Complaint.  On Nov. 8, 2010, the Trustee filed the adversary
proceeding against Lenick to avoid transfers pursuant to 11 U.S.C.
Sec. 547, to avoid fraudulent conveyances pursuant to section 548,
to recover post-petition transfers pursuant to section 549, to
recover property transferred pursuant to section 550, and to
disallow any claims the Defendant may have pursuant to section
502.  The Defendant contends that the Trustee's Complaint for
recovery of a preference fails to state a claim upon which relief
can be granted, because it sets forth only conclusory allegations
parroting the statutory language of section 547.

Judge Walrath said if the Complaint is found to be insufficient in
detail, the Trustee has asked the Court for leave to amend the
Complaint.  The Defendant argues that the Complaint should be
dismissed with prejudice but fails to articulate any argument why
beyond the fact that the Complaint was insufficiently plead.  Fed.
R. Civ. P. 15(a) states that "leave to amend shall be freely given
when justice so requires."

The Trustee has previously agreed to withdraw Counts 2 and 3 of
the Complaint without prejudice in exchange for the Defendant's
agreement to withdraw its Motion to Dismiss those Counts.

A copy of Judge Walrath's July 6, 2011 Memorandum Opinion is
available at http://is.gd/Zhn4qZfrom Leagle.com.

                     About Crucible Materials

Based in Syracuse, New York, Crucible Materials Corporation -- aka
Crucible Specialty Metals, Crucible Service Centers, Crucible
Compaction Metals, Crucible Research and Trent Tube --
http://www.crucible.com/-- produced a wide array of steel
products for manufacturers, principally in the automotive
industry.  After experiencing a significant drop in demand,
sparked in part by the disruption in the automotive industry, the
Company and its affiliate, Crucible Development Corporation, filed
for Chapter 11 protection on May 6, 2009 (Bankr. D. Del. Lead Case
No. 09-11582).  Mark Minuti, Esq., at Saul Ewing LLP represented
the Debtors in their restructuring efforts.  The Debtors engaged
Duff & Phelps Securities LLP as investment banker; RAS Management
Advisors LLC as business advisor; and Epiq Bankruptcy Solutions
LLC as claims agent.  Roberta A. DeAngelis, United States Trustee
for Region 3, appointed five creditors to serve on the Official
Committee of Unsecured Creditors.  Crucible Materials estimated
assets and debts both ranging from $100 million to $500 million in
its Chapter 11 petition.

From four asset sales pursuant to 11 U.S.C. Sec. 363, Crucible
generated $14.4 million after secured lenders were fully paid on
$64.5 million in claims outstanding at the outset of the Chapter
case.

Under the Debtors' plan of reorganization, which was confirmed on
August 26, 2010, Richard D. Caruso was appointed Litigation
Trustee.


CRYSTAL CATHEDRAL: Diocese of Orange Plans to Bid for Assets
------------------------------------------------------------
The Associated Press reports that the Roman Catholic Diocese of
Orange said it was exploring the possibility of joining the list
of potential buyers for the sprawling property that features a
glass spire that can be seen from miles away in Orange County.

Chapman University, which is considering building a medical school
on the site, and Orange County-based real estate investment firm
Greenlaw Partners LLC, have already submitted bids for the assets.

The church filed a proposed Chapter 11 plan in May, to be funded
by selling its property for $46 million to Greenlaw Partners.  The
church would lease the property back with the right to repurchase.

The official committee of unsecured creditors is backing the "far
superior offer" from Chapman University.  The creditors are urging
the bankruptcy judge to allow dueling exit plans in the
megachurch's bankruptcy case.

The AP says Diocese of Orange Bishop Tod D. Brown noted there is
no cathedral in the county, even though it's home to 1.2 million
Catholics and the nation's 11th largest diocese.  The diocese is
designing a cathedral for nearby Santa Ana, but the sale of
property belonging to the world-famous Crystal Cathedral
megachurch presents an opportunity, he said.

The Crystal Cathedral aims to sell the property and lease back
portions for use as a way to help erase its $36 million mortgage
and wipe out almost all of the $10 million in unsecured debt that
has plagued the institution for several years since a disastrous
leadership transition and slump in donations.

A bankruptcy court hearing has been scheduled for Tuesday to
establish bidding rules for the property.

                      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.


CRYSTAL CATHEDRAL: Founder Will Be Non-Voting Chairman of Board
---------------------------------------------------------------
Dan Wooding at Continental News Crystal Cathedral's founder Robert
H. Schuller has not been ousted from the financially ailing
megachurch's board of directors, but has been "honored" as a non-
voting chairman of the board emeritus.

                      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.


DBSD N.A.: Wins Confirmation of Full-Payment Plan
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that DBSD North America Inc. won approval of a full-
payment Chapter 11 plan when the bankruptcy judge in New York
signed a confirmation order on July 5.  All creditors were paid in
full thanks to the U.S. Court of Appeals which set aside a
previously confirmed plan where the company had a lower valuation.
The new plan pays all creditors in full with about $280 million
left over for the owner, ICO Global Communications Holdings Inc.
The payment-in-full plan was the result of an auction where first-
lien creditor Dish Network Corp. raised its offer from about
$1 billion to $1.49 billion.

Mr. Rochelle recounts that the bankruptcy judge had confirmed the
prior plan over negative votes from creditor classes including
Dish and Sprint-Nextel Corp.  Although the appeals court upheld
cramdown on Dish, cramdown on Sprint was found improper.  Dish
ultimately benefited from Sprint's victory because it was given
another opportunity to buy DBSD.

With an offer of $1.375 billion, Dish was also the successful
bidder for TerreStar Networks Inc.

                    About DBSD North America

Headquartered in Reston, Virginia, DBSD North America Inc., aka
ICO Member Services Inc., offers satellite communications
services.  It has launched a satellite, but is in the
developmental stages of creating a satellite system with
components in space and on earth.  It presently has no revenues.

The Company and nine of its affiliates filed for Chapter 11
protection on May 15, 2009 (Bankr. S.D.N.Y. Lead Case No.
09-13061).  James H.M. Sprayregen, Esq., and Christopher J.
Marcus, Esq., at Kirkland & Ellis LLP, in New York; and Marc J.
Carmel, Esq., and Sienna R. Singer, Esq., at Kirkland & Ellis LLP,
in Chicago, serve as the Debtors' counsel.  Jefferies & Company is
the financial advisors to the Debtors.  The Garden City Group Inc.
is the claims agent for the Debtors.  DBSD estimated assets and
debts of $500 million to $1 billion in its Chapter 11 petition.

Timothy A. Barnes, Esq., and Steven J. Reisman, Esq., at Curtis,
Mallet-Prevost, Colt & Mosle LLP, in New York, represent the
Official Committee of Unsecured Creditors.

The ad hoc committee of certain parties that hold or manage
holdings of those certain 7.5% Convertible Senior Secured Notes
due 2009 issued by DBSD is represented by Dennis F. Dunne, Esq.,
Risa M. Rosenberg, Esq., and Jeremy S. Sussman, Esq., at Milbank,
Tweed, Hadley & McCloy LLP, in New York; and Andrew M. Leblanc,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Washington, DC.

Sprint Nextel is represented by Eric Moser, Esq., at K&L Gates
LLP, in New York; and John H. Culver III, Esq., and Felton E.
Parrish, Esq., at K&L Gates LLP, in Charlotte, North Carolina.

DISH is represented in the case by J. Eric Ivester, Esq., at
Skadden Arps Slate Meagher & Flom LLP, in New York.


DELTA AIR: Minnesota Politicians Accuse Delta Of Breaking Promise
-----------------------------------------------------------------
Political leaders in Minnesota accuse Delta Air Lines of breaking
its promise of keeping jobs in the state after it took over
Northwest Airlines, AirportBusiness.com reports.

Delta is planning to move its training and technical jobs to
Atlanta but noted that employees can keep their jobs if they
relocate to Atlanta.

The relocation of facilities is part of the company's cutbacks
because of high fuel prices and a bad economy, Atlanta Business
Journal relates.

                       About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On Dec. 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Stable/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

S&P said at the end of February 2011 that its ratings on Atlanta,
Ga.-based Delta Air Lines Inc. reflect its highly leveraged
financial profile, with significant intermediate-term debt
maturities, and the risks associated with participation in the
price-competitive, cyclical, and capital-intensive airline
industry.  The ratings also incorporate the reduced debt load and
operating costs Delta achieved while in Chapter 11 in 2005-2007,
and its enhanced competitive position and synergistic
opportunities associated with its 2008 merger with Northwest
Airlines Corp. (parent of Northwest Airlines Inc.), with the two
airlines fully integrated in December 2009.  S&P characterize
Delta's business risk profile as weak and its financial risk
profile as highly leveraged.


DELTA AIR: Stockholders Vote 11 Members to Board of Directors
-------------------------------------------------------------
In a Form 8-K filing with the Securities and Exchange Commission
on June 30, 2011, Delta Air Lines, Inc. disclosed that the
stockholders have elected these persons to serve as members of
the Company's board of directors until the 2012 Annual Meeting of
Stockholders:

  -- Richard H. Anderson;
  -- Edward H. Bastian;
  -- Roy J. Bostock;
  -- John S. Brinzo;
  -- Daniel A. Carp;
  -- John M. Engler;
  -- Mickey P. Foret;
  -- David R. Goode;
  -- Paula Rosput Reynolds;
  -- Kenneth C. Rogers; and
  -- Kenneth B. Woodrow.

In addition, the stockholders approved the advisory vote on
executive compensation and recommended that the frequency of
future advisory votes on executive compensation be every year.

Accordingly, the Board of Directors has determined that the
Company will hold an advisory vote on executive compensation
every year.

Furthermore, the stockholders ratified the appointment of Ernst &
Young LLP as the Company's independent auditors for 2011 and
rejected the adoption of a stockholder proposal relating to
cumulative voting for the election of directors.

A copy of the SEC filing is available for free at:

              http://researcharchives.com/t/s?765f

                       About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On Dec. 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Stable/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

S&P said at the end of February 2011 that its ratings on Atlanta,
Ga.-based Delta Air Lines Inc. reflect its highly leveraged
financial profile, with significant intermediate-term debt
maturities, and the risks associated with participation in the
price-competitive, cyclical, and capital-intensive airline
industry.  The ratings also incorporate the reduced debt load and
operating costs Delta achieved while in Chapter 11 in 2005-2007,
and its enhanced competitive position and synergistic
opportunities associated with its 2008 merger with Northwest
Airlines Corp. (parent of Northwest Airlines Inc.), with the two
airlines fully integrated in December 2009.  S&P characterize
Delta's business risk profile as weak and its financial risk
profile as highly leveraged.


DEWEY GUIDA: Cline V. Quicken Loans Remanded to State Court
-----------------------------------------------------------
In the lawsuit, David Cline and Anna Cline, v. Quicken Loans Inc.,
Title Source Inc. d/b/a Title Source Inc. of West Virginia,
Appraisals Unlimited, Incorporated, Dewey V. Guida and John Doe
Note Holder, Civil Action No. 5:11CV63 (N.D. W.Va.), District
Judge Frederick P. Stamp, Jr., held that mandatory abstention
applies and that the civil action must be remanded to the Circuit
Court of Marshall County, West Virginia.

The Clines filed the complaint against the defendants in the
Circuit Court of Marshall County, West Virginia, alleging various
state law causes of action including unconscionability, breach of
fiduciary duty, fraud or intentional misrepresentation, negligent
misrepresentation, illegal loans in excess of fair market value,
breach of professional standards and professional negligence,
damages, joint venture, and punitive damages.  Quicken Loans and
Title Source removed the civil action to the District Court
pursuant to 28 U.S.C. Sections 1334, 1441, and 1452.  The
defendants maintain that the Court has subject matter jurisdiction
over the action because the case is related to the Chapter 11
bankruptcy proceedings pending against Dewey Guida.  To boost
their case, the Clines filed a notice of supplemental authority in
which they discuss the recent Supreme Court opinion of Stern v.
Marshall, ___ U.S. ___, 2011 WL 2472792 (2011).

A copy of the District Court's July 5, 2011 Memorandum Opinion and
Order is available at http://is.gd/vxotC9from Leagle.com.


DEWITT REHABILITATION: Seeks Exclusivity Until Oct. 24
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that DeWitt Rehabilitation & Nursing Center Inc. is
requesting an extension until Oct. 24 of the exclusive right to
propose a Chapter 11 plan.  At a July 12 hearing, DeWitt will tell
the bankruptcy judge how it's saving $65,000 month by using
another pharmacy provider and $20,000 a month from outsourcing the
jobs of four physical therapists.  Negotiations with the union are
on tap for late July, the court filing says.

DeWitt explained that the creditors' committee is investigating
whether there are grounds for substantive consolidation between
the company that operates the nursing home and a separate company
that owns the building.

New York-based DeWitt Rehabilitation and Nursing Center runs a
499-bed nursing home on East 79th Street in Manhattan.  The
nursing home is owned by Marilyn Lichtman, who has been the
operator since the facility opened in 1967.

DeWitt Rehabilitation filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 11-10253) on Jan. 25, 2011.  Marc A.
Pergament, Esq., at Weinberg, Gross & Pergament, LLP, serves as
the Debtor's bankruptcy counsel.  The Debtor estimated its assets
at up to $50,000 and debts at $10 million to $50 million.


DLH MASTER: Taps Steve Wellington to Handle Real Estate Matters
---------------------------------------------------------------
Allen Capital Partners LLC and subsidiary DLH Master Land Holding
LLC ask the U.S. Bankruptcy Court for the Northern District of
Texas for permission to employ Steve Wellington as special
corporate and real estate counsel.

Mr. Wellington will provide the Debtors with counsel, advice and
expertise related to the Debtors' corporate and real estate
matters.

Mr. Wellington will charge for fees for services performed at a
rate of $350 per hour and seek reimbursement of travel and
accommodation expenses.

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

                        About Allen Capital

Allen Capital Partners LLC and subsidiary DLH Master Land Holding
LLC, are the developers of Dallas Logistics Hub, a 6,000-acre
multimodal logistics park 12 miles (19 kilometers) from downtown
Dallas.

Allen Capital Partners, LLC, dba The Allen Group, filed for
Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 10-
30562) on Jan. 25, 2010.  Mark MacDonald, Esq., at MacDonald +
MacDonald, P.C., represents the Debtor.  Lain, Faulkner & Co. is
the Debtor's financial advisor.  The Company disclosed
$220,325,201 in assets and $160,622,236 in liabilities as of the
Chapter 11 filing.

The Debtor's affiliate -- DLH Master Land Holding, LLC, dba The
Allen Group -- filed a separate Chapter 11 bankruptcy petition.

Another affiliate, Visalia, California-based Richard S. Allen,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Texas Case No. 10-33211) on May 3, 2010.  Patrick J. Neligan, Jr.,
Esq., at Neligan Foley LLP, represents the Debtor.  The Company
disclosed $76,158,469 in assets and $53,728,982 in liabilities as
of the petition date.

The Debtors' proposed Reorganization Plan contemplates that the
Debtors will obtain sufficient exit financing from sales and loans
from insiders to enable them to pay all Administrative and non-tax
Priority Claims in full on the effective date.

No trustee or examiner has been appointed in any of the cases
administratively consolidated with those of the Debtors.

An Official Committee of Unsecured Creditors has been appointed.


DUNE ENERGY: Well Temporarily Abandoned at 19,550 Feet
------------------------------------------------------
Dune Energy, Inc., announced that the ORX SL 214 #1 well at Garden
Island Bay, Plaquemines Parish, Louisiana has been drilled and
logged to a total depth of 19,670 feet (measured depth) and 19,550
feet (true vertical depth).  The well is being temporarily
abandoned and left capable for deepening or sidetracking
operations at a later time.  The cost of the well was
approximately $32 million of which Dune had a 15% working
interest.  Prior to drilling the well Dune received approximately
$3.9 million in cash recoupments from its partners resulting in a
net cost to date of approximately $900,000.

Anticipated drilling operations for the remainder of the year are
detailed in the Company's July investor overview available on its
Web site at www.duneenergy.com

James A. Watt, President and CEO of the company stated, "Although
disappointed in the results of this well to date, we are
encouraged by the fact that we encountered reservoir quality rocks
with hydrocarbon shows in the prospective section.  We will now
evaluate the data from the well and integrate it with the seismic
to determine if a deepening or a side tracking operation would be
warranted at a later time.  We anticipate continuing our
conventional lower risk drilling programs within our existing
fields, including Garden Island Bay."

                         About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/
-- is an independent energy company based in Houston, Texas.
Since May 2004, the Company has been engaged in the exploration,
development, acquisition and exploitation of natural gas and crude
oil properties, with interests along the Louisiana/Texas Gulf
Coast.  The Company's properties cover over 90,000 gross acres
across 27 producing oil and natural gas fields.

The Company reported a net loss of $75.53 million on $64.18
million of revenue for the year ended Dec. 31, 2010, compared with
a net loss of $59.13 million on $52.24 million of revenue during
the prior year.

The Company's balance sheet at March 31, 2011, showed
$304.31 million in total assets, $386.18 million in total
liabilities, $151.64 million in redeemable convertible preferred
stock, and a $233.51 million total stockholders' deficit.

                         *     *     *

Dune Energy carries a 'CCC-' corporate credit rating, with
negative outlook, from Standard & Poor's, and 'Ca' corporate
family and probability of default ratings, with negative outlook,
from Moody's Investors Service.

S&P said in April 2010, "[T]he company's heavy debt burden makes
the prospects of a distressed exchange or bankruptcy a distinct
possibility."


FIRST INDUSTRIAL: S&P Affirms CCR at 'B+'; Outlook Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to positive
from stable on First Industrial Realty Trust Inc. and First
Industrial L.P. "We affirmed our 'B+' corporate credit ratings and
our 'BB-' issue-level rating on the company's senior unsecured
notes. We also affirmed our rating on the company's preferred
stock at 'CCC+'. Our recovery rating on these notes is unchanged
at '2', indicating our expectations for a substantial (70%-90%)
recovery for noteholders in the event of a payment default," S&P
related.

"The outlook revision reflects the improvement to the company's
liquidity position, which we believe is now sufficient to meet
2011 and 2012 debt maturities and enhances its ability to obtain a
new credit facility by early 2012," said credit analyst George
Skoufis. "We also acknowledge the company's lower leverage and
stabilizing portfolio performance. Our ratings on First Industrial
reflect the company's aggressive financial risk profile, which is
highlighted by weak, but adequate and relatively stable fixed-
charge coverage. We consider the company's liquidity, which has
improved, to be adequate, although we believe it could become
constrained if the company uses its current revolving credit
facility capacity, as we currently assume, to fund 2011 and 2012
senior note maturities. In our view, mitigating factors include
the recently improved overall leverage profile and realistic
prospects for some asset disposition activity. The company's fair
business risk profile acknowledges First Industrial's sizable
industrial portfolio, which has good geographic and tenant
diversity, and our expectation that occupancy should continue to
slowly rebound."

Chicago-based First Industrial, with a $3 billion real estate
asset base (on an undepreciated cost basis), owns and operates 762
industrial properties with an aggregate 67.9 million sq. ft. of
gross leasable space.

                         Outlook

"Our positive outlook acknowledges the improvement to the
company's liquidity position, which we believe adequate to meet
the company's 2011 and 2012 debt maturities and should enhance its
ability to obtain a new credit facility well in advance of its
current facility's late 2012 maturity. We also acknowledge
the company's lower leverage and stabilizing portfolio
performance, which should support gradual improvement in still
weak FCC measures. We could raise the corporate credit rating if
the company is successful in obtaining a new credit facility that
enhances its overall liquidity and extends the maturity beyond the
current 2012 expiration, and if we believe FCC is poised to
improve to the high 1x area. Given the previously noted balance
sheet and liquidity improvements, we currently do not foresee
taking any negative rating actions in the near term," S&P stated.


FKF MADISON: Longview Ultra Offering Better Plan for One Madison
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that One Madison Park has an offer from the new owner of
the secured debt that's $58 million better than the proposal from
a joint venture between CIM Fund III LP and HFZ Capital Group LLC
that the lender values at $162 million.  Before bankruptcy, the
$235 million first lien was held by iStar Financial Inc.,
according to the creditors' committee.

Mr. Rochelle relates that the debt was sold to the trustee for the
junior lender, Longview Ultra Construction Loan Fund, court papers
say.  Now holding all the senior debt, the lender said in papers
filed in bankruptcy court in Delaware on July 1 that the
$162 million price was "contrived" and had "no relationship to the
value of the property."  The lender says it offered a binding
commitment for a plan worth $220 million that would have
"increased recoveries to unsecured creditors," the lender's court
papers say.

The lender, according to the report, requested that a currently
scheduled July 28 hearing for approval of the disclosure statement
be adjourned to avoid a fight over a plan the lender believes
can't be approved.

The early days of the case were consumed in a dispute over
control.  Once resolved, the plan was filed.

FKF Madison owns the One Madison Park condominium tower in New
York City.  One Madison Park project came to halt in February 2010
when iStar Financial Inc., the chief financier for the project,
moved to foreclose on it.  The high-profile condominium project, a
50-story tower was developed by Ira Shapiro and Marc Jacobs.

An involuntary Chapter 7 case (Bankr. D. Del. Case No. 10-11867)
was filed against FKF Madison on June 8, 2010.  The case was
converted to a case under Chapter 11 in November 2010.


FRANK PARSONS: Changes Name to FPI Liquidation After Sale Closing
-----------------------------------------------------------------
Frank Parsons, Inc., changed its name to "FPI Liquidation Corp."
after closing of the sale of substantially all of its assets to
TSRC, Inc., in May.

Judge Robert A. Gordon of the U.S. Bankruptcy Court for the
District of Maryland, Baltimore Division, approved the sale to
TSRC, free and clear of all liens.

Pursuant to an asset purchase agreement, the Buyer paid
$2,000,000, plus 50 % of the book value of the Closing Inventory,
for the purchased assets.

The transfer of the Purchased Assets to the Buyer free and clear
of all Liens will not result in any prejudice to any holders of
any Liens, as (i) all net cash proceeds of the Sale other than the
proceeds allocated for Anne Arundel Economic Development
Corporation will be remitted to Wells Fargo Bank, N.A., as agent
for a group of lenders, for application to the Debtor's DIP
Financing obligations, and (ii) the only other Lienholder, AAEDC,
will have its interest protected by payment of the AAEDC Proceeds,
promptly after closing.

