TCR_Public/110819.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, August 19, 2011, Vol. 15, No. 229

                            Headlines

155 EAST TROPICANA: Court Okays Garden City Group as Claims Agent
4KIDS ENTERTAINMENT: Posts $4.7-Mil. 2nd Quarter Net Loss
765 REALTY: Albion Wins City License Renewal
ABCLD HOLDINGS: Bank Lender to Get 80% Recovery in Liquidation
ALLIANCE HEALTHCARE: S&P Cuts Corporate to 'B+' on Weak Demand

AMSCAN HOLDINGS: Posts $14.5 Million Net Income in Second Quarter
ARK DEVELOPMENT: To Hire Pedro Gomez as Real Estate Appraiser
ARK DEVELOPMENT: Files Schedules of Assets & Liabilities
ARKANOVA ENERGY: Completes Horizontal Well in Cut Bank Sand
AUGUSTA APARTMENTS: Trustee Taps Hire Turner & Johns as Counsel

BANKATLANTIC BANCORP: Files Form 10-Q, Posts $23.4MM Income in Q2
BARZEL INDUSTRIES: Settles R.I. Superfund Bankruptcy Claim
BERNARD L MADOFF: Mets Owners May Lose Millions on Ruling
BERNARD L MADOFF: U.S. Judge to Review Anti-Class Action Suit
BERNARD L MADOFF: Investors Appeal Ruling Granting Picard's Fees

BERNARD L MADOFF: Trustee Amends $2-Bil. Complaint Against UBS
BION ENVIRONMENTAL: Granted New Patent for Phosphorus Removal
BMB MUNAI: CEO Kulumbetov Employment Agreement Terminated
BRAINY BRANDS: Issues $220,000 Convertible Promissory Notes
CADENCE INNOVATION: Judge Approves Liquidation Plan

CHARTER COMMS: Uses Low-Yielding Cash for Stock Buybacks
CHINA RENEWABLE: Incurs $59,000 Net Loss in Second Quarter
COMMONWEALTH BIOTECH: Delays 10-Q After Aussie Unit Sale
CUMULUS MEDIA: Files Form 10-Q, Posts $1.3-Mil. Net Income in Q2
DELTA AIR: S&P Gives 'BB' Rating on Series 2011-1 Class B Certs.

E-DEBIT GLOBAL: Incurs $284,000 Net Loss in Second Quarter
EASTMAN KODAK: Lazard Begins Marketing Process for Patents
ENERTECK CORP: Incurs $757,000 Net Loss in Second Quarter
ENTELOS INC: Judge Approves Auction Timeline, Lead Bid for Assets
EQUINIX INC: S&P Lifts CCR to 'BB-' on Continuing Strong Revenue

EVERGREEN SOLAR: Has Plan Deal; Noteholders Bid for Assets
EVERGREEN SOLAR: Hearing on Sale Procedures Set for Sept. 6
EVERGREEN SOLAR: Seeks to Pay Up to $2MM in Employee Incentives
EVERGREEN SOLAR: Will Not Appeal Nasdaq Delisting of Common Stock
EVERGREEN SOLAR: Meeting to Form Committee on Aug. 26

EZENIA! INC: Incurs $1 Million Net Loss in Second Quarter
FIDDLER'S CREEK: Bondholders' Request for Examiner Denied
FOREST OIL: S&P Lowers Senior Unsecured Debt Ratings to 'B'
GENERAL MOTORS: Says Bankruptcy Bars Impala Warranty Suit
GLOBAL AVIATION: Cut by S&P to 'CCC+' on Deferred Interest Payment

GRAHAM PACKAGING: Reports $33.5-Mil. Net Income in 2nd Quarter
GREAT ATLANTIC: Reaches Deal With OfficeMax Over Executive Hiring
HARVEST OAKS: Files 2nd Amended Plan; CSMC to be Paid Over Time
HASSEN IMPORTS: Files Schedules of Assets and Liabilities
HILLSIDE VALLEY: Wants to Hire Regional Capital as Financial Agent

HUDSON HEALTHCARE: Hiring Trenk DiPasquale as Bankruptcy Counsel
HUDSON HEALTHCARE: Has Green Light to Tap Epiq as Claims Agent
HUDSON HEALTHCARE: Sec. 341 Creditors' Meeting Set for Aug. 31
HUDSON HEALTHCARE: Status Conference Scheduled for Oct. 3
HUDSON HEALTHCARE: Council to Vote on Okin Hollander Retention

HWI GLOBAL: Inks Forbearance Pact with Primary Secured Lender
INSIGHT COMMUNICATIONS: S&P Puts 'B-' Rating $495-Mil. Sr. Notes
INTERFACE INC: S&P Raises Corporate Credit Rating to 'BB'
INTERNAL FIXATION: Incurs $723,000 Net Loss in Second Quarter
INTERNATIONAL FUEL: Completes Sale of 12.8MM Shares for $1-Mil.

IRWIN MORTGAGE: Has Approval for Bailey Cavalieri as Counsel
IRWIN MORTGAGE: Can Hire Development Specialists for Wind-Down
IRWIN MORTGAGE: Files Schedules of Assets and Liabilities
JACKSON HEWITT: Lenders' Claim to be Replaced by $100MM Term Loan
J.C. EVANS: Taps Cox Smith as Primary Bankruptcy Counsel

J.C. EVANS: Taps Burnham Securities as Financial Advisors
JONES COUNTY: S&P Lowers Rating on 2009 Revenue Bonds to 'CC'
JOSEPH DETWEILER: Creditors Can't Add More Plaintiffs in Suit
KT SPEARS: Section 341(a) Meeting Canceled for Lack of Interest
LEHMAN BROTHERS: Gets $881-Mil. From 111 Counterparty Settlements

LOS ANGELES DODGERS: Paid $5.9-Mil. to Insiders in Past Year
LPATH INC: Posts $1.4 Million Net Income in Second Quarter
MADISON 92ND: Pursuing Courtyard Financing While in Ch. 11
MADISON 92ND: Case Summary & 18 Largest Unsecured Creditors
MADISON HOTEL: Senior Lenders Want to File Alternative Plan

MCINTOSH BANCSHARES: Delays Filing of Quarterly Report
MEDICAL CONNECTIONS: Incurs $935,000 Net Loss in Second Quarter
MERCED FALLS RANCH: Files for Chapter 11 Protection in California
MERIT GROUP: Centre Lane Partners Dips Into Company
MIDCONTINENT COMMS: S&P Affirms 'B+' Corporate Credit Rating

MILESTONE SCIENTIFIC: Incurs $298,000 Net Loss in Second Quarter
NEBRASKA BOOK: NBC Delays 2nd Quarter Form 10-Q
NEBRASKA BOOK: S&P Assigns 'BB-' Rating to $75-Mil. DIP Revolver
NEOMEDIA TECHNOLOGIES: Incurs $55.8 Million Net Loss in Q2
NEW GENERATION: Currently Seeking Alternative Financing

NEWPAGE CORP: Bondholders Bet on Lower Recovery
NEWPAGE CORP: Cut by S&P to 'CCC' on Upcoming Maturities
NEXTMART INC: Delays Filing of Quarterly Report on Form 10-Q
NOMOTO INVESTMENTS: Files for Bankruptcy in California
NORD RESOURCES: Nedbank Refuses to Extend Forbearance Agreement

NORTHCORE TECHNOLOGIES: Incurs C$1.8MM Net Loss in Second Quarter
NOVADEL PHARMA: Incurs $5 Million Net Loss in Second Quarter
OLD CORKSCREW: Seeks to Employ McDowell Rice as General Counsel
OLD CORKSCREW: Proposes Berger Singerman as Counsel
OLD CORKSCREW: Taps Kapila & Co as Chief Restructuring Officer

OLD CORKSCREW: Wants to Hire Arcadia Citrus as Manager
OSAGE EXPLORATION: Posts $2.8-Mil. Net Income in Second Quarter
OTERO COUNTY: Case Summary & 20 Largest Unsecured Creditors
OXIGENE INC: Files Form 10-Q, Incurs $2.9 Million Net Loss in Q2
PAPA KENO'S: Voluntarily Dismisses Case After Reaching Deal

PATIENT SAFETY: 31.2-Mil. Shares Offering Form S-1 Amended
PAUL BRENNEKE: Meeting of Creditors Scheduled for Sept. 12
PENINSULA HOSPITAL: Involuntary Chapter 11 Case Summary
PILGRIM'S PRICE: S&P Lowers Corporate Credit Rating to 'B'
PITTSBURGH CORNING: Court to Revisit Plan Ruling in September

PLATINUM STUDIOS: Delays Filing of Quarterly Report on Form 10-Q
PROFESSIONAL VETERINARY: Has Until Nov. 13 to Solicit Plan Votes
QUALTEQ INC: Meeting to Form Creditors Committee on Aug. 25
QUANTUM CORP: Files Form 10-Q, Incurs $5.2MM Fiscal Q1 Net Loss
REAL ESTATE ASSOCIATES: Incurs $212,000 Net Loss in Second Quarter

ROCK HOLDINGS: S&P Withdraws 'B' LT Counterparty Credit Rating
SALON MEDIA: Incurs $678,000 Net Loss in Second Quarter
SHUBH HOTELS: Unite Here Wants Settlement Agreement Enforced
SIGNATURE STYLES: Court OKs Rosner as Committee's Del. Counsel
SIGNATURE STYLES: Court Approves FTI as Panel's Financial Advisor

SIMMONS FOODS: S&P Affirms 'B-' Corporate Credit Rating
SKYSHOP LOGISTICS: Incurs $1.3 Million Net Loss in Second Quarter
SMART ONLINE: Incurs $800,000 Net Loss in Second Quarter
SMART POOLS: Files For Chapter 7 Bankruptcy Protection
SMART-TEK SOLUTIONS: Delays Filing of Quarterly Report

SOVRAN LLC: Court OKs GVA Kidder as Commercial Real Estate Broker
SULPHCO INC: Reports $424,000 Net Income in Second Quarter
TALON INTERNATIONAL: Reports $656,000 Net Income in Second Qtr.
TAO-SAHI: Hires Jackson Walker as Counsel, Bolton as Appraiser
TBS INTERNATIONAL: Incurs $15.1 Million Net Loss in Second Qtr.

TELKONET INC: Reports $113,000 Net Income in Second Quarter
TELVUE CORPORATION: Incurs $824,000 Net Loss in Second Quarter
TERRESTAR CORP: Echostar Corp. to Get $675-Mil. from Sale
TERRESTAR CORP: Seeks Court OK for Execs. Compensation Program
TEXAS RANGERS: Tom Hicks Sued by Former Investors

THORNBURG MORTGAGE: Countrywide, BofA Want Suit Moved to Calif.
TOUSA INC: LSTA Urges Appeals Court to Preserve $500MM Loan
TRADE UNION: Wants Until Oct. 1 to Solicit Plan Acceptances
TRICO MARINE: Exits Bankruptcy, Assets to Be Liquidated
TRIUS THERAPEUTICS: Incurs $10-Mil. Net Loss in 2nd Quarter

UNI-PIXEL INC: Incurs $1.7 Million Net Loss in Second Quarter
UNIGENE LABORATORIES: Incurs $8.4-Mil. Net Loss in Second Quarter
UNIVERSAL SOLAR: Incurs $993,000 Net Loss in Second Quarter
UPD GLOBAL RESOURCES: Owes $4.3-Mil. to PBC on Judgement
URBAN WEST: Plans to Seek Dismissal, Asks for Exclusivity

US FIDELIS: Robert E. Eggmann Authorized to Withdraw as Counsel
UTSTARCOM INC: Posts $11.3 Million Net Income in Second Quarter
VERENIUM CORP: Incurs $1.4 Million Net Loss in Second Quarter
VIEW SYSTEMS: Incurs $245,000 Net Loss in Second Quarter
VITESSE SEMICONDUCTOR: Posts $6.5-Mil. Net Income in June 30 Qtr.

WAGSTAFF PROPERTIES: Hires Terra Properties as Real Estate Broker
WARNER MUSIC: Terminates Offerings of Securities Under Plan
WESTSIDE MEDICAL: Can Use Cash Collateral to Pay Fees
WHITTON CORP: South Tech Wants To Use 1st Memphis Cash Collateral
WHITTON CORP: Can Use GSMS Cash Collateral Through Nov. 30

YRC WORLDWIDE: S&P Reinstates CC Rating on Convertible PIK Notes
ZURVITA HOLDINGS: Inks Oral Pact to Sell $1.5MM of Securities

* Fed Says Banks Eased Terms Amid More Lending Competition
* LBO Loan Costs Soar to Highest in 2011 on Crisis, Bond Defaults

* Fitch Affirms Fannie and Freddie 'AAA' Ratings

* BOOK REVIEW: Leveraged Management Buyouts


                            *********


155 EAST TROPICANA: Court Okays Garden City Group as Claims Agent
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
155 East Tropicana LLC and 155 East Tropicana Finance Corp. to
employ the Garden City Group Inc. as claims and noticing agent.

The firm is expected to prepare and serve all required notices in
the Chapter 11 cases, and administer and maintain claims registers
on behalf of the Debtors.

The Debtors told the Court that they paid $25,000 retainer fee to
the firm.

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

                     About 155 East Tropicana

155 East Tropicana LLC owns the world's first Hooters Casino
Hotel, a 696-room and 4-suite hotel located one block from the Las
Vegas Strip and across Tropicana Blvd. from MGM Grand.

155 East Tropicana, along with an affiliate, sought Chapter 11
protection (Bankr. D. Nev. Case No. 11-22216) on Aug. 1, 2011.
155 East sought bankruptcy protection to stop a scheduled Aug. 8
foreclosure of the second-lien debt.  The two secured credit
facilities were accelerated early this year.  Canpartners Realty
Holding Co. IV LLC acquired 98.4% of the $130 million in 8.75%
second-lien senior secured notes.  An additional $32.2 million of
interest is owing on the second-lien debt.  US Bank NA is the
indenture trustee.  Holders of the $14.5 million in first-lien
debt have Wells Fargo Capital Finance Inc. as their agent.  The
first-lien obligation is fully secured.  Interest has been paid
currently at the default rate.

Brigid M. Higgins, Esq., at Gordon & Silver, Ltd., in Las Vegas,
Nevada, serves as counsel to the Debtors.  Garden City Group,
Inc., is the claims agent.

155 East Tropicana estimated $50 million in assets and
$100 million to $500 million in liabilities as of the Chapter 11
filing.


4KIDS ENTERTAINMENT: Posts $4.7-Mil. 2nd Quarter Net Loss
---------------------------------------------------------
4Kids Entertainment, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $4.7 million on $2.8 million of
revenues for the three months ended June 30, 2011, compared with a
net loss of $7.7 million on $2.9 million of revenues for the same
period last year.

The Company reported a net loss of $8.3 million on $6.6 million of
revenues for the six months ended June 30, 2011, compared with a
net loss of $12.2 million on $7.3 million of revenues for the same
period last year.

The Company's balance sheet at June 30, 2011, showed $20.1 million
in total assets, $17.4 million in total liabilities, and
stockholders' equity of $2.7 million.

A copy of the Form 10-Q is available at http://is.gd/VJJx2V

                    About 4Kids Entertainment

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

The principal driver for filing the Chapter 11 cases is the need
to protect 4Kids' most valuable asset -- its rights under an
exclusive license relating to the popular Yu-Gi- Oh! ("YGO")
series of animated television programs -- from efforts by the
licensor, a consortium of Japanese companies, to allegedly
wrongfully terminate the license and force 4Kids out of business.

4Kids Entertainment, along with affiliates, filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on
April 6, 2011.  Kaye Scholer LLP is the Debtors' restructuring
counsel.  Epiq Bankruptcy Solutions, LLC, is the Debtors' claims
and notice agent.  BDO Capital Advisors, LLC, is the financial
advisor and investment banker.  EisnerAmper LLP fka Eisner LLP
serves as auditor and tax advisor.  4Kids Entertainment, Inc.,
disclosed $78,397,971 in assets and $86,515,395 in liabilities as
of the Chapter 11 filing.

On July 8, 2011, Tracy Hope Davis, the U.S. Trustee for Region 2,
appointed three members to the official committee of unsecured
creditors in the Chapter 11 cases of the Debtors.


765 REALTY: Albion Wins City License Renewal
--------------------------------------------
Lee Hammel at Telegram & Gazette reports that the Albion, 765
Realty LLC's 68-room lodging house in Worcester, Massachusetts,
was given this month a license to operate, after operating for at
least seven months without one.  The report relates that the
commission voted in June not to renew the lodging's license.

The city of Worcester sought to put the building into receivership
because of a host of code violations and activity requiring police
response, according to Telegram & Gazette.  The report relays that
the city's Property Review Team reported that there were 81 code
violations issued to the Albion by Code Enforcement, which went to
the property 232 times over 24 months; 407 police calls for
service, and 190 calls to the Fire Department.

Telegram & Gazette notes that the last hurdle was cleared after
police investigated Brian Lillis' suitability to be the resident
manager and "everything checked out fine."  In addition to
Mr. Lillis, the owners hired Michael O'Rourke, who has frequently
been appointed by the Housing Court to manage troubled properties
in receivership, the report notes.


ABCLD HOLDINGS: Bank Lender to Get 80% Recovery in Liquidation
--------------------------------------------------------------
ABCLD Holdings, LLC, said in court papers that a liquidation of
its estate under Chapter 7 of the Bankruptcy Code would result in
significantly less distributions to unsecured creditors and to
Administrative and Priority Claimants.  In the event that the
Debtor's Assets were liquidated, and if a receiver or trustee were
appointed to supervise the liquidation of the Debtor's Assets,
there would be significant costs associated with such liquidation,
and such costs would increase due to fees and charges for such
persons.

The Debtor said it is unlikely that the property would be
sufficient to enable the Debtor or a Trustee to make any
significant distribution to unsecured creditors because
Administrative and Priority Claims, Secured Tax Claims, and the
Armed Forces Bank's Secured Claim would consume a significant
portion, if not all, of the proceeds.  Consequently, the Debtor
believes that it is highly unlikely that creditors other than such
Claimants would receive anything or any significant payment in a
Chapter 7 liquidation.

The AFB is a co-proponent of the Plan.

Moreover, the conversion to Chapter 7 would give rise to
additional administrative expenses involved in the appointment of
a trustee and attorneys and other professionals to assist the
trustee.  In a Chapter 7 liquidation, it is likely that general
unsecured creditors would receive little distribution on their
claims, and the timing of any such distribution is uncertain and
would be conditioned upon the ability to liquidate the Debtor's
assets in a depressed real estate market.

In a liquidation analysis accompanying its joint plan of
reorganization, the Debtor projects the liquidation of its two
properties to be $33,289,946 in the aggregate:

     -- roughly 235 acres of land located in the Mercer Crossing
        area of Irving, Dallas County, Texas, commonly known by
        the street address of the Northwest corner of H635/H35, as
        legally described in the Mercer Crossing Deed of Trust;
        and

     -- roughly 19.43 acres of land located in the Farmers Branch
        area of Irving, Dallas County, Texas, commonly known by
        the street address of 1800 Lakeway Boulevard, as legally
        described in the Valwood Deed of Trust.

The Debtor projects that after payment of $998,698 in liquidation
expenses and $194,783 in tax claims, there will be $32,096,465
left to satisfy the AFB's claim, affording the bank an 80%
recovery.  Unsecured creditors are out of the money in the
Debtor's liquidation scenario.

The Liquidation Analysis assumes that the Mercer and Valwood Land
assets are liquidated at 50% of full value as a result of current
status of national economy, depressed real estate market, land
lending environment and equity requirements, and to effect a quick
closing.

Pursuant to the Plan, AFB's claim is classified in Class 4.  On
the Effective Date, the Debtor will execute and deliver and will
cause its parent American Realty Trust, Inc., to execute and
deliver to AFB a new loan documentation in the principal amount of
$40 million.  AFB will retain, and to the extent necessary be
granted, Liens upon the AFB Collateral and any additional
Collateral referenced in the New Loan Documentation.

                       About ABCLD Holdings

Dallas, Texas-based ABCLD Holdings is a Nevada limited liability
company created on March 18, 2011, to acquire properties owned by
FRE Real Estate Inc. in Texas for $59,800,000.  All of the capital
stock of ABCLD Holdings is owned by ABC Land & Development, Inc.,
which is a corporation owned by Ronald Akin and DTS Holdings, LLC.

FRE filed for bankruptcy Jan. 4, 2011.  The case was dismissed
March 1, 2011.

ABCLD filed for bankruptcy to implement a prepetition settlement
agreement with Armed Forces Bank, as successor by merger to Bank
Midwest, N.A. is the secured creditor with respect to the acquired
FRE Properties.  AFB played an active role in obtaining dismissal
of the FRE bankruptcy proceeding.  The Agreement contemplates the
foreclosure of certain of the properties, a prepackaged bankruptcy
filing, and the restructuring of the AFB debt.

ABCLD commenced the prepackaged Chapter 11 bankruptcy (Bankr. N.D.
Tex. Case No. 11-34969) on Aug. 1, 2011.  Judge Barbara J. Houser
presides over the case.  Melissa S. Hayward, Esq., at Franklin
Skierski Lovall Hayward LLP, serves as bankruptcy counsel to the
Debtor.  In its petition, the Debtor estimated assets of $50
million to $100 million and debts of $10 million to $50 million.
The petition was signed by Craig Landess, vice president.  Armed
Forces Bank is represented by Keith Miles Aurzada, Esq., at Bryan
Cave LLP.

The Bankruptcy Court will hold a combined hearing on Sept. 19,
2011, at 9:15 a.m. to consider approval of the disclosure
statement and solicitation and voting procedures and to confirm
the prepackaged Plan.


ALLIANCE HEALTHCARE: S&P Cuts Corporate to 'B+' on Weak Demand
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Newport
Beach, Calif.-based Alliance HealthCare Services to 'B+' from 'BB-
', reflecting a deteriorating operating environment due to
continued weak demand and growing competitive pressures.

"In tandem with increasing business risk, and financial metrics
that have been gradually declining over the past few years, we
believe the company's credit profile no longer supports a 'BB-'
rating," S&P said.

"We are also lowering the senior secured issue-level rating to
'B+'; the recovery rating on the issue remains '3'. In addition,
we have changed the senior unsecured issue-level rating to 'B-'
from 'B'; the senior unsecured recovery rating remains '6'," S&P
related.

"Alliance's rating reflects our expectation that the company's
performance will be weaker than we previously expected for the
remainder of 2011, due to economic conditions and competitive
pressures," said Standard & Poor's credit analyst Cheryl Richer.
"Our assessment of Alliance's weak business risk profile reflects
a fragmented and competitive operating environment, reimbursement
risk, somewhat low barriers to entry, and the relatively high
fixed-cost nature of its business. These risks overshadow a broad
U.S. geographic footprint, management's ongoing adaption to
changing industry dynamics, and the company's ability to
capitalize on its hospital relationships. Debt leverage (gross
debt adjusted for operating leases) of 4.8x for the 12 months
ended June 30, 2011 is consistent with an aggressive financial
risk profile. Thee company's debt leverage covenant cushion has
tightened, even on a net of cash basis; Alliance is permitted to
make voluntary prepayments on its bank facility."

"Given our view of reasonable internal cash flow generation, and
the company's intention to seek an amendment to its credit
facility if necessary, we continue to view liquidity as adequate
in the near term," added Ms. Richer.


AMSCAN HOLDINGS: Posts $14.5 Million Net Income in Second Quarter
-----------------------------------------------------------------
Amscan Holdings, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting net income
of $14.57 million of total revenues for the three months ended
June 30, 2011, compared with net income of $16.53 million on
$357.15 million of total revenues for the same period during the
prior year.

The Company also reported net income of $12.08 million on
$772.23 million of total revenues for the six months ended June
30, 2011, compared with net income of $16.16 million on $665.38
million of total revenues for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $1.73 billion
in total assets, $1.42 billion in total liabilities,
$35.76 million in redeemable common securities, and
$273.68 million in total stockholders' equity.

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

                        http://is.gd/CHrJOv

                        About Amscan Holdings

Based in Road Elmsford, New York, Amscan Holdings, Inc., designs,
manufactures, contracts for manufacture and distributes party
goods, including paper and plastic tableware, metallic balloons,
accessories, novelties, gifts and stationery.  The Company also
operates retail party goods and social expressions supply stores
in the United States under the names Party City, Party America,
The Paper Factory, Halloween USA and Factory Card & Party Outlet,
and franchises both individual stores and franchise areas
throughout the United States and Puerto Rico principally under the
names Party City and Party America.  The Company is a wholly owned
subsidiary of AAH Holdings Corporation.

                           *     *     *

Amscan Holdings carries Standard & Poor's Ratings Services' 'B'
corporate credit rating, and Moody's Investors Service's 'B2'
Corporate Family and Probability of Default Ratings.

As reported in the TCR on Nov. 23, 2010, S&P affirmed the 'B'
rating after the Company stated that it will use the proceeds from
the proposed term loan facility to pay a roughly $310 million
special dividend to its equity sponsors and repay borrowings under
its existing term loan facility ($342 million outstanding as of
Sept. 30, 2010).

"The affirmation of Amscan's credit ratings reflect S&P's view
that, following payment of its debt-financed dividend payment to
its equity sponsors," said Standard & Poor's credit analyst Linda
Phelps, "it will have a highly leveraged financial risk profile
and its financial policy has become more aggressive."


ARK DEVELOPMENT: To Hire Pedro Gomez as Real Estate Appraiser
-------------------------------------------------------------
Ark Development/Oceanview LLC seeks permission from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Pedro Gomez and 1st Realty Services, Inc. as real estate
appraiser, nunc pro tunc to July 5, 2011.

The Debtor submits that the firm is well qualified and able to
provide the foregoing services and the Debtor has selected he firm
because of the firm's experiences in appraising real property.

The Debtor submits that it is necessary and essential to employ an
appraiser as the value of the Debtor's real property will serve a
critical component to the Debtor's Chapter 11 plan of
reorganization.

For the professional services to be rendered to the Debtor's
estate, the firm has agreed to perform an appraisal of real
property for a flat fee of $750 for the "1431 Property"; $750 for
the "1427 Property"; and if an appraisal of the "1423 Property" is
necessary, $750.  Ark Financial Group, an insider of the Debtor,
has agreed to fund the appraisal of each property.

In the event the firm is required to review another appraisal
performed by another appraiser, the firm has agreed to accept a
flat fee of $500.  Additionally, the firm has agreed to accept a
flat fee of $500 if required to make a court appearance.  Ark
Financial has also agreed to fund the aforementioned payments in
the event it is necessary.

The firm will be compensated $60 per hour for any additional court
appearances, which will be paid by the Debtor.

The Debtor believes that the firm does not hold or represent an
interest adverse to the Debtor or the bankruptcy estate.

                     About Ark Development

Ark Development/Oceanview LLC owns three pieces luxury homes in
Fort Lauderdale, Florida -- at 1431 North Atlantic Boulevard; 1427
North Atlantic Boulevard; and 1423 North Atlantic Boulevard.  All
three properties are in the final stages of the construction
process.  The Debtor estimates that the value of each property is
roughly $4 million.

Ark Development/Oceanview filed for Chapter 11 bankruptcy (Bankr.
S.D. Fla. Case No. 11-20382) on April 18, 2011.  Judge John K.
Olson presides over the case.  It scheduled assets of $12,000,000
and debts of $9,772,531.

The U.S. Trustee said it will not appoint at this time a committee
of creditors for the Debtor's case.


ARK DEVELOPMENT: Files Schedules of Assets & Liabilities
--------------------------------------------------------
Ark Development/Oceanview LLC filed with the U.S. Bankruptcy Court
for the Southern District of Florida, its schedules of assets and
liabilities, disclosing:

  Name of Schedule               Assets               Liabilities
  ----------------              -------               -----------
A. Real Property               $12,000,000
B. Personal Property               $17,522
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                      $9,969,193
E. Creditors Holding
   Unsecured Priority
   Claims                                                      $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                              $1,825,397
                               -----------            -----------
      TOTAL                    $12,017,522            $11,794,591

                     About Ark Development

Ark Development/Oceanview LLC owns three pieces luxury homes in
Fort Lauderdale, Florida -- at 1431 North Atlantic Boulevard; 1427
North Atlantic Boulevard; and 1423 North Atlantic Boulevard.  All
three properties are in the final stages of the construction
process.  The Debtor estimates that the value of each property is
roughly $4 million.

Ark Development/Oceanview filed for Chapter 11 bankruptcy (Bankr.
S.D. Fla. Case No. 11-20382) on April 18, 2011.  Judge John K.
Olson presides over the case.  It scheduled assets of $12,000,000
and debts of $9,772,531.

The U.S. Trustee said it will not appoint at this time a committee
of creditors for the Debtor's case.


ARKANOVA ENERGY: Completes Horizontal Well in Cut Bank Sand
-----------------------------------------------------------
Arkanova Energy Corporation announced that its subsidiary
Provident Energy of Montana, LLC, successfully finished the
completion of the six stage perf and frac of the Tribal-Max 1-
2817; the first successful horizontal well drilled in the Cut Bank
Sand formation.  In addition the company also recompleted three
existing vertical wells within the Two Medicine Cut Bank Sand
Unit.

The Tribal-Max 1-2817 as of Aug. 8, 2011, was still flowing back
at a high rate and pressure.  Completion of the Tribal-Max 1-2817
included a six stage frac consisting of approximately 12,410
barrels of stimulation fluid and 474,981 pounds of sand.  Three
other wells within the field were also stimulated, achieving near
to or exceeded design parameters.  The company will update
shareholders of the field production improvements as stimulation
water is pumped back and oil volumes are steady.

Arkanova Energy's President and CEO, Pierre Mulacek stated, "We
are hopeful the results will be successful and that the success
will help facilitate further development within the TMCBSU."

The completion and volume results for the vertical wells and the
Tribal-Max 1-2817 cannot be estimated nor confirmed at this time.

                       About Arkanova Energy

The Woodlands, Tex.-based Arkanova Energy Corporation is currently
participating in oil and gas exploration activities in Arkansas,
Colorado and Montana.  All of Arkanova's oil and gas properties
are located in the United States.

The Company's balance sheet at March 31, 2011, showed $2.0 million
in total assets, $13.5 million in total liabilities, and a
stockholders' deficit of $11.5 million.

As reported in the Troubled Company Reporter on Jan. 17, 2011,
MaloneBailey, LLP, in Houston, expressed substantial doubt about
Arkanova Energy's ability to continue as a going concern,
following the Company's results for the fiscal year ended
Sept. 30, 2010.  The independent auditors noted that the Company
has incurred losses since inception.


AUGUSTA APARTMENTS: Trustee Taps Hire Turner & Johns as Counsel
---------------------------------------------------------------
Robert L. Johns, the Chapter 11 Trustee for the bankruptcy estate
of Augusta Apartments, LLC, asks the U.S. Bankruptcy Court for the
Northern District of West Virginia for authority to amend its
application to employ Turner & Johns, PLLC as counsel.

The professional services of Turner & Johns will render are:

    (a) To give the Trustee advice with respect to his powers and
        duties and assist him as needed in his administration of
        the Debtor's estate;

    (b) To prepare on behalf of the Trustee any necessary
        applications, motions, reports and other pleadings;

    (c) To represent the Trustee at hearings on various motions,
        applications and proceedings;

    (d) To investigate and institute any proceedings relating to
        transactions between the Debtor and its creditors;

    (e) To perform accounting services related to Debtor's
        accounts and payrolls; and

    (f) To perform other legal and accounting services as
        necessary and appropriate in connection with the Trustee's
        performance of his duties.

The Debtor previously employed individuals to perform the
accounting functions for the Debtor.  However, in December 2010,
the accounting personnel were no longer employed by the Debtor.
The Trustee and the Assistant U.S. Trustee have determined that it
is more economically feasible for the Trustee's law firm to
provide the needed accounting services.

Ehe attorneys and paralegals will charge their ordinary hourly
rates, which they currently are:

     Attorneys              $175 to $360 per hour
     Paralegals             $90 per hour.

These professionals will also charge $90 to $200 per hour for
providing accounting assistance.

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

The firm can be reached at:

         Wendell B. Turner, Esq.
         Robert L. Johns, Esq.
         TURNER & JOHNS, PLLC
         216 Brooks Street, Suite 200
         Charleston, WV 25301

                     About Augusta Apartments

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).  Kristian E. Warner, the Company's
managing member, signed the petition.  The Company estimated its
assets and debts at $10 million to $50 million as of the Petition
Date.

In July 2010, Bankruptcy Judge Patrick M. Flatney approved the
appointment of Robert L. Johns as Chapter 11 trustee.  A secured
creditor and the U.S. Trustee sought a trustee to replace
management, saying that Augusta management used funds from the
apartment to pay debts of Warner family members.


BANKATLANTIC BANCORP: Files Form 10-Q, Posts $23.4MM Income in Q2
-----------------------------------------------------------------
BankAtlantic Bancorp, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting
net income of $23.40 million on $37.28 million of total interest
income for the three months ended June 30, 2011, compared with a
net loss of $51.25 million on $43.35 million of total interest
income for the same period during the prior year.

The Company also reported net income of $514,000 on $76.78 million
of total interest income for the six months ended June 30, 2011,
compared with a net loss of $71.77 million on $91.13 million of
total interest income for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $3.86 billion
in total assets, $3.83 billion in total liabilities, and
$26.23 million in total equity.

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

                        http://is.gd/sNymi8

                    About BankAtlantic Bancorp

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

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

                         *     *     *

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

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


BARZEL INDUSTRIES: Settles R.I. Superfund Bankruptcy Claim
----------------------------------------------------------
Christopher Norton at Bankruptcy Law360 reports that Barzel
Industries Inc. on Tuesday asked a judge in its Chapter 11
proceedings in Delaware to approve a settlement with the U.S.
Environmental Protection Agency over contamination at a Rhode
Island Superfund site.

In March 2010, the U.S. filed a timely proof of claim in the
bankruptcy case on the EPA's behalf, asserting damages of at least
$65 million, Law360 relates.

                       About Barzel Industries

Norwood, Massachusetts-based Barzel Industries, Inc., was in the
business of processing and distributing steel.  The Company
manufactured steel for the construction and industrial
manufacturing industries, and produces finished commercial racking
products.

Barzel Industries -- aka Novamerican Steel Inc. and Symmetry
Holdings Inc. -- and seven affiliates filed for Chapter 11
protection (Bankr. D. Del. Case No. 09-13204) on Sept. 15, 2009.
Judge Christopher S. Sontchi presides over the cases.  J. Kate
Stickles, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, P.A., in Wilmington, Delaware, and
Gerald H. Gline, Esq., at Cole, Schotz, Meisel, Forman & Leonard,
P.A., in Hackensack, N.J., serve as the Debtors' counsel.

On the same day, Barzel Industries filed applications for relief
under the Canadian Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice -- Commercial List.

Barzel Industries recorded assets of $370,145,000 against debts of
$375,412,000 as of May 30, 2009.

