TCR_Public/110715.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 15, 2011, Vol. 15, No. 194

                            Headlines

1031 TAX: Clients Lose Bid for Class Certification
2001 PROPERTIES: Secured Creditors Want Lift Stay to Foreclose
3480 E.: Voluntary Chapter 11 Case Summary
5TH AVENUE: Closes $49-Mil. Sale of All Assets to KHP Hotel
ADELPHIA COMMS: FPL Group Can No Longer Raise Safe Harbor Defense

ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'D'
AMBAC FINANCIAL: Targets October Plan Confirmation Hearings
AMBAC FINANCIAL: Proposes KCC as Plan Voting Agent
AMERICAN APPAREL: Receives Non-Compliance Notice from NYSE Amex
AMERICAN COMMERCE: Incurs $69,610 Net Loss in May 31 Quarter

AMERICAN COUNSELLING: Case Summary & 3 Largest Unsecured Creditors
ANDRE'S FRENCH: Case Summary & 20 Largest Unsecured Creditors
APEX DIGITAL: Court OKs Lewis Brisbois as Corporate Counsel
ARCHBROOK LAGUNA: Court Approves $50-Mil. Ch. 11 Financing
ARTECITY PARK: Settlement Deal With Corus on Plan Approved

ARTECITY PARK: Court Confirms Liquidating Plan
ARTECITY PARK: ST Residential Wins Auction, Takes Over Project
AUGUSTA APARTMENTS: Trustee Wants to Auction Real Property Assets
BATAA/KIERLAND: Hearing Set July 25 for Plan Disclosures
BARNES BAY: Resort Sets Aug. 17 Plan Confirmation

BEACHWAY DEVELOPMENT: Voluntary Chapter 11 Case Summary
BERNARD L MADOFF: Traders May Have Been Overpaying for Claims
BERNARD L MADOFF: 1st Distribution of 4.1% to Customers Okayed
BERNARD L MADOFF: Feeder Fund Investors Appeal Claims Ruling
BESO LLC: Closes Business in Effort to Save Money

BEST BUY PLAZA: Landlord Files Bare-Bones Chapter 11
BOCA BRIDGE: Plan Solicitation Exclusivity Expires Sept. 10
BV GREENFIELD: Case Summary & 20 Largest Unsecured Creditors
CAESARS ENTERTAINMENT: Board Okays Amended Incentive Plan
CAPMARK FINANCIAL: Schedules Aug. 19 Plan Confirmation Hearing

CAPMARK FINANCIAL: Judge Rejects $2M Claim Over Mortgage Servicing
CARGO TRANSPORTATION: Hires Englander to Probe Claims vs. Banks
CARGO TRANSPORTATION: DLA Piper as Committee's New Counsel Okayed
CATHOLIC CHURCH: Victims Accept Wilm. Deal Ahead Confirmation
CHAMELEON CUSTOM: Case Summary & 20 Largest Unsecured Creditors

CHOCTAW RESORT: Cut by S&P to 'B-' as FBI Investigates
CHURCH AT SOUTH: Receiver Motion Denied Due to Bankruptcy Filing
CHURCH AT SOUTH: Case Summary & 4 Largest Unsecured Creditors
CIT GROUP: To Prepay $500 Million of First Lien Term Loan
COLONY CAPITAL: In Receivership; Brenner Real Named Receiver

COPPER KING: Skye and Partners to Acquire Utah Copper Project
CORDIA COMMS: Thermo Credit Insists on Objections to Assets Sale
COUNTRYVIEW MHC: Has Access to Cash Collateral Until July 30
COUNTRYVIEW MHC: BofA Wants Chapter 11 Case Dismissed
DAVID'S WESTMINSTER: Case Summary & 20 Largest Unsecured Creditors

DEB SHOPS: Projects 13-Week Negative Cash Flow
DEER TRACK: Owners File For Chapter 11 Bankruptcy Protection
DENNIS BROWN: Voluntary Chapter 11 Case Summary
DIABETES AMERICA: Court Rejects Apelles Plea for Ch. 11 Trustee
DIABETES AMERICA: Hearing Set For July 15 on Lease Extension Plea

DIAMOND SPRINGS: Bankruptcy Plan Not Confirmable
DIVERSIFIED TRAFFIC: County to Pay $42,000 to Settle Claim
DM2 ENTERPRISES: Voluntary Chapter 11 Case Summary
DREIER LLP: Trustee Can Pursue Recovery Suit vs. 3 Hedge Funds
ENERGYCONNECT GROUP: Suspending Filing of Reports with SEC

EPICOR SOFTWARE: S&P Assigns 'B' Corporate Credit Rating
EQK BRIDGEVIEW: Amends Ch. 11 Plan as Foreclosure Looms
FIRST NATIONAL: Files Plan; Solicitation Exclusivity Until Sept. 2
FREMONT GENERAL: 53 Claims Remain Unresolved
GAGE FAMILY: Case Summary & 20 Largest Unsecured Creditors

GARDENS OF GRAPEVINE: Portion of Property Sold for $6.9 Million
GASTRONOMY MANAGEMENT: Case Summary & 20 Largest Unsec. Creditors
GEORGIA HYDRAULIC: Case Summary & 20 Largest Unsecured Creditors
GEOFFREY THOMPSON: Plans to Convert Case to Chapter 7
GM PINE: Bankruptcy Filing Delays Building's Foreclosure Sale

GM PINE: Seeks to File Remainder of Schedules by Aug. 8
GM PINE: Contractor Wants Stay Relief to Pursue State Court Suit
GREAT ATLANTIC: Court OKs Togut Segal as Conflicts Counsel
GREDE FOUNDRIES: 7th Cir. Says Reedsburg Not Exempted From Stay
GREENBRIER COS: Execs.' Base Salaries Restored as Targets Met

HARVEST OAKS: Court Denies Request to Disgorge Retainers
HARVEST OAKS: Bankr. Administrator Wants Plan Confirmation Denied
HCA HOLDINGS: Beverly Wallace to Retire as Parallon President
HERITAGE CONSOLIDATED: Can Use Cash Collateral Through July 31
HILLSIDE VALLEY: Sec. 341(a) Creditors' Meeting Set for July 19

HILLSIDE VALLEY: Hires Fitzpatrick Lentz as Bankruptcy Counsel
HILLSIDE VALLEY: Bank Wants Property to Stay With Receiver
HOLLYWOOD MOTION: Marilyn Monroe Dress Sold for $4.6-Mil.
HW PARTNERS: Case Summary & 10 Largest Unsecured Creditors
INDENTURE INVESTMENTS: Swan Group Calls Default, Takes JDC

INMAR INC: S&P Assigns Prelim. 'B+' Corporate Credit Rating
INNKEEPERS USA: Ontario Debtors' Plan Effective
IRISH LIFE: DBRS Cuts Dated Subordinated Debt Rating to 'D'
ISAACSON STRUCTURAL: Passumpsic Wants Working Capital Loan Denied
JAMES F. BYRNES: School Files Reorganization Plan

JARA: Suddenly Closed; USB Signs Up With New Firm
JAMES DONNAN: Seeks Bankruptcy Protection After GLC Counter Claim
JOHN HOLDEN: North Carolina Mayor Seeks Bankruptcy Protection
K-V PHARMACEUTICAL: Amends 20MM Class A Common Shares Offering
K-V PHARMACEUTICAL: Amends 9.95MM Class A Common Shares Offering

KAZI FOODS: Frontline to Provide Real Estate Advisory Services
KTLA LLC: Sec. 341 Creditors' Meeting Set for July 26
KTLA LLC: Chapter 11 Status Conference Set for Aug. 8
LAKEVIEW BASEBALL CLUB: $3 Million Foreclosure Judgment Issued
LAMBUTH UNIVERSITY: Court OKs Payment of Wages to Employees

LAND TEJAS: Unit Files for Bankruptcy Protection
LAX ROYAL: Can Access Cash Collateral Until Sept. 9
LEHMAN BROTHERS: U.S. Trustee Opposes Add'l Pachulski Services
LEHMAN BROTHERS: Caisse des Depots Wants to File Late $3MM Claim
LEHMAN BROTHERS: LBI Trustee Seeks OK for NYSDTF Tax Agreements

LEHMAN BROTHERS: LBI Trustee Wants RBS Forced to Pay $345.9-Mil.
LEHMAN BROTHERS: FX Cash Claims Determination Upheld
LEVEL 3: Inks Conversion Agreement with Fairfax Financial
LEVI STRAUSS: Posts $20.51 Million Net Income in May 29 Quarter
LIMESTONE FURNITURE: In Ch. 11 Just Week After Owner's Arrest

LOCAL INSIGHT: Plan Filing Exclusivity Extended to Aug. 14
LOS ANGELES DODGERS: Paid $5.25 Million Secret Fee to Lender
LOS ANGELES DODGERS: MLB Limited on Dodgers' Lender Documents
LOS ANGELES DODGERS: Players Union, Radio Station on Committee
LOWER BUCKS: County Commissioners Support Re-Emergence

MACDERMID INC: S&P Puts 'B-' on Watch Positive as IPO Looms
MDA ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
MERIT GROUP: Court Sets Aside Stonehenge Credit Bid Dispute
MESA AIR: Receives Recognition For "Impressive" Turnaround
MESA AIR: RollsRoyce Sells $28.7-Mil. Claim to Bridge Business

METROPARK USA: Court Expands Omni's Scope of Employment
METROPARK USA: Challenge for Bricoleur Liens Extended Sine Die
METROPARK USA: Files Schedules of Assets & Liabilities
MITCHELL LEONARD: Allowed to Continue Cattle Sales Despite Scam
MOHEGAN TRIBAL: Files Statistical Report for Mohegan Sun

NEW STREAM: Has Settlement With Objecting Investors
NORTEL NETWORKS: Canadian Ministry to Review Patent Sale
NORTH GENERAL: Court Confirms Plan of Liquidation
NOVEMBER 2005: Insiders Have $15.2-Mil. Stalking Horse Bid
OFFICEMAX INC. Downgraded to 'B-' by S&P Following Losses

OLSEN AGRICULTURAL: Can Borrow Up to $3-Mil. from Rabo Agrifinance
OLSEN AGRICULTURAL: Can Access Secured Creditors' Cash Collateral
OMEGA NAVIGATION: Lenders Hint Motion to Dismiss Is Possible
OPTI CANADA: S&P Cuts Corp. Credit Rating to 'D' on CCAA Filing
PAMPLICO HIGHWAY: Case Summary & 11 Largest Unsecured Creditors

PAPERWORKS INDUSTRIES: S&P Assigns Prelim. 'B' Corporate Rating
PERKINS & MARIE: Has Final Approval of $10.1 Million
PERKINS & MARIE: Taps Landis Rath as Delaware Counsel
PERKINS & MARIE: Creditors Have Until Aug. 16 to File Claims
PETTUS PROPERTIES: VFC Says Ch. 11 Plan Violates Settlement

PHILADELPHIA ORCHESTRA: Has $682,568 in Fees in 1st Six Weeks
PLATINUM ENERGY: Suspending Filing of Reports with SEC
PLEASE MUM: Closes 68 Stores; 750 Workers Lost Jobs
POINT BLANK: Delays F.R.C.P. Rule 60(B) Motion Until September
PONIARD PHARMACEUTICALS: Reverse Stock Split to Avoid Delisting

PROQUEST LLC: S&P Affirms 'B' Corporate Credit Rating
QUINCY MEDICAL: Has Deal to Sell to Steward Health for $38-Mil.
QUINCY MEDICAL: Taps Mintz Levins as Special Counsel
QUINCY MEDICAL: Taps O'Neil & Assoc. as Public Relations Officer
QUINCY MEDICAL: Wants Until July 29 to File Schedules & Statements

R&M GOURMET FOODS: Market At Pavilions Store Closes Shop
R & S ST. ROSE: Court OKs David Merrill P.C. as Special Counsel
RAY ANTHONY: Sells Assets to Red White for $9.6 Million
RAY ANTHONY: Huntington Has Interim Deal on Adequate Protection
RENAISSANCE SURGICAL: Involuntary Chapter 11 Case Summary

RLB FRIENDSHIP: Case Summary & 8 Largest Unsecured Creditors
RVTC LP: In Chapter 11 Amid Dispute With Bank
RVTC LP: Can Assume Executory Contracts With Powell
RW LOUISVILLE: Court Grants 6.75% Interest to Secured Creditors
SAN JUNG: Voluntary Chapter 11 Case Summary

SAVANNAH OUTLET: Court Approves Steven H. Spears as Accountant
SBARRO INC: Reports Discussions With Two Buyer Groups
SCHOOL HOUSE: Owner Contemplating on Sale or Restructuring
SCOVILL FASTENERS: Sells Business, Converts to Ch. 7 Liquidation
SHORE HOUSE: Restaurant to Pursue Reorganization

SK FOODS: Appeal Not Moot if Settlement Can Be Unwound
SMALL PLATES: Detroit Tapas Seeks Chapter 11 Protection
SOMERSET PROPERTIES: Cash Collateral Hearing on July 19
SOUTHWEST GEORGIA: Makes Final $4.9-Mil. Critical Vendor Payments
SPECIALTY TRUST: Northlight Completes $28.5 Mill. Exit Financing

SPORTSMAN'S WAREHOUSE: To Reopen Store at Centennial Gateway
STERLING MINING: No Objections to Confirmation Filed by Due Date
STRASBURG-JARVIS: Retail Group Buys Assets for $2.2 Mil.
SUMMER REGIONAL: Secured Creditors Object to Plan Confirmation
SW BOSTON: Prudential Files Rival Reorganization Plan

TAREK IBN: Files For Chapter 11 Bankruptcy Protection
TELLICO LANDING: Hires Hagood Tarpy as Bankruptcy Counsel
TELLICO LANDING: Discovery in State Court Lawsuit Sought
TELLICO LANDING: Sec. 341 Creditors' Meeting Set for July 27
TELTRONICS INC: U.S. Trustee Names 7-Member Creditors Panel

TELTRONICS INC: Hires Stichter Riedel as Chapter 11 Counsel
THORNWOOD FURNITURE: Get Approval to Use Cash Collateral
TRANSPECOS FOODS: Bankruptcy Hearing This Week
TUMBLEWEED AND CUSTOM: Emerges With New Tex-Mex Theme
UNLIMITED POTENTIAL: Case Summary & 20 Largest Unsecured Creditors

VEY FINANCE: Court Set to Issue Further Ruling on Cash Collateral
VICTOR VALLEY: Wants to Sell All Assets to Prime for $35 Million
VITRO SAB: Asks Dallas Judge to Enforce Mexican Plan
ZUESY, LLC: Case Summary & Largest Unsecured Creditor

* U.S. Has 50% Chance of Downgrade in 3 Months, Says S&P

* Sharewell Capital Buying Two Properties in Chapter 11
* Epiq Systems Says U.S. Business Bankruptcy Filings Drop in June

* US Entrepreneurship Climate Favorable, Bankruptcies Prevail

* BOOK REVIEW: Competition in the Health Care Sector

                            *********

1031 TAX: Clients Lose Bid for Class Certification
--------------------------------------------------
Megan Stride at Bankruptcy Law360 reports that two groups of
clients of The 1031 Tax Group LLC on Tuesday lost their bid for
class certification in a consolidated suit in California over the
$126 million Ponzi scheme that pushed the exchange firm into
bankruptcy.

According to Law360, U.S. District Court Judge James Ware found
that the proposed class was both under- and overinclusive, and
that the plaintiffs had failed to establish that issues common to
the class predominated over issues affecting only individual
members.

                       About 1031 Tax Group

Headquartered in Richmond, Virginia, The 1031 Tax Group LLC --
http://www.ixg1031.com/-- was a privately held consolidated group
of qualified intermediaries created to service real property
exchanges under Section 1031 of the Internal Revenue Code.
131 Tax Group had total assets of $164.23 million and total
liabilities as of Sept. 30, 2007.

The Company and 15 of its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 07-11448) on May 14, 2007.
Gerard A. McHale, Jr., was appointed Chapter 11 trustee.  Jonathan
L. Flaxer, Esq., and David J. Eisenman, Esq., at Golenbock Eiseman
Assor Bell & Peskoe LLP, represent the Chapter 11 trustee.
Kurtzman Carson Consultants LLC acts as claims and notice agent.
Thomas J. Weber, Esq., Melanie L. Cyganowski, Esq., and Allen G.
Kadish, Esq., at Greenberg Traurig, LLP, represent the Official
Committee of Unsecured Creditors.

Former CEO Edward H. Okun is in federal prison at Northern Neck
Regional Jail in Warsaw, Virginia, after being convicted of mail
fraud and other charges.  Mr. Okun allegedly engaged in several
misappropriations of funds of 1031 Tax Group and other entities.
The funds were used for Mr. Okun's lavish lifestyle including
acquiring properties and luxury asset.


2001 PROPERTIES: Secured Creditors Want Lift Stay to Foreclose
--------------------------------------------------------------
Secured creditors and parties-in-interest Boundaries Unlimited,
Inc., DHM Design, Landform Development, Inc., and Resource
Engineering, Inc., ask the U.S. Bankruptcy Court for the District
of Colorado to:

   -- grant them relief from stay to allow them to proceed with a
      foreclosure of certain real property owned by the Debtor;
      and

   -- exercise their state law rights and remedies with respect to
      the property, including foreclosing their mechanic's lien
      interests.

The Debtors' indebtedness consists of:

   a. $302,116 from Boundaries;
   b. $177,602 from Landform;
   c. $31,474 from Resource;
   d. $87,142 from DHM.

The secured creditors set a July 21 hearing on their motion for
relief of stay.

                       About 2001 Properties

Mission Hills, Kansas-based 2001 Properties, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 10-
32331) on Aug. 31, 2010.  Guy B. Humphries, Esq., in Denver,
Colorado, assists the Debtor in its restructuring effort.  In its
schedules, the Debtor disclosed $35,000,032 in total assets and
$44,404,244 in total liabilities as of the Petition Date.

The trustee has not appointed a trustee, an examiner or an
unsecured creditors committee in Debtor's case.


3480 E.: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: 3480 E. 14th St., LLC
        3440 Wilshire Blvd., Suite 480
        Los Angeles, CA 90010

Bankruptcy Case No.: 11-39696

Chapter 11 Petition Date: July 11, 2011

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Debtor's Counsel: Kyungsoo Ken Park, Esq.
                  LAW OFFICES OF PARK & ASSOCIATES
                  3600 Wilshire Blvd Ste 1722
                  Los Angeles, CA 90010
                  Tel: (213) 427-9727
                  Fax: (213) 427-9757
                  E-mail: kspark_law@yahoo.com

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

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

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

The petition was signed by Victor Cho, president.


5TH AVENUE: Closes $49-Mil. Sale of All Assets to KHP Hotel
-----------------------------------------------------------
5th Avenue Partners LLC, notified the U.S. Bankruptcy Court for
the Central District of California of the closing of the sale
substantially all of its assets of the estate to KHP Hotel
Holding, LLC, or its designee for $49 million.

As reported in the Troubled Company Reporter on June 28, 2011, at
the May 23 auction, in consultation with the Creditors Committee
and WestLB AG New York Branch, the Debtor selected the purchaser
as the successful bidder.

                     About 5th Avenue Partners

Newport Beach, California-based 5th Avenue Partners owns and
operates the Se San Diego hotel located in San Diego, California's
financial district.  The hotel has 184 guestrooms, a 5,500-square-
foot spa, a restaurant, rooftop bar and lounge, 20,000 square feet
of banquet space and meeting rooms, an outdoor rooftop pool,
fitness center and 23 unsold condominium units.  5th Avenue also
owns next to the Se San Diego hotel building a 31,000-square-foot
building, which it leases to the House of Blues music club.

5th Avenue Partners, LLC, filed for Chapter 11 protection (Bankr.
C.D. Calif. Case No. 10-18667) on June 25, 2010.  Marc J.
Winthrop, Esq., at Winthrop Couchot PC, in Newport Beach,
California, assists the Company in its restructuring effort.
Blitz Lee & Company serves as its accountant.  The Company
estimated assets at $10 million to $50 million and debts at $50
million to $100 million.  The Official Committee of Unsecured
Creditors tapped Baker & McKenzie LLP as counsel.


ADELPHIA COMMS: FPL Group Can No Longer Raise Safe Harbor Defense
-----------------------------------------------------------------
Adelphia Recovery Trust, v. FPL Group, Inc., et. al., Adv. Proc.
No. 04-03295 (Bankr. S.D.N.Y.), seeks to recover from FPL Group
and West Boca Security, Inc., an alleged constructive fraudulent
transfer arising out of Adelphia Communications Corporation's
January 1999 repurchase of its stock, in a private transaction,
for approximately $149 million.  FPL Group seeks leave to amend
its earlier answer, filed by FPL Group's predecessor counsel, to
raise an additional defense to the Trust's claims -- that the
transaction is subject to section 546(e) of the Bankruptcy Code
which provides a "safe harbor" defense to transactions where
avoidance could upset trading markets -- or, in the view of a fair
amount but considerably less than all of the analysis on point,
irrespective of the effect on trading markets, where the literal
text of the statutory language would exempt the transaction from
the normal requirements of the Bankruptcy Code and bankruptcy
policy.

In a July 13, 2011 decision and order, Bankruptcy Judge Robert E.
Gerber denied FPL Group's request.  Judge Gerber said the request
for leave to amend is grossly untimely under the Court's earlier
scheduling orders -- four years after the deadline.  FPL Group has
not come close to showing good cause for the delay.

"The issue here does not, however, turn on the merits of the
asserted Safe Harbor Defense. Rather, it turns on consideration of
the Federal Rules of Civil Procedure-and requires a discretionary
determination under two Rules of Civil Procedure that tend to cut
in different directions where, as here, the time for amending
pleadings has come and gone under an earlier scheduling order,"
Judge Gerber explained.

Fed. R. Civ. P. 15(a) provides that "the court should freely give
leave when justice so requires," and Rule 15(a) caselaw focuses
heavily on the prejudice to the nonmoving party.  But Fed. R. Civ.
P. 16(b) provides that scheduling orders may be modified only for
"good cause," and Rule 16(b) caselaw requires a showing of
diligence.

"[T]t appears here that the late request arises not by reason of
ignorance of the potential defense, but because FPL Group's
predecessor counsel thought it could lie back and raise the Safe
Harbor Defense whenever it chose to -- a tactic that the Court
finds to be debatable in its legal reasoning, and offensive in its
gamesmanship," Judge Gerber said.

A copy of Judge Gerber's decision is available at
http://is.gd/D5FElSfrom Leagle.com.

Counsel to the Adelphia Recovery Trust are:

          David M. Friedman, Esq.
          Joseph A. Gershman, Esq.
          Michael C. Harwood, Esq.
          KASOWITZ, BENSON, TORRES & FRIEDMAN LLP
          1633 Broadway
          New York, NY 10019
          Tel: (212) 506-1740
          E-mail: DFriedman@kasowitz.com
                  jgershman@kasowitz.com
                  mharwood@kasowitz.com

Attorneys for FPL Group and West Boca Security are:


          George A. Zimmerman, Esq.
          Jessica Barcus, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          Four Times Square
          New York, NY 10036
          Tel: 212-735-2047
          E-mail: george.zimmerman@skadden.com

                 About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas is
serving 12 years in prison, and his son Timothy is serving 15
years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  That plan became effective on
Feb. 13, 2007.

                    About Adelphia Recovery Trust

The Adelphia Recovery Trust is a Delaware Statutory Trust formed
pursuant to the First Modified Fifth Amended Joint Chapter 11 Plan
of Reorganization of Adelphia Communications Corporation and
certain affiliated debtors.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.


ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'D'
--------------------------------------------------------------
DBRS Inc. has downgraded the ratings of the GBP 368.253 million
Dated Subordinated Debt due 2019 issued by Allied Irish Banks
p.l.c. to "D" from "C".  The downgrade follows the settlement of
the proceedings before the High Court of Ireland involving certain
holders of the Notes and the Minister for Finance.

In respect of the Notes, the High Court has declared that the
subordinated liabilities order issued by the High Court on 14
April 2011 under the Credit Institutions (Stabilisation) Act 2010
is effective as of April 22, 2011.  The SLO amends the terms of
the subordinated debt, including interest due, so that it is
payable only at the option of AIB; and the maturity date of the
Notes has been extended to June 2035.  Additionally, in accordance
with the amendments, AIB announced that no payment of interest
that would have been due to holders of the Notes on 25 June 2011
will be made by AIB.

The downgrade reflects the halting of interest payments on the
Notes by AIB and DBRS's expectation that the future interest
payments of these outstanding subordinated instruments will be
halted, as allowed by the High Court.  Further, the downgrade
considers the aforementioned extension of the final maturity date.
Given that bondholders are unlikely to receive interest as agreed
upon and that the expected maturity has been extended, DBRS views
these actions as disadvantageous to bondholders, which is
considered a default under DBRS policy.


AMBAC FINANCIAL: Targets October Plan Confirmation Hearings
-----------------------------------------------------------
Ambac Financial Group, Inc. asks Judge Shelley C. Chapman of the
U.S. Bankruptcy Court for the Southern District of New York to
approve the Disclosure Statement explaining its proposed Chapter
11 Plan of Reorganization as containing adequate information
within the meaning of Section 1125(a) of the Bankruptcy Code.

Ambac Financial Group, Inc. seeks the Court's permission to
commence solicitation of the Chapter 11 Plan of Reorganization in
accordance with a proposed schedule and protocol.

The Debtor intends to follow this solicitation timetable:

  Event                                     Deadline
  -----                                     --------
  Disclosure Statement Hearing              Aug. 12, 2011

  Voting Record Date                        Aug. 12, 2011

  Solicitation Deadline                     Aug. 19, 2011

  Deadline for Filing Rule 3018(a) Motion   Sept. 9, 2011

  Plan Objection Deadline                   Sept. 21, 2011

  Voting Deadline                           Sept. 23, 2011

  Vote Certification Deadline               Sept. 28, 2011

  Plan Omnibus Reply Deadline               Sept. 28, 2011

  Confirmation Hearing                      Oct. 5, 2011

Judge Chapman will convene a hearing to consider approval of the
Disclosure Statement and Solicitation Procedures on Aug. 12, 2011.

Objections to the Disclosure Statement, if any, must be in
writing and be filed with the Court and served on these parties
so as to be received on or before August 8, 2011:

* Counsel for the Debtor
   DEWEY & LEBOEUF LLP
   Attn: Jeffrey Chubak, Esq.
   1301 Avenue of the Americas
   New York, New York 10019

* Counsel for the Official Committee of Unsecured Creditors
   MORRISON & FOERSTER LLP
   Attn: Anthony Princi, Esq.
   1290 Avenue of the Americas
   New York, New York 10104

* Counsel for the Office of the Insurance Commissioner
   for the State of Wisconsin
   FOLEY & LARDNER LLP
   Attn: Frank W. DiCastri, Esq.
   777 East Wisconsin Avenue,
   Milwaukee, Wisconsin 53202

* The Office of the United States Trustee for Region 2
   Brian S. Masumoto
   33 Whitehall Street
   21st Floor
   New York, New York, 10004

                       The Chapter 11 Plan

Ambac Financial Group, Inc. submitted to Judge Shelley C. Chapman
of the U.S. Bankruptcy Court for the Southern District of New York
a disclosure statement on July 8, 2011, explaining its Chapter 11
Plan of Reorganization dated July 6, 2011.

AFG President and Chief Executive Officer Diana G. Adams states
that the form of the Plan will depend on whether the proposed Plan
Settlement is effectuated on or before July 29, 2011.

Following months of negotiations among stakeholders, the Debtor
and its major creditor constituencies have developed the proposed
Plan Settlement, the structure and terms of which the Debtor
believes will benefit all parties, Ms. Adams says.  If, on or
before the Plan Settlement Deadline, each of the Office of the
Commissioner of Insurance for the State of Wisconsin, as regulator
of Ambac Assurance Corporation; and the Commissioner of Insurance
for the State of Wisconsin, as rehabilitator of AAC's Segregated
Account; and AAC agree to the Plan Settlement, the Plan will take
the form of the "Plan Settlement Option."

The Plan Settlement Option provides that the Reorganized Debtor
will retain ownership of AAC, and the Reorganized Debtor will not
otherwise take any action that will result in 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.

If the OCI and AAC do not agree to the Plan Settlement, the Plan
will proceed with a "Deconsolidation Option."

The Deconsolidation Option provides that the Reorganized Debtor
will:

  (i) reject July 18, 1991 Tax Sharing Agreement;

(ii) cause a deconsolidation of the AAC Subgroup from the Ambac
      Consolidated Group for U.S. federal income tax purposes;
      and

(iii) either (x) make an election pursuant to applicable
      Treasury Regulations to allocate to the Reorganized Debtor
      the maximum amount of net operating losses held by the
      Ambac Consolidated Group, or (y) take a worthless stock
      loss in respect of its ownership of stock in AAC.

However, if the Debtor determines that it will be unable to effect
the transactions contemplated by the Deconsolidation Option, the
Debtor may choose to convert the Chapter 11 Case to a case under
Chapter 7 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.


AMBAC FINANCIAL: Proposes KCC as Plan Voting Agent
--------------------------------------------------
Ambac Financial Group, Inc. seeks the Bankruptcy Court's
permission to employ Kurtzman Carson Consultants LLC as its voting
agent in connection with the solicitation and confirmation of its
Chapter 11 Plan of Reorganization.

As the Debtor's Voting Agent, KCC will perform all tasks relating
to the solicitation of votes and the performance of related
services, as appropriate, including noticing, balloting, and
tabulation services, in furtherance of confirmation of a chapter
11 plan.

As previously reported, KCC also serves as claims and noticing
agent to the Debtor.  KCC will coordinate its personnel to avoid
the duplication of effort and prevent the Debtor's estate from
incurring needless expense.

The fees and expenses of KKC incurred as Voting Agent would be
treated as administrative expense priority claims against the
Debtor's estates and will be paid by the Debtor after the 10th
day after each KCC invoice has been received by the Debtor unless
an objection to the invoice is filed.  In that case, the Debtor
would remit to KKC only the disputed portion of the invoice, and
if applicable, would pay the remainder to KKC upon resolution of
the disputed portion.

Albert Kass, vice president of corporate restructuring services
for KCC -- akass@kccllc.com -- maintains that his firm is a
"disinterested person" as that 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: Receives Non-Compliance Notice from NYSE Amex
---------------------------------------------------------------
American Apparel, Inc., received a letter from the NYSE Amex LLC
relating to the composition of the Company's Audit Committee and
Board of Directors.  The letter from the Exchange states that (i)
the Company is not in compliance with Section 803(B)(2)(a) of the
NYSE Amex Company Guide, which requires that the Audit Committee
consist of at least three members, and (ii) the Company's Board of
Directors has a structure which is not in compliance with Section
802(d) of the Company Guide, which the Exchange interprets as
requiring that classes of a classified board be of approximately
equal size and that a majority of directors be elected every two
years.

As a result of resignations of certain of the Company's directors
previously disclosed by the Company, the Company's Audit Committee
currently consists of two members instead of three members as
required by the rules of the Exchange, and the Company's Board of
Directors currently consists of three Class A directors, one Class
B director (with two Class B vacancies reserved for the designees
of Lion/Hollywood L.L.C), and two Class C directors (with one
Class C vacancy).

The letter from the Exchange provides that the Company has until
the earlier of the Company's next annual meeting of stockholders
or July 1, 2012, to regain compliance with the Exchange's
standards.  The Company intends to fill the vacancy on the Audit
Committee and realign the Company's Board of Directors in
accordance with the Exchange's standards as expeditiously as
possible prior to the expiration of the cure period.

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

                       http://is.gd/sTOOsL

                      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 COMMERCE: Incurs $69,610 Net Loss in May 31 Quarter
------------------------------------------------------------
American Commerce Solutions, Inc., filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q
reporting a net loss available to common stockholders of $69,610
on $677,586 of net sales for the three months ended May 31, 2011,
compared with a net loss available to common stockholders of
$65,035 on $655,314 of net sales for the same period during the
prior year.

The Company's balance sheet at May 31, 2011, showed $5.05 million
in total assets, $4.66 million in total liabilities and $393,355
in total stockholders' equity.

The Company has incurred substantial operating losses since
inception and has used approximately $29,641 of cash in operations
for the three months ended May 31, 2011.  Current liabilities
exceed current assets by $808,231 at May 31, 2011.  Additionally,
the Company is in default on several notes payable.  The Company
said these factors raise substantial doubt about its ability to
continue as a going concern.  The ability of the Company to
continue as a going concern is dependent upon its ability to
reverse negative operating trends, raise additional capital, and
obtain debt financing.

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

                       http://is.gd/mveHK5

                     About American Commerce

Bartow, Florida-based American Commerce Solutions, Inc., is a
multi-industry holding company for its operating subsidiaries.  As
of the close of its most recently completed fiscal year end, the
Company had one wholly owned subsidiary operating in the
manufacturing segment.  The operating subsidiary is International
Machine and Welding, Inc., located in Bartow, Florida.

International Machine and Welding, Inc., provides specialized
machining services for heavy industry.

The Company reported a net loss of $385,280 on $2.28 million of
sales for the fiscal year ended Feb. 28, 2011, compared with net
income of $711,531 on $2.35 million of sales for the fiscal year
ended Feb. 28, 2010.

As reported by the TCR on June 6, 2011, Peter Messineo, CPA, of
Palm Harbor, Florida, expressed substantial doubt about the
Company's ability to continue as a going concern.  Mr. Messineo
noted that the Company has incurred recurring losses from
continuing operations, has negative working capital and has used
significant cash in support of its operating activities.
Additionally, as of February 2011 the Company is in default of
several notes payable.


AMERICAN COUNSELLING: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: American Counselling Education Center Inc.
        dba Breeze Acres, ALF
        1864 NW 175th Street
        Miami Gardens, Fl 33056

Bankruptcy Case No.: 11-29155

Chapter 11 Petition Date: July 11, 2011

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtor's Counsel: Lerone M. Thurston, Esq.
                  550 NE 124 St
                  North Miami, FL
                  Tel: (305) 398-9646
                  Fax: (305) 398-9651
                  E-mail: attythurston@gmail.com

Scheduled Assets: $2,970,346

Scheduled Debts: $1,588,428

A list of the Company's three largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/flsb11-29155.pdf

The petition was signed by Bobbie J. Rolle, president.


ANDRE'S FRENCH: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Andre's French Restaurant, Inc.
        aka Andre's at Monte Carlo
        5145 Rogers St., #C
        Las Vegas, NV 89118

Bankruptcy Case No.: 11-20807

Chapter 11 Petition Date: July 8, 2011

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Linda B. Riegle

Debtor's Counsel: Richard McKnight, Esq.
                  LAW OFFICES OF RICHARD McKNIGHT, P.C.
                  330 S. Third St. #900
                  Las Vegas, NV 89101
                  Tel: (702) 388-7185
                  Fax: (702) 388-0108
                  E-mail: rmcknight@lawlasvegas.com

Scheduled Assets: $190,628

Scheduled Debts: $3,137,040

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nvb11-20807.pdf

The petition was signed by Andre Rochat, president.


APEX DIGITAL: Court OKs Lewis Brisbois as Corporate Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has approved Apex Digital, Inc.'s application to hire Lewis
Brisbois Bisgaard & Smith LLP as special counsel.

As reported in the Troubled Company Reporter on June 29, 2011,
Lewis Brisbois will act as corporate counsel to handle various
corporate matters as they arise during the Debtor's case.  Lewis
will also represent the Debtor in connection with the prosecution
of the Debtor's pending case against Marketing Plus.  The case
against Marketing Plus is ending in the Circuit Court of Cook
Count located in Chicago, Illinois.

The hourly rates of Lewis' personnel are:

         Senior Partner            $275
         Partner                   $250
         Senior Associate          $225
         Associate                 $200
         Paralegal/Law Clerk       $125

The professionals with primary responsibility in the Debtor's case
are:

         Siobhan M. Murphy         $275
         Michael H. Carter         $275

As of the Petition Date, the Debtor owed $1,764 to Lewis.  Lewis
received a postpetition retainer of $2,500.

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

                        About Apex Digital

Walnut, California-based Apex Digital, Inc. -- aka AW XEPA
Technologies Inc., AW Apex R&D Shangai, AW Apex, AW E2Go, AW
Entertainment to Go -- is a privately held company that provides
and markets consumer electronics, including high-definition LCD
televisions, home entertainment media devices, solar powered
lights and digital set top boxes.

Apex Digital filed for Chapter 11 protection (Bankr. C.D. Calif.
Case No. 10-44406) on Aug. 17, 2010.  Juliet Y. Oh, Esq., in Los
Angeles, California, represents the Debtor.  The Debtor estimated
assets and debts at $10 million to $50 million as of the Petition
Date.


ARCHBROOK LAGUNA: Court Approves $50-Mil. Ch. 11 Financing
----------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that a New York
bankruptcy court on Tuesday authorized ArchBrook Laguna Holdings
LLC to tap into $50 million in Chapter 11 financing while it
focused on finding a buyer.

                       About ArchBrook Laguna

ArchBrook is a procurement and distribution intermediary between
production companies and end retailers.  It distributes consumer
electronics, computers and appliances to principal customers that
include Wal-Mart Stores Inc., Best Buy Co. and Costco Wholesale
Corp.

ArchBrook disclosed assets of $246.2 million against debt
totaling $176.4 million as of March 31, 2011.

ArchBrook Laguna Holdings LLC and certain of its affiliates filed
voluntary petitions for reorganization under chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 11-13292) on
July 8, 2011.

The Company is being advised by Macquarie Capital (USA) Inc. with
respect to the sale process and by Hawkwood Consulting LLC, whose
founder Stephen J. Gawrylewski is Chief Restructuring Officer of
the Company.  Macquarie Capital (USA) Inc. is the financial
advisor.  PricewaterhouseCoopers LLP is a consultant.

The Debtors filed together with the petitions a motion seeking
authority to sell substantially all of their assets pursuant to a
bankruptcy auction.  The Company will seek to have the bankruptcy
auction held on Aug. 8, 2011.  No buyer is under contract to start
the auction.


ARTECITY PARK: Settlement Deal With Corus on Plan Approved
----------------------------------------------------------
Judge A. Jay Cristol approved Artecity Park LLC's settlement
agreement with Corus Construction Ventures, LLC, regarding the
Debtor's joint plan of liquidation.

Under the settlement agreement, the Debtors will conduct an
auction for the sale in bulk of the unsold units in the Debtors'
buildings in accordance with section 363 of the Bankruptcy Code.
At the auction, CCV will have the right to credit bid the entire
amount of its debt, which is $51,000,000 and shall serve as the
stalking horse bidder in the amount of $50,000,000, and will have
the right to take title as a bulk assignee under Florida's
Distressed Condominium Relief Act.  The Debtors will amend the
current Plan to provide for a sale and liquidation.  All holders
of allowed unsecured claims against the Debtors will receive in
full satisfaction of such claims, their pro rata share of the
assets allocated to the Debtors.

Of the current fund as of April 30, 2011, of $743,000 of Purchaser
Settlements, up to $340,000 may be used to pay:

    (a) Debtors' attorneys' fees and expenses already awarded by
        the Bankruptcy Court;

    (b) attorneys' fees and expenses, for the period of March 1,
        2011 through April 30, 2011, to be awarded by the
        Bankruptcy Court; and

    (c) any future fees and expenses for Sale and Plan
        confirmation awarded by the Bankruptcy Court.

The settlement agreement states that CCV will receive $403,000.

After paying awards of attorneys' fees and expenses directly
related to recoveries of Purchasers' Settlement Payments, one half
of the Purchasers' Settlement Payments recoveries after April 30,
2011, will be paid to CCV and the other half may be used to fund
fees and expenses of litigation experts and attorneys' expenses in
connection with Debtors' claims against Soares da Costa and Chubb.

Debtors' unpaid attorneys' fees total $22,940.83 and unreimbursed
expenses total $1,957.59 through April 30, 2011, for attorneys'
fees and expenses directly related to recoveries of Purchasers'
Settlement Payments.  CCV will not be obligated to provide any
further funding for the Soares da Costa litigation and the Chubb
litigation.  Future Purchasers' Settlement Payments include any
recoveries of purchaser deposits pursuant to the Plan of
Reorganization.

Under the settlement, the Citizens' insurance refund balance in
the amount of $57,204  will be disbursed to CCV.

Each individual guarantor of the Debtors' obligations to CCV will
be released from the individual guarantor's obligations under the
guarantees on the Effective Date and on delivery to CCV of the
individual guarantor's completed financial statement using the
Corus Bank financial statement form.

CCV will receive 50% of recoveries on the Chubb claim after
payment of attorneys' and experts' fees and expenses.  After
payment of attorneys' and experts' fees and expenses, CCV will
receive 25% of the net recoveries on the Soares da Costa claims
over the amount of $3,000,000.  CCV will not have any decision
making authority with respect to the litigation of these claims.

The portion of Permitted Affiliate Expenses held in Debtors'
attorneys' trust account ($61,500 as of April 30, 2011) will be
disbursed to the respective Affiliates on the Effective Date of
the
amended Plan, unless any Affiliate fails to cooperate with
confirming the Plan as determined by the Bankruptcy Court.

A copy of the settlement agreement is available for free at
http://bankrupt.com/misc/ARTECITYsettlementagreement.pdf

                     About Artecity Park LLC

Miami Beach, Florida-based Artecity Park LLC filed for Chapter 11
bankruptcy protection (Bankr. S.D. Fla. Case No. 10-31410) on
July 26, 2010.  Thomas R. Lehman, Esq., at Levine Kellogg Lehman
Schneider & Grossman LLP, in Miami, Fla., represents the Debtors
as counsel.  The Company estimated assets at $50 million to
$100 million and debts at $10 million to $50 million.

Affiliates Artecity Management IXC (Case No. 10-41406), Artecity
Holding Ltd. (Case No. 10-31407), Artepark South Development LLC
(Case No. 10-31412, BKC-AJC), Artecity Plaza LLC (Case No.
10-31411), Artecity Governor LLC (Case No. 10-31409), and Park
Villas Development LLC (Case No. 10-31413) filed separate
Chapter 11 petitions.  The cases are jointly administered under
Artecity Management, LLC.

The Debtors are engaged in the development of a real estate
condominium project in Miami Beach, Florida, known as the
Aretecity.  The Project includes 202 condominium units in five
multi-level buildings, together with retail spaces, two pools, a
fitness and spa facility, and a parking garage.

Artecity Management manages the Debtors' operations and is the
general partner of Artecity Holding, Ltd.  Artecity Holding owns
100% of the membership interests in Artecity Park LLC, Artecity
Plaza LLC, Artecity Governor LLC, Artepark South Development LLC,
and Park Villas Development LLC.


ARTECITY PARK: Court Confirms Liquidating Plan
----------------------------------------------
Judge A. Jay Cristol of the U.S. Bankruptcy Court for the Southern
District of Florida, Miami Division, on June 30, 2011, confirmed
the third amended joint plan of reorganization of Artecity
Management LLC and its debtor affiliates and approved the
disclosure statement explaining the plan.

The principal means of funding the Plan are proceeds of the sale
of condominium units comprising the Artecity Project and a
percentage of proceeds of potential litigation recoveries.

The Confirmation Order states that upon the occurrence of the
Effective Date of the Plan, the Disbursing Agent will pay to Corus
Construction Ventures LLC:

   (a) $403,000, less $1,950 paid to the Miami Herald for
       advertising the Sale of the Unsold Units, from recoveries
       received by the Debtors through April 30, 2011 in
       connection with resolving claims concerning the
       Preconstruction Agreements during the Chapter 11 Cases;

   (b) $57,204 in insurance premium refunds received by the
       Debtors from for overpayment of windstorm insurance
       premiums paid postpetition;

   (c) 50% of net recoveries that may be received by the
       Reorganized Debtors from their claim against Chubb
       Insurance for soft costs in connection with a loss
       resulting from rainfall on June 5, 2009, after payment of
       attorneys' fees, any experts' fees and expenses/costs;

   (d) 25% of net recoveries above $3 million that may be received
       by the Reorganized Debtors from their Claims against Soares
       da Costa and its parent company, Soares da Costa Constucao,
       SGPS, S.A., after payment of attorneys' fees, any experts'
       fees and expenses/costs;

   (e) 50% of net recoveries received by the Debtors and
       Reorganized Debtors after April 30, 2011 concerning
       Preconstruction Agreements, after payment of Court-awarded
       attorneys' fees and expenses directly related to such
       recoveries;

   (f) the proceeds of the Sale if CCV is not the Successful
       Bidder; and

   (g) any and all undisbursed rental proceeds and security
       deposits collected through the date of the Sale in
       connection with the current leases for any units in the
       Governor Building.

The Court will conduct a post-confirmation status conference on
Sept. 27, 2011, at 2:00 p.m.