The Debtor will paid to AAEDC, in full satisfaction of AAEDC's
secured claim, the portion of the net cash proceeds of the Sale in
an amount equal to $86,000.  AAEDC will retain a general unsecured
claim against the Debtor for the unpaid balance of AAEDC's claim.

Michael Eaton, the Pension Benefit Guaranty Corporation, and AAEDC
objected to the sale.  The Eaton Objection and the PBGC Objection
were withdrawn prior to the sale hearing.  The AAEDC Objection has
been resolved by agreement, and based on this, was withdrawn prior
to the sale hearing.

The Debtor changed its name to a name that does not include any
name or mark included in the Intellectual Property or any
translations, adaptations, derivations or combinations of that
name or mark confusingly similar thereto; provided, however,
following the Closing, the Debtor is authorized to include the
Purchased Name solely for reference as "f/k/a" in any filings or
other correspondence with the Court.

                       About Frank Parsons

Headquartered in Hanover, Maryland, Frank Parsons, Inc. --
http://www.frankparsons.com/-- aka Frank Parsons Paper Company
Inc., was the largest employee-owned, business products,
technology, and office supplies company in the United States,
offering more than 180,000 products from companies such as Avery,
Fujifilm, Hewlett Packard, IBM, Sony, Xerox, Xiotech, and more.
Frank Parsons is an approved contractor on the GSA Schedule and an
authorized AbilityOne Distributor.  The company holds several
environmental certifications, including FSC, SFI, and PEFC.

Frank Parsons filed for Chapter 11 bankruptcy protection (Bankr.
D. Md. Case No. 11-10338) on Jan. 6, 2011.  The Debtor estimated
its assets and debts at $10 million to $50 million.

Gary H. Leibowitz, Esq., and Irving Edward Walker, Esq., at Cole
Schotz Meisel Forman & Leonard, PA, serve as the Debtor's
bankruptcy counsel.  The Debtor has also tapped SSG Capital as an
investment banker to explore strategic options.  WeinsweigAdvisors
LLC is the financial advisor to the Debtor.  Delaware Claims
Agency, LLC, is the claims and noticing agent.

Brent C. Strickland, Esq., at Whiteford, Taylor & Preston L.L.P.,
in Baltimore, Maryland, and Bradford J. Sandler, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve
as counsel to the Official Committee of Unsecured Creditors formed
in the Chapter 11 case.

Substantially all of Frank Parson's assets were sold to TSRC, Inc.
Frank Parson is now known as FPI Liquidation Corp.


FRANK PARSONS: Gives Up Insurance Policies in Exchange for Cash
---------------------------------------------------------------
FPI Liquidation Corp., formerly known as Frank Parsons, Inc.,
seeks authority from the U.S. Bankruptcy Court for the District of
Maryland, Baltimore Division, to:

   (1) sell its interest in the Donald A. Rea Life insurance
       policy issued by New York Life Insurance and Annuity
       Corporation and held in the J. Wentworth Printing Life
       Insurance Trust, to Clifford Paper, Inc.; and

   (2) surrender certain other life insurance policies issued by
       Massachusetts Mutual Life Insurance Company in exchange for
       their cash surrender value.

MassMutual has advised the Debtor that the total cash surrender
value of the policies is currently $246,027 as of June 24, 2011.
New York Life has advised the Debtor that the total cash surrender
value of the Don Rea Policy currently is $159,528 as of May 16,
2011.

The Debtor has agreed to sell its interest in the Trust and Don
Rea Policy to Clifford, who already owns a beneficial interest in
the Trust, for $79,016, pursuant to the terms and conditions set
forth in a sale agreement.  The sale price, the Debtor says, is
equal to its percentage ownership interest in the current cash
surrender value of the Don Rea Policy.

Gary H. Leibowitz, Esq., at Cole, Schotz, Meisel, Forman
& Leonard, P.A., in Baltimore, Maryland --
gleibowitz@coleschotz.com -- says there is no existing market for
the Don Rea Policy outside of the current ownership group due
primarily to its multi-party ownership.

Mr. Leibowitz relates that the Debtor's DIP financing with Wells
Fargo, N.A., has been paid off and the credit facility has been
terminated.  The Debtor, he adds, is in the process of converting
all of the assets of the estate to cash to fund its anticipated
Chapter 11 plan of liquidation, and to make distributions for the
benefit of creditors.

By surrendering the MassMutual Policies and selling its interest
in the Don Rea Policy, the estate will generate additional and
necessary funds in exchange for assets for which there is no
existing market, Mr. Leibowitz tells the Court.  Furthermore, the
Debtor has determined that the proposed cash surrender value for
the MassMutual Policies, and the purchase price for its interest
in the Don Rea Policy, fall within the range of reasonableness and
are in the best interest of creditors and the estate, he adds.

The combined estimated proceeds of $325,044 to be realized by the
Debtor's estate provides ample grounds for approval of the sale
and surrender of the insurance policies under Section 363 of the
Bankruptcy Code, Mr. Leibowitz says.

                       About Frank Parsons

Headquartered in Hanover, Maryland, Frank Parsons, Inc. --
http://www.frankparsons.com/-- aka Frank Parsons Paper Company
Inc., was the largest employee-owned, business products,
technology, and office supplies company in the United States,
offering more than 180,000 products from companies such as Avery,
Fujifilm, Hewlett Packard, IBM, Sony, Xerox, Xiotech, and more.
Frank Parsons is an approved contractor on the GSA Schedule and an
authorized AbilityOne Distributor.  The company holds several
environmental certifications, including FSC, SFI, and PEFC.

Frank Parsons filed for Chapter 11 bankruptcy protection (Bankr.
D. Md. Case No. 11-10338) on Jan. 6, 2011.  The Debtor estimated
its assets and debts at $10 million to $50 million.

Gary H. Leibowitz, Esq., and Irving Edward Walker, Esq., at Cole
Schotz Meisel Forman & Leonard, PA, serve as the Debtor's
bankruptcy counsel.  The Debtor has also tapped SSG Capital as an
investment banker to explore strategic options.  WeinsweigAdvisors
LLC is the financial advisor to the Debtor.  Delaware Claims
Agency, LLC, is the claims and noticing agent.

Brent C. Strickland, Esq., at Whiteford, Taylor & Preston L.L.P.,
in Baltimore, Maryland, and Bradford J. Sandler, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve
as counsel to the Official Committee of Unsecured Creditors formed
in the Chapter 11 case.

Substantially all of Frank Parson's assets were sold to TSRC, Inc.
Frank Parson is now known as FPI Liquidation Corp.


GGC SOFTWARE: S&P Assigns 'B' Corporate; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Wilmington, Del.-based software and service
provider GGC Software Holdings LLC. Its subsidiaries, Lawson
Software Inc. and SoftBrands Inc., are co-borrowers. The outlook
is stable.

"At the same time, we assigned a 'B+' issue-level rating and '2'
recovery rating to the company's $1.04 billion first-lien credit
facilities and a 'B-' rating and '5' recovery rating to its $560
million senior unsecured notes," S&P related.

GGC Software intends to use the newly issued debt, along with
approximately $560 million of new sponsor equity from Golden Gate
Capital, to purchase the company and to refinance existing debt.

"Our ratings on GGC Software Holdings reflect the company's highly
leveraged capital structure, with pro forma debt to EBITDA in the
7x area," said Standard & Poor's credit analyst Philip Schrank,
"and declining to the mid-6x area as the company realizes cost-
saving synergies over the coming year." Its recurring revenue
base, positive cash flows through the recent downturn, and
recognized product strength somewhat offset this factor.


GENCORP INC: Files Form 10-Q; Breaks Even in May 31 Quarter
-----------------------------------------------------------
GenCorp Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting $0 net
income (break even) on $229.90 million of net sales for the three
months ended May 31, 2011, compared with net income of $13.50
million on $234.10 million of net sales for the same period during
the prior year.  The Company also reported net income of $1.20
million on $439.70 million of net sales for the six months ended
May 31, 2011, compared with net income of $4.60 million on $420.90
million of net sales for the same period a year ago.

The Company's balance sheet at May 31, 2011, showed $987.30
million in total assets, $1.14 billion in total liabilities, $4.70
million in redeemable common stock and a $165.80 million total
shareholders' deficit.

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

                        http://is.gd/x0O6la

                        About GenCorp Inc.

Rancho Cordova, Calif.-based GenCorp Inc. (NYSE: GY)
-- http://www.GenCorp.com/-- is a manufacturer of aerospace and
defense products and systems with a real estate segment that
includes activities related to the re-zoning, entitlement, sale,
and leasing of the Company's excess real estate assets.

                           *     *     *

Standard & Poor's in February 2011 has raised its corporate credit
rating on GenCorp Inc. to 'B' from 'B-'.  S&P also raised its
rating on the company's first-lien secured debt to 'BB-' from 'B+'
and on the subordinated debt to 'CCC+' from 'CCC'.  The recovery
rating on the first-lien secured debt remains unchanged at '1',
and the recovery rating on the subordinated debt remains unchanged
at '6'.  The outlook is stable.

"We are raising its ratings on GenCorp by one notch to reflect the
company's improved liquidity position," said Standard & Poor's
credit analyst Lisa Jenkins.  "The ratings on GenCorp reflect its
highly leveraged capital structure, weak financial performance,
limited diversity, and modest scale of operations compared with
competitors.  Offsetting these challenges to some extent is the
company's good niche positions in aerospace propulsion and solid
backlog.  S&P characterize GenCorp Inc.'s business profile as weak
and its financial profile as highly leveraged."

As reported by the TCR on May 24, 2011, Moody's Investors Service
upgraded the corporate family and probability of default ratings
of GenCorp Inc. to B1 from B2.  The upgrade reflects the Company's
steady improvement to operating results, as a leading niche
supplier of solid and liquid rocket propulsion systems to prime
defense contractors.  Operating margins have grown to above 11%
(inclusive of Moody's standard adjustments) in the most recent
twelve-month period, resulting from growth in defense programs
that GenCorp supplies (THAAD, Aegis, PAC-3) and good cost
controls.  GenCorp's funded backlog has grown steadily over
several years, and is now about 90% of sales.  The level of
backlog provides good forward revenue visibility and compares
favorably with other defense suppliers.


GENOIL INC: Posts C$1.5 Million Net Loss in Q1 2011
---------------------------------------------------
Genoil Inc. filed on July 5, 2011, its interim consolidated
financial statements for the three months ended March 31, 2011.

The Company incurred a net loss of C$1.5 million for the three
months ended March 31, 2011, compared with a net loss of
C$1.7 million for the same period of 2010.  The Company has not
generated revenues from its technologies to date and has funded
its near term operations by way of capital stock private
placements and short-term loans.

The Company's balance sheet at March 31, 2011, showed
C$5.4 million in total assets, C$2.7 million in total
liabilities, and stockholders' equity of C$2.7 million.

A copy of the Company's interim consolidated financial statements
for the three months ended March 31, 2011, is available at:

                       http://is.gd/BLPjf9

A copy of the Management's Discussion and Analysis of the
Company's interim consolidated financial statements for the three
months ended March 31, 2011, is available at http://is.gd/Oz6VLV

                        About Genoil Inc.

Genoil Inc. is a technology development company based in Alberta,
Canada.  The Company specializes in heavy oil upgrading, oily
water separation, process system optimization, development,
engineering, design and equipment supply, installation, start up
and commissioning of services to specific oil production,
refining, marine and related markets.

The Company's securities trade on both the TSX Venture Exchange
(Symbol: GNO) and the NASDAQ OTC Bulletin Board (Symbol: GNOLF).


GOLDENPARK LLC: Taps ACT Solutions to Provide Accounting Services
-----------------------------------------------------------------
Goldenpark LLC asks the U.S. Bankruptcy Court for the Central
District of California for permission to employ ACT Solutions as
accountant.

The Debtor requires the expertise of an accountant to provide
assistance in connection with the case, particularly since the
Debtor has no accounting personnel in-house.  ACT has provided
outsourced accounting services to the hospitality industry since
1989.

ACT will, among other things:

   -- prepare the hotel's general ledger, financial statements and
      reconciliations of all bank accountants;

   -- maintain perpetual files for all balance sheet accounts;

   -- maintain the hotel's trade accounts payable, including
      voucher invoices to the general ledger and trade payables,
      open vendor filed, prepare weekly and as required check
      batches, prepare monthly and upon request item listing of
      trade payables balanced to the general ledger, prepare a
      monthly check register of checks written and provide a
      monthly updated vendor master list.

The Debtor proposes to pay ACT a fixed monthly fee of $2,000.

Kenneth A. Wolski, president of ACT, assures the Court that ACT is
a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

                       About Goldenpark LLC

Goldenpark LLC operates a 171-room hotel in Norwalk, California.
Pursuant to a franchise agreement with Hilton Worldwide, the hotel
is currently being operated as a Double Tree Hotel.

Goldenpark LLC filed for Chapter 11 bankruptcy (Bankr. C.D. Calif.
Case No. 11-30070) on May 8, 2011, to halt a secured lender's
attempt to place the hotel in the hands of a receiver.  Judge
Peter Carroll presides over the case.  The Debtor estimated
$10 million to $50 million in both assets and debts as of the
Chapter 11 filing.


GOLDENPARK LLC: Levene Neale Approved as Bankruptcy Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Goldenpark LLC to employ Levene, Neale, Bender, Yoo &
Brill LLP as its bankruptcy counsel.

As reported in the Troubled Company Reporter on June 15, 2011, the
hourly rates of the firm's personnel are:

        Attorneys                               Hourly Rates
        ---------                               ------------
        David W. Levene, Esq.                   $595
        David L. Neale, Esq.                    $595
        Ron Bender, Esq.                        $595
        Martin J. Brill, Esq.                   $595
        Timothy J. Yoo. Esq.                    $595
        Edward M. Wolkowitz, Esq.               $595
        David B. Golubchik, Esq.                $575
        Monica Y. Kim., Esq.                    $550
        Beth Ann R. Young, Esq.                 $550
        Daniel H. Reiss, Esq.                   $550
        Irving M. Gross, Esq.                   $550
        Philip A. Gasteier, Esq.                $550
        Jacqueline L. James, Esq.               $495
        Juliet Y. Oh, Esq.                      $495
        Michelle S. Grimberg, Esq.              $495
        Todd M. Arnold, Esq.                    $495
        Anthony A. Friedman, Esq.               $435
        Carmela T. Pagay, Esq.                  $435
        Krikor J. Meshefejian, Esq.             $375
        John Patrick M. Fritz, Esq.             $375
        Gwendolen D. Long, Esq.                 $375
        Lindsey L. Smith, Esq.                  $275

        Paraprofessionals                       $195

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

The firm can be reached at:

         Timothy J. Yoo, Esq.
         David B. Golubchik, Esq.
         Lindsey L. Smith, Esq.
         LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
         10250 Constellation Boulevard, Suite 1700
         Los Angeles, CA 90067
         Tel: (310) 229-1234
         Fax: (310) 229-1244
         E-mail: tjy@lnbyb.com
                 dbg@lnbyb.com
                 lls@lnbyb.com

                       About Goldenpark LLC

Goldenpark LLC operates a 171-room hotel in Norwalk, California.
Pursuant to a franchise agreement with Hilton Worldwide, the hotel
is currently being operated as a Double Tree Hotel.

Goldenpark LLC filed for Chapter 11 bankruptcy (Bankr. C.D. Calif.
Case No. 11-30070) on May 8, 2011, to halt a secured lender's
attempt to place the hotel in the hands of a receiver.  Judge
Peter Carroll presides over the case.  The Debtor disclosed
$24,180,000 in assets and $22,232,584 in liabilities as of the
Chapter 11 filing.


GOLDENPARK LLC: HMG Approved as Double Tree Hotel Manager
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Goldenpark LLC to employ Hotel Managers Group as hotel
manager.

HMG is expected to operate and manage the hotel and all aspects
related thereto including without limitation guest services, food
and beverage, parking, lease operations, retail, office,
concessions and vendors as required by the Debtor's franchise
agreement with Hilton.

Joel Biggs, president and CEO of HMG, tells the Court that HMG
will be paid base fee per month equal to 2.5% of the hotel's gross
revenues or $8,000 whichever is higher. HMG has not received  any
retainer of postpetition payment from the Debtor.  HMG is owed
$3,853 for prepetition services to the Debtor.

Mr. Biggs assured the Court that HMG is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

                       About Goldenpark LLC

Goldenpark LLC operates a 171-room hotel in Norwalk, California.
Pursuant to a franchise agreement with Hilton Worldwide, the hotel
is currently being operated as a Double Tree Hotel.

Goldenpark LLC filed for Chapter 11 bankruptcy (Bankr. C.D. Calif.
Case No. 11-30070) on May 8, 2011, to halt a secured lender's
attempt to place the hotel in the hands of a receiver.  Judge
Peter Carroll presides over the case.  The Debtor disclosed
$24,180,000 in assets and $22,232,584 in liabilities as of the
Chapter 11 filing.


GRAHAM HOTEL: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Graham Hotel Group, LLC
          dba Holiday Inn Express, Graham, Texas
        1581 Highway 380 Bypass
        Graham, TX 76450-2323

Bankruptcy Case No.: 11-70260

Chapter 11 Petition Date: July 5, 2011

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

Judge: Harlin DeWayne Hale

Debtor's Counsel: Jeffery D. Carruth, Esq.
                  WEYCER, KAPLAN, PULASKI & ZUBER, P.C.
                  3030 Matlock Road, Suite 201
                  Arlington, TX 76015
                  Tel: (817) 795-5046
                  Fax: (866) 666-5322
                  E-mail: jcarruth@wkpz.com

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

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

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

The petition was signed by Sunil Patel, manager.


GSC GROUP: Fights Lenders to Advance $235 Million Asset Sale
------------------------------------------------------------
Christie Smythe at Bankruptcy Law360 reports that the trustee
overseeing GSC Group Inc. battled a group of lenders in New York
bankruptcy court Wednesday over its efforts to halt a proposed
$235 million sale of the company's assets to Black Diamond Capital
Management LLC.

According to Dow Jones' DBR Small Cap, the trustee told a judge
Wednesday that a sale of the hedge-fund manager to lenders led by
Black Diamond Capital Management would be better for the company
than a competing plan by a minority group of GSC's lenders.

The trustee, former bankruptcy judge James L. Garrity in June
filed papers to sell the business and fully satisfy $256.8 million
in secured claims.  There would be $18.6 million cash left over,
allowing the trustee to propose a liquidating Chapter 11 plan with
$4.6 million for unsecured creditors.  If the proposal is
approved, the sale will take place July 6.

All of the secured lenders other than Black Diamond Capital
Finance LLC, Mr. Rochelle recounts, filed a Chapter 11 plan in
April hoping to head off a sale of the business by Mr. Garrity.
Their plan would give the lenders all the new stock and $160
million in new 10 percent senior notes to mature in 2026.
Unsecured creditors would receive nothing.

Mr. Garrity says the minority lenders' plan would face possibly
insurmountable opposition because Black Diamond alone owns enough
debt to vote it down.  It's also inferior, the trustee said,
because it would have nothing for unsecured creditors.

                          About GSC Group

Florham Park, New Jersey-based GSC Group, Inc. --
http://www.gsc.com/-- is a private equity firm specializing in
mezzanine and fund of fund investments.  Originally named
Greenwich Street Capital Partners Inc. when it was a subsidiary of
Travelers Group Inc., GSC became independent in 1998 and at one
time had $28 billion of assets under management.  Market reverses,
termination of some funds, and withdrawal of customers'
investments reduced funds under management at the time of
bankruptcy to $8.4 billion.

GSC Group filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 10-14653) on Aug. 31, 2010.  Michael B. Solow,
Esq., at Kaye Scholer LLP, serves as the Debtor's bankruptcy
counsel.  Epiq Bankruptcy Solutions, LLC, is the Debtor's notice
and claims agent.  Capstone Advisory Group, LLC, is the Debtor's
financial advisor.  The Debtor estimated its assets at $1 million
to $10 million and debts at $100 million to $500 million as of the
Chapter 11 filing.


HARRY & DAVID: Wants Plan Filing Exclusivity Until Sept. 30
-----------------------------------------------------------
BankruptcyData.com reports that Harry & David Holdings filed with
the U.S. Bankruptcy Court a motion to extend the exclusive period
during which only the Company can file a Chapter 11 plan and
solicit acceptances thereof through and including Sept. 30, 2011,
and Nov. 30, 2011, respectively.

The Court scheduled a July 26, 2011 hearing on the matter.

                       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.

David G. Heiman, Esq., Brad B. Erens, Esq., and Timothy W.
Hoffman, Esq., at Jones Day, are the Debtors' lead counsel.
Daniel J. DeFranceschi, Esq., Paul Noble Heath, Esq., and Zachary
Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors'
local 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.

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.


HAWKS PRAIRIE: Court OKs Eclipse-Led Auction on July 29
-------------------------------------------------------
The Hon. Brian D. Lynch of the U.S. Bankruptcy Court for the
Western District of Washington approved the procedures to govern
the sale of the commercial real property assets proposed by Hawks
Prairie Investment, LLC, and secured creditor HomeStreet Bank.

An auction will take place on July 29, 2011, at 10:00 a.m., PST,
at the offices of Foster Pepper PLLC, at 1111 Third Avenue, Suite
3400, in Seattle, Washington.  Qualified bids are due five
business days prior to the auction date.  A sale hearing take
place on Aug. 12, 2011, at 9:30 a.m.

The Debtor related that the assets to be purchased include all of
Debtor's rights, title, and interest in and to all of the Debtor's
commercial real and associated personal property.  The real
property comprising the commercial property is the 215 acres
comprised of Parcels A and B.

The Debtor signed a deal to sell the assets to Eclipse Development
Group, LLC or its designee or assignee for $27 million, absent
higher and better bids at the auciton.

                 About Hawks Prairie Investment LLC

Olympia, Washington-based Hawks Prairie Investment LLC owns real
property in Thurston County, Washington.  It filed for Chapter 11
bankruptcy protection (Bankr. W.D. Wash. Case No. 10-46635) on
Aug. 13, 2010.  Timothy W. Dore, Esq., at Ryan Swanson & Cleveland
PLLC, represents the Debtor.  The Company disclosed $89,000,071 in
assets and $44,778,104 in liabilities as of the Chapter 11 filing.