Barzel sold most of the assets in November 2009 for $75 million to
Norwood, Massachusetts-based Chriscott USA Inc.  Secured lenders
agreed to a settlement later where they received a release of
claims in return for giving up $800,000, including $500,000
earmarked solely for unsecured creditors.

Barzel scheduled a Sept. 8 confirmation hearing for approval of
the liquidating Chapter 11 plan.  The disclosure statement says
that unsecured creditors with $4.5 million in claims are estimated
to have an 11% recovery from the carveout from the lenders'
collateral.


BERNARD L MADOFF: Mets Owners May Lose Millions on Ruling
---------------------------------------------------------
Bloomberg News reports that investors in Bernard L. Madoff's
former firm who removed more from their accounts than they
invested, including the owners of the New York Mets baseball team,
stand to lose from the ruling.  As reported by the Troubled
Company Reporter, the U.S. Court of Appeals for the Second Circuit
this week affirmed the method proposed by Irving Picard, the
trustee liquidating Mr. Madoff's firm, of determining which
investors can recover money lost in the Ponzi scheme.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$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 July 15, 2011, a total of US$6.88 billion in claims by
investors has been allowed, with US$794.9 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: U.S. Judge to Review Anti-Class Action Suit
-------------------------------------------------------------
Bloomberg News reports that U.S. District Judge Jed Rakoff said he
will decide if the liquidator of Bernard Madoff's firm may stop a
class-action suit against directors and advisers of feeder fund
Thema International Fund Plc.  Trustee Irving Picard sued the
class-action plaintiffs in April, claiming they were undermining
the U.S. bankruptcy court's jurisdiction over Mr. Madoff's estate.
They said Mr. Picard was trying to "commandeer" their claims by
suing some of the same defendants and wouldn't share any
recoveries with them.  The case is Picard v. Repex, 11-cv-03477,
U.S. District Court, Southern District of New York (Manhattan).

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$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 July 15, 2011, a total of US$6.88 billion in claims by
investors has been allowed, with US$794.9 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: Investors Appeal Ruling Granting Picard's Fees
----------------------------------------------------------------
Carla Main at Bloomberg News reports that investors in Bernard
Madoff's Ponzi scheme appealed a bankruptcy judge's order granting
trustee Irving Picard and his firm $43.9 million in fees for work
from Oct. 1 to Jan. 31.  The appeal was filed in U.S. District
Court in Manhattan yesterday by the investors' lawyer, Helen
Chaitman.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$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 July 15, 2011, a total of US$6.88 billion in claims by
investors has been allowed, with US$794.9 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: Trustee Amends $2-Bil. Complaint Against UBS
--------------------------------------------------------------
Roxanne Palmer at Bankruptcy Law360 reports that the trustee for
Bernard L. Madoff's investment firm amended his $2 billion lawsuit
Wednesday in New York against UBS AG, alleging the Swiss bank
misled securities regulators in the U.S. and Luxembourg about
Madoff's role in numerous international feeder funds.

"Madoff did not act alone in perpetrating the largest financial
fraud in history," but was aided by UBS and its affiliated
entities, Bernard L. Madoff Investment Securities LLC trustee
Irving H. Picard said in an amended complaint, according to
Law360.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$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 July 15, 2011, a total of US$6.88 billion in claims by
investors has been allowed, with US$794.9 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.


BION ENVIRONMENTAL: Granted New Patent for Phosphorus Removal
-------------------------------------------------------------
Bion Environmental Technologies, Inc., has been notified by the
United States Patent and Trademark Office that the patent
application entitled "Micro-Electron Acceptor Phosphorus
Accumulating Organisms" has been granted, according to a
regulatory filing.

The new patent provides enhanced protection for Bion's micro-
aerobic digestion process's nutrient uptake capabilities with
respect to the removal of phosphorus from livestock waste, as well
as a wide range of other waste streams.  The new patent
strengthens Bion's patent portfolio by describing the unique
ability of the technology's process to use phosphorus accumulating
organisms to convert and remove phosphorus, while maintaining
nitrogen removal.

Bion's technology employs a biological nutrient removal process
driven by the system's active microbial community that utilizes
and metabolizes the waste stream to convert potential pollutants
to benign forms that can then be removed from the effluent
discharge stream and potentially converted into energy or other
valuable by-products.  With the publication of this newly granted
patent, the Company's present IP portfolio includes six U.S.
patents, as well as patents in Canada, New Zealand and Mexico.
Two additional U.S. patents have been applied for and are pending,
along with international patent applications under consideration
for the European Union, Brazil, Argentina and Australia.

James Morris, Ph.D., P. E., Bion's chief technology officer,
stated, "The strength of Bion's patent portfolio continues to
grow, this time with expanded protections for the types of
microorganisms employed, as well as details on the nutrient
removal quantities, by the Bion process.  Bion now has in hand a
very broad array of patents, many of them recently issued, which
protect variations and enhancements of the core Bion process."

                      About Bion Environmental

Crestone, Colo.-based Bion Environmental Technologies, Inc.
(OTC BB: BNET) -- http://biontech.com/-- has provided
environmental treatment solutions to the agriculture and livestock
industry since 1990.  Bion's patented next-generation technology
provides a unique comprehensive treatment of livestock waste that
achieves substantial reductions in nitrogen and phosphorus,
ammonia, greenhouse and other gases, as well as pathogens,
hormones, herbicides and pesticides.

As reported in the Troubled Company Reporter on September 27,
2010, GHP Horwath, P.C., in Denver, Colo., expressed substantial
doubt about Bion Environmental Technologies' ability to continue
as a going concern, following the Company's results for the fiscal
year ended June 30, 2010.  The independent auditors noted that the
Company has not generated revenue and has suffered recurring
losses from operations.

The Company's balance sheet at March 31, 2011, showed
$9.58 million in total assets, $8.72 million in total liabilities,
$2.52 million in Series B Redeemable Convertible Preferred stock,
and a $1.65 million total deficit.


BMB MUNAI: CEO Kulumbetov Employment Agreement Terminated
---------------------------------------------------------
Gamal Kulumbetov ceased being the Chief Executive Officer and
Principal Executive Officer of BMB Munai, Inc., on Aug. 8, 2011,
at which time his employment agreement terminated.

Askar Tashtitov, the Company's President and a director will serve
as the Company's Principal Executive Officer.

Mr. Tashtitov has been with the Company since 2004 and has served
as President since May 2006 and as a director since May 2008.
Prior to joining the Company, from 2002 to 2004, Mr. Tashtitov was
employed by PA Government Services, Inc.  Mr. Tashtitov worked as
a management consultant specializing in oil and gas projects.  In
May 2002, Mr. Tashtitov earned a Bachelor of Arts degree from Yale
University majoring in Economics and History.  Mr. Tashtitov
passed the AICPA Uniform CPA Examination in 2006.  Mr. Tashtitov
is not, nor has he in the past five years been, a director or
nominee of any other SEC registrant or registered investment
company.  We considered Mr. Tashtitov's detailed understanding of
the Company's operations and strategic goals in concluding that he
should serve as a director of the Company.  Mr. Tashtitov is 32
years old.

Other than in connection with his employment as the Company's
President, the Company does not have any currently proposed
transaction, nor has it since the beginning of its last fiscal
year, engaged in any transaction with Mr. Tashtitov in an amount
that exceeds the lesser of $120,000 or one percent of the average
of the Company's total assets at year end for the last two
completed fiscal years.

The Company has entered into a separation agreement with Mr.
Kulumbetov, pursuant to which the Company agreed to honor its
change of control payment obligations under his former employment
agreement through Nov. 14, 2011, in the event that the previously
announced Participation Interest Purchase Agreement with MIE
Holdings Corporation, a company with limited liability organized
under the laws of the Cayman Islands and its subsidiary,
Palaeontol B.V., a company organized under the laws of the
Netherlands, pursuant to which the Company agreed to sell all of
its interest in Emir Oil to Palaeontol B.V., is completed in
exchange for a full release of the Company or Emir-Oil LLP.

                          About BMB Munai

Based in Almaty, Kazakhstan, BMB Munai, Inc., is a Nevada
corporation that originally incorporated in the State of Utah in
1981.  Since 2003, its business activities have focused on oil and
natural gas exploration and production in the Republic of
Kazakhstan through its wholly-owned operating subsidiary Emir Oil
LLP.  Emir Oil holds an exploration contract that allows the
Company to conduct exploration drilling and oil production in the
Mangistau Province in the southwestern region of Kazakhstan until
January 2013.  The exploration territory of its contract area is
approximately 850 square kilometers and is comprised of three
areas, referred to herein as the ADE Block, the Southeast Block
and the Northwest Block.

The Company realized a loss from continuing operations of
$15.1 million during fiscal year 2011 compared to $10.7 million
during fiscal year 2010.  This 41% increase in loss from
continuing operations was primarily attributable to increased
general and administrative and interest expense and the foreign
exchange loss of $415,803 incurred during fiscal year 2011.

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, said that as a
result of the pending sale of Emir Oil LLP, BMB Munai will have no
continuing operations that result in positive cash flow, which
raise substantial doubt about its ability to continue as a going
concern.

The Company did not generate any revenue during the fiscal years
ended March 31, 2011, and 2010, except from oil and gas sales
through Emir Oil.

                        Bankruptcy Warning

The Company has disclosed that if it does not complete the sale,
it will not have sufficient funds to retire the restructured
Senior Notes when they become due.  "In this event, we would
likely be required to consider liquidation alternatives, including
the liquidation of our business under bankruptcy
protection," the Company said.


BRAINY BRANDS: Issues $220,000 Convertible Promissory Notes
-----------------------------------------------------------
The Brainy Brands Company, Inc., entered into a subscription
agreement with accredited investors.  Pursuant to the agreement,
on Aug. 11, 2011, the Company issued and sold to the Investors,
convertible promissory notes in the aggregate principal amount of
$220,000.  The Notes are secured by all of the assets of the
Company.  The Notes are convertible into common stock of the
Company at an exercise price of $0.40 per share, subject to
adjustment in the event of stock splits, stock dividends, or in
the event of certain subsequent issuances by the Company of common
stock or securities convertible into common stock at a lower
price.

The Notes will mature two years from the date of issuance and bear
interest at the rate of 10% per annum due and payable semi-
annually in arrears commencing Sept. 30, 2011, and upon maturity.
Pursuant to the Private Placement, the Company issued to the
Investors warrants to purchase 30 shares of common stock for each
$4.00 principal amount of Notes, such that the Company issued an
aggregate of 1,650,000 Warrants.  The Warrants have a five-year
term, may be exercised on a cashless basis, and have an exercise
price of $0.60, subject to adjustment in the event of stock
splits, stock dividends, or in the event of certain subsequent
issuances of the Company of common stock or securities convertible
into common stock at a lower price.

In connection with the Subscription Agreement, the pledge and
escrow agreement, dated April 18, 2011, with the shareholders
consisting of John Benfield, the Company's chief executive
officer; Dennis Fedoruk, the Company's president and chief
creative officer; Ronda Bush, the Company's chief operations
officer; and Jerry Bush, an employee of the Company and the
husband of Ronda Bush; and Grushko & Mittman, P.C., as escrow
agent, pursuant to which, the Shareholders placed the aggregate
14,724,994 shares of common stock of the Company held by the
Shareholders in escrow with the Escrow Agent, was terminated.
Pursuant to the Pledge Agreement, the Shares were to be returned
to the Shareholders if the Company were to meet the Revenue Target
set forth in the Pledge Agreement, or released to the Investors
if and in the proportion that the Company were to fail to meet the
Revenue Target.

                        About Brainy Brands

Suwanee, Ga.-based The Brainy Brands Company, Inc., through its
operating subsidiary, engages in the business of selling
educational DVDs, books, games, and toys for babies, toddlers and
pre-schoolers both domestically and internationally through
retailers under licensing agreements, as well as directly to
customers primarily via internet sales.

The Company's balance sheet at March 31, 2011, showed $1.6 million
in total assets, $3.6 million in total liabilities, and a
stockholders' deficit of $2.0 million.

Habif, Arogeti & Wynne, LLP, in Atlanta, Ga., expressed
substantial doubt about The Brainy Brands' ability to continue as
a going concern, following the Company's 2010 results.  The
independent auditors noted that the Company has incurred
significant operating losses and has a net capital deficiency.


CADENCE INNOVATION: Judge Approves Liquidation Plan
---------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Kevin Gross judge gave his blessing Wednesday to Cadence
Innovation LLC's liquidation plan, which settles $61.5 million in
claims against the auto parts maker from two private equity funds
at about half their value.

According to Law360, Judge Gross signed off on the plan, saying it
was the best result that could be achieved considering the
financial crisis and associated tumult in the auto industry in
2008 that precipitated the bankruptcy.

                   About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The Company had at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic, prior to its bankruptcy filing.

Cadence and its debtor-affiliate, New Venture Real Estate
Holdings, LLC, filed for Chapter 11 reorganization (Bankr. D. Del.
Lead Case No. 08-11973) on Aug. 26, 2008.  Norman L. Pernick, Esq.
and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, serve as lead counsel to the Debtors.  Katten Muchin
Rosenman LLP is the Debtors' special corporate counsel; Butzel
Long is the special automotive and litigation counsel; and
Rothschild Inc. the investment banker.  Kurtzman Carson
Consultants LLC is the claims and notice agent.  Attorneys at
Clark Hill PLC, Montgomery, McCracken, Walker & Rhoads, LLP, and
Womble Carlyle Sandridge & Rice, PLLC, represent the Official
Committee of Unsecured Creditors.

Cadence disclosed $225,217,639 in assets and $211,997,639 in
liabilities as of the Chapter 11 filing.

Following the bankruptcy filing, the Debtors commenced a going
concern sale process.  However, the buyer was unable to reach a
deal with the Debtors' key customers General Motors Corp. and
Chrysler LLC.  In December 2008, the Debtors commenced the
liquidation of their assets.  The Debtors have leased their
primary Chrysler facility to a party that was funded by Chrysler.
The Debtors' remaining assets include cash, avoidance actions,
proceeds and interests from the liquidation of its European unit
and certain real property.


CHARTER COMMS: Uses Low-Yielding Cash for Stock Buybacks
--------------------------------------------------------
Carla Main at Bloomberg News reports that Charter Communications
Inc. is buying back stock and retiring bonds as it jettisons cash
earning minimal interest to reward investors.  Charter plans to
buy $100 million of its $1.1 billion of 8 percent senior second-
lien notes that mature in April 2012 and authorized up to $200
million in share buybacks over the next 12 months, the St. Louis-
based company said in an Aug. 9 filing with the Securities and
Exchange Commission.  If it can purchase the debt before its final
two coupon payments, Charter can save about $4 million in
interest.  The Company, which has more borrowing relative to
profit than all but one of its peers, is trying to meet a leverage
target of 4 to 4.5 times debt to earnings before interest, taxes,
depreciation and amortization.

                  About Charter Communications

Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States.

Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435).

The Hon. James M. Peck presides over the cases.  Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, served as counsel to the
Debtors, excluding Charter Investment Inc.  Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, served as Charter
Investment, Inc.'s bankruptcy counsel.

Charter Communications emerged from Chapter 11 under its pre-
arranged Joint Plan of Reorganization, which was confirmed by the
Court on Nov. 17, 2009.  The Plan was declared effective Nov. 30,
2009.


CHINA RENEWABLE: Incurs $59,000 Net Loss in Second Quarter
----------------------------------------------------------
China Renewable Energy Holdings, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, reporting a net loss of $59,051 on $1.50 million of revenue
for the three months ended June 30, 2011, compared with net profit
of $122,968 on $2.78 million of revenue for the same period during
the prior year.

The Company also reported a net loss of $155,356 on $2.34 million
of revenue for the six months ended June 30, 2011, compared with
net profit of $47,848 on $3.05 million of revenue for the same
period a year ago.

The Company's balance sheet at June 30, 2011, showed $954,496 in
total assets, $1.43 million in total liabilities and a
$474,600 total stockholders' deficit.

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

                        http://is.gd/tOnEO4

                       About China Renewable

Based in Wanchai, Hong Kong, China Renewable Energy Holdings,
Inc., was incorporated under the laws of the State of Florida on
Dec. 17, 1999.  The Company was originally organized to provide
business services and financing to emerging growth entities, and
later redirected its business focus to market and to distribute
energy-efficient products in China.

De Leon & Company, P.A., in Pembroke Pines, Fla., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2010 results.  The
independent auditors noted that the Company has suffered recurring
losses from operations, net capital deficiencies, and negative
cash flows from operations.


COMMONWEALTH BIOTECH: Delays 10-Q After Aussie Unit Sale
--------------------------------------------------------
Commonwealth Biotechnologies, Inc., closed the sale of its
Australian subsidiary, Mimotopes Pty Limited, on April 29, 2011.
In order to allow sufficient time for the Company's independent
public accountants to review the Company's quarterly financial
statements and ensure the proper accounting of the sale of the
Company's Australian subsidiary, the Company needs an extension of
the prescribed time period to file its quarterly report on Form
10-Q for the three months ended June 30, 2011.  The Company will
file its quarterly report on Form 10-Q within the time constraints
provided by Rule 12b-25 promulgated under the Securities Exchange
Act of 1934, as amended.

                  About Commonwealth Biotechnologies

Based in Midlothian, Virginia, Commonwealth Biotechnologies offers
cutting-edge peptide research and development products and
services to the global life sciences industry.  CBI now operates
through its Australian subsidiary, Mimotopes, Pty Ltd.

Commonwealth Biotechnologies Inc. filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Va. Case No. 11-30381) on Jan. 20, 2011.
Judge Kevin R. Huennekens presides over the case.  Paula S. Beran,
Esq., at Tavenner & Beran, PLC, represents the Debtor.  The Debtor
estimated both assets and debts of between $1 million and
$10 million.

The Company's balance sheet at March 31, 2011, showed $6.21
million in total assets, $5.81 million in total liabilities and
$406,020 in total stockholders' equity.


CUMULUS MEDIA: Files Form 10-Q, Posts $1.3-Mil. Net Income in Q2
----------------------------------------------------------------
Cumulus Media Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting net income
of $1.34 million on $69.17 million of net revenues for the three
months ended June 30, 2011, compared with net income of
$12.30 million on $69.74 million of net revenues for the same
period a year ago.

The Company also reported net income of $17.46 million on
$127.03 million of net revenues for the six months ended June 30,
2011, compared with net income of $12.16 million on $126.09
million of net revenues for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed
$367.20 million in total assets, $689.67 million in total
liabilities, and a $322.47 million total stockholders' deficit.

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

                       http://is.gd/3BuzCQ

                       About Cumulus Media

Based in Atlanta, Georgia, Cumulus Media Inc. (NASDAQ: CMLS) --
http://www.cumulus.com/-- is the second largest radio broadcaster
in the United States based on station count, controlling 350 radio
stations in 68 U.S. media markets.  In combination with its
affiliate, Cumulus Media Partners, LLC, the Company believes it is
the fourth largest radio broadcast company in the United States
when based on net revenues.

                           *     *     *

Standard & Poor's Ratings Services said April it raised its
corporate credit rating on Atlanta-based Cumulus Media Inc. to 'B'
from 'B-'.  "The rating remains on CreditWatch, where we placed it
with positive implications Feb. 18, 2011," S&P stated.

Moody's Investors Service in April upgraded Cumulus Media's
Corporate Family Rating to B1 from Caa1 due to the company's
pending acquisition of CMP Susquehanna Corp. in the second quarter
of 2011 followed by the announced $2.4 billion acquisition of
Citadel Broadcasting Corporation later this year.


DELTA AIR: S&P Gives 'BB' Rating on Series 2011-1 Class B Certs.
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB (sf)' rating
to Delta Air Lines Inc.'s $102 million series 2011-1 class B pass-
through certificates with an expected maturity of Oct. 15, 2014.
The final legal maturity will be 18 months after the expected
maturity. The issue is a drawdown under a Rule 415 shelf
registration.

"The certificates are secured by the same collateral as, and are
subordinate to, Delta's 2011-1 class A pass-through certificates,
which we rated 'A- (sf)' on April 4, 2011. The 'BB (sf)' rating is
based on Delta's credit quality, adequate collateral coverage, and
on legal and structural protections available to the pass-through
certificates. The company will use proceeds of the offering, along
with those from the class A certificates, to refinance aircraft it
already owns: 10 Boeing B737-800s, 12 B757-200s, and four B767-
300ERs. The planes were originally delivered to Delta in 1995
through 2001 and currently collateralize existing pass-through
certificates that will mature in September 2011. Each aircraft's
secured notes are cross-collateralized and cross-defaulted -- a
provision we believe increases the likelihood that Delta would
affirm the notes (and thus continue to pay on the certificates) in
bankruptcy," S&P related.

The pass-through certificates are a form of enhanced equipment
trust certificates (EETCs) and benefit from legal protections
afforded under Section 1110 of the U.S. Bankruptcy Code and by a
liquidity facility provided by Natixis S.A. The liquidity facility
is intended to cover up to three semiannual interest payments, a
period during which collateral could be repossessed and remarketed
by certificate holders following any default by the airline, or to
maintain continuity of interest payments as certificate holders
negotiate with Delta in a bankruptcy with regard to the
certificates.

The rating applies to a unit consisting of certificates
representing the trust property and escrow receipts, initially
representing interests in deposits (the proceeds of the
offerings). The escrow deposits are held by a depositary
bank, The Bank of New York Mellon, pending delivery of the
aircraft that Delta will refinance with the proceeds from the
certificates. Amounts deposited under the escrow agreements are
not the property of Delta and are not entitled to the benefits of
Section 1110 of the U.S. Bankruptcy Code, and any default arising
under an indenture solely by reason of the cross-default in the
indenture may not be of a type required to be cured under Section
1110. Any cash collateral held as a result of the cross-
collateralization of the equipment notes also would not be
entitled to the benefits of Section 1110. Neither the certificates
nor the escrow receipts may be separately assigned or transferred.

"We believe that Delta views these planes as important and would,
given the cross-collateralization and cross-default provisions,
likely affirm the aircraft notes in a bankruptcy scenario. In
contrast to most EETCs issued before 2009, the cross-default would
take effect immediately in a bankruptcy if Delta rejected any of
the aircraft notes. This should prevent Delta from selectively
affirming some aircraft notes and rejecting others ('cherry-
picking'), which often harms the interests of certificate holders
in a bankruptcy," S&P said.

"We consider the collateral pool overall to be of fairly good
quality, with some aircraft models more attractive than others.
The largest proportion of initial appraised value (about 48% of
the appraised values that our analysis focused on) comprises B737-
800s. The B737-800 is Boeing's most popular aircraft, a midsize
narrowbody plane that more than 100 airlines worldwide operate.
Given the modern technology incorporated into the plane, its wide
user base, and expected strong demand over the next couple of
years, we consider it to be the best aircraft collateral
available. Boeing Co. recently announced that it would counter
competitor Airbus SAS's new engine option (NEO) for its A320
family of narrowbody planes, with a re-engined B737. We believe
that the most significant effect of the introduction of the
various re-engined narrowbody planes will be on values of older
generation narrowbodies introduced in the 1980s: the B737-300, -
400, and -500, and the earliest versions of the A320, rather than
the current-technology narrowbodies. Those earlier models are
already under value pressure because they are less fuel efficient.
In any case, the Delta class B pass-through certificates are
scheduled to mature in 2014 (before either Airbus or Boeing
introduce their new engine options), so we believe the effect on
the B737-800s that partly collateralize the certificates should be
minimal," S&P related.

The second-largest concentration of collateral value (33%)
comprises B757-200s. The B757-200 is a large narrowbody aircraft
introduced in the 1980s and widely used, especially by U.S.
airlines. Boeing has introduced a successor, the B737-900, but it
does not have the same range as the B757-200 (which, in certain
versions, can fly trans-Atlantic) and has not been widely
ordered by airlines. "Still, the technology incorporated into
these planes is of an older generation, and we believe that, in an
industry downturn, values of this collateral could fall more
materially than those of the B737-800s," S&P said.

The remaining 19% of collateral value is B767-300ERs, a small
widebody introduced in the 1980s. This plane has a fairly wide
user base and is well suited to flying international routes that
cannot support larger models. "It will eventually be superseded by
the new B787, but values have been buoyed by repeated delays in
the introduction of the B787. Like the B757-200, we believe
that its values could be more volatile than those of the B737-
800s," S&P related.

"Our analysis of the aircraft collateral, which focuses mainly on
resale liquidity and technological risk, also considers the age of
the aircraft, as well as the characteristics of the models. We
judged that the nine- to 10-year-old B737-800 aircraft would
exhibit somewhat greater potential volatility of values than the
new delivery B737-800s in an airline industry downturn, and
factored that into our conclusions," S&P said.

The initial and maximum loan-to-value (LTV) of the class B
certificates is 70.6%, using the appraised base values and
depreciation assumptions in the prospectus supplement. "However,
we focused on more-conservative current market values for the
aircraft, based on our comparison of various base and current
market value appraisals that we examined with our own internal
sources of information. We used a starting collateral value of
$500 million, which is 11% lower than the prospectus values. We
also use more-conservative depreciation assumptions for all of the
planes than those in the prospectus. We assumed that, absent
cyclical fluctuations, values of the B737-800s would decline by
5% of the preceding year's value per year; the B757-200s by 8%;
and the B767-300ERs 7%. Using these values and assumptions, the
class B initial LTV is higher -- 78.9% -- and rises slightly to
more than 80% at its highest point before declining gradually.
This is an unusually high LTV for an EETC, and the three-notch
uplift of the 'BB' issue rating on the class B certificates is
based on our estimate of the likelihood of Delta affirming the
aircraft notes that collateralize the certificates, rather than on
credit for the likelihood that proceeds from the sale of
repossessed aircraft could repay the class B certificates," S&P
said.

"Our analysis also considered that a full draw of the class A and
class B liquidity facilities (plus interest on those drawdowns)
constitutes a claim senior to the certificates. However, because
of current low interest rates, this amount is somewhat below
levels (as a percent of asset value) of many EETCs sold before
2008. Through the life of the transaction, a full draw, with
interest, is equivalent initially to about 7.6% of asset value,
using our assumptions, rising to slightly over 8%. The additional
senior claim of the new class B liquidity facility does not have
any impact on the existing 'A- (sf)' rating on the class A
certificates," S&P said.

Ratings List

Delta Air Lines Inc.
Corporate credit rating                   B/Stable/--

New Rating

Delta Air Lines Inc.
  Series 2011-1 class B pass-thru certs    BB (sf)


E-DEBIT GLOBAL: Incurs $284,000 Net Loss in Second Quarter
----------------------------------------------------------
E-Debit Global Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting a
net loss of $284,376 on $869,400 of total revenue for the three
months ended June 30, 2011, compared with a net loss of $145,805
on $1.01 million of total revenue for the same period a year ago.

The Company also reported a net loss of $513,427 on $1.67 million
of total revenue for the six months ended June 30, 2011, compared
with a net loss of $332,196 on $1.96 million of total revenue for
the same period during the prior year.

The Company reported a net loss of $1.15 million on $3.97 million
of total revenue for the year ended Dec. 31, 2010, compared with a
net loss of $1.28 million on $3.64 million of revenue during the
prior year.

The Company's balance sheet at June 30, 2011, showed $1.91 million
in total assets, $2.59 million in total liabilities, and a
$681,160 total stockholders' deficit.

As reported by the TCR on April 15, 2011, Cordovano and Honeck
LLP, in Englewood, Colorado, expressed substantial doubt about the
Company's ability to continue as a going concern, following the
2010 financial results.  The independent auditors noted that the
Company has suffered recurring losses, has a working capital
deficit at Dec. 31, 2010, and has an accumulated deficit of
$4,457,079 as of Dec. 31, 2010.

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

                        http://is.gd/OC859u

                  About E-Debit Global Corporation

E-Debit Global Corporation (WSHE) is a financial holding company
in Canada at the forefront of debit, credit and online computer
banking.  Currently, the Company has established a strong presence
in the privately owned Canadian banking sector including Automated
Banking Machines (ABM), Point of Sale Machines (POS), Online
Computer Banking (OCB) and E-Commerce Transaction security and
payment.  E-Debit maintains and services a national ABM network
across Canada and is a full participating member of the Canadian
INTERAC Banking System.


EASTMAN KODAK: Lazard Begins Marketing Process for Patents
----------------------------------------------------------
Dana Mattioli, writing for The Wall Street Journal, reports that a
person familiar with the matter said investment bank Lazard Ltd.
began marketing Eastman Kodak Co.'s patent portfolio this week,
reaching out to companies that might be interested.

Another person familiar with the matter told the Journal one
interested company is a large, strategic buyer in the wireless
industry looking to use the patents for defensive protection.

The Journal says Eastman Kodak seeks to ride the bull market for
patents and capitalize on its intellectual property in the booming
market for tablet computers.

The Journal relates speculation that Kodak could strike a
lucrative deal propelled a 26% gain in the company's stock price
Wednesday. Shares in Kodak rose 55 cents to $2.69 at 4 p.m. in
composite trading on the New York Stock Exchange.

The Journal also notes other people familiar with the sale process
question the ultimate value of Kodak's patents because it has
already struck numerous licensing deals with cellphone makers for
some of the patents it is now putting on the auction block. There
is also a concern that because of the license deals, an acquirer
of the Kodak patents would be subject to lawsuits, these people
added.

The licensing strategy brought in $1.9 billion from 2008 to 2010,
but the flow of settlements dried up this year, prompting the
company to look more seriously at selling patents, one Kodak board
member said, according to the Journal.

Lazard declined to comment, the Journal says.

Lazard also advised Nortel Networks in its own patent sale and
Google Inc. in its acquisition of Motorola Mobility Holdings Inc.

Wachtell, Lipton, Rosen & Katz is acting as Kodak's legal counsel.

                        About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company
(NYSE:EK) -- http://www.kodak.com/-- provides imaging technology
products and services to the photographic and graphic
communications markets.

The Company's balance sheet at March 31, 2011, showed
$5.88 billion in total assets, $7.15 billion in total liabilities,
and a $1.27 billion total deficit.

                           *     *     *

As reported by the Troubled Company Reporter on March 2, 2011,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Eastman Kodak to 'CCC' from 'B-'.  S&P removed the
rating from CreditWatch, where S&P placed it with negative
implications on Jan. 26, 2011.  The rating outlook is negative.
Issue-level ratings on the company's debt were also lowered and
removed from CreditWatch in conjunction with the corporate credit
rating change.

The 'CCC' corporate credit rating reflects S&P's expectation that
Eastman Kodak's pace of cash consumption will remain high over the
near term.  It also reflects S&P's expectation of continued
secular volume decline of the traditional photographic products
and services business, that the company's consumer digital imaging
businesses will not quickly turn convincingly profitable, and that
intellectual property earnings, which constitute a significant
portion of the company's EBITDA, could decline significantly from
2010 levels.  These factors underpin S&P's view of Kodak's
business risk as vulnerable and support S&P's view that revenue
and EBITDA will decline in 2011.  S&P views the company's
financial risk profile as highly leveraged because of the risk
that its earnings and cash flow could become insufficient to
support its debt.

According to the March 16, 2011 edition of the TCR, Fitch Ratings
has affirmed its 'CCC' Issuer Default Rating on Kodak.  The
ratings and Negative Outlook reflect Kodak's continued struggles
to gain traction in its digital businesses as secular declines
persist and broaden to entertainment film within the traditional
film business.

In March, Moody's Investors Service demoted Kodak's corporate
rating to 'Caa1' coupled with a judgment the company "could"
consume $600 million to $700 million in cash during 2011.  Moody's
noted that Kodak has no material debt maturities until November
2013.


ENERTECK CORP: Incurs $757,000 Net Loss in Second Quarter
---------------------------------------------------------
Enerteck Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $757,363 on $22,544 of revenue for the three months ended
June 30, 2011, compared with a net loss of $511,519 on $92,582 of
revenue for the same period during the prior year.

The Company also reported a net loss of $1.13 million on $46,779
of revenue for the six months ended June 30, 2011, compared with a
net loss of $945,057 on $192,108 of revenue for the same period a
year ago.

The Company reported a net loss of $2.76 million on $231,314 of
product sales for the year ended Dec. 31, 2010, compared with a
net loss of $2.05 million on $404,335 of product sales during the
prior year.

The Company's balance sheet at June 30, 2011, showed $738,267 in
total assets, $2.62 million in total liabilities, and a
$1.88 million total stockholders' deficit.

In addition, at the quarter ending June 30, 2011, and year ending
Dec. 31, 2010, the Company has an accumulated deficit of
$25,350,000 and $24,217,000 respectively.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

During the years ended Dec. 31, 2010, and 2009, the Company
incurred recurring net losses of $2,763,000 and $2,054,000,
respectively.  In addition, at Dec. 31, 2010, the Company has an
accumulated deficit of $24,214,474.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern, according to the Form 10-K.

The Company's continuation as a going concern is contingent upon
its ability to obtain additional financing and to generate
revenues and cash flow to meet its obligations on a timely basis.
Management believes that sales revenues for 2010 and 2009 were
considerably less than earlier anticipated primarily due to
circumstances which have been corrected or are in the process of
being corrected.   Management expects that marine, railroad and
trucking sales should show significant increases in 2011 over what
has been generated in the past, as a result of the expected
outcome of long term client demonstrations from several extremely
large new clients will take place during 2011 and 2012.

The Company has been able to generate working capital in the past
through private placements and issuing promissory notes and
believes that these avenues will remain available to the Company
if additional financing is necessary.

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

                        http://is.gd/yFAQIp

                     About Enerteck Corporation

EnerTeck Corporation (OTC BB: ETCK.OB) -- http://www.enerteck.net/
-- was incorporated in 1935 and is based in Stafford, Texas.  The
Company develops, acquires and manufactures combustion
enhancement, emission reduction and other performance improvement
technologies for the heavy duty transportation industry.
EnerTeck's flagship product, EnerBurn(TM), is a diesel fuel
specific combustion catalyst, delivered to the engine via the
diesel fuel, to improve the combustion rate of the fuel.


ENTELOS INC: Judge Approves Auction Timeline, Lead Bid for Assets
-----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Entelos Inc. won court
permission Tuesday to auction itself off on Sept. 21, a means for
the California company to escape pressing financial problems it
encountered when major pharmaceutical companies tightened their
research budgets.

Entelos Inc., a developer of software for computer simulation of
clinical trials for new drugs, filed for Chapter 11 protection
(Bankr. D. Del. Case No. 11-12329) on July 25, 2011, in Delaware,
the same day the landlord of the head office was going to court in
California seeking eviction.  Timothy P. Reiley, Esq., at Reed
Smith LLP, in Wilmington, Delaware, serves as counsel to the
Debtor.  The Debtor estimated assets of up to $10 million and
debts of $10 million to $50 million.


EQUINIX INC: S&P Lifts CCR to 'BB-' on Continuing Strong Revenue
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Redwood City, Calif.-based Equinix Inc. to 'BB-' from
'B+'. The outlook is stable.