A full-text copy of the Confirmation Order is available for free
at Your shortlink is http://ResearchArchives.com/t/s?7679

A full-text copy of the Third Amended Plan is available for free
at http://ResearchArchives.com/t/s?7678

                     About Artecity Park LLC

Miami Beach, Florida-based Artecity Park LLC filed for Chapter 11
bankruptcy protection (Bankr. S.D. Fla. Case No. 10-31410) on
July 26, 2010.  Thomas R. Lehman, Esq., at Levine Kellogg Lehman
Schneider & Grossman LLP, in Miami, Fla., represents the Debtors
as counsel.  The Company estimated assets at $50 million to
$100 million and debts at $10 million to $50 million.

Affiliates Artecity Management IXC (Case No. 10-41406), Artecity
Holding Ltd. (Case No. 10-31407), Artepark South Development LLC
(Case No. 10-31412, BKC-AJC), Artecity Plaza LLC (Case No.
10-31411), Artecity Governor LLC (Case No. 10-31409), and Park
Villas Development LLC (Case No. 10-31413) filed separate
Chapter 11 petitions.  The cases are jointly administered under
Artecity Management, LLC.

The Debtors are engaged in the development of a real estate
condominium project in Miami Beach, Florida, known as the
Aretecity.  The Project includes 202 condominium units in five
multi-level buildings, together with retail spaces, two pools, a
fitness and spa facility, and a parking garage.

Artecity Management manages the Debtors' operations and is the
general partner of Artecity Holding, Ltd.  Artecity Holding owns
100% of the membership interests in Artecity Park LLC, Artecity
Plaza LLC, Artecity Governor LLC, Artepark South Development LLC,
and Park Villas Development LLC.


ARTECITY PARK: ST Residential Wins Auction, Takes Over Project
--------------------------------------------------------------
ST Residential, an asset-management company led by Greenwich, CT-
based Starwood Capital Group and private-equity firm TPG of Fort
Worth, TX, along with WLR LeFrak and Perry Capital, has assumed
ownership of Artecity, a mixed-use residential and retail
development in Miami Beach.

Artecity is a residential-condominium project comprised of six
buildings located at the 2100 block of Park Avenue, Miami Beach,
two blocks from the ocean.  There are a total of 202 units, of
which 43 units have closed to date.  The remaining asset consists
of 159 condominiums as well as 4,000 square feet of retail space.
"Artecity has the potential to be a world-class property given its
great location," says CEO Wade Hundley, who leads ST with 20 years
of experience in various aspects of the real estate and
hospitality businesses.  "We are excited to own this property as
we believe we can finish the development with a few enhancements
that will make it a jewel amongst our already desirable
portfolio."

ST was formed after Chicago-based Corus Bank failed on Sept. 11,
2009.  At that time, the Federal Deposit Insurance Corporation
(FDIC) was appointed as the receiver and became responsible for
numerous residential real estate assets and construction loans.

The FDIC needed a financially stable and real estate savvy partner
to maximize the value of Corus' real estate portfolio by infusing
critical financial capital and knowledge, to market and sell the
properties to individual home owners.  ST outbid seven rivals to
win Corus Bank's $4.5 billion real estate loan portfolio with a
combined bid of $554 million for 40% of the equity in the joint
venture with the FDIC.

"One of our greatest strengths is the confidence and peace of mind
we bring to prospective buyers that their purchase will be well
developed and well managed into the future, and to real estate
brokers who will have the confidence that their transactions will
successfully close," said Hundley.

                       About ST Residential

ST Residential leads a public-private partnership between the FDIC
and a consortium of esteemed private-equity investors, and manages
a nationwide condominium-construction project portfolio.  Members
of the private equity consortium include Starwood Capital, TPG,
Perry Capital and WLR LeFrak.  By managing its portfolio with an
unmatched level of detail and tailoring projects to the
communities they serve, the company strives to be the standard
bearer for luxury condominium projects.

                    About Artecity Park LLC

Miami Beach, Florida-based Artecity Park LLC filed for Chapter 11
bankruptcy protection (Bankr. S.D. Fla. Case No. 10-31410) on
July 26, 2010.  Thomas R. Lehman, Esq., at Levine Kellogg Lehman
Schneider & Grossman LLP, in Miami, Fla., represents the Debtors
as counsel.  The Company estimated assets at $50 million to
$100 million and debts at $10 million to $50 million.

Affiliates Artecity Management IXC (Case No. 10-41406), Artecity
Holding Ltd. (Case No. 10-31407), Artepark South Development LLC
(Case No. 10-31412, BKC-AJC), Artecity Plaza LLC (Case No.
10-31411), Artecity Governor LLC (Case No. 10-31409), and Park
Villas Development LLC (Case No. 10-31413) filed separate
Chapter 11 petitions.  The cases are jointly administered under
Artecity Management, LLC.

The Debtors are engaged in the development of a real estate
condominium project in Miami Beach, Florida, known as the
Artecity.  The Project includes 202 condominium units in five
multi-level buildings, together with retail spaces, two pools, a
fitness and spa facility, and a parking garage.

Artecity Management manages the Debtors' operations and is the
general partner of Artecity Holding, Ltd.  Artecity Holding owns
100% of the membership interests in Artecity Park LLC, Artecity
Plaza LLC, Artecity Governor LLC, Artepark South Development LLC,
and Park Villas Development LLC.


AUGUSTA APARTMENTS: Trustee Wants to Auction Real Property Assets
-----------------------------------------------------------------
Robert L. Johns, Chapter 11 trustee in the bankruptcy estates of
Augusta Apartments, LLC, et al., asks the U.S. Bankruptcy Court
for the Northern District of West Virginia for authorization to
sell assets of the Debtor in an auction led by West Virginia
University Board of Governors, on Behalf of West Virginia
University, a State Institution of Higher Education.

WVU offered to purchase the assets for $11,000,000.  The assets
for sale consist of certain real property owned by the Debtors'
bankruptcy estates, including a multi-story apartment complex with
158 units and a parking garage located at 49 Falling Run Road,

Morgantown, West Virginia known as "The Augusta on the Square",
five other related parcels of real property, including two student
rental houses, and certain rights and personal property associated
therewith.

The trustee says that any party submitting upset bid must offer at
least $11,325,000 for the real property on substantially the same
terms as offered in the purchase agreement and is accompanied by a
deposit of $550,000 in immediately available funds.  If the
trustee deems an upset bid to be a qualified upset bid, the
trustee will convene an auction for the real property in the
courtroom immediately prior to the sale hearing.  Upset bids are
due July 11.

In the event of any competing bids for the assets, resulting in
WVU not being the successful buyer, it will receive a breakup fee
of the lesser of WVU's out-of-pocket expenses relating to the
transactions that are the subject of the sale motion or 2% of
WVU's original purchase price of $11,000,000 for the real property
at the time of the closing of the sale with such third party
buyer.

In a separate filing, Fountain Residential Partners, LLC, a party-
in-interest in the Debtors' bankruptcy cases, asks the Court to
extend until July 20, 2011, the time to submit deposit in
connection with $12,000,000 upset bid.

Fountain Residential relates that the hearing on the sale motion
is scheduled for July 21, at 10:00 a.m. (EST).

Fountain Residential is represented by:

         Paul J. Cordaro, Esq.
         1700 Grant Building
         Pittsburgh, PA 15219-2399
         Tel: (412) 261-0310
         Fax: (412) 261-5066
         E-mail: pjc@camlev.com

         Richard W. Wilhelm, Esq.
         Kathleen M. Patrick, Esq.
         MUNSCH HARDT KOPF & HARR, P.C.
         3800 Lincoln Plaza
         500 N. Akard Street
         Dallas, TX 75201-6659
         Tel: (214) 855-7500
         Fax: (214) 855-7584
         E-mails: rwilhem@munsch.com
                  kpatrick@munsch.com

                            Objections

Landau Building Company, first priority lien holder on the
Augusta's assets, objects to the distribution of any sale proceeds
to any party unless and until Landau is paid the amount of its
liens at closing.

Landau believes an escrow of no less than $2,750,000 would be
appropriate to adequately protect its interest.

Landau is represented by:

         BLUMLING & GUSKY, LLP
         Michael Kaminski, Esq.
         1200 Koppers Building
         Pittsburgh, PA 15219
         Tel: (412) 277-2500
         E-mail: mkaminski@blumlinggusky.com

Secured creditor First United Bank and Trust also asks that the
Court direct the trustee to establish an appropriate reserve from
the sale proceedsfor the payment to First United of the value of
its lien interest in the McCoy sale property.

First United is represented by:

         SCHLOSSBERG & ASSOCIATES
         Roger Schlossberg, Esq.
         134 West Washington Street
         P.O. Box 4227
         Hagerstown, MD 21741-4227
         Tel: (301) 739-8610

                  About Augusta Apartments, LLC

Morgantown, West Virginia-based Augusta Apartments, LLC, filed for
Chapter 11 bankruptcy protection on February 19, 2010 (Bankr. N.D.
W.Va. Case No. 10-00303).  Robert O. Lampl, Esq., at Robert O
Lampl Law Office, assists the Company in its restructuring
efforts.  The Company estimated its assets and debts at
$10,000,001 to $50,000,000 as of the Petition Date.

The Hon. Patrick M. Flatney approved the appointment of Robert L.
Johns as Chapter 11 trustee in the reorganization cases of the
Debtors.


BATAA/KIERLAND: Hearing Set July 25 for Plan Disclosures
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona has set a
hearing for July 25, 2011, at 10:00 a.m. to consider the approval
of the disclosure statement filed by Bataa/Kierland, LLC, filed
June 7, 2011, relating to the Debtor's plan of reorganization
dated June 7, 2011.

JMPCC 2007-CIBC 19 East Greenway, LLC, has asserted a claim
against the Debtor, allegedly secured by the Kierland Corporate
Center located at 7047 E. Greenway Parkway, in Scottsdale,
Arizona, in the amount of approximately $22.2 million.  The Debtor
estimates the total amount of general unsecured claims, not
including the tenant security deposits or any deficiency claim of
JMPCC, as approximately $41,881.01.

The Plan designates five Classes of Claims and Interests.  The
Plan will be funded by the funds on hand, operations of the
Property, and a capital infusion in the amount of the New Value by
the Interest Holders or the Successful Bidder, if an auction is
held.

With the exception of the Classes 1-A through 1-C (the "Priority
Claims"), which will be paid in full, all the creditors of the
Debtor are impaired under the terms of the Plan.

The amount of JMPCC's Allowed Secured Claim will be determined by
the Court.  The remainder of JMPCC's Allowed Claim will be treated
as a general unsecured claim in Class 4.  The Debtor intends to
pay JMPCC's Allowed Secured Claim in full, with interest at the
Plan Rate, over a period of seven years.

Holders of Class 4 Allowed Unsecured Claims will share, pro-rata,
in a distribution of the sum of $40,000 in cash (the "Unsecured
Distribution Amount") paid by the Reorganized Debtor from the
New Value contribution.  Holders of Allowed Unsecured Claims will
receive the first half of their pro rata portion of the Unsecured
Distribution Amount on the 90th day following the Effective
Date of the Plan and the second half on the 120th day following
the Effective Date of the Plan.

Class 5 Interests will purchase the equity interests in the
Reorganized Debtor by the contribution of cash to the Reorganized
Debtor in the total amount of $240,000, payable in monthly
payments of $10,000 for a period of twenty-four (24) months
commencing thirty (30) days after the Effective Date (i.e., the
New Value).  If the Court determines that, under the
circumstances, the New Value to be contributed by the Interest
Holders is insufficient, or that other parties-in-interest should
be allowed to bid for the equity interests in the Reorganized
Debtor, then other interested parties may bid for the equity
interests in the Reorganized Debtor.

A copy of the Disclosure Statement is available at:

          http://bankrupt.com/misc/bataakierland.DS.pdf

                     About Bataa/Kierland

Bataa/Kierland, LLC, owns and operates a Class "A" office building
known as Kierland Corporate Center located at 7047 E. Greenway
Parkway, Scottsdale, Arizona.  The Debtor's sole member is Bataa
Oil, Inc., a Colorado corporation.  David J. Calvin and Anne
Calvin each hold a 50% interest in Bataa Oil, Inc.  The Company
filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case
No. 11-05850) on March 9, 2011.  The Debtor estimated its assets
and debts at $10 million to $50 million.  John J. Hebert, Esq.,
Mark W. Roth, Esq., and Mary B. Martin, Esq., at Polsinelli
Shughart PC, in Phoenix, Ariz., serve as the Debtor's bankruptcy
counsel.  Judge Sarah Sharer Curley originally presided over the
Debtor's Chapter 11 case.

On March 24, 2011, the Court entered an order transferring the
case to the Honorable Randolph J. Haines pursuant to Local Rule
1015-1(A), on the basis that the bankruptcy estates of
David Calvin (Bankr. D. Ariz. Case No. 10-37014 filed Nov. 17,
2010) and the Debtor are extremely intertwined.

The United States Trustee's Office has been unable to appoint a
Committee of Unsecured Creditors in the Debtor's bankruptcy case.


BARNES BAY: Resort Sets Aug. 17 Plan Confirmation
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Viceroy Anguilla Resort and Residences on Anguilla in
the British West Indies received approval from the bankruptcy
judge of the disclosure statement after the resort owner clarified
the treatment of claims resulting from contracts to purchase
units.  The hearing for approval of the plan is set for Aug. 17.
Unit purchasers who object to how their claims are classified must
file their objections in time for a hearing Aug. 4.

Mr. Rochelle relates that the bankruptcy judge in Delaware is
allowing purchasers to have the court in Anguilla declare what
their rights are.  Secured creditor Starwood Capital Group LLC is
expected to be the winner of a July 27 auction on which the plan
is based.  Owed $370 million, Starwood would take ownership when
the plan is confirmed and implemented.

                          About Barnes Bay

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

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

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


BEACHWAY DEVELOPMENT: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Beachway Development, Inc.
        11045 Orangewood Dr.
        Bonita Springs, FL 34134

Bankruptcy Case No.: 11-13128

Chapter 11 Petition Date: July 11, 2011

Court: United States Bankruptcy Court
       Middle District of Florida (Ft. Myers)

Judge: Barry S. Schermer

Debtor's Counsel: Timothy W. Gensmer, Esq.
                  TIMOTHY W GENSMER, PA
                  2831 Ringling Blvd, Suite 202-A
                  Sarasota, FL 34237
                  Tel: (941) 952-9377
                  Fax: (941) 954-5605
                  E-mail: timgensmer@aol.com

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

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

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

The petition was signed by Robert McClain, president.


BERNARD L MADOFF: Traders May Have Been Overpaying for Claims
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the 70 cents on the dollar that traders have been
paying to buy claims against Bernard L. Madoff Investment
Securities Inc. may end up being too high a price if the Madoff
trustee loses the multibillion dollar lawsuits among the 1,000
suits he's prosecuting.  Several of the trustee's largest lawsuits
have already been take away from the bankruptcy judge in whole or
in part while district judges decide if the trustee has
overstepped his authority or is suing third parties not
responsible for policing Madoff.

                    About Bernard L. Madoff

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

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

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

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

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

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


BERNARD L MADOFF: 1st Distribution of 4.1% to Customers Okayed
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the trustee liquidating Bernard L. Madoff Investment
Securities Inc. was given authorization from the bankruptcy judge
to make a first interim distribution of 4.1% to customers with
approved claims.  With funds supplied by the Securities Investor
Protection Corp., the trustee already has distributed up to
$500,000 toward the so-called net equity of any customer with an
approved claim.

                    About Bernard L. Madoff

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

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

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

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

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

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


BERNARD L MADOFF: Feeder Fund Investors Appeal Claims Ruling
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that 18 appeals were filed from the bankruptcy judge's
ruling in June that investors in feeder funds don't have customer
claims in the Madoff liquidation.  U.S. Bankruptcy Judge Burton R.
Lifland concluded in his 33-page opinion that the investors'
claims are against the feeder firms, not against the Madoff firm.
Only the feeder funds have claims, Judge Lifland said.  Those
taking appeals include the Trustees of Tufts College, Axa Private
Management, National Bank of Kuwait SAK, and Aozora Bank Ltd.

Access International Advisors LLC has joined customers asking a
district judge to remove from the bankruptcy court a lawsuit filed
by the Madoff trustee.

                    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.


BESO LLC: Closes Business in Effort to Save Money
-------------------------------------------------
Michael Quintanilla at Express-News, citing report from the
Associated Press, says Eve Nightclub at the Crystals plaza in
MGM's CityCenter closed Monday in an effort to save money.  The
report says looming financial troubles have caused a Las Vegas
nightclub owned by Eva Longoria to temporarily shut its doors.
Ms. Longoria is a 32.33% investor in Beso LLC.

                          About Beso, LLC

Beso, LLC, co-owned by "Desperate Housewives" star Eva Longoria,
filed for Chapter 11 bankruptcy protection on January 6, 2011
(Bankr. D. Nev. Case No. 11-10202).

Beso, LLC, runs a Las Vegas restaurant that opened two years ago.
It disclosed assets of $2,512,007 and liabilities of $5,680,339 in
the schedules attached to the Chapter 11 petition.  Lenard E.
Schwartzer, Esq., at Schwartzer & Mcpherson Law Firm, in Las
Vegas, Nevada, serves as counsel to the Debtor.

The petition was signed by William M. Braden, manager.


BEST BUY PLAZA: Landlord Files Bare-Bones Chapter 11
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Best Buy Plaza LP, the owner of the building housing
the Best Buy Co. electronics store in Gulfport, Mississippi, filed
for Chapter 11 protection (Bankr. S.D. Tex. Case No. 11-35881) on
July 6 in Houston, where the owner is based. The papers say the
property is worth $9.5 million while there are $6.82 million in
mortgages. Regions Bank holds the $6.56 million first mortgage.
There is a $1.75 million second mortgage.  The law firm of James
B. Jameson & Associates, in Houston, serves as counsel.


BOCA BRIDGE: Plan Solicitation Exclusivity Expires Sept. 10
-----------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida, West Palm Beach Division, extended
Boca Bridge, LLC's exclusive deadline to solicit acceptances of
its plan of reorganization until Sept. 10, 2011.

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

The Court gave the Debtor until July 11 to send amended plan
documents, but the Debtor, instead, asked for an extension of the
deadline to file the amended plan documents because of its
continued negotiations with JMP regarding a consensual plan.  The
Debtor said it also needs more time to determine if those
negotiations can be successfully concluded.

Hearing on the Debtor's request for extension of time to file the
amended plan documents is scheduled for July 28, 2011, at 02:30
p.m.

                      About Boca Bridge LLC

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


BV GREENFIELD: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: BV Greenfield LLC
        130 N. West Streeet
        Crown Point, IN 46307

Bankruptcy Case No.: 11-08617

Chapter 11 Petition Date: July 8, 2011

Court: United States Bankruptcy Court
       Southern District of Indiana (Indianapolis)

Judge: James K. Coachys

Debtor's Counsel: John M. Rogers, Esq.
                  RUBIN & LEVIN, P.C.
                  500 Marott Center
                  342 Massachusetts Avenue
                  Indianapolis, IN 46204
                  Tel: (317) 634-0300
                  E-mail: johnr@rubin-levin.net

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/insb11-08617.pdf

The petition was signed by Ryan Zeleznak, member, BV Indy
Apartments, LLC, a member of the Debtor.


CAESARS ENTERTAINMENT: Board Okays Amended Incentive Plan
---------------------------------------------------------
The Human Resources Committee of the Board of Directors of Caesars
Entertainment Corporation approved amendments to the Company's
Management Equity Incentive Plan and to outstanding stock options
which were granted pursuant to the Plan.  A copy of the Plan is
available for free at http://is.gd/3NuLuy

As a result of the amendments, "Performance-Based Options" will
vest and become exercisable upon attainment by the "Majority
Stockholder" of an "MoM" of at least 2.0 (rather than 2.5, which
applied prior to the amendments), and if the Majority Stockholder
realizes an MoM of less than 2.0 but equal to or greater than
1.75, a pro rata portion of such Performance Based Options will
vest based on straight line interpolation.

The exercise price of outstanding 1.5X Performance Options was
reduced to $35 per share, which is at least equal to the fair
market value of the Shares.  All outstanding 2.5X Performance
Options were amended to reflect the Vesting Adjustment.
Additionally, the exercise price for all outstanding Time-Based
Options was reduced to $35 per share, provided that such reduced
exercise price will be phased in between a four to seven year
period, depending on grant date, as set forth in each individual
award agreement.  Prior to such phase in, any vested options may
still be exercised at the original exercise price, subject to the
terms of the Plan.

                    About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies, with annual revenue of $4.2 billion, 20 properties on
three continents, more than 25,000 hotel rooms, two million square
feet of casino space and 50,000 employees.  Caesars casino resorts
operate under the Caesars, Bally's, Flamingo, Grand Casinos,
Hilton and Paris brand names.  The Company has its corporate
headquarters in Las Vegas.

Harrah's announced its re-branding to Caesar's on mid-November
2010.  Harrah's carries 'Caa3' long term corporate family and
probability of default ratings, with 'positive' outlook, from
Moody's Investors Service.  It has a 'B-' issuer credit rating,
with 'stable' outlook, from Standard & Poor's.

As reported by the TCR on March 3, 2011, Moody's Investors Service
upgraded Caesars Entertainment's Corporate Family ratings and
Probability of Default ratings to Caa2.  CET's Caa2 Corporate
Family Ratings reflect very high leverage, weak interest coverage,
the company's debt financed growth strategy, and Moody's view that
the company's current capital structure in unsustainable in the
long-term.  The ratings reflect Moody's expectation that gaming
demand will rebound very slowly over the next several years.
However, in the absence of a material de-leveraging transaction,
Moody's do not expect the company's capital structure to improve
materially over the next few years.  Additionally, given CEC's
weak credit profile, there is a possibility that the company could
again pursue transactions that will result in impairment of debt
holder claims as a means to improve its capital structure.

The Company's balance sheet at March 31, 2011, showed $28.40
billion in total assets, $26.84 billion in total liabilities and
$1.56 billion in total stockholders' equity.


CAPMARK FINANCIAL: Schedules Aug. 19 Plan Confirmation Hearing
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Capmark Financial Group Inc. scheduled an Aug. 19
confirmation hearing to approve the Chapter 11 reorganization plan
when the bankruptcy judge said at a hearing that he will approve
the disclosure statement and allow creditors to vote.  The company
will reorganize around its non-bankrupt bank subsidiary.
Unsecured creditors will receive cash and new stock.  Secured
creditors already were paid off as the result of a settlement
approved by the bankruptcy judge in November.  The settlement paid
secured lenders 91 percent in cash on the $1.1 billion they were
still owed, plus interest and reimbursement of fees spent in the
Chapter 11 case.

                      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.


CAPMARK FINANCIAL: Judge Rejects $2M Claim Over Mortgage Servicing
------------------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Christopher Sontchi, the bankruptcy judge overseeing Capmark
Financial Group Inc.'s reorganization in Delaware, on Wednesday
rejected National Life Insurance Co.'s bid to recover more than
$2 million relating to mortgage loans the debtor serviced.

According to Law360, Judge Sontchi denied National's attempt to
modify the terms of Capmark's 2009 sale of its mortgage servicing
business to Berkadia Commercial Mortgage LLC or otherwise ensure
that National is compensated for $2 million in delinquent real
estate taxes Capmark allegedly failed to pay.

                      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.


CARGO TRANSPORTATION: Hires Englander to Probe Claims vs. Banks
---------------------------------------------------------------
Cargo Transportation Services Inc. seeks permission from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Leonard S. Englander of the law firm of Englander and
Fischer, LLP as special counsel for the Debtor.

The Debtor wishes to retain Englander to investigate potential
claims and causes of action against Comerica Bank and BBK, Ltd.
arising out of certain actions taken by Comerica and BBK and/or
their employees and agents during a period of time commencing in
the late spring of 2010 and culminating in the  events immediately
preceeding the Petition Date.

Englander estimates the fees associated with this initial
assessment will be at least $10,000 and will not exceed $15,000,
applying Englander's standard hourly rates, which range between
$450 and $225 per hour.

                    About Cargo Transportation

Sunrise, Florida-based Cargo Transportation Services, Inc.,
provides transportation services to clients nationwide, including
customized consolidation, distribution, logistics and warehousing
services.  It has 140 employees and averages $100,000,000 in gross
revenue per year.

Cargo Transportation filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 11-00432) on Jan. 12, 2011.  Edward J.
Peterson, III, Esq., at Stichter, Riedel, Blain & Prosser, PA,
serves as the Debtor's bankruptcy counsel.  Jennis & Bowen, P.L.,
serves as substitute counsel.  1 Source Partners Inc. and Accell
Audit & Compliance P.A., serve as its certified public
accountants.  The Debtor also tapped Ruden McClosky P.A. as its
special counsel.

Donald F. Walton, U.S. Trustee for Region 21, appointed an
Official Committee of the Official Committee of Unsecured
Creditors in the Debtor's case.  Hunton & Williams LLP represents
the Committee in the Debtor's Chapter 11 proceedings.  The
Committee tapped DLA Piper as its general counsel.

The Debtor disclosed $11,728,760 in assets, and $11,869,375 in
liabilities as of the Chapter 11 filing.


CARGO TRANSPORTATION: DLA Piper as Committee's New Counsel Okayed
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
authorized the Official Committee of Unsecured Creditors of Cargo
Transportation Services Inc. to retain DLA Piper (US) as its
counsel.

According to the Troubled Company Reporter on June 23, 2011, the
Committee sought to retain DLA to replace Hunton & Williams LLP
as general counsel to the Committee after Craig Rasile, Esq.,
resigned from his position with Hunton to join DLA on April 1,
2011.

As the Committee's counsel, DLA will, among other things:

   (a) advise the Committee with respect to its rights, powers,
       and duties in this cases;

   (b) advise and consult with the Committee concerning various
       legal, financial and operational issues arising from the
       administration of the Debtor's estate;

   (c) advise and consult with the Committee concerning the
       unsecured creditors' rights and remedies with respect to
       the assets of the Debtor's estate and the claims of
       administrative, secured, priority and general unsecured
       creditors as well as other parties in interest;

   (d) prosecute, defend and represent the Committee's interests
       in actions arising in or related to the case; and

   (e) assist in the preparation of such pleadings, motions,
       notices and orders as are required for the orderly
       administration of the rights of the Committee and general
       unsecured creditors.

Compensation will be payable to DLA on an hourly basis, less
agreed-upon 10% fee discount, plus reimbursement of actual,
necessary expenses and other charges incurred by the firm.
The normal hourly rates, prior to the application of the 10%
discount for professional services rendered by DLA range from $55
to $290 per hour for legal assistants, from $220 to $465 per hour
for associates, and from $465 to $835 per hour for counsel and
partners.

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

                     About Cargo Transportation

Sunrise, Florida-based Cargo Transportation Services, Inc.,
provides transportation services to clients nationwide, including
customized consolidation, distribution, logistics and warehousing
services.  It has 140 employees and averages $100,000,000 in gross
revenue per year.

Cargo Transportation filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 11-00432) on Jan. 12, 2011.  Edward J.
Peterson, III, Esq., at Stichter, Riedel, Blain & Prosser, PA,
serves as the Debtor's bankruptcy counsel.  The Debtor also tapped
Ruden McClosky P.A. as its special counsel.

Donald F. Walton, U.S. Trustee for Region 21, appointed an
Official Committee of the Official Committee of Unsecured
Creditors in the Debtor's case.  Hunton & Williams LLP represents
the Committee in the Debtor's Chapter 11 proceedings.

The Debtor disclosed $11,728,760 in assets, and $11,869,375 in
liabilities as of the Chapter 11 filing.


CATHOLIC CHURCH: Victims Accept Wilm. Deal Ahead Confirmation
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that nearly all of the sexual-
abuse victims entitled to vote on the Roman Catholic Diocese of
Wilmington's bankruptcy-exit plan cast their ballots in favor of a
settlement deal, setting the diocese on course to pursue
confirmation of its settlement plan.

                 About the Diocese of Wilmington

The Diocese of Wilmington covers Delaware and the Eastern Shore
of Maryland and serves about 230,000 Catholics.  The Delaware
diocese is the seventh Roman Catholic diocese to file for Chapter
11 protection to deal with lawsuits for sexual abuse.  Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.

The Diocese filed for Chapter 11 protection (Bankr. D.
Del. Case No. 09-13560) on Oct. 18, 2009.  Attorneys at Young
Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese.
The Ramaekers Group, LLC, is the financial advisor.  The petition
says assets range $50 million to $100 million while debts are
between $100 million to $500 million.

The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin Oct. 19, 2009.
There were 131 cases filed against the Diocese, with 30 scheduled
for trial, as of the bankruptcy filing.

(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


CHAMELEON CUSTOM: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Chameleon Custom Solutions Corp.
        dba Associated Printing
        4907 N. Florida Ave.
        Tampa, FL 33603

Bankruptcy Case No.: 11-13159

Chapter 11 Petition Date: July 11, 2011

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: Bernard J. Morse, Esq.
                  MORSE & GOMEZ PA
                  11268 Winthrop Main Street, Suite 102
                  Riverview, FL 33578
                  Tel: (813) 341-8400
                  Fax: (813) 463-1807
                  E-mail: chipmorse@morsegomez.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/flmb11-13159.pdf

The petition was signed by Carolyn Lawson, president.


CHOCTAW RESORT: Cut by S&P to 'B-' as FBI Investigates
------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
rating on Philadelphia, Miss.-based Choctaw Resort Development
Enterprise to 'B-', from 'B+'. "We also lowered all issue-level
ratings by two notches. At the same time, we placed all ratings on
CreditWatch with developing implications," S&P related.

"In addition to our concerns about the FBI investigation and its
potential implications regarding internal controls at CRDE, the
downgrade reflects our view that refinancing risk for CRDE's
approximately $71 million term loan B, maturing in November, has
heightened. The investigation comes when there is some disruption
within the government of the Mississippi Band of Choctaw Indians.
On July 5, 2011, the Band held elections for tribal chief, but on
July 8, the council voted to nullify the results and hold a new
election in September. We believe disruption within a tribal
government could raise concerns among lenders, further increasing
refinancing risk," S&P said.

"The CreditWatch Developing placement reflects the potential for
further rating downside as more details emerge or if the CRDE is
unable to successfully refinance its term loan over the coming
weeks," said Standard & Poor's credit analyst Ariel Silverberg.
"It also signals the potential for rating upside in the event of a
successful refinancing and upon our conclusion that any internal
controls issues stemming from the investigation have been
addressed. In resolving our CreditWatch placement, we will closely
monitor CRDE's progress towards refinancing in the next several
weeks, as well as assess any further information surrounding the
investigation."


CHURCH AT SOUTH: Receiver Motion Denied Due to Bankruptcy Filing
----------------------------------------------------------------
Steve Green at Vegas Inc. reports that the Church at South Las
Vegas won an initial court victory in its legal struggle with a
bank trying to foreclose on its property.

According to the report, U.S. District Judge Philip Pro denied a
motion by lender First Bank of St. Louis in a civil lawsuit that a
receiver be appointed to supervise the bank's finances.  Judge
Pro, though, made it clear he denied the motion not on the merits
-- but because of the church's bankruptcy filing.  Litigation is
automatically stayed by bankruptcy filings.

An attorney for First Bank told Judge Pro during the hearing that
the bank wants to keep its civil foreclosure lawsuit open as it
may ask the bankruptcy court to lift the automatic stay of
litigation.

The Las Vegas Sun reports that in fighting efforts to have a
receiver appointed to supervise the church, church attorneys have
argued the church is so far underwater on its mortgage that it
doesn't make sense to continue making mortgage payments and that
it needs to preserve cash to build a larger church.  The church
says it has offered to pay the mortgage if the bank will write
down the principal amount of the mortgage.

The report says the building is worth just $2.375 million against
the $7.653 million owed to the bank, church attorneys say.
Attorneys for the bank say the church's resistance to making
mortgage payments is all the more reason it should be allowed to
appoint a receiver to supervise the church while it continues its
foreclosure.

The Church at South Las Vegas filed for Chapter 11 protection
(Bankr. D. Nev. Case No. 11-20839) on July 8, 2011, to prevent the
lender from having a receiver appointed.  First Bank from St.
Louis is owed $6.53 million on a mortgage.  The church claims in a
court filing that the facilities have been appraised as being
worth $2.4 million.


CHURCH AT SOUTH: Case Summary & 4 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: The Church at South Las Vegas
        3051 Horizon Ridge Parkway
        Henderson, NV 89052

Bankruptcy Case No.: 11-20839

Chapter 11 Petition Date: July 8, 2011

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Linda B. Riegle

Debtor's Counsel: John P. Witucki, Esq.
                  GORDON SILVER
                  3960 Howard Hughes Parkway
                  Las Vegas, NV 89169
                  Tel: (702) 796-5555
                  Fax: (702) 369-2666
                  E-mail: jwitucki@gordonsilver.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 four largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nvb11-20839.pdf

The petition was signed by Benjamin Perez, president.


CIT GROUP: To Prepay $500 Million of First Lien Term Loan
---------------------------------------------------------
CIT Group Inc. has given notice that it will prepay $500 million
of its $3 billion senior secured first lien term loan on July 15,
2011.

Including this prepayment, CIT will have eliminated more than
$10.5 billion of first lien and second lien debt since the
beginning of 2010, including $5 billion of first lien debt, $3.5
billion of Series A Notes, and its entire $2.1 billion of Series B
Notes.

The voluntary prepayment will be made with available holding
company cash and will not be subject to any call premium.

                              About CIT

Founded in 1908, CIT Group Inc. (NYSE: CIT) -- http://www.cit.com/
-- is a bank holding company with more than $35 billion in finance
and leasing assets.  It provides financing and leasing capital to
its more than one million small business and middle market clients
and their customers across more than 30 industries.

CIT Group Inc. and affiliate CIT Group Funding Company of Delaware
LLC announced a Chapter 11 filing on Nov. 1, 2009 (Bankr. S.D.N.Y.
Case No. 09-16565).  Evercore Partners, Morgan Stanley and FTI
Consulting served as the Company's financial advisors and Skadden,
Arps, Slate, Meagher & Flom LLP served as legal counsel in
connection with the restructuring plan.  Sullivan & Cromwell
served as legal advisor to CIT's Board of Directors.

CIT emerged from bankruptcy protection on Dec. 11, 2009, after
receiving confirmation of its prepackaged Chapter 11 plan of
reorganization.

                           *     *    *

In May 2011, Moody's Investors Service upgraded CIT Group Inc.'s
Corporate Family Rating to 'B2' from 'B3'.  The rating outlook is
stable.  The upgrade reflects the progress CIT has made addressing
its most immediate organizational, operational, and financial
challenges subsequent to its bankruptcy reorganization in December
2009.  Moody's, however, notes that CIT's weak margins and
uncertainty regarding the pace and adequacy of future margin
improvements are constraints on the firm's ratings.  By repaying
and refinancing high-cost debt, CIT has reduced its cost of funds
and improved its net finance margin, adjusted to exclude accretion
income associated with fresh-start accounting (FSA) and other
distortions such as debt prepayment expense.  However, CIT's pre-
tax margins are well below pre-crisis levels, a function of high
funding costs and elevated, though declining credit costs.


COLONY CAPITAL: In Receivership; Brenner Real Named Receiver
------------------------------------------------------------
Brenner Real Estate Group, a full service commercial real estate
firm based in Fort Lauderdale, has recently been selected for new
roles with two properties in Miami and one in Cape Coral, FL.
Scott Brenner, Esq., CCIM, SIOR, RPA, President/Broker of Brenner
Real Estate Group, has announced the following appointments and
agreements:

* Receivership for Colony Capital - Office Building

On June 9, 2011, the 20th Judicial Circuit of Lee County, Florida
appointed Scott Brenner as Receiver for Colony Capital, mortgagee,
for an 8,000 SF office building at 703 Cape Coral Parkway in Cape
Coral, FL, Lee County. Brenner Real Estate Group will provide
Receivership services, property management, sales and leasing.
*Sales Listing Agreement for 1st United Bank - Grove Plaza
On June 17, 2011, 1st United Bank, a Florida Banking Corporation,
took title to Grove Plaza, a 32,300 SF, seven story vacant office
building located in Coconut Grove at 2900 SW 28th Terrace, Miami,
FL 33133, and has assigned management and sales listing agreements
for the property to Brenner Real Estate Group. Brenner associates
Helen Weissman and Suzanne Lopez will represent the property for
sale.  On December 12, 2010, the Miami-Dade County, FL Circuit
Court of the 11th Judicial Circuit assigned Brenner Real Estate
Group the Property Management Agreement for Grove Plaza on behalf
of 1st United Bank which was at that time mortgagee.

* Management Assignment for 1st United Bank - Office Building
1st United Bank, a Florida Banking Corporation, has assigned
Brenner Real Estate Group the property management and brokerage
responsibilities for a 14,482 SF office building located at 1450
NE 123 Street, Miami, FL. The building is currently under contract
to close in July.

Brenner Real Estate Group is a full-service commercial real estate
firm providing asset solutions, brokerage, development, sales
investment, property management, asset management, and
receivership services for office, multi-family,
industrial/commercial, and retail properties. The firm has been
serving South Florida since 1987.


COPPER KING: Skye and Partners to Acquire Utah Copper Project
-------------------------------------------------------------
Pure Nickel Inc. reached a binding letter of intent with a group
led by Skye Mineral Partners, LLC, relative to Pure Nickel's
position in the Milford, Utah copper project currently controlled
by the Western Utah Copper Company.  Western Utah Copper Company
and its parent Copper King Mining Corporation filed for bankruptcy
in May 2010.  Skye has already purchased the majority of the
secured debt of the project, making Skye the largest secured
creditor of WUCC thus putting it in a position of being the
leading candidate to provide the fastest resolution to the
bankruptcy case.  This letter of intent paves the way for Skye and
its partners to ultimately acquire the project once the current
bankruptcy situation is resolved.

                        About Copper King

Milford, Utah-based Copper King Mining Corporation, aka Western
Utah Copper Company, filed for Chapter 11 bankruptcy protection on
May 18, 2010 (Bankr. D. Nev. Case No. 10-51912).  The Company
estimated assets and debts at $100 million to $500 million in its
Chapter 11 petition.

The Company's affiliate, Western Utah Copper Company, filed a
separate Chapter 11 petition (Bankr. D. Nev. Case No. 10-51913) on
May 18, 2010.  The Company estimated assets at $50 million to
$100 million in assets and $500 million to $1 billion in debts.

McGuireWoods LLP serves as counsel to the Official Committee of
Unsecured Creditors.


CORDIA COMMS: Thermo Credit Insists on Objections to Assets Sale
----------------------------------------------------------------
Thermo Credit, LLC, the prepetition factor of the accounts
receivable generated by Cordia Communications Corp., et al., asks
the U.S. Bankruptcy Court for the Middle District of Florida to
sustain its objection to the assets sale.

The Debtor sought permission to sell substantially all of their
assets to Birch communications, Inc.  Thermo understands that the
sale is expected to result in proceeds totaling approximately
$7 million.  Although the amount of sale proceeds that will remain
after payment of allowed cure claims and other expenses payable at
closing is presently unknown, Thermo is concerned that adequate
funds will not remain in the Debtors' estate after the sale
process to satisfy judgment in favor of Thermo in the litigation.

The auction for the assets was not held on July 1, 2011.  Instead,
the Debtors represented to Thermo that they did not receive any
bids to compete with the Birch APA prior to the bid deadlines such
that the Debtors are moving forward with the sale to Birch as
contemplated in the APA.

Thermo also asks that that any order approving the sale provide
these protections:

   i) require the Debtors to reconcile and provide notice of the
      proposed ILEC payments so that Thermo and all other
      creditors are assured that the ILEC payments are not greater
      than they must be;

  ii) require that the Debtors and Birch reach and agreement
      acceptable to Therm with respect to the collection of the
      preclosing receivables;

iii) require that any proceeds from the sale remaining after
      payment of allowed ILEC payments and other amounts required
      to be paid in connection with the sale closing be escrowed
      and will not be used by the Debtors absent further order of
      the Court upon prior notice to Thermo and an opportunity to
      be heard; and

  iv) require that the proceeds from the pre-closing receivables
      that are not needed to pay the Debtors' budgeted wind-down
      and collection expenses, will be escrowed up to the escrow
      amount and will not be used by the Debtors absent further
      order of the court upon prior notice to Thermo.

ILEC payments are cure payments to effectuate the transfer of its
vendor contracts and the redesignation of its user lines to Birch
and will be paid from sale proceeds in the approximate amounts of
$5.6 million.

Thermo is represented by:

         Elizabeth A. Green, Esq.
         Tiffany D. Payne, Esq.
         BAKER & HOSTETLER LLP
         200 S. Orange Avenue
         Suntrust Center, Suite 2300
         Orlando, FL 32801-3432
         Tel: (407) 649-4000
         Fax: (407) 841-0168
         E-mails: egreen@bakerlaw.com
                  tpayne@bakerlaw.com

         Paige L. Ellerman, Esq., of counsel
         TAFT STETTINIUS & HOLLISTER LLP
         425 Walnut Street, Suite 1800
         Cincinnati, OH 45202-3957
         Tel: (513) 381-2838
         Fax: (513) 381-0205
         E-mail: ellerman@taftlaw.com

                    About Cordia Communications

Cordia Corporation -- through its operating subsidiaries, Cordia
Communications Corp., CordiaIP Corp., My Tel Co, Inc., Northstar
Telecom, Inc., Cordia Prepaid Corp., and Cordia International
Corp. -- offers business, residential, and wholesale customers
local and long distance telecommunications services in more than
60 countries utilizing traditional wireline and Voice over
Internet Protocol -- VoIP -- technologies.

CCC currently holds licenses to operate in 28 states throughout
the contiguous United States, and CCCVA is licensed in Virginia.

Winter Garden, Florida-based Cordia Communications Corp. filed for
Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 11-
06493) on May 1, 2011.  The Debtor estimated its assets and debts
at $10 million to $50 million.

Affiliates Cordia Communications Corp. of Virginia (Bankr. M.D.
Fla. Case No. 11-06494), et al. simultaneously sought Chapter 11
protection.

The cases are jointly administered, with Cordia Communications
Corp. as lead case.

Scott L. Baena, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP,
serves as the Debtors' bankruptcy counsel.  The Debtors tapped
Source Capital Group, Inc. as their investment banker, Trustee
Services, Inc., as  claims, notice, and balloting agent, and
Development Specialists, Inc., to provide restructuring and
management services, including the appointment of Joseph J.
Luzinski as Chief Restructuring Officer.


COUNTRYVIEW MHC: Has Access to Cash Collateral Until July 30
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
authorized Countryview MHC Limited Partnership to use cash
collateral during the period July 1, 2011, through July 30, 2011,
to the extent set forth in a cash budget for the month of June
2011, plus no more that 10% of the total proposed expense
payments, unless otherwise agreed by Bank of America as successor
by merger to LaSalle Bank National Association, in its capacity as
Trustee for the registered holders of LB-UBS Commercial Mortgage
Trust 2006-C4, Commercial Mortgage Pass-Through Certificates,
Series 2006-C4, or upon further of the Court.

As adequate protection to the Lender for the use of its cash
collateral, Lender will be granted post-petition replacement
liens in the cash collateral to be generated by the Debtor post-
petition.

A final hearing on the cash collateral motion is scheduled before
the Court on July 28, 2011, at 10:30 a.m.

A full-text copy of the July 2011 cash collateral budget is
available at http://bankrupt.com/misc/COUNTRYVIEW

                      About Countryview MHC

Countryview MHC Limited Partnership is an Illinois limited
partnership that owns a manufactured home community, consisting of
approximately 275 sites, situated in Franklin, Indiana.  It filed
for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No.
10-52722) on Nov. 29, 2010.  Eugene Crane, Esq., at Crane Heyman
Simon Welch & Clar, serves as the Debtor's bankruptcy counsel.
The Debtor estimated its assets and debts at $10 million to
$50 million.


COUNTRYVIEW MHC: BofA Wants Chapter 11 Case Dismissed
-----------------------------------------------------
Bank of America, as successor by merger to LaSalle Bank National
Association, asks the Hon. Carol A. Doyle of the U.S. Bankruptcy
Court for the Northern District of Illinois to dismiss the
Chapter 11 case of Countryview MHC Limited Partnership or, in
the alternative, grant for relief from the automatic stay to
foreclose on property of the estate.

According to the bank, the Debtor is a "single asset real
estate" debtor whose sole property-a manufactured housing
community in Johnson County, Indiana -- is worth substantially
less than the secured debt owed to the Trust, demonstrating there
is absolutely no equity remains in the Debtor.