An affiliate, Pacific Investment Group LLC, filed a separate
Chapter 11 petition (Bankr. W.D. Wash. Case No. 09-47915) on
Oct. 22, 2009.


HORIZON LINES: Extends Subscription Deadline to July 8
------------------------------------------------------
Horizon Lines, Inc., entered into a fourth amendment with certain
holders of a majority of its unsecured 4.25% convertible senior
notes due 2012, to the previously announced Restructuring Support
Agreement, dated June 1, 2011, as amended.  The Amendment was
entered into to extend, from July 1, 2011, to July 8, 2011, (i)
the deadline by which the Company is to receive subscription
commitments for $350 million in aggregate principal amount of the
Company's 9.0% senior secured notes to be issued and sold to the
Exchanging Holders and (ii) the Exchanging Holders' and the
Company's continued support for the recapitalization and to allow
the parties to discuss certain modifications to the terms of the
recapitalization.

A full-text copy of the Fourth Amendment to Restructuring Support
Agreement is available for free at http://is.gd/Zy6sB5

                        About Horizon Lines

Horizon Lines, Inc., based in Charlotte, North Carolina, through
its wholly-owned indirect operating subsidiary, Horizon Lines,
LLC, currently operates 11 of its 15 Jones Act qualified U.S.
flag container ships in Jones Act liner services between the
continental United States and either Alaska, Hawaii, or Puerto
Rico and five U.S. flag container ships between the Far East,
U.S. west coast and Guam.

Horizon Lines reported a net loss of $57.97 million on
$1.16 billion of operating revenue for the fiscal year ended
Dec. 26, 2010, compared with a net loss of $31.27 million on
$1.12 billion of operating revenue for the fiscal year ended
Dec. 20, 2009.

The Company's balance sheet at March 27, 2011, showed
$804.0 million in total assets, $797.3 million in total
liabilities, and stockholders' equity of $6.66 million.

As reported in the TCR on March 30, 2011, Ernst & Young LLP, in
Charlotte, North Carolina, expressed substantial doubt about
Horizon Lines' ability to continue as a going concern, following
the Company's 2010 results.  According to Ernst & Young, there is
uncertainty that Horizon Lines, Inc., will remain in compliance
with certain debt covenants throughout 2011 and will be able to
cure the acceleration clause contained in the convertible notes.

                          *     *     *

As reported in the Troubled Company Reporter on March 8, 2011,
Moody's Investors Service said Horizon Lines, Inc.'s plea
agreement regarding antitrust matters in the Puerto Rico trade
lane is credit negative but does not at this time affect its
'Caa1' Corporate Family or its other debt ratings of Horizon.

The last rating action on Horizon was on May 18, 2010 when Moody's
lowered its ratings, including the corporate family rating to
'Caa1' and maintained the negative outlook.


HOWREY LLP: Taps Protiviti Inc. as Financial Advisor
----------------------------------------------------
Dow Jones' DBR Small Cap reports that Howrey LLP seeks to hire
Protiviti Inc. as financial advisor.  Howrey filed the request on
June 24 with the U.S. Bankruptcy Court in San Francisco.

Three creditors filed an involuntary Chapter 7 petition (Bankr.
N.D. Calif. Case No. 11-31376) on April 11, 2011, against the
remnants of the Washington-based law firm Howrey LLP.  The filing
was in San Francisco, where the firm had an office.  The firm
previously was known as Howrey & Simon and Howrey Simon Arnold &
White LLP.  The firm at one time had more than 700 lawyers in 17
offices.  The partners voted to dissolve in March.  The firm
specialized in antitrust and intellectual-property matters.  The
three creditors filing the involuntary petition together have
$36,600 in claims, according to their petition.  The firm can
defeat the petition by showing it is generally paying debts as
they come due.  The firm can also consent to bankruptcy and
convert the case in Chapter 11, where the firm's management would
remain in control, at least initially.


INUVO(R) INC.: NYSE Amex Accepts Firm's Plan of Compliance
----------------------------------------------------------
Inuvo(R), Inc. received notice from the NYSE Amex that the
Exchange has accepted the Company's plan to regain compliance with
the continued listing standards of the Exchange by December 8,
2012 and will continue to list Inuvo's common stock on the NYSE
Amex during the extension period.

Wally Ruiz, Inuvo's Chief Financial Officer, commented on the
approval, "We are pleased with the decision of the NYSE Amex.  We
submitted a realistic plan to retain compliance and recently
executed on the first part of the plan by completing an equity
raise.  We expect to implement the balance of the plan during the
compliance period."

On May 9, 2011, Inuvo received noticed from the NYSE Amex Staff
indicating that Inuvo was not in compliance with Section
1003(a)(ii) of the NYSE Amex Company Guide, specifically with
stockholders' equity of less than $4,000,000 and losses from
continuing operations and/or net losses in three of its four most
recent fiscal years.  Inuvo was afforded the opportunity to submit
a plan of compliance to the Exchange and on June 8, 2011, Inuvo
presented its plan to the Exchange.

On July 5, 2011, the Exchange notified Inuvo that it accepted the
Company's plan of compliance and granted the Company an extension
until December 8, 2012 to regain compliance with the continued
listing standards.  Inuvo will be subject to periodic review by
Exchange Staff during the extension period. Failure to make
progress consistent with the plan or to regain compliance with the
continued listing standards by the end of the extension period
could result in the Company being delisted from the NYSE Amex LLC.


                       About Inuvo, Inc.

Inuvo(R), Inc. --http://www.inuvo.com/ -- is an online technology
and services company specialized in driving clicks, leads and
sales through targeting that utilizes unique data and
sophisticated analytics.Inc. (VCLK), Marchex, Inc. (MCHX),
InterCLICK, Inc. (ICLK), LookSmart, Ltd. (LOOK), and Local.com
Corp. (LOCM).


JACK OUT OF THE BOX: Bankruptcy Judge Dismisses Chapter 11 Case
---------------------------------------------------------------
According to Dallas Voice, a federal bankruptcy judge dismissed
the bankruptcy case of Jack Out of the Box LLC, saying the numbers
didn't add up in the Company's plan to get out of the debt.  Jack
Out of the Box dba Jack's Chill Grill filed for Chapter 11
bankruptcy protection (Bankr. N.D. Texas Case No. 10-38809) on
Dec. 16, 2011.  A  copy of the petition is at
http://bankrupt.com/misc/txnb10-38809.pdf


JACKSON HEWITT: Has Cash Collateral Use Approval Until Aug. 6
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Jackson Hewitt Tax Service Inc. received final
approval this week to use cash representing collateral for the
claims of secured lenders.  The authorization runs until Aug. 6,
given the tax preparer's intention to transfer the business to
secured lenders under a plan negotiated before the Chapter 11
filing.

Mr. Rochelle notes that the official committee representing
unsecured creditors was given a $50,000 budget to investigate the
validity of the lenders' secured claims.  Lawsuits belonging to
the company were excluded from the lenders' collateral, so
unsecured creditors might have some recovery if the plan goes
through as written.  The committee can file a lawsuit challenging
the validity of liens as few as five days before a confirmation
hearing begins to approve the Chapter 11 plan.  Jackson Hewitt had
been hoping the confirmation hearing would begin July 8.  Given
opposition from the committee, whose constituents would receive
nothing in the plan, the confirmation hearing was pushed back to
August.

Jackson Hewitt worked out the plan before the Chapter 11 filing in
late May.  Secured lenders owed $357 million would receive all the
new stock along with a new $100 million term loan.  They already
voted to approve the plan.

                        About Jackson Hewitt

Jackson Hewitt Tax Service Inc. (NYSE: JTX) --
http://www.jacksonhewitt.com/-- provides computerized preparation
of 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(R).  The Company provides its customers with
convenient, fast and quality tax return preparation services and
electronic filing.  In connection with their tax return
preparation experience, the Company's customers may select various
financial products to suit their needs, including refund
anticipation loans -- RALs -- in the offices where such financial
products are available.

Jackson Hewitt is the second largest paid tax return preparer in
the United States, having prepared approximately 2.6 million tax
returns for the 2011 tax season, which is between 3% and 4% of the
total market for paid tax return preparation services.

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.


JOSEPH DETWEILER: Court Rules on Motion to Dismiss Creditors' Suit
------------------------------------------------------------------
Bankruptcy Judge Russ Kendig ruled on defendant's request to
dismiss certain plaintiffs in the lawsuit, Sequatchie Mountain
Creditors, v. Joseph J. Detweiler, Adv. Proc. No. 09-6118 (Bankr.
N.D. Ohio).  The Defendant seeks dismissal of 11 of the 18 named
plaintiffs, alleging failure to comply with the Court's order to
compel.  In April 2010, the Defendant served initial discovery
requests on the 18 named plaintiffs.  In March 2011, the Defendant
moved to compel responses to those requests.  The Court granted
the order to compel on April 20, 2011.

Seven of the 11 plaintiffs do not oppose dismissal.  They are
Donald Bird, Patricia Bird, Joseph Kohan, Teresa Kohan, John
Hallman (deceased), Roger Pearson and Sharon Pearson.  Since there
is no controversy between the parties as to these seven parties,
the motion to dismiss the claims of these plaintiffs is granted.
As to the remaining four plaintiffs -- Lisa Allen, Robert Allen,
Shirley Hallman and Wesley Jinks -- the Court denied the request.
The Court noted that Lisa Allen and Robert Allen were not among
the plaintiffs compelled to provide discovery responses.  The
Court said it would be unfair to dismiss them for failing to
comply with an order that did not direct them to do anything.  The
Court also pointed out that the motion to dismiss indicates that
Shirley Hallman and Wesley Jinks furnished the requested discovery
on the same day the motion to dismiss was filed.  Thus, at the
time of filing, the Defendant's own motion indicates they had
fully complied with the discovery request, albeit inexplicably
late.

A copy of the Court's July 6, 2011 Memorandum of Opinion is
available at http://is.gd/b8mzsZfrom Leagle.com.

Based in Uniontown, Ohio, Joseph J. Detweiler filed for Chapter 11
protection on Aug. 17, 2009 (Bankr. N.D. Ohio Case No. 09-63377).
Anthony J. DeGirolamo, Esq., represents the Debtor.  In his
petition, the Debtor has $3,669,999 in total assets and
$32,913,552 in total debts.


KIEBLER RECREATION: Trustee Taps Jones Lang to Market Assets
------------------------------------------------------------
David Simon, Chapter 11 trustee in the case Kiebler Recreation,
LLC, asks the U.S. Bankruptcy Court for the Northern District Of
Ohio for permission to retain Jones Lang LaSalle Hotels, a
division of Jones Lang LaSalle Americas, Inc., in conjunction with
Alpine Realty Capital, LLC, as the investment banker/business
broker.

JLLH/ARC will market certain assets, including a hotel, ski areas,
golf courses and several condominium complexes, for sale and
otherwise assist with the sale of these assets.  More
specifically, JLLH/ARC proposes to provide these services to the
Debtor's estate:

   -- determine the appropriate structure, pricing and marketing
      strategy for the transaction;

   -- prepare a comprehensive marketing presentation (Offering
      Memorandum) and due diligence materials with respect to the
      assets;

   -- identify prospective purchasers;

   -- assist the Debtor with sale contract or financing
      negotiations; and

   -- coordinate and consummate the transaction.

As compensation for the services, JLLH/ARC has requested a fee
equal to 3.0% of the gross consideration paid for the assets up to
$12,000,000 and 5.0% of the gross consideration paid in excess of
$12,000,000.  In addition, JLLH/ARC requests reimbursement of all
out-of-pocket expenses in an amount not to exceed $10,000, such
amount to be paid at the closing of the transaction.

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

                    About Kiebler Recreation

Peek'n Peak Resort -- http://www.pknpk.com/-- is a recreational
and leisure facility.

Findley Lake, New York-based Kiebler Recreation, LLC, dba Peek'n
Peak Resort, filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Ohio Case No. 10-15099) on May 26, 2010.  Robert C. Folland,
Esq., at Thompson Hine LLP, represents the Debtor.  The Company
estimated assets and debts at $10 million to $50 million as of the
Petition Date.

An affiliate, Kiebler Slippery Rock, LLC, filed a separate Chapter
11 petition on September 25, 2009 (Bankr. N.D. Ohio Case No. 09-
19087).


KIEBLER RECREATION: Kohrman Jackson OK'd as Counsel for Trustee
---------------------------------------------------------------
The Hon. Raldoph Baxter of the U.S. Bankruptcy Court for the
District of Ohio authorized David O. Simon, the duly appointed and
acting Chapter 11 trustee in the case of Kiebler Recreation, LLC,
to retain Mary K. Whitmer, Esq. and Kohrman Jackson & Krantz
P.L.L. as counsel.

KJK is expected to among other things:

   a) assist the trustee in the sale of the P&P real and personal
      property consistent with the terms and conditions of a
      stipulation and agreed order setting terms of sale process,
      appointment of chief restructuring officer and marketing
      consultant, debtor in possession financing, and settlement
      of claims entered June 3, 2011, or to otherwise sell or
      dispose of the P&P real and personal property in the most
      expeditious and beneficial manner, including seeking
      abandonment or relief from the stay if appropriate;

   b) assist the trustee with investigation of the acts, conduct,
      assets, liabilities, and financial condition of the Debtors
      and any other matters relevant to this bankruptcy; and

   c) assist the trustee with the identification and prosecution
      of claims and causes of action that might be asserted by the
      trustee on behalf of the estate including, but not limited
      to, causes of action based on one or more of the following
      legal theories: breach of contract, breach of fiduciary
      duty, fraudulent transfers, fraud, conversion, civil
      conspiracy and preferential transfers.

Ms. Whitmer, a partner at KJK, tells the Court that her rate is
$335 per hour.  The hourly rates of other KJK's personnel are:

         Partners                     $250 - $425
         Associates                   $185 - $225
         Paralegals                   $125 - $140

         James W. Ehrman                  $330
         John P. Archer                   $240
         Connie S. Carr                   $280
         David S. Blocker                 $220
         Mandeep Saini, paralegal         $145

Ms. Whitmer, assures the Court that KJK is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

         Mary K. Whitmer, Esq.
         KOHRMAN, JACKSON & KRANTZ P.L.L.
         1375 E. 9th Street, 20th Floor
         One Cleveland Center
         Cleveland, Ohio 44114-1793
         Tel: (216) 696-8700
         Fax: (216) 621-6536
         E-mail: mkw@kjk.com

                    About Kiebler Recreation

Peek'n Peak Resort -- http://www.pknpk.com/-- is a recreational
and leisure facility.

Findley Lake, New York-based Kiebler Recreation, LLC, dba Peek'n
Peak Resort, filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Ohio Case No. 10-15099) on May 26, 2010.  Robert C. Folland,
Esq., at Thompson Hine LLP, represents the Debtor.  The Company
estimated assets and debts at $10 million to $50 million as of the
Petition Date.

An affiliate, Kiebler Slippery Rock, LLC, filed a separate Chapter
11 petition on September 25, 2009 (Bankr. N.D. Ohio Case No. 09-
19087).


LA JOLLA: Preferred Stock Holders Agree to Waive Dividends
----------------------------------------------------------
La Jolla Pharmaceutical Company entered into an Amendment
Agreement, dated as of June 30, 2011, with the holders of a
majority of the Company's outstanding preferred stock in order to
provide the Company with additional working capital to allow the
Company to more fully evaluate certain product acquisition or in-
licensing opportunities that are currently being investigated.

Pursuant to the Amendment Agreement, the Holders agreed to waive
the dividends that would otherwise accrue on the outstanding
Series C-1 1 Convertible Preferred Stock and Series C-2 1
Convertible Preferred Stock held of record by the Holders.  The
waiver of dividends will retroactively take effect as of June 1,
2011, and continue through Aug. 31, 2011, after which time
dividends will begin to accrue again on the Series C Preferred
Stock as set forth in Article III.A. of the New Certificate of
Designations.  The Holders have also agreed to provide the Company
with additional working capital by July 29, 2011, in an amount to
be determined, if the Requisite Holders determine by July 22,
2011, that, as of that date, the Company is continuing to pursue a
Strategic Transaction.  Additionally, the Holders have agreed to
purchase up to all of the outstanding Series C Preferred Stock and
certain warrants held by current and former Company employees,
including the Officers, who will have the right to require the
Holders to purchase these securities for a limited period of time
following the employee's termination of service with the Company.

As a partial inducement to cause the Holders to enter into the
Amendment Agreement, the Company's two executive officers agreed
to temporarily reduce their salaries from July 1, 2011, through
Aug. 31, 2011, as follows: Deirdre Gillespie, M.D., Chief
Executive Officer, by a total of $31,200, and Gail Sloan, Chief
Financial Officer, by a total of $6,109.  In connection with this
reduction in salary, the Officers will have a corresponding
reduction in total work hours during this time, resulting in a 50%
reduction for Dr. Gillespie and a 20% reduction for Ms. Sloan.

A copy of the Amendment Agreement is available for free at:

                        http://is.gd/BkeD90

                   About La Jolla Pharmaceutical

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

The Company's balance sheet at March 31, 2011, showed
$6.74 million in total assets, $12.58 million in total
liabilities, all current, $5.57 million in Series C-1 1 redeemable
convertible preferred stock, and a $11.41 million total
stockholders' deficit.

The Company reported a net loss of $3.76 million on $0 of revenue
from collaboration agreement for the year ended Dec. 31, 2010,
compared with a net loss of $8.63 million on $8.12 million of
revenue from collaboration agreement during the prior year.

As reported by the TCR on April 18, 2011, BDO USA, LLP, in San
Diego, Calif., expressed substantial doubt about the Company's
ability to continue as a going concern, following the 2010
financial results.  The independent auditors noted that the
Company has suffered recurring losses from operations, an
accumulated deficit of $428 million as of Dec. 31, 2010 and has no
current source of revenues.


LAMBUTH UNIVERSITY: In Ch. 11, School Closed Effective June 30
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Lambuth University in Jackson, Tennessee, said in its
Web site that the trustees of the liberal arts school, founded in
1843, decided to close the school effective June 30.

Lambuth filed for Chapter 11 protection on the same day (Bankr.
W.D. Tenn. Case No. 11-11942) in Jackson, Tennessee, on the same
day.

Bond Buyer said the school has $5.3 million of taxable and non-
taxable bonds, insured by Radian Asset Assurance Inc.

Steven N. Douglass, Esq., at Harris Shelton Hanover Walsh, PLLC,
serves as counsel to the Debtor.  The Debtor estimated assets of
up to $10 million and debts of $10 million to $50 million as of
the Chapter 11 filing.

A case summary for Lambuth University is in the July 6, 2011
edition of the Troubled Company Reporter.


LEHMAN BROTHERS: Court OKs Stipulation With LEX Over Properties
---------------------------------------------------------------
Lex Special Assets LLC and U.S. Bank National Association, as
Trustee for certain securitization trusts, assert that they are
the current holders of certain first mortgages, originally
executed in favor of Debtor BNC Mortgage, Inc., now known as BNC
Mortgage LLC.  Each First Mortgage secures the repayment of the
principal sums due under certain notes.  The First Mortgages
granted Mortgage Electronic Registration Systems, Inc., as
nominee for BNC Mortgage Inc., a security interest in certain
properties.  BNC subsequently transferred, and no longer retains
any interest in, the First Mortgages.

Lex and U.S. Bank also assert that there are subordinate
mortgages on the Properties held by MERS, as nominee for BNC
Mortgage, Inc.  Lex and U.S. Bank have brought or intend to bring
foreclosure proceedings against the Properties in state courts.
The Foreclosure Proceedings have been stayed by BNC's Chapter 11
case.

The Debtors submit that BNC previously transferred or otherwise
disposed of its interests in the Second Mortgages.  As a result
of these transfers, BNC does not currently hold an interest in
any of the First Mortgages or the Second Mortgages.  Due to BNC's
usage of MERS as its nominee, however, BNC's interest in the
Second Mortgages remains on the local property records, creating
an impediment to Lex and U.S. Bank's acquisition of insurable
title to the Properties.

Lists of Properties and assignment of the Second Mortgages are
available for free at:

* http://bankrupt.com/misc/Lehman_BNC_Properties_052711.pdf
* http://bankrupt.com/misc/Lehman_BNC_2ndMortgage_052711.pdf

To resolve the issues relating to the Properties, BNC entered
into a stipulation with Lex and U.S. Bank.  The Parties agree
that upon their stipulation's effective date, to the extent that
the automatic stay is applicable, it will be modified with
respect to the interests of Lex and U.S. Bank, their successors,
and assigns, in the Properties, and Lex and U.S. Bank will be
permitted to exercise their rights under applicable non-
bankruptcy law against the Properties.

Except as provided in the stipulation, the provisions of Section
362(a) of the Bankruptcy Code, including those provisions
prohibiting any act to collect, assess, or recover a claim that
arose prepetition from BNC's bankruptcy estate and assets or
property of BNC, will remain in full force and effect

The stipulation has been approved by the bankruptcy court.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: European Unit Sues First Commercial for $12-Mil.
-----------------------------------------------------------------
The European arm of bankrupt Lehman Brothers Holdings Inc. sued
First Commercial Bank in New York, claiming it is owed $12
million in contractually mandated closeout amounts from
derivative transactions that were outstanding when LBHI shut
down, Richard Vanderford of BankruptcyLaw360 reports on June 23,
2011.

The report relates that the New York state court system will now
have to sort out the gap between the two banks' estimation of
what they are each owed, as the Taiwan-based FCB claims Lehman
owes it more than $25 million.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Ex-NBA Owner Wins $2-Mil. Dispute From Collapse
----------------------------------------------------------------
The Financial Industry Regulatory Authority ordered UBS Financial
Services to pay Pat Croce, former owner of Philadelphia 76ers,
damages for a personal investment he made in a note in bankrupt
Lehman Brothers, Suzanne Barlyn of The Wall Street Journal
reported on June 13, 2011.

The panel found UBS liable for $2 million in damages, less the
Lehman notes' present value of about $480,000.  It also ordered
the UBS AG unit to pay interest from September 2008, which
Mr. Croce's lawyer estimated at $276,000.

Mr. Croce and his wife, Diane, filed their claim against UBS in
2010, according to the ruling by a FINRA panel.  One of the
panel's three members dissented, according to the report.  The
arbitrators didn't include their reasons for the ruling or
dissent, as is typical of most arbitration awards, the report
noted.