"In addition, we raised the issue-level rating on the company's
subordinated debt to 'B' from 'B-'. The issue-level rating on the
company's senior unsecured debt remains 'BB-' and we revised the
recovery rating to '3' from '2', per our criteria for notching
unsecured debt at this rating category. Given the company's
heightened ability to add incremental priority or pari passu debt
prior to default, we generally cap the recovery rating on
unsecured debt issued by corporate entities with corporate credit
ratings of 'BB-' or higher at '3'," S&P related.

"The raising of Equinix's corporate credit rating reflects the
favorable operating trends experienced in the first half of 2011,"
said Standard & Poor's credit analyst Catherine Cosentino.
Continued organic growth in customers contributed to 33.4% year
over year and 8.8% sequential revenue growth for the second
quarter of 2011. Such revenue growth, and the positive impacts of
operating leverage, have translated into strong EBITDA growth and
improved EBITDA margins; EBITDA grew by 42.5% on a year-over-year
basis and 7.8% sequentially for the second quarter of 2011.

Moreover, the company's overall reported EBITDA margin totaled
40.8% for the second quarter of 2011 from 38.2% a year earlier.

"We assume, however, that over the remainder of 2011, the company
will continue to expand its data center capacity both through
internal expansion and through additional acquisitions," added Ms.
Cosentino, "and therefore, will not generate net free cash flow
positive results through at least the end of 2011 -- and perhaps
longer, depending on expansion opportunities." "Nevertheless, the
company's business risk profile, which we categorize as
fair, supports the upgrade."


EVERGREEN SOLAR: Has Plan Deal; Noteholders Bid for Assets
----------------------------------------------------------
On Aug. 15, 2011, the Company entered into a restructuring support
agreement with certain holders of the Company's 13% Convertible
Senior Secured Notes.  Pursuant to the support agreement, the
Supporting Noteholders have agreed, subject to certain terms and
conditions, to implement the restructuring to be effected through
one or more sales of certain of the Company's assets pursuant to
Section 363 of the Bankruptcy Code.

The term sheet provides, among other things, that (i) the Company
will undertake a marketing process and will permit parties to bid
on its assets, as a whole or in groups pursuant to section 363 of
the Bankruptcy Code, in which the Supporting Noteholders will
serve as a "stalking-horse"and provide a "credit-bid"pursuant to
section 363(k) of the Bankruptcy Code for the assets being sold;
(ii) the Supporting Noteholders will support the Company's
restructuring by consenting to cash collateral usage pursuant to a
budget during the sale process; (iii) the Supporting Noteholders
will support the costs of the Bankruptcy Case, including court
approval of a plan of reorganization subsequent to the sale
process; and (iv) in the event that the Supporting Noteholders'
stalking horse bid is the winning bid for the Company's core wafer
technology assets, the Supporting Noteholders have consented to
support the development of the business with working capital based
on an agreed upon budget.

A copy of the Restructuring Support Agreement is available at:

                       http://is.gd/DzaBlM

A copy of the Term Sheet is available at http://is.gd/sBdKmc

                      About Evergreen Solar

Evergreen Solar, Inc. -- http://www.evergreensolar.com/--
develops, manufactures and markets String Ribbon solar power
products using its proprietary, low-cost silicon wafer technology.
The Company's patented wafer manufacturing technology uses
significantly less polysilicon than conventional processes.
Evergreen Solar's products provide reliable and environmentally
clean electric power for residential and commercial applications
globally.

The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge
Mary F. Walrath.  The Company's balance sheet at April 2, 2011,
showed $373,972,000 in assets, $455,506,000 in total liabilities,
and a stockholders' deficit of $81,534,000.

Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham
McCutchen LLP, serve as general bankruptcy counsel to the Debtor.
Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, serve as co-counsel.  Zolfo Cooper LLC is
the financial advisor.  Epiq Bankruptcy Solutions has been tapped
as claims agent.

The supporting noteholders are represented by Michael S. Stainer,
Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer &
Feld LLP, in New York.


EVERGREEN SOLAR: Hearing on Sale Procedures Set for Sept. 6
-----------------------------------------------------------
The Bankruptcy Court will hold a hearing on Sept. 6 to consider
approval of procedures that will govern the auction and sale of
Evergreen Solar Inc.'s assets.  The Court will also take a look at
the hearing the Stalking Horse Asset Sale Agreement the Debtor
struck with ES Purchaser LLC, the entity established by
noteholders supporting the Debtor's restructuring.

Objections to the sale protocol are due Aug. 30.

As stalking horse bidder, ES Purchasers proposes to acquire the
assets for $60 million and the assumption of certain liabilities.
However, the Supporting Noteholders have agreed that they will
stop bidding for the Wide Wafer Assets -- the Debtor's Core Assets
-- at the auction for the Wide Wafer Assets if a third party
submits an all cash bid of $30 million or greater for the Wide
Wafer Assets.

U.S. Bank National Association as indenture trustee, acting at the
direction of holders of a majority of outstanding principal amount
of the Debtor's 13% Convertible Senior Secured Notes due 2015, is
entitled to credit bid some or all of the obligations owed in
respect of the 13% Secured Notes for the benefit of all of the 13%
Noteholders.  To the extent the 13% NewCo Credit Bid is the
winning bid, the equity of reorganized Evergreen Solar will be
distributed to all of the holders of 13% Secured Notes in
accordance with the Indenture, and NewCo will have the opportunity
to retain employees relevant to Wide Wafer Technology and continue
the Wide Wafer Technology business for a period of time pursuant
to the terms set forth in the 13% NewCo Credit Bid.

Currently, roughly $165 million in principal amount remains
outstanding under the 2015 Notes.

The Debtor intends to sell so-called LBIE Assets, the Devens
Assets, the Core Assets and the Non-Core Assets.

(A) LBIE Assets -- Lot 1

LBIE Assets refer to the Debtor's claims against Lehman Brothers
International Europe and Lehman Brothers Holdings Inc. arising out
of (i) the Share Lending Agreement between Lehman Brothers
International (Europe) and the Debtor, dated June 26, 2008, and
(ii) Guarantee of Lehman Brothers Holdings Inc. of the Share
Lending Agreement between Lehman Brothers International (Europe)
and the Debtor, dated June 26, 2008.

The Debtor and its advisors have spoken to several parties about
the sale of the LBIE Assets, but the Debtor has not yet retained a
broker to assist with the marketing of the LBIE Assets nor has it
solicited firm offers. There has been significant trading in LBIE
claims, with many financial institutions trading in such Lehman-
related claims on a daily basis and, therefore, the Debtor
believes that the LBIE Assets are highly-marketable Purchased
Assets which should attract multiple bidders.

(B) Devens Assets -- Lot 2

Devens Assets refer to certain of the Debtor's right, title and
interest under a Ground Lease, dated as of Nov. 20, 2007, between
the Debtor and the Massachusetts Development Finance Agency, (ii)
the buildings and all other improvements owned by the Debtor
located at 114 Barnum Road, in Devens, Massachusetts, (iii) the
tangible assets at the site, and (iv) relevant contracts.

The Debtor first started marketing the Devens Assets following its
announcement of its shutdown of operations at Devens in January
2011.  In February, it hired Hilco Industrial LLC pursuant to an
engagement letter dated Feb. 25, 2011.

The Debtor, in consultation with Hilco, approached a number of
parties likely to be interested and able to acquire the Devens
Assets, including mostly strategic buyers.  The Debtor had serious
discussions with multiple bidders who provided draft asset
purchase agreements, however, the Debtor was unable to finalize
and enter into an asset purchase agreement with one of these
parties. While the Debtor and each of these parties were unable to
reach an agreement prepetition, the Debtor knows of no reason why
they would not participate in the sales process.  The Debtor plans
to continue to work with these parties (and others) and hopes that
they will become a Qualifying Bidder.  The Debtor will continue
its efforts, and seeks to employ Hilco to assist to sell the
Devens Assets by re-canvassing many of the entities originally
contacted, plus additional parties.  The Debtor also is seeking to
permission to hire Hilco Trading Inc.  The Debtor hopes and
expects to have a robust bidding and auction process for the
Devens Assets.

(C) Core Assets -- Lot 3

Core Assets include the Company's String Ribbon(TM) wafer
technology business assets, Intellectual Property, and the name
"Evergreen Solar" and any related derivation of the name.

The Debtor and its investment banker, UBS, have put together a
list of more than 80 parties who may be interested in the Core
Assets.  This includes both strategic and financial buyers who
have operations, investments or interest in the solar sector. UBS
has started preparing marketing materials for potential
purchasers, which will outline the Core Assets to be sold and
describe the Wide Wafer Technology.  The Debtor also continues to
negotiate with its Chinese joint venture partner -- Hubei Science
and Technology Investment Co., Ltd., a company with limited
liability organized under the laws of the Peoples Republic of
China -- to ascertain whether the two parties can resolve certain
issues that exist between them. The Debtor believes that this
relationship could prove valuable to a potential purchaser.

The Debtor has been working with UBS and its legal advisor,
Bingham McCutchen LLP, to create a data room such that all
relevant items that relate to the Purchased Assets will be
immediately available to prospective bidders who execute a
standard confidentiality agreement.

(D) Non-Core Assets -- Lot 4

The Non-Core Assets include all right, title and interest of the
Debtor in Cash and Cash Equivalents not related to the Wafer
Business, accounts receivable, avoidance and other actions, and
other assets.

Over the past few months the Debtor has tried to collect on its
outstanding accounts receivable and sell its remaining solar panel
inventory in an attempt to monetize Non-Core Assets.  As a result
of these efforts, the Debtor has successfully increased its cash
balance, while decreasing its accounts receivable and inventory.
The Debtor believes value remains with the Non-Core Assets and
that third parties, whom Hilco will seek to identify, are prepared
to unlock this value and participate in the auction.

Bids for any or all of the Lots are due Oct. 26, 2011.  The Debtor
proposes to conduct an auction at the law offices of Bingham
McCutchen, LLP, at 399 Park Avenue, in New York, on Nov. 1, 2011,
beginning at 10:00 a.m.  The Debtor requests that the Court hold a
hearing to approve a sale to the winning bidder on Nov. 4 at 1:00
p.m.(ET).

Any party interested in bidding on any of the Debtor's assets
should contact UBS Investment Bank for Lots 1 and 3 and Hilco
Industrial LLC for Lots 2 and 4.

The Debtor said buyers must commit to close a deal by Nov. 18,
2011, subject to any regulatory approvals.

                      About Evergreen Solar

Evergreen Solar, Inc. -- http://www.evergreensolar.com/--
develops, manufactures and markets String Ribbon solar power
products using its proprietary, low-cost silicon wafer technology.
The Company's patented wafer manufacturing technology uses
significantly less polysilicon than conventional processes.
Evergreen Solar's products provide reliable and environmentally
clean electric power for residential and commercial applications
globally.

The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge
Mary F. Walrath.  The Company's balance sheet at April 2, 2011,
showed $373,972,000 in assets, $455,506,000 in total liabilities,
and a stockholders' deficit of $81,534,000.  The Debtors are
represented by lawyers at Bingham McCutchen LLP and Pachulski
Stang Ziehl & Jones LLP.  The Debtor's financial advisors are
Timothy Hughes and Alex Verba at Zolfo Cooper LLC.  Epiq
Bankruptcy Solutions serves as the Debtor's noticing and
claims agent.

The Debtor's investment bankers are:

        Steve Smith
        UBS INVESTMENT BANK
        299 Park Avenue
        New York, NY 10171
        Tel: 212-821-5222
        E-mail: sd.smith@ubs.com

             - or -

        David Dolezal
        UBS INVESTMENT BANK
        555 California Street
        San Francisco, CA 94104
        Tel: 415-352-6086
        E-mail: david.dolezal@ubs.com

The Debtor's brokers is:

        Brian Lee
        HILCO INDUSTRIAL, LLC
        5 Revere Drive, Suite 206
        Northbrook, IL 60062
        Tel: 203-258-0927
        E-mail: blee@hilcobid.com

In conjunction with the Chapter 11 filing, the Company entered
into a restructuring support agreement with certain holders of
more than 70% of the outstanding principal amount of the Company's
13% Convertible Senior Secured Notes.  Pursuant to the RSA, the
supporting noteholders have agreed to implement the restructuring
to be effected through one or more sales of certain of the
Company's assets pursuant to section 363 of the Bankruptcy Code,
including the Company's String Ribbon(TM) wafer technology
business assets.  As part of the bankruptcy process the Company
will undertake a marketing process and will permit all parties to
bid on its assets, as a whole or in groups pursuant to section 363
of the Bankruptcy Code.  The supporting noteholders have agreed to
support the Company's restructuring by consenting to cash
collateral usage pursuant to a budget during the sale process; and
to support the costs of the Bankruptcy Case, including court
approval of a plan of reorganization subsequent to the sale
process.

An entity formed by the supporting noteholders, ES Purchaser, LLC,
entered into an asset purchase agreement with the Company.  ES
Purchaser will serve as a "stalking-horse" and provide a "credit-
bid" pursuant to the Bankruptcy Code for assets being sold.  If
higher or better offers for assets are not obtained, it is
expected that most of the Company's assets will be acquired by ES
Purchaser pursuant to the asset purchase agreement.

U.S. Bank, the Indenture Trustee, is represented in the case by
Maslon Edelman Borman & Brand, LLP.  The Supporting Noteholders
are represented by Akin Gump Strauss Hauer & Feld LLP.

The Supporting Noteholders' financial advisors are:

          Brian Cullen
          Mark Catania
          DUFF & PHELPS SECURITIES, LLC
          11150 Santa Monica Blvd., Suite 600
          Los Angeles, CA 90025
          E-mail: brian.cullen@duffandphelps.com
                  mark.catania@duffandphelps.com


EVERGREEN SOLAR: Seeks to Pay Up to $2MM in Employee Incentives
---------------------------------------------------------------
Evergreen Solar Inc.'s president and CEO Michael El-Hillow may
stand to receive up to $700,000 as incentive in the event the
Debtor's Wide Wafer Assets are sold to a third party buyer.  Other
officers will also share on a bonus pot of up to $2 million
depending on the final purchase price of the Wide Wafer Assets,
which constitute the Debtor's core assets.

Evergreen Solar is seeking permission from the Bankruptcy Court to
implement a Key Employee Incentive Program.  The Debtor explains
that given that the ability to maximize creditor recoveries
hinges, in large part, upon the consummation of a third party cash
sale, the Debtor believes it is essential that key senior
employees are properly motivated to ensure that they will direct
maximum efforts toward enhancing estate value, without the
overhang or appearance of any extrinsic, parochial considerations.
Consequently, the Debtor -- at the direction of its non-executive
directors, with the assistance of its outside financial
professionals, and after consultation with the noteholders
supporting its restructuring -- seeks approval of a narrowly
tailored KEIP that will tie incentive bonuses for participants
directly to the consideration received from the sale of the Wide
Wafer Assets.

Evergreen Solar relates that if ES Purchaser LLC -- the entity
established by supporting noteholders -- wins the auction for the
Wide Wafer Assets, then, subject to Court approval, the Newco will
become the owner of the Wide Wafer Assets, and will be managed by
members of the Debtor's existing senior management team, given
their intimate knowledge of the business. It is also expected that
existing rank-and-file employees relevant to the Wide Wafer Assets
will join Newco.  The reorganized business will then be positioned
to move forward with its new business plan and a right-sized
balance sheet.

On the other hand, if at the conclusion of the auction, a third
party's bid is deemed to be the highest and best bid for the Wide
Wafer Assets, then those assets will, subject to Court approval,
be sold to that third party bidder.  If the third party bidder is
a strategic buyer (as is likely), it may well have its own
management team in place to develop and manage the Wide Wafer
Assets.  In that case, certain senior employees whose efforts are
most required to facilitate and maximize the benefit of a third
party sale, will have worked themselves out of their jobs.

The KEIP, which is directly tied to the success of the Wide Wafer
Assets sale process, provides for aggregate KEIP payments equal to
5% of the gross cash proceeds of a third-party sale of the Wide
Wafer Assets, subject to a minimum aggregate KEIP of $1 million.
Importantly, no KEIP will apply if the Stalking Horse Bid
prevails.

Personnel eligible for the KEIP consist of seven of the Debtor's
senior employees, including several executives.  The KEIP
Participants must remain employed to receive any award.

The aggregate KEIP amount earned, if any, will be distributed to
the KEIP  Participants pursuant to an allocation designed to
account for each KEIP Participant's relative ability to contribute
to, and affect the outcome of, the sale of the Wide Wafer Assets.
As a result, the base KEIP awardable to any individual employee is
not uniform among all KEIP Participants, but ranges from $75,000
to $350,000.

If the Wide Wafer Assets are sold for:

     -- $20 million or less, total KEIP will be $1 million

        These officers' incentive will be:

        Officer             % Incentive       Amount
        -------             -----------       ------
        President & CEO           35.0%     $350,000
        CTO                       25.0%     $250,000
        President China           10.0%     $100,000
        VP R&D                     7.5%      $75,000
        CFO                        7.5%      $75,000
        General Counsel            7.5%      $75,000
        Corporate Controller       7.5%      $75,000

     -- $25 million, total KEIP will be $1.25 million

        These officers' incentive will be:

        Officer             % Incentive       Amount
        -------             -----------       ------
        President & CEO           35.0%     $437,500
        CTO                       25.0%     $312,500
        President China           10.0%     $125,000
        VP R&D                     7.5%      $93,750
        CFO                        7.5%      $93,750
        General Counsel            7.5%      $93,750
        Corporate Controller       7.5%      $93,750

     -- $30 million, total KEIP will be $1.50 million

        These officers' incentive will be:

        Officer             % Incentive       Amount
        -------             -----------       ------
        President & CEO           35.0%     $525,000
        CTO                       25.0%     $375,000
        President China           10.0%     $150,000
        VP R&D                     7.5%     $112,500
        CFO                        7.5%     $112,500
        General Counsel            7.5%     $112,500
        Corporate Controller       7.5%     $112,500

     -- $35 million, total KEIP will be $1.75 million

        These officers' incentive will be:
        Officer             % Incentive       Amount
        -------             -----------       ------
        President & CEO           35.0%     $612,500
        CTO                       25.0%     $437,500
        President China           10.0%     $175,000
        VP R&D                     7.5%     $131,250
        CFO                        7.5%     $131,250
        General Counsel            7.5%     $131,250
        Corporate Controller       7.5%     $131,250

     -- $40 million, total KEIP will be $2 million

        These officers' incentive will be:

        Officer             % Incentive       Amount
        -------             -----------       ------
        President & CEO           35.0%     $700,000
        CTO                       25.0%     $500,000
        President China           10.0%     $200,000
        VP R&D                     7.5%     $150,000
        CFO                        7.5%     $150,000
        General Counsel            7.5%     $150,000
        Corporate Controller       7.5%     $150,000

                   Board Approved KEIP

In a regulatory filing Tuesday, Evergreen Solar, Inc., discloses
that on Aug. 14, 2011, the Board of Directors of the Company
approved a key employee incentive plan that is supported by the
holders of Company's 13% Convertible Senior Secured Notes.

The key employee incentive plan will provide for an amount equal
to 5% of gross cash sale proceeds from a third party for the
Company's wafer business, which is all of the Company's assets
necessary for the development and pursuit of the Company's
business plan based on String Ribbon(TM) wafers including the
Company's new industry standard sized wafer technology.  The
minimum amount payable under the key employee incentive plan will
not be less than $1 million.

Michael El-Hillow, the Company's Chief Executive Officer, will be
allocated 35% of the key employee incentive plan, Dr. Lawrence
Fenton, the Company's Chief Technology Officer, will be allocated
25% of the key employee incentive plan and Yeok Chan (Henry) Ng,
the President of the Company's Chinese operations, will be
allocated 10% of the key employee incentive plan and the remaining
portion of the key employee incentive plan will be allocated to
four other senior executives of the Company.

Also, effective Aug. 14, 2011, Dr. Susan F. Tierney resigned as a
director of the Company for personal reasons.  According to the
Company, there were no disagreements between Dr. Tierney and the
Company regarding any matter relating to the Company's operations,
policies or practices.

The Board accepted Dr. Tierney's resignation and reduced the size
of the Board to five so that there is no vacant Board seat to
fill.

                      About Evergreen Solar

Evergreen Solar, Inc. -- http://www.evergreensolar.com/--
develops, manufactures and markets String Ribbon solar power
products using its proprietary, low-cost silicon wafer technology.
The Company's patented wafer manufacturing technology uses
significantly less polysilicon than conventional processes.
Evergreen Solar's products provide reliable and environmentally
clean electric power for residential and commercial applications
globally.

The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge
Mary F. Walrath.  The Company's balance sheet at April 2, 2011,
showed $373,972,000 in assets, $455,506,000 in total liabilities,
and a stockholders' deficit of $81,534,000.

Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham
McCutchen LLP, serve as general bankruptcy counsel to the Debtor.
Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, serve as co-counsel.  Zolfo Cooper LLC is
the financial advisor.  Epiq Bankruptcy Solutions has been tapped
as claims agent.

In conjunction with the Chapter 11 filing, the Company entered
into a restructuring support agreement with certain holders of
more than 70% of the outstanding principal amount of the Company's
13% convertible senior secured notes.  As part of the bankruptcy
process the Company will undertake a marketing process and will
permit all parties to bid on its assets, as a whole or in groups
pursuant to 11 U.S.C. Sec. 363.  An entity formed by the
supporting noteholders, ES Purchaser, LLC, entered into an asset
purchase agreement with the Company to serve as a "stalking-horse"
and provide a "credit-bid" pursuant to the Bankruptcy Code for
assets being sold.

The supporting noteholders are represented by Michael S. Stainer,
Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer &
Feld LLP, in New York.


EVERGREEN SOLAR: Will Not Appeal Nasdaq Delisting of Common Stock
-----------------------------------------------------------------
On Aug. 15, 2011, Evergreen Solar, Inc., received a notice from
The Nasdaq Listing Qualifications Staff stating that the Staff has
determined that the Company's securities will be delisted from The
Nasdaq Stock Market LLC.  The decision was reached by the Staff
under Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1 following
the Company's announcement on Aug. 15, 2011, that it filed a
voluntary petition in the United States Bankruptcy Court for the
District of Delaware seeking relief under the provisions of
Chapter 11 of the Bankruptcy Code (Case No. 11-12590).

As previously reported in the TCR, on July 5, 2011, the Company
received a deficiency letter from Nasdaq stating that, based on
the closing bid price of the Company's common stock for the last
30 consecutive business days, the Company no longer meets the
minimum $1.00 per share requirement for continued listing on the
Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).  On
the same date, the Company received a second deficiency letter
from Nasdaq stating that the Company is no longer in compliance
with Nasdaq's minimum market value requirement for continued
listing on the Nasdaq Capital Market as set forth in Nasdaq
Listing Rule 5550(b), which requires the Company to have a minimum
market value for its listed securities of $35 million for at least
30 consecutive business days.

The Company does not plan to appeal the Staff's determination to
delist the Company's common stock.  Accordingly, trading of the
Company's common stock will be suspended at the opening of
business on Aug. 24, 2011, and a Form 25-NSE will be filed with
the Securities and Exchange Commission, which will remove the
Company's securities from listing and registration on Nasdaq.

After the Company's common stock is delisted by Nasdaq, it may
trade on the OTC Bulletin Board or the Pink OTC Markets Inc., but
only if at least one market maker decides to quote the Company's
common stock.

                      About Evergreen Solar

Evergreen Solar, Inc. -- http://www.evergreensolar.com/--
develops, manufactures and markets String Ribbon solar power
products using its proprietary, low-cost silicon wafer technology.
The Company's patented wafer manufacturing technology uses
significantly less polysilicon than conventional processes.
Evergreen Solar's products provide reliable and environmentally
clean electric power for residential and commercial applications
globally.

The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge
Mary F. Walrath.  The Company's balance sheet at April 2, 2011,
showed $373,972,000 in assets, $455,506,000 in total liabilities,
and a stockholders' deficit of $81,534,000.

Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham
McCutchen LLP, serve as general bankruptcy counsel to the Debtor.
Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, serve as co-counsel.  Zolfo Cooper LLC is
the financial advisor.  Epiq Bankruptcy Solutions has been tapped
as claims agent.

In conjunction with the Chapter 11 filing, the Company entered
into a restructuring support agreement with certain holders of
more than 70% of the outstanding principal amount of the Company's
13% convertible senior secured notes.  As part of the bankruptcy
process the Company will undertake a marketing process and will
permit all parties to bid on its assets, as a whole or in groups
pursuant to 11 U.S.C. Sec. 363.  An entity formed by the
supporting noteholders, ES Purchaser, LLC, entered into an asset
purchase agreement with the Company to serve as a "stalking-horse"
and provide a "credit-bid" pursuant to the Bankruptcy Code for
assets being sold.

The supporting noteholders are represented by Michael S. Stainer,
Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer &
Feld LLP, in New York.


EVERGREEN SOLAR: Meeting to Form Committee on Aug. 26
-----------------------------------------------------
Roberta DeAngelis, United States Trustee for Region 3, will hold
an organizational meeting on August 26, 2011, at 10:00 a.m. in the
bankruptcy case of Evergreen Solar, Inc.  The meeting will be held
at:

   United States Trustee's Office
   J. Caleb Boggs Federal Building
   844 King Street, Room 5209
   Wilmington, DE 19801

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

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

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

                      About Evergreen Solar

Evergreen Solar, Inc. -- http://www.evergreensolar.com/--
develops, manufactures and markets String Ribbon solar power
products using its proprietary, low-cost silicon wafer technology.
The Company's patented wafer manufacturing technology uses
significantly less polysilicon than conventional processes.
Evergreen Solar's products provide reliable and environmentally
clean electric power for residential and commercial applications
globally.

The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge
Mary F. Walrath.  The Company's balance sheet at April 2, 2011,
showed $373,972,000 in assets, $455,506,000 in total liabilities,
and a stockholders' deficit of $81,534,000.

Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham
McCutchen LLP, serve as general bankruptcy counsel to the Debtor.
Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, serve as co-counsel.  Zolfo Cooper LLC is
the financial advisor.  Epiq Bankruptcy Solutions has been tapped
as claims agent.

In conjunction with the Chapter 11 filing, the Company entered
into a restructuring support agreement with certain holders of
more than 70% of the outstanding principal amount of the Company's
13% convertible senior secured notes.  As part of the bankruptcy
process the Company will undertake a marketing process and will
permit all parties to bid on its assets, as a whole or in groups
pursuant to 11 U.S.C. Sec. 363.  An entity formed by the
supporting noteholders, ES Purchaser, LLC, entered into an asset
purchase agreement with the Company to serve as a "stalking-horse"
and provide a "credit-bid" pursuant to the Bankruptcy Code for
assets being sold.

The supporting noteholders are represented by Michael S. Stainer,
Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer &
Feld LLP, in New York.


EZENIA! INC: Incurs $1 Million Net Loss in Second Quarter
---------------------------------------------------------
Ezenia! Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $1.04 million on $488,000 of product revenues for the three
months ended June 30, 2011, compared with a net loss of $769,000
on $718,000 of product revenues for the same period a year ago.

The Company also reported a net loss of $1.82 million on
$1.16 million of product revenues for the six months ended
June 30, 2011, compared with a net loss of $1.51 million on
$1.42 million of product revenues for the same period during the
prior year.

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

The Company's balance sheet at June 30, 2011, showed $2.05 million
in total assets, $3.18 million in total liabilities, and a
$1.12 million total stockholders' deficit.

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

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

                        http://is.gd/jSu30r

                         About Ezenia! Inc.

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


FIDDLER'S CREEK: Bondholders' Request for Examiner Denied
---------------------------------------------------------
Carla Main at Bloomberg News reports U.S. Bank NA's request that
the bankruptcy court appoint an examiner in the Fiddler's Creek
bankruptcy case was denied Aug. 16 in an order signed by U.S.
Bankruptcy Judge K. Rodney May in Fort Meyers, Florida.

According to the report, U.S. Bank made the motion, in its role as
indentured trustee, as part of a hearing that began May 26 and
lasted several days, according to the Aug. 16 order.  The
appointment of an examiner is "absolutely necessary" to
investigate serious improprieties suspected of the debtors," U.S.
Bank NA said in a court filing.  U.S. Bank NA sought information
on alleged financial issues relating to liens, collateral and exit
financing.  The bank said it discovered that "certain senior
secured creditors' liens have been shifted to less valuable
collateral and property."

                     About Fiddler's Creek

Fiddler's Creek, LLC, and its affiliates each owns, operates or is
otherwise affiliated with the premier, fully integrated, master
planned residential community known as "Fiddler's Creek" in
southwestern Florida.  Fiddler's Creek is located in Collier
County, Florida, approximately 12 miles southeast of the city of
Naples and six miles north of Marco Island.  The Fiddler's Creek
development is comprised of nearly 4,000 zoned acres of prime land
in Naples, Florida, and is planned for and capable of
accommodating up to 6,000 residences upon projected build-out,
which is estimated to be in 2020.  Fiddler's Creek contains five
distinctive neighborhoods known as: Fiddler's Creek, Veneta,
Aviamar, Marsh Cove and Meadow Run.

Fiddler's Creek filed for Chapter 11 bankruptcy protection (Bankr.
M.D. Fla. Case No. 10-03846) on Feb. 23, 2010.  Paul J. Battista,
Esq., Heather L. Harmon, Esq., and Mariaelena Gayo-Guitian, Esq.,
at Genovese Joblove & Battista, P.A., Miami; Bart A. Houston,
Esq., at Kopelowitz Ostrow; and Mark Woodward, Esq., serve as
counsel to the Debtors.  Judge Alexander L. Paskay presides over
the case.  The Company estimated assets and debts at $100 million
to $500 million.

Paul S. Singerman, Esq., Jordi Guso, Esq., and Debi Evans Galler,
Esq., at Berger Singerman P.A., represent the Official Unsecured
Creditors Committee as counsel.


FOREST OIL: S&P Lowers Senior Unsecured Debt Ratings to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its senior unsecured
debt ratings on Denver-based Forest Oil Corp. to 'B' (two notches
lower than the corporate credit rating) from 'BB-'. Standard &
Poor's also revised its recovery rating on these issues to '6',
indicating its expectation of negligible recovery (0% to 10%) in
the event of a payment default, from '4'.

"At the same time, we assigned our 'BB+' issue rating and a '1'
recovery rating to Forest's senior secured debt, indicating our
expectation of very high recovery (90% to 100%) in the event of a
payment default," S&P said.

The rating actions reflect Forest's spin-off and IPO of its
Canadian assets (Lone Pine) and the resulting lower recovery
prospects for senior unsecured lenders because of a reduction in
Forest's asset value. Forest intends to use the net proceeds from
the spin-off and Lone Pine's payment of intercompany debt, which
will total about $400 million, to pay off $285 million of
unsecured debt that matures later this year and to help fund its
drilling program.

The corporate credit rating on Forest Oil, an oil and gas
exploration and production (E&P) company, reflects the capital-
intensive and cyclical nature of the E&P industry and a production
mix that is heavily weighted toward weak natural gas prices.
Ratings also reflect the company's good liquidity, onshore
geographic diversity, and the relatively low-risk nature of its
drilling program. For the complete credit rating rationale, see
S&P's summary analysis on Forest published March 2, 2011.

Ratings List
Forest Oil Corp.
Corporate credit rating        BB-/Stable/--

Issue Ratings Lowered; Recovery Ratings Revised
                                To        From
Senior unsecured debt          B         BB-
  Recovery rating               6         4

New Ratings
Senior secured debt            BB+
  Recovery rating               1


GENERAL MOTORS: Says Bankruptcy Bars Impala Warranty Suit
---------------------------------------------------------
Ian Thoms at Bankruptcy Law360 reports that General Motors Co. is
seeking to nix a proposed class action in Michigan federal court
alleging it violated a warranty when it failed to fix a defect in
the Chevrolet Impala, arguing in an Aug. 11 motion that the
allegations pertain to prebankruptcy GM, not the current company.

Identifying itself as New GM, Law360 relates, the Company said it
did not assume responsibility or liability for Old GM design
choices, conduct or breaches of liability.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of the
world's largest automakers, traces its roots back to 1908.  GM
employs 208,000 people in every major region of the world and does
business in more than 120 countries.  GM and its strategic
partners produce cars and trucks in 30 countries, and sell and
service these vehicles through the following brands: Baojun,
Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,
Opel, Vauxhall, and Wuling.  GM's largest national market is
China, followed by the United States, Brazil, the United Kingdom,
Germany, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. was formed to acquire the operations of General
Motors Corp. through a sale under 11 U.S.C. Sec. 363 following Old
GM's bankruptcy filing.  The U.S. government once owned as much as
60.8% stake in New GM on account of the financing it provided to
the bankrupt entity.  The deal was closed July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  New GM has a 'BB-'
corporate credit rating from Standard & Poor's and a 'BB-' issuer
default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.


GLOBAL AVIATION: Cut by S&P to 'CCC+' on Deferred Interest Payment
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Peachtree City, Ga.-based Global Aviation Holdings Inc.
to 'CCC+' from 'B'. "We also lowered our issue-level rating on the
company's first-lien secured debt to 'B' from 'BB-'; the notes are
being co-issued by the company's two airline subsidiaries, World
Airways Inc. and North American Airlines Inc. At the same time, we
have placed all ratings on CreditWatch with negative
implications," S&P said.

"We placed our ratings on Global Aviation on CreditWatch with
negative implications following the company's announcement that
it's deferring the interest payment on its first-lien debt and
using the 30-day grace period to negotiate covenant relief," said
Standard & Poor's credit analyst Lisa Jenkins. "The company was in
compliance with covenants in the second quarter ended June 30,
2011, but expects to be out of compliance in the third quarter
absent covenant relief and success with other cost-cutting
initiatives. The interest payment was due on Aug. 15, 2011."

"Our ratings on Global Aviation reflect its participation in the
cyclical, competitive, and capital-intensive heavy airfreight
business; its highly leveraged capital structure; and concerns
regarding covenant compliance, which we believe results in a
current weak liquidity position. We characterize Global Aviation's
business risk profile as weak and its financial risk profile
as highly leveraged," S&P related.

Earnings and cash flow this year have been adversely affected by
reduced pricing on the military business, higher capital
expenditures, and lower-than-expected flying in both the military
and commercial business.

"We will monitor the status of negotiations with lenders and the
company's cost-cutting initiatives," Ms. Jenkins continued. "We
would likely lower the ratings further if we believe Global
Aviation will not make its interest payment within the grace
period or if we believe the company will violate its
covenants."


GRAHAM PACKAGING: Reports $33.5-Mil. Net Income in 2nd Quarter
--------------------------------------------------------------
Graham Packaging Holdings Company filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting net income of $33.58 million on $821.23 million of net
sales for the three months ended June 30, 2011, compared with net
income of $46.51 million on $652.83 million of net sales for the
same period during the prior year.