The bank says the value of the Debtor's property has diminished
during the pendency of this case as a result of, inter alia,
increased vacancies and delinquent and uncollectible rents, the
Debtor's practice of allowing non-debtor entities use of its
property without charging rent, the use of estate funds to pay the
expenses of non-debtor entities and the Debtor's failure to
maintain and repair its facilities.

The bank notes that the Debtor has filed a patently unconfirmable
Plan and a woefully inadequate Disclosure Statement and has made
no attempt to amend either document.

Perkins Coie LLP represents the bank.

                      About Countryview MHC

Countryview MHC Limited Partnership is an Illinois limited
partnership that owns a manufactured home community, consisting of
approximately 275 sites, situated in Franklin, Indiana.  It filed
for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No.
10-52722) on Nov. 29, 2010.  Eugene Crane, Esq., at Crane Heyman
Simon Welch & Clar, serves as the Debtor's bankruptcy counsel.
The Debtor estimated its assets and debts at $10 million to
$50 million.


DAVID'S WESTMINSTER: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: David's Westminster, Inc.
        dba David's Jewelers
        fka Hossler Jewelry, Inc.
        15 S. Cranberry Rd.
        Westminster, MD 21157

Bankruptcy Case No.: 11-24222

Chapter 11 Petition Date: July 11, 2011

Court: United States Bankruptcy Court
       District of Maryland (Baltimore)

Judge: James F. Schneider

Debtor's Counsel: Edward M. Miller, Esq.
                  MILLER AND MILLER, LLP
                  202 E. Main St., 1st Floor
                  Westminster, MD 21157
                  Tel: (410) 751-5444
                  Fax: (410) 751-6633
                  E-mail: mmllplawyers@verizon.net

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/mdb11-24222.pdf

The petition was signed by Stephen W. Hossler, president.


DEB SHOPS: Projects 13-Week Negative Cash Flow
----------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that court papers filed by retailer Deb Shops Inc. show
how preparing for bankruptcy can be costly.  From October through
the filing of the Chapter 11 petition June 26, Deb paid Weil
Gotshal & Manages LLP, its bankruptcy counsel, $3.1 million,
including a retainer for the reorganization.

Mr. Rochelle adds another court filing includes a projection
showing a $6.9 million negative cash flow over the first 13 weeks
of bankruptcy on total receipts of $78.4 million.

Mr. Rochelle also reports that the U.S. Trustee appointed an
official creditors' committee with five members. One is landlord
Simon Property Group Inc.

                          About Deb Shops

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

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

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

Ableco, the DIP Agent is represented by Michael L. Tuchin, Esq.,
and David A. Fidler, Esq., at Klee Tuchin Bogdanoff & Stern LLP.
Conway Del Genio serves as financial advisors to the First Lien
Lenders.  Schulte Roth serves as corporate and tax advisors to the
First Lien Lenders.  Another lender, Lee DSI Holdings, is
represented by Jennifer Rodburg, Esq., at Fried Frank Harris
Shriver & Jacobson LLP.


DEER TRACK: Owners File For Chapter 11 Bankruptcy Protection
------------------------------------------------------------
Alan Blondin at The Sun News reports that the owners of the former
Deer Track North Course at Deerfield Plantation has sought Chapter
11 bankruptcy protection.  According to the report, a foreclosure
auction for the property, which consists of 168.5- and 22-acre
tracts of land in the Surfside Beach area, was canceled because of
the filing.  Sammy Truett of Surfside Beach and potential partners
Dr. Brian Adler and Linwood Foster planned to bid on the 37-year-
old course and want to reopen it.  National Bank of South
Carolina, owed $2.9 million, sought the foreclosure auction.

The Sun News recounts that partners McCray Smith and Jerry Pettus
purchased the North Course in March 2006 through their formed
company Deertrack Investors LLC and closed it six months later
with intentions of redeveloping the property.  But their plans
have been held up by lawsuits that are unresolved.


DENNIS BROWN: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Dennis Brown Shaolin Wu-Shu Training Center, LLC
        982 Largo Center Dr.,
        Largo, MD 20744

Bankruptcy Case No.: 11-24192

Chapter 11 Petition Date: July 8, 2011

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Debtor's Counsel: Sharon Theodore-Lewis, Esq.
                  PATRCIK HENRY LLP
                  9470 Annapolis Rd., Suite 312
                  Lanham, MD 20706
                  Tel: (240) 296-3488
                  E-mail: stlewis@patrickhenry.net

Estimated Assets: $50,001 to $100,000

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

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

The petition was signed by Dennis Brown, manager.


DIABETES AMERICA: Court Rejects Apelles Plea for Ch. 11 Trustee
---------------------------------------------------------------
The Hon. Marvin Isgur of the U.S. Bankruptcy Court for the
Southern District of Texas denied the request to appoint a Chapter
11 trustee for Diabetes American Inc. filed by Apelles Master Fund
I Ltd.

In its request for a Chapter 11 trustee, Apelles said it is
concerned with the incompetence, gross mismanagement and self-
interestedness of the current Board.  "There is an urgent need to
appoint a chapter 11 trustee.  Otherwise, there may not be
anything left for the creditors, especially given that the
Debtor's operations will cease if financing is not forthcoming by
July 15, 2011," Apelles noted.

Apelles pointed out that the incompetence and gross mismanagement
by the Debtor's current board of directors has resulted in
deterioration of the Debtor's operations and finances, and further
diminution of the Debtor's estate is inevitable absent the
immediate appointment of a trustee, especially in light of the
Board's recent termination of the Debtor's CRO Monte B.Tucker,
financial advisor Healthcare Markets Group and bankruptcy counsel
Looper Reed & McGraw, P.C.

                      About Diabetes America

Houston, Texas-based Diabetes America, Inc., fka Diabetes Centers
of America, Inc., operates a network of 17 centrally-managed
medical clinics that provide comprehensive outpatient medical
care, primarily to patients with Type 1, Type 2 and Gestational
Diabetes.  The company's clinics are located in Texas and Houston
and generate 51,000 patient visits per year.

Diabetes America filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Tex. Case No. 10-41521) on Dec. 21, 2010.  H. Joseph
Acosta, Esq., and Micheal W. Bishop, Esq., at Looper Reed &
McGraw, P.C., in Dallas, represent the Debtor as bankruptcy
counsel.  The Debtor estimated its assets and debts at $10 million
to $50 million as of the Petition Date.

Judy A. Robbins, the U.S. Trustee for Region 7, appointed three
members to the Official Committee of Unsecured Creditors in
Diabetes America's Chapter 11 case.  The Committee has tapped
Butler, Snow, O'Mara, Stevens & Cannada, PLLC, as its counsel.


DIABETES AMERICA: Hearing Set For July 15 on Lease Extension Plea
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas will
convene a hearing on July 15, 2011, at 11:00 p.m., whether to
extend, until Oct. 19, 2011, the assumption or rejection of
certain unexpired nonresidential real property assets of Diabetes
America Inc.

According to the Debtor, it is currently a party to 14 pre-
petition nonresidential real property leases.  Many of the leases
are critical to the Debtor's ongoing business operations.  The
Debtor anticipates assuming many of the leases pursuant to a
chapter 11 plan and possibly negotiating agreements concerning
payoff terms for any outstanding cure amounts. The Debtor
anticipates proposing a chapter 11 plan in the next 60-90 days.

                      About Diabetes America

Houston, Texas-based Diabetes America, Inc., fka Diabetes Centers
of America, Inc., operates a network of 17 centrally-managed
medical clinics that provide comprehensive outpatient medical
care, primarily to patients with Type 1, Type 2 and Gestational
Diabetes.  The company's clinics are located in Texas and Houston
and generate 51,000 patient visits per year.

Diabetes America filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Tex. Case No. 10-41521) on Dec. 21, 2010.  H. Joseph
Acosta, Esq., and Micheal W. Bishop, Esq., at Looper Reed &
McGraw, P.C., in Dallas, represent the Debtor as bankruptcy
counsel.  The Debtor estimated its assets and debts at $10 million
to $50 million as of the Petition Date.

Judy A. Robbins, the U.S. Trustee for Region 7, appointed three
members to the Official Committee of Unsecured Creditors in
Diabetes America's Chapter 11 case.  The Committee has tapped
Butler, Snow, O'Mara, Stevens & Cannada, PLLC, as its counsel.


DIAMOND SPRINGS: Bankruptcy Plan Not Confirmable
------------------------------------------------
Bankruptcy Judge Terry L. Myers granted the request of secured
creditor Global Credit & Mortgage, LLC, for relief from the
automatic stay in the bankruptcy case of Diamond Springs Ranch,
LLC.  The Court said confirmation of the plan of reorganization
filed by the Debtor is doubtful.  It has no income.  It is totally
dependent on infusions from parent R & R Development Inc. to make
any payments, not only to creditors but to its own professionals
and on U.S. Trustee's fees and other administrative expenses.  The
Debtor has insufficient resources with which to perform its plan.
According to the Idaho County assessor, the total value of all the
Debtor's lots securing Global is $426,793, an amount that is
$119,465 less than Global's $546,258 claim.  Global provided
financing in 2004 to allow the Debtor to acquire the real estate.

Judge Myers also denied the disclosure statement explaining the
plan.

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

                    About Diamond Springs Ranch

Diamond Springs Ranch LLC is a wholly owned subsidiary of R & R
Development, Inc.  It owns real estate upon which it and R & R are
developing a large-lot, residential subdivision near the Little
Salmon River, south of Riggins, in Idaho County, Idaho.

The president of R & R and the manager of Diamond Springs Ranch is
Ray Hamell.  Mr. Hamell has been involved in real estate since
1972 in Ada, Valley and Idaho Counties and has lived in Riggins,
Idaho since 1984.

Diamond Springs Ranch filed a voluntary Chapter 11 petition
(Bankr. D. Idaho Case No. 11-20034) on Jan. 12, 2011, listing
under $1 million in assets and debts.  The Debtor concedes that
the case is a "single asset real estate case" under 11 U.S.C. Sec.
101(51B).


DIVERSIFIED TRAFFIC: County to Pay $42,000 to Settle Claim
----------------------------------------------------------
Jason Deal at the Blackshear Times reports that Pierce County will
pay $42,355 to settle a claim and preserve its credit rating after
being found liable by a federal bankruptcy judge.

According to the report, in a ruling handed down June 8 by United
States Bankruptcy Court Judge John H. Dalis, Pierce County was
found liable in failing to pay Presidential Financial Corporation
of Alpharetta for a road striping contract awarded to Diversified
Traffic Services, Inc. of Blackshear.  Diversified Traffic
Services is owned by Neal and Arlene Howard.

The report says commissioners unanimously voted to pay the
judgement, but also authorized county attorney Franklin Rozier to
seek to recover funds the county paid directly to Diversified
Traffic Services, Inc.  Willis Blacknall of Waycross, an attorney
specializing in bankruptcy proceedings, will represent the county
in the case.

Diversified Traffic filed for chapter 11 bankruptcy protection
(Bankr. S.D Ga. Case No. 09-51227) in November 2009.


DM2 ENTERPRISES: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: DM2 Enterprises, LLC
        3105 E. Main Street
        Mesa, AZ 85213

Bankruptcy Case No.: 11-19817

Chapter 11 Petition Date: July 11, 2011

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: George B. Nielsen Jr.

Debtor's Counsel: Kyle A. Kinney, Esq.
                  LAW OFFICE OF KYLE A. KINNEY
                  3844 N. 32nd Street, Suite 10
                  Phoenix, AZ 85018
                  Tel: (480) 650-2292
                  E-mail: kyle@kinneylaw.net

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

Estimated Debts: $500,001 to $1,000,000

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

The petition was signed by Dennis M. Mikulich, member.


DREIER LLP: Trustee Can Pursue Recovery Suit vs. 3 Hedge Funds
--------------------------------------------------------------
Chip Giambrone at Westlaw Journal Bankruptcy reports that the
Chapter 11 trustee for convicted fraudster Marc Dreier's law firm
can continue to press fraudulent-transfer claims against three
hedge funds that allegedly knew or should have known they received
money from the now-disbarred lawyer's Ponzi scheme.

According to the report, Judge Martin Glenn of the U.S. Bankruptcy
Court for the Southern District of New York rejected the bulk of a
defense motion to dismiss the case.  He held that the trustee can
move past the pleading stage with her efforts to recover more than
$16 million in pre-petition transfers made to the hedge fund
defendants.

                       About Dreier LLP

Marc Dreier founded New York-based law firm Dreier LLP --
http://www.dreierllp.com/-- in 1996.

On Dec. 8, 2008, the U.S. Securities and Exchange Commission
filed a suit, alleging that Mr. Dreier made fraudulent offers and
sales of securities in several cities, selling fake promissory
notes to hedge and other private investment funds.  The SEC
asserted that Mr. Dreier also distributed phony financial
statements and audit opinions, and recruited accomplices in
connection with that scheme.  Mr. Dreier, currently in prison, was
charged by the U.S. government for conspiracy, securities fraud
and wire fraud (S.D.N.Y. Case No. 09-cr-00085).

Dreier LLP sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
08-15051) on Dec. 16, 2008.  Stephen J. Shimshak, Esq., at Paul,
Weiss, Rifkind, Wharton & Garrison LLP, was tapped as counsel.
The Debtor estimated assets of $100 million to $500 million, and
debts between $10 million and $50 million in its Chapter 11
petition.  Sheila M. Gowan, a partner with Diamond McCarthy, was
appointed Chapter 11 trustee.

Wachovia Bank National Association, the Chapter 11 trustee, and
Steven J. Reisman as post-confirmation representative of the
bankruptcy estate of 360networks (USA) Inc. signed a petition that
put Mr. Dreier into bankruptcy under Chapter 7 on Jan. 26, 2009
(Bankr. S.D.N.Y. Case No. 09-10371).

Mr. Dreier, 60, pleaded guilty to fraud and other charges in May
2009.  The scheme to sell $700 million in fake notes unraveled in
late 2008.  Mr. Dreier is serving a 20-year sentence in a federal
prison in Minneapolis.


ENERGYCONNECT GROUP: Suspending Filing of Reports with SEC
----------------------------------------------------------
EnergyConnect Group, Inc., filed a Form 15 notifying of its
suspension of its duty under Section 15(d) to file reports
required by Section 13(a) of the Securities Exchange Act of 1934
with respect to its common stock, no par value.  Pursuant to Rule
12h-3, the Company is suspending reporting because there is only
one holder of record of the common shares as of July 12, 2011.

On July 1, 2011, Eureka, Inc., merged with and into EnergyConnect
Group, Inc., pursuant to that certain Agreement and Plan of
Merger, dated as of March 2, 2011, by and among Johnson Controls
Holding Company, Inc., the parent of Merger Sub or "Parent" and
the Company.  The Company is the surviving corporation in the
Merger and is a wholly-owned subsidiary of Parent.

                     About EnergyConnect Group

Campbell, Calif.-based EnergyConnect Group Inc. (OTC BB: ECNG)
-- http://www.energyconnectinc.com/-- is a provider of demand
response services to the electricity grid.  Demand response
programs provide grid operators with additional electricity
generation capacity by encouraging consumers to curtail their
electricity usage.

RBSM LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern, following the
Company's results for the year ended Jan. 2, 2010.  The
independent auditors noted that the Company is experiencing
difficulty in generating sufficient cash flow to meet its
obligations and sustain its operations.

The Company's balance sheet at April 2, 2011, showed
$15.25 million in total assets, $11.53 million in total
liabilities, and $3.72 million in total shareholders' equity.


EPICOR SOFTWARE: S&P Assigns 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating midmarket enterprise resource planning solutions
provider Epicor Software Corp.

"Additionally, we assigned a 'B+' issue-level and a '2' recovery
rating to the company's $945 million senior secured credit
facilities, consisting of a $75 million revolver due 2016 and a
$870 million term loan B due 2017. The '2' recovery rating
indicates our expectation of substantial (70-90%) recovery in
the event of a payment default," S&P related.

"We are also assigning a 'CCC+' issue-level rating and a '6'
recovery rating to the company's $465 million senior unsecured
notes due 2019. The '6' recovery rating indicates our expectation
of negligible (0%-10%) recovery in the event of a payment
default," S&P said.

The company used the proceeds, along with a an equity contribution
from Apax Partners and cash on hand at both Epicor and Livermore,
Calif.-based Activant Solutions, to fund the purchase of the two
companies by Apax Partners. Apax completed the acquisitions on May
16, 2011.

"The ratings on the newly combined Epicor Software Corp. reflect
our view that its proposed combination with Activant Solutions
will create a leadership position in the market for midtier ERP
solutions," said Standard & Poor's credit analyst Jennifer Pepper,
"but that operating lease-adjusted leverage will be very high--at
about 7x--at inception." "The combined company's business profile
will remain focused on the manufacturing, retail, distribution,
and services verticals and we expect that a significant amount of
recurring revenue should lead to relatively consistent
profitability and cash flows."


EQK BRIDGEVIEW: Amends Ch. 11 Plan as Foreclosure Looms
-------------------------------------------------------
EQK Bridgeview Plaza Inc. delivered to the U.S. Bankruptcy Court
for the Northern District of Texas a Second Amended Chapter 11
Plan Of Reorganization.

The Plan provides that the Reorganized Debtor will use net cash
flow from the properties, funds on deposit in its debtor-in-
possession accounts, including, but not limited to, funds within
any tax escrow accounts, funds received from Transcontinental
Realty Investors, Inc., sale proceeds from sales of the
properties, and any additional monies obtained by the Debtor to
fund the distributions required under the Plan.

Additionally, TCI will advance sufficient funds to the Debtor to
enable the Debtor to make pay all administrative costs, expenses,
priority claims, and other amounts necessary and required to
effectuate and implement the Plan and will create and deposit into
a restricted, segregated special-purpose account $200,000 to
secure its commitment to fund the initial plan payments, which
amount is to be deposited into an account held by the Debtor
and/or the Reorganized Debtor within five days of the Effective
Date.

TCI will also advance sufficient funds to the Debtor and Branch
Banking & Trust Company, the secured lender for the Windmill Farms
Property, throughout the term of the Plan and to enable the Debtor
to pay timely all expenses associated with the Windmill Farms
Property and all amounts required to pay allowed secured claim of
BB&T arising after the Confirmation Date, including, without
limitation, payment of all interest payments to BB&T, post-
petition real property taxes, and operating and maintenance
expenses incurred with respect to the Windmill Farms Property.

TCI will receive 100% of the equity interests in the reorganized
Debtor on account of its contributions and the new value TCI is
providing in funding the Plan, which include all amounts needed to
service the Windmill Farms Property and debt to BB&T, which is
estimated to be approximately $7,000,000.

Holders of general unsecured claims will receive pro-rata
distributions from the proceeds from any sale of property after
payment of all secured claims holders will be satisfied in full,
without interest, through such sales of property within five years
from the plan's effective date.

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

                         Aug. 31 Deadline

EQK Bridgeview Plaza, Inc., received some breathing room after
Bankruptcy Judge Stacey Jernigan denied motions for relief from
the automatic stay filed by:

     -- Grand Pacific Finance Corp., pertaining to certain real
        property sometimes referred to as the "Dunes Plaza
        Property"; and

     -- Wells Fargo Bank, N.A., as Indenture Trustee for the Grand
        Pacific Business Loan Trust 2005-1, pertaining to certain
        real property sometimes referred to as the "Bridgeview
        Plaza Property".

However, Judge Jernigan conditioned her ruling on the Debtor's
continued provision of monetary adequate protection to the Grand
Pacific and Wells Fargo. Judge Jernigan also said she will list
the automatic stay as to Grand Pacific and Wells Fargo on Aug. 31,
2011, if by that time the Debtor has not obtained confirmation of
a plan.  The court will allow no more than a one-day hearing for a
confirmation hearing.  A copy of the Court's June 16, 2011
Findings of Fact, Conclusions of Law and Order is available at
http://is.gd/pjK1YHfrom Leagle.com.

                    About EQK Bridgeview Plaza

Based in Dallas, Texas, EQK Bridgeview Plaza Inc. owns four
separate pieces of real property valued collectively at
$74,312,000: Windmill Farms, an undeveloped land in Forney, Texas;
the Dunes Plaza Property, a shopping center in Michigan City,
Indiana; the Bridgeview Plaza Property, a shopping center in
LaCrosse, Wisconsin; and the Eagle Crest Property, an office
building and the site of a former warehouse in Farmers Branch,
Texas.

EQK Bridgeview Plaza sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 10-37054 on Oct. 4, 2010, and is represented by
Melissa S. Hayward, Esq. -- MHayward@FSLHlaw.com -- at Franklin
Skierski Lovall Hayward LLP.  In its schedules, the Debtor
disclosed total assets of $76,458,815 and total liabilities of
$74,763,048.


FIRST NATIONAL: Files Plan; Solicitation Exclusivity Until Sept. 2
------------------------------------------------------------------
First National Building I, LLC and First National Building II, LLC
filed with the U.S. Bankruptcy Court for the Western District of
Oklahoma a plan of reorganization and an accompanying disclosure
statement on July 5, 2011.

The Debtors' exclusive period to obtain acceptance of a plan or
plans of reorganization is extended through and including
September 2, 2011.

Administrative claims filed against the Debtors, estimated to
total $250,000 will be paid in full on the effective date.

The Plan also provides for these classification and treatment of
claims:

   * Class 1-A Allowed Capmark Bank Claim will be paid $250,000 on
     the effective date.  Capmark Bank will receive a new note
     with a principal balance equal to the Allowed Capmark Bank
     Claim.  The Bank Restructured Note will mature and all unpaid
     principal and accrued but unpaid interest will be fully due
     and payable on the seventh anniversary of the Effective Date.
     The Bank Restructured Note will bear interest at a per annum
     rate equal to the greater of 5.25% or the applicable rate
     determined by the Bankruptcy Court at the Confirmation
     Hearing.  The Bank Restructured Note will be amortized
     according to a 30-year amortization schedule.

   * Class 1-B Allowed Capmark Subfund Claim will receive a new
     note with a principal balance equal to the Allowed Capmark
     Subfund Claim.  Capmark Subfund will be paid $250,000 which
     will be applied to reduce the principal balance of the
     Subfund Restructured Note.  The Subfund Restructured Note
     will mature and all unpaid principal and accrued but unpaid
     interest will be fully due and payable on the New Maturity
     Date.  The Subfund Restructured Note will bear interest at
     the New Interest Rate.  The Subfund Restructured Note will be
     amortized according to a 30-year amortization schedule.

   * Class 2-A Allowed Williams Secured Claim and Clas 2-B Allowed
     LVI Secured Claim will each receive a promissory note from
     the Debtors in the amount of their Allowed Claims.

   * Class 3 Allowed Priority Claims will receive cash in an
     amount equal to the Allowed Class 3 Priority Claim.

   * Class 4 Allowed General Unsecured Claims will receive Cash in
     an amount equal to each holder of the Allowed Class 4 General
     Unsecured Claim's pro rata share of $250,000.  Thereafter,
     each holder of an Allowed Class 4 General Unsecured Claim
     will receive Cash on the first anniversary of the Effective
     date in an amount equal to each holder of the Allowed Class 4
     General Unsecured Claim's pro rata share of an additional
     $250,000.

   * Class 5-A Allowed Interests in FNB I and Class 5-B Allowed
     Interests in FNB II will be canceled and the holders of
     Allowed Interests in FNB I will neither receive nor retain
     any property on account of those Interests.

A full-text copy of the Disclosure Statement is available for free
at http://ResearchArchives.com/t/s?767a

                      About First National

Sherman Oaks, California-based First National Building I, LLC, and
First National Building II, LLC, are the co-owners of the real
property commonly known as the First National Center and located
at 120 N. Robinson Avenue in Oklahoma City.  The property is a 33-
story historic office building located in the central business
district in Oklahoma City and contains approximately 950,000
square feet of rentable space.

The Honorable Geraldine Mund entered an order directing the
transfer of the Chapter 11 cases of First National Building I,
LLC, and First National Building II, LLC, from the Central
District of California to the Western District of Oklahoma.
Capmark Bank and Capmark CDF Subfund VI LLC, (together, the
"Lender"), made the request, and Judge Mund agreed to the venue
change.  Capmark is represented by H. Mark Mersel, Esq., at Bryan
Cave LLP in Irvine, Calif.

First National Building I, LLC, filed a Chapter 11 petition
(Bankr. C.D. Calif. Case No. 10-22745) in Woodland Hills, Calif.,
on Oct. 7, 2010, and the case was transferred (Bankr. W.D. Okla.
Case No. 10-16334) to Oklahoma City on Oct. 13, 2010.  First
National Building II, LLC, filed a Chapter 11 petition (Bankr.
C.D. Calif. Case No. 10-22747) in Woodland Hills, Calif. on
Oct. 7, 2010, and the case was transferred (Bankr. W.D. Okla. Case
No. 10-16335) to Oklahoma City on Oct. 13, 2010.

The Debtors each estimates assets and debts at $10 million to
$50 million.

The Debtors are affiliated with Roosevelt Lofts, LLC (Bankr. C.D.
Calif. Case No. 09-14214).

The Debtors are represented by Mark B. Toffoli, Esq., at Andrews
Davis, P.C., in Oklahoma City, Okla.


FREMONT GENERAL: 53 Claims Remain Unresolved
--------------------------------------------
Signature Group Holdings, Inc., said in a press release that
during Fremont General Corp.'s bankruptcy proceedings, there were
nearly 1,000 claims made that aggregated $1.14 billion.  To date,
the Company has resolved all but 53 claims, which total $14.3
million in the aggregate.

"We've made significant progress resolving these legacy claims,"
Craig Noell, president and chief executive officer, commented.

"Of the outstanding claims, more than $10 million relates to
claims made by former employees and another $2 million relates to
litigation where the Company previously was the prevailing party.
While we would like to resolve these claims as soon as possible,
we are focused on dealing with these claims in the best interest
of the Company and its shareholders," Mr. Noell continued.

                           2010 Results

The Company is actively seeking the voluntary withdrawal of these
remaining claims.  However, several of the claims are in actual
dispute and to the extent the Company is unable to obtain
voluntary withdrawals by the claimants, or reach satisfactory
settlement, it intends to vigorously defend against them.

Signature Group has recently filed with the Securities and
Exchange Commission  its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2010.  The Company concurrently filed its
quarterly reports on Forms 10-Q for the quarters ended March 31,
2010, June 30, 2010, and Sept. 30, 2010.

For fiscal 2010, the Company reported a net loss from "Continuing
Operations" of $25.4 million and a net loss from "Discontinued
Operations" of $14.1 million.  As of Dec. 31, 2010, the Company
had total assets of $135.5 million and total shareholders' equity
of $73.7 million.

The majority of Signature's assets include cash and cash
equivalents, liquid, short-term investments and residential
mortgage-related assets.  In addition, the Company maintains a
federal net operating loss carryforward estimated at approximately
$882.7 million at Dec. 31, 2010.

Signature was formerly known as "Fremont General Corporation",
which emerged from bankruptcy proceedings on June 11, 2010.  Under
a plan of reorganization confirmed by the bankruptcy court, the
Company currently has a new management team and business model,
which utilizes certain legacy assets of Fremont General as part of
the Company's new businesses.  The Company no longer engages in
banking or residential mortgage lending.

Noell said, "The 2010 results reflect the performance of the
legacy assets and discontinued operations of Fremont General prior
to our emergence from bankruptcy proceedings, as well as the fact
that we are in the early stages of utilizing these legacy assets
to reposition the Company to implement our new business plan.  Our
continuing business plan is to transition the company through
special situation credits and acquisitions of middle market
businesses and specialty assets."

"The filing of our 2010 10-K and the 10-Qs brings us one step
closer to becoming current in our SEC reporting.  We anticipate
that we will begin filing our SEC reports for 2011 during the
third quarter of 2011."

More details about the Company's plans are included in the 10-K
and the plan of reorganization.

The filing of the 10-K and the 10-Qs with the SEC follows the
recent completion and filing of a comprehensive annual report on
Form 10-K that included, in one comprehensive filing, business and
financial information for the fiscal years ended December 31,
2007, 2008 and 2009, and the quarterly periods of 2008 and 2009.

                    About Fremont General

Based in Santa Monica, California, Fremont General Corp. (OTC:
FMNTQ) -- http://www.fremontgeneral.com/-- was a financial
services holding company with $8.8 billion in total assets at
Sept. 30, 2007.  Fremont General ceased being a financial services
holding company on July 25, 2008, when its wholly owned bank
subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including all
of its 22 branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.

Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421).  Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's noticing agent and
claims processor.  Lee R. Bogdanoff, Esq., Jonathan S. Shenson,
Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff & Stern
LLP, represent the Official Committee of Unsecured Creditors as
counsel.  Fremont's formal schedules showed $330,036,435 in total
assets and $326,560,878 in total debts.

Fremont General Corporation emerged from bankruptcy and filed
Amended and Restated Articles of Incorporation with the Secretary
of State of Nevada on June 11, 2010, which, among other things,
changed the Debtor's name to Signature Group Holdings, Inc.

Signature's plan of reorganization became effective on June 11,
2010.  As of that date Fremont General changed its name to
Signature Group Holdings, Inc.


GAGE FAMILY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Gage Family Entertainment, LLC
        7 North Boardwalk
        Branson, MO 65616

Bankruptcy Case No.: 11-61485

Chapter 11 Petition Date: July 12, 2011

Court: U.S. Bankruptcy Court
       Western District of Missouri (Springfield)

Judge: Arthur B. Federman

Debtor's Counsel: David E. Schroeder, Esq.
                  DAVID SCHROEDER LAW OFFICES, PC
                  1524 East Primrose Street, Suite A
                  Springfield, MO 65804-7915
                  Tel: (417) 890-1000
                  Fax: (417) 886-8563
                  E-mail: bk1@dschroederlaw.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/mowb11-61485.pdf

The petition was signed by Justin Gage, managing member.


GARDENS OF GRAPEVINE: Portion of Property Sold for $6.9 Million
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that former Major League Baseball player Rafael Palmeiro
was given authority by the bankruptcy judge to sell part of the
property owned by his Gardens of Grapevine Development LP.  The
bankruptcy judge authorized Lincoln Property Co. Southwest Inc. to
buy 16.8 acres of the 192 acres of undeveloped land of the Debtor
for $6.9 million.  The project has a $19 million first mortgage
and $8 million in second mortgages.  The entire project was
appraised for $53.3 million in October, according to a court
filing.

                  About Gardens of Grapevine

The Gardens of Grapevine Development, L.P., a real-estate
development controlled by former Major League Baseball player
Rafael Palmeiro, filed a Chapter 11 petition (Bankr. N.D. Tex.
Case No. 11-43260) in Fort Worth, Texas, on June 6, 2011.  Frank
Jennings Wright, Esq., at Wright Ginsberg Brusilow P.C., in
Dallas, Texas, serves as counsel to the Debtor.  In its schedules,
the Debtor disclosed $57,276,000 in assets and $37,954,633 in
liabilities.

Mr. Palmeiro played for the Texas Rangers, Baltimore Orioles and
Chicago Cubs from 1986 to 2005, and had 569 home runs and 3,020
hits.  He served a suspension for failing a steroid test.


GASTRONOMY MANAGEMENT: Case Summary & 20 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Gastronomy Management Group
        5145 Rogers St., #C
        Las Vegas, NV 89118

Bankruptcy Case No.: 11-20803

Chapter 11 Petition Date: July 8, 2011

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Linda B. Riegle

Debtor's Counsel: Richard McKnight, Esq.
                  LAW OFFICES OF RICHARD McKNIGHT, P.C.
                  330 S. Third St. #900
                  Las Vegas, NV 89101
                  Tel: (702) 388-7185
                  Fax: (702) 388-0108
                  E-mail: rmcknight@lawlasvegas.com

Scheduled Assets: $48,085

Scheduled Debts: $3,005,857

A list of the Company's 19 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nvb11-20803.pdf

The petition was signed by Andre Rochat, president.


GEORGIA HYDRAULIC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Georgia Hydraulic Cylinders, Inc.
        110 Vista Boulevard
        Arden, NC 28704

Bankruptcy Case No.: 11-10689

Chapter 11 Petition Date: July 12, 2011

Court: U.S. Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: George R. Hodges

Debtor's Counsel: Jessie C. Fontenot, Jr., Esq.
                  STRAUCH FITZGERALD GREEN P.C.
                  118 South Cherry Street
                  Winston-Salem, NC 27101
                  Tel: (336) 837-1063
                  Fax: (336) 725-8867
                  E-mail: jfontenot@sfandglaw.com

                         - and -

                  Rodney L. Eason, Esq.
                  THE EASON LAW FIRM
                  6510 Old National Highway
                  Atlanta, GA 30349-4357
                  Tel: (770) 909-7200
                  Fax: (770) 909-0644
                  E-mail: reason@easonlawfirm.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/ncwb11-10689.pdf

The petition was signed by Joe H. Bajjanni, president.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
RLB Friendship, LLC                   11-10690            07/12/11


GEOFFREY THOMPSON: Plans to Convert Case to Chapter 7
-----------------------------------------------------
Wendy Culverwell at Portland Business Journal reports that Ted
Trautman, attorney of Geoff Thompson, confirmed that he will seek
conversion of the bankruptcy case of Mr. Thompson to Chapter 7,
which means his assets will be liquidated and distributed among
creditors.

According to the report, an accidental fire on July 10 shuttered
the inn and forced dozens of brides and grooms to seek alternate
accommodations for their summer weddings.

Business Journal previously reported that Geoffrey Thompson, who
owns the historic View Point Inn in Corbett, Oregon, with his
partner, Angelo Simione, filed for Chapter 11 bankruptcy to
prevent an auction to satisfy debts to contractors.

Mr. Thompson, according to the report, said the bankruptcy move
protects the real estate while providing breathing room to
reorganize his finances.  He pledged to work out a payment
schedule for creditors.  He disclosed approximately $1.7 million
in unsecured debt on his bankruptcy petition.

Geoffrey Thompson filed for Chapter 11 protection (Bankr. D. Ore.
Case No. 11-35376) on June 20, 2011.


GM PINE: Bankruptcy Filing Delays Building's Foreclosure Sale
-------------------------------------------------------------
Eric Pryne at the Seattle Times reports that GM Pine Street
Garage, the owner of the Macy's parking garage in downtown
Seattle, filed for Chapter 11 bankruptcy protection, hours before
a bank was to foreclose on the nine-story building.  Lender,
Capmark Bank of Utah, filed a notice later that day rescheduling
the sale for Sept. 30, 2011.

According to the report, in previous filings with King County,
Capmark said Pine Street Garage stopped making payments on a 2008
mortgage loan last November, and now owes the bank more than $15
million.  A court-appointed receiver took control of the property
in March.

Based in Portland, Oregon, GM Pine Street Garage LLC filed for
Chapter 11 bankruptcy protection on June 23, 2011 (Bankr. W.D.
Wash. Case No. 11-17493).  Judge Karen A. Overstreet presides over
the case.  Shelly Crocker, Esq., at Crocker Law Group PLLC,
represents the Debtor.  The Debtor estimated both assets and debts
of between $10,000,001 and $50,000,000.


GM PINE: Seeks to File Remainder of Schedules by Aug. 8
-------------------------------------------------------
GM Pine Street Garage LLC asks the Bankruptcy Court to extend its
deadline to file its schedules and statement of financial affairs
to Aug. 8, 2011.

The Debtor's counsel has notified the United States Trustee's
office as to the status of the case and reasons why the balance of
schedules cannot be finalized for filing and service by the
deadline of July 7, 2011.

In March 2011, secured creditor Capmark Bank sued the Debtor in
King County Superior Court for the State of Washington, case no.
11-2-09678-5SEA, for appointment of a custodial receiver.  The
state court granted the request and appointed JSH Properties, Inc.

Capmark Bank scheduled a foreclosure sale against the Property for
June 24, 2011, forcing the Debtor to seek bankruptcy protection.

According to the Debtor, until the Company and the receiver can
reach an agreement or an order is entered for turnover of the
assets, at this time it will not be able to submit an accurate and
complete set of Schedules.

                    About GM Pine Street Garage

GM Pine Street Garage LLC is a single asset limited liability
company, with 100% ownership interest in real and personal
property that consists of a parking garage at 1601 Third Avenue,
in Seattle, Washington.

GM Pine Street Garage filed for Chapter 11 bankruptcy (Bankr. W.D.
Wash. Case No. 11-17493) on June 23, 2011.  Judge Karen A.
Overstreet presides over the case.  Shelly Crocker, Esq., and
Crocker Law Group PLLC serves as the Debtor's bankruptcy counsel.
The Debtor estimated assets and debts between $10 million and
$50 million in its petition.  The petition was signed by Jimmy
Drakos, Willamette Capital Group LLC, as manager.


GM PINE: Contractor Wants Stay Relief to Pursue State Court Suit
----------------------------------------------------------------
PCL Construction Services, Inc., asks the Bankruptcy Court to lift
the automatic stay in GM Pine Street Garage LLC's bankruptcy case
so PCL may proceed to trial in a King County Superior Court action
against a so-called Release of Lien Bond issued by Old Republic
Surety Company on behalf of Capmark Bank to secure and guarantee
PCL's Claim of Lien against the Pine Garage property.

PCL was the general contractor for a parking garage renovation
project in downtown Seattle initiated by Pine Garage LLC and
ultimately assigned to debtor GM Pine Street Garage LLC.

PCL performed extensive improvements in accordance with its
contract with GM Pine, but was not paid for more than $2.2 million
of work performed.  PCL timely filed and recorded a mechanic's
lien and a subsequent amendment to that lien, as provided by
Washington statute.

On Dec. 9, 2009, PCL initiated the lien foreclosure action against
the Debtor in King County Superior Court, PCL Construction
Services, Inc. v. Pine Garage, LLC et al., Case No. 09-2-44446-3.
secured creditor Capmark was named as defendant in the State Court
Litigation because of its interest in the Debtor's property.

On Jan. 29, 2010, Old Republic issued a Release of Lien Bond in
the penal sum of $3,439,140, naming Capmark as Grantor and PCL as
Grantee. Under Washington law, the Release of Lien Bond serves to
guarantee PCL's lien claim and to sever the Lien from the GM Pine
property.

On June 2, 2010, PCL duly amended its complaint in the State Court
Litigation to add Old Republic as a defendant.  According to PCL,
the result of recording the Release of Lien Bond is that PCL no
longer seeks the sale of the Debtor's property through
foreclosure.  Instead, PCL seeks confirmation on the validity of
its lien and for judgment upon the lien against the Old Republic
Release of Lien Bond.  By operation of RCW 60.04.061, the effect
of filing the Release of Lien Bond was to release the Property
from the PCL Lien.  PCL does not seek to proceed against the
Debtor's Property.

As of May 6, 2011, PCL's claim, including principal, interest and
attorneys fees, totalled $3,193,133.40, significantly less than
the amount of the Release of Lien Bond.

To the extent PCL prevails in the State Court Litigation, PCL's
claim will be paid from the Bond.  PCL contends the Bond
constitutes non-estate property.

Trial in the State Court Litigation is scheduled for August 8,
2011.

The Bankruptcy Court is slated to hear PCL's request at a July 22
hearing.

PCL is represented by:

          Christine M. Tobin-Presser, Esq.
          BUSH STROUT & KORNFELD LLP
          5000 Two Union Square
          601 Union Street
          Seattle, WA 98101-2373
          Tel: (206) 292-2110
          Fax: (206) 292-2104
          E-mail: ctobin@bskd.com

                   About GM Pine Street Garage

GM Pine Street Garage LLC is a single asset limited liability
company, with 100% ownership interest in real and personal
property that consists of a parking garage at 1601 Third Avenue,
in Seattle, Washington.

GM Pine Street Garage filed for Chapter 11 bankruptcy (Bankr. W.D.
Wash. Case No. 11-17493) on June 23, 2011, to stave off a
foreclosure sale by secured lender Capmark Bank.  Judge Karen A.
Overstreet presides over the case.  Shelly Crocker, Esq., and
Crocker Law Group PLLC serves as the Debtor's bankruptcy counsel.
The Debtor estimated assets and debts between $10 million and
$50 million in its petition.  The petition was signed by Jimmy
Drakos, Willamette Capital Group LLC, as manager.


GREAT ATLANTIC: Court OKs Togut Segal as Conflicts Counsel
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved Great Atlantic & Pacific's application to employ
Togut, Segal & Segal LLP as conflicts counsel.

Togut will perform services for matters that are not appropriately
handled by lead bankruptcy counsel Kirkland & Ellis LLP, or other
counsel to the Debtors, because of a potential or actual conflict
of interest, or alternatively, matters which the Debtors or K&E
request be handled by the Togut.

The Debtors say Togut is a "disinterested person" as defined by
Section 101(14), and used in Section 327(a) (as qualified by
Section 1107(b)) of the Bankruptcy Code.

Togut's current standard hourly rates are: (i) partners $800 to
$935; (ii) associates and counsel $215 to $715; (iii) paralegals
and law clerks $145 to $285.   The firm will also seek
reimbursement of out-of-pocket expenses.

                 About Great Atlantic & Pacific

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

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

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

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


GREDE FOUNDRIES: 7th Cir. Says Reedsburg Not Exempted From Stay
---------------------------------------------------------------
The U.S. Court of Appeals for the Seventh Circuit held that the
Reedsburg Utility Commission's efforts to collect on delinquent
utility charges from Grede Foundries, Inc., violated the automatic
stay.  When Grede entered bankruptcy, the Wisconsin smelting plant
owed more than $1.3 million in delinquent utility charges to the
local municipal utility, Reedsburg Utility Commission.  Months
after Grede filed for bankruptcy, and despite the automatic stay
that accompanied Grede's filing, Reedsburg implemented the process
pursuant to state law by which it could collect on Grede's
arrearage.  Grede sought to enforce the stay.  The bankruptcy
court and the district court found that none of the exceptions to
the automatic stay applied to Reedsburg's efforts to collect on
Grede's debt, which is substantial considering that Grede's
billings constituted more than one-third of Reedsburg's operating
revenue.  "We are sympathetic to Reedsburg's plight but the
exceptions to the automatic stay do not apply to Reedsburg's
efforts to collect on Grede's debt. We affirm," said Circuit Judge
John Daniel Tinder, who wrote the opinion.

The appellate case is Reedsburg Utility Commission, Plaintiff-
Appellant, v. Grede Foundries, Inc., Debtor-Appellee, No. 10-2509
(7th Cir.).  A copy of the Seventh Circuit's July 13, 2011
decision is available at http://is.gd/gxu24Zfrom Leagle.com.

The panel consists of Circuit Judges Tinder and David Hamilton,
and District Judge G. Patrick Murphy of the Southern District of
Illinois, sitting by designation.

                    About Grede Foundries

Based in Reedsburg, Wisconsin, Grede Foundries, Inc. --
http://www.grede.com/-- produces ductile iron, grey iron and
specialty metal parts.  The Company serves the automotive, heavy
truck, off-highway, diesel engine and industrial markets and is
one of the largest cast-iron foundry companies in the United
States.

The Company sought Chapter 11 protection (Bankr. W.D. Wisc. Case
No. 09-14337) on June 30, 2009.  Daryl L. Diesing, Esq., Jerard J.
Jensen, Esq., and Daniel J. McGarry, Esq., at Whyte Hirschboeck
Dudek S.C., represent the Debtor.  The Debtor selected Conway Del
Genio Gries & Co. as its restructuring advisor; Leverson & Metz
S.C. as special counsel; and Kurtzman Carson Consultants LLC as
claims agent.  The Debtor reported total assets of $143,983,000
and total debts of $148,243,000 at the petition date.

Wayzata Investment Partners LLC purchased the business of Grede
Foundries for $106.5 million in Feb. 2010 and merged it with
Citation Corp.


GREENBRIER COS: Execs.' Base Salaries Restored as Targets Met
-------------------------------------------------------------
As disclosed June 1, 2011, the Compensation Committee
conditionally approved the full restoration of annual base
salaries of The Greenbrier Companies, Inc.'s executive officers to
levels in place prior to the reductions made effective March 1,
2009, and base salary increases for certain of the Company's
executive officers, subject to, among other things, the Company
achieving profitability in the third fiscal quarter of 2011, such
increases to be effective July 1.

At its meeting on July 6, 2011, the Compensation Committee
determined that the conditions for effectiveness were satisfied.
As a result of the Committee's determination, the executive
officer salary increases and the full restoration of executive
officers' base salaries conditionally approved on May 25, 2011,
were implemented, effective July 1, 2011.

The Compensation Committee approved the amendment and restatement
of the Greenbrier Leasing Company LLC Target Benefit Plan, a
supplemental retirement plan which covers certain of the Company's
executive officers, including named executive officers Mark J.
Rittenbaum, Timothy A. Stuckey and Alejandro Centurion.  The
Target Benefit Plan was amended to make certain administrative and
clarifying changes, to conform the definition of "change of
control" to the definition used in the Company's compensation
plans and agreements generally, and to limit the Company's
obligation to pre-fund benefits in the event of a change of
control to apply only with respect to certain participants whose
employment terminates within 24 months following the change of
control.