"This case shows even if you're a sophisticated or well-known
individual, the arbitrators are finding that UBS misled
investors," says Jacob Zamansky, a New York-based securities
lawyer who represented the Croces, according to the report.

FINRA panels have ruled in favor of investors roughly five times
since 2008 in cases involving Lehman structured notes that were
sold by UBS, the report noted.

The award is among the largest involving Lehman structured
products that were sold by UBS, the report further noted.  A
Finra panel ordered UBS to pay $2.2 million to Thomas F. Motamed,
chairman and chief executive of insurance giant CNA Financial
Corp. for his losses.

A UBS spokeswoman says the firm "respectfully disagrees" with the
ruling, the report relates.  "The losses on Lehman notes were the
result of the bankruptcy of Lehman in 2008," she said.  "That
event was unprecedented and unexpected by virtually all major
market participants, including UBS.  We continue to believe the
vast majority of Lehman notes were sold appropriately."

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: To Recover up To $65-Bil. for Creditors
--------------------------------------------------------
Lehman Brothers Holding Inc. plans to raise as much as $65
billion for creditors and begin making distributions next year,
Chief Executive Officer Bryan Marsal said in an interview on CNBC
on June 16.

Lehman, according to Mr. Marsal, is working on a revised
liquidation plan and will recover $60 billion to $65 billion for
creditors from its assets.  He expects to begin making
distributions in the first quarter of 2012.

"There undoubtedly will be some holdouts, but I think we're going
to a have a plan that's going to get the blessing" of creditors,
Mr. Marsal said, according to Bloomberg News.'

Lehman, which filed for bankruptcy in 2008, is competing against
two rival proposals to pay creditors.  One is backed by a group
of bondholders, including hedge fund Paulson & Co. and the
California Public Employees' Retirement System.  Another is from
a creditor group that includes Goldman Sachs Group Inc., Deutsche
Bank AG, and Morgan Stanley.  The groups are clashing over how to
distribute Lehman's assets and how much to pay various groups of
creditors.

Lehman is negotiating with those creditor groups to resolve their
opposition to its existing proposal, Kimberly Macleod, Lehman's
spokeswoman, said in a phone interview, according to Bloomberg.
Any agreement could be the basis of a revised Lehman plan, she
said, the report further related.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LOS ANGELES DODGERS: Court Denies Discovery Requests on Selig
-------------------------------------------------------------
Eric Morath, writing for Dow Jones' Daily Bankruptcy Review,
reports that Judge Kevin Gross on Thursday blocked the Los Angeles
Dodgers from gathering testimony from Major League Baseball
Commissioner Bud Selig and from viewing potentially sensitive
documents about the league's handling of other teams' financial
woes.

According to DBR, Judge Gross said the information the Dodgers
were seeking went beyond the scope of the matter currently before
him: whether to approve a $150 million bankruptcy loan from a
hedge fund owned by J.P. Morgan Chase & Co. or instead force the
club to accept financing from MLB.

"The discovery requested is overly broad and burdensome," Judge
Gross said at a hearing Thursday, according to the report. "This
is not the occasion to turn the [loan] hearing into a trial of the
commissioner."

A final hearing on the Dodgers' loan request is set for July 20.

According to DBR, it was unveiled at Thursday's hearing that the
Dodgers wanted information from the league about its handling of:

     -- the New York Mets' financial problems.  Mets owners Fred
        Wilpon and Saul Katz are facing a $1 billion lawsuit from
        the trustee-liquidating Ponzi-scheme purveyor Bernard
        Madoff's firm.  The Dodgers implied that the league has
        been supportive of the Mets' owners but not of Dodgers'
        owner Frank McCourt, whose financial problems are
        partially tied to his pending divorce.

     -- violent incidents that occurred at other team's ballparks
        -- including an unspecified incident where a fan died.  In
        2009, a man died after being involved in an altercation at
        a bar near the Philadelphia Phillies' stadium.  Also in
        recent years, at least two fans have died after falling
        from the upper reaches of a MLB stadium.

According to DBR, despite the denial of its requests, the Dodgers
will still ask Judge Gross to approve the financing the team
secured from Highbridge Capital Management LLC over a package from
MLB, even though the rival loan has a lower interest rate and
better terms.  The Dodgers say MLB would be an uncooperative
lender and is seeking to use the loan to oust Mr. McCourt and gain
control over the team.

Mr. Morath also reports that a handful of Los Angeles Dodgers fans
have sent separate letters to Judge Gross, asking him to play
umpire and send team owner Frank McCourt packing.

DBR ran excerpts of those letters:

"I beg you Mr. Gross to please do the right thing and . . . put
the team up for auction to someone who will no doubtedly [sic]
manage this once jewel of the West Coast to what it needs to be,
the Yankees of the West," wrote Michael D. Evans, a Farmers
Insurance Group agent from Artesia, Calif.  Mr. Evans wrote in on
company letterhead.

"As a lifelong baseball fan growing up in Los Angeles, I implore
you to side with Major League Baseball and demand that Frank
McCourt immediately begin proceedings that will separate him from
his place as owner of the Los Angeles Dodgers," wrote Colin True
of Van Nuys, Calif.

"The citizens want their Dodgers to be run in a sound business way
like they had been . . . before Mr. McCourt bought the team with
borrowed money," John Garvin of Azusa, Calif., told the judge.

DBR says a spokeswoman for the team declined to comment on Mr.
McCourt's behalf.

"I wish for those childhood days when baseball was just a game, it
certainly has changed," Judge Gross said Thursday as he opened a
hearing in the team's bankruptcy case.

                   About the Los Angeles Dodgers

Los Angeles Dodgers LLC operates the Los Angeles Dodgers, a
professional Major League Baseball club in the Los Angeles
metropolitan area.  Frank McCourt, a Boston real-estate developer
who unsuccessfully bid for the Boston Red Sox, bought the Dodgers
from Rupert Murdoch's Fox Entertainment Group, Inc. in 2004 for
$330 million.  Mr. McCourt also bought the Dodgers Stadium from
Fox for $100 million.

Los Angeles Dodgers LLC filed for bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12010) on June 27, 2011, after MLB
Commissioner Bud Selig rejected a television deal with News
Corp.'s Fox Sports, leaving Mr. McCourt unable to make payroll for
June 30 and July 1.  Fox Sports has exclusive cable television
rights for Dodgers games until the end of 2013 baseball season.

Chapter 11 filings were also made for LA Real Estate LLC, an
affiliated entity which owns Dodger Stadium, and three other
related holding companies.

The petition estimates assets of up to $500 million and debts of
up to $1 billion.  According to Forbes, the team is worth about
$800 million, making it the third most valuable baseball team
after the New York Yankees and the Boston Red Sox.

Judge Kevin Gross presides over the case.  Lawyers at Young,
Conaway, Stargatt & Taylor and Dewey & LeBoeuf LLP serve as the
Debtors' bankruptcy counsel.

MLB is represented by:

          Glenn M. Kurtz, Esq.
          WHITE & CASE
          1155 Avenue of the Americas
          New York, NY 10036-2787
          Tel: 212-819-8252
          Fax: 212-354-8113
          E-mail: gkurtz@whitecase.com

The LA Dodgers is the 12th sports team in North America to have
sought bankruptcy protection, according to The Wall Street
Journal.


MEDCLEAN TECHNOLOGIES: Hires Rosenberg Rich as New Accountants
--------------------------------------------------------------
The board of directors of MedClean Technologies, Inc., voted to
dismiss Child, Van Wagoner & Bradshaw, PLLC, as the Company's
independent registered public accounting firm.

CVWB's report on the financial statements for the fiscal years
ended Dec. 31, 2010, and 2009 and through June 29, 2011, contained
no adverse opinion or disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope or accounting
principle, except that the report contained a modification to the
effect that there was substantial doubt as to the Company's
ability to continue as a going concern.  During the fiscal years
ended Dec. 31, 2010, and 2009 and through June 29, 2011, there
were no disagreements with CVWB on any matter of accounting
principles or practices, financial statement disclosure or
auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of CVWB, would have caused it to make
reference to the subject matter of the disagreements in its
reports on the financial statements for such year.  During the
fiscal years ended Dec. 31, 2010, and 2009 and through June 29,
2011, there were no reportable events as defined in Item
304(a)(1)(v) of Regulation S-K.

On June 29, 2011, the board of directors and the audit committee
of the Company approved the engagement of Rosenberg Rich Baker
Berman & Company, Somerset, New Jersey, as the Company's new
independent registered public accounting firm.

During the fiscal year ended Dec. 31, 2010, and the subsequent
interim period prior to the engagement of Rosenberg Rich, the
Company has not consulted Rosenberg Rich regarding (i) the
application of accounting principles to any specified transaction,
either completed or proposed, (ii) the type of audit opinion that
might be rendered on the Company's financial statements, or (iii)
any matter that was either the subject of a disagreement (as
defined in Item 304(a)(1)(v)) or a reportable event (as defined in
Item 304(a)(1)(v)).

                     About MedClean Technologies

Based in Bethel, Connecticut, MedClean Technologies, Inc.,
provides solutions for managing medical waste on site including
designing, selling, installing and servicing on site (i.e. "in-
situ") turnkey systems to treat regulated medical waste.

The Company's balance sheet at March 31, 2011, showed $1.8 million
in total assets, $2.1 million in total liabilities, and a
stockholders' deficit of $295,325.

As reported in the TCR on April 6, 2011, Child, Van Wagoner &
Bradshaw, PLLC, in Salt Lake City, Utah, expressed substantial
doubt about the MedClean Technologies' ability to meet
its obligations and to continue as a going concern, following the
Company's 2010 results.  The independent auditors noted that the
Company has incurred substantial recurring losses.


MEDICAL CONNECTIONS: Engages Grant Thornton as New Accountants
--------------------------------------------------------------
The Board of Directors of Medical Connections Holdings, Inc.,
dismissed De Meo, Young, McGrath, as the Company's independent
registered public accounting firm.

The reports of DYM on the Company's financial statements as of and
for the years ended Dec. 31, 2010, and Dec. 31, 2009, contained no
adverse opinion or disclaimer of opinion nor was qualified or
modified as to uncertainty, audit scope, or accounting principle.

During the recent fiscal years ending Dec. 31, 2010, and Dec. 31,
2009, and the subsequent period through May 31, 2011, there have
been no (i) disagreements with DYM on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved
to DYM's satisfaction, would have caused DYM to make reference to
the subject matter of the disagreement in connection with its
reports; or (ii) "reportable events" as defined in Item
304(a)(1)(v) of Regulation S-K.

On June 30, 2011, the Board of Directors of the Company engaged
Grant Thornton, LLP, as the Company's new independent registered
public accounting firm.

During the recent fiscal years ending Dec. 31, 2010, and Dec. 31,
2009, and the subsequent interim period prior to the engagement of
GT, the Company has not consulted GT regarding (i) the application
of accounting principles to any specified transaction, either
completed or proposed, (ii) the type of audit opinion that might
be rendered on the Company's financial statements, or (iii) any
matter that was either the subject of a disagreement (as defined
in Item 304(a)(1)(iv)) or a reportable event (as defined in Item
304(a)(1)(v)).

On June 30, 2011, the Company's Board of Directors approved the
grant of bonus payments to Brian Neill, Anthony Nicolosi and
Jeffrey Rosenfeld for exceptional services rendered in fiscal 2011
and to ensure continuity of management at the Company during its
new growth initiatives.  These services rendered by Mr. Nicolosi,
Mr. Neill and Mr. Rosenfeld included, but are not limited to
identifying implementing certain operational changes in the
Company's business.  In the first quarter of fiscal 2011, in which
the Company's operating revenues increased by 42.1% in the first
quarter of 2011 and negotiating the settlement of a litigation
matter with Nightingale Nurses, LLC.  The Board authorized the
Company to make these bonus payments by issuing 30,000 shares of
the Company's Series C Preferred Stock to each of Mr. Rosenfeld,
Mr. Neill and Mr. Nicolosi.

In addition, on June 30, 2011, Mr. Nicolosi and the Board agreed
that, in an effort to simplify the Company's capital structure,
the Company will cancel 50,000 shares of the Company's Series B
Preferred Stock held by Mr. Nicolosi in exchange for 5,000 shares
of the Company's Series C Preferred Stock issued to Mr. Nicolosi.

                     About Medical Connections

Boca Raton, Fla.-based Medical Connections Holdings, Inc., is a
healthcare staffing company which provides staffing services for
allied professionals and nurses to the Company's clients on a
national basis.

The Company's balance sheet at March 31, 2011, showed $3.3 million
in total assets, $538,039 in total liabilities, and stockholders'
equity of $2.8 million.

As reported in the TCR on April 6, 2011, De Meo, Young, McGrath,
in Boca Raton, Fla., expressed substantial doubt about Medical
Connections Holdings' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that of the Company's dependence on outside financing, lack
of sufficient working capital, and recurring losses from
consolidated operations.


MMFX CANADIAN: To Present Plan for Confirmation on July 22
----------------------------------------------------------
The Hon. Robert Kwan of the U.S. Bankruptcy Court for the
Central District of California last month approved the adequacy of
the joint disclosure statement in explaining the first amended
joint Chapter 11 plan of reorganization proposed by MMFX Canadian
Holdings Inc. and its debtor-affiliates, the Official Committee of
Unsecured Creditors, Fourth Third LLC, and Investment Funding Inc.

The Court ruled that the disclosure statement contains "adequate
information" within the meaning of section 1125 of the Bankruptcy
Code.

A hearing is set for July 22, 2011, at 9:00 a.m., pacific standard
time, in Courtroom 5D, 411 West Fourth Street, Santa Ana,
California, to consider confirmation of the Plan.  Objections to
confirmation, if any, are due July 8, 2011.

All ballots with respect to the Plan were required to be submitted
to Robert Sahyan, Sheppard, Mullin, Richter & Hampton LLP, Four
Embarcadero Center, 17th Floor, San Francisco, California 94111,
no later than 5:00 p.m. on July 8, 2011.

                       Overview of the Plan

The Plan envisions two potential scenarios by which the Debtors
will reorganize.  The Plan envisions the continuance of the
Debtors' current investment banking process, seeking solicitation
of bids to invest in, license or acquire some or all of the
Debtors' assets.  In the event there is a Successful Bid under
the Investment Banking Process, the Debtors will restructure and
provide for recoveries to Holders of Allowed Claims and Holders
of Interests in accordance with Scenario A.

In the event the Debtors cannot secure and obtain Court approval
of a Successful Bid on or before July 22, 2011, the Debtors will
restructure and provide recoveries to Holders of Allowed Claims in
accordance with Scenario B.  Scenario B is premised upon Fourth
Third and Investment Funding's converting their Allowed General
Unsecured Claims to equity and providing the Reorganized Debtors
with the Exit Facility, thus positioning the Debtors for success
going forward, benefitting creditors who will continue to transact
business with the Reorganized Debtors.

The Exit Facility would provide a minimum of $1,000,000 to be made
available to fund payments to Holders of Allowed General Unsecured
Claims, Allowed Priority Tax Claims and Allowed Non-Tax Priority
Claims, which the Proponents currently estimate should be
sufficient to make a minimum of 60% distribution to Holders of
Allowed General Unsecured Claims.  Depending upon the results of
the Debtors' operations and ability to meet budget forecasts
through the Effective Date, and the accuracy of the Proponents
assumptions regarding the total amount of the DIP Loan, Allowed
Secured Claims and Allowed Administrative Claims against the
Debtors' Estates, and the amount of Allowed Priority Tax Claims,
Allowed Non-Tax Priority Claims and Allowed General Unsecured
Claims, the Proponents currently estimate that the proceeds of the
Exit Facility may be sufficient to pay all Allowed General
Unsecured Claims in full plus interest.

If the proceeds of the Exit Facility are not sufficient to pay the
Holders of Allowed General Unsecured Claims in full plus interest,
the Committee, Fourth Third and Investment Funding will engage in
further negotiations, the outcome of which will be to provide
Holders of General Unsecured Claims with a recovery under the Plan
equal to or greater than what would be achieved based upon the
funds available to pay Holders of General Unsecured Claims from
the Exit Facility as presently committed.

The Proponents believed that incorporating the two alternative
scenarios will maximize value.  The Plan allows for both the
continuation and conclusion of a robust and complete investment
banking process and, to the extent such process is not successful,
preservation of the Debtors' ability to confirm a plan of
reorganization within a reasonable time frame, avoiding
significant administrative expenses and maximizing returns
to Holders of Allowed Claims.

Under the plan, holders of general unsecured claims are expected
to recover between 60% and 100% of their allowed claim.  Holders
of intercompany claims will get between 0% and 100% while holders
of subordinated claims and interest will not receive any
distribution.

A full-text copy of the disclosure statement is available for free
at http://bankrupt.com/misc/MMFXCANADIAN_disclosurestatement.pdf

                      About MMFX International

Irvine, California-based MMFX International Holdings, Inc., and
MMFX Canadian Holdings, Inc., filed for Chapter 11 protection
(Bankr. C.D. Calif. Case Nos. 10-10085 and 10-10083) on Jan. 5,
2010.  Margaret M. Mann, Esq., at Sheppard Mullin Richter &
Hampton LLP represents the Debtors in their restructuring efforts.
MMFX Int'l and MMFX Canadian estimated assets and debts at $50
million to $100 million as of the Chapter 11 filing.


MONROE CENTER: Dist. Court Tosses Akai Fine Arts' Admin. Claim
--------------------------------------------------------------
District Judge Katharine S. Hayden affirmed a bankruptcy court
ruling denying Akai Fine Arts, Inc.'s motion for reconsideration
of an order expunging its administrative claim against Monroe
Center LLC.  Akai filed a timely administrative expense claim,
which was partially liquidated and partially unliquidated, for
$68,730, which Akai states are sums owed to it as a result of the
Debtor's diversion of rents from Akai's subtenants.  The
unliquidated component sought relief for wrongful eviction.

The Official Committee of Unsecured Creditors objected and Akai
neither filed opposition nor appeared at a hearing on March 2,
2010.  The bankruptcy court granted the Committee's unopposed
motion and expunged Akai's claim.  The next day, Akai moved for
reconsideration or vacatur of the order expunging its claim, and
after a hearing on March 30, 2010, the bankruptcy court denied the
motion in an oral opinion, and Akai appealed.

In a July 1, 2011 Opinion, Judge Hayden said the District Court
cannot conclude that the lower court abused its discretion when
determining that Akai did not establish excusable neglect.

The case is Akai Fine Arts, Inc., Appellant, v. Official Committee
of Unsecured Creditors, Appellee, Civ. Action No. 10-5451 (D.
N.J.).  A copy of Judge Hayden's decision is available at
http://is.gd/D10KrXfrom Leagle.com.

                        About Monroe Center

Monroe Center, LLC, in Hoboken, New Jersey, filed for Chapter 11
bankruptcy (Bankr. D. N.J. Case No. 08-27203) on Sept. 10, 2008,
represented by Joseph Markowitz, Esq. -- jmarkowitz@mgs-law.com
-- at Markowitz, Gravelle & Schwimmer.  The petition says
estimated assets are unknown while estimated debts are from
$10 million to $50 million.


MT. JORDAN: Chap. 11 Plan Features Sale of Real Estate Assets
-------------------------------------------------------------
Mt. Jordan Limited Partnership filed with the U.S. Bankruptcy
Court for the District of Utah, Central Division, a plan of
reorganization and an accompanying disclosure statement on
June 30, 2011.

A central feature of the Plan is a sale/option agreement, which
provides a means for liquidating the Debtor's approximately 298.75
acres of undeveloped land in Bluffdale, Utah, at a price of
$107,000 per acre, a significant increase over the appraised value
of $75,000 per acre.

Class 1 under the Plan consists of the claim by Zions First
National Bank.  Zions Bank will retain its Lien on the Zions
Collateral and will release the collateral from the Zions Trust
Deed at the Zions Release Price when and as Zions Bank receives
payments on the Zions Claim.  The Zions Claim will be paid in
full, with interest accruing at 7% per annum after the Effective
Date, by no later 60 months after the Effective Date.  Zions Bank,
as holder of the Zions Claim, will receive substantial interim
payments on the Zions Claim as and when portions of the First
Parcel are sold by 4 Independence totaling approximately
$3,648,000 by no later than 24 months after the Effective Date.
The Debtor also will attempt to pay down the Zions Claim from
sources other than the Zions Collateral, including attempting to
sell other real property of the Debtor that is not part of the
Zions Collateral, and will pay to Zions Bank, in order to further
reduce the balance of the Zions Claim, at least 75% of the net
cash proceeds realized by the Debtor from any sale until the Zions
Claim is fully paid.

Under the Plan, Zions Bank cannot take any enforcement action,
including but not limited to foreclosure, with respect to the
Zions Trust Deed and its Lien unless the Zions Claim is not fully
paid within 60 months after the Effective Date.

As an alternative to the treatment of the Zions Claim, Zions Bank
may elect to receive title from the Debtor on the Effective Date
to up to 80 acres of the Zions Collateral on the Effective Date as
full payment of the Zions Claim and in exchange for a full release
of the Zions Trust Deed, with the location of that acreage to be
determined by the Debtor and Zions Bank with the written consent
of 4 Independence, which consent will not be unreasonably
withheld, as specified in the Sale/Option Agreement.

Class 2 under the Plan consists of the Porter's Point LLC Claim
and any other General Unsecured Claims that may exist.  Allowed
Claims in Class 2 will be paid in full by the Debtor after the
Zions Claim has been paid in full, or will be paid as agreed by
the Debtor and the holder of any such Claim if the parties agree
to a compromise of the Claim that is approved by the Bankruptcy
Court on or prior to the Effective Date.  The source of funds
for the payment of Class 2 Claims will be all unencumbered funds
of the Debtor, specifically including the net proceeds of sales of
the Debtor's real property pursuant to the Sale/Option Agreement
after full payment of the Zions Claim.

After the Allowed amount of the Porter's Point Claim has been
determined by the Bankruptcy Court, and after the Zions Claim has
been paid in full, the Porter's Point Claim will be paid as and
when the Debtor receives net proceeds from additional sales of its
Real Property until the full amount of the Allowed Class 2 Claims
have been paid.