The Company also reported net income of $48.31 million on
$1.57 billion of net sales for the six months ended June 30, 2011,
compared with net income of $25.72 million on $1.23 billion of net
sales for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $2.94 billion
in total assets, $3.41 billion in total liabilities, and a
$470.55 million total partners' deficit.

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

                        http://is.gd/YN6h12

                       About Graham Packaging

Headquartered in York, Pennsylvania, Graham Packaging Holdings
Company, -- http://www.grahampackaging.com/-- the parent company
of Graham Packaging Company, L.P., is engaged in the design,
manufacture and sale of customized blow molded plastic containers
for the branded food and beverage, household, automotive
lubricants and personal care/specialty product categories.  As of
the end of June 2008, the company operated 83 manufacturing
facilities throughout North America, Europe and South America.

                           *     *     *

In June 2011, Fitch Ratings revised the Rating Watch status on
Graham Packaging Company, L.P.'s and its subsidiary, GPC Capital
Corp.'s 'B' Issuer Default Rating and the long-term debt ratings
to Negative from Positive.

The rating action follows Graham's announcement that the company
has signed a definitive merger agreement, and an amendment
thereto, under which Graham would be acquired by Reynolds Group
Holdings Limited in an all-cash transaction for $25.50 per share.
The transaction is valued at approximately $4.5 billion including
assumed indebtedness. The deal is expected to close in the second
half of this year.

Fitch notes Graham's credit agreement contains triggers that allow
lenders to declare an event of default and elect to declare all
borrowings due and payable in the event of a party acquiring
beneficial ownership.  The debt indentures also contain a change
of control covenant that requires the company to repurchase all
outstanding notes at 101% of their principal amount plus accrued
and unpaid interest.


GREAT ATLANTIC: Reaches Deal With OfficeMax Over Executive Hiring
-----------------------------------------------------------------
Carla Main at Bloomberg News reports that Great Atlantic & Pacific
Tea Co. settled OfficeMax Inc.'s lawsuit accusing the bankrupt
supermarket operator of hiring away OfficeMax executives.  The
agreement ends litigation between the companies and allows A&P to
focus on its restructuring, A&P said in an Aug. 12 bankruptcy
court filing.  Terms of the settlement are confidential.

OfficeMax, based in Naperville, Illinois, sued A&P, its Chief
Executive Officer Sam Martin and two other executives last year.
The office-supply company said Martin left to join A&P and
improperly recruited the other two executives in violation of
agreements with OfficeMax.

                 About Great Atlantic & Pacific

Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific is a supermarket retailer, operating under a variety of
well-known trade names, or "banners" across the mid-Atlantic and
Northeastern United States.  Before filing for bankruptcy in 2010,
A&P operated 429 stores in 8 states and the District of Columbia
under the following trade names: A&P, Waldbaum's, Pathmark,
Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super
Foodmart, Super Fresh and Food Basics.  A&P had 41,000 employees
prior to the bankruptcy filing.

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.

A&P obtained court approval for a new contract with C&S Wholesale
Grocers Inc., its principal supplier.  The contract is designed to
save A&P $50 million a year when the supermarket operator emerges
from Chapter 11 reorganization.

A&P sold postpetition 12 Super-Fresh stores in the Baltimore-
Washington area for $37.83 million, plus the value of inventory.
Thirteen other locations didn't attract buyers at auction and were
closed mid-July 2011.


HARVEST OAKS: Files 2nd Amended Plan; CSMC to be Paid Over Time
---------------------------------------------------------------
On Aug. 12, 2011, Harvest Oaks Drive Associates, LLC, filed a
Second Amended Disclosure Statement and Second Amended Plan of
Reorganization with the U.S. Bankruptcy Court for the Eastern
District of North Carolina.

The Plan contemplates a reorganization and continuation of the
Debtor's business.  Certain creditor claims will be satisfied from
income earned through the continued operations of the Debtor's
business.

The Plan designates these classes of claims and interests:

     Class                           Status
     -----                           ------
1.  Administrative Costs             Impaired
2.  Ad Valorem Taxes                 Unimpaired
3.  Tax Claims                       Unimpaired
4.  CSMS 2006-C5 Strickland Road     Impaired
5.  CSMS Deficiency Claim            Impaired
6.  Tenant Leases                    Unimpaired
7.  Pitney Bowes Lease               Unimpaired
8.  General Unsecured Claims         Impaired
9.  Subordinated Claims              Impaired
10. Equity Security Holders          Unimpaired

Administrative costs will be paid in cash within 10 days from the
Effective Date of the Plan, subject to availability of funds.

The 2010 Property Taxes owed to the Wake County Revenue Department
in the amount of $155,635.30 in Class 2 were paid on Dec. 29,
2010.

The Debtor is unaware of any claims in Class 3.

CSMC's secured claim in Class 4 will be treated as a secured
obligation in an amount to be determined by the Court.  For
feasibility purposes, the Debtor has estimated that CSMC will
have a secured claim in the amount of $14,036,705.54 in
Alternative A and $11,700,000 in Alternative B as shown on Exhibit
D to the Disclosure Statement.

The Debtor and CSMC will enter into a lock box cash management
agreement whereby all rents and security deposits received after
the Effective Date will be deposited into designated accounts
maintained by CSMC for disbursement as described in the Plan.

During the time in which the lockbox arrangement is in place, CSMC
will be paid interest only payments for the first 12 months, and
thereafter in 72 monthly payments of principal and interest (based
on a 30 year amortization schedule), with one final payment on the
72nd month.

The CSMC Deficiency Claim in Class 5, if a deficiency is found to
exist, will receive the same treatment as in Class 4.

General Unsecured Claims in Class 8, estimated at $42,008, will be
paid in full, with quarterly payments commencing 18 months after
the Effective Date and continuing quarterly thereafter for a
period of 5 years.

Class 6 Subordinated Claims (unsecured claims of insiders),
estimated at $2,569,353, will not receive any payments until all
Class 8 General Unsecured Claims are paid in full, at which time
the Debtor may pay these claims as agreed by between the parties.

Equity claims of Max Barbour (99%) and Cheryl Barbour (1%) will
retain their ownership interests.

Copies of the Second Amended Plan and Second Amended Disclosure
Statement are available at:

     http://bankrupt.com/misc/harvestoaks.2ndamendedplan.pdf

       http://bankrupt.com/misc/harvestoak.2ndamendedDS.pdf

                   Plan Confirmation Objection

CSMC, acting through its special servicer, LNR Partners, LLC,
objected to the First Amended Disclosure Statement accompanying
the First Amended Plan of Reorganization filed on May 16, 2011,
because it fails to provide "adequate information" within the
meaning of Section 1125 of the Bankruptcy Code.  Among other
things, CSMC says the Amended Disclosure Statement fails to
explain adequately how the Amended Plan will treat its secured
claim.

CSMC also objected to the confirmation of the First Amended Plan.
Some of the grounds CSMC cited are:

a. The Amended Plan violates Section 1129(a)(1), which among other
   things, requires that a plan only place substantially similar
   claims in the same class.

b. The Amended Plan violates Section 1129(a)(1) in that it does
   not comply with Sections 506(a), 1111(b) or 1123(a) with
   respect to classifying and treating the unsecured deficiency
   claim that Lender will have if it does not elect under Section
   1111(b)(2) to have its claim treated as secured only.

c. The Amended Plan violates Section 1129(a)(1) in that it does
   not comply with Section 1123(a)(5), which requires the Amended
   Plan to provide adequate means for implementation.

d. The Amended Plan violates section 1129(a)(1) in that violates
   Sections 506 and 1129(b) by proposing to reduce Lender's
   allowed claim by the total adequate protection paid through the
   Effective Date regardless of whether and by how much the Lender
   is undersecured as of the Effective Date.

e. The Amended Plan violates sections 1129(a)(1) and 1129(a)(3)
   insofar as it violates section 524(e) by purporting to enjoin
   Lender from commencing any action against, or recovering in any
   manner from, its guarantor Max Barbour or any other person.

f. The Amended Plan violates section 1129(a)(3) in that it
   proposes in bad faith that all avoidance actions will be
   preserved for the benefit of the estate.  Lender's Rule 2004
   examination of Max Barbour suggests that the estate has
   substantial preference and fraudulent transfer actions, but
   they are against Mr. Barbour, is wife and other insider
   companies owned in whole or substantial part by Mr. Barbour.

CSMC says further that the Amended Plan violates the absolute
priority rule by allowing the Barbours to retain their equity
interests while unsecured creditors receive less than the full
amount of their allowed claims as of the effective date.

CSMC is represented by:

     William B. Sullivan, Esq.
     WOMBLE CARLYLE SANDRIDGE & RICE, PLLC
     One West Fourth Street
     Winston-Salem, NC 27101
     Tel: (336) 721-3506
     Fax: (336) 733-8365

                        About Harvest Oaks

Harvest Oaks Drive Associates, LLC, owns a shopping center in
North Raleigh located at 9650 Strickland Road and 8801 Lead Mine
Road, in Raleigh, North Carolina.  The Shopping Center has
numerous tenants that include chain stores such as the Kerr Drug
and the UPS store, and local businesses such as restaurants,
shops, and other retail businesses.

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



HASSEN IMPORTS: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Hassen Imports Partnership filed with the U.S. Bankruptcy Court
for the Central District of California its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property            $9,238,486
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $32,540,253
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $4,406,423
                                 -----------      -----------
        TOTAL                     $9,238,486      $37,555,776

Hassen Imports Partnership filed a Chapter 11 petition (Bankr.
C.D. Calif. Case No. 11-42068) in Los Angeles, California, on
July 27, 2011.  Marina Fineman, Esq., at Stutman Treister & Glatt,
serves as counsel to the Debtor.


HILLSIDE VALLEY: Wants to Hire Regional Capital as Financial Agent
------------------------------------------------------------------
Hillside Valley, L.P., asks the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania for authorization to employ
Regional Capital Group as its financial agent effective as of
Aug. 1, 2011.

The Debtor requires the services of a financial agent to secure
debt, equity or another form of satisfactory financing source, as
the Debtor has been unable to obtain any such financing sources
through its own efforts or its existing lender.

The Debtor proposes to compensate Regional Capital Group in the
amount of 2% of the total funding amount committed by the
financing source, subject to prior application to and approval by
the Court.

Michael Young, Senior Associate of Regional Capital Group, submits
that Regional Capital Group is disinterested within the meaning of
Section 101(14) of the Bankruptcy Code and that Regional Capital
neither holds nor represents any interest adverse to the estate.

The firm can be reached at:

         Michael Young
         REGIONAL CAPITAL GROUP
         701 Route 70 East, Building One
         Marlton, NJ 08053
         Tel: (856) 983-4800
         Fax: (856) 983-5001

Watchung, New Jersey-based Hillside Valley, L.P. filed for Chapter
11 protection (Bankr. E.D. Penn. Case No. 11-21689) on June 23,
2011.  Bankruptcy Judge Richard E. Fehling presides over the case.
Fitzpatrick Lentz & Bubba, P.C., represents the Debtor as counsel.
The Debtor estimated assets and debts at $10 million to
$50 million.


HUDSON HEALTHCARE: Hiring Trenk DiPasquale as Bankruptcy Counsel
----------------------------------------------------------------
Hudson Healthcare, Inc., seeks the Court's authority to employ
Trenk, DiPasquale, Webster, Della Fera & Sodono, P.C., as
bankruptcy counsel.

Joseph J. DiPasquale, Esq., a partner and shareholder at the firm,
attests that Trenk DiPasquale does not hold or represent any
interest adverse to the Debtor, its creditors or the Debtor's
estate, and is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

Trenk DiPasquale received $179,512.75 before the filing of the
petition on Aug. 1, 2011, in payment of an invoice for fees and
expenses incurred for the month of July 2011.  Trenk DiPasquale
maintains a retainer of $108,043.90 to secure its fees and
expenses from and after Aug. 1, 2011.

Trenk DiPasquale will be rendering services on an hourly basis.
The current range of hourly rates, not inclusive of 10% reduction,
is:

          Partners              $325 - $550
          Associates            $195 - $290
          Law Clerks            $185
          Paralegals            $180 - $190

                  About Hudson Healthcare

Hudson Healthcare Inc. is the nonprofit operator of Hoboken
University Medical Center in Hoboken, New Jersey.  Hudson
Healthcare filed for Chapter 11 protection (Bankr. D. N.J. Case
No. 11-33014) in Newark on Aug. 1, 2011, estimating assets and
debt of less than $50 million.  Affiliate Hoboken Municipal
Hospital Authority also sought Chapter 11 protection.

Judge Donald H. Steckroth presides over the cases.  Epiq
Bankruptcy Solutions, LLC, serves as noticing and claims agent.

The Debtor's bankruptcy counsel may be reached at:

         Joseph J. DiPasquale, Esq.
         Thomas M. Walsh, Esq.
         TRENK, DiPASQUALE, WEBSTER, DELLA FERA & SODONO, P.C.
         347 Mount Pleasant Avenue
         West Orange, New Jersey 07052
         Tel: (973) 243-8600
         E-mail: jdipasquale@trenklawfirm.com

In August 2011, the New Jersey Health Planning Board voted to
recommend to the Commissioner of Health to approve the sale of
Hoboken University Medical Center to HUMC Holdco, a private group
that also owns Bayonne Medical Center.  Holdco has pledged to
maintain it as a hospital for at least seven years.  The proposed
transaction totals $91.7 million, including a $51.6 million cash
payment to extinguish Hobokens' bond guarantee.  The new owners
have pledged to put $20 million in capital improvements in the
hospital.


HUDSON HEALTHCARE: Has Green Light to Tap Epiq as Claims Agent
--------------------------------------------------------------
Hudson Healthcare, Inc., sought and obtained the Bankruptcy
Court's authority to employ Epiq Bankruptcy Solutions, LLC, as its
claims, noticing and solicitation agent.

The Debtor has paid Epiq a $25,000 retainer.

Epiq attests that it is a "disinterested person" as that term is
defined in Sec. 101(14) of the Bankruptcy Code.

                  About Hudson Healthcare

Hudson Healthcare Inc. is the nonprofit operator of Hoboken
University Medical Center in Hoboken, New Jersey.  Hudson
Healthcare filed for Chapter 11 protection (Bankr. D. N.J. Case
No. 11-33014) in Newark on Aug. 1, 2011, estimating assets and
debt of less than $50 million.  Affiliate Hoboken Municipal
Hospital Authority also sought Chapter 11 protection.

Judge Donald H. Steckroth presides over the cases.  Attorneys at
Trenk, Dipasquale, Webster, et al., serve as counsel to the
Debtor.  Epiq Bankruptcy Solutions, LLC, the noticing and claims
agent, may be reached at:

          Ron Jacobs
          EPIQ BANKRUPTCY SOLUTIONS, LLC
          757 Third Ave., Ste. 304
          New York, NY 10017
          Tel: 646-282-2550
          E-mail: rjacobs@epiqsystems.com

In August 2011, the New Jersey Health Planning Board voted to
recommend to the Commissioner of Health to approve the sale of
Hoboken University Medical Center to HUMC Holdco, a private group
that also owns Bayonne Medical Center.  Holdco has pledged to
maintain it as a hospital for at least seven years.  The proposed
transaction totals $91.7 million, including a $51.6 million cash
payment to extinguish Hobokens' bond guarantee.  The new owners
have pledged to put $20 million in capital improvements in the
hospital.


HUDSON HEALTHCARE: Sec. 341 Creditors' Meeting Set for Aug. 31
--------------------------------------------------------------
The United States Trustee for Region 3 will convene a meeting of
creditors pursuant to Sec. 341(a) of the Bankruptcy Code in the
chapter 11 case of Hudson Healthcare, Inc., on Aug. 31, 2011, at
9:00 a.m. at The Office of the U.S. Trustee, 1085 Raymond Blvd.,
One Newark Center, Suite 1401, in Newark, New Jersey.

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. The court, after notice and a hearing, may order that the
United States trustee not convene the meeting if the debtor has
filed a plan for which the debtor solicited acceptances before
filing the case.

Proofs of claim are due by Nov. 29, 2011.

                  About Hudson Healthcare

Hudson Healthcare Inc. is the nonprofit operator of Hoboken
University Medical Center in Hoboken, New Jersey.  Hudson
Healthcare filed for Chapter 11 protection (Bankr. D. N.J. Case
No. 11-33014) in Newark on Aug. 1, 2011, estimating assets and
debt of less than $50 million.  Affiliate Hoboken Municipal
Hospital Authority also sought Chapter 11 protection.

Judge Donald H. Steckroth presides over the cases.  Attorneys at
Trenk, Dipasquale, Webster, et al., serve as counsel to the
Debtor.  Epiq Bankruptcy Solutions, LLC, serves as noticing and
claims agent.

In August 2011, the New Jersey Health Planning Board voted to
recommend to the Commissioner of Health to approve the sale of
Hoboken University Medical Center to HUMC Holdco, a private group
that also owns Bayonne Medical Center.  Holdco has pledged to
maintain it as a hospital for at least seven years.  The proposed
transaction totals $91.7 million, including a $51.6 million cash
payment to extinguish Hobokens' bond guarantee.  The new owners
have pledged to put $20 million in capital improvements in the
hospital.


HUDSON HEALTHCARE: Status Conference Scheduled for Oct. 3
---------------------------------------------------------
The Bankruptcy Court will convene a Status Conference in the
Chapter 11 case of Hudson Healthcare, Inc., on Oct. 3, 2011, at
2:00 p.m. at DHS - Courtroom 3B, in Newark.

                  About Hudson Healthcare

Hudson Healthcare Inc. is the nonprofit operator of Hoboken
University Medical Center in Hoboken, New Jersey.  Hudson
Healthcare filed for Chapter 11 protection (Bankr. D. N.J. Case
No. 11-33014) in Newark on Aug. 1, 2011, estimating assets and
debt of less than $50 million.  Affiliate Hoboken Municipal
Hospital Authority also sought Chapter 11 protection.

Judge Donald H. Steckroth presides over the cases.  Attorneys at
Trenk, Dipasquale, Webster, et al., serve as counsel to the
Debtor.  Epiq Bankruptcy Solutions, LLC, serves as noticing and
claims agent.

In August 2011, the New Jersey Health Planning Board voted to
recommend to the Commissioner of Health to approve the sale of
Hoboken University Medical Center to HUMC Holdco, a private group
that also owns Bayonne Medical Center.  Holdco has pledged to
maintain it as a hospital for at least seven years.  The proposed
transaction totals $91.7 million, including a $51.6 million cash
payment to extinguish Hobokens' bond guarantee.  The new owners
have pledged to put $20 million in capital improvements in the
hospital.


HUDSON HEALTHCARE: Council to Vote on Okin Hollander Retention
--------------------------------------------------------------
Patch.com's Hoboken subsite reports that Hoboken, New Jersey Mayor
Dawn Zimmer has called for a special meeting during which the city
council will approve a contract with law firm Okin, Hollander &
DeLuca to represent the city in bankruptcy proceedings with Hudson
Healthcare, Inc.  HHI owes the city almost $2 million; $1 million
to the parking authority and another $903,000 to the city.  The
lawyer from Okin, Hollander & DeLuca will be present to explain
the settlement between the city and HHI.

                      About Hudson Healthcare

Hudson Healthcare Inc. is the nonprofit operator of Hoboken
University Medical Center in Hoboken, New Jersey.

Hudson Healthcare filed for Chapter 11 protection (Bankr. D. N.J.
Case No. 11-33014) in Newark on Aug. 1, 2011, estimating assets
and debt of less than $50 million.  Attorneys at Trenk,
Dipasquale, Webster, et al., serve as counsel to the Debtor.

Affiliate Hoboken Municipal Hospital Authority also sought Chapter
11 protection.


HWI GLOBAL: Inks Forbearance Pact with Primary Secured Lender
-------------------------------------------------------------
A primary secured lender recently notified HWI Global, Inc., that
its line of credit facility, which matured on March 26, 2011, was
in default and demanded payment in full.  As of June 30, 2011, the
amount due was $526,961.  HWI entered into a forbearance agreement
with this lender which restructures the repayment obligations to
require repayment of the outstanding amounts over the balance of
2011 and into the beginning of 2012.  The Company does not
currently have sufficient cash to satisfy these repayment
obligations, but does believe that cash flow from operations and
cash proceeds from the sale of equity securities expected in the
future will be sufficient to make the payments when due.

                       About HWI Global, Inc.

HWI Global, Inc., is a leader in clean room design engineering and
construction servicing clients in the Life Science, Health
Science, Nanotechnology, Microelectronics, and Aerospace
industries.  Since its incorporation in 2004, HWI Global has
effectively constructed classified facilities for R&D, food &
beverage, contract manufacturers, and OEM providers.  From low
volume sterile compounding to high volume manufacturing and
packaging applications, HWI Global provides value-engineered
solutions for any custom clean room condition.  HWI Global and its
network of subject matter experts - from leading architects,
engineers, facilities planners, and specialized installers -
effectively design and construct state-of-the-art clean
environments in a "turnkey" fashion.  For more information, please
visit our Web site at http://www.hwicleanrooms.com/


INSIGHT COMMUNICATIONS: S&P Puts 'B-' Rating $495-Mil. Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' issue-level
rating on Insight Communications Co. Inc.'s $495 million senior
notes due 2018 on CreditWatch with positive implications. The
CreditWatch placement follows Time Warner Cable Inc.'s (TWC;
BBB/Stable/A-2) announcement that it would acquire Insight for $3
billion. The companies expect the transaction to close in the
first half of 2012. "The CreditWatch reflects the possibility that
TWC may assume the notes rather than immediately refinance them
following completion of the acquisition. In such a scenario, we
would expect to raise the issue-level rating on the notes to
'BBB', reflecting the consolidated creditworthiness of TWC," S&P
said.

Insight's 'B+' corporate credit rating and the 'B+' issue-level
rating on its senior secured credit facility at subsidiary Insight
Midwest Holdings LLC are unaffected. "We expect TWC to repay the
$1.2 billion outstanding under the credit facility shortly after
the acquisition closes, at which time we would withdraw the
corporate credit rating and credit facility issue rating," S&P
stated.

Ratings List

Insight Communications Co. Inc.
Corporate Credit Rating        B+/Stable/--

Ratings Placed On CreditWatch Positive

Insight Communications Co. Inc.
Senior Secured                 B-/Watch Pos
   Recovery Rating              6


INTERFACE INC: S&P Raises Corporate Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on Atlanta, Ga.-based Interface Inc. to 'BB' from 'B+'.
All ratings were removed from CreditWatch, where they were placed
with positive implications on May 11, 2011. The rating outlook is
stable.

"At the same time, we raised our issue-level ratings on the
company's $275 million senior unsecured notes to 'BB' (the same as
the corporate credit rating) from 'B+'. The recovery rating on
these notes remains unchanged at '3', indicating our expectation
for meaningful (50% to 70%) recovery in the event of payment
default," S&P related.

"The upgrade reflects Interface's improving financial risk profile
following steadily reduced debt levels and stronger earnings
growth," said Standard & Poor's credit analyst Megan Johnston. The
company's total adjusted debt (including adjustments for pensions
and operating leases) as of July 3, 2011 was about $360 million,
compared with about $390 million at year-end 2009. Over that
period, adjusted EBITDA has increased by nearly 60% to about $160
million as of July 3, 2011, due to increased demand from the
company's key corporate office market, as well as from initiatives
to penetrate noncorporate segments as well as new geographies. "As
a result, we estimate the company's adjusted debt to EBITDA has
strengthened to about 2.2x and funds from operations (FFO) to debt
has improved to about 30%, which we consider to be line with a
significant financial risk profile and the 'BB' rating," S&P
related.

"The upgrade also reflects our expectation that Interface's
operating performance in 2011 and 2012 will be buoyed by its
exposure to international markets as well as its diversification
away from its key corporate office segment. As of the end of 2010,
nearly 50% of Interface's sales were generated from outside of the
U.S. Within the U.S., more than half of sales were derived from
noncorporate segments, including education, health care,
hospitality, and retail. This diversification has led to less
volatile revenues and stronger margins. As of July 3, 2011, EBITDA
margins were about 15.5%, up from 13% in the prior year," S&P
related.

The ratings on Interface also reflect the company's approximate
35% market share in the worldwide modular carpet segment, which
has been growing faster than the rest of the floor covering market
over the past decade. In addition, approximately 90% of sales are
tied to the replacement and remodeling market, which has
traditionally been less cyclical than the new construction market.
"However, Interface's markets are also highly competitive. As a
result, we view the company's business risk profile as fair," S&P
said.

Interface Inc. is one of the leading manufacturers in the
worldwide modular carpet segment. The company sells carpeting in
110 countries under the brand names InterfaceFLOR, FLOR, Heuga,
and Bentley Prince Street. The company is estimated to be the
third-largest producer of carpeting worldwide, behind competitors
Shaw Floors (unrated) and Mohawk Industries Inc.
(BB+/Positive/--).

The rating outlook is stable. The company's reduced debt, strong
margins and geographic diversity support the 'BB' rating. "We
expect that the company will continue to improve its profitability
through geographic and end-market diversification, and will keep
its financial ratios consistent with a significant financial risk
profile. We expect the company to maintain leverage of between 2x
and 2.5x and FFO to debt of 25% to 30%. Moreover, we expect
liquidity to remain adequate and for the company to service its
capital expansion needs with internally-generated cash," S&P said.

A negative rating action could occur if commercial demand for
Interface's products drops substantially, or if price increases
are insufficient to offset higher input costs. This could cause
credit measures to deteriorate from current levels, with leverage
exceeding 3.25x on a sustained basis. This could occur if sales
growth turns negative and gross margins decline about 200 basis
points from current levels.

"A positive rating action is unlikely in the near term given our
view of the company's fair business risk profile," S&P said.


INTERNAL FIXATION: Incurs $723,000 Net Loss in Second Quarter
-------------------------------------------------------------
Internal Fixation Systems, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
reporting a net loss of $723,057 on $60,994 of net sales for the
three months ended June 30, 2011, compared with a net loss of
$90,345 on $24,111 of net sales for the same period during the
prior year.

The Company also reported a net loss of $1.12 million on $127,401
of net sales for the six months ended June 30, 2011, compared with
a net loss of $109,638 on $61,545 of net sales for the same period
a year ago.

The Company's balance sheet at June 30, 2011, showed $1.65 million
in total assets, $2.02 million in total liabilities, and a
$372,582 stockholders' deficit.

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

                       http://is.gd/NbARHw

                     About Internal Fixation

South Miami, Fla.-based Internal Fixation Systems, Inc., is a
manufacturer and marketer of generically priced orthopedic and
podiatric implants.  Customers include ambulatory surgery centers,
hospitals and orthopedic surgeons.  IFS's strategy is to focus on
commonly used implants that no longer have patent protection.  The
Company enhances the implants and sells them at prices below the
market leaders.

Goldstein Schechter Koch P.A., in Hollywood, Florida, expressed
substantial doubt about Internal Fixation Systems' ability to
continue as a going concern, following the Company's 2010 results.
The independent auditors noted that the Company had a net loss of
$781,440 for the year ended Dec, 31, 2010, cumulative losses since
inception of $757,218 and a working capital deficit of $123,409.


INTERNATIONAL FUEL: Completes Sale of 12.8MM Shares for $1-Mil.
---------------------------------------------------------------
International Fuel Technology, Inc., completed the sale of
10,283,000 restricted shares of Company common stock, along with
warrants to purchase an additional 2,570,750 shares of its common
stock to a small group of accredited investors for an aggregate
purchase price of $1,028,300.

The warrants granted to the Investors have an exercise price of
$0.25, vest immediately and expire on July 31, 2016.

                     About Internatinonal Fuel

St. Louis, Mo.-based International Fuel Technology, Inc., is a
technology company that has developed a range of liquid fuel
additive formulations that enhance the performance of petroleum-
based fuels and renewable liquid fuels.

The Company's balance sheet at March 31, 2011, showed $2.7 million
in total assets, $3.9 million in total liabilities, and a
stockholders' deficit of $1.2 million.

As reported in the TCR on April 6, 2011, BDO USA, LLP, in Chicago,
expressed substantial doubt about International Fuel's ability to
continue as a going concern, following the Company's 2010 results.
The independent auditors noted that the Company has suffered
recurring losses from operations, has a working capital deficit at
Dec. 31, 2010, and has cash obligations and outflows from
operating activities.


IRWIN MORTGAGE: Has Approval for Bailey Cavalieri as Counsel
------------------------------------------------------------
Judge Charles M. Caldwell of the U.S. Bankruptcy Court for the
Southern District of Ohio has authorized Irwin Mortgage
Corporation to employ Bailey Cavalieri LLC as its general
bankruptcy counsel.

The firm will be paid at these hourly rates:

      Paralegals                    $150 to $175
      Associates & Of Counsel       $190 to $300
      Members                       $270 to $480

The firm's professionals who will primarily render services to the
Debtor and their hourly rates are:

        Nick V. Cavalieri      Member       $480/hour

        Robert B. Berner       Member       $310/hour

        Matthew T. Schaeffer   Associate    $265/hour

        Adam J. Biehl          Associate    $250/hour

        Craig R. Hartpence     Paralegal
                               Assistant    $155/hour

The firm can be reached at:

     Nick V. Cavalieri, Esq.
     BAILEY CAVALIERI LLC
     10 West Broad Street, Suite 2100
     Columbus, Ohio 43215
     Phone: (614) 229-3252
     Fax: (614) 221-0479
     E-mail: nick.cavalieri@baileycavalieri.com

                       About Irwin Mortgage

For a number of years, Irwin Mortgage Corporation, based in
Dublin, Ohio, originated, purchased, sold and serviced
conventional and government agency backed residential mortgage
loans throughout the United States.  However, in 2006 and
continuing into early 2007, IMC sold substantially all of its
assets, including its mortgage origination business, its mortgage
servicing business, and its mortgage servicing rights portfolio,
to a number of third party purchasers.  As a result of those
sales, IMC terminated its operations and has been winding down
since 2006.

Irwin Mortgage filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio
Case No. 11-57191) on July 8, 2011.  Judge Charles M. Caldwell
presides over the case.  In its petition, the Debtor estimated
assets of $10 million to $50 million, and debts of $50 million to
$100 million.  The petition was signed by Fred C. Caruso,
president.


IRWIN MORTGAGE: Can Hire Development Specialists for Wind-Down
--------------------------------------------------------------
Judge Charles M. Caldwell has authorized Irwin Mortgage
Corporation to continue engaging Development Specialists, Inc., to
provide wind-down management services to the Debtor.

The Debtor has engaged DSI since Aug. 24, 2011, to provide
management services during the Debtor's wind-down process,
including (a) Fred C. Caruso, who has served as a director and as
president and chief restructuring officer and (b) George E. Shoup
III, who has served as assistant chief restructuring officer.

DSI intends to charge the Debtor for its services on an hourly
basis:

          Fred C. Caruso              $595/hour
          George E. Shoup III         $370/hour
          Jill E. Costie              $285/hour
          Sean L. Farrell             $175/hour

The firm can be reached at:

         Fred C. Caruso
         DEVELOPMENT SPECIALISTS, INC.
         70 West Madison Street, Suite 2300
         Chicago, Illinois 60602
         Tel: (312) 263-4141
         E-mail: fcaruso@dsi.biz

                       About Irwin Mortgage

For a number of years, Irwin Mortgage Corporation, based in
Dublin, Ohio, originated, purchased, sold and serviced
conventional and government agency backed residential mortgage
loans throughout the United States.  However, in 2006 and
continuing into early 2007, IMC sold substantially all of its
assets, including its mortgage origination business, its mortgage
servicing business, and its mortgage servicing rights portfolio,
to a number of third party purchasers.  As a result of those
sales, IMC terminated its operations and has been winding down
since 2006.

Irwin Mortgage filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio
Case No. 11-57191) on July 8, 2011.  Judge Charles M. Caldwell
presides over the case. In its petition, the Debtor estimated
assets of $10 million to $50 million, and debts of $50 million to
$100 million.  The petition was signed by Fred C. Caruso,
president.


IRWIN MORTGAGE: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Irwin Mortgage Corporation filed with the U.S. Bankruptcy Court
for the Southern District of Ohio its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $25,661,329
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      $219,353,376
                                 -----------     ------------
        TOTAL                    $25,661,329     $219,353,376

                       About Irwin Mortgage

For a number of years, Irwin Mortgage Corporation, based in
Dublin, Ohio, originated, purchased, sold and serviced
conventional and government agency backed residential mortgage
loans throughout the United States.  However, in 2006 and
continuing into early 2007, IMC sold substantially all of its
assets, including its mortgage origination business, its mortgage
servicing business, and its mortgage servicing rights portfolio,
to a number of third party purchasers.  As a result of those
sales, IMC terminated its operations and has been winding down
since 2006.

Irwin Mortgage filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio
Case No. 11-57191) on July 8, 2011.  Judge Charles M. Caldwell
presides over the case. In its petition, the Debtor estimated
assets of $10 million to $50 million, and debts of $50 million to
$100 million.  The petition was signed by Fred C. Caruso,
president.


JACKSON HEWITT: Lenders' Claim to be Replaced by $100MM Term Loan
-----------------------------------------------------------------
In a Form 8-filing Monday, the Company discloses that on Aug. 9,
2011, the Bankruptcy Court entered an order confirming the
Company's amended chapter 11 plan of reorganization.  Upon
consummation of the Plan:

  -- The claims of the lenders under the Company's Amended and
     Restated Credit Agreement, originally dated Oct. 6, 2006,
     with Wells Fargo Bank, N.A., as Administrative Agent, and the
     Lenders, which are secured by liens on the Company's assets
     and which totaled approximately $357 million upon filing for
     bankruptcy protection, will be reduced to and replaced by a
     new fully drawn $100 million secured term loan facility.

  -- The Company will enter into a new $115 million revolving
     senior secured credit facility.

  -- All 39,753,757 outstanding shares of the Company's common
     stock will be canceled, causing them to be null, void and
     worthless.

  -- The Company will adopt an Amended and Restated Certificate of
     Incorporation, which will provide, among other things, that
     the Company has authorized for issuance up to 112,000,000
     shares of common stock.

  -- The Company will issue an aggregate of 100,000,000 shares of
     common stock to the Lenders, representing all of the equity
     in the reorganized Company upon consummation of the Plan,
     subject to dilution on account of up to 11,111,111 shares of
     common stock authorized for issuance under a management
     incentive plan at the discretion of the Company's board of
     directors.

  -- Pursuant to a settlement between the Company, the Official
     Committee of Unsecured Creditors of the Company, the
     Administrative Agent under the Credit Agreement and the
     Lenders, the Company will fund a trust with $1.1 million in
     cash (out of cash collateral that has been reserved to the
     Lenders) and certain causes of action to be pursued for the
     benefit of general unsecured creditors and the Lenders.  The
     trust will be operated by representatives of the Committee
     and the Lenders.  The trust will review and, if necessary,
     reconcile general unsecured claims of unpaid pre-petition
     creditors.