The Compensation Committee approved the grant of 30,000 shares of
the Company's common stock to William A. Furman.  Half of the
shares awarded are subject to time-based vesting and half are
subject to performance-based vesting.

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

                       http://is.gd/qR86Ra

                       About Greenbrier Cos.

Based in Lake Oswego, Oregon, The Greenbrier Companies Inc.
operates in three primary business segments: manufacturing,
refurbishment and parts, and leasing and services.  The
manufacturing segment, operating from four facilities in the
United States, Mexico and Poland, produces double-stack intermodal
railcars, conventional railcars, tank cars and marine vessels.
The refurbishment & parts segment performs railcar repair,
refurbishment and maintenance activities in the United States and
Mexico.  The leasing & services segment owns roughly 8,000
railcars and provides management services for roughly 225,000
railcars.

The Company's balance sheet at May 31, 2011, showed $1.21 billion
in assets, $853.76 million in liabilities and $363.97 million in
total equity.

                          *     *     *

As reported by the TCR on April 5, 2011, Moody's Investors Service
upgraded the ratings for The Greenbrier Companies Inc. Corporate
Family Rating to 'B3' from 'Caa1'.  The upgrade of the CFR
reflects Moody's expectations that Greenbrier's earnings, revenues
and financial performance will improve over the next 12 to 18
months as a result of growing demand for rail cars.  Greenbrier is
well position to benefit from improving industry conditions in the
rail car manufacturing and leasing businesses, where continued
growth in overall railroad freight volume will likely result in
robust demand growth for new railcars.

Greenbrier carries 'B-' issuer credit ratings from Standard &
Poor's Ratings Services.  S&P said in May 2010 that the ratings on
Greenbrier reflect the company's fair business risk profile
stemming from the cyclicality of the freight car manufacturing
industry; the dramatic decline in demand for new railcars as a
result of slower economic growth and weaker carloadings; and
limited customer diversity.  The Company, according to S&P, also
has a highly leveraged financial risk profile, marked by increased
debt balances as a result of acquisitions completed in recent
years.


HARVEST OAKS: Court Denies Request to Disgorge Retainers
--------------------------------------------------------
Judge Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina denied the request to
reconsider an order entered on March 23, 2011, denying
disgorgement of retainers totaling $36,038 received by Trawick H.
Stubbs, Jr. and Stubbs & Perdue, P.A., to represent Harvest Oaks
Drives Associates, LLC.

CSMC 2006-C5 Strickland Road, LLC, through its special servicer,
LNR Partners, LLC, successor-in-interest to Column Financial,
Inc., requested for the reconsideration.  CSMC is the original
mortgage lender and holder of a promissory note from Harvest Oaks
in the principal amount of $13,475,000.

At present, the status of the $5,808 is that counsel is prohibited
from using those funds without further court order.  The Court, in
the order of March 23, 2010, stated that "[i]f the parties are
unable to reach consensus on the issue of using cash collateral
with respect to the retainer balance, they may file the
appropriate cash collateral pleading to bring the matter back
before the Court."

                       About Harvest Oaks

Harvest Oaks Drive Associates, LLC, owns a shopping center located
at 9650 Strickland Road and 8801 Lead Mine Road, in Raleigh, North
Carolina.  The Company filed for Chapter 11 bankruptcy protection
(Bankr. E.D. N.C. Case No. 10-03145) on April 21, 2010.  Trawick H
Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., assists the Company
in its restructuring effort.  In its schedules, the Company
disclosed $15,832,000 in assets and $14,634,161 in debts.


HARVEST OAKS: Bankr. Administrator Wants Plan Confirmation Denied
-----------------------------------------------------------------
Marjorie K. Lynch, U.S. Bankruptcy Administrator for the Eastern
District of North Carolina, asks the U.S. Bankruptcy Court to deny
confirmation of Harvest Oaks Drives Associates, LLC's First
Amended Plan of Reorganization, until such time as the conditions
set forth under Section 1129 of the Bankruptcy Code are met at the
confirmation hearing.

According to the Bankruptcy Administrator, the Debtor's Amended
Plan names these classes and claims, among other things:

   -- Class 2 - Ad Valorem Taxes: The only amendment to this Class
   is the amount owed to Wake County Revenue Department.  The
   initial amount was $222,000; it was amended to $155,635.
   Additionally, the Debtor states the 2010 property taxes were
   paid on Dec. 29, 2010 and is unaware of any other claims in
   this class.

   -- Class 4 - CSMC 2006-C5 Strickland Road, LLC.  The Debtor
   objected to the claim, and pursuant to an Order dated Jan. 14,
   2011, the Debtor's objection was allowed to the extent CSMC
   sought to recover interest at the default from August 2006
   through Aug. 11, 2009, and denied to the extent that CSMC
   sought to recover at the default rate from Aug. 11, 2009,
   through April 21, 2010.  The Debtor estimates that on the
   petition date, CSMC had a secured claim in the amount of
   $14,909,208, which includes $230,246 in taxes that CSMC paid on
   behalf of the Debtor for the 2010 property taxes. Since the
   Petition Date, the Debtor has been making monthly adequate
   protection payments to CSMC based on the Debtor's monthly cash
   collateral budgets.  The total of these payments through May 1,
   2011 are $451,279.

   The Debtor's obligation to CSMC shall remain secured by the
   same collateral as existed prior to the Petition Date.

   -- Class 7 - General Unsecured Claims: Debtor's previous Plan
   estimated the total amount owed this case to be $187,679.  The
   Debtor has amended that amount to $2,625,665 and states it
   intends to file an objection to Claim Number 6 filed by Harvest
   Plaza Developers, LLC and asserts no amounts are due.  The
   Debtor proposes this class to be paid in full, over a period
   of five years, with quarterly payments, commencing 18 months
   after the Effective Date and continuing thereafter for a period
   of five years.  This figure has been calculated at $9,499 per
   quarter.

   -- Means of Implementation and Execution of Plan V-A: Debtor
   amended to remove the language of funds advanced by the
   guarantors of the Wachovia obligation as a source of
   implementing the Plan.  The Debtor continues to intend to on
   making Plan payments through continued operations.

   -- Means of Implementation and Execution of Plan V-K: - Debtor
   amended to add Max Barbour, Individually and Harvest Oaks, LLC
   v. Horsley Law Firm, P.A. and Charles Jeffrey Horsley, 10 CVS
   4273.  The Debtor will be entitled to apply the proceeds from
   the Tax Lawsuit to payment of its Administrative Expenses
   without the need for such funds to be paid into the lockbox
   maintained by SCMC.

    -- Means of Implementation and Execution of Plan V-N: - Debtor
    amended the original Plan to shorten the number of months from
    18 to 12 for the owner draws of president, Max Barbour, not to
    exceed $5,000 per month.

The Bankruptcy Administrator is represented by:

          Parker M. Worth, Esq., staff attorney
          Eastern District of North Carolina
          434 Fayetteville Street, Suite 620
          Raleigh, NC 27601
          Tel: (919) 856-4886
          Fax: (919) 856-4692
          E-mail: Parker_Worth@nceba.uscourts.gov

                       About Harvest Oaks

Harvest Oaks Drive Associates, LLC, owns a shopping center located
at 9650 Strickland Road and 8801 Lead Mine Road, in Raleigh, North
Carolina.  The Company filed for Chapter 11 bankruptcy protection
(Bankr. E.D. N.C. Case No. 10-03145) on April 21, 2010.  Trawick H
Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., assists the Company
in its restructuring effort.  In its schedules, the Company
disclosed $15,832,000 in assets and $14,634,161 in debts.


HCA HOLDINGS: Beverly Wallace to Retire as Parallon President
-------------------------------------------------------------
Beverly B. Wallace, President - Parallon Business Solutions of HCA
Holdings, Inc., announced her retirement effective Dec. 31, 2011.
The Company will select a successor to her position in due course.

                           About HCA Inc.

Headquartered in Nashville, Tennessee, HCA is the nation's largest
acute care hospital company with 162 hospitals and 104
freestanding surgery centers (including eight hospitals and eight
freestanding surgery centers that are accounted for using the
equity method) as of Sept. 30, 2010.  For the twelve months
ended Sept. 30, 2010, the company recognized revenue in excess
of $30 billion.

The Company's balance sheet at March 31, 2011, showed
$23.81 billion in total assets, $31.59 billion in total
liabilities, and a $7.78 billion stockholders' deficit.

                          *     *     *

As reported by the TCR on May 27, 2011, Moody's Investors Service
upgraded the Corporate Family and Probability of Default Ratings
of HCA Inc. (HCA) to B1 from B2.  "The upgrade of HCA's rating
reflects the considerable progress the company has made in
improving financial metrics and managing the company's maturity
profile since the November 2006 LBO," said Dean Diaz, a Moody's
Senior Credit Officer. "While the funding of distributions to
shareholders at the end of 2010 increased debt levels, the growth
in EBITDA and debt repayment since the LBO have improved leverage
metrics considerably from the high levels seen just after the
company went private," continued Diaz.

In the March 16, 2011, edition of the TCR, Fitch Ratings has
upgraded its ratings for HCA Inc. and HCA Holdings Inc., including
the companies' Issuer Default Ratings which were upgraded to 'B+'
from 'B'.  The Rating Outlook is revised to Stable from Positive.
The ratings apply to approximately $28.2 billion in debt
outstanding at Dec. 31, 2010.  Fitch noted that HCA has made
significant progress in reducing debt leverage since it was taken
private in 2006 in a LBO which added $17 billion to the company's
debt balance; at Dec. 31, 2006, immediately post the LBO, debt-to-
EBITDA was 6.7x.  Most of the reduction in debt leverage over the
past four years was accomplished through growth in EBITDA, which
Fitch calculates has expanded by $1.7 billion or 40% to $5.9
billion for 2010 versus $4.2 billion in 2006.  Although the
company did not undertake a significant organizational
restructuring post the LBO, management has nevertheless been
successful in growing EBITDA and significantly expanding
discretionary free cash flow (FCF).  Fitch believes this was
accomplished through various operational initiatives, including
expansion of profitable service lines and the divestiture of some
under performing hospitals, as well as the generally resilient
operating trend of the for-profit hospital industry during the
recent economic recession despite the pressure of increased levels
of uncompensated care and generally weak organic patient volume
trends.


HERITAGE CONSOLIDATED: Can Use Cash Collateral Through July 31
--------------------------------------------------------------
Heritage Consolidated, LLC and Heritage Standard Corporation and
the Official Committee of Unsecured Creditors entered into a
stipulation extending the Debtors' access of cash collateral
through July 31, 2011, in accordance with a budget.

Pursuant to the U.S. Bankruptcy Court for the Northern District of
Texas' previous order authorizing the Debtors' use of cash
collateral through June 30, 2011, the Debtors and the Committee
are authorized to extend the use of cash collateral by written
agreement filed with the Court.

                   About Heritage Consolidated

Heritage Consolidated LLC is a privately held company whose core
operations consist of exploration for, and acquisition,
production, and sale of, crude oil and natural gas.

Heritage Consolidated filed a Chapter 11 petition (Bankr. N.D.
Tex. Case No. 10-36484) on Sept. 14, 2010, in Dallas, Texas.
Its affiliate, Heritage Standard Corporation, also filed for
Chapter 11 protection (Bankr. N.D. Tex. Case No. 10-36485).  Kevin
D. McCullough, Esq., in Dallas, Texas, serves as counsel to the
Debtors.  The Debtors each estimated assets and debts of
$10 million to $50 million.


HILLSIDE VALLEY: Sec. 341(a) Creditors' Meeting Set for July 19
---------------------------------------------------------------
The United States Trustee for Region 3 will convene a Meeting of
Creditors pursuant to 11 U.S.C. Sec. 341(a) in the bankruptcy case
of Hillside Valley LP on July 19, 2011, at 1:00 p.m. at 833
Chestnut Street, Suite 501, in Philadelphia.

The Debtor's representative must be present at the meeting to be
questioned under oath by the trustee and by creditors.  Creditors
are welcome to attend, but are not required to do so.  The meeting
may be continued and concluded at a later date without further
notice.

                       About Hillside Valley

Hillside Valley, L.P., in Watchung, New Jersey, filed for Chapter
11 bankruptcy (Bankr. E.D. Pa. Case No. 11-21689) on June 23,
2011.  Judge Richard E. Fehling presides over the case.
Fitzpatrick Lentz & Bubba, P.C., serves as the Debtor's chapter 11
counsel.  The Debtor estimated assets and debts between $10
million and $50 million in its petition.  The petition was signed
by Richard J. Colasuonno, manager of the Debtor's general partner.


HILLSIDE VALLEY: Hires Fitzpatrick Lentz as Bankruptcy Counsel
--------------------------------------------------------------
Hillside Valley LP seeks Bankruptcy Court permission to employ
Fitzpatrick Lentz & Bubba, P.C., as chapter 11 counsel.

Douglas J. Smillie, Esq., a shareholder at the firm, attests that
it doesn't hold or represent any interest adverse to the Debtor in
connection with the bankruptcy proceeding.

The firm served as pre-bankruptcy counsel to the Debtor but, as of
the petition date, no amounts are owed for legal fees.  During the
90-day period prior to the bankruptcy filing, the firm received
from the Debtor $15,000 in the aggregate.  The firm has billed
$8,339 against the retainer.

                       About Hillside Valley

Hillside Valley, L.P., in Watchung, New Jersey, filed for Chapter
11 bankruptcy (Bankr. E.D. Pa. Case No. 11-21689) on June 23,
2011.  Judge Richard E. Fehling presides over the case.  The
Debtor estimated assets and debts between $10 million and
$50 million in its petition.  The petition was signed by Richard
J. Colasuonno, manager of the Debtor's general partner.


HILLSIDE VALLEY: Bank Wants Property to Stay With Receiver
----------------------------------------------------------
Investors Savings Bank is asking the Bankruptcy Court to let
Altman Management Company continue as receiver of Hillside Valley,
L.P.'s property located at 301-359 River Drive, Allentown, Lehigh
County, Pennsylvania, and excuse Altman from the turnover
requirements of 11 U.S.C. Sec. 543(b).

Investors Savings Bank said the Debtor is insolvent and unable to
pay its debts as they come due.

Investors Savings Bank said it is a judgment creditor and asserts
a first lien over the Debtor's Allentown property.  The bank said
the Debtor defaulted on an $18,650,000 construction and permanent
loan it provided.

The bank sued in the Court of Common Pleas of Lehigh County to
place the Debtor in the hands of a receiver. The Court scheduled a
sheriff's sale for June 24.  The Debtor sought bankruptcy
protection on the eve of the sale.

                       About Hillside Valley

Hillside Valley, L.P., in Watchung, New Jersey, filed for Chapter
11 bankruptcy (Bankr. E.D. Pa. Case No. 11-21689) on June 23,
2011.  Judge Richard E. Fehling presides over the case.  The
Debtor estimated assets and debts between $10 million and
$50 million in its petition.  The petition was signed by Richard
J. Colasuonno, manager of the Debtor's general partner.


HOLLYWOOD MOTION: Marilyn Monroe Dress Sold for $4.6-Mil.
---------------------------------------------------------
Kristen MacBeth at BankruptcyHome.com reports that actress Debbie
Reynolds is in the midst of a Chapter 11 bankruptcy but has
several assets at her disposal that could assist her through the
proceedings.

According to the report, the Hollywood Motion Picture and
Television Museum, a nonprofit organization in California that
Reynolds founded in 1972, is seeking reorganization under Chapter
11, and recently held an auction to sell off some of its most
prized memorabilia.

That includes the iconic dress that Marilyn Monroe wore during the
infamous subway scene in The Seven Year Itch.  The dress, which
was originally purchased for $200, was sold for $4.6 million,
according to Reuters.

The organization's bankruptcy lawyer, Peter Susi, told the
Bankruptcy Beat that the filing occurred over confusion concerning
how much the museum owed on a $1 million loan.  He added that
filing for bankruptcy protection under Chapter 11 will halt any
impending lawsuit.

                  About Hollywood Motion Picture

Creston, California-based Hollywood Motion Picture and Television
Museum -- http://www.hmpc.tv/-- is a California non-profit
organization that actress Debbie Reynolds founded to build a
museum for her collection of Hollywood memorabilia.  It owns the
artifacts of Hollywood's Golden Age that Ms. Reynolds collected
over several decades.

The Hollywood Motion Picture and Television Museum filed for
Chapter 11 bankruptcy protection on June 12, 2009 (Bankr. C.D.
Calif. Case No. 09-12311).  Judge Robin Riblet presides over the
case.  Peter Susi, Esq. -- cheryl@msmlaw.com -- in Santa Barbara,
California, serves as counsel to the Debtor.  In its petition, the
Debtor estimated assets of $10 million to $50 million and debts of
$1 million to $10 million.

Hollywood Motion Picture Trust filed for Chapter 11 bankruptcy on
February 24, 2010 (Bankr. C.D. Calif. Case No. 10-10864) also
before Judge Riblet.  Peter Susi, Esq., also serves as counsel to
the Trust.  In schedules filed together with the petition, the
Trust disclosed total assets of $5,261,474, and total debts of
$5,556,944.

The bankruptcy judge confirmed the Debtor's liquidation plan in
September 2010.


HW PARTNERS: Case Summary & 10 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: HW Partners, LLC
        10 N. Madison
        Walla Walla, WA 99362

Bankruptcy Case No.: 11-03366

Chapter 11 Petition Date: July 8, 2011

Court: United States Bankruptcy Court
       Eastern District of Washington (Spokane/Yakima)

Debtor's Counsel: Timothy J. Carlson, Esq.
                  CARLSON BOYD & BAILEY PLLC
                  230 S 2nd St., Suite 202
                  Yakima, WA 98901
                  Tel: (509) 834-6611
                  Fax: (509) 834-6610
                  E-mail: tcarlson@cbblawfirm.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 10 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/waeb11-03366.pdf

The petition was signed by Justin M. Wylie, member.


INDENTURE INVESTMENTS: Swan Group Calls Default, Takes JDC
----------------------------------------------------------
The Swan Group of Companies, Inc. reported that a special meeting
of the Board of Directors of James Denverson Corporation ("JDC"),
an 80%-owned subsidiary of Indenture Investments, Ltd. of Ontario,
Canada was held on June 6, 2011 to resolve several continuing
breaches and defaults pursuant to a Share Exchange Agreement by
and between Swan Group and Indenture, which was prepared in May,
2009, but never fully executed by the parties.  Despite repeated
demands and notices by Swan Group for Indenture to complete the
terms of the Agreement and to fulfill its responsibilities and
liabilities thereunder, Swan Group has asserted that Indenture had
failed to do so.  In addition, Swan Group has for the past several
months attempted to communicate with Indenture and, to the best of
Swan Group's knowledge and belief, Indenture has abandoned any and
all of its operations, caused its common shares to be delisted
from the Frankfurt Stock Exchange, its officers and directors have
either resigned or failed to communicate with anyone from the
Company and no public announcements with respect to Indenture's
intentions have been released.

In light of the above, the Board of Directors of James Denverson
Corporation ("JDC"), consisting solely of one Director, David W.
Dube, who was appointed to the JDC Board on October 1, 2010 and
who is also a Director of the Company, convened a special meeting
of the JDC Board on June 6, 2011 in accordance with the laws of
the State of Nevada.  At such meeting, the sole Director
recognized and accepted the resignations of the prior Directors
and appointed a new Director, Mr. Stephen A. Cerrone, to the JDC
Board.  In addition, the new Board formally declared in default
the Agreement and voted to proceed to dissolve any and all of the
terms of the Agreement and to return both control and the
operations of James Denverson Corporation to Swan Group.  At such
meeting, the Board appointed David W. Dube as President and Chief
Executive Officer to formally effect the dissolution of the
Agreement and to proceed with the commencement of operations under
the full control of Swan Group.

Swan Group can be reached at:

        For Swan Group of Companies, Inc.
        James Denverson Corporation
        Mr. David W. Dube,
        Tel: (727) 536-7100
        President

             - or -

        Investor Relations:
        Swan Group of Companies
        Karl Burghart
        E-mail: burghart@activist.com


INMAR INC: S&P Assigns Prelim. 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
corporate credit rating to the Winston-Salem, N.C.-based Inmar
Inc. The outlook is stable.

"At the same time, we assigned a preliminary 'B+' rating (the same
as the corporate credit rating) to the company's proposed $240
million senior secured credit facilities consisting of a $210
million term loan B and a $30 million revolving credit facility.
We  also assigned a preliminary '4' recovery rating to the debt,
indicating our expectations of substantial (30%-50%) recovery of
principal in the event of default," S&P stated.

The company intends to use the proceeds of the term loan to repay
its existing term loan and subordinated notes, fund a dividend to
equityholders, and pay fees associated with the transaction.

"The speculative-grade ratings on Inmar reflect our expectation
that the company will have stable operating performance in the
near term and enhance credit ratios with debt reduction from free
cash flow," said Standard & Poor's credit analyst Charles Pinson-
Rose. "We view the company's financial risk profile as aggressive.
We also assess its business risk as weak. This incorporates our
belief that Inmar generally has stable and recurring businesses,
but that unfavorable macroeconomic and industry conditions could
have a negative effect on the company's reverse logistics business
and overall profits."


INNKEEPERS USA: Ontario Debtors' Plan Effective
-----------------------------------------------
BankruptcyData.com reports that Innkeepers USA Trust's Ontario
Debtors' have emerged from Chapter 11 protection.  The other
Debtors have yet to emerge from bankruptcy.

As reported in the Troubled Company Reporter on June 30, 2011,
Innkeepers USA Trust and its affiliates disclosed that less than a
year after the Company entered Chapter 11, the United States
Bankruptcy Court for the Southern District of New York entered an
order confirming the Company's chapter 11 plan of reorganization.
The Court's approval of the plan, which was supported by the
Company's secured lenders and has been accepted by more than 90
percent of Innkeepers' unsecured creditors and shareholders,
clears the way for Innkeepers to emerge from Chapter 11.

                     About Innkeepers USA Trust

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

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

Apollo Investment Corporation acquired Innkeepers in June 2007.

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

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

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


IRISH LIFE: DBRS Cuts Dated Subordinated Debt Rating to 'D'
-----------------------------------------------------------
DBRS Inc. has downgraded the Dated Subordinated Debt rating of
Irish Life & Permanent plc to "D" from "C".  The downgrade follows
the execution of the Group's note tender offer.

The default status for the purchased and now-extinguished notes
reflects DBRS's view that bondholders were offered limited options
and that a distressed exchange has now occurred, which is
considered a default under DBRS policy, as discussed in DBRS's
press release dated June 8, 2011.

This rating action affects the following securities issued by IL&P
and rated by DBRS; Variable Rate Notes due March 2023 (ISIN
XS0165027664), Callable Subordinated Floating Rate Notes due 2015
(ISIN XS0226352713), Step-Up Floating Rate Notes due 10 August
2015 (ISIN XS0226430022), Floating Rate Notes due 2016 (ISIN
XS0274209583), Subordinated Callable Floating Rate Notes due 2017
(ISIN XS0295772189), Fixed/Floating Rate Step-Up Callable
Subordinated Notes due 2017 (ISIN XS0299987288), Floored CMS
Linked Notes due June 2018 (ISIN XS0369699623) and Subordinated
Callable Fixed Rate Notes due 2018 (ISIN XS0371760363).


ISAACSON STRUCTURAL: Passumpsic Wants Working Capital Loan Denied
-----------------------------------------------------------------
Creditor Passumpsic Savings Bank asks the U.S. Bankruptcy Court
District of New Hampshire to deny Isaacson Structural Steel,
Inc.'s request to enter into a working capital financing
arrangement with Cate Street Capital, Inc.

Passumpsic is the Debtor's largest creditor, holding approximately
$13 million in claims against the Debtor, which claims are secured
by priority security interests in all of the Debtor's assets,
including real estate, equipment, inventory and accounts
receivable and the proceeds thereof.

Passumpsic relates that, under the terms of the financing to be
entered, only the professional fees of Debtor's counsel will be
potentially payable from the DIP Loan funds.  By contrast, it
appears that none of the borrowed funds will be available to pay
any other professionals that the Debtor or the creditors committee
may seek to retain in the case.

As reported in the Troubled Company Reporter on July 12, 2011, the
Debtor sought for Bankruptcy Court approval of up to $500,000 in
bridge financing with Cate Street.  The loan will bear interest at
the rate of 5.25%, and will mature Sept. 30, 2011.

The loan will be paid from the proceeds of collateral for the
financing or from the proceeds of a $2.25 million financing
expected to be made by the New Hampshire Business Finance
Authority and the North Country Industrial Development Corporation
through a New Market Tax Credits financing transaction.

According to Passumpsic, the Debtor cannot meet the requirements
with regard to the proposed financing agreement outlined in the
DIP Loan motion.  The Debtor would grant Cate a first-priority
security interest in and to the proceeds of a future postpetition
loan from Cate Street to the Debtor in the amount of approximately
$2,250,000.

                  About Isaacson Structural Steel

Based in Berlin, New Hampshire, Isaacson Structural Steel, Inc.,
filed for Chapter 11 bankruptcy (Bankr. D. N.H. Case No. 11-12416)
on June 22, 2011.  Bankruptcy Judge J. Michael Deasy presides over
the case.  William S. Gannon PLLC serves as the Debtor's counsel.

Isaacson Structural Steel estimated both assets and debts of
$10 million to $50 million.  The petition was signed by Arnold P.
Hanson, Jr., president.

An official committee of unsecured creditors has been appointed in
Isaacson Structural Steel's case.

A bankruptcy petition was also filed for Isaacson Steel, Inc.
(Bankr. D. N.H. Case No. 11-12415) on June 22, 2011, estimating
assets and debts of $1 million to $10 million.  The petition was
signed by Arnold P. Hanson, Jr., president.  William S. Gannon,
Esq., also represents Isaacson Steel.

William K. Harrington, the U.S. Trustee, appointed five members to
the Official Committee of Unsecured Creditors in the Debtor's
case.


JAMES F. BYRNES: School Files Reorganization Plan
-------------------------------------------------
Tucker Mitchell at SCnow.com reports that the Byrnes Schools has
filed a reorganization plan in its Chapter 11 bankruptcy
proceedings and is awaiting a judge's decision before proceeding
with payments to creditors.

The report recounts that First Citizens Bank's decision to call
Byrnes' $1.6 million loan last winner led to a foreclosure auction
being scheduled.  The Debtor negotiated a repayment plan but the
bank turned down the proposal.  The auction was cancelled after
the bankruptcy filing.

Led by headmaster John Colby, the school has filed a Chapter 11
plan, which provides that smaller creditors will be paid in full.
Colby did not say if First Citizen's would be paid the full
amount.  The bank is expected to object to the plan.

                     About James F. Byrnes

The Byrnes Schools was established in Quinby, South Carolina, in
1965.  It is the only non-for-profit private institution that
teaches children from pre kindergarten to 12th grade.

James F. Byrnes Academy, doing business as The Byrnes Schools,
filed for Chapter 11 reorganization (Bankr. D. S.C. Case No. 11-
00538) on Jan. 31, 2011. H. Flynn Griffin, III, Esq., at Anderson
Law Firm, in Columbia, South Carolina, serves as counsel to the
Debtor.  The Debtor estimated assets and debts of $1 million to
$10 million.


JARA: Suddenly Closed; USB Signs Up With New Firm
-------------------------------------------------
IBT said in a statement that it has signed up a new client, Union
State Bank, in Kewaunee, Wisconsin.  USB, according to the press
release, had been working with Jara, a check processing vendor
that unexpectedly and abruptly announced its sudden closure.
Cedar Park, Texas-based IBT provides real time channel integration
software applications.


JAMES DONNAN: Seeks Bankruptcy Protection After GLC Counter Claim
-----------------------------------------------------------------
James Donnan, III and hits wife filed a joint Chapter 11 petition
(Bankr. M.D. Ga. Case No. 11-31083) on July1, 20 11.

Bill Rosenberger at the Herald-Dispatch reports that Donnan, a
former Marshall University head football coach, estimated his
liabilities between $10 million and $50 million and assets of
between $1 million to $10 million.

The report says the federal documents state the largest creditor
to be GLC Limited at $8.25 million, though it is listed as
"disputed."   A May 9 court filing in the Chapter 11 case of GLC
limited listed Donnan as GLC's first investor.  It only stated
Donnan "invested a substantial amount" and received "certain
commissions as alleged therein" for his work in soliciting
additional investors for the company.

GLC, now being led by James Burritt as chief restructuring
officer, has asked the bankruptcy court in Ohio for permission
to get its hands on the bank records and local, state and federal
incomes tax returns from 2007 to present of James Donnan.

Mr. Donnan is listed individually as a creditor as well as an
officer with J &M Brands of Jacksonville, Florida, and having an
interest in Mountaineer Wings of Huntington with Dr. Victor York
of Chesapeake.  J&M is one of the 20 largest unsecured creditors
in the case, holding $588,500 in claims.  The next largest claim
is from Donnan Dyleski LLC of Watkinsville, Georgia, at $550,000.
The representative listed is Todd Donnan, James Donnan's son.

                        About GLC Limited

Proctorville, Ohio-based GLC Limited is principally a liquidation
company in the wholesale/retail distribution industry.  It offers
large selections of name brand products in many categories.  It
distributes its goods through a network of wholesale distributors,
retail chains and discount and surplus centers.  It owns four
warehouses for its goods which are located in Proctorville and
Columbus, Ohio and Huntington, West Virginia.

GLC filed for Chapter 11 bankruptcy protection on Feb. 28, 2011
(Bankr. S.D. Ohio Case No. 11-11090).  Ronald E. Gold, Esq., at
Frost Brown Todd LLC, serves as the Debtor's bankruptcy counsel.
The Debtor estimated its assets and debts at $10 million to
$50 million.


JOHN HOLDEN: North Carolina Mayor Seeks Bankruptcy Protection
-------------------------------------------------------------
John Wayne Holden, real estate figure filed a Chapter 11 petition
(Bankr. E.D.N.C. Case No. 11-05177) on July 5, 2011.

Wayne Faulkner at StarNewsOnline.com reports that John Wayne Alan
Holden is the mayor of Holden Beach, North Carolina and a
prominent real estate figure.

According to the report, among debts listed by Mayor Holden are
more than $48,000 to his own town and $126,000 to Brunswick
County, most of the latter in property taxes.  Assets were not
listed in the initial filing, though the document put them at
$10 million to $50 million.

Mayor Holden emphasized that all his licenses and companies --
Alan Holden Realty, Alan Holden Vacations and Re/Max at the Beach
-- are in good standing.  He said customers wouldn't experience
anything different.

Mayor Holden emphasized that all debts will be paid and that the
ratio of his assets to debts are "well within the green light,"
even though real estate prices have dropped 50 percent.

Star News reports that among other Holden creditors are Security
Savings Bank, of Southport, owed more than $1 million, and
Wachovia Bank, owed more than $400,000, according to court
records.  Of the debts to Holden Beach, $18,000 is for a road
assessment.  Brunswick County is owed $18,000 for a sewer
assessment, according to the filing.


K-V PHARMACEUTICAL: Amends 20MM Class A Common Shares Offering
--------------------------------------------------------------
K-V Pharmaceutical Company filed with the U.S. Securities and
Exchange Commission a Pre-Amendment No.1 to Form S-1 registration
statement relating to the selling stockholders' offer and sell
from time to time up to 20,038,410 shares of the Company's Class A
Common Stock issuable upon the exercise of warrants held by the
selling stockholders.  The Company will not receive any of the
proceeds from the exercise of the warrants or from the sale of the
shares of the Company's Class A Common Stock by the selling
stockholders.

Except for underwriting discounts and selling commissions, which
may be paid by the selling stockholders, the Company has agreed to
pay the expenses incurred in connection with the registration of
the shares of Class A Common Stock covered by this prospectus.

The selling stockholders may sell the shares of Class A Common
Stock from time to time at market prices prevailing at the time of
sale, prices related to prevailing market prices or privately
negotiated prices.  The selling stockholders may sell the shares
of Class A Common Stock to or through underwriters, brokers or
dealers or directly to purchasers.  Underwriters, brokers or
dealers may receive discounts, commissions or concessions from the
selling stockholders, purchasers in connection with sales of the
shares of Class A Common Stock, or both.

The Company's Class A Common Stock is traded on the New York Stock
Exchange under the symbol "KV.A".  On July 5, 2011, the closing
price of the Company's Class A Common Stock on the NYSE was $2.98
per share.

A full-text copy of the amended prospectus is available for free
at http://is.gd/cgf7sy

                 About K-V Pharmaceutical Company

K-V Pharmaceutical Company (NYSE: KVa/KVb) --
http://www.kvpharmaceutical.com/-- is a fully integrated
specialty pharmaceutical company that develops, manufactures,
markets, and acquires technology-distinguished branded and
generic/non-branded prescription pharmaceutical products.  The
Company markets its technology distinguished products through
ETHEX Corporation, a subsidiary that competes with branded
products, and Ther-Rx Corporation, the company's branded drug
subsidiary.

The Company reported a net loss of $174.0 million on $27.3 million
of net revenues for fiscal 2011, compared with a net loss of
$283.6 million on $9.1 million of net revenues for fiscal 2010.

The loss from continuing operations was $156.2 million and
$285.6 million in fiscal 2011 and fiscal 2010, respectively.

The Company's balance sheet at March 31, 2011, showed
$564.7 million in total assets, $938.7 million in total
liabilities, and a stockholders' deficit of $374.0 million.

BDO USA, LLP, in Chicago, Illinois, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has suspended the
shipment of all but one of the products manufactured by the
Company and must comply with a consent decree with the Food and
Drug Administration before approved products can be reintroduced
to the market.


K-V PHARMACEUTICAL: Amends 9.95MM Class A Common Shares Offering
----------------------------------------------------------------
K-V Pharmaceutical Company filed with the U.S. Securities and
Exchange Commission Pre-Effective Amendment No.1 to Form S-1
registration statement relating to selling stockholders' offer and
sell from time to time up to 9,950,000 shares of the Company's
Class A Common Stock.  The Company will not receive any of the
proceeds from the sale of shares of the Company's Class A Common
Stock by the selling stockholders.  This prospectus does not cover
the issuance of any shares of Class A Common Stock by the Company
to the selling stockholders.

Except for underwriting discounts and selling commissions, which
may be paid by the selling stockholders, the Company has agreed to
pay the expenses incurred in connection with the registration of
the shares of Class A Common Stock covered by this prospectus.

The selling stockholders may sell the shares of Class A Common
Stock from time to time at market prices prevailing at the time of
sale, prices related to prevailing market prices or privately
negotiated prices.  The selling stockholders may sell the shares
of Class A Common Stock to or through underwriters, brokers or
dealers or directly to purchasers.  Underwriters, brokers or
dealers may receive discounts, commissions or concessions from the
selling stockholders, purchasers in connection with sales of the
shares of Class A Common Stock, or both.

The Company's Class A Common Stock is traded on the New York Stock
Exchange under the symbol "KV.A".  On July 5, 2011, the closing
price of the Company's Class A Common Stock on the NYSE was $2.98
per share.

A full-text copy of the amended prospectus is available for free
at http://is.gd/fHzq3N

                 About K-V Pharmaceutical Company

K-V Pharmaceutical Company (NYSE: KVa/KVb) --
http://www.kvpharmaceutical.com/-- is a fully integrated
specialty pharmaceutical company that develops, manufactures,
markets, and acquires technology-distinguished branded and
generic/non-branded prescription pharmaceutical products.  The
Company markets its technology distinguished products through
ETHEX Corporation, a subsidiary that competes with branded
products, and Ther-Rx Corporation, the company's branded drug
subsidiary.

The Company reported a net loss of $174.0 million on $27.3 million
of net revenues for fiscal 2011, compared with a net loss of
$283.6 million on $9.1 million of net revenues for fiscal 2010.

The loss from continuing operations was $156.2 million and
$285.6 million in fiscal 2011 and fiscal 2010, respectively.

The Company's balance sheet at March 31, 2011, showed
$564.7 million in total assets, $938.7 million in total
liabilities, and a stockholders' deficit of $374.0 million.

BDO USA, LLP, in Chicago, Illinois, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has suspended the
shipment of all but one of the products manufactured by the
Company and must comply with a consent decree with the Food and
Drug Administration before approved products can be reintroduced
to the market.


KAZI FOODS: Frontline to Provide Real Estate Advisory Services
--------------------------------------------------------------
Frontline Real Estate Partners, LLC, a real estate consulting and
advisory firm, has been retained to act as real estate advisor for
the real estate assets involved in Kazi Foods' Chapter 11
bankruptcy proceedings.

Frontline Real Estate Partners will provide real estate advisory
and disposition services to market Kazi Foods' portfolio of fee
properties and restructure existing leases.

"This engagement requires the ability to manage a complex real
estate portfolio, an understanding of property values across
numerous assets and markets and the expertise to perfect a
seamless and streamlined marketing, disposition and leasehold
restructuring process to produce maximum proceeds and cost
savings," said Joshua Joseph, principal at Frontline Real Estate
Partners.  "We'll draw upon our deep understanding of the
intricacies of the restaurant industry to confront the challenges
associated with the volume and geographic breadth of Kazi Foods'
real estate assets and to maximize their value for the company."

Frontline won a competitive bid to serve as real estate advisor in
the Kazi Foods bankruptcy proceedings because of the firm's track
record of successful portfolio valuation, disposition and
restructuring engagements in other high-profile bankruptcies, and
its expertise in the restaurant industry, including past
engagements with: Lone Star Steakhouse & Saloon, Cooker
Restaurants, Granite City Food & Brewery and Uno Chicago Grill
Pizzeria.

                        About Frontline

Frontline Real Estate Partners, LLC focuses on providing real
estate consulting and advisory services in bankruptcy and
distressed situations.  Frontline serves as a trusted advisor to
lenders, bankruptcy attorneys, turnaround consultants and
companies with real estate restructuring needs.  Principal
services include strategic advising and consulting on portfolio
management, restructuring, disposition, receivership and
turnarounds.  The company is an experienced and sophisticated
buyer of real estate assets, with the company's leadership having
acquired a substantial portfolio of retail and industrial assets,
including sale-leasebacks and empty facilities.  The company is
headquartered outside of Chicago, Ill.

                        About Kazi Foods

Kazi Foods is the second-largest Kentucky Fried Chicken franchisee
and the 11th-largest restaurant franchisee in the world.  The
bankruptcy filing by four of its 11 entities affects approximately
130 restaurant locations across Michigan, Florida, New York, New
Jersey and Maryland.

Kazi Foods of Annapolis, Inc., filed a Chapter 11 petition (Bankr.
E.D. Mich. Case No. 11-47556) on March 21, 2011.  Kazi Foods of
New York, Inc., simultaneously sought Chapter 11 protection (Case
No. 11-47551).  Two affiliates, Kazi Foods of Michigan, Inc. (Case
No. 11-43971) and Kazi Foods of Florida, Inc. (11-43986), filed
for Chapter 11 in February 2011.


KTLA LLC: Sec. 341 Creditors' Meeting Set for July 26
-----------------------------------------------------
The United States Trustee for the Northern District of California
will hold a First Meeting of Creditors pursuant to 11 U.S.C. Sec.
341(a) in the bankruptcy case of KTLA LLC on July 26, 2011, at
10:30 a.m. at the U.S. Trustee Office at 235 Pine Street, Suite
850, in San Francisco.

Proofs of claim are due in the case by Oct. 24, 2011.

The Debtor's representative must be present at the meeting to be
questioned under oath by the trustee and by creditors.  Creditors
are welcome to attend, but are not required to do so.  The meeting
may be continued and concluded at a later date without further
notice.

San Francisco, California-based KTLA LLC filed for Chapter 11
bankruptcy (Bankr. N.D. Calif. Case No. 11-32401) on June 27,
2011.  Judge Thomas E. Carlson presides over the case.  Reno F.R.
Fernandez, Esq., at MacDonald and Assoc.  Iain A. Macdonald, Esq.,
and Reno F.R. Fernandez, Esq. -- iain@macdonaldlawsf.com and
r.fernandez@macdonaldlawsf.com -- at Macdonald and Associates,
serve as bankruptcy counsel.  In its petition, KTLA estimated
assets and debts of $10 million to $50 million. The petition was
signed by Graham Seel, SVP, California Mortgage and Realty.


KTLA LLC: Chapter 11 Status Conference Set for Aug. 8
-----------------------------------------------------
The Bankruptcy Court will hold a Chapter 11 Status Conference on
Aug. 8, 2011, at 9:30 a.m. at San Francisco Courtroom 23.  Status
Conference Statements are due by Aug. 1.

San Francisco, California-based KTLA LLC filed for Chapter 11
bankruptcy (Bankr. N.D. Calif. Case No. 11-32401) on June 27,
2011.  Judge Thomas E. Carlson presides over the case.  Reno F.R.
Fernandez, Esq., at MacDonald and Assoc.  Iain A. Macdonald, Esq.,
and Reno F.R. Fernandez, Esq. -- iain@macdonaldlawsf.com and
r.fernandez@macdonaldlawsf.com -- at Macdonald and Associates,
serve as bankruptcy counsel.  In its petition, KTLA estimated
assets and debts of $10 million to $50 million. The petition was
signed by Graham Seel, SVP, California Mortgage and Realty.


LAKEVIEW BASEBALL CLUB: $3 Million Foreclosure Judgment Issued
--------------------------------------------------------------
Ameet Sachdev at Chicago Tribune reports that a suburban bank has
obtained a foreclosure judgment of more than $3 million against
the owners of a building that houses a Wrigley Field rooftop club.

According to the report, the Lakeview Baseball Club, 3633 N.
Sheffield Ave., has been operating in receivership since last year
when First Personal Bank, based in Orland Park, filed a
foreclosure suit alleging that the building's owners defaulted on
two loans.  The report relates that the lender issued a $2.8
million loan in 2006 and a second, junior loan for $350,000.

Cook County Circuit Judge Darryl Simko ordered July 8 that the
property be sold at public auction next month, the report notes.
But the owners are negotiating to sell the building privately
before the public sale, said their attorney Martin Oberman, a
former Chicago alderman, Chicago Tribune says.

Mr. Oberman represents the children of Robert Racky, a Chicago
developer, who started the first rooftop business in 1988 as a
private club, Chicago Tribune says.

The Lakeview Baseball Club is best known for the tote board under
its rooftop seats that details the years elapsed since the Cubs'
last division, league and World Series titles.

Chicago Tribune discloses that since then many of the apartment
buildings surrounding Wrigley have opened rooftop businesses,
turning a novelty into multi-million-dollar businesses.  Chicago
Tribune relates that the rooftops pay royalties to the Cubs as
part of a 2004 legal settlement.  Even in an uncertain economy,
the Racky property is expected to draw much interest, Chicago
Tribune notes.

Chicago Tribune also discloses Mr. Simko appointed a receiver last
year after the lender expressed concerns that money from Lakeview
bookings was being diverted to unrelated purposes.

The Rackys did not contest the foreclosure proceedings.

Earlier this year the judge entered a default order against the
various Racky corporate entities that own the building, Chicago
Tribune says.

In the foreclosure judgment, Mr. Simko also held the defendants
liable for money owed to Bauch & Michaels, a Chicago law firm, a
general contractor and an architect whose debts were secured by
the building, Chicago Tribune adds.


LAMBUTH UNIVERSITY: Court OKs Payment of Wages to Employees
-----------------------------------------------------------
Tajuana Cheshier at the Jackson Sun reports that employees on
salary at Lambuth University will receive their first full
paycheck after a bankruptcy judge's approval authorizing the
school to issue the payment.

According to the report, attorneys were in court this morning to
discuss two issues -- to request authorization to pay about
$87,000 in payroll and making an assurance of payment to Jackson
Energy Authority.

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

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.


LAND TEJAS: Unit Files for Bankruptcy Protection
------------------------------------------------
Jennifer Dawson at the Houston Business Journal reports that an
affiliate of Land Tejas Cos. -- one of the most prolific
residential developers in Houston over the last decade -- was
forced into bankruptcy by its creditors in connection with the
1,150-acre Discovery at Spring Trails community.

According to the report, in addition, a distressed note held by
Amegy Bank on the Montgomery County community was acquired in May
by Austin-based Forestar Real Estate Group Inc. for $21 million.
Land Tejas Spring Trails Ltd., the partnership that is developing
Discovery, also changed its general partner last month.


LAX ROYAL: Can Access Cash Collateral Until Sept. 9
---------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Lax Royal Airport Center LP to continue to use cash
collateral of secured creditor MSCI 2006-IQ11 West Century Limited
Partnership through the earlier of Sept. 9, 2011, or the effective
date of a sale of Debtor's real property.