Class 3 under the Plan consists of the Equity Interests in the
Debtor.  Each record holder of an Equity Interest will retain
its interest in the Debtor, as the Reorganized Debtor, on and
after the Effective Date.  The Debtor may make distributions to
the holders of Equity Interests on account of their Equity
Interests only (i) after all Allowed Claims have been paid in full
or (ii) if all Allowed Claims other than the Allowed amount of the
Porter's Point Claim have been paid in full, as and when agreed to
by the Debtor and Porter's Point pursuant to any agreement
approved by the Bankruptcy Court between the Debtor and Porter's
Point; provided, however, that the Debtor will be entitled to
reimburse such holders for any income tax liabilities which
directly arise from taxable income generated by the Reorganized
Debtor.

In the event the Bankruptcy Case were to be converted to a case
under Chapter 7 of the Bankruptcy Code, the Debtor would be
required to cease all operations, and a Chapter 7 trustee would be
appointed to liquidate the estate's assets.  The Debtor's primary
assets are the Real Property, which was recently appraised at
$22,000,000.  Thus, the Debtor believes there is ample value in
the Estate to fully pay all Allowed Claims.  However, because a
Chapter 7 trustee would likely attempt to sell the Real Property
quickly at a discounted price that would be significantly less
than the consideration to be received under the Sale/Option
Agreement to approved as part of Plan confirmation, a Chapter 7
liquidation would likely result in recoveries for unsecured
creditors' recoveries far less than what is proposed under the
Plan and Sale/Option Agreement.  Therefore, the Debtor believes
the Plan is in the best interest of its creditors.

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

                          About Mt. Jordan

Mt. Jordan Limited Partnership, in Draper, Utah, filed for Chapter
11 bankruptcy (Bankr. D. Utah Case No. 10-37050) on Dec. 9, 2010,
Judge R. Kimball Mosier presiding.  Steven C. Strong, Esq. --
scs@pkhlawyers.com -- at Parsons Kinghorn Harris PC, serves as
bankruptcy counsel.  The Debtor estimated its assets at $10
million to $50 million and debts at $1 million to $10 million.


NAPA HOME: Files for Bankruptcy Amid Recall; Mulls Asset Sale
-------------------------------------------------------------
Katy Stech, writing for Dow Jones' Daily Bankruptcy Review,
reports that Georgia-based Napa Home & Garden Inc., a home-decor
distributor that made sold bottled burnable candle fuel has filed
for Chapter 11 bankruptcy protection, facing dozens of lawsuits by
burn victims.

According to the June 27 edition of the CLASS ACTION REPORTER, the
U.S. Consumer Product Safety Commission, in cooperation with Napa
Home & Garden, of Duluth, announced a voluntary recall of about
460,000 bottles and jugs of pourable NAPAfire and FIREGEL Gel
Fuel.  The pourable gel fuel can ignite unexpectedly and splatter
onto people and objects nearby when it is poured into a firepot
that is still burning.  This hazard can occur if the consumer does
not see the flame or is not aware that the firepot is still
ignited.  Fuel gel that splatters and ignites can pose fire and
burn risks to consumers.  Napa is aware of 37 reports of
incidents, including 23 burn injuries to consumers.

According to DBR, the company's bankruptcy filing on Tuesday shows
that it plans to sell itself through a court-supervised auction.
Teters Floral Products Inc. of Missouri has offered $1.1 million.

The bankruptcy filing automatically halts ongoing lawsuits and
prevents new ones without special court permission, DBR notes.
Existing and future lawsuits would continue against what remains
of Napa Home & Garden's bankruptcy estate once the sale closes.


NEAL QUIGLEY: Car Dealer's Debt Non-Dischargeable
-------------------------------------------------
Bankruptcy Judge Dennis Michael Lynn ruled that Country Ford-
Mercury, Inc.'s $35,243.12 claim against Neal Matthew Quigley is
nondischargeable in his bankruptcy case pursuant to 11 U.S.C. Sec.
523(a)(2)(A) as a result of his materially false representations
to the Plaintiff.  Neal Quigley obtained three vehicles from the
Plaintiff in 2008.  The case is Country Ford-Mercury, Inc., v.
Neal Matthew Quigley, Adv. Proc. No. 09-4364 (Bankr. N.D. Tex.).
A copy of Judge Lynn's July 5, 2011 Findings of Fact and
Conclusions of Law is available at http://is.gd/CFvvbvfrom
Leagle.com.

Neal Matthew Quigley filed for Chapter 11 bankruptcy (Bankr. N.D.
Tex. Case No. 09-43357) in 2009.


NORTEL NETWORKS: AAI Urges Antitrust Probe of Patent Deal
---------------------------------------------------------
Jacqueline Bell at Bankruptcy Law360 reports that the American
Antitrust Institute urged U.S. regulators Wednesday to probe the
pending $4.5 billion purchase of bankrupt Nortel Networks Corp.'s
coveted patent portfolio by a consortium of tech giants including
Apple Inc., Microsoft Corp. and Sony Corp.

After a four-day auction that concluded on Thursday, a consortium
emerged as the winning bidder with a cash purchase price of
US$4.5 billion for the remaining patent portfolio of Nortel
Networks Inc.  The consortium, identified as Rockstar Bidco, LP,
consists of Apple Inc., EMC Corporation, Telefonaktiebolaget LM
Ericsson, Microsoft Corp., Research In Motion Limited, and Sony
Corporation.

The significant interest from tech firms for the patents raised
the price to five times Google Inc.'s opening bid of $900 million.
Ranger Inc., the entity formed by Google, as the stalking horse
bidder, will receive at least $25 million as "break-up fee".

A joint hearing before courts in the United States and Canada will
be held July 11 to formally approve the sale.

Nortel will work diligently with the consortium to close the sale
in the third quarter of 2011.

A copy of the Rockstar Bidco Asset Purchase Agreement is available
at http://bankrupt.com/misc/RockStar_BidCo_APA.pdf

                         About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the
U.S. by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.  Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware, represent the Official Committee of
Unsecured Creditors.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A.  On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.

Nortel Networks divested off key assets while in Chapter 11.
In March 2009, the U.S. Bankruptcy Court entered an order
approving the sale of the Layer 4-7 assets to Radware Ltd. as the
successful bidder at auction.  In July 2009, Nortel sold its CDMA
and LTE-related assets to Telefonaktiebolaget LM Ericsson (Publ).
In September 2009, the Court Nortel sold its Enterprise Solutions
business to Avaya Inc.  In October 2009, the Court approved the
sale of assets associated with Nortel's Next Generation Packet
Core network components to Hitachi, Ltd.  On Dec. 2, 2009, the
Court approved the sale of assets associated with Nortel's
GSM/GSM-R business to Telefonaktiebolaget LM Ericsson (Publ) and
Kapsch Carriercom AG.  In December 2009, the Debtors sold their
Metro Ethernet Networks business to Ciena Corporation.  In March
2010, Nortel sold its Carrier Voice Over IP and Application
Solutions business to GENBAND Inc.  In September 2010, Nortel sold
its Multi-Service Switch business to Ericsson.

Nortel Networks filed a proposed plan of liquidation in the
U.S. Bankruptcy Court.  The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.


NORTHERN BERKSHIRE: Wants to Hire Carl Marks as Financial Advisor
-----------------------------------------------------------------
Northern Berkshire Healthcare, Inc., et al., ask the U.S.
Bankruptcy Court for the District of Massachusetts for permission
to employ Carl Marks Advisory Group LLC as financial advisor.

CMAG will, among other things:

   -- advise the Debtors regarding any potential strategic or
      financial investors that would be willing to work with the
      Debtors to fund their restructuring plans;

   -- interface and meet with major parties-in-interest, including
      the bondholders, any creditors' committee, and the Pension
      Benefit Guaranty Corporation; and

   -- provide any customary, routine, or incidental litigation
      support services as may be requested by the Debtors from
      time to time.

Prepetition, the Debtors paid CMAG amounts totaling $175,000,
$75,000 of which was applied by CMAG in payment of compensation
and reimbursement of expenses incurred prepetition, and $100,000
of which constituted advance payments.  CMAG is holding a retainer
totaling $100,000, which is to be applied by CMAG in payment of
compensation and reimbursement of expenses incurred in the future.

The Debtors will pay CMAG a fixed monthly fee of $75,000 for the
first two months (starting May 13, 2011) and $50,000 beginning
with the third and each subsequent monthly period thereafter.

In addition, upon the consummation of (i) a transaction or
transactions that together constitute a sale of all or
substantially all of the Debtors' assets or (ii) a confirmed
chapter 11 plan, to the extent such transaction occurs on or
before Feb. 13, 2011, CMAG will be due a completion fee of
$500,000.

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

                About Northern Berkshire Healthcare

Northern Berkshire Healthcare, Inc. is a non-profit healthcare
corporation in northern Berkshire County, Massachusetts.  Together
with its affiliates, Northern Berkshire Healthcare operates the
North Adams Regional Hospital and a visiting nurse association and
hospice in North Adams, Massachusetts.

Northern Berkshire Healthcare, Inc., North Adams Regional
Hospital, Inc., Visiting Nurse Association & Hospice of Northern
Berkshire, Inc., Northern Berkshire Healthcare Physicians Group,
Inc., and Northern Berkshire Realty, Inc., filed for Chapter 11
bankruptcy (Bankr. D. Mass. Case No. 11-31114) on June 13, 2011,
to address their overleveraged balance sheet and effect a
reorganization of their operations.  On the same day, Northern
Berkshire Community Services, Inc., filed a petition for Chapter 7
relief also in the District of Massachusetts bankruptcy court.

Judge Henry J. Boroff presides over the Debtors' cases.  James
Addison Wright, III, Esq., and Steven T. Hoort, Esq., at Ropes &
Gray LLP, serve as the Debtors' bankruptcy counsel.  The Debtors'
Financial Advisors are Carl Marks Advisory Group LLC.  GCG Inc.
serves as claims and noticing agent.

Northern Berkshire disclosed $22,957,933 in assets and
$53,379,652 in liabilities as of the Chapter 11 filing.  The
petition was signed by William F. Frado, Jr., president.

William K. Harrington, the U.S. Trustee for Region 1, appointed
five members to the official unsecured creditors' committee in the
Debtors' cases.  The Committee tapped Duane Morris LLP as its
counsel.


NORTHERN BERKSHIRE: Taps Schwartz Hannum to Handle Labor Matters
----------------------------------------------------------------
Northern Berkshire Healthcare, Inc., et al., ask the U.S.
Bankruptcy Court for the District of Massachusetts for permission
to employ Schwartz Hannum PC as their special labor counsel.

Schwartz Hannum will provide legal services to the Debtors related
to labor and employment law, including their union labor
contracts, union and collective bargaining agreement related
disputes, cases at the Massachusetts Commission Against
Discrimination and the National Labor Relations Board, other
similar matters, and related labor and employment issues.

The Debtors relate that Schwartz Hannum will complement, rather
than duplicate, the services Ropes & Gray LLP, their proposed
bankruptcy counsel, will perform.

The principal attorneys designated to represent the Debtors and
their standard hourly rates are:

         William E. Hannum III, Esq.        $365
         Todd A. Newman, Esq.               $340
         Brian D. Carlson                   $300
         Paul Dubois                        $220

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

                About Northern Berkshire Healthcare

Northern Berkshire Healthcare, Inc. is a non-profit healthcare
corporation in northern Berkshire County, Massachusetts.  Together
with its affiliates, Northern Berkshire Healthcare operates the
North Adams Regional Hospital and a visiting nurse association and
hospice in North Adams, Massachusetts.

Northern Berkshire Healthcare, Inc., North Adams Regional
Hospital, Inc., Visiting Nurse Association & Hospice of Northern
Berkshire, Inc., Northern Berkshire Healthcare Physicians Group,
Inc., and Northern Berkshire Realty, Inc., filed for Chapter 11
bankruptcy (Bankr. D. Mass. Case No. 11-31114) on June 13, 2011,
to address their overleveraged balance sheet and effect a
reorganization of their operations.  On the same day, Northern
Berkshire Community Services, Inc., filed a petition for Chapter 7
relief also in the District of Massachusetts bankruptcy court.

Judge Henry J. Boroff presides over the Debtors' cases.  James
Addison Wright, III, Esq., and Steven T. Hoort, Esq., at Ropes &
Gray LLP, serve as the Debtors' bankruptcy counsel.  The Debtors'
Financial Advisors are Carl Marks Advisory Group LLC.  GCG Inc.
serves as claims and noticing agent.

Northern Berkshire disclosed $22,957,933 in assets and
$53,379,652 in liabilities as of the Chapter 11 filing.  The
petition was signed by William F. Frado, Jr., president.

William K. Harrington, the U.S. Trustee for Region 1, appointed
five members to the official unsecured creditors' committee in the
Debtors' cases.  The Committee tapped Duane Morris LLP as its
counsel.


NOVEMBER 2005: Case Summary & 3 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: November 2005 Land Investors, LLC
        5430 LBJ Freeway, Suite 800
        Dallas, TX 75240

Bankruptcy Case No.: 11-20704

Chapter 11 Petition Date: July 6, 2011

Court: U.S. Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Mike K. Nakagawa

Debtor's Counsel: James D. Greene, Esq.
                  GREENE INFUSO, LLP
                  3030 South Jones Boulevard, Suite 101
                  Las Vegas, NV 89146
                  Tel: (702) 570-6000
                  Fax: (702) 463-8401
                  E-mail: jgreene@greeneinfusolaw.com

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

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

The petition was signed by Nathan Barber, assistance chief
restructuring officer of BOPH, Inc.

Affiliate that simultaneously sought Chapter 11 protection:

        Debtor                        Case No.
        ------                        --------
NLV Holding, LLC                      11-20707

Debtor's List of three Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Hillwood Development Group         --                           --
5430 LBJ Freeway, Suite 800
Dallas, TX 75240

Hillwood Residential Services      --                           --
5430 LBJ Freeway, Suite 800
Dallas, TX 75240

Wilmington Trust FSB               Fees and Expenses            --
50 South Sixth Street, Suite 1290  Related to Loan
Minneapolis, MN 55402


PALM HARBOR: Taps Bifferato Gentilotti as Special Counsel
---------------------------------------------------------
BankruptcyData.com reports that Palm Harbor Homes filed with the
U.S. Bankruptcy Court a motion a motion to retain Bifferato
Gentilotti (Contact: Garvan F. McDaniel) as special conflicts
counsel at the following hourly rates: member and associate at
$275 to $345 and paralegal and legal assistant at $150 to $195.

                     About Palm Harbor Homes

Addison, Texas-based Palm Harbor Homes, Inc. --
http://www.palmharbor.com/-- manufactured and marketed factory-
built homes.  The Company marketed nationwide through vertically
integrated operations, encompassing manufactured and modular
housing, financing and insurance.

Palm Harbor, along with affiliates, filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 10-13850) on
Nov. 29, 2010.  It disclosed $321,263,000 in total assets and
$280,343,000 in total debts.

Brian Cejka at Alvarez & Marsal is the Debtors' chief
restructuring officer.  Raymond James and Associates, Inc., is the
Debtors' investment banker.  Alvarez & Marshal North America, LLC,
is the Debtors' financial advisor.  BMC Group, Inc., is the
Debtors' claims agent.  Pachulski Stang Ziehl & Jones LLP serves
as counsel to the Official Committee of Unsecured Creditors.

Following a court-approved sale process, Palm Harbor in March 2011
sold its business for $85.25 million to Fleetwood Enterprises
Inc., a venture between Cavco Industries Inc. and a fund advised
by Third Avenue Management LLC.  Fleetwood is providing up to
$55 million in secured financing for Palm Harbor's reorganization.

As reported in the TCR on May 16, 2011, Cavco Industries and
Fleetwood Homes filed with the U.S. Bankruptcy Court for the
District of Delaware a motion for an order enforcing and ordering
Palm Harbor Homes to perform its obligations under the Court-
approved amended and restated asset purchase agreement and to pay
administrative expenses.

According to Cavco and Fleetwood, the Debtors ceased paying former
employees' sales commissions and profit-sharing bonuses prior to
the closing date when the individuals were still employees of the
Debtors.

No trustee has been appointed in the Debtors' cases.


PERKINS & MARIE: U.S. Trustee Appoints 7-Member Creditor's Panel
----------------------------------------------------------------
Roberta A. Deangelis, United States Trustee for Region 3, under 11
U.S.C. SEC 1102(a) and (b), appointed seven unsecured creditors to
serve on the Official Committee of Unsecured Creditors of Perkins
& Marie Callender's Inc.

The Creditors Committee members are:

      1. The Coca-Cola Company
         ATTN: Joseph Johnson, Esq.,
         PO Box 1734 Mailstop NAT 2008,
         Atlanta GA 30313,
         Tel: (404) 676-4150
         Fax: (404) 598-4150

      2. Wilmington Trust Company
         ATTN: Patrick J. Healy
         Rodney Square North, 1100 North
         Market Street
         Wilmington DE 19890
         Tel: (302) 636-6391
         Fax: (302) 636-4149

      3. Standard General Master Fund LP
         ATTN: Soo Kim
         650 Madison Avenue, 23rd Floor,
         New York, NY 10022
         Tel: (212) 610-9175
         Fax: (212) 610-9094

      4. News America Marketing
         ATTN: Joseph M Borrow
         20 Westport Road
         Wilton CT 06897
         Tel: (203) 563-6304
         Fax: (203) 563-6736

      5. Luna Family Trust
         ATTN: Ingrid Meno
         9274 Camino Paz Lane
         La Mesa CA 91941
         Tel: (619) 469-1831

      6. Northgate Station, LP
         ATTN: David F. Wilson
         PO Box 6770, Ketchum ID 83340
         Tel: (208) 726-9776
         Fax: (208) 726-1419

      7. Benjamin Monroy
         5344 E. Audrie Avenue
         Fresno CA 93727
         Tel: (559) 790-2082

              About Perkins & Marie Callender's Inc.

Based in Memphis, Tennessee, Perkins & Marie Callender's Inc., fka
The Restaurant Company, is the owner or franchiser of nearly 600
family-dining restaurants, the Perkins Restaurants and Marie
Callender's.  Perkins & Marie and several affiliates filed for
Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 11-11795) on
June 13, 2011.  Perkins & Marie disclosed $290 million in assets
and $441 million in debt as of the Chapter 11 filing.

Judge Kevin Gross presides over the case.  Robert S. Brady, Esq.,
and Robert F. Poppiti, Jr., Esq., at Young, Conaway, Stargatt &
Taylor, LLP; and Mitchel H. Perkiel, Esq., Hollace T. Cohen, Esq.,
and Brett D. Goodman, Esq., at Troutman Sanders, LLP, serve as
bankruptcy counsel.  The Debtors' financial advisors are Whitby,
Santarlasci & Company.  Their claims agent is Omni Management
Group, LLC.

DIP lender Wells Fargo is represented by lawyers at Paul,
Hastings, Janofsky & Walker LLP.


PERKINS & MARIE: Wants to Reject Pepsi Beverage Agreement
---------------------------------------------------------
Perkins & Marie Callender's Inc. and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to
reject a Fountain Beverage Sales Agreement dated October 4, 2002,
between the Pepsi-Cola Company and Debtor Marie Callender Pie
Shops, Inc.

The Debtors have determined that good business reasons exist to
reject the Pepsi Agreement as part of their Chapter 11 efforts to
preserve and maximize estate value and to optimize business
operations and performance.  After careful consideration, the
Debtors have concluded that a continued relationship with
Pepsi-Cola under the terms of the Pepsi Agreement will not benefit
the Debtors' estates and will, in fact, hinder the Debtors'
attempts at a successful and expeditious reorganization.

This decision is based upon the fact that:

   (i) the equipment under the Pepsi Agreement is more than eight
       years old and is in such disrepair as to require
       replacement; and

  (ii) substantially all of the rebates, funding and other
       marketing support provided under the Pepsi Agreement has
       expired or been eliminated.

Robert F. Poppiti, Jr., of Young Conaway Stargatt & Taylor LLP,
proposed counsel to Perkins & Marie, notes that the Debtors are
not likely to meet certain purchase requirements set forth in the
Pepsi Agreement, have been offered significantly superior terms
for nearly identical fountain beverage services to those provided
under the Pepsi Agreement by an alternate vendor, and have
considered the substantial benefit of synchronizing fountain
beverage products across both the Perkins and Marie Callender's
brands.

             About Perkins & Marie Callender's Inc.

Based in Memphis, Tennessee, Perkins & Marie Callender's Inc., fka
The Restaurant Company, is the owner or franchiser of nearly 600
family-dining restaurants, the Perkins Restaurants and Marie
Callender's.  Perkins & Marie and several affiliates filed for
Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 11-11795) on
June 13, 2011.  Perkins & Marie disclosed $290 million in assets
and $441 million in debt as of the Chapter 11 filing.

Judge Kevin Gross presides over the case.  Robert S. Brady, Esq.,
and Robert F. Poppiti, Jr., Esq., at Young, Conaway, Stargatt &
Taylor, LLP; and Mitchel H. Perkiel, Esq., Hollace T. Cohen, Esq.,
and Brett D. Goodman, Esq., at Troutman Sanders, LLP, serve as
bankruptcy counsel.  The Debtors' financial advisors are Whitby,
Santarlasci & Company.  Their claims agent is Omni Management
Group, LLC.

DIP lender Wells Fargo is represented by lawyers at Paul,
Hastings, Janofsky & Walker LLP.


PMI MORTGAGE: S&P Affirms 'B-' Counterparty Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' counterparty
credit and financial strength ratings on PMI Mortgage Insurance
Co. and its 'CCC-' counterparty credit rating on PMI's holding
company: The PMI Group Inc. Standard & Poor's also said that it
removed all of these ratings from CreditWatch, where they were
placed on June 14, 2011, with negative implications. The outlook
is negative.

"We took the ratings off CreditWatch negative based on our
analysis of PMI's adverse first-quarter earnings, our forecast of
its operating losses for 2011 and 2012, and management's capital
initiatives," explained Standard & Poor's credit analyst Miles
Kaschalk. "We are now comfortable that PMI's statutory capital is
sufficient to keep the group solvent through at least the second
quarter of 2012."

"The outlook on PMI is negative as a result of our expectation
that adverse loss experience will continue to pressure statutory
capital throughout 2011 and 2012. Therefore, PMI might be subject
to a downgrade of one or more notches over the coming quarters. We
would lower the PMI ratings if we expect statutory insolvency or a
regulatory takeover within 12 months," S&P related.