A copy of the Amended Joint Prepackaged Plan of Reorganization of
Jackson Hewitt Tax Service Inc. and Subsidiaries, dated Aug. 8,
2011, is available for free at http://is.gd/WzpKH7

                       About Jackson Hewitt

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

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

BDO Financial serves as financial advisors to the Official
Committee of Unsecured Creditors.

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

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

Jackson Hewitt on Aug. 8, 2011, received confirmation of its "pre-
packaged" Plan of Reorganization.  Under the Plan, Jackson Hewitt
will emerge as a private company.  The majority owner of Jackson
Hewitt's new equity will be Bayside Capital, an affiliate of
Miami, FL-based H.I.G. Capital, and the largest holder of Jackson
Hewitt's secured debt prior to its restructuring.

As of June 30, 2011, the Company's balance sheet showed
$390.3 million in total assets, $432.9 million in total
liabilities, and a stockholders' deficit of $42.6 million.


J.C. EVANS: Taps Cox Smith as Primary Bankruptcy Counsel
--------------------------------------------------------
JCE Delaware, Inc., et al., ask the U.S. Bankruptcy Court for the
Western District of Texas for permission to employ Cox Smith
Matthews Incorporated as primary bankruptcy counsel.

Prior to the Petition Date, Cox Smith received $65,000 from the
Debtors (or via advances to the Debtors from their Surety).  The
sum was fully used to pay fees incurred prepetition and for the
Chapter 11 filing fees.  No retainer was held by the firm on the
Petition Date, and Cox Smith was not owed any amounts by the
Debtors.

The primary attorneys and paralegal who will represent the
Debtors and their hourly rates are:

         Mark E. Andrews, shareholder         $425
         George Tarpley, shareholder          $425
         M. Jermaine Watson, associate        $340
         Aaron M. Kaufman, associate          $315
         Stephen K. Lecholop II, associate    $235
         Deborah E. Andreacchi, paralegal     $180

The Debtors tells the Court that the hourly rates are at or lower
than the firm's standard hourly rates for work of this nature and
reflect a negotiated cap on rates at $425 per hour.

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

                   About J.C. Evans Construction

With roots stretching back over 55 years, J.C. Evans is a heavy
equipment construction company based in Leander, Texas.  Through
J.C. Evans Construction Co., L.P., a Texas limited partnership
d/b/a/ American Aggregates, the Company owns and operates a
construction company specializing in heavy site preparation on
commercial, pipeline, utility and highway projects, including
excavating, trenching, site preparation and construction.  Through
Adkins Land Development, L.P., a Texas limited partnership, the
Company owns a 700-acre quarry, which produces aggregate for use
in road construction.

J.C. Evans Construction Holdings is the holding company that owns
directly or indirectly each of the other entities.  In turn,
Holdings is owned by a trust for the benefit of the current and
former employees of J.C. Evans through an Employee Stock Ownership
Plan.

Six affiliated companies filed for Chapter 11 (Bankr. W.D. Tex.
Case Nos. 11-11926 to 11-11931) on Aug. 1, 2011.  These are JCE
Delaware Inc., J.C. Evans Construction Holdings, J.C. Evans
Nevada, LLC, EQUUS Development Inc., J.C. Evans Construction and
Adkins Land Development.  The cases are jointly administered
before Judge Craig A. Gargotta.  George H. Tarpley, Esq., and
Mark E. Andrews, Esq., at Cox Smith Matthews Incorporated, serve
as bankruptcy counsel.  In its petition, JCE Delaware estimated
$50 million to $100 million in both assets and debts.


J.C. EVANS: Taps Burnham Securities as Financial Advisors
---------------------------------------------------------
JCE Delaware, Inc., et al., ask the U.S. Bankruptcy Court for the
Western District of Texas for permission to employ Burnham
Securities Inc. and Reeves, Snyder & Harthcock, LLP as financial
advisors.

The firm will assist the Debtors in the marketing and sale of the
Debtors' quarry assets.

Jay Linde, senior managing director of Burnham Securities Inc.,
tells the Court that it has worked with Frank Reeves of Reeves,
Snyder & Harthcock LLP in their review of the Debtors' quarry
assets for the purpose of a possible sale of the assets.  The firm
has not received any prepetition compensation for their work on
behalf of the Debtors.

The Debtors propose that the compensation Burnham and RSH consist
of:

   a) an initial retainer fee of $10,000;

   b) up to five additional monthly retainer payments of $10,000
   beginning the first day of the month immediately following the
   entry of an order;

   c) a transaction fee equal to $550,000, plus 4% of the
   transaction value in excess of $25,000,000 payable in cash on
   the closing date of the transaction, if, during the engagement
   a transaction is consummated or an agreement is entered into
   that subsequently results in a transaction involving the
   assets.  In addition, if the Debtor elects to and does retain
    the assets and in addition exits its bankruptcy through a plan
   of reorganization, the firms will be paid an exit fee of
   $100,000 at confirmation.

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

Mr. Linde can be reached at:

         BURNHAM SECURITIES INC.
         1325 Avenue of the Americas, 26th Floor
         New York, NY 10019
         Tel: (212) 333-9606
         E-mail: jlinde@bsibam.com

                      About JCE Delaware, Inc.

Leander, Texas-based JCE Delaware, Inc., and its debtor-affiliates
filed for Chapter 11 protection (Bankr. W.D. Tex. Lead Case No.
11-11926) on Aug. 1, 2011. Judge Craig A. Gargotta presides over
the case.  George H. Tarpley, Esq., and Mark E. Andrews, Esq., at
Cox Smith Matthews Incorporated represent the Debtor in its
restructuring effort.  JCE Delaware estimated assets and debts at
$50 million to $100 million.


JONES COUNTY: S&P Lowers Rating on 2009 Revenue Bonds to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'CC' from
'A-' on Jones County Public Facility Corporation, Texas' series
2009 revenue bonds, issued on behalf of Jones County. The outlook
is negative.

"The lowered rating reflects our view of Jones County's failure to
appropriate funds from legally available sources to make its
annual rental payments to the corporation," said Standard & Poor's
credit analyst Sarah Smaardyk.

County officials have indicated to Standard & Poor's that they had
not appropriated funds to make a principal and interest payment
due on Dec. 1, 2011, for fiscal 2011. "Furthermore, county
officials indicated to us that unless they are able to secure a
tenant for the jail facility, they do not plan to appropriate
funds necessary to make the payment of interest and principal on
the bonds from legally available funds, as required by the lease
agreement securing the bonds," S&P related.

"We believe the county's stated plans are consistent with our view
of a clear lack of willingness by the county to meet its financial
obligations to bondholders," S&P said.

"If the county does not make the payment, they will default on the
bonds. However, if the county makes the principal and interest
payment in December, we could raise the rating to investment
grade," Ms. Smaardyk said.


JOSEPH DETWEILER: Creditors Can't Add More Plaintiffs in Suit
-------------------------------------------------------------
In the lawsuit, styled Sequatchie Mountain Creditors, v. Joseph J.
Detweiler, Adv. Proc. No. 09-6118 (Bankr. N.D. Ohio), Bankruptcy
Judge Russ Kendig denied the Plaintiffs' request to add 64
individuals as new plaintiffs in the lawsuit, to bring the total
number of plaintiffs to 75.  The Court also denied the defendants'
request to dismiss the lawsuit.  A copy of the Court's Aug. 8,
2011 Memorandum of Opinion is available at http://is.gd/wUjj3b
from Leagle.com.

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


KT SPEARS: Section 341(a) Meeting Canceled for Lack of Interest
---------------------------------------------------------------
The Hon. John E. Waites of the U.S. Bankruptcy Court for the
District of South Carolina canceled the meeting of creditors in
the Chapter 11 case of KT Spears Creek, LLC, scheduled for
Aug. 22, 2011, at 10:45 a.m.

The Debtor's counsel related that at the Aug. 8 meeting no
creditors appeared to question the Debtor.  It appears to be that
there is no interest in further investigating the Debtor's assets
via a second meeting of creditors.

                         About KT Spears

KT Spears Creek, LLC, in Houston, Texas, filed for Chapter 11
bankruptcy (Bankr. S.D. Tex. Case No. 11-33991) on May 3, 2011,
Judge Letitia Z. Paul presiding.  Magdalene Duchamp Conner, Esq.,
at Okin Adams & Kilmer LLP, serves as the Debtor's bankruptcy
counsel.  The Debtor estimated $10 million to $50 million in both
assets and debts.  The petition was signed by Kyle D. Tauch, sole
member.

The Hon. Letitia Z. Paul transferred the Debtor's Chapter 11 case
to the Bankruptcy Court for the District of South Carolina.

KT Spears Creek, LLC, in Houston, Texas, filed for Chapter 11
bankruptcy (Bankr. S.D. Tex. Case No. 11-33991) on May 3, 2011,
Judge Letitia Z. Paul presiding.  Magdalene Duchamp Conner, Esq.,
at Okin Adams & Kilmer LLP, serves as the Debtor's bankruptcy
counsel.  The Debtor estimated $10 million to $50 million in both
assets and debts.  The petition was signed by Kyle D. Tauch, sole
member.


LEHMAN BROTHERS: Gets $881-Mil. From 111 Counterparty Settlements
-----------------------------------------------------------------
Bloomberg News reports that Lehman Brothers Holdings Inc. raised
$881 million by resolving disputes with 111 counterparties, the
company said in an Aug. 12 letter to the bankruptcy judge
overseeing its Chapter 11 case.  The letter accompanied a regular
report on such settlements that will be filed in court later,
Lehman said.

                    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)


LOS ANGELES DODGERS: Paid $5.9-Mil. to Insiders in Past Year
------------------------------------------------------------
Carla Main at Bloomberg News reports the Los Angeles Dodgers
disclosed in its statement of financial affairs that it paid
company insiders, defined as directors, officers and their
relatives, $5.9 million in the year before the Major League
Baseball team filed for bankruptcy.  The recipients' names weren't
listed in publicly filed court documents because the information
is confidential, Dodgers' attorney Sidney Levinson told reporters
on Wednesday.

In court papers filed Aug. 12, the Dodgers listed two categories
of insider payments as aggregated amounts, without any names
attached.  Current employees collected $3.82 million between
June 27, 2010, and June 26, 2011, according to the statement.
Former employees were said to have received $2.09 million in the
same time period, including more than $987,000 in severance pay.
The payments went to a "large number" of insiders, Mr. Levinson
said, according to Bloomberg News.

                          341 Meeting

The report relates that at the meeting of creditors on Wednesday,
which was open to the public, the creditors' attorneys asked
whether owner Frank McCourt took any money from the team.
Dodgers' Chief Financial Officer Peter D. Wilhelm told them Mr.
McCourt hadn't received any compensation or any loans for at least
two years.  Instead, Mr. McCourt made an "equity contribution" of
$23.5 million within 90 days of the team's June 27 bankruptcy.

The Dodgers have denied claims by Major League Baseball that
Mr. McCourt "siphoned off well over $100 million of club
revenues."  Baseball Commissioner Bud Selig and Mr. McCourt have
traded accusations about who is at fault for the team's financial
woes.

Mark S. Kenney, an attorney with the Office of the U.S. Trustee,
which hosted the Aug. 17 meeting, declined to say why the insider
names weren't made public.

                   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.  Thomas Lauria, Esq., at White & Case,
represents MLB.

Attorneys at Morrison & Foerster LLP and Pinckney, Harris &
Weidinger, LLC, serve as counsel to the Official Committee of
Unsecured Creditors.

The LA Dodgers is the 12th professional sports team in North
America to have sought bankruptcy protection, and the fifth
baseball club to have done so, after the Texas Rangers in 2010;
the Chicago Cubs in 2009; the Baltimore Orioles in 1993; and the
Seattle Pilots in 1970.  The other seven teams were from the
National Hockey League, including the Phoenix Coyotes in 2009.


LPATH INC: Posts $1.4 Million Net Income in Second Quarter
----------------------------------------------------------
Lpath, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting net income
of $1.37 million on $1.54 million of total revenues for the three
months ended June 30, 2011, compared with a net loss of $1.31
million on $1 million of total revenues for the same period during
the prior year.

The Company also reported a net loss of $275,776 on $4.32 million
of total revenues for the six months ended June 30, 2011, compared
with a net loss of $655,545 on $5.08 million of total revenues for
the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $21.30
million in total assets, $18.14 million in total liabilities and
$3.15 million in total stockholders' equity.

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

                        http://is.gd/rMHpeu

                         About Lpath, Inc.

San Diego, Calif.-based Lpath, Inc. is a biotechnology company
focused on the discovery and development of lipidomic-based
therapeutics, an emerging field of medical science whereby
bioactive lipids are targeted to treat human diseases.

The Company reported a net loss of $4.60 million on $7.83 million
of total revenues for the year ended Dec. 31, 2010, compared with
net income of $3.98 million on $11.91 million of total revenues
during the prior year.

As reported by the TCR on March 28, 2011, Moss Adams LLP, in San
Diego, Calif., expressed substantial doubt about the Company's
ability to continue as a going concern after auditing the
Company's financial statements at the end of 2009.  The
independent auditors noted that the Company had incurred
significant cash losses from operations since inception and
expects to continue to incur cash losses from operations in 2010
and beyond.  In its audit report for 2010, the auditor did not
issue a going concern qualification.


MADISON 92ND: Pursuing Courtyard Financing While in Ch. 11
----------------------------------------------------------
Bloomberg News reports that Madison 92nd Street Associates LLC,
the owner of the Upper East Side Courtyard by Marriott in
Manhattan, sought bankruptcy protection to avoid a foreclosure
sale and pursue mortgage refinancing.

The Debtor owns the 226-room hotel on East 92nd Street that opened
in 2006 and has been managed by Courtyard Management Corp., a unit
of Marriott International Inc.

According to the report, lender General Electric Capital Corp.,
owed $74 million, has scheduled a foreclosure sale for Aug. 24.
The Company's majority equity holders are working with Westport
Capital Partners LLC to line up refinancing.

The Debtor, the report discloses, said in a court filing that
mismanagement, high labor costs and the economic slowdown have
contributed to an erosion in net operating income and caused the
company to become delinquent on its mortgage and subject to
foreclosure proceedings, according to the filing.  The Company has
a pending lawsuit against Marriott alleging fraud and will seek to
end the existing management agreement with Courtyard.

Madison 92nd Street Associates LLC filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 11-13917) on Aug. 16, 2011.  J. Ted
Donovan, Esq., at Goldberg Weprin Finkel Goldstein LLP, in New
York, serves as counsel.  In its schedules, the Debtor disclosed
$84,471,069 in assets and $75,398,580 in liabilities as of Chapter
11 filing.

                        Legal Dispute

Lisa Fickenscher at Crain's New York Business reports that the
bankruptcy filing is only the latest drama at the hotel, which has
been embroiled in legal disputes with Marriott International
almost since its opening in 2006.

Crain's notes the owners sued Marriott International in 2009,
alleging that they had been duped by the hotel giant into hiring
union workers or members of the New York Hotel & Motel Trades
Council.  In addition, according to the complaint, the owners
accused Marriott International of charging excessive fees to
manage the hotel among other things.

According to the bankruptcy filing this week, the owners of the
226-room hotel are "at odds with each other" over how to save
their investment, Crain's reports.


MADISON 92ND: Case Summary & 18 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Madison 92nd Street Associates LLC
        410 East 92nd Street
        New York, NY 10128

Bankruptcy Case No.: 11-13917

Chapter 11 Petition Date: August 16, 2011

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

Judge: Stuart M. Bernstein

Debtor's Counsel: J. Ted Donovan, Esq.
                  GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
                  1501 Broadway, 22nd Floor
                  New York, NY 10036
                  Tel: (212) 221-5700
                  Fax: (212) 422-6836
                  E-mail: TDonovan@GWFGlaw.com

Scheduled Assets: $84,471,069

Scheduled Debts: $75,398,580

The petition was signed by Louis Taic, managing member of 92nd
Hotel Associates, LLC and Jeffrey Kosow, managing member of JKNY,
LLC, members of debtor.

List of 18 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
NYS Dept. of Taxation & Finance    --                     $679,581
Bankruptcy/Special Procedures
P.O. Box 5300
Albany, NY 12205-0300

Rosenberg Calica & Birney          Trade Debt             $152,948
100 Garden City Plaza
Garden City, NY 11530

Margolin Weiner Evens              Trade Debt             $100,290
400 Garden City Plaza
Garden City, NY 11530

Olshan Grundman Frome              Trade Debt              $93,877

Tuchman Korngold Weiss, Lippman &  Trade Debt              $79,105
Gelles

Tener Consulting Services          Trade Debt              $79,000

Rivkin Radler                      Trade Debt              $56,257

Long Island Swimming Pool          Trade Debt              $34,398

Lodging Advisors                   Trade Debt              $30,000

Jerome Gillman Consulting          Trade Debt              $23,089

CODE LLC                           Trade Debt              $17,046

Raich Ende Malter & Co.            Trade Debt              $12,409

410 East 92nd Street Condominium   Trade Debt              $12,280

Walek & Associates                 Trade Debt              $10,950

NYC Dept. of Finance               --                      $10,282

Seiden & Schein                    Trade Debt               $2,225

Corporation Service Co.            Trade Debt                 $626

Environmental Control Board        Trade Debt                 $500


MADISON HOTEL: Senior Lenders Want to File Alternative Plan
-----------------------------------------------------------
Senior lenders 62 Madison Lender, LLC and Nomad Mezz Lending, LLC,
asks the U.S. Bankruptcy Court for the Southern District of New
York to terminate Madison Hotel, LLC, and Madison Hotel Owners,
LLC's exclusive periods to file and solicit acceptances for the
proposed plan of reorganization.

The senior lenders relate that they are prepared to file their
proposed disclosure statement and plan upon allowance of their
motion.  The Lenders' Plan, according to the senior lenders, is
not subject to any funding contingency or other condition outside
of their control, instead will be premised upon a sale of the
Debtors' principal asset - the MAve Hotel.

The senior lenders believe that the Lenders' Plan, once confirmed,
will provide significant advantages over the Debtors' proposed
Plan and will mitigate the risks associated with the recovery
prospects for secured and unsecured creditors.

According to the senior lender, the Debtors' Plan contemplates,
that the Nomad debt will be paid in full, in cash on the effective
date of the plan.  The senior lenders note that Nomad's proof of
claim amounts to $5,422,685 million.  The Plan also contemplates
paying 25% of all allowed unsecured claims on the effective date.
According to the Debtors' proposed disclosure statement, the pool
of unsecured creditors contains total claims in a range of between
$1,113,689 and $5,234,950.  Accordingly the proposed Plan requires
the Debtor to pay the unsecured creditors between $278,422 and
$1,308,737 on the effective date.

The senior lenders state that excluding all other funding
requirements of the proposed Plan, the Debtors will, therefore, be
required to pay between $5,701,107 and $6,731,422 in order to
emerge from bankruptcy.  The Debtors do not have anywhere close to
this amount of cash on hand and the proposed disclosure statement
fails to provide any insight into from where these funds will
materialize.

                        About Madison Hotel

Madison Hotel, LLC, owns the 72 room 12-story hotel located at 62
Madison Avenue, New York, New York.  Madison Hotel Owners LLC owns
100% of the membership interests of Madison Hotel, LLC.  The
Debtors estimate that the value of the hotel property is
$32 million.  An appraisal is pending.

Prepetition, after a building loan went into arrears, a
foreclosure action was commenced, and a receiver appointed.   The
receiver has continued to operate the hotel postpetition.

Madison Hotel, LLC, based in New York, filed for Chapter 11
bankruptcy (Bankr. S.D.N.Y. Case No. 11-12560) on May 27, 2011.
Judge Martin Glenn presides over the case.  Mark A. Frankel, Esq.,
at Backenroth Frankel & Krinsky, LLP, serves as bankruptcy
counsel.  In its schedules, the Debtor disclosed $33.6 million in
assets and $26.1 million in liabilities as of the Chapter 11
filing.


MCINTOSH BANCSHARES: Delays Filing of Quarterly Report
------------------------------------------------------
McIntosh Bancshares, Inc., informed the U.S. Securities and
Exchange Commission that it is unable to file its quarterly report
on Form 10-Q for the quarter ended June 30, 2011, by Aug. 15,
2011, without unreasonable effort and expense.

The Georgia Department of Banking and Finance, on June 17, 2011,
closed McIntosh State Bank, which is a wholly-owned banking
subsidiary of McIntosh Bancshares, Inc., and the Federal Deposit
Insurance Corporation was named as the receiver of the Bank.  The
Company recorded a loss of $1.9 million on the seizure of the
Bank.  As a result of the receivership of the Bank, the Company is
in the process of winding up its operations and does not have
sufficient resources to complete the audit of its 2010
consolidated financial statements or compile its Annual Report on
Form 10-K or subsequent 10-Q filings.

                     About McIntosh Bancshares

Jackson, Ga.-based McIntosh Bancshares, Inc., operates as the bank
holding company for McIntosh State Bank that provides commercial
banking products and services to individuals and corporate
customers in Georgia.

The Company's balance sheet as of Sept. 30, 2010, showed
$348.85 million in total assets, $341.08 million in total
liabilities, and shareholders' equity of $7.77 million.

As reported in the Troubled Company Reporter on April 1,
2010, Porter Keadle Moore, LLP, in Atlanta, Ga., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that McIntosh State Bank has suffered
recurring losses, and that at December 31, 2009, the Bank's
capital ratios are below the required levels as established by
regulation.


MEDICAL CONNECTIONS: Incurs $935,000 Net Loss in Second Quarter
---------------------------------------------------------------
Medical Connections Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of $935,093 on $1.78 million of revenue for
the three months ended June 30, 2011, compared with a net loss of
$2.03 million on $1.91 million of revenue for the same period a
year ago.

The Company also reported a net loss of $1.80 million on $3.81
million of revenue for the six months ended June 30, 2011,
compared with a net loss of $4.54 million on $3.33 million of
revenue for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $2.59 million
in total assets, $609,938 in total liabilities, all current, and
$1.98 million total stockholders' equity.

The Company has sustained operating losses, and has little
recurring revenues to sustain its operations.  The revenue stream
is not sufficient to fund expenses at this time.  These items
raise substantial doubt about the Company's ability to continue as
a going concern.

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

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

                        http://is.gd/X8h5O8

                     About Medical Connections

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


MERCED FALLS RANCH: Files for Chapter 11 Protection in California
-----------------------------------------------------------------
Merced Falls Ranch, LLC, filed a bare-bones Chapter 11 petition
(Bankr. E.D. Calif. Case No. 11-br-19212) on Aug. 16 in Fresno,
California.  The Debtor disclosed assets of $100 to $500 million
and debts of $10 to $50 million.  The Debtor, based in Los Banos,
California, listed the Merced County Tax Assessor as its largest
unsecured creditor with an undisputed claim of $302,803.  Stephen
W. Sloan was identified as a member of Merced Falls Ranch and the
holder of all of the equity in the Debtor.


MERIT GROUP: Centre Lane Partners Dips Into Company
---------------------------------------------------
Dow Jones' DBR Small Cap reports that Centre Lane Partners, a
spinout from hedge fund D.B. Zwirn & Co., has paid $46 million to
acquire most of the assets of Merit Group Inc., a distributor of
paints and paint supplies, out of Chapter 11 protection.

                      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.


MIDCONTINENT COMMS: S&P Affirms 'B+' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' senior
secured issue-level rating on Minneapolis-based incumbent cable
provider Midcontinent Communications following the company's
announcement that it plans a $50 million add-on to its existing
$200 million term loan A and $50 million add-on to its $350
million term loan B. The '3' recovery rating on both term loans is
unchanged and indicates expectations for meaningful (50% to 70%)
recovery in the event of payment default. The company said that it
will use the net proceeds, along with $18 million drawn from the
$125 million senior secured revolver, to fund the acquisition of
U.S. Cable's Minnesota assets and pay related fees and expenses.

"At the same time, we affirmed all other ratings on Midcontinent,
including the 'B+' corporate credit rating. The outlook is
stable," S&P related.

"Despite the increase in leverage from the acquisition to about
5.0x (including Standard & Poor's adjustments) from 4.6x," said
Standard & Poor's credit analyst Allyn Arden, "the rating
affirmation reflects our view that key credit measures are still
supportive of the current rating and that the company has
reasonable prospects to reduce leverage over the next few years
from EBITDA growth and debt repayment." Moreover, the acquisition
of U.S. Cable's Minnesota assets offers Midcontinent solid growth
prospects in video, high-speed data (HSD), and telephone given the
below-industry average penetration levels.


MILESTONE SCIENTIFIC: Incurs $298,000 Net Loss in Second Quarter
----------------------------------------------------------------
Milestone Scientific Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
a net loss applicable to common stockholders of $298,066 on $2.46
million of net product sales for the three months ended June 30,
2011, compared with net income applicable to common stockholders
of $180,360 on $3.21 million of net product sales for the same
period during the prior year.

The Company also reported a net loss applicable to common
stockholders of $439,711 on $4.89 million of net product sales for
the six months ended June 30, 2011, compared with net income
applicable to common stockholders of $264,282 on $5.78 million of
net product sales for the same period a year ago.
The Company reported a net loss of $614,508 on $9.75 million of
product sales for the year ended Dec. 31, 2010, compared with a
net loss of $1.53 million on $8.55 million of product sales during
the prior year.

The Company's balance sheet at June 30, 2011, showed $7.38 million
in total assets, $5.27 million in total liabilities and $2.11
million in total stockholders' equity.

As reported by the TCR on April 4, 2011, Holtz Rubenstein Reminick
LLP, in New York, noted that the Company has suffered recurring
losses from operations since inception, which raises substantial
doubt about its ability to continue as a going concern.

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

                        http://is.gd/B6qsVn

                     About Milestone Scientific

Piscataway, N.J.-based Milestone Scientific Inc. (OTC BB: MLSS)
-- http://www.milestonescientific.com/-- is engaged in pioneering
proprietary, highly innovative technological solutions for the
medical and dental markets.  Central to the Company's IP platform
and product development strategy is its patented CompuFlo(R)
technology for the improved and painless delivery of local
anesthetic.


NEBRASKA BOOK: NBC Delays 2nd Quarter Form 10-Q
-----------------------------------------------
NBC Acquisition Corp. says that as a result of the pendency of the
Company and wholly-owned subsidiary Nebraska Book Company's
Chapter 11 cases, the Company has been required to devote a
substantial portion of its personnel and administrative resources,
including the personnel and resources of its accounting and
financial reporting organization, to matters relating to the
cases.  This has resulted in a delay in the Company's completion
of its quarterly report on Form 10-Q for its quarter ended
June 30, 2011.

The Company expects to file its Form 10-Q with the Securities and
Exchange Commission within the time period prescribed in Rule 12b-
25 under the Securities Exchange Act of 1934.

                    About Nebraska Book Company

Lincoln, Nebraska-based Nebraska Book Company, Inc., is one of the
leading providers of new and used textbooks for college students
in the United States.  Nebraska Book and seven affiliates filed
separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 11-12002
to 11-12009) on June 27, 2011.  Hon. Peter J. Walsh presides over
the case.  lawyers at Kirkland & Ellis LLP and Pachulski Stang
Ziehl & Jones LLP, serve as the Debtors' bankruptcy counsel.  The
Debtors; restructuring advisors are AlixPartners LLC; the
investment bankers are Rothschild, Inc.; the auditors are Deloitte
& Touche LLP; and the claims agent is Kurtzman Carson Consultants
LLC.  As of the petition date, the Debtors had consolidated assets
of $657,215,757 and debts of $563,973,688.

JPMorgan Chase Bank N.A., as administrative agent for the DIP
lenders, is represented by lawyers at Richards, Layton & Finger,
P.A., and Simpson Thacher & Bartlett LLP.  J.P. Morgan Investment
Management Inc., the DIP arranger, is represented by lawyers at
Bayard, P.A., and Willkie Farr & Gallagher LLP.

An ad hoc committee of holders of more than 50% of the Debtors'
Second Lien Notes is represented by lawyers at Brown Rudnick.  An
ad hoc committee of holders of the Debtors' 8.625% unsecured
notes are represented by Milbank, Tweed, Hadley & McCloy LLP.


NEBRASKA BOOK: S&P Assigns 'BB-' Rating to $75-Mil. DIP Revolver
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned ratings to Nebraska
Book Co. Inc.'s $200 million debtor-in-possession (DIP) credit
facility comprising a $75 million super-priority senior secured
asset-based (ABL) first-out revolving credit facility and a $125
million second-out term loan due June 2012 (or upon emergence from
bankruptcy). "We assigned a 'BB-' point-in-time rating to the
$75 million revolving credit facility and a 'B+' point-in-time
rating to the $125 million DIP term loan," S&P said.

"The higher rating on the DIP revolver reflects its senior
repayment position relative to the term loan under a liquidation
scenario," said Standard & Poor's credit analyst Jayne Ross, "and
our expectation that the revolving facility has good repayment
prospects even in a liquidation scenario." According to the
company, proceeds from the DIP facility will be used for working
capital purposes, repayment of loans under the prepetition credit
agreement, and the payment of fees and expenses.

"At the same time, we withdrew our issue-level and recovery
ratings on the prepetition debt of Nebraska Book and its immediate
parent, NBC Acquisition Corp. This debt consists of a $75 million
ABL revolving credit facility due 2012, $200 million 10% senior
secured notes due 2011, $175 million 8.625% senior subordinated
notes due 2012, and $77 million 11% senior discount notes due
2013," S&P said.

The company's corporate credit rating remains 'D'. NBC Acquisition
and related entities filed a voluntary petition under Chapter 11
of the U.S. Bankruptcy Code on June 27, 2011.

"Our ratings on the DIP facility reflect our view of the
likelihood of repayment of the DIP facility in full upon the
company's reorganization and emergence from bankruptcy," said Ms.
Ross, "as well as our assessment of lenders' prospect for recovery
of principal in the event that liquidation becomes necessary."
"The DIP loan ratings are point-in-time ratings assigned on the
date we performed the analysis, based on information provided and
available at such time and the assumptions that we outline in this
report. We will withdraw these ratings shortly after publishing
and Standard & Poor's will not review, modify, or monitor the
ratings based on subsequent information or changes to market
conditions."


NEOMEDIA TECHNOLOGIES: Incurs $55.8 Million Net Loss in Q2
----------------------------------------------------------
NeoMedia Technologies, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting a
net loss of $55.86 million on $767,000 of revenue for the three
months ended June 30, 2011, compared with net income of $9.50
million on $221,000 of revenue for the same period during the
prior year.

The Company also reported a net loss of $47.07 million on $1.13
million of revenue for the six months ended June 30, 2011,
compared with net income of $66.83 million on $576,000 of revenue
for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $8.07 million
in total assets, $129.72 million in total liabilities, all
current, $6.10 million in Series C convertible preferred stock,
$2.50 million in Series D convertible preferred stock and a
$130.26 million total shareholders' deficit.

The Company reported a net income of $35.09 million on
$1.52 million of revenue for the year ended Dec. 31, 2010,
compared with a net loss of $67.38 million on $1.66 million of
revenue during the prior year.

The Company has historically incurred net losses from operations
and expects it will continue to have negative cash flows as it
implements its business plan.  The Company said there can be no
assurance that its continuing efforts to execute its business plan
will be successful and that it will be able to continue as a going
concern.

Kingery & Crouse, P.A, in Tampa, Fla., expressed substantial doubt
about the Company's ability to continue as a going concern.  The
accounting firm noted that the Company has suffered recurring
losses from operations and has ongoing requirements for additional
capital investment.

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

                        http://is.gd/RIovjb

                    About NeoMedia Technologies

Atlanta, Ga.-based NeoMedia Technologies, Inc., provides mobile
barcode scanning solutions.  The Company's technology allows
mobile devices with cameras to read 1D and 2D barcodes and provide
"one click" access to mobile content.


NEW GENERATION: Currently Seeking Alternative Financing
-------------------------------------------------------
New Generation Biofuels Holdings, Inc., notified Alpha Capital
Anstalt that it would be unable to meet it's Aug. 1, 2011,
repayment obligation under the terms of a Feb. 1, 2011,
Subscription Agreement, as amended, by and among the Company and
four investors (of which Alpha was one) and further that the
financing terms established in the Subscription Agreement were no
longer adequate to properly capitalize the Company.  The Company
further asked Alpha to consider alternative financing arrangements
that would adequately capitalize the Company.

On Aug. 10, 2011, the Company entered into a Second Amendment
Agreement with Alpha, which amended that certain Subscription
Agreement.  The Amendment only amends the terms, conditions, and
obligations as between the Company and Alpha.  Pursuant to the
June 7, 2011, First Amendment and Consent Agreement, Alpha agreed
to loan the Company up to an additional aggregate principal amount
of $1,025,000 pursuant to the terms and conditions of the
Subscription Agreement in equal installments beginning in June
2011 and ending in January 2012.  Pursuant to the Amendment, the
Company and Alpha agreed to terminate the remaining investment
obligations under the First Amendment and Alpha agreed to provide
$50,000 to the Company on the same terms as the Subscription
Agreement, which it did on Aug. 11, 2011

The Company is actively seeking alternative financing
arrangements, including discussions with Alpha and other parties.
However, as a result of the termination of the financing
installments pursuant to the Amendment, the Company does not have
any known source of funding available as Aug. 12, 2011.  If the
Company is unable to obtain additional financing, whether through
the issuance of equity or debt, or find a financing partner, it is
unlikely that the Company will be able to continue as a going
concern.  The Company estimates that it currently has sufficient
funds to operate the business of the Company for less than 30 days
without any additional financing.

                       About New Generation

Columbia, Md.-based New Generation Biofuels Holdings, Inc., is a
clean energy company deploying novel technologies to produce
cleaner, renewable biofuels.  The Company has rights to a
portfolio of patented and patent pending technology to manufacture
alternative biofuels from plant oils, animal fats and related
oils, which it markets as a new class of biofuel for power
generation, commercial and industrial heating, and related uses.

The Company's balance sheet at March 31, 2011, showed $7.1 million
in total assets, $7.7 million in total liabilities, and a
stockholders' deficit of $604,959.

Reznick Group, P.C., in Vienna, Va., expressed substantial doubt
about New Generation Biofuels Holdings' ability to continue as a
going concern, following the Company's 2010 results.  The
independent auditors noted that the Company has experienced
negative cash flows from operations since inception and is
dependent upon future financing in order to meet its planned
operating activities.


NEWPAGE CORP: Bondholders Bet on Lower Recovery
-----------------------------------------------
Senior bondholders of NewPage Corp. are less likely to receive a
full recovery in a restructuring after the coated papermaker
reported weak results and said it may not complete planned asset
sales.

The Company's $1.77 billion of 11.375% first-lien notes due
December 2014 have dropped 9.75 cents this month, to 80.75 cents
on the dollar Aug. 17, according to Trace, the bond-price
reporting system of the Financial Industry Regulatory Authority.