The proceeds of the cash collateral will be used for operating and
maintenance expenses, property taxes, insurance -- for the
property and workers compensation and medical insurance for non-
insider employees -- non-insider salaries and, to the extent
available, mortgage payments.

Debtor is authorized to pay the foregoing expenses in their actual
amounts, which shall not exceed the Debtor's budget plus a 10%
variance.

                About LAX Royal Airport Center, LP

Los Angeles, California-based LAX Royal Airport Center, LP, filed
for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No.
11-12333) on Jan. 19, 2011.  The Debtor estimated assets at
$10 million to $50 million and debts at $1 million to $10 million.
No request for the appointment of a trustee or examiner was made.


LEHMAN BROTHERS: U.S. Trustee Opposes Add'l Pachulski Services
--------------------------------------------------------------
Tracy Hope Davis, the U.S. Trustee for Region 2, has criticized
Lehman Brothers Holdings Inc.'s application to authorize
Pachulski Stang Ziehl & Jones LLP to represent the company in two
civil cases pending before a district court in California.

LBHI previously asked Judge Peck to allow Pachulski Stang to
handle the cases against Beverly Hills Estates Funding Inc. and
U.S. Bank N.A.  The cases, which were previously handled by
Severson & Werson, were filed on behalf of Aurora Bank FSB, a
Lehman subsidiary.

Ms. Davis says LBHI failed to prove that Pachulski "could have
been retained as of September 18, 2009."

"A review of the court's docket in the California actions reveals
that . . . there neither has been an order entered nor an
application requesting the substitution of LBHI for Aurora," the
U.S. Trustee points out in court papers.

Ms. Davis asks Judge Peck to order Pachulski to "disgorge" at
least $8,750 in fees that the law firm received from LBHI as
payment for the expanded services.

Judge Peck will hold a hearing on July 20, 2011, to consider the
U.S. Trustee's request.

                    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 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: Caisse des Depots Wants to File Late $3MM Claim
----------------------------------------------------------------
Caisse des Depots et Consignations seeks a court ruling allowing
the late filing of its claim against Lehman Brothers Special
Financing Inc.

CDC holds a claim against LBSF in the sum of $3,077,434, which
stemmed from an ISDA master agreement it entered into with the
company.

CDC was not able to file its claim because it allegedly did not
receive a notice of the deadline for filing proofs of claim,
according to its lawyer, Jay Hellman, Esq., at SilvermanACampora
LLP, in Jericho, New York.

                    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 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: LBI Trustee Seeks OK for NYSDTF Tax Agreements
---------------------------------------------------------------
James W. Giddens, as trustee for the liquidation of the business
of Lehman Brothers Inc. pursuant to the Securities Investor
Protection Act of 1970, asks the Court to approve his agreements
with the New York State Department of Taxation and Finance to
resolve certain disputes regarding sales and compensating use tax
and withholding tax.

                         Tax Disputes

Prior to the September 19, 2008 filing date of the SIPA
Proceeding, Lehman Brothers Inc. was under audit by the state of
New York for sales and compensating use tax with respect to the
audit periods March 1, 1997, through February 29, 2004, and
March 1, 2004 through August 31, 2008.  The New York State
Department of Taxation and Finance filed an unsecured priority
status prepetition claim in the SIPA Proceeding asserting that
LBI was liable with respect to sales and compensating use tax for
these periods and amounts:

  Period End            Tax       Interest          Total
  ----------            ---       --------          -----
  02/29/2004             --     $2,667,760     $2,667,760
  05/31/2008     $1,936,648       $446,771     $2,383,420
  08/31/2008       $113,920             --       $113,920
                                                ---------
                                        Total: $5,165,101

On June 25, 2010, the LBI Trustee, on behalf of LBI, submitted a
request to the NYSDTF for a sales and compensating use tax refund
to the NYSDTF for $3,110,280 for the period March 1, 1997,
through February 29, 2004.  The NYSDTF requested additional
information with respect to LBI's request for a sales and
compensating use tax refund; when the Trustee's personnel were
unable to produce this information, the NYSDTF denied the
request, relates James B. Kobak, Jr., Esq., at Hughes Hubbard &
Reed LLP, in New York.  He adds that the LBI Trustee has
requested a conciliation conference to protest the disallowance,
and even if allowed, the refund could be offset by any
prepetition New York State tax liabilities assessed by the
NYSDTF.

LBI was also under audit by New York for income tax withholding
prior to and continuing after the Filing Date, for the audit
period of January 1, 2007, through December 31, 2008.  On
August 10, 2009, the NYSDTF issued assessments of LBI's liability
for withholding taxes owed to these localities for these periods
and amounts:

  Period End     Yonkers     N.Y. City     N.Y. State
  ----------     -------     ---------     ----------
  06/30/2007      $1,487      $239,156       $732,226
  12/31/2007      $2,348      $381,671       $912,376
  06/30/2008      $1,402      $228,567       $699,807
  12/31/2008      $2,716      $441,644     $1,035,744
                                            ---------
                                    Total: $4,679,150

The NYSDTF issued notices of deficiency and filed audit
adjustments regarding LBI's withholding tax liability.

On March 6, 2009, the LBI Trustee submitted a request for a
withholding tax refund to the NYSDTF for $2,837,000 for the
period July 1, 2008, through September 30, 2008.  On August 29,
2009, the NYSDTF denied the claim in full.  The Trustee reserved
his right to appeal the NYSDTF's denial.

Mr. Kobak says that although the NYSDTF failed to timely file a
claim against LBI for withholding tax, the NYSDTF nonetheless may
set off any refund of withholding tax owed to the LBI Trustee for
prepetition periods against any prepetition New York State tax
liabilities assessed by the NYSDTF.

                      Closing Agreements

The Closing Agreements, which were negotiated at arm's-length
between the LBI Trustee and Trustee's tax advisors, and the
NYSDTF, include these material terms:

  Closing      Sales and Use Tax          Withholding Tax
Agreements     Closing Agreement         Closing Agreement
----------     -----------------         -----------------
Assessment     The NYSDTF agrees to      The NYSDTF agrees to
               abate the balance due on  abate the balance due
               the Sales and Use Tax     on the Withholding Tax
               Audit Period              Audit Period

Releases by    The Trustee agrees:       The Trustee agrees:
the LBI        * to waive any rights to  * to waive any rights
Trustee          protest and withdraw      to protest and
                 pending protests          withdraw pending
                 relating to the Sales     protests relating to
                 and Use Tax Audit         the Withholding Tax
                 Period                    Audit Period

               * to withdraw pending     * to withdraw pending
                 requests for refund       requests for refund
                                           or credit
               * that he is not
                 entitled to any refund  * to refrain from
                                           filing any future
               * that he will not file     application or
                 any future application    claims for refund
                 or claims for refund      or credit

Face Amount            $3,110,280               $2,837,000
of Disputed
or Disallowed Refund Claims Waived by the LBI Trustee

Amounts of             $5,165,101               $4,679,150
Assessments
and Claims Waived by the NYSDTF

The NYSDTF agrees to these releases with respect to the Sales and
Use Tax Closing Agreement:

  -- to waive any rights to assess and to file proofs of claim
     in the SIPA Proceeding;

  -- to withdraw all pending assessments and proofs of claim
     asserted against LBI in the SIPA Proceeding; and

  -- that it is not entitled to any tax, interest or penalties
     from any person who may be deemed responsible or liable for
     LBI's taxes, interest, or penalties under the New York
     State Tax Law.

The NYSDTF also agrees to these releases with respect to the
Withholding Tax Closing Agreement:

  -- to waive any rights to assess and to file proofs of claim
     in the SIPA Proceeding;

  -- to withdraw all pending assessments and proofs of claim
     asserted against LBI in the SIPA Proceeding;

  -- that it is not entitled to any tax, interest, or penalties
     from any person who may be deemed responsible or liable for
     LBI's taxes, interest, or penalties under the New York
     State Tax Law or the New York City Administrative Code; and

  -- that it reserves its right to investigate and pursue
     additional tax, interest, or penalties with respect to a
     "reportable transaction" referenced in Section 25 of the
     Tax Law or an "abusive tax avoidance transaction"
     referenced in Section 683(c)(11) of the Tax Law.

Mr. Kobak contends that the LBI Trustee's decision to waive his
right to seek refunds of tax paid during the Sales and Use Tax
Audit Period and the Withholding Tax Audit Period in exchange for
the NYSDTF's agreement to waive any rights to assess, assert
potential claims, and withdraw its pending claim against LBI
represents a reasonable exercise of the Trustee's business
judgment.

The Court will convene a hearing on July 20, 2011, to consider
the request.  Objections are due on July 13.

                    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 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: LBI Trustee Wants RBS Forced to Pay $345.9-Mil.
----------------------------------------------------------------
James W. Giddens asks the Court for an order (i) enforcing the
automatic stay and stays in the order commencing liquidation of
LBI, and (ii) compelling payment for $345,938,625 in cash, plus
interest, to LBI owed by RBS N.V., acquirer of and successor-in-
interest to ABN AMRO Bank N.V.

The $347,501,344 amount constitutes the net amount owed as a
result of early termination under the terms of a 1992
International Swap Dealers Association, Inc. Master Agreement,
dated as of March 16, 1998, between LBI and ABN, which agreement
covered currency exchange transactions between LBI and ABN.  That
amount has been reduced by $1,562,719, which LBI understands to
be ABN's calculation of funds due it under certain securities
lending transactions and underwriting.

Richard G. Menaker, Esq., at Menaker & Herrmann, in New York,
contends that RBS has purported to justify its refusal to pay
back the Withheld Funds on the basis of (a) a claimed right of
setoff that RBS asserts against an LBI affiliate, (b) a claimed
right of setoff that RBS's affiliate Royal Bank of Scotland plc
asserts against LBI, and (c) a claimed right of setoff that Royal
Bank of Scotland plc asserts against another LBI affiliate.  He
asserts that RBS predicates those so-called "triangular setoff"
claims not upon the ISDA Master Agreement but upon an unsigned
writing entitled "Terms of Agreement" that it alleges created a
purported separate contract between LBI and Greenwich Capital
Markets, Inc., yet another RBS affiliate.

The LBI Trustee objects to RBS's various setoff claims as without
merit.  To the contrary, the LBI Trustee has a right to recover
the Withheld Funds based on simple and straightforward principles
of contract law and applicable bankruptcy law, like the
requirement of mutuality with respect to the setoff of
prepetition debts, together with the clear limitations on the
scope of safe harbor insulation, Mr. Menaker contends.  He points
out that these legal principles are reinforced by the purposes
underlying SIPA and a balance of the equities that weighs heavily
against RBS and in favor of the LBI Trustee and those that the
LBI Trustee is charged to protect.

Mr. Menaker notes that the $345,938,625 that RBS is holding
includes $293,502,344 in "close out amount" owed to LBI as a
result of early termination of the foreign currency transactions
and in funds owed to LBI for terminated but unsettled foreign
currency transactions, and $53,999,000 for cash collateral
transferred by LBI to ABN.

Samuel F. Abernethy, a partner at Menaker & Herrmann, filed a
declaration in support of the request.

The Court will convene a hearing on September 13, 2011, to
consider the request.  Objections are due on August 10.

                    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 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: FX Cash Claims Determination Upheld
----------------------------------------------------
The bankruptcy court at the behest of James W. Giddens, as trustee
for the liquidation of the business of Lehman Brothers, Inc.,
upheld a ruling determining t hat certain claims arising out of
forward foreign currency transactions closed out pursuant to
certain International Swap Dealers Association Master Agreements
entitled Multicurrency-Cross Border.

Mr. Giddens says these claimants have objected to the Trustee's
determination that claims arising out of forward transactions to
purchase or sell foreign currency are not "customer" claims
within the meaning of SIPA:

  -- Banco de Mexico (Claim No. 900004741);
  -- Absa Bank Limited (Claim No. 900003370);
  -- Lehman Brothers GTAA (Claim No. 800003085); and
  -- RIC-RIF Non-US Fund (Claim No. 900004642).

James B. Kobak, Jr., Esq., at Hughes Hubbard & Reed LLP, in New
York, contends that the Trustee's determinations, which deny each
of the ISDA FX Claimants customer status under SIPA and convert
their asserted customer claims to general creditor claims, should
be confirmed because the ISDA FX Claimants are not customers
under SIPA.  "The ISDA FX Claimants are sophisticated parties who
entered into contracts with LBI to purchase or sell designated
foreign currencies at designated dates subsequent to the
[Petition Date], and now claim damages for LBI's breach. They
never entrusted 'securities' to be held in a 'securities account'
with LBI as a securities broker dealer, essential elements of
customer status under SIPA.  Likewise, they did not deposit cash
with LBI for the purpose of purchasing securities.  Even assuming,
contrary to fact, that entrustment of property had occurred, the
forward foreign currency transactions underlying these claims are
expressly excluded from SIPA's definition of 'security' which
also clearly places these claims outside the statutory coverage."

Mr. Kobak points out that the objections filed by the ISDA FX
Claimants to the Trustee's determinations fail to take account of
the relevant statutory provisions, including the definition of
customer and the exclusion of currency transactions from SIPA
coverage.  "Instead they largely rely on the Commodity Broker
Liquidation subchapter of chapter 7 of the Bankruptcy Code, which
is codified as subchapter IV of chapter 7 in the U.S. Bankruptcy
Code.  However, even under those provisions the ISDA FX Claims
are based on contracts -- forward contracts that were simply
bilateral agreements between the claimants and LBI -- that are
specifically excluded from coverage under the Commodities
Subchapter," Mr. Kobak asserts.

According to Mr. Kobak, as contracting parties that dealt with
LBI under ISDA Agreements, the ISDA FX Claimants are, at best,
unsecured creditors of the LBI general estate.  "Upon the
commencement of [the bankruptcy] proceeding, the ISDA FX
Claimants exercised rights to terminate the ISDA Agreements under
Bankruptcy Code safe harbor provisions and are now claiming
breach damages, together with interest and attorneys' fees, as
additional contractual remedies under the ISDA Agreements. These
are unsecured claims against general funds of the LBI estate, not
claims entitling their holders to share in the fund of 'customer
property' held by the Trustee for distribution to customers."

"Where the type of forward contract activity that is the basis
for the ISDA FX Claims is specifically excluded by both SIPA and
the Commodities Subchapter, and the minimum conditions for
customer status under SIPA are plainly not met, the Trustee's
position must be confirmed," Mr. Kobak asserts.

The Trustee asks the Court to (1) confirm his determination
denying the ISDA FX Claimants' claims as customer claims and
reclassify them to general unsecured claims in an undetermined
amount, and (2) expunge the ISDA FX Objections.

Daniel T. McIsaac filed an affidavit in support of Trustee's
motion.  Mr. McIsaac was retained by Hughes Hubbard & Reed LLP to
provide expert analysis and opinions on various matters related
to the regulatory provisions applicable to LBI as a United States
broker-dealer subject to regulation by the Securities and
Exchange Commission.  Mr. McIsaac's Affidavit explains the
regulatory provisions applicable to money obligations relating to
foreign currency trades owed among counterparties of ISDA
Agreements.

                    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 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).


LEVEL 3: Inks Conversion Agreement with Fairfax Financial
---------------------------------------------------------
Level 3 Communications, Inc., on July 6, 2011, entered into a
Conversion Agreement with Fairfax Financial Holdings Limited and
certain of its subsidiaries and certain other investors, including
Robert E. Julian, a member of the Company's Board of Directors and
certain entities affiliated with Mr. Julian pursuant to which the
Investors agreed to convert a total of $127,962,000 in aggregate
principal amount of the Company's 15% Convertible Senior Notes due
2013.  Upon conversion, the Company will issue an aggregate of
71,090,008 shares of the Company's common stock, representing the
approximately 555.5556 shares per $1,000 note into which the notes
are currently convertible.  The Company will also pay an aggregate
of $28,791,450 in cash, equivalent to $225 per $1,000 note,
representing interest that would be due from conversion through
maturity date.

Closing is subject to customary conditions.  Closing is expected
to occur on July 15, 2011.  The Conversion Agreement contains
customary representations, warranties and covenants for a
transaction of this type.

                   About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

Level 3 Communications carries a 'Caa1' corporate family rating,
and 'Caa2' probability of default rating, with negative outlook
from Moody's, a 'B-' issuer default rating from Fitch, and 'B-'
long term issuer credit ratings from Standard & Poor's.

The Company's balance sheet at March 31, 2011, showed
$8.80 billion in total assets, $9.06 billion in total liabilities,
and a $265 million total stockholders' deficit.


LEVI STRAUSS: Posts $20.51 Million Net Income in May 29 Quarter
---------------------------------------------------------------
Levi Strauss & Co. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting net income
of $20.51 million on $1.07 billion of net sales for the three
months ended May 29, 2011, compared with a net loss of $18.39
million on $957.96 million of net sales for the three months ended
May 30, 2010.  The Company also reported net income of $59.68
million on $2.17 billion of net sales for the six months ended
May 29, 2011, compared with net income of $37.48 million on $1.97
billion of net sales for the six months ended May 30, 2010.

The Company's balance sheet at May 29, 2011, showed $3.11 billion
in total assets, $3.24 billion in total liabilities and a $135.43
million total stockholders' deficit.

"I am pleased to report that revenues and net income improved for
the second quarter," said John Anderson, president and chief
executive officer of Levi Strauss & Co.  "Our top-line improvement
demonstrates that our global strategies are working.  Around the
world, the Levi's(R) brand is performing well as consumers are
responding to our craftsmanship and compelling products."

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

                        http://is.gd/AFhwNH

                      About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. --
http://www.levistrauss.com/-- is one of the world's leading
branded apparel companies.  The Company designs and markets jeans,
casual and dress pants, tops, jackets and related accessories, for
men, women and children under the Levi's(R), Dockers(R) and
Signature by Levi Strauss & Co.(TM).  The Company markets its
products in three geographic regions: Americas, Europe, and Asia
Pacific.

The Company reported net income of $149.44 million on
$4.33 billion of net sales for the year ended Nov. 28, 2010,
compared with net income of $150.71 million on $4.02 billion of
net sales for the year ended Nov. 29, 2009.

                           *     *     *

The Company carries a 'B+' corporate credit rating from Standard &
Poor's, a 'B1' corporate family rating from Moody's Investors
Service and a 'B+' issuer default rating from Fitch Ratings.

As reported by the TCR on March 24, 2011, Fitch Ratings downgraded
its Issuer Default Rating on Levi Strauss & Co. to 'B+' from
'BB-'.  The downgrade of the IDR reflects Levi's soft operating
trends and margin compression, continued high financial leverage,
and Fitch's expectation that Levi's financial profile will not
show meaningful improvement in the next one to two years.


LIMESTONE FURNITURE: In Ch. 11 Just Week After Owner's Arrest
-------------------------------------------------------------
Limestone Furniture Mart, Inc., filed a Chapter 11 petition
(Bankr. N.D. Ala. Case No. 11-82314) on July 6, 2011, estimating
assets and debts in the range of $100,000 to $500,000.

Clint Engel at Furniture Today reports that that Ashley Furniture
is listed as the largest unsecured creditor, with a $110,000
claim.  Also on the list in Somnus Mattress Corp. of Double
Springs, Ala., with a $5,069 claim.

Limestone Furniture owner Scott Connell has been in Limestone
County Jail since his June 29 arrest on charges of five counts of
first-degree theft and one count of second-degree theft, the
Athens, Ala., News-Courier reported.  Customers had complained
that Connell required cash or large deposits up front, but never
delivered the goods.  According to the story, 107 people filed
complaints against the store.

After the arrest, Connell's wife Brandi Connell attempted a
liquidation sale, but angry customers protested -- some staking
out their claims on furniture by sitting on it in the store,
according to Furniture Today.

Huntsville attorney JoLayne Hall, one of the customers who never
received ordered furniture, filed a temporary restraining order
and within hours Brandi Connell closed the store, the report said.

In bankruptcy documents, Mr. Hall is listed among the largest
unsecured creditors with a $1,800 claim.

According to the report, a hearing had been set to decide whether
the furniture in the store could be liquidated as the Connells
wanted or "held as proceeds of a crime," but the Connells'
attorney asked for a postponement and a new date has not been
set.

See http://bankrupt.com/misc/alnb11-82314p.pdf
    http://bankrupt.com/misc/alnb11-82314c.pdf


LOCAL INSIGHT: Plan Filing Exclusivity Extended to Aug. 14
----------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Local Insight Media Holdings' motion to extend the exclusive
period during which only the Company can file a Chapter 11 plan
and solicit acceptances thereof through and including Aug. 14,
2011 and Oct. 14, 2011, respectively.


                         About Local Insight

Wilmington, Delaware-based Local Insight Media Holdings, Inc., is
a publisher of print and online yellow page directories in the
United States.  Local Insight, along with affiliates, including
Local Insight Regatta Holdings, Inc., filed for Chapter 11
bankruptcy protection on (Bankr. D. Del. Lead Case No. 10-13677)
on Nov. 17, 2010.

Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Ross M.
Kwasteniet, Esq., at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  Curtis A. Hehn, Esq., Laura Davis Jones,
Esq., and Michael Seidl, Esq., at Pachulski Stang Ziehl & Jones
LLP, are the Debtors' co-counsel.

The Debtors' investment banker and financial advisor is Lazard
Freres & Co. LLC.  The Debtors' independent auditor is Deloitte &
Touche LLP.  The Debtors' interim management and restructuring
advisors are Alvarez & Marsal North America, LLC, and Avarez &
Marsal Private Equity Performance Improvement Group, LLC.
Kurtzman Carson Consultants LLC is the Debtors' notice and claims
agent.

Local Insight Media Holdings estimated assets of less than $50,000
and liabilities of $100 million to $500 million in its Chapter 11
petition.  Local Insight Regatta reported consolidated assets of
$796,270,000 against consolidated debts of $669,612,000 as of
Sept. 30, 2010, according to its Form 10-Q filed with the
Securities and Exchange Commission.

The Official Committee of Unsecured Creditors has tapped Milbank,
Tweed, Hadley & McCloy LLP as its counsel; Morris, Nichols, Arsht
& Tunnel LLP as Delaware co-counsel; Houlihan Lokey Howard & Zukin
Capital Inc. as its financial advisor and investment banker; and
Mesirow Financial Consulting LLC as its forensic accountant and
litigation advisor.


LOS ANGELES DODGERS: Paid $5.25 Million Secret Fee to Lender
------------------------------------------------------------
Delaware Online reports that the Los Angeles Dodgers paid the
lender temporarily financing the team while in bankruptcy a
$5.25 million fee that wasn't properly disclosed, Major League
Baseball claimed in a court filing.

According to the report, the filing is part of a dispute between
baseball and Dodgers' owner Frank McCourt over who will fund the
team while it tries to reorganize and exit bankruptcy. U.S.
Bankruptcy Judge Kevin Gross on June 28 gave the team temporary
approval to borrow as much as $60 million from JPMorgan Chase &
Co.'s Highbridge Capital Management LLC.

The report says MBIA, Merrill drop suit over mortgage-debt
protection MBIA Inc. and Bank of America Corp.'s Merrill Lynch
told a judge they want to dismiss a breach-of-contract lawsuit
over protection sold against mortgage-debt defaults as the firms
seek to resolve cases stemming from souring U.S. home loans.

The report relates that both companies agreed to voluntarily
dismiss the case and not bring it again and pay their own legal
fees.  The suit is among several between the MBIA bond insurer
that guaranteed Wall Street's toxic mortgage debt and Bank of
America and units including Countrywide.

                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.

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


LOS ANGELES DODGERS: MLB Limited on Dodgers' Lender Documents
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Los Angeles Dodgers baseball club has a pivotal
hearing on July 20 where the bankruptcy judge will decide whether
to give final approval of $150 million in financing from
Highbridge Principal Strategies LLC, the team's choice to make the
loan.  Major League Baseball has a competing offer it says is
superior.  In preparing for the hearing, the bankruptcy judge
trimmed back a request by the MLB commissioner to compel
Highbridge to produce documents.  The commissioner was the
previous victor in a discovery spat.  The judge blocked the
Dodgers from requiring MLB to turn over confidential financial
information about other teams.

                   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.  Epiq Bankruptcy Solutions LLC is the
claims and notice agent.

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


LOS ANGELES DODGERS: Players Union, Radio Station on Committee
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the players' union is one of five members named on
July 13 to the official creditors' committee for the Los Angeles
Dodgers baseball club.  Formally named the Major League Baseball
Players Association, the union is joined on the committee by Los
Angeles radio station KABC.  Also on the committee are the legal
representatives of Bryan Stow, the man who was beaten in a stadium
parking lot early this season.

Mr. Rochelle notes that the committee has been formed in time to
take a position at the pivotal hearing on July 20 where the
bankruptcy judge will decide whether to give final approval for
$150 million in financing from Highbridge Principal Strategies
LLC, the team's choice to make the loan.  Major League Baseball
has a competing offer it says is superior.

                    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.

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


LOWER BUCKS: County Commissioners Support Re-Emergence
------------------------------------------------------
PhillyBurbs.com reports that the Lower Bucks Hospital property has
been designated a "blighted" area by the county commissioners,
another step toward helping the hospital re-emerge from bankruptcy
later this year.

According to the report, the redevelopment plan approval was
unanimous Wednesday, though Bucks Commissioner Diane Marseglia
expressed concern about a lack of information about the hospital's
long-term plans to turn around financially.  The plan will allow
for mixed use, including residential development, on vacant or
unused lands belonging to the hospital, whose property is in both
Bristol and Bristol Township.  It also certifies the hospital's 36
acres as "blighted," a necessary step before the Bucks County
Redevelopment Authority can take the hospital's title and borrow
$14 million to help the hospital emerge from Chapter 11
bankruptcy.

Under the plan, the authority will take title to the hospital's
property as collateral and the hospital will repay the loan with
interest over 20 years and buy back the property.  Lower Bucks
Hospital will repay the loan using its 0.5 percent of the revenue
from table games at Parx Casino in Bensalem.  The total amount
paid by the hospital would add up to almost $30 million.

The report says the $14 million will not be used for renovations
or repairing vacant or dilapidated buildings on the property.  The
hospital owns four empty houses and one empty lot located on its
main property, spokesman John Coffman said.

Mr. Coffman added that as part of the pending restructuring plan,
the hospital has designated "millions of dollars" for future
capital improvements to the hospital building and property.  The
hospital is finalizing its restructuring plan, which could be
submitted to U.S. bankruptcy court before the end of the week,
hospital CEO and President Al Mezzaroba said.  The public document
outlines the hospital's financial plans for re-emerging from
bankruptcy.

                   About Lower Bucks Hospital

Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit
hospital based in Bristol, Pennsylvania.  The Hospital is
currently licensed to operate 183 beds.  Together with affiliates
Advanced Primary Care Physicians and Lower Bucks Health
Enterprises, Inc., Lower Bucks owns a 36-acre campus with several
medical facilities.  The Hospital's emergency room serves
approximately 30,000 patients annually.  For the fiscal year
ending June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.

The Hospital filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Pa. Case No. 10-10239) on Jan. 13, 2010.  The Hospital's
affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced
Primary Care Physicians also filed Chapter 11 petitions.  Jeffrey
C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist
the Hospital in its restructuring effort.  Donlin, Recano &
Company, Inc., is the Hospital's claims and notice agent.  The
Debtors tapped Zelenkofske Axelrod LLC for the provision of tax
preparation services.  The Hospital estimated assets and
liabilities at $50 million to $100 million .


MACDERMID INC: S&P Puts 'B-' on Watch Positive as IPO Looms
-----------------------------------------------------------
Standard & Poor's Ratings Services's ratings, including its 'B-'
corporate credit rating, on Denver-based MacDermid Inc. remain on
CreditWatch with positive implications. Standard & Poor's
initially placed the ratings on MacDermid on CreditWatch on
March 31, 2011, reflecting the company's improved operating
performance and financial profile. "MacDermid's credit metrics
improved meaningfully over the past several quarters, though the
company remains highly leveraged," said Standard & Poor's credit
analyst Seamus Ryan.

Subsequent to this rating action, MacDermid announced plans for an
initial public offering of common stock.

The CreditWatch listing indicates the potential that Standard &
Poor's would upgrade MacDermid after reviewing its continued
gradual improvement in operating performance and proposed equity
offering, if completed successfully, with partial debt repayment.

"We will consider the effect of this transaction on the company's
credit metrics and assess any changes to financial policy," Mr.
Ryan said.

MacDermid has about $700 million in annual sales and benefits from
leading market positions in niche markets, some product diversity,
and good geographic diversification. However, the company sells a
significant portion of its products to cyclical end markets, so it
is vulnerable to economic or industry-specific downturns.


MDA ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: MDA Enterprises, LLC
        193 Bares Run Drive
        Loveland, OH 45140

Bankruptcy Case No.: 11-14252

Chapter 11 Petition Date: July 8, 2011

Court: United States Bankruptcy Court
       Southern District of Ohio (Cincinnati)

Judge: Jeffery P. Hopkins

Debtor's Counsel: Eric W. Goering, Esq.
                  GOERING & GOERING
                  220 West Third Street, Third Floor
                  Cincinnati, OH 45202
                  Tel: (513) 621-0912
                  E-mail: eric@goering-law.com

Scheduled Assets: $66,260

Scheduled Debts: $1,039,418

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/ohsb11-14252.pdf

The petition was signed by Maxwell Monks, member.

Affiliate that previously filed Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Maxwell William Monks                  11-12025   04/05/11


MERIT GROUP: Court Sets Aside Stonehenge Credit Bid Dispute
-----------------------------------------------------------
Bankruptcy Judge Helen E. Burris overruled an objection by the
official Committee of Unsecured Creditors of The Merit Group Inc.,
which seeks to prohibit or limit Stonehenge Opportunity Fund II,
L.P.'s right to credit bid at the auction of the Debtors' assets.

The Committee asks, inter alia, that the Court require the full
amount of the credit bid portion of any Stonehenge credit bid be
secured by immediately available funds to be deposited in an
escrow account.  The Committee further requests that such posted
collateral be held in an escrow account pending a determination by
the Court as to the validity and enforceability of Stonehenge's
claims against the estates.

The Committee also argues that its ability to officially challenge
Stonehenge's position is hampered by the speed of the case.

Stonehenge contends that it has a right to credit bid under 11
U.S.C. Sec. 363(k) and that any determination of whether a credit
bid should be accepted and approved by the Court is premature.

The Debtors are seeking to sell substantially all assets pursuant
to Sec. 363 free and clear of all liens, outside of a Chapter 11
plan, and without a disclosure statement on file.  The Sale Motion
contemplates a sale price to a Stalking Horse Bidder, MG
Distribution, LLC, in the amount of $46 million plus other assumed
liabilities, cure amounts, etc., with an auction on July 20 to
entertain higher and better offers.  The sale contemplates a
transaction fee to Morgan Joseph of $750,000.

Judge Burris said both parties' arguments have some merit.  She,
however, said that the cases cited by the Committee to support its
argument do not impose on the Court an obligation to deny or
condition the credit bid right at this point in time on these
facts.  The Court is not convinced that it should exercise its
discretion to do so at this time.

"This decision does not prejudice the rights of the Committee or
any other party to bring any matter to the Court's attention or
object to the Debtors' proposed sale after the auction is held and
the selected bidder and final sales terms are presented to the
Court for approval.  In addition, the Court reserves the right to
revisit the appropriateness of any credit bid by Stonehenge and to
consider any conditions or safeguards requested by the Committee
or any other party that may be in the best interest of the estate
at that time," Judge Burris said.

A copy of Judge Burris' July 12 Order is available at
http://is.gd/KHTIBwfrom Leagle.com.

                         About Merit Group

Based in Spartanburg, South Carolina, The Merit Group Inc.,
formerly Lancaster Distributing Company, serves as one of the
leading paint sundries distributors in the United States.  Its
markets also include Mexico, the Caribbean Islands, Central
America and South America.

Merit Group filed for Chapter 11 bankruptcy protection (Bankr. D.
S.C. Lead Case No. 11-03216) on May 17, 2011.  Judge Helen E.
Burris presides over the case.  Michael M. Beal, Esq., McNair Law
Firm PA, represents the Debtors.  The Debtors selected Kurtzman
Carson Consultants LLC as their claims agent; and Morgan Joseph
TriArtisan LLC, investment banker, and Alvarez & Marsal North
America, LLC, as financial advisors.  Merit Group disclosed
7,004,048 in assets and $66,609,946 in liabilities as of the
Chapter 11 filing.

DIP Lender Regions Bank is represented by lawyers at Nexsen Pruet
Jacobs & Pollard and Parker, Hudson, Rainer & Dobbs, LLP.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee is represented by Cole,
Schotz, Meisel, Forman & Leonard, P.A.  The Committee tapped
McCarthy Law Firm LLC as co-counsel, J.H. Cohn LLP as its
financial advisor.


MESA AIR: Receives Recognition For "Impressive" Turnaround
----------------------------------------------------------
Mesa Air Group, Inc. and its reorganization team received the
2011 Corporate Turnaround Deal of the Year at the Turnaround
Atlas Award Gala held in June in Chicago.  Mesa's President and
Chief Financial Officer Michael Lotz was also named 2011
Corporate Turnaround Executive of the Year for leading the
completion of "a complex and challenging reorganization."

The awards, presented by Global M&A Network, honor Mesa's
transformation from a financially troubled company to a leaner
and more financially sound operation.  The reorganization team of
Imperial Capital, Pachulski Stang Ziehl & Jones, Macquarie
Capital, and Morrison Foerster worked closely with Mr. Lotz and
Mesa management to complete the restructuring of $700,000,000 in
capitalized leases and $50,000,000 in debt, according to the
company's statement.

During this same period, Mesa's operational performance placed it
as one of the top-performing regional airlines in the U.S. as
measured by the DOT.  Having completed its turnaround, Mesa is
well-positioned to fulfill its current contracts and seek
additional business, the company said.

"Mike and I have known each other since 1995 at Continental,
where Mike was deeply involved in another turnaround.  We have
worked together ever since, and he has proven himself to be one
of the top executives in the airline industry, a friend, and a
trusted advisor.  I commend Mike and the reorganization team for
their leadership to transform Mesa into a more solid company in
an impressive 12 months.  Both Turnaround Atlas Awards reinforce
the corporate world's recognition of their outstanding
performance," Mesa Chairman and Chief Executive Officer Jonathan
Ornstein said in the statement.

"We were able to take a very difficult situation and quickly turn
it around and create a profitable company well-positioned for
future growth in the regional airline industry.  I'd like to
thank Paul Foley, Chief Operating Officer; David Butler, Senior
Vice President for Administration and Human Resources; Brian
Gillman, previous General Counsel; Gary Appling, Senior Vice
President for Technical Service and Engineering; Keith Kranzow,
Senior Vice President for Finance and everyone at Mesa for their
incredible support and dedication," Mr. Lotz responded.

Mesa currently operates 76 aircraft with 440 daily departures to
94 cities, 34 states, the District of Columbia, and Mexico.  It
flies as US Airways Express and United Express under agreements
with those airlines and independently as go! Mokulele in Hawaii.
Mesa was founded by Larry and Janie Risley in New Mexico in 1982.

                         About Mesa Air

Mesa Air currently operates 76 aircraft with approximately 450
daily system departures to 94 cities, 38 states, the District of
Columbia, and Mexico.  Mesa operates as US Airways Express and
United Express under contractual agreements with US Airways and
United Airlines, respectively, and independently as go! Mokulele.
This operation links Honolulu to the neighbor island airports of
Hilo, Kahului, Kona and Lihue.  The Company was founded by Larry
and Janie Risley in New Mexico in 1982.

Mesa Air Group Inc. and its units filed their Chapter 11 petitions
(Bankr. S.D.N.Y. Lead Case No. 10-10018) on Jan. 5, 2010, in New
York, listing assets of $976 million against debt totaling
$869 million as of Sept. 30, 2009.

Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel to the
Debtors.  Imperial Capital LLC is the investment banker.  Epiq
Bankruptcy Solutions is claims and notice agent.  Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.

Judge Martin Glenn entered a final order confirming the Third
Amended Joint Plan of Reorganization of Mesa Air Group, Inc., and
its debtor affiliates on Jan. 20, 2011.  Under the plan, the
reorganized company will issue new notes, common stock and
warrants to creditors.  Unsecured creditors that are U.S. citizens
will receive a combination of new notes and new common stock,
while unsecured creditors that are Non-U.S. citizens will receive
a combination of new notes and new warrants.  An agreement with US
Airways paved way for the filing of the plan.

Mesa Air's Plan of Reorganization became effective March 1, 2011.
The Company's restructuring accomplishments included elimination
of 100 excess aircraft and associated leases and debt which
contributed to the deleveraging of Mesa's balance sheet in the
approximate amount of $700 million in capitalized leases and
$50 million in debt, and extending the term of the code-share
agreement with US Airways through September 2015.

Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000).


MESA AIR: RollsRoyce Sells $28.7-Mil. Claim to Bridge Business
--------------------------------------------------------------
Rolls-Royce PLC intends to sell, trade, or otherwise transfer
Claim Nos. 1220 and 1222 to Bridge Business Services, LLC.

Claim No. 1222 asserts a $28,628,122 claim against Mesa Airlines,
Inc.  Claim No. 1220 asserts a $28,628,122 claim against Mesa Air
Group, Inc.  The Claims and certain other general unsecured
claims of Rolls-Royce have been allowed pursuant to a post-
Effective Date Settlement Agreement, dated April 22, 2011.

Bridge Business is also notifying the Court of its intention to
purchase, acquire, or otherwise accumulate Claim Nos. 1220 and
1222.  It currently beneficially owns no amount of Allowed or
Disputed Claims against the Debtors and zero shares of New Common
Stock, zero New Warrants, and zero 2023 Notes or 2024 Notes.

Once the proposed transfer occurs, Bridge Business will
beneficially own Claims against the Debtors in the aggregate
principal amount of $57,256,244, plus an additional $50,070,451
of claims being sold to it by other creditors.

                         About Mesa Air

Mesa Air currently operates 76 aircraft with approximately 450
daily system departures to 94 cities, 38 states, the District of
Columbia, and Mexico.  Mesa operates as US Airways Express and
United Express under contractual agreements with US Airways and
United Airlines, respectively, and independently as go! Mokulele.
This operation links Honolulu to the neighbor island airports of
Hilo, Kahului, Kona and Lihue.  The Company was founded by Larry
and Janie Risley in New Mexico in 1982.

Mesa Air Group Inc. and its units filed their Chapter 11 petitions
(Bankr. S.D.N.Y. Lead Case No. 10-10018) on Jan. 5, 2010, in New
York, listing assets of $976 million against debt totaling
$869 million as of Sept. 30, 2009.

Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel to the
Debtors.  Imperial Capital LLC is the investment banker.  Epiq
Bankruptcy Solutions is claims and notice agent.  Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.

Judge Martin Glenn entered a final order confirming the Third
Amended Joint Plan of Reorganization of Mesa Air Group, Inc., and
its debtor affiliates on Jan. 20, 2011.  Under the plan, the
reorganized company will issue new notes, common stock and
warrants to creditors.  Unsecured creditors that are U.S. citizens
will receive a combination of new notes and new common stock,
while unsecured creditors that are Non-U.S. citizens will receive
a combination of new notes and new warrants.  An agreement with US
Airways paved way for the filing of the plan.

Mesa Air's Plan of Reorganization became effective March 1, 2011.
The Company's restructuring accomplishments included elimination
of 100 excess aircraft and associated leases and debt which
contributed to the deleveraging of Mesa's balance sheet in the
approximate amount of $700 million in capitalized leases and
$50 million in debt, and extending the term of the code-share
agreement with US Airways through September 2015.

Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000).


METROPARK USA: Court Expands Omni's Scope of Employment
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Metropark USA Inc. to expand the scope of employment
of Omni Management Group.  The firm will provide services with
respect to the preparation of the Debtor's schedules of assets and
liabilities and statement of financial affairs.

The Debtor previously obtained authorization from the Court to
employ Omni Management Group as claims and noticing agent, nunc
pro tunc to May 2, 2011.  Omni will, among other things:

     a. prepare and serve required notices in the Debtor's Chapter
        11 case;

     b. within five business days after the service of a
        particular notice, prepare for filing with the Clerk an
        affidavit of service that includes (i) a copy of the
        notice served, (ii) an alphabetical list of persons on
        whom the notice was served, along with their addresses,
        and (iii) the date and manner of service;

     c. assist the Debtor in filing its Schedules of Assets and
        Liabilities, Schedules of Executory Contracts and
        Unexpired Leases, and Statements of Financial Affairs; and

     d. provide the filing location for all proofs of claim and
        proofs of interest, and receive and maintain copies of all
        proofs of claim and proofs of interest filed in this case.

The hourly rates of the firm's personnel are:

        Senior Consultants                      $195-$275
        Consultants/Project Specialists          $75-$150
        Programming                             $130-$185
        Clerical Support                         $35-$95
        Quality Assurance                        $35-$75

Brian K. Osborne, member of Omni, assured the Court that the firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                      About Metropark USA

Metropark USA, Inc. -- http://www.metroparkusa.com/-- is a Los
Angeles retail chain with 70 stores in 21 states.  Metropark was
founded in 2004 to capitalize on the large Gen Y segment (the 25-
35 year old customer) in demand for fashion-forward apparel and
accessories.  Its headquarters, distribution centers, and e-
commerce site located in Los Angeles, California.

Metropark filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 11-22866) on April 26, 2011.  Cathy Hershcopf,
Esq., and Jeffrey L. Cohen, Esq., at Cooley LLP, serve as the
Debtor's bankruptcy counsel.  CRG Partners Group, LLC, is the
Debtor's financial advisor.

The Debtor disclosed total assets of $28,933,805 and total debts
of $28,697,006 as of April 2, 2011.


METROPARK USA: Challenge for Bricoleur Liens Extended Sine Die
--------------------------------------------------------------
Metropark USA, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York, to approve a stipulation entered
with Bricoleur Capital Partners, LP, as second lien agent, and
The Official Committee of Unsecured Creditors.

The Debtor relates that there was a balance owing under the
Prepetition Subordinated Credit Agreement in the amount of
$825,000 on the petition date.

The Debtor states that through the stipulation, the parties desire
to resolve the need for a hearing on the Ex Parte motion by
stipulating that no bar date exists under the terms of the motion
as to the filing of any motions or actions to challenge the
purported liens of Bricoleur by the Debtor, the Committee, or any
other party in-interest.

The stipulation provides for:

   1. there exists no deadline under the terms of any cash
      collateral motion, stipulation, or order related to the
      instant case to file motions or actions challenging, inter
      alia, the enforceability, priority, or amount of any
      purported secured liens of Bricoleur regarding the Debtor's
      assets.

   2. upon execution of the stipulation by all parties, the
      Committee will withdraw the Ex Parte Motion, and schedule
      any hearings on any motions or actions regarding the
      purported secured liens, whether currently filed or not, of
      Bricoleur on regular notice.

The Committee is represented by:

         BLAKELEY & BLAKELEY LLP
         100 Park Avenue, Suite 1600
         New York, NY 10017
         Tel: (212) 984-1033
         Fax: (212) 880-6499
         Scott E. Blakeley, Esq.
         Ronald A. Clifford, Esq.
         David M. Mannion,, Esq.

Bricoleur Capital is represented by:

         SOLOMON WARD SEIDENWURM SMITH LLP
         Michael D. Breslauer, Esq.

                      About Metropark USA

Metropark USA, Inc. -- http://www.metroparkusa.com/-- is a Los
Angeles retail chain with 70 stores in 21 states.  Metropark was
founded in 2004 to capitalize on the large Gen Y segment (the 25-
35 year old customer) in demand for fashion-forward apparel and
accessories.  Its headquarters, distribution centers, and e-
commerce site located in Los Angeles, California.

Metropark filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 11-22866) on April 26, 2011.  Cathy Hershcopf,
Esq., Jeffrey L. Cohen, Esq., and Alex R. Velinsky, Esq., at
Cooley LLP, in New York, serve as the Debtor's bankruptcy counsel.
CRG Partners Group, LLC, is the Debtor's financial advisor.  The
Debtor also tapped Great American Group Real Estate, LLC doing
business as GA Keen Realty Advisors as special real estate
advisor.

The Debtor disclosed total assets of $28,933,805 and total debts
of $28,697,006 as of April 2, 2011.

Blakeley & Blakeley LLP represents the Committee.