"We do not anticipate that the holding company will have any near-
term liquidity issues in servicing its debt. With the full payment
of the QBE note to be received in September 2011, PMI will be able
to meet the fourth-quarter 2011 $50 million outstanding on the
credit facility. The next maturity of $250 million does not come
due until 2016. Like with PMI, we continue to carefully monitor
results across the sector on a quarterly basis. We will take
rating actions when there are significant adverse deviations from
our forecasts," S&P added.


POINT BLANK: Outside Directors Settling With SEC
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that three former outside directors for Point Blank
Solutions Inc. made an offer to settle claims by the Securities
and Exchange Commission that they aided and abetted a fraud
perpetrated by founder and former Chief Executive David Brooks.
The directors are Jerome Krantz, Cary Chasin and Gary Nadelman.

Mr. Rochelle relates that Brooks was convicted in September by a
federal jury in Central Islip, New York, for orchestrating a $185
million fraud.  The jury deliberated for six weeks following a
six-month trial.  Sandra Hatfield, the former chief operating
officer, was also convicted.

                        About Point Blank

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

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

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

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case.  Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders.  Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and Brian
L. Arban, Esq., at the Rosner Law Group LLC, serve as co-counsel.


QUANTUM FUEL: E&Y Raises Going Concern Doubt; Bankruptcy Possible
-----------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., filed on
July 5, 2011, its annual report on Form 10-K for the fiscal year
ended April 30, 2011.

Ernst & Young LLP, in Orange County, California, noted that
Quantum Fuel's recurring losses and negative cash flows combined
with the Company's existing sources of liquidity and other
conditions raise substantial doubt about its ability to continue
as a going concern.

The Company reported a net loss of $11.03 million on
$20.27 million of revenues for fiscal year 2011, compared with a
net loss of $46.29 million on $9.61 million of revenues for fiscal
year 2010.

The Company's balance sheet at March 31, 2011, showed
$71.97 million in total assets, $33.39 million in total
liabilities, and stockholders' equity of $38.58 million.

                  May Seek Bankruptcy Protection

The Company anticipates that it will need to raise a significant
amount of debt or equity capital in the near future in order to
repay certain obligations owed to its senior secured lender when
they mature.  As of June 15, 2011, the total amount owing to the
Company's senior secured lender was approximately $15.5 million,
which includes approximately $12.5 million of principal and
interest due under three convertible promissory notes that are
scheduled to mature on Aug. 31, 2011, and a $3.0 million term note
that is potentially payable in cash upon demand beginning on
Aug. 1, 2011, if the Company's  stock is below $10.00 at the time
demand for payment is made.

"If we are unable to raise sufficient capital to repay these
obligations at maturity and we are otherwise unable to extend the
maturity dates or refinance these obligations, we would be in
default," the Company said in the filing.

"Upon a default, our senior secured lender would have the right to
exercise its rights and remedies to collect, which would include
foreclosing on our assets.  Accordingly, a default would have a
material adverse effect on our business and, if our senior secured
lender exercises its rights and remedies, we would likely be
forced to seek bankruptcy protection."

A copy of the Form 10-K is available at http://is.gd/k4wN86

Irvine, Calif.-based Quantum Fuel Systems Technologies Worldwide,
Inc., is a fully integrated alternative energy company and a
leader in the development and production of advanced clean
propulsion systems and renewable energy generation systems and
services.


QUANTUM FUEL: To Sell 6,996 Common Stock Units for $2.18 Million
----------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., on July 1,
2011, entered into Subscription Agreements with certain
"accredited investors", as that term is defined in Rule 501(a) of
Regulation D under the United States Securities Act of 1933, as
amended, for the purchase and sale of approximately 6,996 common
stock units.  Each full Unit will consist of 100 shares of the
Company's common stock and a warrant to purchase up to 60
additional shares of the Company's common stock.  The purchase
price for each full Unit will be $3.12.  The transaction is
expected to close on July 5, 2011.  Upon closing, the Company will
receive gross proceeds of $2,182,601 and will issue 699,548 shares
of common stock and Warrants entitling the Investors to purchase a
maximum of 419,729 shares of the Company's common stock.

The Investor Warrants will have an exercise price of $3.85 per
share, will not be exercisable for six months, have a five year
term and contain standard anti-dilution provisions.  The Investor
Warrants will permit cashless exercise unless the resale of the
shares underlying the Warrants have been registered under the
Securities Act, in which case, they must be exercised for cash.

Upon closing, the Company will pay its placement agent a cash fee
of $152,782 and will issue the placement agent a warrant to
purchase up to 94,348 shares of common stock at an exercise price
of $3.85 per share, for services rendered in connection with the
transactions.  The Placement Agent Warrant will not be exercisable
for six months following the date of issuance, have a term of
seven years, permit the holder to exercise on a cashless basis and
contains standard anti-dilution provisions.

The Company, the Investors and the Placement Agent will also enter
into a Registration Rights Agreement pursuant to which the Company
will agree to file a registration statement within 30 calendar
days of closing to register the resale of the shares of common
stock acquired by the Investors at closing, and to register the
resale of the shares issuable upon exercise of the Investor
Warrants and the Placement Agent Warrant.

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

                         http://is.gd/Tm81jb

                         About Quantum Fuel

Based in Irvine, California, Quantum Fuel Systems Technologies
Worldwide, Inc., is a fully integrated alternative energy company
and considers itself a leader in the development and production of
advanced clean propulsion systems and renewable energy generation
systems and services.

Quantum Fuel and its senior lender, WB QT, LLC, entered into a
Ninth Amendment to Credit Agreement and a Forbearance Agreement on
Jan. 3, 2011.  The Senior Lender agreed to provide the Company
with a $5.0 million non-revolving line of credit, which may be
drawn upon at any time prior to April 30, 2011.  Advances under
the New Line of Credit do not bear interest -- unless an event of
default occurs, in which case the interest rate would be 10% per
annum -- and mature on April 30, 2011.  The Senior Lender also
agreed to forbear from accelerating the maturity date for any
portion of the Senior Debt Amount and from exercising any of its
rights and remedies with respect to the Senior Debt Amount until
April 30, 2011.

The Company reported a net loss attributable to stockholders of
$11.03 million on $20.27 million of total revenue for the year
ended Apri1 30, 2011, compared with a net loss attributable to
stockholders of $46.29 million on $9.60 million of total revenue
during the prior year.

The Company's balance sheet at April 30, 2011, $71.97 million in
total assets, $33.39 million in total liabilities and $38.57
million in total equity.

Ernst & Young LLP, in Orange County, California, noted that
Quantum Fuel's recurring losses and negative cash flows combined
with the Company's existing sources of liquidity and other
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

                        Possible Bankruptcy

The Company anticipates that it will need to raise a significant
amount of debt or equity capital in the near future in order to
repay certain obligations owed to the Company's senior secured
lender when they mature.  As of June 15, 2011, the total amount
owing to the Company's senior secured lender was approximately
$15.5 million, which includes approximately $12.5 million of
principal and interest due under three convertible promissory
notes that are scheduled to mature on Aug. 31, 2011, and a $3.0
million term note that is potentially payable in cash upon demand
beginning on Aug. 1, 2011, if the Company's stock is below $10.00
at the time demand for payment is made.  If the Company is unable
to raise sufficient capital to repay these obligations at maturity
and the Company is otherwise unable to extend the maturity dates
or refinance these obligations, the Company would be in default.
The Company said it cannot provide any assurances that it will be
able to raise the necessary amount of capital to repay these
obligations or that it will be able to extend the maturity dates
or otherwise refinance these obligations.  Upon a default, the
Company's senior secured lender would have the right to exercise
its rights and remedies to collect, which would include
foreclosing on the Company's assets.  Accordingly, a default would
have a material adverse effect on the Company's business and, if
the Company's senior secured lender exercises its rights and
remedies, the Company would likely be forced to seek bankruptcy
protection.


RADIANSE INC: Dist. Court Affirms Ruling Versus' Royalty Claim
--------------------------------------------------------------
District Judge Richard G. Stearns affirmed a bankruptcy court
ruling that says Radianse, Inc., is not obligated to pay Versus
Technology, Inc., royalties pursuant to a third-party Reseller
Agreement.

Versus, which develops and markets location systems for healthcare
institutions, contends that Radianse's receipt of a $2.99 million
product prepayment from Hill-Rom Company Inc. constituted a "Net
Sale," entitling it to an $89,999.70 royalty, which was due upon
Radianse's receipt of the Prepayment.  Versus maintains that the
definition of "Net Sales" in the Versus License "broadly
encompasses payments made for future shipments, whether or not
they occurred."  Versus argues Radianse is not exempted from
paying a royalty on the Prepayment "simply because Hill-Rom never
issued a purchase order and Radianse never had to ship product."

The Versus License provides that Versus is entitled to a 3%
royalty payment on "the Net Sales of the Licensed Products." "Net
Sales" is defined as "the gross amount received by [Radianse] for
the sale or transfer for value of Royalty Products," less certain
costs and expenses such as taxes, customs duties, transportation
costs, credits, rebates, and refunds.

Under the Reseller Agreement, "[t]itle to Radianse Products will
and hereby does pass to [Hill-Rom] upon shipment, except that,
while the Product Prepayment remains outstanding, title to Custom
Radianse Products will and hereby does pass to [Hill-Rom] upon
manufacture."

The parties do not dispute that Hill-Rom never ordered, and
Radianse never manufactured or shipped, any Radianse products to
Hill-Rom. Therefore, the District Court pointed out, no transfer
of title to products occurred between Radianse and Hill-Rom.  In
the absence of a transfer of title, the Bankruptcy Court correctly
determined that Radianse's transaction with Hill-Rom was not a
"sale" as contemplated by the Versus License, and thus Radianse
had no obligation to pay a Prepayment royalty to Versus, the
District Court held.

A copy of Judge Stearns' July 1, 2011 Memorandum and Order is
available at http://is.gd/4mTrQgfrom Leagle.com.

The case is Versus Technology, Inc., Appellant, v. Craig R.
Jalbert, Liquidating Trustee of Radianse, Inc., Appellee, Civil
Action No. 11-CV-40008 (D. Mass.).

                       About Radianse Inc.

Radianse Inc., headquartered in Andover, Massachusetts, sold real-
time location systems technology, designed to track medical
equipment, patients, and staff, to hospitals and other healthcare
providers.  Radianse filed for Chapter 11 bankruptcy (Bankr. D.
Mass. Case No. 10-41930) on April 20, 2010.  Judge Melvin S.
Hoffman presides over the case.  Kenneth S. Leonetti, Esq. --
kleonett@foleyhoag.com -- at Foley Hoag LLP, serves as bankruptcy
counsel.  In its petition, the Debtor estimated assets and debts
of $1 million to $10 million.


RADLAX GATEWAY: Can Use Cash Collateral Until Oct. 12
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
issued a 12th interim order for RadLAX Gateway Hotel, LLC, and
its debtor-affiliates to:

   -- use Radisson Hotel at Los Angeles Airport's rooms revenues
      and food and beverage revenues in which the lender has an
      interest; and

   -- grant adequate protection to a secured lender.

A further hearing on the Debtors' use of cash collateral is set
For Oct. 12, 2011, at 10:30 a.m.  Objections, if any, are due on
Oct. 7, 2011.

As of the petition date, the Debtor and RadLAX Gateway Deck, LLC,
owed in excess of $120 million on account of the construction loan
from Amalgamated Bank, as trustee of the Longview Ultra I
Construction Loan Investment Fund, in its capacity as
administrative agent for itself and San Diego National Bank.

The Debtor related that it will use the cash collateral to pay
operating expenses of the hotel.

As adequate protection to Amalgamated Bank, the Debtor said that
the continued operation and maintenance of the hotel will preserve
the value of the lender's collateral.  The Debtor is not providing
the lender with any additional liens.

The Debtors' use of cash collateral will expire on the earliest to
occur of: (a) Oct. 12, 2011; (b) entry of an order modifying the
terms of the interim order; (c) conversion of the Debtors'
bankruptcy case to a case under Chapter 7; (d) appointment of a
trustee or examiner; and (e) the occurrence of the effective date
or consummation of a plan of reorganization.

                    About RadLAX Gateway Hotel

Oak Brook, Illinois-based RadLAX Gateway Hotel, LLC, operates a
hotel.  The Company and its affiliates filed for Chapter 11 on
Aug. 17, 2009 (Bankr. N.D. Ill. Case Nos. 09-30047 - 09-30032).
David M. Neff, Esq., at Perkins Coie LLP represents the Debtors in
their restructuring efforts.  RadLAX estimated $50 million to $100
million in assets and up to $500 million in debts.


RANDY WALTERS: Files for Chapter 7 Bankruptcy Protection
--------------------------------------------------------
Tom Witosky at DesMoinesRegister.com reports that developer Randy
Walters has filed for personal bankruptcy less than three months
after an unsuccessful attempt to reorganize his commercial real
estate business.

According to the report, Mr. Walters, a former partner of
developer John Kline, filed for liquidation of his debts under
Chapter 7 of the Bankruptcy Code last week with estimated assets
of $1 million to $10 million and liabilities of $10 million to $50
million.  In addition, the bankruptcy petition listed more than
100 creditors, including 37 banks and other lenders.

The report says, in April, U.S. Bankruptcy Judge Lee Jackwig
dismissed an attempt by Walters to reorganize his company, Griz
Lee L.C., under Chapter 11 of the federal bankruptcy code.

Judge Jackwig ordered the dismissal after one of Walters' lenders,
Community Business Lenders, objected to the filing because the
lender had paid $500,000 to cover property taxes that Walters'
company had failed to pay.  The lender also claimed that any
further delay in its foreclosure on property owned by Walters'
company would result in the property continuing to lose its value.

Mr. Walters' filing provided no detailed accounting of his
finances, including his debts.


RASER TECHNOLOGIES: Bayard P.A. Approved as Delaware Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Raser Technologies Inc. and its debtor-affiliates to employ Bayard
P.A. as Delaware counsel to provide legal advice with respect to
the Debtors' powers and duties as debtor-in-possession in the
continued operation of their business and management of their
properties.

As reported in the Troubled Company Reporter on June 16, 2011, the
firm will be paid based on the hourly rates of its professionals:

         Directors                   $550 - $840
         Associates and Counsel      $275 - $550
         Legal Assistants            $175 - $275

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

                     About Raser Technologies

Raser Technologies Inc. (NYSE: RZ) is a renewable energy company
focusing on geothermal power development.  The Company has one
operating plant in Utah and another eight early and development
stage projects in Utah, New Mexico, Nevada and Oregon.  The
Company invested $120 million in Thermo No. 1, its sole operating
plant, which is near Beaver, Utah, and has a power generation
capacity of 10 megawatts.  The City of Anaheim, California, agreed
in 2008 to buy the generated electricity for 20 years.

Provo, Utah-based Raser Technologies, Inc., also known as Wasatch
Web Advisors, Inc., filed for Chapter 11 protection  (Bankr. D.
Del. Case No. 11-11315) on April 29, 2011.

Other Debtor affiliates filed for separate Chapter 11 protection
on April 29, 2011,  (Bankr. Case Nos. 11-11319 - 11-11350).
Peter S. Partee, Sr., Esq., and Richard P. Norton, Esq., at Hunton
& Williams LLP represent the Debtors in their restructuring
efforts.  The Debtors' local counsel is Bayard, P.A.  Sichenzia
Ross Friedman Ference LLP serves as the Debtors' corporate
counsel.  The Debtors' financial advisor is Canaccord Genuity.

A three-member official committee of unsecured creditors has been
formed in the Chapter 11 case.

The Company reported a net loss of $101.80 million on
$4.25 million of revenue for the fiscal year ended Dec. 31, 2010,
compared with a net loss of $20.90 million on $2.19 million of
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$41.84 million in total assets, $107.78 million in total
liabilities, $5.00 million of Series A-1 cumulative convertible
preferred stock, and a stockholders' deficit of $70.94 million.


RASER TECHNOLOGIES: Committee Taps Services of BDO Professionals
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Official Committee of Unsecured Creditors in the Chapter 11
cases of Raser Technologies Inc. and its debtor-affiliates to
retain:

   1) BDO Consulting, a division of BDO USA, LLP, as its financial
      advisor and accountant; and

   2) BDO Capital Advisors, LLC its investment banker.

The Committee relates that the services of the BDO Professionals
are necessary to enable the Committee to assess and monitor the
efforts of the Debtors and their advisors, including, without
limitation, the proposed debtor-in-possession financing, the
proposed equity auction process, the marketing of the Debtors'
assets and formation of a plan of reorganization.  The BDO
Professionals will, among other things:

   a. analyze the financial operations of the Debtors pre- and
      post-petition, as necessary;

   b. analyze the financial ramifications of any proposed
      transactions for which the Debtors seek Bankruptcy Court
      approval including, but not limited to, debtor-in-possession
      financing, sale of all or a portion of the Debtors' assets
      or equity, retention of management or employee incentive and
      severance plans;

   c. conduct any requested financial analysis including verifying
      the material assets and liabilities of the Debtors, as
      necessary, and their values; and

   d. assist the Committee in its review of monthly statements of
      operations submitted by the Debtors.

The hourly rates of BDO Professionals are:

         Partners/Managing Directors            $475 - $795
         Directors & Sr. Managers               $375 - $525
         Managers                               $325 - $425
         Seniors                                $200 - $350
         Staff                                  $150 - $225

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

                     About Raser Technologies

Raser Technologies Inc. (NYSE: RZ) is a renewable energy company
focusing on geothermal power development.  The Company has one
operating plant in Utah and another eight early and development
stage projects in Utah, New Mexico, Nevada and Oregon.  The
Company invested $120 million in Thermo No. 1, its sole operating
plant, which is near Beaver, Utah, and has a power generation
capacity of 10 megawatts.  The City of Anaheim, California, agreed
in 2008 to buy the generated electricity for 20 years.

Provo, Utah-based Raser Technologies, Inc., also known as Wasatch
Web Advisors, Inc., filed for Chapter 11 protection  (Bankr. D.
Del. Case No. 11-11315) on April 29, 2011.

Other Debtor affiliates filed for separate Chapter 11 protection
on April 29, 2011,  (Bankr. Case Nos. 11-11319 - 11-11350).
Peter S. Partee, Sr., Esq., and Richard P. Norton, Esq., at Hunton
& Williams LLP represent the Debtors in their restructuring
efforts.  The Debtors' local counsel is Bayard, P.A.  Sichenzia
Ross Friedman Ference LLP serves as the Debtors' corporate
counsel.  The Debtors' financial advisor is Canaccord Genuity.

A three-member official committee of unsecured creditors has been
formed in the Chapter 11 case.

The Company reported a net loss of $101.80 million on
$4.25 million of revenue for the fiscal year ended Dec. 31, 2010,
compared with a net loss of $20.90 million on $2.19 million of
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$41.84 million in total assets, $107.78 million in total
liabilities, $5.00 million of Series A-1 cumulative convertible
preferred stock, and a stockholders' deficit of $70.94 million.


RASER TECHNOLOGIES: Court OKs Foley & Lardner as Committee Counsel
------------------------------------------------------------------
The U.S. Bankruptcy Court District of Delaware has approved the
application of the Official Committee of Unsecured Creditor of
Raser Technologies Inc. to retain and employ Foley & Lardner LLP
as its counsel.

Upon retention, the firm, will among other things:

   a. advise the Committee with respect to its rights, powers and
      duties;

   b. advise the Committee in its consultations with the Debtors
      relative to the administration of the Chapter 11 Cases;

   c. advise the Committee in analyzing the claims of the Debtors'
      creditors and in negotiating with such creditors;

The firm's rates are;


              Personnel                            Rate
              ---------                            ----

       Douglas E. Spelfogel Partner              $750 per hour
       Richard J. Bernard Senior Counsel         $660 per hour
       Alissa M. Nann Associate                  $495 per hour
       Lars A. Peterson Associate                $390 per hour
       Matthew J. Riopelle Associate             $380 per hour
       Rebecca A. Hayes Associate (Pending)      $300 per hour
       Katherine E. Hall Paralegal               $225 per hour
       Kerry Farrar Paralegal                    $210 per hour

                   About Raser Technologies

Raser Technologies Inc. (NYSE: RZ) is a renewable energy company
focusing on geothermal power development.  The Company has one
operating plant in Utah and another eight early and development
stage projects in Utah, New Mexico, Nevada and Oregon.  The
Company invested $120 million in Thermo No. 1, its sole operating
plant, which is near Beaver, Utah, and has a power generation
capacity of 10 megawatts.  The City of Anaheim, California, agreed
in 2008 to buy the generated electricity for 20 years.

Provo, Utah-based Raser Technologies, Inc., also known as Wasatch
Web Advisors, Inc., filed for Chapter 11 protection (Bankr. D.
Del. Case No. 11-11315) on April 29, 2011.

Other Debtor affiliates filed for separate Chapter 11 protection
on April 29, 2011,  (Bankr. Case Nos. 11-11319 - 11-11350).
Peter S. Partee, Sr., Esq., and Richard P. Norton, Esq., at Hunton
& Williams LLP represent the Debtors in their restructuring
efforts.  The Debtors' local counsel is Bayard, P.A.  Sichenzia
Ross Friedman Ference LLP serves as the Debtors' corporate
counsel.  The Debtors' financial advisor is Canaccord Genuity.

A three-member official committee of unsecured creditors has been
formed in the Chapter 11 case.

The Company reported a net loss of $101.80 million on
$4.25 million of revenue for the fiscal year ended Dec. 31, 2010,
compared with a net loss of $20.90 million on $2.19 million of
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$41.84 million in total assets, $107.78 million in total
liabilities, $5.00 million of Series A-1 cumulative convertible
preferred stock, and a stockholders' deficit of $70.94 million.


RASER TECHNOLOGIES: Court OKs Womble as Committee Co-Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the District Of Delaware has
approved the application of the Official Committee of Unsecured
Creditor of Raser Technologies Inc. to employ and retain Womble
Carlyle Sandridge & Rice, PLLC, as co-counsel.

The Committee selected Womble Carlyle because of its extensive
experience and knowledge of bankruptcy matters and this Court's
Local Rules and practices, and believes Womble Carlyle is well
qualified to represent the Committee in these Chapter 11 cases.