NewPage, which is owned by Cerberus Capital Management LP, is
"uncertain" about whether it can close about $131 million of asset
sales, since certain conditions necessary to complete the
transactions "may not be satisfied," it said in a filing Aug. 16.

The Company on Aug. 17 reported a loss of $132 million for the
three months ending June 30 due to higher commodity costs and
lower demand from North American catalog manufacturers and
magazine publishers.

NewPage probably won't make its November interest payment and
holders of its senior secured notes are less likely to be fully
covered in a restructuring, Brian Bogart, an analyst at KDP
Investment Advisors Inc., wrote in an Aug. 15 report.

Standard & Poor's on Aug. 16 cut the Miamisburg, Ohio-based
company's corporate credit rating and first-lien bonds to CCC from
CCC+, citing "constrained near-term liquidity."  The company hired
Lazard Ltd., FTI Consulting Inc. and law firm Dewey & LeBoeuf LLP
to help restructure its debt.

"If we are unable to refinance our debt or generate sufficient
cash flow to service our obligations, we will be required to seek
to restructure our existing debt" or file for Chapter 11
bankruptcy, the Company has said.

                        About NewPage Corp.

Headquartered in Miamisburg, Ohio, NewPage Corporation --
http://www.NewPageCorp.com/-- is a coated paper manufacturer in
North America, based on production capacity, with $3.1 billion in
net sales for the year ended Dec. 31, 2009.  The company's
product portfolio is the broadest in North America and includes
coated freesheet, coated groundwood, supercalendered, newsprint
and specialty papers.  These papers are used for corporate
collateral, commercial printing, magazines, catalogs, books,
coupons, inserts, newspapers, packaging applications and direct
mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,
Minnesota, Wisconsin and Nova Scotia, Canada.  These mills have a
total annual production capacity of approximately 4.4 million tons
of paper, including approximately 3.2 million tons of coated
paper, approximately 1.0 million tons of uncoated paper and
approximately 200,000 tons of specialty paper.

The Company reported a net loss of $674 million on $3.59 billion
of net sales for the year ended Dec. 31, 2010, compared with a net
loss of $318 million on $3.10 billion on net sales during the
prior year.

The Company's balance sheet at March 31, 2011, showed
$3.50 billion in total assets, $4.24 billion in total liabilities,
and a $746 million total deficit.

*     *     *

In August 2011, Standard & Poor's Ratings Services lowered its
corporate credit rating on Miamisburg, Ohio-based NewPage Corp. to
'CCC' from 'CCC+'.

"The rating actions follow NewPage's recently announced weaker-
than-expected operating results for the quarter ended June 30,
2011, and the decision to hold off on its previously announced
asset sales," said Standard & Poor's credit analyst Tobias
Crabtree. "Based on our lowered 2011 EBITDA expectations and the
likelihood of no additional material assets sales over the
upcoming months, we believe NewPage could be challenged to meet
its fixed charges, including over $160 million of cash interest
expense, during the remainder of 2011. In addition, the company
faces significant debt maturities and the maturity of its
revolving credit facility within the next year if it cannot repay
or refinance its $1 billion of second-lien notes by December
2011."

"For the remainder of 2011, higher anticipated average selling
prices and a seasonal increase in demand for coated papers are
expected to lead to an improvement in operating performance when
compared with the first half of 2011. Still, higher cost inflation
and a more uncertain economic outlook are likely, in our view, to
result in second half operating performance being challenged to
meet the prior year's similar period adjusted EBITDA of about
$225 million. As a result, we believe 2011 adjusted EBITDA could
now materially fall below the company's $400 million of estimated
annual cash interest expense and maintenance-related capital
expenditures. We expect the company to remain highly leveraged,
with adjusted debt to EBITDA likely exceeding 10x and its fixed-
charge coverage remaining below 1x throughout 2011. Because demand
correlates closely to general economic conditions, highly cyclical
advertising spending, and exchange rates, we think NewPage's
financial results and credit measures will fluctuate widely during
the course of a cycle," S&P related.


NEWPAGE CORP: Cut by S&P to 'CCC' on Upcoming Maturities
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Miamisburg, Ohio-based NewPage Corp. to 'CCC' from
'CCC+'.

"At the same time, we lowered the issue-level rating on the
company's first-lien notes to 'CCC' from 'CCC+'. The recovery
rating remains '4', indicating our expectation that lenders can
expect average (30% to 50%) recovery in the event of a payment
default. We also lowered the issue-level rating on the company's
second-lien notes and senior subordinated notes to 'CC' from 'CCC-
'.  The recovery rating remains '6', indicating our expectation
that lenders can expect negligible (0% to 10%) recovery in the
event of a payment default," S&P said.

"We subsequently placed all ratings on NewPage on CreditWatch with
negative implications," S&P said.

"The rating actions follow NewPage's recently announced weaker-
than-expected operating results for the quarter ended June 30,
2011, and the decision to hold off on its previously announced
asset sales," said Standard & Poor's credit analyst Tobias
Crabtree. "Based on our lowered 2011 EBITDA expectations and the
likelihood of no additional material assets sales over the
upcoming months, we believe NewPage could be challenged to meet
its fixed charges, including over $160 million of cash interest
expense, during the remainder of 2011. In addition, the company
faces significant debt maturities and the maturity of its
revolving credit facility within the next year if it cannot repay
or refinance its $1 billion of second-lien notes by December
2011."

For the remainder of 2011, higher anticipated average selling
prices and a seasonal increase in demand for coated papers are
expected to lead to an improvement in operating performance when
compared with the first half of 2011. "Still, higher cost
inflation and a more uncertain economic outlook are likely, in our
view, to result in second half operating performance being
challenged to meet the prior year's similar period adjusted EBITDA
of about $225 million. As a result, we believe 2011 adjusted
EBITDA could now materially fall below the company's $400 million
of estimated annual cash interest expense and maintenance-related
capital expenditures. We expect the company to remain highly
leveraged, with adjusted debt to EBITDA likely exceeding 10x and
its fixed-charge coverage remaining below 1x throughout 2011.
Because demand correlates closely to general economic conditions,
highly cyclical advertising spending, and exchange rates, we think
NewPage's financial results and credit measures will fluctuate
widely during the course of a cycle," S&P said.

Standard & Poor's will likely resolve this CreditWatch once it has
a better understanding of what steps NewPage intends to take with
regards to repaying or refinancing its $1 billion second-lien
notes due May 2012 by Dec. 2, 2011.


NEXTMART INC: Delays Filing of Quarterly Report on Form 10-Q
------------------------------------------------------------
NextMart, Inc., informed the U.S. Securities and Exchange
Commission that due to events unforeseen by the Company, it is
unable to complete its quarterly report on Form 10-Q for the
period ended June 30, 2011, without an unreasonable effort and
expense.

                        About NextMart Inc.

Beijing, PRC-based NextMart, Inc., was originally incorporated
under the laws of Minnesota in 1972 and was previously known as SE
Global Equity.  In May 2007, the Company reincorporated into the
State of Delaware and changed its name to NextMart, Inc.
NextMart's planned business operations for 2011 will consist of 1)
the sale of marketing solutions through art events and art media
marketing channels, and 2) the design and marketing of art-themed
products lines for existing luxury and high-end goods and
services, and art themed real estate developments.

The Company's balance sheet at March 31, 2011, showed $1.4 million
in total assets, $3.1 million in total liabilities, and a
stockholders' deficit of $1.7 million.

As reported in the Troubled Company Reporter on Jan. 19, 2011,
Bernstein & Pinchuk LLP, in New York, expressed substantial doubt
about NextMart, Inc.'s ability to continue as a going concern,
following the Company's results for the fiscal year ended
Sept. 30, 2010.  The independent auditors noted that the Company
has incurred significant losses from operations for the two years
ended Sept. 30, 2010, and has a working capital deficiency.


NOMOTO INVESTMENTS: Files for Bankruptcy in California
------------------------------------------------------
Nomoto Investments LLC, a single-asset real estate limited
liability company based in Beverly Hills, California sought
Chapter 11 protection (Bankr. C.D. Calif. Case No. 11-44542) on
Aug. 14 in Los Angeles.  It declared assets of as much as $10
million and liabilities of as much as $50 million in court papers.
Rabobank NA of Bakersfield, California is the only unsecured
creditor listed by Nomoto; it has a claim of $10.5 million.


NORD RESOURCES: Nedbank Refuses to Extend Forbearance Agreement
---------------------------------------------------------------
As announced on May 14, 2010, Nedbank Limited, Nord Resources
Corporation's senior lender, declined to extend a forbearance
agreement regarding the scheduled principal and interest payments
that were due between March 31, 2010, and June 30, 2011, under
Nord's $25 million secured term-loan facility.  Accordingly, the
company has been in default of its obligations under the Credit
Agreement with Nedbank since May 14, 2010, and the full amount of
the outstanding principal of $23,257,826 must now be included in
the company's current liabilities.  As of June 30, 2011, the
company has reclassified $5,356,841 of senior long-term debt to
current liabilities within the condensed consolidated balance
sheet.

Nedbank Capital also declined to extend the forbearance agreement
regarding the company's failure to make the timely monthly
settlement payments beginning in March of 2010 through June 30,
2011, under the copper hedge agreement.  As of June 30, 2011, the
amount due to Nedbank Capital related to these settlements is
$11,560,918 and is included in current liabilities within the
copper derivatives settlement payable line item.  The remaining
derivative contracts under this agreement settle in 2011 and are
therefore included in current liabilities as of June 30, 2011.

                       About Nord Resources

Based in Tuczon, Arizona, Nord Resources Corporation
(TSX:NRD/OTCBB:NRDS.OB) -- http://www.nordresources.com/-- is a
copper mining company whose primary asset is the Johnson Camp
Mine, located approximately 65 miles east of Tucson, Arizona.
Nord commenced mining new ore on February 1, 2009.

Nedbank, the Company's senior lender, has declined to extend the
forbearance agreement with respect to the scheduled principal and
interest payment in the approximate amount of $2,150,000 that was
due on March 31, 2010 under the Company's $25,000,000 secured
term-loan credit facility with Nedbank.  Nedbank Capital has also
declined to extend the forbearance agreement regarding the
Company's failure to make the payment of $697,869 due on April 6,
2010 under the Copper Hedge Agreement between the parties.  Both
forbearance agreements expired at midnight on May 13, 2010.

The Company is now in default of its obligations under the Credit
Agreement and the Copper Hedge Agreement with Nedbank.

On June 2, 2010, Nord Resources appointed FTI Consulting to advise
on refinancing structures and strategic alternatives.

The Company reported a net loss of $21.20 million on $28.64
million of net sales for the year ended Dec. 31, 2010, compared
with net income of $392,438 on $19.91 million of net sales during
the prior year.

The Company's balance sheet at March 31, 2011, showed $60.92
million in total assets, $60.98 million in total liabilities and a
$56,548 total stockholders' deficit.

As reported by the TCR on April 4, 2011, Mayer Hoffman McCann
P.C., in Phoenix, Arizona, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted as of Dec. 31, 2010, and 2009, the Company reported
a deficit in net working capital of $39,929,666 and $7,652,818,
respectively.  The Company's significant historical operating
losses, lack of liquidity, and inability to make the requisite
principal and interest payments due under the terms of the
Company's credit agreement with its senior lender raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


NORTHCORE TECHNOLOGIES: Incurs C$1.8MM Net Loss in Second Quarter
-----------------------------------------------------------------
Northcore Technologies Inc. reported a net loss and comprehensive
loss of C$1.88 million on C$187,000 of revenue for the three
months ended June 30, 2011, compared with a net loss and
comprehensive loss of C$614,000 on C$124,000 of revenue for the
same period a year ago.

The Company also reported a net loss and comprehensive loss of
C$2.45 million on C$370,000 of revenue for the six months ended
June 30, 2011, compared with a net loss and comprehensive loss of
C$1.32 million on C$274,000 of revenue for the same period during
the prior year.

The Company's balance sheet at June 30, 2011, showed C$1.39
million in total assets, C$1.33 million in total liabilities and
C$61,000 in total shareholders' equity.

"These are very exciting times for Northcore.  We are entering
into a new phase of growth with product offerings that address
high value strategic areas such as social commerce," said Amit
Monga, CEO of Northcore Technologies.  "In addition, we have a
renewed focus on selling our asset management platform in new
markets and verticals through partnerships.  We are also
aggressively working to monetize our intellectual property
portfolio by targeting high affinity domains.  We believe that our
efforts will serve to deliver maximum value for Northcore
shareholders."

A full-text copy of the Interim Consolidated Financial Statements
is available for free at http://is.gd/3piUJo

                          About Northcore

Toronto, Ontario-based Northcore Technologies Inc. (TSX: NTI; OTC
BB: NTLNF) -- http://www.northcore.com/-- provides a Working
Capital Engine(TM) that helps organizations source, manage,
appraise and sell their capital equipment.  Northcore offers its
software solutions and support services to a growing number of
customers in a variety of sectors including financial services,
manufacturing, oil and gas and government.

Northcore owns 50% of GE Asset Manager, LLC, a joint business
venture with GE.  Together, the companies work with leading
organizations around the world to help them liberate more capital
value from their assets.

Northcore reported a net loss for the first quarter of C$574,000.
This compares with a net loss of C$677,000 in the fourth quarter
of 2010.  In the first quarter of 2010, Northcore reported a net
loss of $713,000.

Northcore reported consolidated revenues of C$183,000 for the
first quarter, an increase of 4% over the C$176,000 reported in
the fourth quarter of 2010.  In the same period of 2010, Northcore
reported consolidated revenues of C$150,000.

Certain adverse conditions and events cast substantial doubt upon
the ability of the Company to continue as a going concern, the
Company said in the filing.  "The Company has not yet realized
profitable operations and has relied on non-operational sources of
financing to fund operations."

The Company's balance sheet at March 31, 2011, showed C$595,000 in
total assets, C$1.83 million in total liabilities and a C$1.24
million in total shareholders' deficiency.


NOVADEL PHARMA: Incurs $5 Million Net Loss in Second Quarter
------------------------------------------------------------
Novadel Pharma Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $5.02 million on $192,000 of total revenue for the three months
ended June 30, 2011, compared with a net loss of $1.12 million on
$66,000 of total revenue for the same period during the prior
year.

The Company also reported a net loss of $7.59 million on $257,000
of total revenue for the six months ended June 30, 2011, compared
with a net loss of $2.42 million on $195,000 of total revenue for
the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $1.19 million
in total assets, $10.87 million in total liabilities, and a
$9.67 million total stockholders' deficiency.

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

As of June 30, 2011, the Company had cash and cash equivalents of
$865,000, negative working capital of $3.3 million, and an
accumulated deficit of $93 million.  Based on the Company's
operating plan, the Company expects that its existing cash and
cash equivalents will fund its operations only through Sept. 30,
2011.

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

                        http://is.gd/P3tJby

                        About NovaDel Pharma

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


OLD CORKSCREW: Seeks to Employ McDowell Rice as General Counsel
---------------------------------------------------------------
Old Corkscrew Plantation LLC and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Middle District of Florida for
permission to employ McDowell, Rice, Smith & Buchanan P.C. as
general counsel to give advice to the Debtors with respect to
their powers and duties as debtors-in-possession.

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

Fort Myers, Florida-based Old Corkscrew Plantation LLC, whose
oranges are made into Minute Maid and Tropicana juice, filed
for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No. 11-14559) on
July 29, 2011, disclosing $25,264,047 in assets and $60,751,633 in
debts.  Old Corkscrew sought Chapter 11 protection along with its
affiliates.  The Debtors' orange groves are valued at $24 million.
Peter Steven Singerman, Esq. -- singerman@bergersingerman.com --
at Berger Singerman P.A., serves as the Debtors' bankruptcy
counsel.  Scott Westlake, the Debtors' managing member, signed the
petition.  Mr. Westlake is also listed as the Debtors' largest
unsecured creditor, with $4,827,906 owed.  Another $338,511 debt
is owed to Scott and Vicki Westlake.


OLD CORKSCREW: Proposes Berger Singerman as Counsel
---------------------------------------------------
Old Corkscrew Plantation LLC and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Middle District of Florida for
permission to employ Berger Singerman P.A. as counsel to advise
the Debtor on their relation with and responsibilities to the
creditors and other interested parties.

The firm will bill between $225 and $625 per hour for professional
services.  Paul Steven Singerman and Debi Evans Galler will charge
$450 per hour and $595 per hour, respectively.

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

Fort Myers, Florida-based Old Corkscrew Plantation LLC, whose
oranges are made into Minute Maid and Tropicana juice, filed
for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No. 11-14559) on
July 29, 2011, disclosing $25,264,047 in assets and $60,751,633 in
debts.  Old Corkscrew sought Chapter 11 protection along with its
affiliates.  The Debtors' orange groves are valued at $24 million.
Peter Steven Singerman, Esq. -- singerman@bergersingerman.com --
at Berger Singerman P.A., serves as the Debtors' bankruptcy
counsel.  Scott Westlake, the Debtors' managing member, signed the
petition.  Mr. Westlake is also listed as the Debtors' largest
unsecured creditor, with $4,827,906 owed.  Another $338,511 debt
is owed to Scott and Vicki Westlake.


OLD CORKSCREW: Taps Kapila & Co as Chief Restructuring Officer
--------------------------------------------------------------
Old Corkscrew Plantation LLC and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Middle District of Florida for
permission to employ Kapila & Company as chief restructuring
officer.

The firm will provide restructuring management services including
providing the services of Soneet R. Kapila to serve as chief
restructuring officer of the Debtors.

The firm will be paid by the Debtor for the services rendered at
$490 per hour.

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

Fort Myers, Florida-based Old Corkscrew Plantation LLC, whose
oranges are made into Minute Maid and Tropicana juice, filed
for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No. 11-14559) on
July 29, 2011, listing $25,264,047 in assets and $60,751,633 in
debts.  Old Corkscrew sought Chapter 11 protection along with its
affiliates.  The Debtors' orange groves are valued at $24 million.
Peter Steven Singerman, Esq. -- singerman@bergersingerman.com --
at Berger Singerman P.A., serves as the Debtors' bankruptcy
counsel.  Scott Westlake, the Debtors' managing member, signed the
petition.  Mr. Westlake is also listed as the Debtors' largest
unsecured creditor, with $4,827,906 owed.  Another $338,511 debt
is owed to Scott and Vicki Westlake.


OLD CORKSCREW: Wants to Hire Arcadia Citrus as Manager
------------------------------------------------------
Old Corkscrew Plantation LLC and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Middle District of Florida for
permission to employ Arcadia Citrus Enterprises Inc. as manager of
citrus grove operations owned by the Debtors.

The Debtors own about 5,625 acres of real property in Estero,
Florida, approximately 4,622 acres of which are under cultivation
as citrus groves.

The Debtors will pay, on the 15th day of each month, to the firm a
sum of $5 per acre of property for the preceding month's services.

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

Fort Myers, Florida-based Old Corkscrew Plantation LLC, whose
oranges are made into Minute Maid and Tropicana juice, filed
for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No. 11-14559) on
July 29, 2011, disclosing $25,264,047 in assets and $60,751,633 in
debts.  Old Corkscrew sought Chapter 11 protection along with its
affiliates.  The Debtors' orange groves are valued at $24 million.
Peter Steven Singerman, Esq. -- singerman@bergersingerman.com --
at Berger Singerman P.A., serves as the Debtors' bankruptcy
counsel.  Scott Westlake, the Debtors' managing member, signed the
petition.  Mr. Westlake is also listed as the Debtors' largest
unsecured creditor, with $4,827,906 owed.  Another $338,511 debt
is owed to Scott and Vicki Westlake.


OSAGE EXPLORATION: Posts $2.8-Mil. Net Income in Second Quarter
---------------------------------------------------------------
Osage Exploration and Development, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, reporting net income of $2.76 million on $962,450 of total
operating revenues for the three months ended June 30, 2011,
compared with a net loss of $296,313 on $374,348 of total
operating revenues for the same period a year ago.

The Company also reported net income of $2.71 million on
$1.60 million of total operating revenues for the six months ended
June 30, 2011, compared with a net loss of $1.29 million on
$799,111 of total operating revenues for the same period during
the prior year.

The Company's balance sheet at June 30, 2011, showed $5.31 million
in total assets, $1.16 million in total liabilities, and
$4.15 million in total stockholders' equity.

The Company incurred significant losses in the last three years
and has an accumulated deficit of $7.38 million at June 30, 2011,
and $10.09 million at Dec. 31, 2010.  Substantial portions of the
losses are attributable to asset impairment charges, stock based
compensation, professional fees and interest expense.  The
Company's operating plans require additional funds that may take
the form of debt or equity financings.  The Company said there is
no assurance that additional funds will be available.

The Company reported a net loss $1.62 million on $1.83 million of
total operating revenues for the year ended Dec. 31, 2010,
compared with a net loss of $2.32 million on $2.81 million of
total operating revenues during the prior year.

GKM, LLP expressed substantial doubt about the Company's ability
to continue as a going concern.  GKM noted that the Company has
suffered recurring losses from operations and has an accumulated
deficit as of Dec. 31, 2010.

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

                        http://is.gd/TCWbRi

                      About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.


OTERO COUNTY: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Otero County Hospital Association, Inc.
          dba Gerald Champion Regional Medical Center
              Mountain View Catering
        c/o John D. Wheeler
        John D. Wheeler & Associates, PC
        500 East 10th Street, Suite 305
        Alamogordo, NM 88310

Bankruptcy Case No.: 11-13686

Chapter 11 Petition Date: August 16, 2011

Court: U.S. Bankruptcy Court
       New Mexico (Albuquerque)

Judge: Robert H. Jacobvitz

Debtor's Counsel: Craig H. Averch, Esq.
                  WHITE & CASE, LLP
                  633 West Fifth Street, Suite 1900
                  Los Angeles, CA 90071
                  Tel: (213) 620-7704
                  Fax: (213) 452-2329
                  E-mail: caverch@whitecase.com

                         - and -

                  John D. Wheeler, Esq.
                  JOHN D. WHEELER & ASSOCIATES, PC
                  500 East 10th Street, Suite 305
                  Alamogordo, NM 88310
                  Tel: (575) 437-5750
                  Fax: (575) 437-3557
                  E-mail: jdw@jdw-law.com

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

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

The petition was signed by William Morgan Hay, chief financial
officer.

List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
City of Alamogordo, New Mexico     Unexpired Real      $36,748,750
P.O. Box 2978                      Property Lease
Alamogordo, NM 88310

EmCare                             Services               $500,000
7032 Collection Center Drive
Chicago, IL 60693

Cerner                             Software/Services      $342,345
P.O. Box 412702
Kansas City, MO 64141-2732

Cardinal Health Pharm.             Supplies               $240,332

Cardinal Health Allegiance         Supplies               $181,106

Universal Hospital Services        Supplies               $128,251

PNM Electric                       Utility                $103,724

Airgas                             Supplies                $90,547

Energy Control, Inc.               Equipment               $60,145

Milestone Healthcare               Services                $56,904

Stryker Orthopaedics               Supplies                $45,689

Gulf Coast Pharm/Accord            Supplies                $43,178

3M Health Information              Software/Supplies       $41,910

Medline Industries, Inc.           Supplies                $30,467

Diamond Healthcare                 Services                $30,000

E-Pharm Pro                        Services                $23,000

ASD Healthcare                     Supplies                $22,627

Cardinal Health NPS                Supplies                $18,202

Bio-met Sports Med                 Supplies                $16,453

Claims of Plaintiffs               Tort                    Unknown


OXIGENE INC: Files Form 10-Q, Incurs $2.9 Million Net Loss in Q2
----------------------------------------------------------------
OXiGENE, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $2.93 million for the three months ended June 30, 2011,
compared with net income of $2.53 million for the same period a
year ago.  The Company also reported a net loss of $3.79 million
for the six months ended June 30, 2011, compared with a net loss
of $8.49 million for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $9.46 million
in total assets, $2.23 million in total liabilities and $7.22
million in total stockholders' equity.

The Company reported a consolidated net loss of $23.77 million on
$0 of license revenue for the year ended Dec. 31, 2010, compared
with a consolidated net loss of $28.94 on $0 of license revenue
during the prior year.

As reported by the Troubled Company Reporter on March 23, 2011,
Ernst & Young LLP, after auditing the Company's financial
statements for the year ended Dec. 31, 2010, expressed substantial
doubt about the Company's ability to continue as a going concern.
Ernst & Young noted that the Company has incurred recurring
operating losses and will be required to raise additional capital,
alternative means of financial support, or both, prior to Jan. 1,
2012 in order to sustain operations.  According to Ernst & Young,
the ability of the Company to raise additional capital or
alternative sources of financing is uncertain.

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

                        http://is.gd/ekCLci

                         About OXiGENE Inc.

South San Francisco, Calif.-based OXiGENE (Nasdaq: OXGN)
-- http://www.oxigene.com/-- is a clinical-stage
biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases.


PAPA KENO'S: Voluntarily Dismisses Case After Reaching Deal
-----------------------------------------------------------
Ian Cummings at Kansan.com reports that the bankruptcy filing of
Papa Keno's Pizzeria was voluntarily dismissed on Aug. 2, 2011.
The owner Greg Keenan said he reached an agreement with his
creditors and withdrew his case from the court.

According to the report, some former employees have filed
complaints with the Kansas Department of Labor against Mr. Keenan,
claiming unpaid wages, beginning in 2008.  Mr. Keenan said he had
resolved most of those cases, but not all of them.

Papa Keno's Pizzeria, Inc. filed for Chapter 11 bankruptcy
protection on June 23, 2011 in the U.S. Bankruptcy Court for the
District of Kansas (Case No. 11-21894).


PATIENT SAFETY: 31.2-Mil. Shares Offering Form S-1 Amended
----------------------------------------------------------
Patient Safety Technologies, Inc., filed with the U.S. Securities
and Exchange Commission Amendment No. 2 to Form S-1 registration
statement relating to the offering by the selling stockholders of
the Company of up to 31,244,769 shares of common stock, par value
$0.33 per share.  The closing price of the Company's common stock
on Aug. 10, 2011, was $1.09 per share.  The Company's common stock
is quoted on the OTC Bulletin Board under the symbol "PSTX".

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

                 About Patient Safety Technologies

Patient Safety Technologies, Inc. (OTC: PSTX) --
http://www.surgicountmedical.com/-- through its wholly owned
operating subsidiary SurgiCount Medical, Inc., provides the
Safety-Sponge(TM) System, a system designed to improve the
standard of patient care and reduce health care costs by
preventing the occurrence of surgical sponges and other retained
foreign objects from being left inside patients after surgery.
RFOs are among one of the most common surgical errors.

Patient Safety reported net income of $2.00 million on $14.79
million of revenue for the year ended Dec. 31, 2010, compared with
a net loss of $17.53 million on $4.50 million of revenue during
the prior year.

The Company's balance sheet at March 31, 2011, showed $13.27
million in total assets, $3.13 million in total liabilities, all
current, and $10.14 million in total stockholders' equity.

In its March 31, 2010 report, Squar, Milner, Peterson, Miranda &
Williamson, LLP, in San Diego, California, noted that the
Company's significant recurring net losses through Dec. 31,
2009, and significant working capital deficit as of Dec. 31,
2009, raise substantial doubt about the Company's ability to
continue as a going concern.


PAUL BRENNEKE: Meeting of Creditors Scheduled for Sept. 12
----------------------------------------------------------
The U.S. Trustee for Region 18 will convene a meeting of creditors
in Paul Brenneke Qualified Personal Residence Trust UDT's
Involuntary Chapter 11 case on Sept. 12, 2011, at 1:30 p.m.  The
meeting will be held at the U.S. Trustee's Office, 620 SW Main
St., Rm 213, Portland, Oregon.  The Debtor notes that the meeting
will not be held at Multnomah County Courthouse.

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

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

The Court also ordered that individuals and entities have until
Dec. 12, 2011, to file proofs of claim against the Debtor.
Governmental units who must file their proofs of claim within
180 days after Aug. 12.

     About Paul Brenneke Qualified Personal Residence Trust

Z&A Irrevocable Trust UDT, Elene Dunavan, Jones Dave D&J
Remodeling, and Victor Le Nettoyeur LLC filed for Involuntary
Chapter 11 protection for Portland, Oregon-based Paul Brenneke
Qualified Personal Residence Trust UDT (Bankr. D. Ore. Case No.
11-31975) on March 14, 2011.  Judge Trish M. Brown presides over
the case.  The petitioners are represented by Robert S. Simon,
Esq. at Robert S. Simon P.C.


PENINSULA HOSPITAL: Involuntary Chapter 11 Case Summary
-------------------------------------------------------
Alleged Debtor: Peninsula Hospital Center
                51-15 Beach Channel Drive
                Far Rockaway, NY 11691

Bankruptcy Case No.: 11-47056

Involuntary Chapter 11 Petition Date: August 16, 2011

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

Judge: Elizabeth S. Stong

Petitioners' Counsel: Marilyn Cowhey Macron, Esq.
                      MACRON & COWHEY
                      257 Beach 116th Street
                      Rockaway Park, NY 11694
                      Tel: (718) 474-0111
                      E-mail: marilyn@macroncowhey.com

Creditors who signed the Chapter 11 petition:

    Petitioners                     Nature of Claim   Claim Amount
    -----------                     ---------------   ------------
Wayne S. Dodakian                   Goods Bought for          $495
77 Oakland Avenue                   Debtor
New Britian, CT 06053

Vinod Sinha                         Goods Sold and         $78,709
Total MedBiz                        Delivered
49 Piermont Avenue
Hewlett, NY 11557

Shannon Gerardi                     Goods Sold and         $48,000
Advanced Seamless Gutters           Delivered
32-30 Fulton Avenue
Oceanside, NY 11572


PILGRIM'S PRICE: S&P Lowers Corporate Credit Rating to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Greely,
Colo.-based Pilgrim's Pride Corp., including the corporate credit
rating to 'B' from 'BB-'. "At the same time we lowered the issue
rating on the company's $500 million senior unsecured notes due
2018 to 'B-' (one notch below the corporate credit rating), and
revised the recovery rating to '5', indicating our expectation
for modest recovery (10%-30%) of principal and unpaid interest in
the event of a payment default, from '4'. The outlook is
developing. Pilgrim's Pride had about $1.5 billion of reported
debt outstanding as of June 26, 2011, including a $50 million note
payable to JBS Holdings Inc.," S&P related.

"The downgrade reflects our opinion that higher feed costs in the
company's core chicken segment together with weaker pricing
(primarily the result of an oversupply of chicken inventories and
weak breast and wing prices through the first half of fiscal 2011)
will cause the company to generate an EBITDA loss in fiscal 2011,"
said Standard & Poor's credit analyst Christopher Johnson. "We
base these projections on our assumption that the company will
incur double-digit grain inflation in its chicken raising
operations in 2011, and that weaker pricing will not fully offset
the increased grain costs."

The developing outlook reflects the possibility of a lower rating
if the currently weak operating fundamentals persist in 2012,
while at the same time recognizing that the company has adequate
liquidity to operate until well into 2012, allowing the company to
return to profitability if poultry market conditions improve
(which could then result in a higher rating).


PITTSBURGH CORNING: Court to Revisit Plan Ruling in September
-------------------------------------------------------------
The Bankruptcy Court in the Chapter 11 case of Pittsburgh Corning
Corp. will hold a hearing in September 2011 to consider a motion
for reconsideration filed by various parties on the Court's order
issued June 16, 2011, denying confirmation of the amended plan of
reorganization filed in 2009.

The Plan filed Jan. 29, 2009, was aimed to address the issues
raised by the Court when it denied confirmation of an earlier Plan
version.  The Court's memorandum opinion accompanying the June
2011 order rejected some objections to the 2009 Amended PCC Plan
and made suggestions regarding modifications to the 2009 Amended
PCC Plan that would allow the Plan to be confirmed.  The Troubled
Company Reporter ran a story on the June 2011 decision in its June
20, 2011 issue.  A report on the Motion to Reconsider was
published in the July 5 issue.

Corning Inc. said in papers filed with the Securities and Exchange
Commission that it is considering the submission, possibly jointly
with other relevant parties, of specific plan modifications
suggested in the Court's opinion.

                     About Pittsburgh Corning

Pittsburgh Corning Corporation filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 00-22876) on April 16, 2000,
to address numerous claims alleging personal injury from exposure
to asbestos.  At the time of the bankruptcy filing, there were
about 11,800 claims pending against the Company in state court
lawsuits alleging various theories of liability based on exposure
to Pittsburgh Corning's asbestos products and typically requesting
monetary damages in excess of US$1 million per claim.

The Hon. Judith K. Fitzgerald presides over the case.  Reed Smith
LLP serves as counsel and Deloitte & Touche LLP as accountants to
the Debtor.

The United States Trustee appointed a Committee of Unsecured Trade
Creditors on April 28, 2000.  The Bankruptcy Court authorized the
retention of Leech, Tishman, Fuscaldo & Lampl, LLC, as counsel to
the Committee of Unsecured Trade Creditors, and Pascarella &
Wiker, LLP, as financial advisor.

The U.S. Trustee also appointed a Committee of Asbestos Creditors
on April 28, 2000.  The Bankruptcy Court authorized the retention
of these professionals by the Committee of Asbestos Creditors: (i)
Caplin & Drysdale, Chartered as Committee Counsel; (ii) Campbell &
Levine as local counsel; (iii) Anderson Kill & Olick, P.C. as
special insurance counsel; (iv) Legal Analysis Systems, Inc., as
Asbestos-Related Bodily Injury Consultant; (v) defunct firm, L.
Tersigni Consulting, P.C. as financial advisor, and (vi) Professor
Elizabeth Warren, as a consultant to Caplin & Drysdale, Chartered.

On Feb. 16, 2001, the Court approved the appointment of Lawrence
Fitzpatrick as the Future Claimants' Representative.  The
Bankruptcy Court authorized the retention of Meyer, Unkovic &
Scott LLP as his counsel, Young Conaway Stargatt & Taylor, LLP as
his special counsel, and Analysis, Research and Planning
Corporation as his claims consultant.

In 2003, a plan of reorganization was agreed to by various
parties-in-interest, but, on Dec. 21, 2006, the Bankruptcy Court
issued an order denying the confirmation of that plan, citing that
the plan was too broad in addressing independent asbestos claims
that were not associated with Pittsburgh Corning.

Corning Inc. and PPG each own 50% of the capital stock of
Pittsburgh Corning.


PLATINUM STUDIOS: Delays Filing of Quarterly Report on Form 10-Q
----------------------------------------------------------------
Platinum Studios, Inc., informed the U.S. Securities and Exchange
Commission that it will be late in filing its quarterly report on
Form 10-Q for the period ended June 30, 2011.  The Company is in
the process of compiling information for the quarter, all of which
has not yet been received.

                       About Platinum Studios

Los Angeles, Calif.-based Platinum Studios, Inc., controls a
library consisting of more than 5,000 characters and is engaged
principally as a comics-based entertainment company adapting
characters and storylines for production in film, television,
publishing and all other media.