METROPARK USA: Files Schedules of Assets & Liabilities
------------------------------------------------------
Dulces Arbor, S. de R.L. de C.V., aka Dulces Arbor, S.A. de C.V.,
filed with the U.S. Bankruptcy Court for the Western District of
Texas, its schedules of assets and liabilities, disclosing:

  Name of Schedule               Assets                Liabilities
  ----------------              -------                -----------
A. Real Property               $12,500,000
B. Personal Property           $10,339,569
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                     $4,527,000
E. Creditors Holding
   Unsecured Priority
   Claims                                                $24,447
F. Creditors Holding
   Unsecured Non-priority
   Claims                                             $7,067,769
                                 -----------        ------------
      TOTAL                      $19,227,103         $11,619,243

                        About Dulces Arbor

Dulces Arbor, S. de R.L. de C.V., aka Dulces Arbor, S.A. de C.V.,
is a Mexican corporation that has been doing business for years in
the greater El Paso-Ciudad Juarez area.  It filed for Chapter 11
bankruptcy (Bankr. W.D. Tex. Case No. 11-31199) on June 22, 2011.
Judge Leif M. Clark presides over the case.

In its petition, the Debtor estimated assets of $10 million to
$50 million, and debts of $1 million to $10 million.  The petition
was signed by Raymond Ducorsky, sole administrator.  Mr. Ducorsky
is also its largest unsecured creditor with a $2,300,000 claim.


MITCHELL LEONARD: Allowed to Continue Cattle Sales Despite Scam
---------------------------------------------------------------
Eric Berger at Boonville Daily News reports that Mitchell J.
Leonard must pay the restitution ordered in a 2009 judgment to the
cattle farmers he defrauded and the state of Missouri but is
allowed to continue operating a cattle business as part of a
Chapter 11 reorganization plan.

According to the report, the U.S. Bankruptcy Court for the Western
District of Missouri confirmed the plan in September 2010 that
allowed Mr. Leonard, who engaged in a bait-and-switch scam where
he misrepresented the quality of the cattle he owned and sold them
through brokers, to continue selling cattle at auction.

Mr. Berger says the order replaced the March 2009 judgment that
prohibited Mr. Leonard from any involvement in a livestock
business in the state of Missouri.  The ruling in bankruptcy court
only prohibits Leonard from selling the cattle through private
agreements.

The report notes the plan requires Leonard pay $134,000 in civil
penalties to the state of Missouri, $37,515 to the Attorney
General's Missouri Merchandising Practices Act enforcement fund
and the amount owed to claimants in a lawsuit.  The court waived
attorney fees and court costs and imposed a $200,000 penalty that
it suspended and would remit if Leonard complies with the terms of
the agreement.

Noel Magee, a Columbia-based attorney who represented 15
plaintiffs, said his clients were dissatisfied because they
estimate it could take more than nine years before they receive
the money owed from the lawsuit, notes Mr. Brger.

Jay Nixon, as Attorney General, filed the lawsuit in 2006.

Based in New Franklin, Missouri, Mitchell J. Leonard filed for
Chapter 11 protection (Bankr. W.D. Mo. Case No.
09-21458) on July 14, 2009.  James F. B. Daniels, Esq., at
McDowell Rice Smith & Buchanan, represents the Debtor in its
restructuring efforts.  Mr. Leonard scheduled assets of
$4,144,275, and debts of $2,854,599.


MOHEGAN TRIBAL: Files Statistical Report for Mohegan Sun
--------------------------------------------------------
The Mohegan Tribal Gaming Authority posted on its Web site its
Slot Machine Statistical Report for Mohegan Sun at Pocono Downs
containing statistics relating to slot handle, gross slot win,
gross slot hold percentage, Pennsylvania slot tax and weighted
average number of slot machines.  The Slot Machine Statistical
Report includes these statistics on a monthly basis for the nine
months ended June 30, 2011, and the fiscal year ended Sept. 30, \
2010.  A copy of the Slot Machine Statistical Report is available
for free at http://is.gd/z4o6Xl

                        About Mohegan Tribal

Headquartered in Uncasville, Conn., Mohegan Tribal Gaming
Authority conducts and regulates gaming activities on Tribal
lands, which are federally recognized Indian tribe reservations in
southeastern Connecticut.

The Authority has noted that its Bank Credit Facility matures on
March 9, 2012 and its 2002 Senior Subordinated Notes mature on
April 1, 2012.  In addition, a substantial portion of the
Authority's remaining indebtedness matures over the following
three fiscal years.  The Authority believes that it will need to
refinance all or part of its indebtedness at or prior to each
maturity thereof in order to maintain sufficient resources for its
operations.  The Authority has engaged Blackstone Advisory
Partners, L.P. to assist in its strategic planning relating to its
debt maturities.

The Company's balance sheet at March 31, 2011, showed
$2.17 billion in total assets, $2.01 billion in total liabilities,
and $161.66 million in total capital.

                          *     *     *

At the end of November 2010, Moody's Investors Service downgraded
Mohegan Tribal Gaming Authority's Corporate Family and Probability
of Default ratings to Caa2 from B3.  All of MTGA's rated long-term
debt was also lowered.  The rating outlook is negative.

The ratings downgrade reflects Moody's view that MTGA could
find it difficult to refinance significant upcoming debt
maturities without some impairment to bondholders given its high
leverage -- debt/EBITDA is over 7 times -- limited near-term
growth prospects for Mohegan Sun Casino, the likely continuation
of weak consumer gaming demand trends in the Northeastern U.S.,
and the strong possibility of gaming in Massachusetts.  The
company's $675 million revolver ($527 million outstanding at
Sept. 30, 2010) expires in March 2012 and its $250 million 8%
senior subordinated notes mature in April 2012.  Combined, these
debt items account for about 50% of MTGA's total debt outstanding.

MTGA has announced that it hired Blackstone Group to help deal
with its capital structure issues, although no details have been
made available regarding MTGA's options.  Given the company's
recently announced weak fiscal fourth quarter results along with
the significant near- and long-term challenges previously
mentioned, Moody's believes a restructuring that involves some
impairment to bondholders will be considered.

The negative ratings outlook reflects the relatively short time
frame in which MTGA has to address what Moody's believes to be a
significant capital structure issue.  If MTGA is not able to
refinance by March 2011 its $675 million revolver will be become
current.  The same holds true for the company's $250 million 8%
senior subordinated notes to the extent these notes are not
refinanced by April 1, 2011.


NEW STREAM: Has Settlement With Objecting Investors
---------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that New Stream Capital LLC negotiated a settlement with
some investors in its U.S. and Cayman Islands funds who filed
involuntary bankruptcy petitions and were opposing a prepackaged
Chapter 11 plan negotiated in advance of the Chapter 11 filing in
March.  The settlement was made feasible by completion of the sale
in June of New Stream's portfolio of life insurance policies.  The
sale to an affiliate of McKinsey & Co. Inc. generated $124.3
million, New Stream said in its court papers filed last week. The
settlement is scheduled for a hearing in bankruptcy court in
Delaware on July 29.

Mr. Rochelle recounts that creditors who invested $90 million in
U.S. and Cayman Island funds were disputing what New Stream
characterized as the "priority and extent of liens."  In the
settlement, the secured lender, which claims to be owed $107
million as of July 31, will accept $93.75 million.  The secured
lender will provide $20.3 million for distribution pro rata to
U.S. and Cayman investors who grant releases.

The report relates that the secured lender will make payment
directly to some of the investors and in return take over their
claims.  The U.S. and Cayman investors had filed involuntary
petitions in March against three New Stream funds not among those
who filed the prepackaged petitions.

                         About New Stream

New Stream is an inter-related group of companies that
collectively comprise an investment fund, headquartered in
Ridgefield, Connecticut. Founded in 2002, New Stream focuses on
providing non-traded private debt to the insurance, real estate
and commercial finance sectors.  New Stream chiefly invested in
the so-called life settlement market, where life insurance
policies are purchased for less than the death benefit from owners
of policies on individuals' lives.

On March 7, 2011, when New Stream was still soliciting votes on
the Chapter 11 plan, certain investors filed a petition (Bankr. D.
Del. Lead Case No. 11-10690) seeking to force three New Stream
funds -- New Stream Secured Capital Fund (U.S.) LLC, New Stream
Secured Capital Fund P1 (Cayman), Ltd. and New Stream Secured
Capital Fund K1 (Cayman), Ltd. -- to Chapter 11 bankruptcy.

The petitioning investors in the New Stream investment enterprise
say they are collectively owed over $90 million, representing
roughly 28% of the approximately $320 million owed to all U.S. and
Cayman investors. The Petitioners are represented by (i) Joseph
H. Huston, Jr., Esq., Maria Aprile Sawczuk, Esq., Meghan A.
Cashman, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware,
and Beth Stern Fleming, Esq., at Stevens & Lee, P.C., in
Philadelphia, Pennsylvania, and Nicholas F. Kajon, Esq., David M.
Green, Esq., and Constantine Pourakis, Esq., at Stevens & Lee,
P.C., in New York, (ii) Edward Toptani, Esq., at Toptani Law
Offices, in New York, and (iii) John M Bradham, Esq., and David
Hartheimer, Esq., at Mazzeo Song & Bradham LLP, in New York.

New Stream Secured Capital, Inc., and three affiliates -- New
Stream Insurance, LLC, New Stream Capital, LLC, and New Stream
Secured Capital, L.P. -- filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 11-10753) on March 13, 2011, with a proposed
prepackaged Chapter 11 plan.

Kurt F. Gwynne, Esq., J. Cory Falgowski, Esq., Michael J.
Venditto, Esq., and Scott M. Esterbrook, Esq., at Reed Smith LLP,
serve as the Debtors' bankruptcy counsel. Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.

NSSC Inc. estimated its assets and debts at up to $50,000. NSC
estimated its assets at $100,000 to $500,000 and debts at $50,000
to $100,000. NSI estimated its assets at $100 million to
$500 million and debts at $50 million to $100 million. NSSC LP
estimated its assets and debts at $500 million to $1 billion.

NSI's insurance portfolio is being sold for $184.35 million as
part of the Chapter 11 plan. The aggregate indebtedness secured
by the investment portfolio of NSSC is $688,412,974. NSI owes
$81,573,376 to certain account classes under a Bermuda fund.

The Official Committee of Unsecured Creditors hired Kurtzman
Carson Consultants LLC as its communications agent; Houlihan Lokey
Howard & Zukin Capital, Inc., as its financial advisor and
investment banker; and Zolfo Cooper, LLC, as its forensic
accountants and litigation support consultants.

New Stream completed a sale of its assets on June 3.  New Stream
sold the portfolio of life-insurance policies to an affiliate of
McKinsey & Co. for $127.5 million.  There were no competing bids
at auction.


NORTEL NETWORKS: Canadian Ministry to Review Patent Sale
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that before Nortel Networks Inc. can complete the
$4.5 billion sale of the patent portfolio, the Canadian Industry
Minister will investigate whether the transfer passes muster under
the Investment Canada Act. The act requires a determination that a
large acquisition gives Canada a "net benefit."

The 6,000 patents are to be sold to a group that includes Apple
Inc., Microsoft Corp., Sony Corp., Research In Motion Ltd.,
Ericsson AB and EMC Corp.

Nortel Networks was given authority on Monday by judges in the
U.S. and Canada to proceed with the $4.5 billion deal.

Google Inc., which opened the auction with a $900 million offer,
was outbid.

                     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.


NORTH GENERAL: Court Confirms Plan of Liquidation
-------------------------------------------------
Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York confirmed the further revised second
amended plan of liquidation of North General Hospital and its
debtor affiliates on June 22, 2011.

Judge Chapman confirmed the liquidation plan after holding that
modifications to the plan are not material and do not adversely
affect the treatment of the claim of any creditor or the interest
of any equity security holder.

The Plan, as modified, was deemed accepted by all holders of Class
1(c), Class 1(d) and Class 3 claims who previously voted to accept
the plan prior to modifications.

The Plan Modifications reflect the fact that the Plan is being
proposed by the Trustee rather than the Debtors.  The Trust
succeeds to the Debtors' status as plan proponent and, as such, is
authorized to propose the Plan Modifications.

Moreover, the Plan Modifications modify the injunction, release,
and exculpation provisions in Article 12 of the Plan in order to
preserve, among other things, (a) claims against
parties over which the Court does not have jurisdiction to grant
releases, (b) claims arising out of fraud, gross negligence or
willful misconduct, and (c) claims arising out of any
misadministration of these cases, including the potential claims
identified in the Examiner's Report.

The Plan Modifications also modify provisions in Article 8 of the
Plan relating to the rights and obligations of the Liquidation
Trustee.  For example, as modified, the Plan provides that:

   a. the Liquidation Trustee will have the right to abandon or
      dissolve Estate Assets reasonably deemed to be burdensome to
      the estate or of inconsequential value and benefit to the
      estate, without further notice or approval of the Court;

   b. to the extent any cash derived from Estate Assets remains on
      account with the Liquidation Trustee, in his or her capacity
      as such, following a final cash distribution, such cash may
      be donated by the Liquidation Trustee to a qualified
      not-for-profit organization in the medical and/or healthcare
      field; and

   c. the Liquidation Trustee may settle any Disputed Claim (or
      aggregate of Claims if held by a single Creditor) in an
      amount of up to $200,000, respectively, without notice, a
      Court hearing, or Court approval.

Finally, the Plan Modifications correct drafting errors.

A full-text copy of the Confirmation Order is available for free
at http://bankrupt.com/misc/NORTHGENERAL_planconfirmation.pdf

                       About North General

New York-based North General Hospital is a not-for-profit 200-bed
community hospital in upper Manhattan that has serviced the
communities of East and Central Harlem since the 1970s.  The
Hospital filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. S.D.N.Y. Case No. 10-13553).  Charles E. Simpson,
Esq., at Windels, Marx, Lane & Mittendorf, LLP, assists the
Debtor in its restructuring effort.  Garfunkel Wild, P.C., is the
Debtor's special healthcare and regulatory counsel.  Healthcare
Management Solutions, LLC, is the Debtor's financial and
healthcare reimbursement manager.  Alston & Bird, LLP, serves as
the Official Committee of Unsecured Creditors' counsel.  NHB
Advisors, Inc., is the financial advisor to the Committee.  The
Company disclosed $67 million in assets and $293 million in
liabilities as of the Petition Date.


NOVEMBER 2005: Insiders Have $15.2-Mil. Stalking Horse Bid
----------------------------------------------------------
Steve Green at Vegas Inc. reports that the owner of the stalled
Park Highlands planned community in North Las Vegas has filed for
bankruptcy protection a second time.  This time, however, there's
a plan for a quick auction of the 1,340 acres still controlled by
the development company - with a bid on the table already for
$15.2 million.  An affiliate of the Park Highlands development
company has offered this "stalking horse bid" -- making this plan
similar to the one in which the owners of Station Casinos Inc.
bought much of their own company out of bankruptcy with their own
stalking horse bid.

November 2005 Land Investors LLC, and two affiliates filed for
Chapter 11 bankruptcy reorganization last week in U.S. Bankruptcy
Court for Nevada.  The filing came 19 months after November 2005's
first bankruptcy reorganization plan was approved in November
2009.

Vegas Inc. relates that the first bankruptcy was filed in May 2009
as the worst recession in memory put a halt to the Park Highlands
development plan involving 2,675 acres.  Since then, some of the
land has been sold, leaving 1,340 acres.  The company emerging
from the 2009 bankruptcy was carrying $180 million in debt, Park
Highlands said in this week's new bankruptcy filing.

             About November 2005 Land Investors

November 2005 is a part owner in the Park Highlands master-planned
community in North Las Vegas.  November 2005 Land Investors LLC,
also in Las Vegas, filed a bare-bones petition (Bankr. D. Nev.
Case No. 11-20704).   November 2005 is back in Chapter 11 less
than two years after confirming a Chapter 11 plan.  The 2,675-acre
project was purchased from the Bureau of Land Management in 2005.
Assets are less than $50 million while debt exceeds $100 million,
according to the new petition.  James D. Greene, Esq., at Greene
Infuso, LLP, in Las Vegas, Nevada, serves as counsel.


OFFICEMAX INC. Downgraded to 'B-' by S&P Following Losses
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that OfficeMax Inc., the third-largest office supply
distributor in the U.S., was demoted another notch by Standard &
Poor's to a B- corporate rating.  The company had investment-grade
status until April 2008.  S&P said that the company's business is
"particularly susceptible to weakening economic conditions." S&P
said it also has an "unfavorable reassessment of OfficeMax's
competitive position as demonstrated by its greater-than-expected
decline in its already weak profitability."  Liquidity is
"adequate," S&P said.  OfficeMax, based in Naperville, Illinois,
trails Staples Inc. and Office Depot Inc. in the office-supply
market.


OLSEN AGRICULTURAL: Can Borrow Up to $3-Mil. from Rabo Agrifinance
------------------------------------------------------------------
On June 23, 2011, the U.S. Bankruptcy Court for the District of
Oregon entered its final order authorizing Olsen Agricultural
Enterprises LLC to obtain postpetition secured financing from Rabo
Agrifinance, Inc. in the aggregate amount of $3,000,000, to fund
the necessary and critical ordinary course expenses of maintaining
and preserving its business in accordance with the Approved
Budget.

The DIP Lender is granted an allowed superpriority administrative
expense claim.  The DIP Loan Obligations will be secured by: (i)
first priority senior liens on all now existing and hereafter
acquired property of the Debtor (the "Collateral"), pursuant to
Section 364(d)(1) of the Bankruptcy Code; (ii) first priority
liens on that portion of the Collateral that is unencumbered
property of the Debtor; (iii) second priority liens on that
portion of the Collateral subject to any Non-Primed Liens.

The existing secured creditors that will be affected by the
"priming"liens to be granted to the DIP Lender are Rabo; BFS
International, LLC; United States of America, acting by and
through the Internal Revenue Service; Ledeboer Seed, LLC;
Callisons, Inc. d/b/a I.P. Callisons and Sons; and West Coast
Bank.

All DIP Loan Obligations will be due and payable, and repaid in
full, in cash, on the date (the "Maturity Date") that is the first
to occur of: (i) Feb. 15, 2012; (ii) the effective date of a plan
of reorganization confirmed in this Chapter 11 case; (iii)
conversion or dismissal of this Chapter 11 case; (iv) appointment
of a trustee in this Chapter 11 case; or (v) the occurrence of an
Event of Default under this Order.  Interest on the DIP Loan
Obligations will be at a fixed rate of ten percent (10%) per annum
payable monthly in arrears.  The default rate of interest will be
four percent (4%) higher than the rate otherwise payable.

As adequate protection, each of the Existing Secured Creditors is
granted a continuing postpetition lien on the Collateral.  The
Adequate Protection Liens will be junior in priority only to (i)
the DIP Liens, (ii) the Replacement Liens, as such term is defined
in the the Final Order Authorizing Debtor to Use Cash Collateral,
and (iii) all validly perfected and enforceable security interests
in and liens on the Collateral extant as of the Petition Date.

As further adequate protection, each of the Existing Secured
Creditors will have an administrative expense claim.  The Adequate
Protection Claims will be junior in priority to (i) the DIP
Lender's superpriority claim, and (ii) the superpriority
administrative expense claims awarded to the Existing Secured
Creditors under the Cash Collateral Orders.

A copy of the Final Order is available at:

     http://bankrupt.com/misc/olsen.dipfacilityfinalorder.pdf

As reported in the TCR on June 30, 2011, Judge Frank R. Alley
authorized, on an interim basis, Olsen Agriculture Enterprises LLC
to obtain advances under the DIP Loan in the aggregate amount of
$675,000 from Bacchus Capital, L.P.

               About Olsen Agricultural Enterprises

Based in Monmouth, Oregon, Olsen Agricultural Enterprises LLC
operates an agricultural enterprise on roughly 7,762 acres of
owned and leased land located in Benton, Linn and Polk Counties.
Its business is comprised principally of three divisions: (a)
Olsen Seed Company, which produces and sells a variety of
grass seed and grains on 5,934 acres; (b) Olsen Agriculture, which
grows and sells peppermint, nursery stock, squash, hazelnuts and
blueberries on 1,334 acres; and (c) Olsen Family Vineyards, which
grows a variety of grapes on 494 acres and produces and sells
quality wines under the "Viridian" label as well as private
labels.

Olsen Agricultural Enterprises is the surviving entity of a merger
transaction that was consummated on June 1, 2011.  In the merger
transaction, Olsen Agricultural Company, Inc., an Oregon
corporation, Jenks-Olsen Land Co., an Oregon general partnership,
Olsen Vineyard Company, LLC, an Oregon limited liability company
and The Olsen Farms Family Limited Partnership were merged with
and into Olsen Agricultural Enterprises.

Olsen Agricultural Enterprises filed for Chapter 11 bankrutpcy
(Bankr. D. Ore. Case No. 11-62723) on June 1, 2011.  Judge Frank
R. Alley III presides over the case.  David A. Foraker, Esq., at
Greene & Markley, P.C., in Portland, Oregon, acts as the Debtor's
bankruptcy counsel.  Clyde A. Hamstreet & Associates, LLC, serves
as the Debtor's restructuring consultant and financial advisor.

Mary Jo Heston, Esq., at Lane Powell PC, in Seattle, Washington,
represents the Official Committee of Unsecured Creditors.

In its petition, the Debtor estimated $10 million to $50 million
in assets and debts.  The petition was signed by Robin G. Olsen,
operations director.

For the fiscal year ended Dec. 31, 2010, OAC reported total
revenues of $6,428,880 and a net loss of $5,791,310.  At the time
of the merger, on a consolidated basis, the books and records of
OAC, JOLC and OVC reflected assets totaling $29.8 million and
liabilities totaling $37.2 million.  The fair market value of the
Debtor's assets, on a going concern basis, is roughly $50 million.


OLSEN AGRICULTURAL: Can Access Secured Creditors' Cash Collateral
-----------------------------------------------------------------
On June 23, 2011, the U.S. Bankruptcy Court for the District of
Oregon entered its final order authorizing Olsen Agricultural
Enterprises LLC to access cash collateral of Rabo Agrifinance,
Inc., and other secured creditors, to fund expenditures pursuant
to a budget.  Expenditures may exceed the total budgeted expenses
by up to a 15% variance.

As adequate protection for the Debtor's use of cash collateral,
(a) the Secured Creditors are granted replacement liens on the
Debtor's postpetition personal property, and (b) to the extent a
replacement lien proves to be inadequate to protect the Secured
Creditor's interest in the Debtor's prepetition property, the
affected Secured Creditor will be entitled to an allowed
administrative expense claim and will be secured by an additional
perfected lien on all property of the estate, other than claims
and causes of action of the estate arising under Chapter 5 of the
Bankruptcy Code, subject only to (A) any and all validly perfected
security interests and liens extant as of the Petition Date, (B)
the Replacement Liens, and (C) the DIP Liens and Adequate
Protection Liens, as such terms are defined in the Final DIP
Financing Order.

A copy of the approved final cash collateral order is available at
http://bankrupt.com/misc/olsen.finalcashcollateralorder.pdf

               About Olsen Agricultural Enterprises

Based in Monmouth, Oregon, Olsen Agricultural Enterprises LLC
operates an agricultural enterprise on roughly 7,762 acres of
owned and leased land located in Benton, Linn and Polk Counties.
Its business is comprised principally of three divisions: (a)
Olsen Seed Company, which produces and sells a variety of
grass seed and grains on 5,934 acres; (b) Olsen Agriculture, which
grows and sells peppermint, nursery stock, squash, hazelnuts and
blueberries on 1,334 acres; and (c) Olsen Family Vineyards, which
grows a variety of grapes on 494 acres and produces and sells
quality wines under the "Viridian" label as well as private
labels.

Olsen Agricultural Enterprises is the surviving entity of a merger
transaction that was consummated on June 1, 2011.  In the merger
transaction, Olsen Agricultural Company, Inc., an Oregon
corporation, Jenks-Olsen Land Co., an Oregon general partnership,
Olsen Vineyard Company, LLC, an Oregon limited liability company
and The Olsen Farms Family Limited Partnership were merged with
and into Olsen Agricultural Enterprises.

Olsen Agricultural Enterprises filed for Chapter 11 bankrutpcy
(Bankr. D. Ore. Case No. 11-62723) on June 1, 2011.  Judge Frank
R. Alley III presides over the case.  David A. Foraker, Esq., at
Greene & Markley, P.C., in Portland, Oregon, acts as the Debtor's
bankruptcy counsel.  Clyde A. Hamstreet & Associates, LLC, serves
as the Debtor's restructuring consultant and financial advisor.

Mary Jo Heston, Esq., at Lane Powell PC, in Seattle, Washington,
represents the Official Committee of Unsecured Creditors.

In its petition, the Debtor estimated $10 million to $50 million
in assets and debts.  The petition was signed by Robin G. Olsen,
operations director.

For the fiscal year ended Dec. 31, 2010, OAC reported total
revenues of $6,428,880 and a net loss of $5,791,310.  At the time
of the merger, on a consolidated basis, the books and records of
OAC, JOLC and OVC reflected assets totaling $29.8 million and
liabilities totaling $37.2 million.  The fair market value of the
Debtor's assets, on a going concern basis, is roughly $50 million.


OMEGA NAVIGATION: Lenders Hint Motion to Dismiss Is Possible
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Omega Navigation Enterprises Inc. received interim
approval on July 11 to use cash representing collateral for the
secured lenders.  The final hearing on the cash use will be
scheduled later.

Mr. Rochelle also reports that in a court filing, HSH Nordbank AG,
the senior lenders' agent, noted that Omega's "connections to the
U.S. and this district is unclear." The bank said it is reserving
"all rights and defenses regarding jurisdiction, venue, and
dismissal."

                    About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

Bracewell & Giuliani LLP serves as counsel to the Debtors.
Jefferies & Company, Inc., is the financial advisor.


OPTI CANADA: S&P Cuts Corp. Credit Rating to 'D' on CCAA Filing
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Calgary, Alta.-based OPTI Canada Inc. to 'D' from
'SD' following the company's announcement that it intends to file
for court protection under Canada's Companies' Creditors
Arrangement Act At the same time, Standard & Poor's also lowered
its senior secured debt ratings on the company's C$190
million revolver and US$825 million first-lien debt to 'D' from
'CCC+'.

"Although the existing interest reserve account remains in our
view sufficient to fund the first-lien debt interest payments
until maturity, our ratings criteria place greater emphasis on the
potential implications of insolvency proceedings, which can
provide uncertainty as to whether the interest reserve account
will remain isolated from OPTI's other assets," said Standard &
Poor's credit analyst Michelle Dathorne. "Consistent with our June
16, 2011, rating action, we continue to maintain our '1' and '2'
recovery ratings on the company's debt," Ms. Dathorne added.

Standard & Poor's expects to maintain the 'D' ratings until the
company emerges from CCAA proceedings. "At that time, we will
assess the company's credit profile based on the operating assets
and capital structure in place," S&P said.


PAMPLICO HIGHWAY: Case Summary & 11 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Pamplico Highway Development, LLC
          dba Jack's Place of Florence
        1520-C American Drive
        Florence, SC 29505

Bankruptcy Case No.: 11-04387

Chapter 11 Petition Date: July 12, 2011

Court: U.S. Bankruptcy Court
       District of South Carolina (Columbia)

Judge: John E. Waites

Debtor's Counsel: Reid B. Smith, Esq.
                  PRICE BIRD SMITH & BOULWARE PA
                  1712 St. Julian Place, Suite 102
                  Columbia, SC 29204
                  Tel: (803) 779-2255
                  E-mail: reid@pricebirdlaw.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 11 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/scb11-04387.pdf

The petition was signed by John W. Holt, managing member.


PAPERWORKS INDUSTRIES: S&P Assigns Prelim. 'B' Corporate Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
corporate credit rating to Philadelphia, Pa.-based PaperWorks
Industries Holding Corp. The rating outlook is stable.

"At the same time, we assigned a preliminary 'B' issue-level
rating (the same as the corporate credit rating) and a preliminary
'3' recovery rating to the company's proposed $180 million senior
secured term loan. The '3' recovery rating indicates our
expectation of meaningful (50% to 70%) recovery for
lenders in the event of a payment default," S&P related.

The company intends to use the proceeds to refinance existing debt
that was put in place to fund two acquisitions, namely Manchester
Industries and Rosmar Packaging Corp., and to pay related fees and
expenses. In January 2011, an affiliate of PaperWorks' equity
sponsor, Sun Capital Partners, completed these two strategic
acquisitions with the plan to merge these businesses into
PaperWorks in conjunction with the refinancing of PaperWorks'
credit facility.

"The preliminary 'B' corporate credit rating on PaperWorks
reflects our view of its highly leveraged financial risk profile
given the private-equity owned company's limited expected near-
term free cash flow generation due to an aggressive 2011 capital-
investment strategy, debt-financed acquisition growth strategy,
and expectations that pro forma adjusted funds from operations to
debt is likely to be below 12% over the upcoming year," said
Standard & Poor's credit analyst Tobias Crabtree. "In addition,
our ratings reflect our assessment of the company's adequate
liquidity position, given our expectations that covenant cushion,
albeit somewhat tight over the next two quarters, should improve
to 20% by mid-2012."

"The ratings also reflect our assessment of the company's weak
business risk profile resulting from its modest size relative to
significantly larger and more diversified paperboard and folding
cartons competitors, participation in the competitive and
fragmented folding carton industry, lower profitability relative
to more integrated peers, and significant customer concentration.
These factors are partially tempered by relatively recession
resistant demand from consumer end markets and contractual pass
through of raw material price fluctuations for a majority of its
customers. In addition, our ratings incorporate near-term
integration risks related to the Rosmar and Manchester
acquisitions, given the sizeable expansion to PaperWorks existing
operations," S&P said.

"In our view, industry fundamentals for PaperWorks' paperboard and
folding cartons should remain favorable over the near term, in-
line with 2011 prices remaining above 2010 levels and a modest
increase in demand given a gradual improvement in overall economic
conditions. As a result, we expect PaperWorks' sales and adjusted
EBITDA over the next 12 months to remain relatively in-line with
their pro forma 2010 levels (which include the Rosmar and
Manchester acquisitions). Our forecast incorporates adjusted
EBITDA margins remaining in the mid-to-high 10% area over this
period, with the potential for further improvement in 2012 due to
integration benefits from the Manchester and Rosmar acquisitions.
A key risk to our forecast is if higher raw materials costs,
such as for recycled fiber, are unable to be offset by price
increases. This is somewhat mitigated by PaperWorks' customer
contracts that provide for contractual pass-through of raw
material price fluctuations which support about 50% of the
company's revenues. In addition, if volumes sold to its largest
customer, Graphic Packaging, were to eventually decline following
a recently negotiated new three-year contract, PaperWorks ability
to replace the tonnage by expanding its paperboard customer base
or through acquisitions of additional folding carton operations
would be important for earnings stability," S&P said.

"The stable rating outlook reflects our view that the financial
profile, including our view of its adequate liquidity position,
will remain appropriate for the current ratings, as favorable
operating and demand prospects offset the challenges associated
with a limited track record and the integration of recently
acquired businesses. We expect the company's adjusted leverage to
be in the mid-to-high 4x range and liquidity position to be
adequate given the expected improvement in covenant cushion to 15%
or more over the next year," S&P stated.

"A negative rating action could occur if EBITDA declined by 15% or
more, which we believe could cause cash flow to decline and
liquidity to tighten considerably. This could occur due to
customer losses, or if input costs, especially for old corrugated
containers, increase materially and sales price increases do not
take hold. We could also lower the ratings if free cash flow turns
negative for an extended period, or if the key credit metric of
total adjusted debt to EBITDA is above 6x on a consistent basis.
In addition, we have reservations about financial policy,
particularly in light of the private equity ownership and
acquisition-driven growth strategy," S&P noted.

"If the company successfully completes the integration of the
Rosmar and Manchester acquisitions leading to improved earnings
and consistent free cash generation, we could raise ratings
modestly. For a higher rating, we would expect the company's
credit measures to improve to be more in-line with an aggressive
financial risk profile given our view of its weak business risk
profile. We would view adjusted leverage of about 4x and FFO to
debt in the mid-teens range as levels consistent with an
aggressive financial risk profile," S&P added.


PERKINS & MARIE: Has Final Approval of $10.1 Million
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Perkins & Marie Callender's Inc. received final
bankruptcy court approval for $21 million in secured financing
provided by Wells Fargo Capital Finance LLC, which is owed
$10.1 million.  The official creditors' committee was given a
budget of $50,000 to investigate the validity of secured lenders'
claims.  The investigation must be completed by Aug. 23 under the
terms of the financing-approval order.  The financing gives
secured lenders the right to bid their secured claims rather than
cash in the event of a sale.

                 About Perkins & Marie Callender's

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: Taps Landis Rath as Delaware Counsel
-----------------------------------------------------
BankruptcyData.com reports that Perkins & Marie Callender's
official committee of unsecured creditors filed with the U.S.
Bankruptcy Court motions seeking to retain Landis Rath & Cobb
(Contact: William E. Chipman, Jr.) as Delaware counsel at hourly
rates ranging from $255 to 650 for associates through partner and
Ropes & Gray (Contact: Mark R. Somerstein) as counsel at the
following hourly rates: partner at $650 to $1,120, special counsel
and counsel $495 to $1,030, associate at $285 to $720 and
paraprofessional at $145 to $305.

                 About Perkins & Marie Callender's

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.

Roberta A. Deangelis, U.S.s Trustee for Region 3, appointed seven
unsecured creditors to serve on the Official Committee of
Unsecured Creditors in the Debtors' cases.


PERKINS & MARIE: Creditors Have Until Aug. 16 to File Claims
------------------------------------------------------------
Chapter11Cases.com reports that Judge Kevin Gross of the Delaware
bankruptcy court entered an order Tuesday setting the deadline (or
bar date) for creditors of the Perkins & Marie Callender's
restaurant companies to file proofs of claim on account of certain
pre-bankruptcy obligations.

The order requires all persons and entities that assert that they
hold claims against any of the debtor entities which arose on or
prior to the date of the companies' bankruptcy filings to file a
proof of claim on account of such claim so that it is actually
received on or before August 16, 2011 at 4:00 p.m. Eastern time.
The bar date applies to claims asserted under section 503(b)(9) of
the Bankruptcy Code, in addition to all other pre-petition claims.
Governmental units are required to file proofs of claim so as to
be received on or before Dec. 12, 2011, at 4:00 p.m. Eastern.

Certain claims are excluded from the bar date by the court's
order.  Excluded claims include claims that have been paid in full
by the debtors.  Creditors whose claims are listed in the debtors'
schedules of liabilities (which were filed with the bankruptcy
court yesterday as well) do not need to file proofs of claim if
all three of the following conditions are met: (i) the claim is
not described in the schedules as "disputed," "contingent," or
"unliquidated"; (ii) the creditor does not dispute the amount or
classification of the claim set forth in the schedules; and (iii)
the creditor does not dispute that the claim is an obligation of
the specific debtor (i.e., legal corporate entity) against which
the claim is listed in the schedules.  Other exclusions from the
bar date can be found in the court's order.

              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.

Roberta A. Deangelis, U.S. Trustee for Region 3, appointed seven
unsecured creditors to serve on the Official Committee of
Unsecured Creditors in the Debtors' cases.


PETTUS PROPERTIES: VFC Says Ch. 11 Plan Violates Settlement
-----------------------------------------------------------
VFC Partners 8 LLC asks the U.S. Bankruptcy Court for the Western
District of North Carolina not to confirm Pettus Properties,
Inc.'s Chapter 11 Plan of Reorganization.

Robert A. Cox, Jr., Esq., at McGuireWoods LLP, in Charlotte, North
Carolina, says that VFC does not object to the Plan provisions
which provide that VFC's claim will be paid in full by no later
than July 31, 2011 in accordance with a certain settlement
agreement.  However, VFC objects to the provisions which provide
that if lots are sold by the Debtor prior to repayment in full,
that payment will be made to VFC from those sales in an amount
equal to 70% of the sale price.

"This provision was not part of the Settlement Agreement and VFC
objects to this provision," Mr. Cox argues.  "The inclusion of
this provision regarding the sale of lots prior to July 31, 2011
is also impractical, given that the Effective Date will not occur
until after July 31, 2011," he adds.

Under the Plan, the Effective Date will be the first day of the
first full calendar month following the date upon which the order
confirming the plan becomes final and non-appealable.

Mr. Cox points out that if the Plan is confirmed at the
confirmation hearing on July 13, 2011, then the Plan would go
effective on August 1, 2011.

"Since this provision regarding the sale of lots and payment to
VFC will not be effective until after VFC is due to be paid in
full, this provision should be removed from the Debtor's Plan," he
asserts.

                        The Chapter 11 Plan

The plan provides for the creation of four classes of claims.  The
classes and the treatment of creditors in these classes are:

  a) cost administration: creditors in this class will be paid on
     the effective date of the plan or in accordance with some
     other agreement that may be mutually agreed to by the Debtor
     and the creditor.

  b) VFC Partners 8 LLC: This claimant will be paid in full not
     later than July 31, 2011, in accordance with the settlement
     agreement under the disclosure statement.  The source of the
     funds that will be used to pay this obligation will be either
     from the funds derived from the sale of real estate owned by
     Sterling or borrowing by Pettus entities other than the
     Debtor.  However, as to any lots sold by the Debtor prior to
     payment in full to VFC or July 31, 2011, whichever is
     earlier, payments will be made to VFC from these sales in an
     amount equal to an amount that is 70% of the sale price of
     each lot that is sold.

  c) General Unsecured Creditors: These creditors will be paid in
     full with interest at the rate of 3.25% from the effective
     date of the plan.  Payments to this class will be made in
     quarterly payments from the proceeds of lot sales in pro rata
     payments in amounts no less than set out under the disclosure
     statement.  Quarterly payments will be equal to an amount
     that is 70% of the sale price of each lot that is sold.
     Payments to this class will commence on the 15th day of the
     month following the end of the first full calendar quarter
     after VFC has been paid in full.

  d) Equity Secured Holders: Equity security holders will retain
     their claims.  However, no payment will be made on account of
     any claim of an equity security holder until all payments
     provided for all other classes in the plan have been paid in
     full.

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

A full-text copy of the Chapter 11 plan of reorganization is
available for free at http://bankrupt.com/misc/PETTUS_PLAN.pdf

Charlotte, North Carolina-based Pettus Properties, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. W.D.N.C. Case No. 10-
31632) on June 8, 2010.  The Company estimated its assets and
debts at $10,000,001 to $50,000,000.


PHILADELPHIA ORCHESTRA: Has $682,568 in Fees in 1st Six Weeks
-------------------------------------------------------------
Peter Dobrin at Inquirer Music Critic reports that the
Philadelphia Orchestra Association accumulated $682,568 in legal
fees and other expenses associated with its bankruptcy petition in
the first six weeks after the filing.

According to the report, these fees, added to others in the run-up
to the Chapter 11 filing, bring the tab to more than $1.6 million.
In its strategic plan, the association estimated that professional
costs in the case would total $2.9 million, plus $3 million for
settlement with creditors and $2.5 million to allow for a
potential decline in ticket sales and donations.

Barry E. Bressler, a Philadelphia lawyer who handles bankruptcy
cases at Schnader Harrison Segal & Lewis, estimated that the
orchestra's bankruptcy ultimately will cost it $10 million in
professional fees.

The report relates that filings show that Dilworth Paxson L.L.P.,
the association's bankruptcy counsel, deployed 14 lawyers and two
paralegals, whose professional fees of between $150 and $750 an
hour totaled $369,482.  The work is described as relating to
various filings, conferences with the client, creating a database
of the endowment documentation records, analyzing the orchestra's
contractual relationships, attending board meetings, evaluating
pension obligations, and other matters.  Additionally, the law
firm, in its initial application to the court for payment for work
between April 16 and May 31, is asking for reimbursement of
$18,832 for messenger services and postage, meals, and other
expenses, notes Mr. Dobrin.

Dilworth has previously pointed out that it has made a $75,000
charitable donation to the association.

Alvarez & Marsal, the association's bankruptcy adviser, for the
six-week period claimed compensation of $218,358 and expenses of
$15,780.73.  Its five professionals list a fee schedule of between
$265 and $500 per hour -- rates discounted about 30 percent,
according to Joseph A. Bondi, managing director.  "Professionals
in this case are mindful that this is a not for-profit
organization in financial straits, and are discounting their
fees," he said.

                 About the Philadelphia Orchestra

The Philadelphia Orchestra -- http://www.philorch.org/-- claims
to be among the world's leading orchestras.  Bloomberg News says
the orchestra became the first major U.S. symphony to file for
bankruptcy protection, surprising the music world.

Previous conductors include Fritz Scheel (1900-07), Carl Pohlig
(1907-12), Leopold Stokowski (1912-41), Eugene Ormandy (1936-80),
Riccardo Muti (1980-92), Wolfgang Sawallisch (1993-2003), and
Christoph Eschenbach (2003-08).  Charles Dutoit is currently chief
conductor, and Yannick Nezet-Seguin has assumed the title of music
director designate until he takes up the baton as The Philadelphia
Orchestra's next music director in 2012.

The Philadelphia Orchestra Association, The Academy of Music of
Philadelphia, Inc., and Encore Series, Inc., filed separate
Chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 11-13098 to
11-13100) on April 16, 2011.  Judge Eric L. Frank presides over
the case.  The Philadelphia Orchestra Association is being advised
by Dilworth Paxson LLP, its legal counsel, and Alvarez & Marsal,
its financial advisor.  Curley, Hessinger & Johnsrud serves as its
special counsel.  In its petition, Philadelphia
Orchestra estimated $10 million to $50 million in assets and
debts.

Encore Series, Inc., tapped EisnerAmper LLP as accountants and
financial advisors.

Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed
seven members to the official committee of unsecured creditors in
the Debtors' case.


PLATINUM ENERGY: Suspending Filing of Reports with SEC
------------------------------------------------------
Platinum Energy Resources, Inc., filed a Form 15 notifying of its
suspension of its duty under Section 15(d) to file reports
required by Section 13(a) of the Securities Exchange Act of 1934
with respect to its common stock.  Pursuant to Rule 12h-3,
the Company is suspending reporting because there is only one
holder of record of the common shares as of July 12, 2011.

                       About Platinum Energy

Houston, Tex.-based Platinum Energy Resources, Inc. --
http://www.platenergy.com/-- is an independent oil and gas
exploration and production company.  The Company has approximately
37,000 acres under lease in relatively long-lived fields with
well-established production histories.  The properties properties
are concentrated primarily in the Gulf Coast region in Texas, the
Permian Basin in Texas and New Mexico, and the Fort Worth Basin in
Texas.

The Company reported reported a net loss of $5.13 million on
$20.40 million of oil and gas sales for the year ended Dec. 31,
2010, compared with a net loss of $32.02 million on $17.30 million
of oil and gas sales during the prior year.

The Company's balance sheet at March 31, 2011, showed $52.41
million in total assets, $23.34 million in total liabilities, not
subject to compromise, $5.10 million in total liabilities subject
to compromise, related to assets held for sale, and $23.96 million
total stockholders' equity.

GBH CPAs, PC, in Houston, Texas, expressed substantial doubt about
the Company's ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2009.  The independent auditors noted that the
Company has experienced significant losses since inception and is
currently in default of its debt agreements.

The Company has incurred significant losses, resulting in
cumulative losses of $113,747,702 through Sept. 30, 2010.  At
Sept. 30, 2010, the Senior Credit Facility balance was
approximately $5.15 million.  The Company's current cash on hand
of $2,395,820 is not adequate to satisfy the debt.  Also, the
Company has negative working capital of $8,168,992.  Currently the
Company is looking at various ways of correcting these issues,
including exploring joint venture opportunities as well as a
thorough analysis of our specific assets for potential
divestiture.  Further the Company has assets and liabilities that
could be affected by unfavorable outcomes of litigation in
progress.


PLEASE MUM: Closes 68 Stores; 750 Workers Lost Jobs
---------------------------------------------------
Jenny Lee at The Vancouver Sun reports that children's clothing
retailer Please Mum has closed 68 stores and laid off 750 people
after filing for protection under the Bankruptcy and Insolvency
Act.

"There has been a massive increase in competition from the U.S.
and other countries," Vancouver Sun quotes founder and CEO Kathryn
Adrian as saying in an email interview. "This comes as a result of
the recession down south. The recession there, and to a degree
here, has changed the market's focus from `hand-me-down' quality
to less quality but a lot cheaper prices."

Please Mum's ecommerce site, 250 employees and 21 stores remain,
including three in Metro Vancouver: the West Broadway, Metropolis
at Metrotown and Willowbrook Mall stores, the Vancouver Sun says.

According to the report, Ms. Adrian said young mothers are now
seeking fast fashion disposable clothing rather than quality,
Adrian said.  Big chains such as Old Navy and H&M are fighting for
the bottom of the market, Ms. Adrian said.  This is particularly
evident in children's wear as young families endeavour to save as
much as possible, Ms. Adrian added, according to the Vancouver
Sun.

Under the Bankruptcy and Insolvency Act, the company now has 30
days to restructure its affairs, the report notes.

Please Mum is a Vancouver-based children's wear company,
specializing in high-quality colourful European designs.