Upon retention, the firm, will among other things:

   a) assisting and advising the Committee in its discussions with
      the Debtors and other parties in interest regarding the
      overall administration of this case;

   b) representing the Committee at hearings to be held before
      this Court and communicating with the Committee regarding
      the matters heard and the issues raised as well as the
      decisions and considerations of this Court;

   c) assisting and advising the Committee in its examination and
      analysis of the conduct of the Debtors' affairs;

Womble Carlyle proposes to render its services on an hourly fee
basis according to its customary hourly rates in effect when the
services are rendered.  It is anticipated that the lead Womble
Carlyle attorneys who will represent the Committee are Francis A.
Monaco, Jr., Esq. (a member of the firm whose current hourly rate
is $625), Michael G. Busenkell, Esq. (a member of the firm whose
current hourly rate is $450), and Ericka F. Johnson, Esq. (an
associate with the firm whose current hourly rate is $275). Other
Womble Carlyle attorneys or paraprofessionals will provide
additional supporting legal services on behalf of and as directed
by the Committee in connection with the matters herein described.
Subject to periodic adjustment, the current hourly rates for
Womble Carlyle attorneys range from $210 to $700 per hour and the
current hourly rates for paraprofessionals range from $110 to $215
per hour.

                   About Raser Technologies

Raser Technologies Inc. (NYSE: RZ) is a renewable energy company
focusing on geothermal power development.  The Company has one
operating plant in Utah and another eight early and development
stage projects in Utah, New Mexico, Nevada and Oregon.  The
Company invested $120 million in Thermo No. 1, its sole operating
plant, which is near Beaver, Utah, and has a power generation
capacity of 10 megawatts.  The City of Anaheim, California, agreed
in 2008 to buy the generated electricity for 20 years.

Provo, Utah-based Raser Technologies, Inc., also known as Wasatch
Web Advisors, Inc., filed for Chapter 11 protection (Bankr. D.
Del. Case No. 11-11315) on April 29, 2011.

Other Debtor affiliates filed for separate Chapter 11 protection
on April 29, 2011,  (Bankr. Case Nos. 11-11319 - 11-11350).
Peter S. Partee, Sr., Esq., and Richard P. Norton, Esq., at Hunton
& Williams LLP represent the Debtors in their restructuring
efforts.  The Debtors' local counsel is Bayard, P.A.  Sichenzia
Ross Friedman Ference LLP serves as the Debtors' corporate
counsel.  The Debtors' financial advisor is Canaccord Genuity.

The Company reported a net loss of $101.80 million on
$4.25 million of revenue for the fiscal year ended Dec. 31, 2010,
compared with a net loss of $20.90 million on $2.19 million of
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$41.84 million in total assets, $107.78 million in total
liabilities, $5.00 million of Series A-1 cumulative convertible
preferred stock, and a stockholders' deficit of $70.94 million.


RCC NORTH: Seeks Approval of Stipulation With Tenant
----------------------------------------------------
RCC North LLC seeks approval of a stipulation agreement with Eye
Level Holdings, LLC, in aid of confirmation of its plan of
reorganization.

The Debtor and Eye Level Holdings, as tenant, are parties to an
office lease dated March 28, 2008.  As of the Petition Date, the
Debtor was obligated to reimburse tenant the amount of $130,346
for tenant improvement expenses.

Following the filing of the Plan, tenant chose to exercise its
right of refusal with respect to additional space in Phase II.
The Debtor agreed to provide tenant with a tenant allowance for
tenant improvements to the additional space in the total amount
of $74,236.80.

In an effort to retain Tenant, the Debtor and Tenant have agreed
to adjust their landlord/tenant and mutual creditor/debtor
relationships.  The terms of the stipulation are:

     A. As of the effective date of the plan, the lease will be
        rejected by the Debtor;

     B. As of the effective date of the plan, the Reorganized
        Debtor and the tenant will execute and enter into a
        new lease.

     D. As of the effective date of the plan, tenant will issue
        and deliver to the Debtor a promissory note in the amount
        of $112,5000 in exchange for the Debtor's claim against
        the Tenant for the underpaid post-petition rent due under
        the Lease, as amended. The Rent Note will require monthly
        payments of principal and interest, at the rate of 4% per
        annum, fully amortized and due and payable on the 2nd
        anniversary of the Effective Date.

     E. The Plan will be modified to provide the treatment of
        tenant's claim against the Debtor in Class 3 of the Plan.

     F. The Debtor and tenant agree and acknowledge that tenant's
        Class 3 claim is not an administrative expense and is not
        entitled to priority.

     G. The Debtor and the tenant agree and acknowledge that the
        new treatment of tenant's Claim in Class 3 impairs
        tenant's Class 3 Claim against the Debtor.

     H. Tenant is the only holder of a claim in Class 3 of the
        Plan, and agrees to the alternative treatment of its
        Class 3 claim.

     I. To the extent that tenant incurs any damages from the
        rejection of the Lease, tenant agrees that any claims for
        such damages are incorporated in treatment of its Class 3
        Claim.

    J. Tenant reaffirms that it accepts the Debtor's Plan and
       reaffirms its accepting ballot notwithstanding the
       modification of the Plan's treatment of its Class 3 Claim.

                       About RCC North LLC

Scottsdale, Arizona-based RCC North LLC owns and operates two
Class A office buildings and the related corporate campuses known
as Phase I and Phase II of the Raintree Corporate Center located
north of the northeast corner of Loop 101 (Pima Freeway) and
Raintree Drive, at 15333 North Pima Road and 15111 North Pima
Road, respectively, in Scottsdale, Arizona.

The Company filed for Chapter 11 bankruptcy protection on April
15, 2010 (Bankr. D. Ariz. Case No. 10-11078).  John J. Hebert,
Esq., Mark W. Roth, Esq., and Philip R. Rudd, Esq. at Polsinelli
Shughart PC represent the Debtor in its restructuring effort. The
Company estimated its assets and debts at $50 million to
$100 million in its Chapter 11 petition.


RHI ENTERTAINMENT: Halmi Junior Resigns as President and CEO
------------------------------------------------------------
Andrew Wallenstein at Variety reports that Robert Halmi, Jr., has
resigned as president and CEO of RHI Entertainment, which recently
emerged from Chapter 11 with a plan to reduce its debt by $400
million.

According to the report, his father, Robert Halmi, Sr., will
remain with the company to continue overseeing production of its
miniseries.  Also out is COO Peter von Gal.

The report says The departure of the junior Halmi splits a father-
son team that have spent several decades together atop one of the
globe's leading producers of long-form TV programming.  RHI has
done hundreds of hours of movies and minseries including "Merlin,"
"Gulliver's Travels" and "Tin Man."

                       About RHI Entertainment

New York-based RHI Entertainment, Inc., develops, produces and
distribute new made-for-television movies, mini-series and other
television programming worldwide.

RHI and its affiliates filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Lead Case No. 10-16536) on Dec. 10, 2010.  D.J.
Baker, Esq., Rosalie Walker Gray, Esq., Keith A. Simon, Esq., Adam
S. Ravin, Esq., and Jude Gorman, Esq., at Latham & Watkins LLP,
serve as the Debtors' bankruptcy counsel.  Logan & Company, Inc.,
serves as the Debtors' claims and noticing agent.

RHI's First Lien Lenders are represented by Michael A. Chapnick,
Esq. -- mchapnick@morganlewis.com -- and Wendy S. Walker, Esq. --
wwalker@morganlewis.com -- at Morgan, Lewis & Bockius LLP, and
RHI's Second Lien Lenders are represented by Mark R. Somerstein,
Esq. -- mark.somerstein@ropesgray.com -- and Patricia I. Chen,
Esq. -- patricia.chen@ropesgray.com -- at Ropes & Gray LLP.

The Debtors disclosed $524,722,000 in total assets and
$834,094,000 as of the Chapter 11 filing.


SATELITES MEXICANOS: Incurs $13.88 Million Net Loss in 2010
-----------------------------------------------------------
Satelites Mexicanos, S.A. DE C.V., filed with the U.S. Securities
and Exchange Commission its Annual Report on Form 20-F reporting a
net loss of US$13.88 million on US$128.76 million of revenue for
the year ended Dec. 31, 2010, compared with a net loss of
US$19.74 million on US$125.03 million of revenue during the prior
year.

The Company's balance sheet at Dec. 31, 2010, showed US$438.95
million in total assets, US$524.99 million in total liabilities
and a US$86.03 million total shareholders' deficit.

Galaz, Yamazaki, Ruiz Urquiza, S. C., in Mexico City, Mexico,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
Satmex's working capital deficiency, recurring net losses,
shareholders' deficit, inability to generate sufficient cash flow
to meet its short-term obligations and sustain its operations
raise substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 20-F is available for free at:

                        http://is.gd/1sH9V5

                         About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
provider of fixed satellite services in the Americas, with
coverage to more than 90% of the population to the Americas,
including more than 45 nations and territories.  Satmex also
provides Latin American television programming in the United
States.

One of only two privately managed FSS providers based in Latin
America, Satmex has a fleet comprised of three satellites.  Satmex
5 and Satmex 6 generate the adjusted EBITDA for Satmex.  A third
satellite, Solidaridad 2, is inclined orbit but does not generate
any adjusted EBITDA.  Construction of Satmex 8 is expected to be
completed by July 2012.  Satmex also intends to pursue plans for a
new satellite, to be named Satmex 7.

Satmex first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna' TV International Corporation and
Alterna' TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets
and US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
Lazard Freres & Co. LLC is the Debtors' investment banker.  Ernst
& Young LLP is the Debtors' financial advisor.

Jefferies & Company, Inc., is the financial advisor to supporting
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second lien noteholders.  Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.

Dechert LLP is the U.S. counsel to supporting holders of first
priority notes.  Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.

Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors.  Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B. Directors.

Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government.  Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government.  Detente Group
is the financial advisor for SCT for Mexico Government.

Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.

As reported in the TCR on June 1, 2011, Satmex disclosed that on
May 26, 2011, it officially concluded its reorganization efforts
and emerged from its U.S. bankruptcy case.  As previously
announced, Satmex, together with its subsidiaries, Alterna' TV
Corporation and Alterna' TV International Corporation, filed a
prepackaged plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code on April 6, 2011.  The Plan was confirmed by the
U.S. Bankruptcy Court in the District of Delaware on May 11, 2011,
and became effective on May 26, 2011.


SEARS HOLDINGS: Has 'B' From Fitch Due to Declining Sales, Loss
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports Sears Holdings Corp. was demoted to a 'B' rating in June
by Fitch Ratings as the result of the 80% decline in earnings
before interest, taxes, depreciation and amortization in the first
quarter.  EBITDA in the period was $63 million, Fitch said.

According to the report, Fitch attributed the decline in cash flow
in part to "chronic underinvestment in the stores due to years of
cost cutting."  Noting that comparable store sales for Sears have
fallen while those of competitors have risen, Fitch projects the
decline will continue into 2013.

Liquidity remains "adequate," Fitch said, the report relates.

In May, Sears announced a $170 million net loss in the April 30
quarter.  Standard & Poor's reacted at the time by lowering the
corporate grade to B+.  Revenue of $9.7 billion in the quarter
represented a 3.4% decline from the same quarter last year.

Kmart Corp. completed a Chapter 11 reorganization in April 2003
and acquired Hoffman Estates, Illinois-based Sears along with its
name in 2005. Revenue in 2010 produced a $133 million net profit,
representing a 43% decline from 2009.


SEVEN SEAS: Dist. Ct. Doesn't See Impact of MPF Case in CIBC Suit
-----------------------------------------------------------------
District Judge Nancy F. Atlas denied the request of CIBC World
Markets Corp. to stay proceedings in an action commenced by Seven
Seas Petroleum, Inc., pending a decision by the U.S. Court of
Appeals for the Fifth Circuit in an unrelated matter.

Seven Seas hired CIBC in 2001 to serve as its exclusive financial
advisor, to assist in raising additional funds for the company,
and to render a fairness opinion in connection with any potential
financing transaction.  A dispute arose between the parties and,
in October 2008, Ben Floyd, then Chapter 11 trustee for Seven
Seas, sued CIBC.  CIBC moved to dismiss, arguing inter alia that
Seven Seas lacked standing to pursue its claims against CIBC,
citing Dynasty Oil & Gas, LLC v. Citizens Bank (In re United
Operating, LLC), 540 F.3d 351 (5th Cir. 2008).  The Court
disagreed, holding that "the Reorganization Plan as elucidated by
the Disclosure Statement specifically and unequivocally reserved
the claims Plaintiff seeks to assert against CIBC."

On Jan. 14, 2011, in an unrelated matter, Bankruptcy Judge Jeff
Bohm held that the plaintiff in that adversary proceeding lacked
standing to pursue his claims.  In re MPF Holdings US LLC,
Bankruptcy Case No 08-36084.  CIBC seeks a stay of the Seven Seas
lawsuit pending a decision by the Fifth Circuit on the appeal of
Judge Bohm's decision in In re MPF Holdings US LLC, et al., Fifth
Circuit Case No. 11-20478.  Seven Seas opposes, arguing that any
ruling by the Fifth Circuit in the MPF Holdings appeal would not
have an impact on the issues in the case.

The parties are completing fact discovery and will soon begin
discovery of expert witnesses.  CIBC argues that it should not be
required to expend funds on expert discovery until the Fifth
Circuit decides the MPF Holdings appeal.

In a June 30, 2011 Memorandum and Order, Judge Atlas said because
the requested stay is based on proceedings in an unrelated case, a
stay should be granted only in rare circumstances.  She said the
balancing of the parties' interest does not indicate a clear
inequity to CIBC if the stay is not granted.  The case was filed
almost three years ago, and the Court has already ruled on CIBC's
argument that Seven Seas lacks standing.  There is no indication
how long the appeal will be pending before that court.  Indeed,
the Fifth Circuit has not issued a briefing schedule or taken any
action other than permitting the appeal to proceed directly before
the Court of Appeals.  Moreover, it is questionable whether the
Fifth Circuit's ultimate decision on the MPF Holdings appeal will
affect the District Court's prior ruling that Seven Seas has
standing to assert its claims.

The case is Seven Seas Petroleum, Inc., v. CIBC World Markets
Corp., Civil Action No. H-08-3048 (S.D. Tex.).  A copy of the
Court's decision is available at http://is.gd/sSVFeMfrom
Leagle.com.

Seven Seas Petroleum Inc. was an oil and gas exploration company
operating in Colombia, South America.  Seven Seas filed for
Chapter 11 protection (Bankr. S.D. Tex. Case No. 02-45206) on
Jan. 14, 2003.  The Official Committee of Unsecured Creditors
retained McClain, Leppert & Maney, P.C. as counsel.  Ben B. Floyd
was named as Chapter 11 trustee.  He was represented by Floyd,
Isgur, Rios & Wahrlich, P.C., as his general bankruptcy counsel,
and Andrews & Kurth LLP as his special counsel.  The Debtor's
Second Amended Plan of Reorganization was confirmed Aug. 4, 2003,
and declared effective 10 days later.


SONJA MORGAN: On The Brink of Losing House Worth $6 Million
-----------------------------------------------------------
The Inquisitr reports that Real Housewives of New York City star
Sonja Morgan may be on the verge of losing her Upper East Side
mansion, valued at $6 million.

New York City-based Sonja Tremont-Morgan filed for Chapter 11
protection on Nov.  17, 2010 (Bankr. S.D.N.Y Case No. 10-16132).
The Debtor disclosed $13,458,749 in assets and $19,839,501 in
liabilities as of the Chapter 11 filing.


SOUTHEASTERN MATERIALS: Court Trims Trustee's Suit v. Bank
----------------------------------------------------------
Bankruptcy Judge Thomas W. Waldrep, Jr., granted portions of the
request of First Bank to dismiss the lawsuit, W. Joseph Burns,
Trustee, v. First Bank, Adv. Proc. No. 10-6059 (Bankr. M.D.N.C.).
The bank sought to dismiss all counts of the Amended Complaint.
The Court granted the request as to the First Alternative Claim,
the Fourth Claim, the Fifth Claim, and the Sixth Claim.  The
Motion is denied as to all remaining claims.

The lawsuit, among others, seeks declaratory judgment as to
whether certain advances made by First Bank are secured by a deed
of trust recorded in December 1997, whether payments made by
Southeastern Materials, Inc., should be reconstituted as payments
against a December 1997 promissory note, and whether First Bank's
lien under the December 1997 deed of trust is invalid in whole or
in part.  The lawsuit seeks to equitably subordinate First Bank's
claim to the claims of all non-insider creditors, on the basis of
First Bank's inequitable conduct.

A copy of the Court's July 6, 2011 Memorandum Opinion is available
at http://is.gd/bNw4Krfrom Leagle.com.

Southeastern Materials, Inc., manufactured wooden roof trusses,
shingles, and other roofing materials.  The Debtor sought Chapter
11 protection (Bankr. M.D.N.C. Case No. 09-52606) on December 30,
2009.  A copy of the Debtor's Chapter 11 petition is available at
http://bankrupt.com/misc/ncmb09-52606.pdfat no charge.
On June 2, 2010, the Court appointed W. Joseph Burns as Chapter 11
trustee.  On July 30, 2010, the case was converted to Chapter 7,
and W. Joseph Burns was appointed as the Chapter 7 trustee.


SPECIALTY PRODUCTS: Can't Share Privileged Docs, Judge Says
-----------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that a Delaware
bankruptcy judge on Wednesday refused to allow Specialty Products
Holding Corp. to share attorney-client privileged information with
asbestos claimants investigating potential causes of action
against the company's parent, RPM International Inc.

According to Law360, the documents at issue relate to the 2002
reorganization of the chemical manufacturer that created RPM. The
debtors had sought to share the information while getting
assurance from the court that the privileges would not be waived
by the disclosure.

Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc.  The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries.  The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.

The Company filed for Chapter 11 bankruptcy protection on May 31,
2010 (Bankr. D. Del. Case No. 10-11780).  Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel.  Daniel J. DeFranceschi, Esq., and Zachary
I. Shapiro, Esq., at Richards Layton & Finger, serve as
co-counsel.  Logan and Company is the Company's claims and notice
agent.

The Company estimated its assets and debts at $100,000,001 to
$500,000,000.

The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100,000,001 to $500,000,000.


SPRINGCREST PARTNERS: Case Summary & 8 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Springcrest Partners, LLC
        2007 Springcrest Drive
        Arlington, TX 76010

Bankruptcy Case No.: 11-43848

Chapter 11 Petition Date: July 5, 2011

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

Judge: D. Michael Lynn

Debtor's Counsel: Thomas Craig Sheils, Esq.
                  SHEILS WINNUBST P.C.
                  1100 Atrium II
                  1701 N. Collins Boulevard
                  Richardson, TX 75080-1339
                  Tel: (972) 644-8181
                  E-mail: craig@sheilswinnubst.com

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

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

A list of the Company's eight largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/txnb11-43848.pdf

The petition was signed by Zemen Woldberhan, member/manager.


THYSSENKRUPP BUDD: Bankruptcy Could Undercut Retiree Benefits
-------------------------------------------------------------
Retirees and surviving spouses at the former Kitchener Frame auto
parts facility in Kitchener, Ontario are shocked and dismayed
following the unexpected corporate bankruptcy filing by
ThyssenKrupp Budd Canada Inc.  The bankruptcy filing - submitted
on July 4 - may compromise the post-retirement health benefits of
over 1200 individuals.

"The company's decision is a shock and quite disturbing," said CAW
President Ken Lewenza.  The CAW represents the large majority of
retired production, trades and office workers at Kitchener Frame.

"You can't tell these folks who have put their blood, sweat and
tears into this company for so many years that their retirement
health benefits are now in jeopardy and that they are simply out
of luck," Lewenza said.  "This would leave over one thousand our
most vulnerable citizens in the lurch with no ongoing health
benefits, including drug benefits."

The Kitchener Frame plant, once one of the largest employers in
Waterloo region, shut its doors in April 2009, in the throes of
the auto industry crisis.  At the time of closure, and well before
that date, ThyssenKrupp Budd Canada had committed to continue
payments for post-retirement benefits - a commitment that may be
compromised in bankruptcy proceedings.

"The company is saying it is ready to abdicate its responsibility
to these former workers and their families," said former CAW Local
1451 President Mike Devine, who is also a retiree at Kitchener
Frame.

Devine presided over a July 6 meeting at the Bingeman Conference
Centre in Kitchener to discuss the company's position with 1000
affected retirees and spouses in attendance.

"These people expressed their anger and shock at this decision.
They feel betrayed, and rightfully so."

At the time of its closure the facility employed 500 CAW members.
It manufactured frames for mid-sized sport utility vehicles.  At
its peak in the 1970s, the plant employed more than 3000 workers.

The union is engaged in in-depth discussions with the company and
the Bankruptcy Trustee with respect to fashioning a solution that
best protects the interests and health care benefits of
ThyssenKrupp Canada retirees and surviving spouses.


TRIBUNE CO: Wins OK to Hire Ernst & Young as Auditor
----------------------------------------------------
Tribune Co. and its units obtained the Bankruptcy Court's
permission to employ Ernst & Young LLP as the accounting firm, as
the term is defined in a formation agreement.

The Debtors also seek permission from the Court to enter into an
engagement letter with Ernst & Young and Ricketts Acquisition.

Pursuant to the Formation Agreement dated August 21, 2009 among
Rickets Acquisition LLC; RAC Education Trust OCA, LLC; Tribune;
Chicago National League Ball Club, LLC; Wrigley Field Premium
Ticket Services, LLC; Diana-Quentin, LLC; Tribune Sports Network
Holdings, LLC and Chicago Cubs Dominican Baseball Operations,
LLC, whereby Chicago Baseball Holdings, LLC was created to effect
various transactions.  Under the Formation Agreement, the
business and assets of the Chicago Cubs Major League Baseball
franchise were contributed to New Cubs LLC and certain cash
distributions were made to CNLBC.

Pursuant to the Formation Agreement, the Debtors and Rickets
Acquisition have chosen to retain E&Y to review and resolve
certain issues set forth in a notice of disagreement.

As the accounting firm, Ernst & Young will:

  * review and consider initial briefs and relevant data,
    reports, work papers correspondence, affidavits, exhibits,
    and others that Tribune and Ricketts Acquisition submit in
    support of their positions;

  * review and consider Tribune's and Ricketts Acquisition's
    rebuttal briefs to the initial submissions, which will be
    limited in scope to the specific matters or arguments
    addressed in the other party's initial brief;

  * submit supplemental questions to Tribune and Ricketts
    Acquisition;

  * review and consider the parties' responses to E&Y's
    supplemental questions;

  * prepare and issue a final determination letter.

The Debtors assure the Court that the dispute resolution services
the Engagement Letter contemplates will not be duplicative of
those services any of the Debtors' currently-retained
professionals provide.