The Company reported a net loss of $9.94 million on $2.27 million
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $3.38 million on $292,940 of revenue during the prior
year.

The Company's balance sheet at March 31, 2011, showed
$10.34 million in total assets, $27.63 million in total
liabilities, all current, and a $17.29 million total shareholders'
deficit.

The Company is also delinquent in payment of $120,026 for payroll
taxes as of March 31, 2011, and in default of certain of its short
term notes payable.  These matters raise substantial doubt about
the Company's ability to continue as a going concern.

As reported by the TCR on April 21, 2011, HJ Associates &
Consultants, LLP, in Salt Lake City, Utah, expressed substantial
doubt about the Company's ability to continue as a going concern,
following the 2010 financial results.  The independent auditors
noted that the Company has suffered recurring losses from
operations which have resulted in an accumulated deficit.


PROFESSIONAL VETERINARY: Has Until Nov. 13 to Solicit Plan Votes
----------------------------------------------------------------
The Hon. Timothy J. Mahoney of the U.S. Bankruptcy Court for the
District of -- extended until Nov. 13, 2011, Professional
Veterinary Products, Ltd.'s exclusive period to solicit
acceptances for the proposed Chapter 11 Plan.

                             The Plan

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

According to the Disclosure Statement, the Plan will facilitate
the final liquidation of the Debtors' estates and the distribution
of the proceeds obtained therefrom to holders of allowed claims.

Upon the Effective Date, any and all remaining assets of the
Debtors and their estates, including (a) all Unencumbered assets
and (b) all cash, will be transferred to, and vest in, the
Liquidating Trust, subject to any lien that is not waived,
released or discharged on the Effective Date of the Plan; all
assets will constitute the Trust Estate, subject to those liens.

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

              About Professional Veterinary Products

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

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

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

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


QUALTEQ INC: Meeting to Form Creditors Committee on Aug. 25
-----------------------------------------------------------
Roberta DeAngelis, United States Trustee for Region 3, will hold
an organizational meeting on August 25, 2011, at 10:00 a.m. in the
bankruptcy case of QualTeq, Inc.  The meeting will be held at:

   United States Trustee's Office
   J. Caleb Boggs Federal Building
   844 King Street, Room 5209
   Wilmington, DE 19801

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

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

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

                           About QualTeq, Inc.

South Plainfield, New Jersey-based QualTeq, Inc., engages in the
design, manufacture, and personalization of plastic cards in the
United States.  The company manufactures magnetic, contact, and
dual interface smart cards.

Qualteq Inc. and 17 affiliated companies filed Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12572) on
Aug. 14, 2011.  Eric Michael Sutty, Esq., and Jeffrey M. Schlerf,
Esq., at Fox Rothschild LLP, serve as local counsel to the
Debtors.  K&L Gates LLP is the general bankruptcy counsel.
Scouler & Company is the restructuring advisors.  QualTeq
estimated assets of up to $50 million and debts of up to $100
million as of the Chapter 11 filing.


QUANTUM CORP: Files Form 10-Q, Incurs $5.2MM Fiscal Q1 Net Loss
---------------------------------------------------------------
Quantum Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $5.22 million on $153.53 million of total revenue for the three
months ended June 30, 2011, compared with a net loss of
$2.69 million on $163.22 million of total revenue for the same
period a year ago.

The Company's balance sheet at June 30, 2011, showed
$414.89 million in total assets, $472.34 million in total
liabilities, and a $57.45 million total stockholders' deficit.

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

                        http://is.gd/S5S5Tr

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

In January 2011, Moody's Investors Service upgraded Quantum
Corporation's Corporate Family and Probability of Default ratings
to B2 from B3 and revised the ratings on the senior secured debt
obligations to Ba3 from B1.  The rating outlook is positive.  The
upgrade of the CFR to B2 reflects Quantum's improved operating
performance, which stems from strong customer adoption and growth
of its higher margin branded disk-based systems and software
products, which Moody's expects to continue in FY12.

In March 2011, Standard & Poor's Ratings Services raised its
corporate credit rating on storage manufacturer Quantum Corp. to
'B' from 'B-'.  The outlook is stable.  "The upgrade reflects that
the company has posted four sequential quarters of sustained
EBITDA generation, despite ongoing declines in its core tape
business and the absence of an EMC licensing arrangement," said
Standard & Poor's credit analyst Lucy Patricola.  In addition,
debt/EBITDA has been stable for the last four quarters at about 4x
and reduced from 2009 levels, primarily reflecting application of
free cash flow to debt reduction.


REAL ESTATE ASSOCIATES: Incurs $212,000 Net Loss in Second Quarter
------------------------------------------------------------------
Real Estate Associates Limited VII filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of $212,000 on $0 of revenue for the three
months ended June 30, 2011, compared with net income of $895,000
on $0 of revenue for the same period during the prior year.

The Company also reported a net loss of $417,000 on $0 of revenue
for the six months ended June 30, 2011, compared with net income
of $672,000 on $0 of revenue for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $1.33 million
in total assets, $21.03 million in total liabilities and a $19.70
million total partners' deficit.

                           Going Concern

The Partnership continues to generate recurring operating losses.
In addition, the Partnership is in default on notes payable and
related accrued interest payable that matured between December
1999 and December 2004.

Eight of the Partnership's nineteen remaining investments involved
purchases of partnership interests from partners who subsequently
withdrew from the operating partnership.  As of June 30, 2011, and
Dec. 31, 2010, the Partnership is obligated for non-recourse notes
payable of approximately $6,070,000 to the sellers of the
partnership interests, bearing interest at 9.5 to 10 percent.
Total outstanding accrued interest is approximately $14,930,000
and $14,649,000 at June 30, 2011, and Dec. 31, 2010, respectively.
These obligations and the related interest are collaterized by the
Partnership's investment in the local limited partnerships and are
payable only out of cash distributions from the Local Limited
Partnerships.  Unpaid interest was due at maturity of the notes.
Seven of the notes payable have matured and remain unpaid at
June 30, 2011.

In connection with the sale of Hampshire House, approximately
$890,000 of sale proceeds were used at closing to repay one non-
recourse note payable and associated accrued interest during the
six months ended June 30, 2010.  No such payments were made during
the six months ended June 30, 2011.  The Partnership entered into
an agreement with the non-recourse note holder for five other
Local Limited Partnerships with notes payable totaling
approximately $2,329,000 and accrued interest of approximately
$5,835,000 at June 30, 2011, in which the note holder agreed to
forebear taking any action under these notes pending the purchase
by the note holder of a series of projects including the
properties owned by nine of the remaining Local Limited
Partnerships.  Management negotiated an extension of the maturity
date on one note payable.  The Partnership entered into an
agreement with the non-recourse note holder for the remaining two
Local Limited Partnerships in which the note holder agreed to
forebear taking any action under these notes in order to permit
the underlying properties of these Local Limited Partnerships to
pursue refinancing of certain indebtedness owed to the respective
housing authorities.  Management is attempting to negotiate
extensions of the maturity dates on these two notes payable.  If
the negotiations are unsuccessful, the Partnership could lose its
investment in the Local Limited Partnerships to foreclosure.

As a result, there is substantial doubt about the Partnership's
ability to continue as a going concern.

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

                        http://is.gd/lFDcRg

                   About Real Estate Associates

Real Estate Associates Limited VII is a limited partnership which
was formed under the laws of the State of California on May 24,
1983.  On February 1, 1984, the Partnership offered 2,600 units
consisting of 5,200 limited partnership interests and warrants to
purchase a maximum of 10,400 additional limited partnership
interests through a public offering managed by E.F. Hutton Inc.
The Partnership received $39,000,000 in subscriptions for units of
limited partnership interests (at $5,000 per unit) during the
period from March 7, 1984 to June 11, 1985.

The Partnership will be dissolved only upon the expiration of 50
complete calendar years -- December 31, 2033 -- from the date of
the formation of the Partnership or the occurrence of various
other events as specified in the Partnership agreement.  The
principal business of the Partnership is to invest, directly or
indirectly, in other limited partnerships which own or lease and
operate Federal, state and local government-assisted housing
projects.

The general partners of the Partnership are National Partnership
Investments Corp., a California Corporation, and National
Partnership Investments Associates II.  The business of the
Partnership is conducted primarily by NAPICO, a subsidiary of
Apartment Investment and Management Company, a publicly traded
real estate investment trust.

The Partnership holds limited partnership interests in 11 local
limited partnerships as of both March 31, 2010, and December 31,
2009.  The Partnership also holds a general partner interest in
Real Estate Associates IV, which, in turn, holds limited
partnership interests in nine additional Local Limited
Partnerships; therefore, the Partnership holds interests, either
directly or indirectly through REA IV, in twenty (20) Local
Limited Partnerships.  The general partner of REA IV is NAPICO.
The Local Limited Partnerships own residential low income rental
projects consisting of 1,387 apartment units at both March 31,
2010, and December 31, 2009.  The mortgage loans of these projects
are payable to or insured by various governmental agencies.


ROCK HOLDINGS: S&P Withdraws 'B' LT Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' long-term
counterparty credit rating on Rock Holdings Inc. at the company's
request. At the time of withdrawal, the outlook was stable.


SALON MEDIA: Incurs $678,000 Net Loss in Second Quarter
-------------------------------------------------------
Salon Media Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $678,000 on $1.01 million of net revenues for the
three months ended June 30, 2011, compared with a net loss of
$817,000 on $1.15 million of net revenues for the same period a
year ago.

The Company's balance sheet at June 30, 2011, showed $1.65 million
in total assets, $11.27 million in total liabilities and a $9.62
million total stockholders' deficit.

The Company reported a net loss attributable to common
stockholders of $2.58 million on $4.57 million of net revenues for
the year ended March 31, 2011, compared with a net loss
attributable to common stockholders of $4.86 million on $4.29
million of net revenues during the prior year.

Burr Pilger Mayer, Inc., in San Francisco, California, Salon's
independent registered public accounting firm for the years ended
March 31, 2009, 2010, and 2011, included a "going-concern" audit
opinion on the consolidated financial statements for those years.
As reported by the TCR on July 4, 2011, Burr Pilger expressed
substantial doubt about the Company's ability to continue as a
going concern following the fiscal 2011 results.  The independent
auditors noted that the Company has suffered recurring losses and
negative cash flows from operations and has an accumulated deficit
of $108.4 million at March 31, 2011.

As a result of the "going-concern" opinions, Salon's stock price
and investment prospects have been and will continue to be
adversely affected, thus limiting financing choices and raising
concerns about the realization of value on assets and operations.

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

                        http://is.gd/V29eK9

                        About Salon Media

San Francisco, Calif.-based Salon Media Group (OTC BB: SLNM.OB)
-- http://www.Salon.com/-- is an online news and social
networking company and an Internet publishing pioneer.


SHUBH HOTELS: Unite Here Wants Settlement Agreement Enforced
------------------------------------------------------------
The Hon. Jeffery A. Deller of the Bankruptcy Court for the Western
District of Pennsylvania will convene a hearing on Sept. 6, 2011,
at 10:00 a.m. to consider the request to enforce settlement
agreement and compel Shubh Hotels Pittsburgh, LLC to pay.

According to Unite Here Health, fka Hotel Employees & Restaurant
Employees International Union Welfare Fund, the Debtor and Local
57 of the Pennsylvania Joint Board of Unite Here executed that
certain agreement effective as of Oct. 6, 2006.  The Trust
Agreement has been adopted and incorporated in the Collective
Bargaining Agreement.

Unite Here told the Court that the Reorganized Debtor is not
complying with the agreement by failure to pay the current rate
charges and by failure to pay the amounts owed to the Health Fund
pursuant to the audit performed.  The Health Fund also requested
payment of the additional amounts owed and that respondents be
compelled to charge the appropriate rate going forward, including
any future increased rates.

The Health Fund's Claim as of the Effective Date is $1,445,596.
The Health Fund has subsequently performed an audit and determined
that the Reorganized Debtor owes $27,868 due to worker adjustments
and rate increase.  To date, the Health Fund has received no
payment or otherwise received a response.

Unite Here is represented by:

          BERNSTEIN LAW FIRM, P.C
          Lara E. Shipkovitz, Esq.
          Suite 2200, Gulf Tower
          707 Grant Street
          Pittsburgh, PA 15219
          Tel: (412) 456-8132
          Fax: (412) 456-8254
          E-mail: lshipkovitz@bernsteinlaw.com

                   About Shubh Hotels Pittsburgh

Boca Raton, Florida-based Shubh Hotels Pittsburgh, LLC, owns and
operates the largest hotel in the city of Pittsburgh.  For roughly
50 years, the Hotel operated as a Hilton franchise.  Hilton
terminated the Hilton Franchise Agreement by letter dated Sept. 1,
2010.

Shubh Hotels Pittsburgh filed for Chapter 11 bankruptcy (Bankr.
W.D. Pa. Case No. 10-26337) on Sept. 7, 2010, Judge Jeffery A.
Deller presiding.  The Debtor estimated its assets at $10 million
to $50 million and debts at $50 million to $100 million.

The Debtor is represented by David K. Rudov, Esq., at Rudov &
Stein; and Scott M. Hare, Esq., as bankruptcy counsel.  James R.
Walsh was appointed as Chapter 11 Trustee on Feb. 7, 2011.  He is
represented by lawyers at his firm, Spence, Custer, Saylor, Wolfe
& Rose.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Creditor Committee is represented by The Law Office
of Christopher A. Boyer and David W. Lampl, Esq. and John M.
Steiner, Esq., at Leech Tishman Fuscaldo & Lampl LLC.  The
Committee retained Meridian Financial Advisors, Ltd., as its
financial advisors.

Pittsburgh Grand LLC -- an equity holder of Shubh Hotel Pittsburgh
LLC -- and Dr. Kiran Patel, the principal of Pittsburgh Grand
filed a Modified Second Amended Plan of Reorganization on April 6,
2011.

On May 20, 2011, the Court confirmed the Modified Second Amended
Chapter 11 Plan.  The plan effective date was expected to occur on
June 9, 2011.


SIGNATURE STYLES: Court OKs Rosner as Committee's Del. Counsel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Official Committee of Unsecured of Signature Styles LLC and
its debtor-affiliates to retain The Rosner Law Group LLC as
Delaware counsel to represent it and perform services for the
Committee in connection with carrying out its duties and
responsibilities under the Bankruptcy Code during the chapter 11
cases.

The principal professionals and paraprofessionals designated to
represent the Committee and the hourly rates they will charge on
this matter are as follows:

   Frederick B. Rosner          $375
   Julia Klein                  $250
   Frederick Sassler            $150

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

                      About Signature Styles

Signature Styles LLC, owner of the Spiegel catalog, filed a
Chapter 11 petition (Bankr. D. Del. Case No. 11-11733) on June 6,
2011, along with a deal to sell the business to affiliates of the
current owners and lenders.

New York-based Signature Styles, which filed for bankruptcy
together with its affiliates, disclosed assets of $48.6 million
and debt of $867.6 million.  It purchased the Spiegel business for
$21.7 million at a foreclosure sale in June 2009.  Debt includes
$37.2 million owing on a secured term loan and revolving credit.
Unsecured debt totals $35.3 million, which include $9.8 million
owing to trade suppliers and $23.2 million in customer
obligations.  The lenders and owners are funds affiliated with
Patriarch Partners LLC.

Christopher A. Ward, Esq., at Polsinelli Shughart PC, in
Wilmington, Delaware, serves as counsel to the Debtor.  Western
Reserve Partners LLC serves as investment bankers. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

A fund affiliated with Patriarch Partners LLC has an agreement to
buy the business in return for the assumption of specified debt,
including $30 million owing on the term loan and revolving credit.
The buyer also will honor some customer obligations.  The
stalking-horse purchase agreement requires approval of bidding
procedures by July 7 and approval of a sale by Aug. 4.

Roberta A. Deangelis, United States Trustee for Region 3, under 11
U.S.C. SEC 1102(a) and (b), appointed the following amended
unsecured creditors who are willing to serve on the Official
Committee of Unsecured Creditors of Signature Styles LLC.


SIGNATURE STYLES: Court Approves FTI as Panel's Financial Advisor
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Official Committee of Unsecured of Signature Styles LLC and
its debtor-affiliates to retain FTI Consulting, Inc., as financial
advisor.

According to the Committee, the services of FTI are deemed
necessary to enable the Committee to assess and monitor the
efforts of the Debtors and their professional advisors to maximize
the value of its estates.  Further, FTI is well qualified and able
to represent the Committee in a cost-effective, efficient, and
timely manner.

Among other things, the firm will assist in the participation
in and review and monitoring of the asset sale process, including,
but not limited to an assessment of the adequacy of the marketing
process, completeness of any buyer lists, review and
quantifications of any bids and other services deemed necessary
by the Committee.

The customary hourly rates, subject to periodic adjustments,
charged by FTI professionals anticipated to be assigned to this
case are as follows:

   Senior Managing Directors            $780-895
   Directors/Managing Directors         $560-745
   Consultants/Senior Consultants       $280-530
   Administration/Associates            $115-230

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

                      About Signature Styles

Signature Styles LLC, owner of the Spiegel catalog, filed a
Chapter 11 petition (Bankr. D. Del. Case No. 11-11733) on June 6,
2011, along with a deal to sell the business to affiliates of the
current owners and lenders.

New York-based Signature Styles, which filed for bankruptcy
together with its affiliates, disclosed assets of $48.6 million
and debt of $867.6 million.  It purchased the Spiegel business for
$21.7 million at a foreclosure sale in June 2009.  Debt includes
$37.2 million owing on a secured term loan and revolving credit.
Unsecured debt totals $35.3 million, which include $9.8 million
owing to trade suppliers and $23.2 million in customer
obligations.  The lenders and owners are funds affiliated with
Patriarch Partners LLC.

Christopher A. Ward, Esq., at Polsinelli Shughart PC, in
Wilmington, Delaware, serves as counsel to the Debtor.  Western
Reserve Partners LLC serves as investment bankers. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

A fund affiliated with Patriarch Partners LLC has an agreement to
buy the business in return for the assumption of specified debt,
including $30 million owing on the term loan and revolving credit.
The buyer also will honor some customer obligations.  The
stalking-horse purchase agreement requires approval of bidding
procedures by July 7 and approval of a sale by Aug. 4.

Roberta A. Deangelis, United States Trustee for Region 3, under 11
U.S.C. SEC 1102(a) and (b), appointed the following amended
unsecured creditors who are willing to serve on the Official
Committee of Unsecured Creditors of Signature Styles LLC.


SIMMONS FOODS: S&P Affirms 'B-' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Siloam
Springs, Ark.-based Simmons Food Inc., including its 'B-'
corporate credit rating. "At the same time we removed all ratings
from CreditWatch with developing implications, where they were
placed on May 27, 2011, following the company's receipt of a
forbearance agreement from its lenders. The outlook is negative,
primarily reflecting our concerns about covenant cushion
tightening in the coming quarters. Simmons Foods had about $450
million of outstanding debt at July 2, 2011," S&P said.

"The rating affirmation and negative outlook reflect our opinion
that current domestic poultry market conditions will likely impede
the company's ability to improve its EBITDA sufficiently to
maintain adequate cushion on its financial covenants over the next
year," S&P related.

"Although we believe the company's business diversification,
particularly in private-label pet food manufacturing, will shield
the business from significant declines in consolidated EBITDA, we
believe the current weak poultry pricing environment and high
grain inflation will likely result in continued modest trailing-
12-month EBITDA declines and the possibility of EBITDA covenant
cushion of less than 10% in the coming quarters," said Standard &
Poor's credit analyst Christopher Johnson. "Moreover, we believe
the current operating outlook and a year-over-year negative
working capital impact will result in negative full-year free cash
flow, hampering the company's ability to repay debt and deleverage
as we had originally anticipated."

"Standard & Poor's estimates that the ratio of adjusted debt to
EBITDA at fiscal year-end 2011 will remain close to current levels
for the 12 months ended July 2, 2011, of 6.2x, which would be
substantially higher than our original expectation that adjusted
debt to EBITDA would improve to about 4x by fiscal year-end 2011,"
S&P said.

"The ratings on Simmons Foods reflect our opinion that the company
has a weak business risk profile and a highly leveraged financial
profile. Simmons Foods' business risk profile reflects its modest,
albeit well-established, market position as a vertically
integrated chicken processor, and the current unfavorable poultry
industry conditions that only very recently have begun to show
modest signs of improvement, including lower egg sets and broiler
placements, and possible industrywide production cuts. Still, we
believe the company's expansion of its private-label pet food
operations, both organically and via acquisitions, will further
improve product diversification and reduce future earning
volatility. Although integration synergies may improve future
earnings performance, we believe higher feed costs and still-weak
domestic poultry pricing will limit EBITDA growth in fiscal 2011,"
S&P stated.

"The negative outlook reflects our belief that the weak operating
performance in the company's key poultry segment will result in a
tight covenant cushion in the coming quarters," S&P said.


SKYSHOP LOGISTICS: Incurs $1.3 Million Net Loss in Second Quarter
-----------------------------------------------------------------
SkyShop Logistics, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $1.34 million on $1.71 million of net revenues for the
three months ended June 30, 2011, compared with a net loss of
$879,773 on $2.31 million of net revenues for the same period
during the prior year.

The Company also reported a net loss of $2.45 million on $3.35
million of net revenues for the six months ended June 30, 2011,
compared with a net loss of $1.68 million on $3.82 million of net
revenues for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $4.33 million
in total assets, $4.46 million in total liabilities and a $129,050
total stockholders' deficit.

As reported in the TCR on March 23, 2011, Morrison, Brown, Argiz
and Farra, LLC, in Miami, Fla., expressed substantial doubt about
SkyShop Logistics' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has suffered recurring losses from
operations, has a deficiency in working capital and has a net
capital deficiency.

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

                        http://is.gd/dLYu8D

                      About Skyshop Logistics

Miami, Fla.-based SkyShop Logistics, Inc., is the largest private
mail network in the Latin American-Caribbean region, handling mail
and parcels from U.S. and European postal administrations, mail
consolidators, major publishers, international mailers, e-tailers
and financial institutions that require time-defined and reliable
delivery of their mail, including magazines, catalogs and parcels.
The Company provides Internet merchants the ability to expand
their markets internationally without the inherent risks of
shipping parcel post to foreign buyers or the use of expensive
express couriers.


SMART ONLINE: Incurs $800,000 Net Loss in Second Quarter
--------------------------------------------------------
Smart Online, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $800,257 on $111,072 of total revenues for the three months
ended June 30, 2011, compared with a net loss of $487,999 on
$259,718 of total revenues for the same period a year ago.

The Company also reported a net loss of $1.78 million on $249,809
of total revenues for the six  months ended June 30, 2011,
compared with a net loss of $1.40 million on $623,618 of total
revenues for the same period during the previous year.

The Company's balance sheet at June 30, 2011, showed $1.28 million
in total assets, $22.34 million in total liabilities and a $21.06
million total stockholders' deficit.

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

                        http://is.gd/qdfFgW

                        About Smart Online

Headquartered in Durham, North Carolina, Smart Online, Inc. (OTC
BB: SOLN) -- http://www.smartonline.com/-- develops and markets
software products and services targeted to small  businesses that
are delivered via a Software-as-a-Service (SaaS), or SaaS, model.
The Company also provides Web site consulting services, primarily
in the e-commerce retail industry products and services.

The Company reported a net loss of $3.95 million on $1.03 million
of total revenue for the year ended Dec. 31, 2010, compared with a
net loss of $9.54 million on $1.42 million of total revenue during
the prior year.

As reported by the TCR on April 4, 2011, Cherry, Bekaert &
Holland, LLP, in Raleigh, North Carolina, noted that the Company
has suffered recurring losses from operations and has a working
capital deficiency as of Dec. 31, 2010.  These conditions,
according to the independent auditors, raise substantial doubt
about the Company's ability to continue as a going concern, the
auditors said.


SMART POOLS: Files For Chapter 7 Bankruptcy Protection
------------------------------------------------------
Steve Green at Vegas Inc. reports that a Chapter 7 liquidation
filing was made Tuesday in U.S. Bankruptcy Court for Nevada by
Smart Pools Inc., a company managed by David Klohr.  The filing
disclosed no assets and nearly $540,000 in debt.

The report says creditors include vendors such as pool supply
companies.  The company filing said 2010 business income of about
$589,000 was down from $1.5 million in 2009.


SMART-TEK SOLUTIONS: Delays Filing of Quarterly Report
------------------------------------------------------
Smart-Tek Solutions Inc. informed the U.S. Securities and Exchange
Commission that it will be late in filing its quarterly report on
Form 10-Q for the period ended June 30, 2011.  The Company said
The review of the financials by the outside auditors will be
completed on or about Aug. 17, 2011.

                     About Smart-tek Solutions

Newport Beach, Calif.-based Smart-tek Solutions Inc. has two
business lines.  Through its wholly owned subsidiary Smart-Tek
Communications Inc. the Company specializes in the design and
development of Radio Frequency Identification (RFID) integration,
monitoring and tracking solutions to meet industry demands.
Through its wholly owned subsidiary Smart-Tek Automated Services
Inc. the Company provides professional employer organization
services.

John Kinross-Kennedy, of Irvine, California, expressed substantial
doubt about the Company's ability to continue as a going concern.
Mr. Kinross-Kennedy noted that that the Company has suffered
recurring losses until the latest fiscal year, and has a working
capital deficiency of $994,278 and a stockholders' deficiency of
$438,164 at June 30, 2010.

The Company's balance sheet at March 31, 2011, showed $4.31
million in total assets, $3.17 million in total liabilities, all
current, and $1.13 million in total stockholders' equity.


SOVRAN LLC: Court OKs GVA Kidder as Commercial Real Estate Broker
-----------------------------------------------------------------
The U.S. Bankruptcy COURT for the Western District of Washington
has approved Sovran LLC's application, ex parte, for entry of a
temporary order approving the employment of GVA Kidder Mathews as
commercial real estate broker for the Debtor and the Estate with
respect to the marketing and sale of Debtor's real property.

The Debtor is employing GVA Kidder Mathews as its commercial real
estate broker on behalf of the Debtor and the estate for the
purpose of the listing the Debtor's real property in connection
with the Debtor's efforts to sell the property in this pending
chapter 11.

Kidder Mathews is a licensed broker for commercial real estate
under Washington law.

The Debtor has selected Kidder Mathews because the real estate
agents therein have considerable experience in connection with the
Debtor's real estate interests and have advised the Debtor with
respect to such matters prior to the filing of this chapter 11
case.

The Debtor believes that Kidder Mathews is well qualified to
represent it in connection with the Debtor's real estate needs.

Kidder Mathews is not a prepetition creditor of the Debtor.

The Debtor and Kidder Mathews have entered into a listing
agreement setting forth the terms and conditions of Kidder
Mathews' employment as broker.

The Listing Agreement provides for a 10% commission on the first
$5,000,000 of the total sales price plus a 6% commission of the
total sales price over $5,000,000.    Kidder Mathews typically
shares any commission with a selling broker in accordance with
industry practice.

The Debtor has agreed that Kidder Mathews should be paid all
professional compensation allowed by the Bankruptcy Court.

Sovran LLC, filed a Chapter 11 petition (Bankr. W.D. Wash. Case
No. 11-45107) on June 23, 2011.  Richard G. Birinyi, Esq., at
Bullivant Houser Bailey PC, in Seattle, Washington, serves as
counsel.


SULPHCO INC: Reports $424,000 Net Income in Second Quarter
----------------------------------------------------------
SulphCo, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting net income
of $424,476 on $0 of sales for the three months ended June 30,
2011, compared with a net loss of $2.12 million on $0 of sales for
the same period during the prior year.

The Company also reported a net loss of $1.33 million on $0 of
sales for the six months ended June 30, 2011, compared with a net
loss of $4.48 million on $0 of sales for the same period a year
ago.

The Company's balance sheet at June 30, 2011, showed $1.25 million
in total assets, $1.59 million in total liabilities and a $341,612
total stockholders' deficit.

The Company has no revenues, has incurred substantial losses from
operations and has an accumulated deficit of approximately $166.4
million.  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 on the Company's ability
to implement its business plan and raise additional funds.  In the
event the Company is unable to secure additional financing or to
otherwise execute on other strategic arrangements, including the
potential sale of its technology, the Company may have to take
additional actions, up to and including a Chapter 7 bankruptcy
filing.

In the June 3, 2011, edition of the TCR, Dow Jones' DBR Small Cap
reports that SulphCo Inc. said it's running out of cash and might
have to launch a bankruptcy filing if it can't nab new financing
"in the immediate future."  SulphCo Inc. is an energy technology
company.

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

                        http://is.gd/ZwQRcm

                         About SulphCo, Inc.

Houston-based SulphCo -- http://www.sulphco.com/-- has developed
a patented safe and economic process employing ultrasound
technology to alter the molecular structure of liquid petroleum
streams.  The overall process is designed to "upgrade" the quality
of liquid petroleum streams by modifying and reducing the sulfur
and nitrogen content to make those compounds easier to process
using conventional techniques, as well as reducing the density and
viscosity.


TALON INTERNATIONAL: Reports $656,000 Net Income in Second Qtr.
---------------------------------------------------------------
Talon International, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of $656,325 on $12.75 million of net sales for the
three months ended June 30, 2011, compared with net income of
$646,676 on $14.97 million of net sales for the same period during
the prior year.

The Company also reported net income of $255,397 on $21.98 million
of net sales for the six months ended June 30, 2011, compared with
a net loss of $200,967 on $23.20 million of net sales for the same
period a year ago.

The Company's balance sheet at June 30, 2011, showed $17.01
million in total assets, $11.18 million in total liabilities,
$19.15 million in series B Convertible Preferred Stock, and a
$13.33 million total stockholders' deficit.

"The sales decline for the second quarter and first half of this
year was disappointing," noted Lonnie Schnell, Talon's CEO.  "Our
customers trimmed their unit purchases this quarter directly
impacting our peak season sales, reflecting their caution about
consumer demand in the fall and holiday season."

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

                        http://is.gd/SfdszD

                      About Talon International

Woodland Hills, Calif.-based Talon International, Inc. (OTC BB:
TALN) -- http://www.talonzippers.com/-- is a global supplier of
apparel fasteners, trim and interlining products to manufacturers
of fashion apparel, specialty retailers, mass merchandisers, brand
licensees and major retailers.  Talon manufactures and distributes
zippers and other fasteners under its Talon(R) brand, known as the
original American zipper invented in 1893.  Talon also designs,
manufactures, engineers, and distributes apparel trim products and
specialty waistbands under its trademark names, Talon, Tag-It and
TekFit, to more than 60 apparel brands and manufacturers including
Wal-Mart, Kohl's, J.C. Penney, Victoria's Secret, Tom Tailor,
Abercrombie and Fitch, Polo Ralph Lauren, Phillips-Van Heusen,
Reebok and Juicy Couture.  Talon has offices and facilities in the
United States, United Kingdom, Hong Kong, China, and Bangladesh.

The Company reported a net loss of $1.46 million on $41.46 million
of net sales for the year ended Dec. 31, 2010, compared with a net
loss of $2.69 million on $38.67 million of net sales during the
prior year.


TAO-SAHI: Hires Jackson Walker as Counsel, Bolton as Appraiser
--------------------------------------------------------------
The Honorable Ronald B. King has approved the applications of Tao-
Sahi, LP to employ (i) Bolton Real Estate Consultants, Ltd. as its
appraiser, and (ii) Jackson Walker L.L.P. as its counsel, nunc pro
tunc to the Petition Date.

No further compensation is to be paid to Bolton Real Estate except
pursuant to further Court order.

Tao-Sahi LP owns the Holiday Inn NW - Seaworld in San Antonio,
Texas.  Tao-Sahi has no employees.  The Hotel is managed under
contract with an independent management company.  Tao-Sahi filed
for Chapter 11 bankruptcy (Bankr. W.D. Tex. Case No. 11-52027) on
June 7, 2011, to stay foreclosure of the hotel and restructure its
debts.  Judge Ronald B. King presides over the case.  Marvin E.
Sprouse, III, Esq., at Jackson Walker LLP, serves as bankruptcy
counsel.  Bolton Real Estate Consultants, Ltd., serves as the
Debtor's appraiser.  In its Schedules, the Debtor disclosed
$24,735,728 in assets and $20,584,065 in debts.  The petition was
signed by Clayton Isom, CEO of Tao Development Group, LLC, general
partner.

S2 Acquisition LLC, an opportunity fund associated with Square
Mile Capital Management in New York, acquired the hotel debt from
the failed Silverton Bank.  S2 Acquisition is represented by Tom
Rogers, Esq., and Shari L. Heyan, Esq., at Greenberg Traurig.


TBS INTERNATIONAL: Incurs $15.1 Million Net Loss in Second Qtr.
---------------------------------------------------------------
TBS International plc reported a net loss of $15.15 million on
$97.13 million of total revenue for the three months ended
June 30, 2011, compared with a net loss of $10.49 million on
$111.24 million of total revenue for the same period during the
prior year.

The Company also reported a net loss of $33.11 million on
$186.96 million of total revenue for the six months ended June 30,
2011, compared with a net loss of $18.33 million on $211.31
million of total revenue for the same period a year ago.

The Company's selected balance sheet data at June 30, 2011, showed
$662.84 million in total assets, $336.38 million in total debt,
and $268.43 million in total shareholders' equity.

A full-text copy of the Form 10-Q filed with the U.S. Securities
and Exchange Commission is available for free at:

                        http://is.gd/WsQy51

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/Mwqxxo

                    About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning.  The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.

The Company reported a net loss of US$247.76 million on US$411.83
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$67.04 million on US$302.51 million
of total revenue during the prior year.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern.  PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under the
agreements would make the debt callable.  According to PwC, this
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due.

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal Bank
of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.

The Company currently expects to be in compliance with all
financial covenants and other terms of the amended Credit
Facilities through maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation.  In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.


TELKONET INC: Reports $113,000 Net Income in Second Quarter
-----------------------------------------------------------
Telkonet, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting net income
of $113,189 on $2.92 million of total revenue for the three months
ended June 30, 2011, compared with net income of $483,566 on $3.18
million of total revenue for the same period a year ago.

The Company also reported net income of $1.09 million on
$5.41 million of total revenue for the six months ended June 30,
2011, compared with a net loss of $188,301 on $5.76 million of
total revenue for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed
$16.58 million in total assets; $4.18 million in total
liabilities; $968,701 in redeemable preferred stock, Series A;
$1.36 million in redeemable preferred stock, Series B; and $10.07
million in total stockholders' equity.

Telkonet's president and chief executive officer, Jason Tienor,
said, "We're very pleased with our operational performance which
drove quarterly cash flow from operations.  We continue to deliver
significant ongoing cost savings and generate strong cash flow.
We continue to see strong business demand across all of our
products, from individual customers to strategic relationships
with enterprise Energy Service Companies (ESCOs).  Right now we're
very focused on the launch of our EcoGuard product and the
continued market growth and penetration of our EcoSmart Suite.
We're intent on providing our customers seamless and powerful ways
of curbing energy consumption and our second quarter platform and
inventory investments have positioned us securely for long-term
growth."