POINT BLANK: Delays F.R.C.P. Rule 60(B) Motion Until September
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved on
July 6, 2011, a third stipulation regarding scheduling of hearing
and deadlines related to the motion of Official Committee of
Equity Security Holders under F.R.C.P. Rule 60(B) for an order (a)
vacating interim and final DIP Financing orders and (B) granting
related relief.

The stipulation was signed by (i) Point Blank Solutions, Inc., et
al, (ii) the Official Committee of Unsecured Creditors, (iii) the
Official Committee of Equity Security Holders, (iv) Privet Fund
Management LLC, (v) Prescott Group Capital Management and (vi)
Lonestar Capital Management.

Under the terms of the stipulation, the hearing to consider the
Rule 60(b) Motion will be adjourned until Sept. 15, 2011, at
2:00 p.m. Eastern Time.  The hearing will be a status conference
on the Rule 60(b) Motion, with a date for an evidentiary hearing
to be determined.

In addition, there will be a stay of all discovery related to the
Rule 60(b) Motion until the close of business on September 2,
2011. This stay may be extended by agreement of the parties
without further order of the Court.  All parties reserve their
respective rights and positions with respect to the timing of
discovery and submission of proposed discovery scheduling orders.

As reported in the Troubled Company Reporter, on April 19, 2011,
the reconstituted Point Blank Solutions' official committee of
equity security holders filed with the Bankruptcy Court a motion
for an order vacating the Debtors' interim and final DIP financing
orders).

The Equity Committee alleged that that there are facts not
disclosed to the court involving conflicts of interest and self-
dealing, bad faith, breaches of fiduciary duty and abuse of the
bankruptcy process by Privet Fund Management LLC and Prescott
Group Capital Management, two former members of the Original
Equity, that negotiated both the Replacement DIP Facility and
First Plan Support Agreement for their individual pecuniary
benefit while purporting to also represent the interests of equity
security holders.  Allegedly, the Replacement DIP Facility and the
First PSAS "form the basis for three hedge DIP lenders exerting
onerous leverage and seeking to extract tens of millions in
potential litigation recoveries as a "bonus," above and beyond
repayment of their Replacement DIP Facility."

                       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.


PONIARD PHARMACEUTICALS: Reverse Stock Split to Avoid Delisting
---------------------------------------------------------------
Poniard Pharmaceuticals, Inc. intends to adjourn its annual
meeting of shareholders scheduled for Friday, July 8, 2011, until
Friday, July 22, 2011, in order to solicit additional proxies to
vote in favor of a proposal authorizing the Company's Board of
Directors, in its discretion, to effect a reverse stock split in
the range of 1-for-15 to 1-for-25.  If the proposal is not
approved, the Company believes that its common stock will be
subject to delisting from the Nasdaq Capital Market, which would
adversely impact the liquidity and marketability of its common
stock and the completion of Poniard's recently announced merger
agreement with ALLOZYNE, Inc., a privately held clinical stage
biotechnology company focused on the development of an autoimmune
disease product pipeline and proprietary bioconjugated protein
therapeutics.

The reverse stock split proposal must be approved by a majority of
the Company's common shares outstanding.  All shareholders of
record as of April 11, 2011 are entitled to vote. Of the Company's
common shares outstanding and entitled to vote, approximately 49.2
percent have returned proxies to date, with the remaining
(approximately 50.8 percent) not yet voted.  Among returned
proxies, approximately 91.3 percent have voted in favor of the
reverse stock split proposal.  Approximately 0.5 percent of total
shares have abstained, and approximately 3.8 percent of total
shares have voted against the proposal.  Institutional Shareholder
Services Inc. (ISS) and Glass Lewis & Co., two of the leading
independent U.S. proxy advisory firms, have recommended that
shareholders vote "FOR" the proposal.  Poniard's Board of
Directors unanimously recommends that Company shareholders vote
"FOR" the proposal.

Poniard's Board of Directors issued the following statement:
"Poniard's continued listing on the Nasdaq Capital Market is vital
to realizing potential long-term value for the Company's
shareholders and is a condition to the successful completion of
the proposed merger with ALLOZYNE.  The affirmative vote of an
additional 5.1% percent of eligible, unvoted shares is required to
achieve shareholder approval of the reverse split proposal.  The
Poniard Board of Directors strongly urges all shareholders who
have not yet voted their shares to vote "FOR" the reverse split
proposal as soon as possible."

After adjournment of the July 8 meeting, the meeting will
reconvene on Friday, July 22, 2011 at 9:00 a.m. Pacific Time at
the Company's executive offices, 750 Battery Street, Suite 330,
San Francisco, CA 94111.  Valid proxies submitted by Company
shareholders in connection with the June 9 and July 8 meetings
will continue to be valid for the purposes of the reconvened
meeting.

Poniard shareholders are encouraged to read the definitive proxy
statement dated April 27, 2011, which includes a comprehensive
review of the reverse stock split proposal.

                 About Poniard Pharmaceuticals

Poniard Pharmaceuticals, Inc. -- http://www.poniard.com/-- is a
biopharmaceutical company focused on the development and
commercialization of innovative oncology products.


PROQUEST LLC: S&P Affirms 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Ann Arbor, Mich.-based ProQuest LLC to negative from stable. "We
affirmed all existing ratings, including the 'B' corporate credit
rating," S&P related.

"The rating action is based on our concerns that operating
performance will likely remain weak over the intermediate term,"
said Standard & Poor's credit analyst Andy Liu, "which could
result in tight covenant compliance and deteriorating credit
measures." Many of ProQuest's corporate and government clients are
facing significant budgetary pressure and have reduced their
budget allocations for libraries. While growth in spending from
the company's core academic research library clients offset the
revenue decline from corporate and government sources,
consolidated organic revenue growth in the first quarter was soft
at 1.4%.

"Additionally, ProQuest's technology platform migration is
consuming more time and resources than planned, contributing to
cost and EBITDA decline," added Mr. Liu. It is possible that cost
pressure from the technology platform migration will not begin to
subside until 2012.


QUINCY MEDICAL: Has Deal to Sell to Steward Health for $38-Mil.
---------------------------------------------------------------
Jack Encarnacao at the Patriot Ledger reports that the board of
the Quincy Medical Center approved a deal to sell the hospital to
Steward Health Care System, which last year purchased the Caritas
Christi hospital network.

According to the report, if Quincy Medical Center can resolve its
present $56 million in debt through bankruptcy proceedings,
Steward has agreed to pay $38 million for the hospital and make no
less than $34 million worth of improvements to its facilities in
five years.  That $38 million will have to satisfy all the
creditors -- from the big bondholders to small creditors who have
been supplying the hospital with everything from X-ray frames to
cleaning supplies.

In 1986, the hospital borrowed $60 million to pay for an
expansion.  An addition was finished in 1989, and the bonds used
to pay for it were refinanced in 1993.  In 1996, payments on that
debt grew daunting. Losses began piling up after a surgeon removed
the wrong kidney from a patient.  That incident, coupled with
industry changes, caused a steady decline in patient volume.

Since 1996, the hospital rarely has been solvent and able to cover
its debts, even after the state forgave a $12 million loan it made
to the city to help the hospital pay part of the sum it needed to
cover employee-related expenses when the hospital privatized in
1999.

Three years ago, to take advantage of low interest rates in the
bond market, the hospital refinanced the $32.9 million it still
owed for the 1980s expansion, and it added $20 million to pay for
what were deemed essential upgrades to the emergency room and
equipment.

The report says the $60 million package pushed payments out to
2038.  Interest costs ballooned the total to $135.6 million.  By
the time the hospital missed making a payment on the debt last
month, it was clear that paying off the debt would be impossible
without an injection of new investment.

Quincy Medical Center's bonds have been sold on the market several
times.  They are currently held by nine investment firms, the
biggest of which are Putnam Investments of Boston and Nuveen
Investments of Chicago.

                     About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.


QUINCY MEDICAL: Taps Mintz Levins as Special Counsel
----------------------------------------------------
Quincy Medical Center Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Massachusetts for permission
to employ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C. as
their special counsel for non-bankruptcy matters.

The firm will charge the Debtors based on the hourly rates of its
professionals:

   Members                     $540-$1,100
   Associates                  $270-$575
   Paralegals                  $180-$290

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

                     About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.


QUINCY MEDICAL: Taps O'Neil & Assoc. as Public Relations Officer
----------------------------------------------------------------
Quincy Medical Center Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Massachusetts for permission
to employ O'Neill and Associates as public relations advisor to
render strategic communications and public relations services
related to all aspect of the Debtors' Chapter 11 cases, their
planned sale of hospital and related matters.

The Firm holds a retainer amount of $10,500 paid by the Debtors
out of operating revenues as of the Debtors' bankruptcy filing.

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

                     About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.


QUINCY MEDICAL: Wants Until July 29 to File Schedules & Statements
------------------------------------------------------------------
Quincy Medical Center Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Massachusetts to extend the
deadline to file their schedules of assets and liabilities, and
statement of financial affairs until July 29, 2011.

According to the Debtors, due to the complexity of their affairs,
and of the computerized billing and accounting system utilized by
the Debtors, the Debtors anticipate that they will require
additional time beyond July 15, 2011 within which to complete
their schedules and statements.

                     About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.


R&M GOURMET FOODS: Market At Pavilions Store Closes Shop
--------------------------------------------------------
Allen Pierleoni at Appetizers reports that the Market at
Pavilions, formerly David Berkley, is out of business.  According
to the report, a sign on the glass front door of the specialty-
foods store tells the story: "The Market at Pavilions is no longer
open for business effective July 1.  Thank you for your loyal
patronage."  The landlord, Donahue Schriber, is looking for a
replacement for the space the Debtor was renting at the Pavilions,
in Sacramento.

R&M Gourmet Foods, A California LLC, doing business as The Market
At Pavilions, formerly doing business as David Berkeley Fine
Wines, Etc., filed a Chapter 11 petition (Bankr. E.D. Calif. Case
No. 11-30496) in Sacramento on April 28, 2011.  Until 2008, the
Market had been owned by food-and-wine expert David Berkley for 25
years and was called David Berkley Fine Wines & Specialty Foods.
The Company claimed liabilities of $679,631 and assets of $46,522.

A copy of the Chapter 11 petition is available at
http://bankrupt.com/misc/caeb_11-30496.pdf

The Debtor is represented by:

         Julia P. Gibbs, Esq.
         1329 Howe Ave #205
         Sacramento, CA 95825-3363
         Tel: (916) 646-2800


R & S ST. ROSE: Court OKs David Merrill P.C. as Special Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court District of Nevada has approved R & S
St. Rose Lenders, LLC's application to employ David J. Merrill,
P.C. as special counsel.

Merrill will assist Larson & Stephens, LLC, the Debtor's counsel,
to, among other things:

   -- assist the Debtor in developing legal positions and
      strategies with respect to all facets of these proceedings;

   -- advise the Debtor of its state court rights and obligations
      and performance of its duties during administration of this
      bankruptcy action; and

   -- represent the Debtor in all litigation proceedings before
      the Court or before other courts with jurisdiction over the
      Debtor.

The hourly rates of Merrill's personnel are:

         David J. Merrill               $350
         Paralegal                      $125

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

                    About R & S St. Rose Lenders

R & S St. Rose Lenders, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. D. Nev. Case No. 11-14973) on April 4, 2011.
Zachariah Larson, Esq., and Sarah Larson, Esq., at Larson &
Stephens, LLC, in Las Vegas, serve as bankruptcy counsel.  David
J. Merrill, P.C. serves as special counsel.  The Debtor amended
its schedules disclosing $12,041,574 in assets and $24,502,319 in
liabilities.

The previously schedules filed by the Debtor showed $12,041,574 in
assets and $19,688,291 in liabilities.


RAY ANTHONY: Sells Assets to Red White for $9.6 Million
-------------------------------------------------------
The Hon. Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania confirmed the sale of the
property of Ray Anthony International, LLC to Red White & Blue
Crane LLC for $9,666,500 under a certain asset purchase agreement.

Judge Agresti said the purchase price was a full and a fair price
for the property in question.  He noted that closing will occur
within 30 days of the order.

West Mifflin, Pennsylvania-based Ray Anthony International, Inc.,
filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case
No. 10-26576) on Sept. 15, 2010.  The Debtor estimated assets
and debts at $50 million to $100 million as of the Chapter 11
filing.  Affiliate Ray G. Anthony filed a separate Chapter 11
petition (Bankr. W.D. Pa. Case No. 10-26552) on Sept. 14, 2010.


RAY ANTHONY: Huntington Has Interim Deal on Adequate Protection
---------------------------------------------------------------
Huntington National Bank sought a court order requiring Ray
Anthony International, LLC, to make a $347,141 adequate protection
payment for the continued use of the collateral.

The Debtors and Huntington are parties to pre-bankruptcy loan
agreements, including a $2 million commercial loan and six
financing leases.

Huntington later informed the Court that it is in talks with the
Debtor and United Bank to reach a resolution.  Huntington said the
parties have reached an agreement but it is contingent on the
closing of the sale to Red White & Blue Crane LLC.  The closing of
the sale is set to take place prior to July 13, 2011.

West Mifflin, Pennsylvania-based Ray Anthony International, Inc.,
filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case
No. 10-26576) on Sept. 15, 2010.  The Debtor estimated assets
and debts at $50 million to $100 million as of the Chapter 11
filing.  Affiliate Ray G. Anthony filed a separate Chapter 11
petition (Bankr. W.D. Pa. Case No. 10-26552) on Sept. 14, 2010.


RENAISSANCE SURGICAL: Involuntary Chapter 11 Case Summary
---------------------------------------------------------
Alleged Debtor: Renaissance Surgical Arts at Newport Harbor,
                a Delaware LLC
                1640 Newport Blvd Ste 260
                Costa Mesa, CA 92627

Case Number: 11-19749

Type of Business: Health Care Business

Involuntary Chapter 11 Petition Date: July 11, 2011

Court: Central District Of California (Santa Ana)

Judge: Erithe A. Smith

Petitioner's Counsel: Robert P. Goe, Esq.
                      GOE & FORSYTHE, LLP
                      18101 Von Karman, Ste 510
                      Irvine, CA 92612
                      Tel: (949) 798-2460
                      Fax: (949) 955-9437
                      E-mail: kmurphy@goeforlaw.com

Renaissance Surgical's petitioner:

Petitioner               Nature of Claim        Claim Amount
----------               ---------------        ------------
Dr. Gary Reiter          Loans                  $907,515
1901 Westcliff Dr #9
Newport Beach, CA 92660

Vascular Resources Inc.  Use of Equipment       $2,462,492
22972 Ariia
Mission Viejo, CA 92691

Anthony C. Pings         Architectural          $266,169
6121 N. Thesta St.,      Services
Ste. 301
Fresno, CA 93710


RLB FRIENDSHIP: Case Summary & 8 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: RLB Friendship, LLC
        110 Vista Boulevard
        Arden, NC 28704

Bankruptcy Case No.: 11-10690

Chapter 11 Petition Date: July 12, 2011

Court: U.S. Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: George R. Hodges

Debtor's Counsel: Jessie C. Fontenot, Jr., Esq.
                  STRAUCH FITZGERALD GREEN P.C.
                  118 South Cherry Street
                  Winston-Salem, NC 27101
                  Tel: (336) 837-1063
                  Fax: (336) 725-8867
                  E-mail: jfontenot@sfandglaw.com

                         - and -

                  Rodney L. Eason, Esq.
                  THE EASON LAW FIRM
                  6510 Old National Highway
                  Atlanta, GA 30349-4357
                  Tel: (770) 909-7200
                  Fax: (770) 909-0644
                  E-mail: reason@easonlawfirm.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/ncwb11-10690.pdf

The petition was signed by Joh H. Bajjanni, managing member.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Georgia Hyyraulic Cylinders, Inc.     11-10689            07/12/11


RVTC LP: In Chapter 11 Amid Dispute With Bank
---------------------------------------------
Patrick Danner at My San Antonio reports that Rialto Village Town
Center has landed in bankruptcy on the heels of a dispute between
the project's developer and lender.

According to the report, RVTC L.P. has accused Bank of the Ozarks
in a lawsuit of hindering the project's development by acting in
"bad faith."  RVTC cited 17 breaches of contract in the suit filed
June 6, including alleging the bank rejected a "reasonable and
necessary" application to replat the property.

Mr. Danner relates that project plans unveiled three years ago
included 185,000 square feet of shops, 41,000 square feet of
office condos, about 250 apartments and as many as seven
restaurants.

Developer Dale Schuparra said he now wants to add more offices and
restaurants and reduce the number of apartments to about 180 high-
end units to appeal to empty-nesters.  So far, though, only
infrastructure work and a 3,500-square-foot medical building have
been completed.

"The bankruptcy is not because we can't pay the bank," the report
quotes Mr. Schuparra, who is president and CEO of Schuparra
Properties Corp., as saying.  "It's an offensive action, not
defensive, to get them to stop obstructing and trying to tell us
how to do the development."

A Rialto Village partnership received a $15.5 million loan from
Bank of the Ozarks in 2007, according to a document recorded in
Bexar County.  RVTC has been unable to extend or refinance the
loan, according to its suit.

Acccording to the report, RVTC also is seeking bankruptcy court
approval to sell two parcels, one for a Taco Cabana restaurant and
the other to custom home builder Charles Powell.

                         About RVTC LP

Rialto Village Town Center is a proposed $60 million to $70
million mixed-used development on 24 acres on the far Northwest
Side in San Antonio, Texas.

RVTC Limited Partnership fka Fair Prospects, L.P., owner of the
Rialto Village Town Center, filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Tex. Case No. 11-52240) on June 29, 2011.
Judge Leif M. Clark presides over the case.  Thomas Rice, Esq., at
Cox smith Matthews Incorporated, represents the Debtor.  The
Debtor estimated both assets and debts of between $10 million and
$50 million.


RVTC LP: Can Assume Executory Contracts With Powell
---------------------------------------------------
The Hon. Leif M. Clark of the U.S. Bankruptcy Court for the
Western District of Texas authorized RVTC Limited Partnership to
assume executory contracts with Charles Vincent Powell II.

The Debtor entered a contract with Mr. Powell on April 26, 2011,
in the amount of $277,500, at $18.50 per square foot, for a fully
platted parcel containing approximately 15,000 square feet.  The
square footage of the Powell contract represents less than 2% of
the available square footage for the property.

Judge Clark also authorized the Debtor to enter into the sale of
the Debtor's property under the Powell contract.

The Court said a broker fee will not exceed 6% of the sales price.

                         About RVTC LP

Rialto Village Town Center is a proposed $60 million to $70
million mixed-used development on 24 acres on the far Northwest
Side in San Antonio, Texas.

RVTC Limited Partnership fka Fair Prospects, L.P., owner of the
Rialto Village Town Center, filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Tex. Case No. 11-52240) on June 29, 2011.
Judge Leif M. Clark presides over the case.  Thomas Rice, Esq., at
Cox smith Matthews Incorporated, represents the Debtor.  The
Debtor estimated both assets and debts of between $10 million and
$50 million.


RW LOUISVILLE: Court Grants 6.75% Interest to Secured Creditors
---------------------------------------------------------------
Orix Capital and Wells Fargo Bank, National Association f/k/a
Wells Fargo Bank Minnesota, National Association, submitted a
joint objection to RW Louisville Hotel Associates LLC's Chapter 11
Plan of Reorganization.

The Objectors assert that the Debtor's Plan may not be confirmed
because:

   -- its classification scheme constitutes a textbook example of
      "gerrymandering" and cannot withstand scrutiny under
      applicable case-law requiring a legitimate business reason
      for separate classification of substantially similar
      claims;

   -- even under the Debtor's classification scheme, the Plan
      does not satisfy Section 1129(a)(1) of the Bankruptcy Code
      because the affirmative vote of the sole member of the sole
      accepting impaired class (Class 4 - Sysco) was procured by
      unlawful solicitation and must be designated under Section
      1126(e) of the Bankruptcy Code;

   -- it provides that current equity will retain ownership of
      the reorganized Debtor and that unsecured creditors will
      not be paid in full, and therefore violates the absolute
      priority rule;

   -- it is not feasible and is supported by unduly optimistic
      projections which contrast sharply with historical
      performance;

   -- the Plan impermissibly provides for payment of junior
      claimants with the Noteholder's cash collateral;

   -- it is not fair and equitable as to the Noteholder because
      it places all of the risk on the Noteholder without
      providing for repayment of the Noteholder's claims at an
      appropriate interest rate;

   -- it contains an impermissible third-party release provision;
      and

   -- it contains a premature "substantial consummation"
      provision.

In addition, the Objectors point out that the Debtor's proposed
interest rate of 4.25% to apply to the Noteholder's secured claim
and its deficiency claim is insufficient.  The Secured Claim and
Deficiency Claim is in Class 1 and 7 of the Plan.

In Debtor's proposed Chapter 11 plan, the Debtor has bifurcated
Wells Fargo's claim in Class 1 into a $11,200,000 secured portion
and a $4,012,599 unsecured portion, which is in Class 7.  This was
based on a stipulated $11,200,000 value of collateral, which
consists of a Holiday Inn Hotel and Conference Center located in
Louisville, Kentucky.

In the Plan, the Debtor proposes to pay 4.25% interest on the
Class 1 Amount on a 35-year amortization schedule with a balloon
payment due after 17.5 years.  The Debtor proposes to pay 4.25%
interest on the Class 7 Amount on a 20-year amortization schedule
with a balloon payment due after 17.5 years.  In both cases,
interest will not begin to accrue until 6 months after plan
confirmation, lowering the effective interest rates to 4.04% and
4.01%.

Wells Fargo asserts that the interest rate applied to the Class 1
Amount should be at least 9.75%.  Wells Fargo's proposed interest
rates were developed by its hired consultant, Richard W. Ferrell
of Realty Capital Solutions, LLC, who prepared a detailed written
analysis and report concerning the same.

           Court Sets Interest Rate for Classes 1 and 7

The Court has bifurcated the confirmation hearing to consider only
Wells Fargo's assertion that the interest rate proposed to be
applied to the claims in Classes 1 and 7 is too low.

The Court finds that Wells Fargo has generally met its burden of
proving that an interest rate higher than 4.25% is warranted for
both Class 1 and Class 7 claims, but also finds that the interest
rate should be 6.75% rather than the amounts proposed by Wells
Fargo.

Accordingly, the Court ruled that the interest rate to be applied
to the Class 1 Amount will be 6.75% and that the interest rate to
be applied to the Class 7 Amount will be 6.75%.

                      About RW Louisville

Louisville, Kentucky-based RW Louisville Hotel Associates, LLC,
aka Holiday Inn Hurstbourne, owns a hotel property located at 1325
South Hurstbourne Parkway, Louisville, Kentucky 40222.  It is an
independent franchisee of InterContinental Hotels Group and
operates a 271-room full-service Holiday Inn on the Real Property
and employs approximately 110 employees.

RW Louisville filed for Chapter 11 protection (Bankr. W.D. Ky.
Case No. 10-35356) on Oct. 8, 2010.  Emily Pagorski, Esq., and
Lea Pauley Goff, Esq., J. Kent Durning, Esq., James S. Goldberg,
Esq., Lea Pauley Goff, Esq., and Matthew R. Lindblom, Esq., at
Stoll Keenon Ogden PLLC, in Louisville, Ky., assist RW Louisville
in its restructuring effort.  RW Louisville estimated its assets
and debts at $10 million to $50 million at the Petition Date.


SAN JUNG: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: The San Jung Hyun Presbyterian Church
        Segeroh Presbyterian Church of Washington, Inc.
        4401 Muncaster Mill Rd
        Rockville, MD 20853

Bankruptcy Case No.: 11-24207

Chapter 11 Petition Date: July 10, 2011

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Debtor's Counsel: Angela Lee, Esq.
                  WEON G. KIM LAW OFFICE
                  8214 Peridot Dr. 307
                  McLean, VA 22102
                  Tel: (703) 362-5093
                  E-mail: anglee0425@gmail.com

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

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

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

The petition was signed by Lee Byung Wan, representative pastor.


SAVANNAH OUTLET: Court Approves Steven H. Spears as Accountant
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern Districto Georgia has
approved Savannah Outlet Shoppes LLC's application to employ
Steven H. Spears as accountant.  Mr. Spears' firm can be reached
at:

         Steven H. Spears
         MELLON, JOHNSON & REARDON, CPA'S, LLP
         3270 Inland Empire
         Boulevard, Suite 300
         Ontario, California 91764

In the pending case, it is and will be necessary for various
accounting-related services to be rendered for which it is
necessary to retain an accountant, among these services being to
prepare its federal and state income tax returns and providing
general accounting and financial statements upon the Debtor's
request.

The Debtor has selected Mr. Spears as its accountant because Mr.
Spears possesses substantial expertise and experience, the Debtor
finds Spears to be well-qualified to perform the desired
professional services, and because Spears performed professional
services for Debtor prepetition and is therefore closely familiar
with Debtor's business and financial affairs.  Mr. Spears has
served as one of Debtor's accountants, assisting Debtor with the
preparation of Debtor's annual federal and state income tax
returns and providing general accounting services.

Mr. Spears proposes to undertake representation of Debtor at the
normal hourly rates as follows:

  Professional                           Rates
  ------------                           -----
Steven H. Spears, CPA                  $275.00
Jason Burke, CPA                       $175.00
Erin Roberts, CPA                      $110.00
Tim Bozek                               $70.00

                  About Savannah Outlet Shoppes, LLC

Claremont, California-based Savannah Outlet Shoppes, LLC, owns and
operates a business related to the management and leasing of a
commercial shopping center located in Savannah, Georgia.

Savannah Outlet filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Ga. Case No. 10-42135) on Oct. 4, 2010.  Karen F. White,
Esq., at Cohen Pollock Merlin & Small PC, represents the Debtor.
The Debtor estimated assets and debts at $10 million to
$50 million.


SBARRO INC: Reports Discussions With Two Buyer Groups
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports Sbarro Inc., after dropping its prepackaged plan in May,
disclosed this week that a steering committee for first-lien
lenders had "recently" made a "preliminary proposal" for a
"restructuring transaction."  Details weren't disclosed.

Mr. Rochelle relates that the revelations were included in a
motion for a four-month extension of the exclusive right to
propose a Chapter 11 plan.  If approved by the bankruptcy judge in
New York at a July 26 hearing, the new plan deadline would be
Nov. 30.

Sbarro, according to the report, said its investment advisers in
addition are scouring the market for interest from other potential
buyers.  MidOcean Partners, Ares Corporate Opportunities Fund II
LP, and first-lien lenders concurred with the decision to drop the
previously negotiated plan, Melville, New York-based Sbarro said.

                        About Sbarro Inc.

The Sbarro family started its business after moving to Brooklyn,
New York, from Naples, Italy, in 1956.  Today Sbarro is a leading,
global Italian quick service restaurant concept with approximately
5,170 employees, 1,045 restaurants throughout 42 countries, and
annual revenues in excess of $300 million.

Sbarro Inc. sought bankruptcy protection under Chapter 11 (Bankr.
S.D.N.Y. Lead Case No. 11-11527) to eliminate about $200 million
in debt.  According to its schedules, the Debtor disclosed
$51,537,899 in total assets and $460,975,646 in total debts.

Sbarro reached an agreement with all of its second- lien secured
lenders and approximately 70% of its senior noteholders on the
terms of a reorganization plan that will eliminate more than half
of the Company's total indebtedness.  Sbarro dropped the plan in
May.

Edward Sassower, Esq., and Nicole Greenblatt, Esq., at Kirkland &
Ellis, LLP, serve as the Debtors' general bankruptcy counsel.
Rothschild, Inc., is the Debtors' investment banker and financial
advisor.  PriceWaterhouseCoopers LLP is the Debtors' bankruptcy
consultants.  Marotta Gund Budd & Dzera, LLC, is the Debtors'
special financial advisor.  Curtis, Mallet-Prevost, Colt & Mosle
LLP serves as the Debtors' conflicts counsel.  Epiq Bankruptcy
Solutions, LLC, is the Debtors' claims agent.  Sard Verbinnen & Co
is the Debtors' communications advisor.


SCHOOL HOUSE: Owner Contemplating on Sale or Restructuring
----------------------------------------------------------
Craig M. Douglas at the Boston Business Journal reports that
counsel to Chapter 11 debtor School House Plaza LLC said the
Debtor's property's is "cash-flow neutral to cash-flow positive",
and the Debtor hopes to either sell one of the properties or
restructure the mortgage debt to satisfy creditor demands.

School House Plaza LLC, a Plymouth County, Massachusetts, property
owner has filed for Chapter 11 bankruptcy protection in an effort
to potentially restructure millions in mortgage debt issued by
largest creditor, TD Bank.  School House Plaza LLC, a firm
registered to Charles Mirrione, disclosed two commercial
properties in West Bridgewater and South Easton in its Chapter 11
petition.

Michael Fencer, Esq., at Jager Smith PC, in Boston, counsel to the
Debtor, said the filing is intended to give the operation some
breathing room as it assesses its liquidating and financing needs.

School House Plaza, LLC, filed a Chapter 11 petition (Bankr. D.
Mass. Case No. 11-16268) on June 30, 2011.  The Debtor estimated
assets and debts of $1 million to $10 million.


SCOVILL FASTENERS: Sells Business, Converts to Ch. 7 Liquidation
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the remnant of the Chapter 11 case of Scovill
Fasteners Inc. was converted July 12 to a liquidation in Chapter 7
by the U.S. Bankruptcy Court in Gainesville, Georgia.  Scovill
completed the sale of the fasteners manufacturing business
June 24.  It acceded to a request by the official creditors'
committee and consented to the appointment of a Chapter 11 trustee
who immediately decided further reorganization was hopeless and
sought conversion to Chapter 7 liquidation.  The committee said
that lawsuits are virtually the only remaining assets after the
business was sold.  The purchaser was Gores Group LLC.

                      About Scovill Fasteners

Scovill Fasteners Inc. -- dba Scovill Apparel Fasteners Inc. and
Scovill Manufacturing Co. -- produced snap fasteners and tack
buttons.  It manufactured the majority of its products at its
300,000 square foot factory located in Clarkesville, Georgia.
Clarkesville is also its headquarters location.

Scovill Fasteners along with affiliates filed for Chapter 11
bankruptcy protection (Bankr. N.D. Ga. Lead Case No. 11-21650) on
April 19, 2011.  Heather N. Byrd, Esq., and John C. Weitnauer,
Esq., at Alston & Bird LLP, serve as the Debtors' bankruptcy
counsel.  BMC Group Inc. is the claims and notice agent.  Scovill
estimated its assets at $10 million to $50 million and debts at
$100 million to $500 million.

An Official Committee of Unsecured Creditors was appointed in the
case.  The Committee is represented by Greenberg Traurig, LLP, as
its counsel.


SHORE HOUSE: Restaurant to Pursue Reorganization
------------------------------------------------
Sarah Peters at Daily Report notes that Shore House Cafe Inc., a
30-year-old Balboa Peninsula icon, filed for Chapter 11
bankruptcy.  According to the report, Stephen Madoni, a Newport
Beach attorney representing Shore House and Chief Financial
Officer David Beladonna, called the move a "reorganization."

The business owes $1.62 million to creditors with the largest
unsecured claims.  That figure includes five lawsuits and unpaid
taxes to the Orange County Treasurer-Tax Collector, the Department
of Industrial Relations and the Internal Revenue Service.  At
least one former employee is suing.  Geoffrey Umpleby, a former
employee, claims he is owed nearly $33,000 in unpaid overtime and
break time.

Based in Huntington Beach, California, Shore House Cafe Inc. dba
Shore House Cafe filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Calif. Case No. 11-18892) on June 23, 2011.  Judge
Mark S. Wallace presides over the case.  Stephen Madoni, Esq., at
Law Office of Stephen A. Madoni, represents the Debtor.  The
Company estimated assets of between $1 million and $10 million,
and debts of between $50,000 and $100,000.


SK FOODS: Appeal Not Moot if Settlement Can Be Unwound
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that in the process of overturning a settlement approved
in bankruptcy court, a district judge in California ruled that the
appeal was not moot even though the challenged settlement had been
implemented.  Explaining why the appeal was not moot, U.S.
District Judge Lawrence Karlton in Sacramento, California, said
the trustee for the bankrupt company "does not show why these
transfers could not be reversed."

According to the report, Judge Karlton overturned the settlement
because the bankruptcy judge excluded a report by an expert hired
by creditors objecting to the settlement.  The judge said the
bankruptcy court could not "schedule the submission of additional
evidence, accept evidence submitted by one side, and then simply
reject as untimely the timely-filed evidence submitted by the
other side in rebuttal."

The case is Salyer v. SK Foods LP (In re SK Foods LP),
10-3467, U.S. District Court, Eastern District California
(Sacramento).

SK Foods LP ran a tomato processing facility.  It filed for
Chapter 11 bankruptcy protection after being dropped by its
lending group.  Creditors filed an involuntary Chapter 11 petition
against SK Foods LP and affiliate RHM Supply/ Specialty Foods Inc.
(Bankr. E.D. Calif. Case No. 09-29161) on May 8, 2009.  SK Foods
had said it was preparing to file a voluntary Chapter 11 petition
when the creditors initiated the involuntary case.  The Company
later put itself into Chapter 11 and a Chapter 11 trustee was
appointed.  The Debtors were authorized on June 26, 2009, to sell
the business for $39 million cash to a U.S. arm of Singapore food
processor Olam International Ltd.  The replacement cost for the
assets is $139 million, according to Olam.


SMALL PLATES: Detroit Tapas Seeks Chapter 11 Protection
-------------------------------------------------------
Click on Detroit reports that Small Plates LLC filed for Chapter
11 protection in U.S. Bankruptcy Court.  Small Plates said it owes
the Internal Revenue Service $229,248; the Michigan Department of
Treasury $176,812; Louisville, Ky.-based Chase Bank $78,086; and
Bloomfield Hills-based Larson Realty Group $28,812.

Detroit-based Small Plates LLC operates a restaurant known for its
tapas-style food.  Small Plates debuted in 2002 across the street
from the Detroit Opera House.

Small Plates Detroit, LLC, doing business as Small Plates, LLC,
filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 11-57408)
on June 23, 2011.  See http://bankrupt.com/misc/mieb11-57408.pdf

Click on Detroit says Small Plates in Royal Oak filed for Chapter
11 protection in September 2008 but never recovered.  It closed in
February 2009.


SOMERSET PROPERTIES: Cash Collateral Hearing on July 19
-------------------------------------------------------
The Hon. Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina entered an eight interim
order granting Somerset Properties SPE LLC permission to use cash
collateral, primarily rents, to make payment of its ordinary and
necessary operating expenses including utilities, payroll, and
maintenance, subject to the limits as set forth in a budget.

Unless a further consent order is entered, a final hearing on the
continued use of cash collateral will be held on July 19, 2011, at
2:00 p.m.

The Debtor is not authorized to use cash collateral for legal fees
and expenses, management fees, or other professional fees of any
kind, absent court approval.

CSFB 2001-CP4 Bland Road, LLC, and CSFB 2001-CP4 Falls of Neuse,
LLC, claim to be the current holders of loans to Somerset, each in
the original principal amount of $15,500,000, and further claim
that the Loans are secured by liens on all of Somerset's assets
including but not limited to the Properties and all rents,
royalties, issues, profits, revenue, income, deposits, securities,
and other "cash collateral" as that term is defined in section
363(a) of the Bankruptcy Code.

LNR Partners, LLC is the "Special Servicer" of the Loans, and the
nonowner manager and representative of CSFB 2001-CP4 Bland Road,
LLC, and CSFB 2001-CP4 Falls of Neuse, LLC, in this Chapter 11
case. CSFB 2001-CP4 Bland Road, LLC, CSFB 2001-CP4 Falls of Neuse,
LLC, and LNR are referred collectively and individually as the
"Lenders."

Midland Loan Services, Inc., the "Master Servicer" of the Loans,
asserts that it is not a manager or representative of CSFB 2001-
CP4 Bland Road, LLC, and CSFB 2001-CP4 Falls of Neuse, LLC, in
this case, and asserts no interest in cash collateral.

The Debtor disputes the claims of the Lenders and Midland.

The Debtor believes that, at the time of the petition, the Lenders
were holding at least $903,000 of the Somerset's rents in lockbox
accounts controlled by the Lenders, and at least $376,000 in an
escrow account.  The Lenders say that the total amount of the
funds held by them is less than that contended by the Debtor.
The Debtors contends that the Lenders are obligated to turn over
the held funds.  Lenders contend that the Debtor must seek
turnover of the held funds by adversary proceeding rather than by
motion.  At the Feb. 17, 2011 hearing, counsel for the Debtor and
counsel for the Lender proposed, and the court agreed, that
consideration of the full turnover relief requested in the ,otion
and the objection thereto be deferred to a later date.

As adequate protection for the use of cash collateral, Lenders are
granted liens in all of the Debtor's post-petition leases, rents,
royalties, issues, profits, revenue, income, deposits, securities,
and other benefits of the properties to the same extent, priority,
and perfection as they have in said collateral pre-petition.

The Debtor's use of cash collateral will terminate on the earliest
of: (i) the date the Debtors ceases operations of its business;
(ii) the non-compliance or default of the Debtors will any terms
of the cash collateral order; or (iii) another order concerning
cash collateral is entered, or (iv) dismissal or conversion of the
Debtor's Chapter 11 case to Chapter 7.

A full-text copy of the cash collateral budget is available for
free at http://bankrupt.com/misc/SOMERSET_CashCol_Budget.pdf

                About Somerset Properties SPE, LLC

Raleigh, North Carolina-based Somerset Properties SPE, LLC, owns
six office buildings in Raleigh, North Carolina.  The Company
filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.C.
Case No. 10-09210).  The law firm of Blanchard, Miller, Lewis &
Isley, P.A., in Raleigh, N.C., is the Debtor's special counsel.
Samantha J. Younker, Esq., and William P. Janvier, Esq., at
Janvier Law Firm, PLLC, is Raleigh, N.C., represent the Debtor as
bankruptcy counsel.  The Company disclosed $36,496,015 in assets
and $28,825,521 in liabilities as of the Chapter 11 filing.


SOUTHWEST GEORGIA: Makes Final $4.9-Mil. Critical Vendor Payments
-----------------------------------------------------------------
The Post-Searchlight reports that Southwest Georgia Ethanol LLC
has made its final 11 U.S.C. Sec. 503(b)(9) admin. claims and
critical vendor payments to its vendors and local corn farmers.

According to the report, since receiving permission from Judge
James D. Walker of the U.S. Bankruptcy Court for the Middle
District of Georgia, Albany Division, to pay these unsecured
claims, SWGE has made more than $4.9 million in 503(b)(9) and
critical vendor payments, including $3.9 million to local corn
farmers for corn delivered to the facility in months preceding its
Chapter 11 filing on Feb. 1, 2011.

The report says 503(b)(9) payments are made to vendors who deliver
goods to a company within 20 days before it files for Chapter 11
relief.  Critical vendors in SWGE's case included SWGE's corn
farmers who delivered corn to SWGE more than 20 days before it
filed a petition for Chapter 11 relief, but who chose to not price
that corn immediately, thereby delaying payment.

The report notes that on Feb. 1, SWGE sought permission from the
Bankruptcy Court to pay all of its local corn farmers who had
delivered corn to it more than 20 days before the commencement of
its bankruptcy case as critical vendors, meaning that those
farmers would receive payment for their corn prior to SWGE's exit
from Chapter 11.  While it is often difficult to obtain permission
to pay prepetition unsecured claims before confirmation of a plan
of reorganization in a Chapter 11 case, Judge Walker granted
SWGE's request and authorized SWGE to pay the prepetition claims
of its local corn farmers beginning in early April 2011.

                About Southwest Georgia Ethanol

Southwest Georgia Ethanol LLC, a unit of First United Ethanol Co.,
sought bankruptcy protection (Bankr. M.D. Ga. 11-10145) in Albany,
Georgia, on Feb. 1, 2011.

The Debtor owns and operates an ethanol production facility
located on 267 acres in Mitchell County, Georgia, producing
100 million gallons of ethanol annually.  Ethanol production
operations commenced in October 2008.  Revenue was $168.9 million
for fiscal year ended Sept. 30, 2010.  The Debtor said
profitability and liquidity have been materially reduced by
unfavorable fluctuations in commodity prices for ethanol and corn.

John Michael Levengood, Esq., at McKenna Long & Aldridge LLP, in
Atlanta, Georgia, serves as counsel to the Debtor.  Morgan Keegan
& Company, Inc., is the investment banker and financial advisor.

The Debtor's balance sheet showed $164.7 million in assets and
$134.1 million in debt as of Dec. 31, 2010.

Since 2008, at least 11 ethanol-related companies have sought
court protection, including VeraSun Energy Corp., once the second-
largest U.S. ethanol maker; units of Pacific Ethanol Inc.; and
White Energy Holding Co.


SPECIALTY TRUST: Northlight Completes $28.5 Mill. Exit Financing
----------------------------------------------------------------
North Nevada Business Weekly reports that the financial
reorganization of a Reno real estate lender has taken a major step
forward with an infusion of capital led by a New York City firm
that also will work out the assets held by Specialty Trust Inc.

According to the report, Northlight Financial LLC of New York City
said it completed a $28.5 million exit financing to Specialty
Trust Inc.  Northlight Financial is a manager of private-equity
debt instruments.  Some former investors in Specialty Trust also
participated in the new financing.

The report says the new capital provides breathing space for
Northlight to find solutions for the troubled assets of Specialty
Trust.  Those assets, Northlight said, include more than 30
mortgages and properties that were taken back by Specialty in
foreclosure actions after developers were unable to repay their
loans.

Ben Gerig, chief investment officer of Northlight's real estate
group, said the company sees "substantial value" in the Specialty
Trust assets.  But he said the company also recognizes that a
disciplined plan to work out the troubled assets, along with the
targeted application of some fresh capital, will play a key role
in determining the value of the assets.

Northlight provided debtor-in-possession financing for Specialty
Trust in December.  The plan of reorganization that designated
Northlight as the manager and loan servicer of the Specialty Trust
portfolio was approved by the U.S. Bankruptcy Court in Reno in
early June.

                         About Northlight

Northlight is an established corporate lender and asset-based
investor that currently manages over $500 million in corporate
loans, real estate loans and related assets.  Mr. Gerig and his
real estate team manage the firm's real estate group which
currently manages over $300 million in commercial real estate
loans and real estate assets with the addition of the Specialty
Trust portfolio.

Northlight was founded in November 2002 by Michael Jahrmarkt,
Robert Woods and Mark Hirschhorn and has been a Registered
Investment Advisor since 2006.  Senior professionals at Northlight
have originated or acquired more than $7 billion of credit-related
assets over their careers and the Northlight founders have
partnered since 1985 as primary management of significant business
units at GE Capital, Heller Financial and Gilman Investment
Company.

                       About Specialty Trust

Specialty Trust Inc. is a privately held Maryland corporation that
acquires and holds, in a tax-advantaged real estate investment
trust structure, mortgage loans and mezzanine loans secured by
real property located primarily in Nevada, Arizona and California,
and interests in entities owning real estate that was acquired
through foreclosure of mortgage loans made by ST and mezzanine
loans.

Reno, Nevada-based Specialty Trust filed for Chapter 11 bankruptcy
protection (Bankr. D. Nev. Case No. 10-51432) on April 20, 2010.
Affiliates Specialty Acquisition Corp. (Bankr. D. Nev. Case No.
10-51437) and SAC II (Bankr. D. Nev. Case No. 10-51440) filed
separate Chapter 11 petitions.

Sallie B. Armstrong, Esq., and Michelle N. Kazmar, Esq., at Downey
Brand LLP, in Reno, Nevada; and Ira D. Kharasch, Esq., Scotta E.
McFarland, Esq., and Victoria A. Newmark, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Los Angeles, Calif., serve as the Debtor's
bankruptcy counsel.

On May 24, 2010, a committee of equity holders was appointed.
On Sept. 2, 2010, the Court appointed Grant Lyon as chief
restructuring officer of the Debtors.

In its schedules, Specialty Trust disclosed assets of $201,452,048
and liabilities of $109,022,194 as of the petition date.  In its
amended schedules, Specialty Acquisition disclosed assets of
$3,886,113 and liabilities of $49,068,173 as of the petition date.
In its amended schedules, SAC II disclosed assets of $40,955,000
an liabilities of $39,445,118 as of the petition date.


SPORTSMAN'S WAREHOUSE: To Reopen Store at Centennial Gateway
------------------------------------------------------------
Buck Wargo at Las Vegas Sun reports that retail developer
Territory Inc. announced that Sportsman's Warehouse will reopen
its store at Centennial Gateway and at Ann Road and U.S. 95 that
it shuttered in 2009.  According to the report, the reopening is
expected during the first quarter of 2012, and Sportsman's
Warehouse will hire more than 100 employees, said Nick Hannon, a
Territory senior vice president.