The parties will pay E&Y's professionals according to their
customary hourly rates:

     Title                                Rate per Hour
     -----                                -------------
     Partner/Principal/Executive Director      $975
     Senior Manager                            $740
     Manager                                   $595
     Senior                                    $430
     Staff                                     $300

E&Y will also be reimbursed for expenses incurred or to be
incurred.

E&Y will begin work upon receiving a $25,000 retainer from each
party that will be applied to the firm's last invoice or refunded
to the extent the invoice is less than the amount of the
remaining retainer.

In connection with the engagement of E&Y to act as the Accounting
Firm, Tribune and Ricketts Acquisition have also entered into a
Side Letter.  The Side Letter provides that while the Parties'
obligations to indemnify E&Y under the Engagement Letter are
joint and several, Tribune and Ricketts Acquisition agree that as
between Tribune and Ricketts Acquisition, each of Tribune and
Ricketts Acquisition will bear 50% of the indemnification
obligations, provided that in the event a third party initiates a
claim that results in indemnification obligations solely on the
basis of a relationship with only one of Tribune or Ricketts
Acquisition, that party will bear 100% of the indemnification
obligation.

Gregory E. Wolski, a partner at E&Y, discloses that Foley &
Lardner LLP represents Ricketts Acquisition in connection with
the proposed engagement.  Foley has represented or currently
represents E&Y in litigation matters and has represented and
currently represents E&Y with respect to bankruptcy retention,
and avoidance action issues.  All those matters are unrelated to
the Debtors and their bankruptcy cases, he says.  Moreover,
McDermott Will & Emery LLP represents Tribune in connection with
the proposed engagement.  MWE has provided and currently provides
tax advice to E&Y and has represented or currently represents E&Y
in matters unrelated to the Debtors, he points out.

Mr. Wolski maintains that E&Y remains a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

                        About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. And Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.  Chadbourne & Parke LLP
and Landis Rath LLP serve as co-counsel to the Official Committee
of Unsecured Creditors.  AlixPartners LLP is the Committee's
financial advisor.  Landis Rath Moelis & Company serves as the
Committee's investment banker.  Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.

Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


U.S. POSTAL: To Close Hundreds of Post Offices to Avoid Insolvency
------------------------------------------------------------------
Robby Short at The Shawnee News-Star reports that hundreds, if not
thousands, of post offices around the U.S. could soon be closed
down as the United States Postal Service looks to cut costs in
order to avoid becoming insolvent.

"At this time there are no closings identified by Oklahoma
District for Pottawatomie, Seminole, Lincoln, and Cleveland
County," The Shawnee News-Star quotes Dionne Montague,
communications programs specialist for the United States Postal
Service (USPS), as saying.

According to The Shawnee News-Star, one alternative to closing a
Post Office would require consolidating mail sorting operations of
several local offices into a central office, while retaining the
letter carriers and routes and even some offices, but with reduced
function.

"The hard-core reality of this, the Post Office lost billions last
year," The Shawnee News-Star quotes Congressman James Lankford as
saying. "You have to figure out some way to do this and it's not
going to be a single solution."

The Shawnee News-Star discloses that nine Post Offices have been
recommended for closure in Oklahoma, those offices are located in
Oklahoma City and Tulsa.  A total of 667 have been identified
nationwide for possible closure to date, The Shawnee News-Star
adds.

"This is a national ongoing initiative that could eventually
result in as many as 1,000 offices closing nationwide,"
Mr. Montague said.

As reported in the Troubled Company Reporter on May 18, 2011,
Bankruptcy Law360 said the U.S. Postal Service said that it lost
$2.2 billion for the quarter that ended March 31, warning of
defaults on payments to the government if a law forcing it to
prepay into a massive employee health fund isn't changed.  As an
agency under the executive branch, the post office can't
technically go bankrupt, but it has to fund its own operations and
could become insolvent.  That could create havoc inside the
federal government and impact its obligations to pay other
agencies, according to Law360.


USA UNITED: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: USA United Fleet, Inc.
          aka Shoreline Fleet, Inc.
        150 L. Greaves Lane, Suite 412
        Staten Island, NY 10308

Bankruptcy Case No.: 11-45867

Chapter 11 Petition Date: July 6, 2011

Court: U.S. Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Jerome Feller

Debtor's Counsel: Todd E. Duffy, Esq.
                  ANDERSON KILL & OLICK, P.C.
                  1251 Avenue of the Americas
                  New York, NY 10020
                  Tel: (212) 278-1621
                  E-mail: tduffy@andersonkill.com

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

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

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

The petition was signed by William Moran, comptroller.

Affiliates that simultaneously sought Chapter 11 protection:

        Debtor                        Case No.
        ------                        --------
USA United Holdings, Inc.             11-45868
United Fleet, Inc.                    11-45869
United Tom Tom Transportation, Inc.   11-45872
USA United Bus Express, Inc.          11-45873
USA United Transit, Inc.              11-45875
Tom Tom Escorts Only, Inc.            11-45876
Shoreline Transit, Inc.               11-45877


VINEYARD AT SERRA RETREAT: To Hire David W. Meadows as Counsel
--------------------------------------------------------------
The Vineyard at Serra Retreat seeks approval from the U.S.
Bankruptcy Court Central District of California to employ the law
offices of David W. Meadows as counsel.

Upon retention, the firm, will among other things:

   a. Legal advice with respect to the Applicant's duties,
      responsibilities and powers in the case, with respect to the
      Bankruptcy Code, the Bankruptcy Rules, the Guidelines of the
      Office of the United States Trustee, and compliance with the
      Local Rules of this Court;

   b. Legal advice with respect to the Debtor's  successful sale
      of the Debtor's fee interests in three (3) Malibu properties
      and/or the restructuring or refinancing of some or all of
      its existing obligations, and the confirmation of a chapter
      11 plan.

   c. Performance of such other legal services as may be required
      by the Applicant.

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.


VITRO SAB: Court OKs E&Y as Tax Advisor for U.S. Units
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
approved Vitro America, LLC's application to employ Ernst & Young
LLP as tax advisor effective as of April 25, 2011.

The firm can be reached at:

         Kevin L. Chadwell
         ERNST & YOUNG LLP
         6410 Poplar Ave., # 500
         Memphis, TN 38119
         Phone: (901) 526-1000

E&Y LLP will also assign certain tax professionals to assist the
Debtors in completing ministerial and administrative tasks
relating to data collection and preparation of Dec. 31, 2010,
federal and state tax returns for the Debtors.

With respect to the bankruptcy tax services, E&Y LLP will
charge the Debtors these hourly rates:

     Executive Directors/Principals/Partners      $765
     Senior Managers                              $615
     Managers                                     $545
     Seniors                                      $375
     Staff                                        $190

E&Y LLP also intends to charge the Debtors based on the time that
assigned staff spends performing services, which are currently
billed at $110 per hour.

Mr. Chadwell maintains that E&Y LLP is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code.

                      About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                     Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.


WASHINGTON MUTUAL: Wants to Expand Perkins Coie Retention
---------------------------------------------------------
BankruptcyData.com reports that Washington Mutual filed with the
U.S. Bankruptcy Court a motion to expand the retention of Perkins
Coie (Contact: John S. Kaplan) as special counsel in order to
include legal assistance as local counsel with respect to a tax
proceeding ft the following hourly rates: paralegal assistant at
$80, paralegal at $255, associate at $240 to $405 and partner at
$430 to $640.  The Company originally retained the firm and John
S. Kaplan in October 2008.

                      About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors.  Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee.  The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.

On Jan. 7, 2011, the U.S. Bankruptcy Court for the District of
Delaware entered a 107-page opinion determining that the global
settlement agreement, among certain parties including WMI, the
Federal Deposit Insurance Corporation and JPMorgan Chase Bank,
N.A., upon which the Plan is premised, and the transactions
contemplated therein, are fair, reasonable, and in the best
interests of WMI.  Additionally, the Opinion and related order
denied confirmation, but suggested certain modifications to the
Company's Sixth Amended Joint Plan of Affiliated Debtors that, if
made, would facilitate confirmation.

Washington Mutual has filed with the Bankruptcy Court a Modified
Sixth Amended Joint Plan and a related Supplemental Disclosure
Statement.  The Company believes that the Modified Plan has
addressed the Bankruptcy Court's concerns and looks forward to
returning to the Bankruptcy Court to seek confirmation of the
Modified Plan.


WASHINGTON MUTUAL: Dime Investors Seek to Appoint Committee
-----------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that investors in Dime
Bancorp Inc. asked a Delaware bankruptcy judge Wednesday to
appoint an official committee to represent their interests as they
seek to recover $337 million in Washington Mutual Inc.'s Chapter
11 proceedings.

                        About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors.  Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee.  The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.

On Jan. 7, 2011, the U.S. Bankruptcy Court for the District of
Delaware entered a 107-page opinion determining that the global
settlement agreement, among certain parties including WMI, the
Federal Deposit Insurance Corporation and JPMorgan Chase Bank,
N.A., upon which the Plan is premised, and the transactions
contemplated therein, are fair, reasonable, and in the best
interests of WMI.  Additionally, the Opinion and related order
denied confirmation, but suggested certain modifications to the
Company's Sixth Amended Joint Plan of Affiliated Debtors that, if
made, would facilitate confirmation.

Washington Mutual has filed with the Bankruptcy Court a Modified
Sixth Amended Joint Plan and a related Supplemental Disclosure
Statement.  The Company believes that the Modified Plan has
addressed the Bankruptcy Court's concerns and looks forward to
returning to the Bankruptcy Court to seek confirmation of the
Modified Plan.


WASHINGTON MUTUAL: FDIC, Ex-WaMu Officers' Deal Talks Break Down
----------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that weeks after three
ex-Washington Mutual Bank NA officers sought more negotiation time
in the Federal Deposit Insurance Corp.'s suit in Washington state
alleging they bankrupted the bank for their own benefit,
settlement talks in the case have broken down, their attorneys
said Wednesday.

                        About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors.  Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee.  The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.

On Jan. 7, 2011, the U.S. Bankruptcy Court for the District of
Delaware entered a 107-page opinion determining that the global
settlement agreement, among certain parties including WMI, the
Federal Deposit Insurance Corporation and JPMorgan Chase Bank,
N.A., upon which the Plan is premised, and the transactions
contemplated therein, are fair, reasonable, and in the best
interests of WMI.  Additionally, the Opinion and related order
denied confirmation, but suggested certain modifications to the
Company's Sixth Amended Joint Plan of Affiliated Debtors that, if
made, would facilitate confirmation.

Washington Mutual has filed with the Bankruptcy Court a Modified
Sixth Amended Joint Plan and a related Supplemental Disclosure
Statement.  The Company believes that the Modified Plan has
addressed the Bankruptcy Court's concerns and looks forward to
returning to the Bankruptcy Court to seek confirmation of the
Modified Plan.


WJO INC: Gets 8th Interim Order to Use Bank's Cash Collateral
-------------------------------------------------------------
The Hon. Jean K. Fitzsimon of the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania entered its eight interim order
allowing WJO Inc. to use cash collateral of Tristate Capital Bank
from July 4, 2011, to Sept. 26, 2011.  The Debtor has prepared a
budget.

A further interim hearing is set for Sept. 28, 2011, at 9:30 a.m.

According to the Troubled Company Reporter on July 1, 2011,
Tristate Capital Bank holds a lien against the accounts, chattel
paper, documents, instruments, inventory, general intangibles,
equipment, fixtures, deposit accounts, goods, letter of credit
rights, supporting obligations, investment property, and
commercial tort claims of the Debtor in the amount of $4,000,000.

The Debtor proposed to provide adequate protection in the form of
a replacement lien to the extent Tristate has liens prepetition,
which are not subject to challenge and in the same extent,
priority and validity as existed prepetition.

The continued use of cash collateral, according to Thomas D.
Bielli, Esq., at Ciardi Ciardi & Astin, in Philadelphia,
Pennsylvania, will allow the Debtor to continue operating and
continue with its reorganization by proposing a plan to
restructure the existing debt to satisfy the creditors.  In the
meantime, the Debtor believes the interest of Tristate is
adequately protected because Debtor's Cash Collateral Budget
proposes to pay Tristate each month, when due, from its
operations, Mr. Bielli said.

                         About WJO Inc.

Bristol, Pennsylvania-based WJO, Inc., operates six family
practices located in Newtown, Bristol, Bensalem, Bustleton, South
Philadelphia, and Bethlehem, Pennsylvania and consists of Board
Certified Osteopathic Physicians specializing in Family Medicine.
Prior to the petition date, and to allow the Company to
restructure effectively, HyperOx Inc., HyperOx I, LP, HyperOx
III, LP, and East Coast TMR, Inc., were merged into WJO.

WJO filed for Chapter 11 bankruptcy protection (Bankr. E.D. Pa.
Case No. 10-19894) on Nov. 15, 2010.  The Debtor disclosed
$19,923,802 in assets and $6,805,255 in liabilities as of the
Chapter 11 filing.

Holly Elizabeth Smith, Esq., and Thomas Daniel Bielli, Esq., at
Ciardi Ciardi & Astin, P.C., serve as the Debtor's bankruptcy
counsel.  Pond Lehocky Stern Giordano serves as the Debtor's
special counsel to represent it in worker's compensation
proceedings pertaining to the Therapeutic Magnetic Resonance
treatments.

Attorneys at Keifer & Tsarouhis LLP serve as counsel to the
official committee of unsecured creditors.  ParenteBeard LLC
serves as the Committee's accountant and financial advisor.

The United States Trustee has appointed David Knowlton as patient
care ombudsman in the case.  The Ombudsman is represented in the
case by Karen Lee Turner, Esq., at Eckert Seamans Cherin &
Mellott, LLC, as counsel.

Tristate Capital Bank, the cash collateral lender, is represented
in the case by lawyers at Benesch Friedlander Coplan & Aronoff
LLP.


YULEE VENTURE: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Yulee Venture No. One, LP
          dba Yulee Dixieland
        16910 Dallas Parkway, Suite 100
        Dallas, TX 75248

Bankruptcy Case No.: 11-10401

Chapter 11 Petition Date: July 5, 2011

Court: U.S. Bankruptcy Court
       Southern District of Texas (Brownsville)

Judge: Richard S. Schmidt

Debtor's Counsel: Matthew Brian Probus, Esq.
                  WAUSON & PROBUS
                  One Sugar Creek Center Boulevard, Suite 880
                  Sugar Land, TX 77478
                  Tel: (281) 242-0303
                  Fax: (281) 242-0306
                  E-mail: mbprobus@w-plaw.com

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

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

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

The petition was signed by James Gissler, manager of St. Ives
Realty, LLC, general partner.


* Commercial and Individual Bankruptcies Down in June
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the 120,600 bankruptcy filings in the U.S. in June
were the second-fewest this year and 10% below the same month last
year.  June was 14% below March, which marked the most in 2011,
according to data compiled from court records by Epiq Systems Inc.

According to the report, commercial bankruptcies continued
dropping fastest of all.  The 6,480 business bankruptcies in June
were 16.8% below the same month in 2010.  Filings in Chapter 11,
where larger companies reorganize or liquidate, total 6,050 this
year and are on pace to come in about 11% fewer than in 2010.

Bankruptcies declined in all 50 states.

So far this year there have been 731,200 bankruptcies of all
types, compared with 1.56 million for 2010 as a whole.  Last year
had the most since 2005 when the all-time record was set at
2.1 million.  Americans in 2005 were filing bankruptcy ahead of
new laws making it more difficult for individuals to cancel debt.
In the last two weeks before the law changed, 630,000 American
sought bankruptcy protection.


* Hanging Paragraph Isn't Tolled by Prior Bankruptcy
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. District Judge Lynn Adelman in Milwaukee ruled
on June 20 ruled that the 2-1/2 year waiting period before a
purchase money security interest can be bifurcated under the so-
called hanging paragraph in Section 1325(a) of the Bankruptcy Code
isn't tolled by an intervening bankruptcy.  The judge ruled that
the hanging paragraph is not a statute of limitations and thus
isn't subject to the 2002 U.S. Supreme Court case called Young v.
U.S.  The new case is Hingiss v. MMCC Financial Corp., 11-0087,
U.S. District Court, Eastern District Wisconsin (Milwaukee).


* Supreme Court Seeks Solicitor General View on Mortgage Case
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Supreme Court last month asked for the views
of the U.S. Solicitor General before deciding whether to review a
bankruptcy case decided in December by the U.S. Court of Appeals
in San Francisco.  The case involves the question of what's a
claim and what isn't.  It also deals with possible conflict
between bankruptcy law and federal law governing mortgages.
The case arose from a lender's demand that bankrupt borrowers make
up arrears on escrows.  The bankrupts successfully argued in the
Court of Appeals that the demand was a violation of the automatic
bankruptcy stay stopping actions to collect debt. The majority
opinion was by Circuit Judge Maryanne Trump Barry from the 9th
Circuit in San Francisco.  A dissenting opinion by Circuit Judge
Dolores K. Sloviter said it wasn't a stay violation.  The request
for permission to appeal to the Supreme Court, known as a petition
for certiorari, was made by the lender in April.  The case in
Supreme Court is Countrywide Home Loans Inc. v. Rodriguez,
10-1285, U.S. Supreme Court. The case in the 9th Circuit is In re
Rodriguez, 09-2724, U.S. 9th Circuit Court of Appeals (San
Francisco).


* FDIC Paves Way to Reclaim Pay From Failed Banks' Execs
--------------------------------------------------------
Ian Thoms at Bankruptcy Law360 reports that the Federal Deposit
Insurance Corp. on Wednesday approved rules allowing bank
regulators to take back up to two years of pay from executives who
drove financial firms into the ground.

Law360 says the rules, approved in a unanimous vote in FDIC
Chairwoman Sheila Bair's last meeting, were required under the
Dodd-Frank Act and allow regulators to claw back money from
executives deemed to have been "substantially responsible" for the
collapse of their firms.


* Strategic Value Partners Ups Ante on European Distress Fund
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Strategic Value Partners LLC
is upping the ante for its second special situations fund and
raising the fund's target to from $600 million to $1 billion, in
the face of a larger than anticipated opportunity in European
distressed credit, according to people familiar with the offering.


* BOOK REVIEW: The U.S. Healthcare Certificate of Need Sourcebook
-----------------------------------------------------------------
Author: Robert James Cimasi
Publisher: Beard Books
Softcover: 520 pages
Price: $199.95
Review by Henry Berry

Established more than 30 years ago by the federal government and
state governments, the Certificate of Need (CON) program was
intended to be a primary way to control healthcare costs by
regulating major capital expenditures and modifying healthcare
service capacity.  According to the author, the CON program is
based on the premise that, "in an unregulated market health-care
providers will provide the latest costly technology and equipment,
regardless of duplication or need."

With healthcare costs continuing to rise inexorably, CON programs
are being reconsidered and reviewed by federal and state
regulators and healthcare agencies.  The CON program is still used
by most states to control healthcare costs, although some states
have abandoned the program or substantially modified it.  The
number of states with CON programs peaked at 49 in 1980 and
remained in the high 40s for most of the 1980s.  In 1988, the
number dipped to 39 and has held steady in the high to mid 30s
since then.  In 2004, the number was at 36.  Regardless, the CON
program has significantly affected the delivery of healthcare in
this country and still does.
The U.S. Healthcare Certificate of Need Sourcebook is encyclopedic
in scope and content, which reflects the author's breadth of
knowledge about the subject matter.  For over 20 years, Cimasi has
helped clients in nearly every state understand and comply with
the requirements of the CON program.  He is a leading authority on
CON issues, practices, procedures, regulations, and standards, and
he has an incomparable background in healthcare consulting,
litigation, and mergers and acquisitions.

Cimasi draws upon his formidable experience and his record of
helping healthcare businesses adapt to market and regulatory
changes to present a great amount of information, cases, and
developments relating to the CON program.

The book offers readers an overview of CON program basics and a
history of its development.  This overview is complemented with a
discussion of federal and state court cases and state
administrative cases and decisions affecting the program's
application.  The author's treatment of these cases is thorough --
the cases categorized by states alone cover nearly 120 pages.  The
multitude of state cases are cited and annotated according to
different levels of state courts, and also by their underlying
causes of action and classification of regulated asset.  For
example, 20 underlying causes of action are offered under seven
headings.  The classifications for causes of action include
procedural due process violations, arbitrary CON board decisions,
establishment/challenge to new need requirements for state health
plans, and definition of regulatory terms.  The classifications
for regulated assets include medical equipment such as magnetic
resonance imaging and computerized tomography; ambulatory surgery
centers; cancer treatment centers, dentist offices, hospitals, and
other facilities; and services, including ambulances, cardiac
catheterization, and dialysis.

While the book is extraordinarily comprehensive in its treatment
of the subject matter, it is also interactive and user friendly.
From his experience with clients, Cimasi understands what is most
important to impart to readers about the numerous cases cited
throughout the book.  The utility of this work is reflected in the
"abstracts" of each case.  The abstracts are categorized by state
and include complete, consistent identification of each case
according to standard legal annotation.  Each abstract describes
the grounds of the action, states the findings of the court, and
gives the court's decision.  For example, a sample abstract of the
1987 case Platte County Medical Center Inc. v. Missouri Health
Facilities Review Committee describes the circumstances leading up
to a final decision by an appeals court -- "Denied applicant
appealed to the Circuit Court, Cole County after Committee denied
its applicant for CON" -- along with other specifics of the case.
The finding of the appeals court, which ended the litigation, was
that the "Committee's failure to issue decision in a timely manner
(under 120 days) indicated approval of CON."  This information is
useful for readers not only for decisions in particular states,
but also for rulings for compliance with CON statutes and
regulations by both healthcare organizations in the private sector
and the government.

Cimasi's book offers several other resources.  One is a
bibliography of hundreds of books and articles on CON.  The
Sourcebook also lists CON statutes and regulations by state and
contact information for state agencies responsible for program
implementation.  Useful websites are also provided.

This thorough guide and reference is invaluable to anyone who will
be or is involved in the CON program in any of the states where it
is still in place.  Readers will also find it uniquely informative
on government policies concerning healthcare.

Robert James Cimasi, President of Health Capital Consultants, has
a long and broad background in the fields of healthcare and
business appraisal and mergers and acquisitions.  A frequent
speaker at conferences for national healthcare organizations, he
is also the author of three books on healthcare and contributor of
articles to others.


                           *********

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.

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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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