                    About Sportman's Warehouse

Headquartered in Midvale, Utah, Sportsman's Warehouse, Inc. --
http://www.sportsmanswarehouse.com/-- and its affiliates has 29
stores selling indoors and outdoor gears and equipment.  The
Companies filed for Chapter 11 bankruptcy protection (Bankr.
D. Del. Case No. 09-10990) on March 20, 2009.  Gregg M. Galardi,
Esq., at Skadden, Arps, Slate, Meagher assists the Companies in
their restructuring efforts.  Kurtzman Carson Consultants is the
Company's claims agent.  Roberta DeAngelis, U.S. Trustee for
Region 3, appointed seven members to the official committee of
unsecured creditors of Sportsman's Warehouse Inc.  Greenberg
Traurig LLP represents the Committee.  The Company disclosed
assets of $436 million and debt totaling $452 million as of
December 31, 2008.  The Company emerged from chapter 11 in
August 2009 under the terms of a Second Amended Plan projecting
that general unsecured claims, owed $130 million, would
recover about 15% from future cash flows.


STERLING MINING: No Objections to Confirmation Filed by Due Date
----------------------------------------------------------------
Sterling Mining Company has filed a pre-confirmation report on
June 28, 2011, which notes that there have been no objections
filed to confirmation of its Chapter 11 Plan of Reorganization by
the June 27, 2011 due date.

In addition, the Debtor asserts that the Plan complies with all
the requirements of Section of 1129 of the Bankruptcy Code and
should therefore be confirmed.

The confirmation hearing was scheduled for July 5, 2011.

                        About Sterling Mining

Based in Coeur d'Alene, Idaho, Sterling Mining Company (OTCBB:SRLM
and FSE:SMX) -- http://www.SterlingMining.com/-- is a mineral
resource development and exploration company.  Sterling is engaged
in the business of acquiring, exploring, developing and mining
mineral properties primarily those containing silver and
associated base and precious metals.  Sterling operates the
Sunshine Silver Mine in Idaho and has exploration projects in
Idaho, U.S.A. Sterling was incorporated under the laws of the
State of Idaho on February 3, 1903.

Sterling is currently a debtor-in-possession in Chapter 11
Bankruptcy in the District of Idaho, U.S.A.  Sterling Mining filed
for bankruptcy protection on March 3, 2009 (Bankr. D. Idaho Case
No. 09-20178).  Bruce A. Anderson, Esq., at Elsaesser Jarzabek
Anderson Marks Elliott & McHugh, Chartered represents the Debtor
as counsel.

As of Sept. 30, 2008, Sterling Mining had $31.9 million in
total assets, and $13.2 million in total current liabilities and
$1.6 million in total long-term liabilities.


STRASBURG-JARVIS: Retail Group Buys Assets for $2.2 Mil.
--------------------------------------------------------
Krista Klaus, staff writer at Kansas City Business Journal,
Reports that Retail Group of America Inc. is paying $2.2 million
to buy Lenexa clothing retailer Strasburg-Jarvis Inc. out of
bankruptcy.  The sale was slated to close by July 6, 2011.

According to records filed with the U.S. Bankruptcy Court in
Kansas, the bulk of the sale money -- $1.3 million -- was
earmarked to repay secured creditor Steven Craig.  The remaining
money was to be disbursed to the Michael Merriman Trust, the
Marybeth Sotos Trust and the Terry Jarvis Revocable Trust, as well
as to a corporate account.

Christopher Johnson of Saudi Arabia-based law firm Mohamed Al-
Sharif represented Retail Group of America in the transaction.

The Business Journal notes that Retail Group of America, a
Delaware corporation, appears to be affiliated with Fawaz AlHokair
Group, a dominant Saudi Arabia fashion retailer.

Based in Lenexa, Kansas, Strasburg-Jarvis Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Kans. Case No. 09-20622) on
March 11, 2009.  Judge Robert D. Berger presides over the case.
Donald G Scott, Esq., at McDowell Rice Smith and Buchanan,
represents the Debtor.  The Debtor estimated both assets and debts
of between $1 million and $10 million.


SUMMER REGIONAL: Secured Creditors Object to Plan Confirmation
-------------------------------------------------------------
KBC Bank N.V. and the Bank of Nova Scotia object to the
confirmation of the plan of liquidation, as amended, of SRHS
Bankruptcy Inc. fka Sumner Regional Health Systems Inc. in the
U.S. Bankruptcy Court for the Middle District of Tennessee.

On April 28, 2011, the Court approved the Debtor's disclosure
statement explaining the Debtor's plan wherein all property of the
Debtors will revest in the Debtors "free and clear of all Claims
against the Debtors, liens, encumbrances, charges, and other
rights and interests of Creditors arising on or before the
Effective Date," and the plan administrator will liquidate the
Debtors' remaining assets, including the property subject to the
ground lease.  In addition, the Plan further provides that all
executory contracts will be rejected except for, inter alia, those
executory contract designated for assumption on a schedule in the
plan supplement.

In April of 2007, Sumner Regional Health Systems Inc., as lessor,
leased to Citadel Properties V LLC, as lessee, certain unimproved
real estate dated as of April 1, 2007, between Sumner Regional and
Citadel.

According to the Secured Creditors, the Debtor seeks to reject the
ground lease through the Plan, but the Plan does not preserve the
rights of Citadel.  Moreover, the Plan affirmatively creates an
injunction prohibiting Citadel, and all other creditors, from
exercising the right to setoff against the Debtors or the plan
administrator and affirmatively provides that all property of the
Debtors will revest in the Debtors "all Claims against the
Debtors, liens, encumbrances, charges, and other rights and
interests of creditors arising on or before the effective date."

The Secured Creditors argue that the Plan purports to disturb the
rights established by the ground lease.

                       About Sumner Regional

Summer Regional Health Systems Inc. operates a hospital system
with four hospitals in north-central Tennessee and its flagship in
Gallatin.

Sumner Regional Health Systems, Inc. -- dba Sumner Regional
Medical Center, SRHS Professional Services, Sumner Station, Sumner
In-Patient Rehabilitation Unit, Westmoreland Pharmacy, Imaging for
Women at Sumner Station, Diagnostic Center at Sumner Station,
Outpatient Rehab Services at Sumner Station, The Fitness Center at
Sumner Station, Sumner Crossroads, and Executive House Apartments
-- filed for Chapter 11 bankruptcy protection on April 30, 2010
(Bankr. M.D. Tenn. Case No. 10-04766).  Robert A. Guy, Esq., at
Frost Brown Todd LLC, assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
$100,000,001 to $500,000,000.


SW BOSTON: Prudential Files Rival Reorganization Plan
-----------------------------------------------------
The Prudential Insurance Company of America on behalf and solely
for the benefit of its Insurance Company Separate Account, PRISA,
filed with the U.S. Bankruptcy Court for the District of
Massachusetts a disclosure statement explaining their proposed
Chapter 11 plan of reorganization for SW Boston Hotel Venture LLC
and its debtor-affiliates.

The Plan provides for reinstatement of the Debtors' secured debt
on the same or similar terms and payment in full to the holders of
all Allowed, non-Insider, non-affiliate Unsecured Claims from the
income generated by the Debtors' operations, liquidation of the
Affiliate Debtors assets and the Prudential Cash Contribution.

Under Prudential Insurances' plan, all claim holders will be paid
in full.  Holders of Prudential Loan claims are expected to
receive new Prudential note and 100% of the equity interests in
reorganized Debtors.

Goodwin Procter LLP represents Prudential Insurance.

A full-text copy of Prudential's Disclosure Statement is available
for free at http://bankrupt.com/misc/SWBOSTON_DS.pdf

A full-text copy of Prudential's Chapter 11 Plan is available for
free at http://bankrupt.com/misc/SWBOSTON_plan.pdf

              Prudential's Objection to Debtors' Plan

On June 24, 2011, Prudential Insurance filed an objection to the
Chapter 11 plan proposed by the Debtors.

Prudential Insurance noted now that the Debtors' hotel assets have
been sold, the Plan is simply a straightforward plan of
liquidation -- there is no reorganization.  Prudential points out
that the Plan as proposed is merely a vehicle to subvert the
structural priorities of payment under the Bankruptcy Code in
order to pay junior creditors, to fund operations and to establish
working capital reserves all from the proceeds of Prudential's
diminishing collateral.  The Debtors propose to make these
payments before the payment of Prudential's senior secured claim
and its attendant postpetition interest.

                         The Debtors' Plan

As reported in the May 26, 2011 edition of the Troubled Compoany
Reporter, the Debtors' Plan provides for the payment in full to
the holders of all Allowed, non-Insider Claims from the income
generated by the Debtors' operations and the sale of certain of
the Debtors' assets.  On March 28, 2011, SW Boston filed a motion
to sell the hotel condominium and the parking condominium to a
subsidiary of Pebblebrook Hotel Trust for a purchase price of
$89.5 million.  The net proceeds of the Hotel Sale will be paid to
Prudential and will substantially reduce Prudential's claim.  The
Residences will be retained by SW Boston and sold in the ordinary
course of business with the proceeds paid to creditors in
accordance with the Plan.

                      About SW Boston Hotel

Boston, Massachusetts-based SW Boston Hotel Venture LLC is the
developer of the W Hotel in Boston.  The Company filed for Chapter
11 bankruptcy protection (Bankr. D. Mass. Case No. 10-14535) on
April 28, 2010.  Harold B. Murphy, Esq., and Natalie B. Sawyer,
Esq., at Hanify & King, P.C., is the Debtors' bankruptcy counsel.
Edwards Angell Palmer & Dodge LLP is the Company's special
counsel.  The Company estimated its assets and debts at
$100 million to $500 million.


TAREK IBN: Files For Chapter 11 Bankruptcy Protection
-----------------------------------------------------
StarTribune reports that Tarek ibn Ziyad Academy, 4100 E. 66th
St., Inver Grove Heights, filed for Chapter 11 bankruptcy
protection in the U.S. Bankruptcy Court in St. Paul, Minnesota
(Case No. 11-34372).  The Company listed no assets and liabilities
of $84,310.  Asad Zaman is the Company's executive director.


TELLICO LANDING: Hires Hagood Tarpy as Bankruptcy Counsel
---------------------------------------------------------
Tellico Landing LLC seeks Bankruptcy Court permission to employ
Thomas Lynn Tarpy, Esq., and the law firm of Hagood Tarpy & Cox
PLLC as its general counsel.

Mr. Tarpy will be paid at $300 an hour for her services.
Associates at the firm that will be working on the Debtor's case
and their hourly rates are: Allison Jackson, $125 per hour; Jesse
Overbay, $175 per hour; and Thomas Leveille, $275 per hour.

The Debtor has paid the firm $20,000 as retainer.

                       About Tellico Landing

Tellico Landing, LLC, based in Maryville, Tennessee, filed for
Chapter 11 bankruptcy (Bankr. E.D. Tenn. Case No. 11-33018) on
June 27, 2011.  Judge Richard Stair, Jr., oversees the case. The
Debtor scheduled $40,444,352 in assets and $8,532,455 in
liabilities.  The petition was signed by Michael L. Ross, its
chief manager.


TELLICO LANDING: Discovery in State Court Lawsuit Sought
--------------------------------------------------------
Robert T. Stooksbury, Jr., asks the Bankruptcy Court to lift the
automatic stay in Tellico Landing, LLC's bankruptcy case to allow
two consolidated lawsuits to proceed with discovery, or, in the
alternative, allow for the termination of the consolidation of the
two lawsuits so the action where the Debtor is not a party to
proceed.

On March 23, 2009, Mr. Stooksbury filed a Complaint in Blount
County Chancery Court, Docket Number 09-050, against LTR
Properties, Inc. for the dissolution of Tellico. Thereafter
Tellico was made a party and filed an Answer to the lawsuit.

On April 2, 2009, Mr. Stooksbury filed a Complaint in Blount
County Chancery Court, Docket Number 09-057, against Michael L.
Ross; LTR Properties, Inc.; RPL Properties, LLC; LC Development
Company, LLC; and Rarity Management Company, LLC.  Tellico is not
a party to this lawsuit.

On Aug. 17, 2009, the two lawsuits were consolidated for the
purpose of discovery by agreement of the parties.

Attorney for Robert T. Stooksbury, Jr., is:

          James R. Moore, Esq.
          MOORE & BROOKS
          6207 Highland Place Way, Ste. 203
          Knoxville, TN 37919
          Tel: (865) 285-7191

                       About Tellico Landing

Tellico Landing, LLC, based in Maryville, Tennessee, filed for
Chapter 11 bankruptcy (Bankr. E.D. Tenn. Case No. 11-33018) on
June 27, 2011.  Judge Richard Stair, Jr., oversees the case. The
Debtor scheduled $40,444,352 in assets and $8,532,455 in
liabilities.  The petition was signed by Michael L. Ross, its
chief manager.


TELLICO LANDING: Sec. 341 Creditors' Meeting Set for July 27
------------------------------------------------------------
The United States Trustee for the Eastern District of Tennessee
will convene a Meeting of Creditors pursuant to 11 U.S.C. Sec.
341(a) in the bankruptcy case of Tellico Landing, LLC, on July 27,
2011, at 9:00 a.m. at BK Meeting Room, First Floor, in Knoxville.

Proofs of claim are due by Oct. 25, 2011.

The Debtor's representative must be present at the meeting to be
questioned under oath by the trustee and by creditors.  Creditors
are welcome to attend, but are not required to do so.  The meeting
may be continued and concluded at a later date without further
notice.

                       About Tellico Landing

Tellico Landing, LLC, based in Maryville, Tennessee, filed for
Chapter 11 bankruptcy (Bankr. E.D. Tenn. Case No. 11-33018) on
June 27, 2011.  Judge Richard Stair, Jr., oversees the case. The
Debtor scheduled $40,444,352 in assets and $8,532,455 in
liabilities.  The petition was signed by Michael L. Ross, its
chief manager.


TELTRONICS INC: U.S. Trustee Names 7-Member Creditors Panel
-----------------------------------------------------------
Donald F. Walton, the United States Trustee for Region 21,
appointed seven creditors to the Official Committee of Unsecured
Creditors in the bankruptcy case of Teltronics, Inc.:

     1. John DeLuca, President
        Delco Electrical Corp.
        766 5th Avenue
        Brooklyn, NY 11232
        Tel: (718) 965-9801
        E-mail: JdeLuca@DelcoElectric.net

     2. Steven Orlando, President
        DataComm Consulting Group, Inc.
        1276 Castleton Avenue
        Staten Island, NY 10310-1718
        Tel: (718) 448-0807
        E-mail: Steven_Orlando@datacommconsulting.com

     3. Martin A. Gavin, President
        StarCom Communications Services, Inc.
        41 Central Drive
        Farmingdale, NY 11735-1201
        Tel: (631) 242-5000
        E-mail: mgavin@starcomsvcs.com

     4. Antonio Jabrane, Owner
        SAT Utility Contracting LLC
        73 Adirondack Drive
        Selden, NY 11784-3236
        Tel: (718) 966-7133
        E-mail: Ajabrane@satcontracting.com

     5. Michael Gavin, President
        Expertel Communication Ltd.
        199-15 23rd Avenue
        Whitestone, NY 11357-4123
        Tel: (347) 996-7879
        E-mail: Ecl1984@aol.com

     6. Mike Portoghese, RCDD
        GM Data Communication, Inc.
        48 Woodbine Court
        Floral Park, NY 11001
        Tel: 516 724-3667
        E-mail: mportoghese@gmdatacom.com

     7. Alex Wu, Owner
        Active Sales Associates, Inc.
        7411 114th Avenue North, Suite 313
        Largo, FL 33773-5127
        Tel: 727-460-4273
        E-mail: pcbalex@gmail.com

Delco replaced Powell Electronics, Inc., as committee member.

The United States Trustee for Region 21 is represented by:

          Denise E. Barnett, Esq., Trial Attorney
          501 East Polk Street, Suite 1200
          Tampa, FL 33602
          Tel: (813) 228-2000
          Fax: (813) 228-2303
          E-mail: denise.barnett@usdoj.gov

                     About Teltronics Inc.

Palmetto, Fla.-based Teltronics, Inc. (OTC BB: TELT)
-- http://ww.teltronics.com/-- designs, installs, develops,
manufactures and markets electronic hardware and application
software products, and engages in electronic manufacturing
services primarily in the telecommunication industry.  Teltronics
has three wholly owned subsidiaries, Teltronics Limited, 36371
Yukon Inc., and TTG Acquisition Corp.

Teltronics filed for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case
No. 11-12150) on June 27, 2011.  Judge K. Rodney May presides over
the case.  Charles A. Postler, Esq., at Stichter, Riedel, Blain &
Prosser, serves as the Debtor's counsel.  The Debtor's Chief
Restructuring Officer is Michael J. Worrall at Solutions
Management.  The petition was signed by Ewen R. Cameron,
president.

The Company's balance sheet at Dec. 31, 2010, showed $9.1 million
in total assets and $19.8 million in total liabilities.


TELTRONICS INC: Hires Stichter Riedel as Chapter 11 Counsel
-----------------------------------------------------------
Teltronics Inc. seeks Bankruptcy Court authority to hire Charles
A. Postler, Esq., and the law firm of Stichter, Riedel, Blain &
Prosser, as Chapter 11 counsel.

Charles A. Postler, Esq., will lead the engagement.  Mr. Postler
charges $450 an hour.

The firm's standard hourly rates are:

          Partners              $325-$475 per hour
          Associates            $175-$325 per hour
          Paralegals             $90-$150 per hour

Mr. Postler attests that Stichter Riedel neither holds nor
represents any interest adverse to the Debtor's estate, and is a
"disinterested person" within the meaning of Sec. 101(14) of the
Bankruptcy Code.

Prior to the petition date, the Debtor paid the firm $75,000 as
retainer.

                     About Teltronics Inc.

Palmetto, Fla.-based Teltronics, Inc. (OTC BB: TELT)
-- http://ww.teltronics.com/-- designs, installs, develops,
manufactures and markets electronic hardware and application
software products, and engages in electronic manufacturing
services primarily in the telecommunication industry.  Teltronics
has three wholly owned subsidiaries, Teltronics Limited, 36371
Yukon Inc., and TTG Acquisition Corp.

Teltronics filed for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case
No. 11-12150) on June 27, 2011.  Judge K. Rodney May presides over
the case.  The Debtor's Chief Restructuring Officer is Michael J.
Worrall at Solutions Management.  The petition was signed by Ewen
R. Cameron, president.

The Company's balance sheet at Dec. 31, 2010, showed $9.1 million
in total assets and $19.8 million in total liabilities.

An official committee of unsecured creditors has been appointed in
the case.


THORNWOOD FURNITURE: Get Approval to Use Cash Collateral
--------------------------------------------------------
Furniture Today reports that Thornwood Furniture Mfg. was extended
a ninth order to use cash collateral in the case earlier this
month.  The court also gave it permission to file an order for
additional debtor in possession financing.

Thornwood Furniture Manufacturing Inc., filed for Chapter 11
protection (Bankr. D. Ariz. Case No. 10-____) in June 2010.
Thornwood estimated assets and debts of $10 million to $50 million
in its petition.

Founded in 1987, Thornwood manufactures residential and commercial
furnishings at its 500,000-square-foot plant in Phoenix, Arizona.
Thornwood furnished the showpiece resort and casino of the
$8.5 billion City Center project in Las Vegas.


TRANSPECOS FOODS: Bankruptcy Hearing This Week
----------------------------------------------
CBS7 News reports that the main bankruptcy hearing for one of
Pecos, Texas' biggest employers, Trans Pecos Foods, was set for
Thursday July 14.  There have already been several preliminary
hearings held in the U.S. Bankruptcy Court in El Paso.  The Pecos
Economic Development Corporation will be represented in the
hearing.  Trans Pecos Foods had been paying for loans through them
to modernize their equipment up until filing Chapter 11.

TransPecos Foods LP, a producer and distributor of packaged foods,
sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 11-31124)
on June 9, 2011, in El Paso, Texas, blaming "an industry-wide
shortage of a primary component for its mozzarella stick
business."  Assets were listed for $6 million with debt totaling
$32.9 million.  Secured debt owed to several lenders totals
$30.7 million.  Trade suppliers are owed $2.2 million.


TUMBLEWEED AND CUSTOM: Emerges With New Tex-Mex Theme
-----------------------------------------------------
The Creative Department reports that Tumbleweed restaurant chain -
which had filed for Chapter 11 bankruptcy a mere two years ago -
has emerged with a new Tex-Mex theme.  According to Business
First, the chain's new name will be "Tex-Mex Grill & Margarita
Bar."  The move is part of an aggressive marketing effort by the
company that will take place in July and feature spots on
television commercials, online advertising and newspaper inserts.

Tumbleweed and Custom Food filed separate petitions for Chapter
11 relief (Bankr. W.D. Ky. Case No. 09-31525 and 09-31526) on
March 27, 2009.  Ruby D. Fenton-Iler, Esq., at Borowitz &
Goldsmith, PLC, David M. Cantor, Esq., at Seiller Waterman LLC,
and Gary L. Jones, Esq., at Jones Law Offices, represent
Tumbleweed, Inc., as counsel.  The Debtor estimated between
$10 million and $50 million in assets and debts.


UNLIMITED POTENTIAL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Unlimited Potential of Sanford, Inc.
        dba Millennium Print Group
        fdba Tailored Text
        2015 Production Drive
        Apex, NC 27539

Bankruptcy Case No.: 11-05318

Chapter 11 Petition Date: July 11, 2011

Court: United States Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Debtor's Counsel: Jason L. Hendren, Esq.
                  HENDREN & MALONE, PLLC
                  4600 Marriott Drive, Suite 150
                  Raleigh, NC 27612
                  Tel: (919) 573-1422
                  Fax: (919) 420-0475
                  E-mail: bwood@hendrenmalone.com

Scheduled Assets: $1,624,070

Scheduled Debts: $3,273,346

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/nceb11-05318.pdf

The petition was signed by Thomas Darrin Spivey, president.


VEY FINANCE: Court Set to Issue Further Ruling on Cash Collateral
-----------------------------------------------------------------
The Hon. H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas previously entered an order authorizing
Vey Finance LLC to use, on an interim basis, cash collateral
securing the obligations to its lender.  A hearing was set for
July 14, 2011, at 10:00 p.m., to consider final approval of the
Debtor's request.

As reported in the TCR in May, the Debtor sought to use monies
collected and revenues generated from the Debtor's notes
receivable and real property holdings to fund its operations while
in bankruptcy.  The funds, the Debtor said, may constitute "cash
collateral" as the term is defined in Section 363(a) of the
Bankruptcy Code.  The Debtor said Bank of the West, Capital Bank
and Compass Bank may assert a  lien or interest in the cash
collateral.

According to the Debtor, the lenders' interests are adequately
protected by a substantial equity cushion:

     -- The Debtor believes the value of Bank of the West's
collateral exceeds the amount of its debt, $1,422,867.  The Debtor
estimates that the Bank's real property and promissory notes
collateral had a value of $2,293,058 as of May 13, 2011;

     -- The Debtor believes the value of Capital Bank's collateral
exceeds the amount of its debt, $1,470,628.  The Debtor estimates
that the Bank's real property and promissory notes collateral had
a value of $1,612,629 as of May 13, 2011.

     -- The Debtor believes that the value of Compass Bass'
collateral exceeds or is approximately equal to the amount of its
debt, $4,500,000.  The Debtor estimates that the Bank's real
property and promissory notes collateral had a value of $4,600,000
as of May 13, 2011.

                         About Vey Finance

El Paso, Texas-based Vey Finance LLC borrows money from banks
which it subsequently loans to borrowers at a higher interest
rate.  The borrowers require real estate and provide Vey Finance
with a promissory note and deed of trust.  In return, Vey Finance
pledges the promissory note and beneficial interest under the deed
of trust to its lenders.  If the borrowers default, Vey Finance
forecloses on its collateral.  As a result, Vey Finance currently
owns and manages as landlord several parcels of commercial and
residential real estate.  The rents from that real estate are
pledged to the lenders who provide the initial financing.

Vey Finance filed for Chapter 11 bankruptcy (Bankr. W.D. Tex. Case
No. 11-30901) on May 13, 2011.  Judge H. Christopher Mott presides
over the case.  Corey W. Haugland, Esq., at James & Haugland,
P.C., serves as bankruptcy counsel.  John W. (Jay) Dunbar, CPA,
serves as its regular accountant.  The Debtor scheduled assets of
$10,477,513 and liabilities of $12,504,207.  The petition was
signed by Veronica L. Veytia, managing member.


VICTOR VALLEY: Wants to Sell All Assets to Prime for $35 Million
----------------------------------------------------------------
Victor Valley Community Hospital asked the U.S. Bankruptcy Court
for the Central District of California for authority to sell
substantially all assets.

According to Daily Press, Dr. Prem Reddy's nonprofit Prime
Healthcare Services Foundation is poised to purchase Victor Valley
Community Hospital for $35 million, in the second deal the
bankrupt hospital has struck in less than a year.

Court document stated that Prime Healthcare made a $5 million good
faith deposit for the Debtor's assets.  The sale is expected to
close by Aug. 31, 2011.

Daily Press say's VVCH spokeswoman Lovella Sullivan confirmed that
the hospital accepted the offer from Prime.  The Ontario-based
foundation is the nonprofit arm of Reddy's hospital management
company Prime Healthcare Services, which owns Desert Valley
Hospital.

The deal is pending approval by the U.S. Bankruptcy Court and
California Attorney General.

Victor Valley Community Hospital:

  * $17.4 million - Outstanding debt VVCH has accumulated
  * $35 million   - Purchase offer from Prime Healthcare Services
                    Foundation
  * $20.9 million - Projected net proceeds to the hospital from
                    the sale
  * $5 million    - Nonrefundable good faith deposit Prime wired
                    to VVCH Tuesday

A full-text copy of the asset purchase agreement is available for
free at http://bankrupt.com/misc/VICTORVALLEY_APA.pdf

Victor Valley Community Hospital -- http://www.vvch.org/--
operates a 101 acute care bed facility in Victor Valley, in
Southern California.

Victor Valley Community Hospital filed for Chapter 11 protection
on Sept. 13, 2010 (Bankr. C.D. Calif. Case No. 10-39537
The Debtor estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.  Debt includes
$4.5 million owed to the bank lender.  Unsecured creditors are
owed $16.5 million.  Mary D. Lane, Esq., Samuel R. Maizel, Esq.,
and Scotta E. McFarland, Esq., at Pachulski Stang Ziehl & Jones
LLP, in Los Angeles, represent the Debtor as counsel.


VITRO SAB: Asks Dallas Judge to Enforce Mexican Plan
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports Vitro SAB had a pivotal hearing July 14 in U.S. Bankruptcy
Court in Dallas, where the Mexican glassmaker will try to persuade
the judge to enforce whatever bankruptcy reorganization a court in
Mexico eventually approves.  The hearing is to decide whether
Vitro's Mexican bankruptcy should be recognized as the "foreign
main proceeding" under Chapter 15 of U.S. bankruptcy law.

According to the report, the Mexican and U.S. bankruptcies are
being opposed by holders of some of the $1.2 billion in bonds in
default for more than two years.  The bondholders contend the U.S.
court ultimately shouldn't enforce a Mexican reorganization if
Vitro succeeds in persuading the Mexican judge to cram it down on
bondholders by using $1.9 billion in intercompany claims voting in
favor of the reorganization.  The bondholders contend that Vitro
is ineligible for Chapter 15 because only the conciliator from the
Mexican proceeding is entitled to represent the company in courts
abroad.

Mr. Rochelle reports that Vitro argued in papers filed this week
that the company itself is entitled to file under Chapter 15, just
like a U.S. company is a debtor-in-possession in Chapter 11 cases.

Mr. Rochelle notes that if the bankruptcy judge in Dallas doesn't
approve Vitro's Chapter 15 petition for whatever reason, even a
successful outcome in Mexico may be futile since Vitro could be
unable to enforce the Mexican reorganization plan in the U.S.

                         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 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.

On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States.  On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).

Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V.  The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.

Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.

                    Chapter 11 Proceedings

A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed
the exchange.  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.


ZUESY, LLC: Case Summary & Largest Unsecured Creditor
-----------------------------------------------------
Debtor: Zuesy, LLC
        304 Genoa Drive
        Redwood City, CA 94065

Bankruptcy Case No.: 11-52264

Chapter 11 Petition Date: July 12, 2011

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

Judge: Bruce T. Beesley

Debtor's Counsel: Michael Lynn Gabriel, Esq.
                  LAW OFFICE OF MICHAEL LYNN GABRIEL
                  1271 Fifth Avenue
                  Redwood City, CA 94002
                  Tel: (650) 508-8345
                  Fax: (650) 508 8359
                  E-mail: aetal@earthlink.net

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

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

The petition was signed by Lewis Daniel Rabin, managing member.

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

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Wiedow Family Trust                Loan on Real Estate    $930,000
822 Hartz Way, Suite 206
Danville, CA 94526


* U.S. Has 50% Chance of Downgrade in 3 Months, Says S&P
--------------------------------------------------------

   -- Standard & Poor's has placed its 'AAA' long-term and 'A-1+'
      short-term sovereign credit ratings on the United States of
      America on CreditWatch with negative implications.

   -- Standard & Poor's uses CreditWatch to indicate a substantial
      likelihood of it taking a rating action within the next 90
      days, or in response to events presenting significant
      uncertainty to the creditworthiness of an issuer.  The July
      14 CreditWatch placement signals S&P's view that, owing to
      the dynamics of the political debate on the debt ceiling,
      there is at least a one-in-two likelihood that S&P could
      lower the long-term rating on the U.S. within the next 90
      days.  S&P has also placed short-term rating on the U.S. on
      CreditWatch negative, reflecting its view that the current
      situation presents such significant uncertainty to the U.S.'
      creditworthiness.

   -- Since S&P's revised the outlook on our 'AAA' long-term
      rating to negative from stable on April 18, 2011, the
      political debate about the U.S.' fiscal stance and the
      related issue of the U.S. government debt ceiling has, in
      S&P's view, only become more entangled.  Despite months of
      negotiations, the two sides remain at odds on fundamental
      fiscal policy issues. Consequently, S&P believes there is an
      increasing risk of a substantial policy stalemate enduring
      beyond any near-term agreement to raise the debt ceiling.

   -- As a consequence, S&P believes that it could lower its
      ratings on the U.S. within three months.

   -- S&P may lower the long-term rating on the U.S. by one or
      more notches into the 'AA' category in the next three
      months, if S&P concludes that Congress and the
      Administration have not achieved a credible solution to the
      rising U.S. government debt burden and are not likely to
      achieve one in the foreseeable future.

   -- S&P still believes that the risk of a payment default on
      U.S. government debt obligations as a result of not raising
      the debt ceiling is small, though increasing.  However, any
      default on scheduled debt service payments on the U.S.'
      market debt, however brief, could lead us to revise the
      long-term and short-term ratings on the U.S. to 'SD.'  Under
      S&P's rating definitions, 'SD,' or selective default, refers
      to a situation where an issuer, the federal government in
      this case, has defaulted on some of its debt obligations,
      while remaining current on its other debt obligations.

   -- S&P may also lower the long-term rating and affirm the
      short-term rating if it concludes that future adjustments to
      the debt ceiling are likely to be the subject of political
      maneuvering to the extent that questions persist about
      Congress' and the Administration's willingness and ability
      to timely honor the U.S.' scheduled debt obligations.

Standard & Poor's Ratings Services on July 14 said it placed its
'AAA' long-term and 'A-1+' short-term sovereign credit ratings on
the United States of America on CreditWatch with negative
implications.

The CreditWatch action reflects S&P's view of two separate but
related issues.  The first issue is the continuing failure to
raise the U.S. government debt ceiling so as to ensure that the
government will be able to continue to make scheduled payments on
its debt obligations.  The second pertains to S&P's current view
of the likelihood that Congress and the Administration will agree
upon a credible, medium-term fiscal consolidation plan in the
foreseeable future.

On May 16, 2011, the U.S. government reached its Congressionally
mandated ceiling for federal debt of $14.294 trillion.  Since
then, the government has undertaken exceptional measures to avoid
breaching the debt ceiling.  Secretary of Treasury Timothy
Geithner wrote, "The unique role of Treasury securities in the
global financial system means that the consequences of default
would be particularly severe. . . .  Even a short-term default
could cause irrevocable damage to the American economy." The
Treasury currently estimates that it will have exhausted these
exceptional measures on or about Aug. 2, 2011, at which time it
will either have to curtail certain current expenses or risk
missing a scheduled payment of interest or principal on Treasury
securities held by the public.

Standard & Poor's still anticipates that lawmakers will raise the
debt ceiling by the end of July to avoid those outcomes.  However,
if the government is forced to undergo a sudden, unplanned fiscal
contraction -- as a result of Treasury efforts to conserve cash
and avoid default absent an agreement to raise the debt ceiling --
S&P's thinks that the effect on consumer sentiment, market
confidence, and, thus, economic growth will likely be detrimental
and long lasting.  If the government misses a scheduled debt
payment, S&P believes the effect would be even more significant
and, under our criteria, would result in Standard & Poor's
lowering the long-term and short-term ratings on the U.S. to 'SD'
until the payment default was cured.

Congress and the Administration are debating various fiscal
consolidation proposals.  At the high end, budget savings of
$4 trillion phased in over 10 to 12 years proposed by the
Administration, (separately) by Congressional leaders, as well as
by the Fiscal Commission in its December 2010 report, if
accompanied by growth-enhancing reforms, could slow the
deterioration of the U.S. net general government debt-to-GDP
ratio, which is currently nearing 75%.

"Under our baseline macroeconomic scenario, net general government
debt would reach 84% of GDP by 2013.  (Our baseline scenario
assumes near 3% annual real growth and a post-2012 phaseout of the
December 2010 extension of the 2001 and 2003 tax cuts.) Such a
percentage indicates a relatively weak government debt trajectory
compared with those of the U.S.' closest 'AAA' rated peers
(France, Germany, the U.K., and Canada)," S&P said.

"We expect the debt trajectory to continue increasing in the
medium term if a medium -- term fiscal consolidation plan of
$4 trillion is not agreed upon.  If Congress and the
Administration reach an agreement of about $4 trillion, and if we
to conclude that such an agreement would be enacted and maintained
throughout the decade, we could, other things unchanged, affirm
the 'AAA' long-term rating and A-1+ short-term ratings on the
U.S."

Standard & Poor's takes no position on the mix of spending and
revenue measures that Congress and the Administration might agree
on.  But for any agreement to be credible, S&P believes it would
require support from leaders of both political parties.

"Congress and the Administration might also settle for a smaller
increase in the debt ceiling, or they might agree on a plan that,
while avoiding a near-term default, might not, in our view,
materially improve our base case expectation for the future path
of the net general government debt-to-GDP ratio. U.S. political
debate is currently more focused on the need for medium-term
fiscal consolidation than it has been for a decade.  Based on
this, we believe that an inability to reach an agreement now could
indicate that an agreement will not be reached for several more
years.  We view an inability to timely agree and credibly
implement medium-term fiscal consolidation policy as inconsistent
with a 'AAA' sovereign rating, given the expected government debt
trajectory noted above," S&P added.

"Further delays in raising the debt ceiling could lead us to
conclude that a default is more possible than we previously
thought.  If so, we could lower the long-term rating on the U.S.
government this month and leave both the long-term and short-term
ratings on CreditWatch with negative implications pending
developments. If Congress and the Administration agree to raise
the debt ceiling (with commensurate fiscal adjustments), we aim to
review the details of such agreement within the next 90 days to
determine whether, in our view, it is sufficient to stabilize the
U.S.' medium-term debt dynamics.  If we conclude that the
agreement would likely achieve this end, all other things
unchanged, we would expect to affirm both the long- and short-term
ratings and assign a stable outlook."

"If a debt ceiling agreement does not include a plan that seems
likely to us to credibly stabilize the U.S.' medium-term debt
dynamics but the result of the debt ceiling negotiations leads us
to believe that such a plan could be negotiated within a few
months, all other things unchanged, we expect to affirm both the
long- and short-term ratings and assign a negative outlook,
pending review of the eventual plan.  If such an agreement is
reached, but we do not believe that it likely will stabilize the
U.S.' debt dynamics, we, again all other things unchanged, would
expect to lower the long-term 'AAA' rating, affirm the 'A-1+'
short-term rating, and assign a negative outlook on the long-term
rating."


* Sharewell Capital Buying Two Properties in Chapter 11
-------------------------------------------------------
Sharewell Capital Group Inc. has signed an exclusive letter-of-
intent to acquire two large real estate assets located in
California, subject to recapitalization and approval from existing
lenders at the time of closing.  The properties are currently tied
up in Chapter 11 bankruptcy, which Sharewell believes will enable
the acquisition of these combined assets at a significant discount
to current intrinsic values, largely through the issuance of
shares of common stock of Sharewell.

The first property consists of just over 27,000 contiguous acres
of multi-use agricultural land in Central California.  This is
particularly appealing because of Sharewell's belief in the long-
term investment thesis for agriculture, driven largely by
consistent demand from a rising global population, coupled with
the trend of improving diets, both domestically and abroad.

The second property consists of just over 500 acres of commercial,
single family residential and multi-family development land in San
Diego's North County region.  Sharewell contemplates engaging with
an experienced development partner to help maximize the long-term
potential of this premium property in the midst of continued
fragility in the housing and mortgage markets, while concurrently
minimizing capital expenditures in the near-term.

"This transaction represents an opportunity for us to achieve some
immediate investment scale for our shareholders, leveraging our
public company structure to effectively acquire long-duration
assets and permanent capital at attractive valuations," the report
quotes Steve Robertson, Chief Executive Officer of Sharewell, as
saying.  "We have high conviction about the persistent capital
commitment to food-based commodities, and firmly believe that
agricultural property will continue to appreciate in the years
ahead, while concurrently offering a compelling source of yield
and recurring income."

                          About Sharewell

Sharewell Capital Group, Inc. is a publicly-traded holding company
focused on making strategic acquisitions in undervalued companies
and assets with significant growth potential. Sharewell intends to
raise and invest significant permanent capital with a "duration
agnostic" time horizon in order to maximize shareholder equity,
liquidity and transparency. Sharewell is publicly-traded under the
symbol SHCG.


* Epiq Systems Says U.S. Business Bankruptcy Filings Drop in June
-----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that fewer struggling U.S.
businesses sought bankruptcy protection in June, leading
nationwide filing numbers to drop 1.8% from May, to 6,481 cases,
and continuing a pattern that began to take shape earlier this
year.


* US Entrepreneurship Climate Favorable, Bankruptcies Prevail
-------------------------------------------------------------
According to new data released by the Organization for Economic
Co-Operation and Development (OECD), the US remains a very
supportive environment for small businesses, though high failure
rates represent a lasting concern.

The report, Entrepreneurship At A Glance 2011, is an annual
publication by the OECD. It chronicles the state of
entrepreneurship in the various OECD countries through important
key indicators. The US fared highly in small business creation,
especially in construction, retail and professional services.
Support for entrepreneurs was also evident, with the US ranked
fourth in terms of administrative ease of starting a business.
Financially, venture capital funding in the US totals 0.08% of
GDP, which is second only to Israel.

However, despite the favorable climate for small business growth,
bankruptcy rates continue to cast a pall over the sector. Domestic
rates of business failure peaked during the financial crisis and
have hardly dropped since. They remain at almost triple that of
the UK, France, and the Netherlands.

"Business collapse is a real and serious danger for small business
owners," said small business expert Phil Holland, founder of My
Own Business, Inc. "The reality is that start-ups usually only get
one chance to fail and too often will make avoidable mistakes
caused by lack of appropriate training and experience before
starting. For example, first working for someone else in the same
business and gaining accounting and cash flow skills can avoid
many pitfalls once in business."

The high rate of business failure has not dented the opinions of
Americans regarding entrepreneurship. Over 73% of the population
surveyed had a favorable image of entrepreneurs. Phil agrees.
"Going forward, small business will be a very important mainstay
of the American economy. We believe that businesses can still
thrive with the right preparation and support. That's a service we
try to provide with our free business courses. Every day we see
more and more people really getting serious about running their
business, and in the end that's just the boost our economy needs."

For now, the ongoing support afforded to small business owners by
the state and private sources such as My Own Business leaves
experts cautiously optimistic.

                   About My Own Business, Inc

My Own Business, Inc (MOBI) is a leading provider of free business
education to small business owners.  We exist to support the vital
social and economic contributions of small businesses by nurturing
entrepreneurship and helping individuals build their own business.
Online at www.myownbusiness.org


* BOOK REVIEW: Competition in the Health Care Sector
----------------------------------------------------
Author: Warren Greenberg, Ph.D.
Publisher: Beard Books
Softcover: 410 pages
List Price: $34.95
Review by Henry Berry

Competition in the Health Care Sector covers a landmark Federal
Trade Commission (FTC) conference in June 1977.  The conference
was attended by over 600 individuals, including healthcare
administrators, government policymakers, sociologists and other
academics, and medical doctors.  All were present to try to get a
better appreciation for the role and impact of economics in
healthcare services.  At that time (and still true today),
Medicaid and Medicare were growing larger, health maintenance
organizations (HMOs) were assuming a central place in the
healthcare system, payment methods were proliferating and becoming
more complicated, and consumers were becoming more informed about
and involved with their healthcare options.  Both government
agencies and the private sector recognized that economic
principles and phenomena were at work in the healthcare sector.
The FTC conference was called to clarify the economic factors and
their effects in healthcare in order to gain better control over
the sector, particularly its escalating costs.

The 24 chapters in Competition in the Health Care Sector are
presented in four sections.  The first is "Opening Remarks and
Introduction," followed by sections on "Competition in Selected
Sectors," "Insurance, Competition, and Alternative Delivery
Systems," and "Competition and Regulation."  Many of the chapters
are titled "Comment," which contain comments by an individual on
one of the topics presented in the four major sections. There is
also a detailed index that leads readers to specific subjects of
interest.

Despite its general title, the first section gets right to the
substance of the conference as connoted in the title.  It is a
staff report prepared by the FTC's Bureau of Economics.  At the
time of the conference, Greenberg was a staff economist with the
FTC and presumably he had an appreciable hand in the report.
There is a note that the FTC "has not adopted the report in whole
or part."  But this is a pro forma entry because there is little
to adopt or reject in this government paper.  The staff report is
a summary of the lengthy and often detailed informative and
analytic papers that follow in the remaining 400 pages of
Competition in the Health Care Sector.

In an address opening the conference, Michael Pertschuk, then FTC
chairman, stresses that, "The Federal Trade Commission is not a
health or medical agency . . . [W]e recognize, along with most
Americans, that the delivery of health care is business, an
industry of vast proportions and vital effect.  Health care has
become [the FTC's] business."  That the FTC, charged with
monitoring and regulating businesses, has come to regard the
healthcare industry in the same terms as other business sectors
plainly evidences the nature of modern-day healthcare.

Healthcare executives and administrators as well as doctors and
related health professionals concurred with the perspective of the
FTC Chairman.  Dr. Theodore Cooper, dean of Cornell University's
Medical College at the time, said in his opening remarks that, "I
have to admit that one can no longer discuss health policy without
an appreciation of the importance of economic factors."  Dr.
Cooper also stated that, "the political and technical discussions
about health policy will continue to expand."  And he said that,
"if the conference can clarify how competition fits into the
'scheme of things,' this will be a milestone for doctors,
patients, and hospitals."

The critical issue of competition in the healthcare industry was
omnipresent during the conference.  Most of the topics covered
during the conference addressed, to some degree or another, the
effects of competition.  The impact of competition on physicians,
hospitals, and insurers was analyzed.  Another area of discussion
focused on the interrelationship between competition and
alternative means of payment.  Appropriately for a conference
sponsored by the FTC, the interrelation of competition and
regulation came under study.

Analyses follow the introduction of each topic.  For example,
"Competition Among Physicians," is followed by expert commentary.
The style of the papers is, as is well described by the author, "a
mix of technical jargon and mathematical exposition common to most
economists, and language suitable for non-economists and public
policy-makers."

The conference did not arrive at definite conclusions about the
place and effects of economics on the thriving, sprawling, complex
healthcare industry that encompasses innumerable organizations and
professionals of many different kinds.  It did, however, succeed
in its objective of presenting data, offering illuminating
analyses, providing knowledgeable perspectives, and eliciting
expert commentary.  All this is offered in a reprint of a 1978
book that still has a place on everyone's bookshelf as a
fundamental text and reference on economics in the healthcare
field.

Warren Greenberg has a Ph.D. in economics from Bryn Mawr
University.  Author of many books and articles in the area of
industrial organization economics and healthcare, Greenberg is
also a professor of Health Economics and of Health Care Sciences
at George Washington University.



                           *********

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

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

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

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

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

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

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

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

                           *********

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

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

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

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

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


                  *** End of Transmission ***