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

                       http://is.gd/9ozQy2

                          About Telkonet

Milwaukee, Wisconsin-based Telkonet, Inc. is a clean technology
company that develops and manufactures proprietary energy
efficiency and smart grid networking technology.

The Company reported a net loss attributable to common
stockholders of $1.77 million on $11.26 million of total revenue
for the year ended Dec. 31, 2010, compared with net income
attributable to common stockholders of $1.06 million on $10.52
million of total revenue during the prior year.

RBSM LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern, following the
2010 financial results.  RBSM noted that the Company has incurred
significant operating losses in current year and also in the past.


TELVUE CORPORATION: Incurs $824,000 Net Loss in Second Quarter
--------------------------------------------------------------
TelVue Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $824,772 on $1.21 million of revenue for the three months ended
June 30, 2011, compared with a net loss of $774,481 on $971,689 of
revenue for the same period during the prior year.

The Company also reported a net loss of $1.62 million on $2.29
million of revenue for the six months ended June 30, 2011,
compared with a net loss of $1.64 million on $1.86 million of
revenue for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $1.73 million
in total assets, $25.45 million in total liabilities and a $23.72
million stockholders' deficit.

ParenteBeard LLC, in Huntingdon Valley, Pa., expressed substantial
doubt about TelVue's ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has suffered recurring losses from
operations and has a net accumulated deficit.

Since Nov. 2, 1989, TelVue has funded its expansion and operating
deficit from the proceeds of the sale of shares of TelVue's common
stock and Class A Redeemable Convertible Preferred Stock to Mr.
Lenfest, TelVue's majority stockholder, and from loans from Mr.
Lenfest.  As of June 30, 2011, TelVue had entered into eight Line
of Credit Notes with Mr. Lenfest.  The purpose of these Notes is
to fund expansion and operating deficits.

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

                        http://is.gd/t3anoC

                      About TelVue Corporation

Mt. Laurel, N.J.-based TelVue Corporation is a broadcast
technology company that specializes in playback, automation and
workflow solutions for public, education and government ("PEG")
television stations; cable, telephone company ("Telco") and
satellite television providers; K-12 and higher education
institutions; and professional broadcasters.


TERRESTAR CORP: Echostar Corp. to Get $675-Mil. from Sale
---------------------------------------------------------
Greg Avery at Denver Business Journal reports that Dish Network
Corp. isn't the only Charlie Ergen company with reason to eagerly
anticipate completion of the satellite broadcaster's $1.375
billion purchase of TerreStar Networks .

According to the report, about half the money -- $675 million --
that Dish Network will spend buying TerreStar out of bankruptcy is
poised to go to EchoStar Corp., the sister company to Dish
Network.

Mr. Avery notes EchoStar, based in Arapahoe County, lined up last
year to buy TerreStar, acquiring half its debt and negotiating a
debt-for-equity swap that would bring TerreStar out of Chapter 11
bankruptcy.  That deal fell apart in February, but Douglas County-
based Dish Network emerged a few weeks later as TerreStar's
successful stalking horse bidder.

The report notes it beat out others vying for TerreStar by
structuring a bid that paid back debtholders in full.

The report relates that EchoStar expects the deal closing will
repay its $675 million investment in TerreStar debt, according to
an Aug. 9 filing to the Securities & Exchange Commission.  But
the filing also calls the investment in TerreStar debt highly
speculative and said there's no guarantee the debt will be repaid.
EchoStar and Dish Network had been part of the same company prior
to early 2008.  EchoStar remains Dish Network's hardware supplier.
Ergen is founder, chairman and controlling shareholder of both
companies.

Dish Network received a bankruptcy judge's approval to buy
TerreStar Networks on July 7.

The satellite broadcaster is waiting for the Federal
Communications Commission to approve the transfer of TerreStar's
satellite broadcast licenses.  It's not clear how long that might
take, or whether the FCC will raise concerns.

                      About TerreStar Networks

TerreStar Corporation and TerreStar Holdings, Inc., filed
voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for
the Southern District of New York on Feb. 16, 2011.

TSC's Chapter 11 filing joins the bankruptcy proceedings of
TerreStar Networks Inc. and 12 other affiliates, which filed on
Oct. 19, 2010.  The October Chapter 11 cases are procedurally
consolidated under TSN's Case No. 10-15446 under Judge Sean H.
Lane.

TSC is the parent company of each of the October Debtors.  TSC has
four wholly owned direct subsidiaries: TerreStar Holdings, Inc.,
TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings
Inc.

TSC's case is jointly administered with the cases of seven of the
October Debtors under the caption In re TerreStar Corporation, et
al., Case No. 11-10612 (SHL).  The seven Debtor entities who
sought joint administration with TSC are TerreStar New York Inc.,
Motient Communications Inc., Motient Holdings Inc., Motient
License Inc., Motient Services Inc., Motient Ventures Holdings
Inc., and MVH Holdings Inc.

TSC is a Delaware corporation whose main asset is the equity in
non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use
a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by
the Federal Communication Commission.  TSC also has an indirect
89.3% ownership interest in TerreStar Network, Inc., which
operates a separate and distinct mobile communications business.
TerreStar Holdings is a Delaware corporation that directly holds
100% of the interests in 1.4 Holdings LLC.

TerreStar Networks -- TSN -- the principal operating entity of
TSC, developed an innovative wireless communications system to
provide mobile coverage throughout the United States and Canada
using satellite-terrestrial smartphones.  The system, however,
required an enormous amount of capital expenditures and initially
produced very little in the way of revenue.  TSN's available cash
and borrowing capacity were insufficient to cover its funding;
thus, forcing TSN to seek bankruptcy protection in October 2010.

TSC estimated assets and debts of $100 million to $500million in
its Chapter 11 petition.

Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
in New York, serves as counsel for the TSC and TSN Debtors.
Garden City Group is the claims and notice agent.  Blackstone
Advisory Partners LP is the financial advisor.

The Garden City Group, Inc., is the claims and noticing agent in
the Chapter 11 cases.  Otterbourg Steindler Houston & Rosen P.C.
is the counsel to the Official Committee of Unsecured Creditors
formed in TSN's Chapter 11 cases.  FTI Consulting, Inc., is the
Committee's financial advisor.

TerreStar has signed a contract to sell its business to Dish
Network Corp. for $1.38 billion.  TerreStar cancelled a June 30
auction because there were no competing bids submitted by the
deadline.


TERRESTAR CORP: Seeks Court OK for Execs. Compensation Program
--------------------------------------------------------------
BankruptcyData.com reports that TerreStar Corporation filed with
the U.S. Bankruptcy Court a motion for an order approving a
management compensation program for three of its officers. The
amount that will be paid to the key executives under the
compensation program is capped at $500,000.

The Court scheduled an Aug. 26, 2011, hearing on the matter.

             About TerreStar Corp. and TerreStar Networks

TerreStar Corporation and TerreStar Holdings, Inc., filed
voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for
the Southern District of New York on Feb. 16, 2011.

TSC's Chapter 11 filing joins the bankruptcy proceedings of
TerreStar Networks Inc. and 12 other affiliates, which filed on
Oct. 19, 2010.  The October Chapter 11 cases are procedurally
consolidated under TSN's Case No. 10-15446 under Judge Sean H.
Lane.

TSC is the parent company of each of the October Debtors.  TSC has
four wholly owned direct subsidiaries: TerreStar Holdings, Inc.,
TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings
Inc.

TSC's case is jointly administered with the cases of seven of the
October Debtors under the caption In re TerreStar Corporation, et
al., Case No. 11-10612 (SHL).  The seven Debtor entities who
sought joint administration with TSC are TerreStar New York Inc.,
Motient Communications Inc., Motient Holdings Inc., Motient
License Inc., Motient Services Inc., Motient Ventures Holdings
Inc., and MVH Holdings Inc.

TSC is a Delaware corporation whose main asset is the equity in
non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use
a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by
the Federal Communication Commission.  TSC also has an indirect
89.3% ownership interest in TerreStar Network, Inc., which
operates a separate and distinct mobile communications business.
TerreStar Holdings is a Delaware corporation that directly holds
100% of the interests in 1.4 Holdings LLC.

TerreStar Networks -- TSN -- the principal operating entity of
TSC, developed an innovative wireless communications system to
provide mobile coverage throughout the United States and Canada
using satellite-terrestrial smartphones.  The system, however,
required an enormous amount of capital expenditures and initially
produced very little in the way of revenue.  TSN's available cash
and borrowing capacity were insufficient to cover its funding;
thus, forcing TSN to seek bankruptcy protection in October 2010.

TSC estimated assets and debts of $100 million to $500million in
its Chapter 11 petition.

Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
in New York, serves as counsel for the TSC and TSN Debtors.
Garden City Group is the claims and notice agent.  Blackstone
Advisory Partners LP is the financial advisor.

The Garden City Group, Inc., is the claims and noticing agent in
the Chapter 11 cases.  Otterbourg Steindler Houston & Rosen P.C.
is the counsel to the Official Committee of Unsecured Creditors
formed in TSN's Chapter 11 cases.  FTI Consulting, Inc., is the
Committee's financial advisor.


TEXAS RANGERS: Tom Hicks Sued by Former Investors
-------------------------------------------------
Bloomberg News, citing The Associated Press, said Tom Hicks was
sued by former investors in the Texas Rangers who claim he used
the baseball club to enrich himself at the team's expense while he
was the owner.  Mr. Hicks ignored team obligations and bought land
for parking lots and roads, according to the complaint brought on
behalf of the Rangers partnership by bankruptcy administrator Alan
Jacobs, AP said.  Mr. Hicks's actions left the Rangers insolvent,
the former investors claim in the lawsuit filed in state court in
Dallas, AP said.  A spokeswoman for Mr. Hicks's company denied the
allegations, AP said.

                   About Texas Rangers Baseball

Texas Rangers Baseball Partners owned and operated the Texas
Rangers Major League Baseball Club, a professional baseball club
in the Dallas/Fort Worth Metroplex.  TRBP is a Texas general
partnership, in which subsidiaries of HSG Sports Group LLC own a
100% stake.  Controlled by Thomas O. Hicks, HSG also indirectly
wholly-owns Dallas Stars, L.P., which owns and operates the Dallas
Stars National Hockey League franchise.  The Texas Rangers have
had five owners since the club moved to Arlington in 1972.  Mr.
Hicks became the fifth owner in the history of the Texas Rangers
on June 16, 1998.

Texas Rangers Baseball Partners filed a Chapter 11 petition
(Bankr. N.D. Tex. Case No. 10-43400) on May 24, 2010.  The
partnership filed simultaneously with the bankruptcy petition a
Chapter 11 plan that contemplated the sale of the club to an
entity formed by a group that includes the current President of
the Texas Rangers, Nolan Ryan, and Chuck Greenberg, a sports
lawyer and minor league club owner.  In its petition, Texas
Rangers Baseball Partners said it had both assets and debt of less
than $500 million.

Martin A. Sosland, Esq., at Weil, Gotshal & Manges LLP, served as
bankruptcy counsel to the Debtor.  Forshey & Prostok LLP was the
conflicts counsel.  Parella Weinberg Partners LP served as
financial advisor.  Major League Baseball was represented by Sandy
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka PC.

Lenders to the Texas Rangers sought to force the baseball team's
equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity
Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D.
Tex. Case No. 10-43624 and 10-43625).  The lenders, a group that
includes investment funds Monarch Alternative Capital and
Kingsland Capital Management, filed an involuntary bankruptcy
petition on May 28, 2010 against the two companies.  The two
companies were not included in the May 24 Chapter 11 filing of
TRBP.

U.S. Bankruptcy Judge Stacey G.C. Jernigan on Aug. 5, 2010
confirmed the Debtor's Prepackaged Plan of Reorganization, as
amended four times.  The judge's confirmation order cleared
the way for a group of Hall of Fame pitcher Nolan Ryan, and
Pittsburgh sports attorney and minor-league team owner Charles
Greenberg to purchase the Texas Rangers.  The Ryan group paid
$385 million in cash and assumed $208 million in liabilities.  The
Ryan group outbid Dallas Mavericks owner Mark Cuban at an auction.


THORNBURG MORTGAGE: Countrywide, BofA Want Suit Moved to Calif.
---------------------------------------------------------------
Bankruptcy Judge Duncan W. Keir on Aug. 16 signed off on a
stipulation and order modifying briefing schedule and extending
the defendants' time to respond to the amended complaint filed by
Joel I. Sher -- the Chapter 11 Trustee for TMST Inc., formerly
known as Thornburg Mortgage Inc., et al. -- and Zuni Investors,
LLC.  The amended complaint, filed April 29, 2011, is captioned
Joel I. Sher, et ano. v. Countrywide Home Loans Inc., et ano.,
Adv. Proc. No. 11-00337 (Bankr. D. Md.).

Defendant Countrywide Home Loans and Bank of America Corporation
are seeking dismissal of the Complaint.  Countrywide also has
filed a motion to transfer venue of the adversary proceeding to
the United States District Court for the Central District of
California.  The Defendants also have filed a motion to withdraw
the reference of the Complaint.

On July 29, 2011, the Plaintiffs filed an Amended Complaint for
Breach of Contract, which, by superseding the Complaint, rendered
the Defendants' motions to dismiss the Complaint moot.

A copy of the Stipulation, dated Aug. 16, is available at
http://is.gd/dUYPlqfrom Leagle.com.

Attorneys for Zuni Investors are David J. Grais, Esq., Mark B.
Holton, Esq., and Leanne M. Wilson, Esq. --
dgrais@graisellsworth.com mholton@graisellsworth.com and
lwilson@graisellsworth.com -- at Grais & Ellsworth LLP, in New
York.

Attorneys for Bank of America Corporation are Jonathan Rosenberg,
Esq., and William J. Sushon -- jrosenberg@omm.com and
wsushon@omm.com -- O'Melveny & Myers LLP in New York.

Attorneys for Countrywide Home Loans, Inc., are Lawrence D.
Coppel, Esq. -- lcoppel@gfrlaw.com -- at Gordon, Feinblatt,
Rothman, Hoffberger & Hollander LLC in Baltimore, Maryland; Joseph
F. Yenouskas, Esq. -- jyenouskas@goodwinprocter.com -- at Goodwin
Procter LLP, in Washington DC; and Brian E. Pastuszenski, Esq.,
John J. Falvey, Jr., Esq., and Matthew G. Lindenbaum, Esq. --
bpastuszenski@goodwinprocter.com jfalvey@goodwinproctor.com and
mlindenbaum@goodwinproctor.com -- at Goodwin Procter in Boston,
Massachusetts.

As reported by the Troubled Company Reporter on May 3, 2011, the
TMST Trustee sued Wall Street banks for $2.2 billion, alleging
they engaged in series of "collusive" and "predatory" schemes that
eventually drove Thornburg into bankruptcy.  The defendants
include:

     * J.P. Morgan Chase & Co.,
     * Citigroup Inc.,
     * Goldman Sachs Group Inc.,
     * Bank of America,
     * Countrywide Home Loans,
     * subsidiaries of Barclays PLC,
     * Credit Suisse Group,
     * Royal Bank of Scotland Group PLC, and
     * UBS AG

In the suit against BofA and Countrywide, the Trustee contends
Countrywide misrepresented the nature of hundreds of home loans
securitized and sold to Thornburg in 2006; and that Bank of
America, now Countrywide's parent, has "engaged in an elaborate
corporate shell game" intended to shed Countrywide's liabilities.
The Trustee is asking the bankruptcy judge overseeing the
Thornburg case to force the bank to repurchase the loans.

                     About Thornburg Mortgage

Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages.  It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets.  Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.

Thornburg Mortgage and its four affiliates filed for Chapter 11
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
Thornburg changed its name to TMST, Inc.

Judge Duncan W. Keir is handling the case.  David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, is tapped as counsel.
Orrick, Herrington & Sutcliffe LLP is employed as special counsel.
Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin
Capital, Inc., are tapped as investment banker and financial
advisor.  Protiviti Inc. is also engaged for financial advisory
services.  KPMG LLP is the tax consultant.  Epiq Systems, Inc., is
claims and noticing agent.  Thornburg disclosed total assets of
$24.4 billion and total debts of $24.7 billion, as of Jan. 31,
2009.

On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.


TOUSA INC: LSTA Urges Appeals Court to Preserve $500MM Loan
-----------------------------------------------------------
American Bankruptcy Institute reports that the Loan Syndications
and Trading Association has urged a federal appeals court to
uphold a ruling that rescued a $500 million loan from a fraud
finding in the bankruptcy of Florida home builder Tousa Inc.

                          About Tousa Inc.

Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on Jan. 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928).  The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul
M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven
Singerman, Esq., at Berger Singerman, to represent them in
their restructuring efforts.  Lazard Freres & Co. LLC is the
Debtors' investment banker.  Ernst & Young LLP is the Debtors'
independent auditor and tax services provider.  Kurtzman Cars
LLC acts as the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.

The official committee of unsecured creditors has filed a proposed
chapter 11 liquidating plan for Tousa.  However, the committee
said that it no longer intends to pursue approval of its
liquidation plan because of the pending appeal of its fraudulent
transfer case in the U.S. Court of Appeals for the Eleventh
Circuit.  A district court in February 2011 held that the
bankruptcy judge was wrong in ruling that lenders who were paid
off received fraudulent transfers when Tousa gave liens on
subsidiaries' properties to bail out and refinance a joint
venture.  Daniel H. Golden, Esq., and Philip C. Dublin, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York, represent the
creditors committee.


TRADE UNION: Wants Until Oct. 1 to Solicit Plan Acceptances
-----------------------------------------------------------
Trade Union International, Inc., and Duck House, Inc., ask the
U.S. Bankruptcy Court for the Central District of California to
extend their exclusive period to solicit acceptances for the
proposed chapter 11 plan until Oct. 1, 2011.

The Debtors filed their request for an extension before the
exclusive period was set to expire on Aug. 1.

The Debtors related that they are working towards negotiations
with creditors, maintaining business operations, and identifying
assets for sale.

                            Plan Terms

As reported in the Troubled Company Reporter on June 9, 2011,
pursuant to the Plan terms, Allowed Administrative Claims will be
paid in full on the Effective Date unless the holder of an Allowed
Administrative Claim agrees to a different treatment.

Allowed Priority Tax Claims will be paid in full within five years
of the Petition Date.

Allowed General Unsecured Claims are impaired under the Plan.
Depending on the Creditor's election for treatment, Allowed
General Unsecured Claims will be paid either (i) 20% of their
Allowed Claim within thirty days of the Effective Date, or
(ii) 50% of their Allowed Claim payable in annual installments of
10% each over a five year period from the Effective Date, with the
first 10% installment payment to be made within thirty days of the
Effective Date.

With respect to Debtors' obligations to the Bank Group,
$2.0 million will be paid on the Effective Date to reduce the
principal balance to $9.5 million.  Contingent on the sale of non-
Estate assets by the Changs or third party financing, a second
payment of $2.0 million will be paid at the end of the 2nd year
after the Effective Date.  If the sale of non-Estate assets or
separate financing by the Changs is not obtained, this payment
will not be made.

5.25% interest only payments will be made during years 1-2,
payable monthly, commencing on the first day of the first full
month following the Effective Date.  Thereafter, payments of
principal and interest will be made quarterly, based a 25 year
amortization schedule, with payments commencing at the end of
first quarter in year 3.  The Claim of the Bank Group will be paid
in full five years from the Effective Date.

The rights of Wei Pen Chang and Mei Lien Chang are not modified by
the Plan.  The Existing Stock will remain in effect.

The Debtors will make payments under the Plan primarily from
continued business operations.  Payments to the Bank Group and
other creditors may also be funded from the China Plant sale
transaction, the net benefit of which is expected to be
approximately 11.5 million RMB, and from sale of assets that are
not property of the Estates, some of which such property currently
serves as collateral under the Bank Group's Secured Claim.

The Cash in the Estate as of the Confirmation Date and the Cash
which will be obtained by the Estate after the Confirmation Date
will be distributed to Allowed Administrative Claims, Allowed
Priority Tax Claims, Allowed Secured Claims, and Allowed General
Unsecured Claims on account of their Allowed Claims amounts
pursuant to the provisions of the Plan.

A copy of the disclosure statement describing the Debtors'
Chapter 11 Reorganization Plan is available at:

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

                        About Trade Union

Montclair, California-based Trade Union International Inc.
supplies aftermarket aluminum alloy wheels and wheel and truck
accessories.  It filed for Chapter 11 bankruptcy protection on
January 31, 2011 (Bankr. C.D. Calif. Case No. 11-13071).  James C.
Bastian, Jr., Esq., at Shulman Hodges & Bastian LLP, in Irvine,
Calif., serves as the Debtor's bankruptcy counsel.  In its
schedules, the Debtor disclosed $11,350,971 in assets and
$19,826,869 in liabilities.

Affiliate Duck House, Inc., a California corporation, filed a
separate Chapter 11 petition on January 27, 2011 (Bankr. C.D.
Calif. Case No. 11-13072).  Duck House, Inc., specializes is
designing products for sports enthusiasts.

Trade Union and Duck House are each owned one-half by Wen Pin
Chang and one-half by Mei Lien Chang.


TRICO MARINE: Exits Bankruptcy, Assets to Be Liquidated
-------------------------------------------------------
Trico Marine Services Inc. exited bankruptcy Aug. 11.

Carla Main at Bloomberg News reports the confirmed plan provides,
among other things, for the liquidation of the remaining assets of
certain Debtors by a plan administrator and for the satisfaction
of all allowed claims.

Bill Murphy at citybizlist.com reports that Trico Marine plans to
shortly begin its liquidation after a bankruptcy court approved
its plan under Chapter 11.

The Bloomberg report relates that the Plan stems from a settlement
with non-bankrupt units approved in February.  The Plan
distributes its portion of the former units' stock to the parent's
creditors.  General unsecured creditors with claims of about
$3.1 million are being paid 11% to 16% in cash.  Holders of the
8.125% secured notes take $6.5 million in cash.  For the
noteholders' $209 million in deficiency claims, they receive 70.5%
of the stock and warrants from the settlement.  The class
representing $163 million in qualified investor claims voted
against the plan.  By using cramdown, the judge is forcing them to
receive 29.5% of the stock and warrants.

In May, Trico Marine Services said it successfully completed an
out-of-court restructuring of its Trico Supply Group, which
includes Trico Supply AS, Trico Shipping AS, DeepOcean AS, CTC
Marine Projects Ltd. and other subsidiaries.  Under that deal,
$399.5 million, or 99.88 percent, of Trico Shipping's 11 7/8
percent senior secured Notes due 2014, Trico Supply Group's
working capital facility debt and intercompany claims and
interests held by Trico Marine entities, were to be converted into
equity with the holders proportionately sharing the common stock
of DeepOcean Group Holding AS, a new Norwegian private limited
company.

A complete text of the Aug. 2 order confirming the Plan is
available at http://is.gd/xMCVhs

A complete text of the Confirmed Plan is available at
http://is.gd/RgIiR2

                        About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provided subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection (Bankr. D. Del. Case No.
10-12653) on Aug. 25, 2010.  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
serve as the Debtor's bankruptcy counsel.  The Debtor disclosed
US$30,562,681 in assets and US$353,606,467 in liabilities as of
the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  The financial advisors are Evercore Partners and AP
Services LLC.  Epiq Bankruptcy Solutions is the Debtors' claims
and notice agent.  Postlethwaite & Netterville serves as the
Debtors' accountant and Ernst & Young LLP serves as tax advisors.
PricewaterhouseCoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and were not subject
to the requirements of the U.S. Bankruptcy Code.

The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Delaware, and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.

The Trico Supply Group -- which includes Trico Supply AS, Trico
Shipping AS, DeepOcean AS, CTC Marine Projects Ltd. and other
subsidiaries -- completed an out-of-court restructuring in May
2011.  Pursuant to the out-of-court restructuring, $399,500,000 or
99.88%, of Trico Shipping's 11-7/8% Senior Secured Notes due 2014,
the Trico Supply Group's working capital facility debt and
intercompany claims and interests held by Trico Marine entities,
were equitized and the holders received common stock of DeepOcean
Group Holding AS, a new Norwegian private limited company.
DeepOcean Holding and its subsidiaries, including Trico Supply,
Trico Shipping, DeepOcean, CTC and other subsidiaries, were spun
off Trico Marine.


TRIUS THERAPEUTICS: Incurs $10-Mil. Net Loss in 2nd Quarter
-----------------------------------------------------------
Trius Therapeutics, Inc., reported a net loss of $9.98 million on
$2.86 million of total revenues for the three months ended
June 30, 2011, compared with a net loss of $2.34 million on $2.08
million of total revenues for the same period during the prior
year.

The Company also reported a net loss of $20.05 million on
$5.57 million of total revenues for the six months ended June 30,
2011, compared with a net loss of $6.61 million on $3.57 million
of total revenues for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed
$61.15 million in total assets, $14.85 million in total
liabilities, and $46.29 million in total stockholders' equity.

"We have made significant advances on multiple fronts that have
collectively added considerable value to Trius.  We are also very
encouraged that enrollment completion of our 112 trial and the
start of our 113 trial are both on target for this year," said
Jeffrey Stein, Ph.D., president and chief executive officer of
Trius.

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/pCSX19

                     About Trius Therapeutics

San Diego, Calif.-based Trius Therapeutics, Inc. (Nasdaq: TSRX) --
http://www.triusrx.com/-- is a biopharmaceutical company focused
on the discovery, development and commercialization of innovative
antibiotics for serious, life-threatening infections.  The
Company's first product candidate, torezolid phosphate, is an IV
and orally administered second generation oxazolidinone being
developed for the treatment of serious gram-positive infections,
including those caused by MRSA.  In addition to the company's
torezolid phosphate clinical program, it is currently conducting
two preclinical programs using its proprietary discovery platform
to develop antibiotics to treat infections caused by gram-negative
bacteria.

The Company has incurred losses since its inception and it
anticipates that it will continue to incur losses for at least the
next several years.  The Company does not anticipate that its
existing working capital, including the funds received on
Aug. 6, 2010, from its IPO, alone will be sufficient to fund its
operations through the successful development and
commercialization of torezolid phosphate or any other products it
develops.  As a result, the Company says it will need to raise
additional capital to fund its operations and continue to conduct
clinical trials to support potential regulatory approval of
torezolid phosphate and any other product candidates.

The Company reported a net loss of $23.86 million on $8.03 million
of total revenues for the year ended Dec. 31, 2010, compared with
a net loss of $22.68 million on $5.01 million of total revenues
during the prior year.


UNI-PIXEL INC: Incurs $1.7 Million Net Loss in Second Quarter
-------------------------------------------------------------
Uni-Pixel, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $1.72 million on $137,978 of revenue for the three months ended
June 30, 2011, compared with net income of $676,300 on $39,228 of
revenue for the same period a year ago.

The Company also reported a net loss of $4.82 million on $189,566
of revenue for the six months ended June 30, 2011, compared with a
net loss of $1.47 million on $102,764 of revenue for the same
period during the prior year.

The Company's balance sheet at June 30, 2011, showed $10.93
million in total assets, $64,742 in total liabilities and $10.86
million total shareholders' equity.

"The advancement and commercialization of our UniBoss Performance
Engineered Film technology has been our number one priority and
focus over the last two quarters," said Reed Killion, UniPixel's
President and CEO.  "We raised our last round of funding in
December 2010 specifically to bring mastering and manufacturing
capabilities for our UniBoss Performance Engineered Film
technology in-house and commercialize the flexible printed circuit
products that are enabled by the UniBoss manufacturing process."

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

                        http://is.gd/cLPzh2

                        About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company
delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

The Company reported a net loss of $3.81 million on $243,519 of
thin film revenue for the year ended Dec. 31, 2010, compared with
a net loss of $5.37 million on $0 of thin film revenue during the
prior year.

PMB Helin Donovan, LLP, in Houston, expressed substantial doubt
about the Company's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has sustained losses and negative cash
flows from operations since inception.


UNIGENE LABORATORIES: Incurs $8.4-Mil. Net Loss in Second Quarter
-----------------------------------------------------------------
Unigene Laboratories, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $8.43 million on $2.47 million of revenue for the
three months ended June 30, 2011, compared with a net loss of
$3.64 million on $3.02 million of revenue for the same period a
year ago.

The Company also reported a net loss of $15.08 million on $4.59
million of revenue for the six months ended June 30, 2011,
compared with a net loss of $19.59 million on $5.56 million of
revenue for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $21.79
million in total assets, $76.33 million in total liabilities and a
$54.53 million total stockholders' deficit.

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

                        http://is.gd/DtU2LG

                           About Unigene

Unigene Laboratories, Inc. OTCBB: UGNE) -- http://www.unigene.com/
-- is a biopharmaceutical company focusing on the oral and nasal
delivery of large-market peptide drugs.

Grant Thornton LLP, in New York, expressed substantial doubt about
Unigene Laboratories' ability to continue as a going concern
following the Company's 2009 results.  The firm noted that the
Company has incurred a net loss of $13,400,000 during the year
ended Dec. 31, 2009 and has an accumulated deficit of
approximately $143,000,000 as of Dec. 31, 2009.  As of that
date, the Company's current liabilities exceeded its current
assets by $1,251,000 and its total liabilities exceeded total
assets by $30,442,000.

The Company reported a net loss of $27.86 million on $11.34
million of revenue for the year ended Dec. 31, 2010, compared with
a net loss of $13.37 million on $12.79 million of revenue during
the prior year.


UNIVERSAL SOLAR: Incurs $993,000 Net Loss in Second Quarter
-----------------------------------------------------------
Universal Solar Technology, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of $993,197 on $768,035 of sales for the
three months ended June 30, 2011, compared with a net loss of
$207,614 on $0 of sales for the same period during the prior year.

The Company also reported a net loss of $1.25 million on $1.72
million of sales for the six months ended June 30, 2011, compared
with a net loss of $456,256 on $0 of revenue for the same period a
year ago.

The Company reported a net loss of $593,808 on $2.4 million of
sales for 2010, compared with a net loss of $389,435 on $691,713
of sales for 2009.

The Company's balance sheet at June 30, 2011, showed $10.55
million in total assets, $12.61 million in total liabilities and a
$2.06 million total stockholders' deficiency.

As reported by the TCR on April 5, 2011, Paritz & Company, P.A.,
in Hackensack, New Jersey, expressed substantial doubt about
Universal Solar Technology's ability to continue as a going
concern, after auditing the Company's 2010 results.  The
independent auditors noted that the Company's current liabilities
exceeded its current assets by $1,484,406 and the Company has
incurred net loss of $1,519,274 since inception.

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

                        http://is.gd/ET3olV

                       About Universal Solar

Headquartered in Zhuhai City, Guangdong Province, in the People's
Republic of China, Universal Solar Technology, Inc., was
incorporated in the State of Nevada on July 24, 2007.  It operates
through its wholly owned subsidiary, Kuong U Science & Technology
(Group) Ltd., a company incorporated in Macau, the People's
Republic of China on May 10, 2007, and its subsidiary, Nanyang
Universal Solar Technology Co., Ltd., a wholly foreign owned
enterprise registered on Sept. 8, 2008 under the wholly foreign-
owned enterprises laws of the PRC.

The Company primarily manufactures, markets and sells silicon
wafers to manufacturers of solar cells.  In addition, the Company
manufactures photovoltaic modules with solar cells purchased from
third parties.


UPD GLOBAL RESOURCES: Owes $4.3-Mil. to PBC on Judgement
--------------------------------------------------------
UPD Global Resources Inc., a manufacturer of adhesives and
sealants, filed for Chapter 11 protection (Bankr. S.D. Tex. Case
No. 11-br-36970) on Aug. 15 in Houston.  The bankruptcy files show
that P.B.C. Services Inc., a bulk pneumatic conveyor company based
in Houma, Louisiana, holds an unsecured lien based on a judgment
in the amount of $4.3 million, and the Port of Houston has a
"landlord's lien" against the debtor for $80,700, according to
Bloomberg News.

William P. Haddock, Esq., at Pendergraft & Simon, in Houston,
serves as counsel to the Debtor.  The Debtor, based in Houston,
estimated it has more than $10 million and less than $50 million
of both assets and liabilities.


URBAN WEST: Plans to Seek Dismissal, Asks for Exclusivity
---------------------------------------------------------
Urban West Rincon Developers II, LLC, asks the U.S. Bankruptcy
Court for the Northern District of California for an order
extending the exclusive period for Debtors to file a plan and
obtain acceptances, through and including Oct. 7, 2011, and
Dec. 6, 2011, respectively.

The Debtor states that failure to extend these periods would cause
the Debtor to unnecessarily expend fees to file a plan and
disclosure statement when their intention is to fulfill its
compromise obligations and dismiss its Chapter 11 cases.

The Debtor's case is not large in terms of numbers of creditors,
involving fewer than 50 creditors each who are owed some $1
million.  However, a large amount of money is at stake in terms of
the secured debt ($38 million) and the cases' legal issues are
extremely complicated.  The Debtor says its case has proven to be
complex in that there are various partnership interests involved.

                 About Urban West Rincon Developers

San Francisco, California-based Urban West Rincon Developers II,
LLC, filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Calif. Case No. 11-30924) on March 9, 2011.  Heinz Binder, Esq.,
and Roya Shakoori, Esq., at the Law Offices of Binder and Malter,
serves as the Debtor's bankruptcy counsel.


US FIDELIS: Robert E. Eggmann Authorized to Withdraw as Counsel
---------------------------------------------------------------
The Hon. Charles E. Rendlen, III, of the U.S. Bankruptcy Court for
the Eastern District of Missouri authorized Robert E. Eggmann to
withdraw as counsel for US Fidelis, Inc.

According to Mr. Eggmann, as of Aug. 1, 2011, he will no longer be
affiliated with the law firm of Lathrop & Gage, LLP.

Judge Renden also ordered that Brian Fenimore, Laura Toledo, at
Lathrop & Gage LLP will remain as lead counsel of record for
Debtor and therefore will continue to represent Debtor in the
instant proceeding and all other associated cases.

Wentzville, Missouri-based US Fidelis, Inc., was a marketer of
vehicle service contracts developed by independent and unrelated
companies.  It stopped writing new business in December 2009.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Mo. Case No. 10-41902) on March 1, 2010.  Brian Fenimore,
Laura Toledo, at Lathrop & Gage LLP, assists the Company in its
restructuring effort.  In its schedules, the Company had assets of
$74,386,836, and total debts of $25,770,655 as of the petition
date.


UTSTARCOM INC: Posts $11.3 Million Net Income in Second Quarter
---------------------------------------------------------------
UTStarcom Holdings Corp. reported net income of $11.27 million on
$81.36 million net sales for the three months ended June 30, 2011,
compared with a net loss of $8.97 million on $62.61 million of net
sales for the same period during the prior year.

The Company also reported net income of $758,000 on
$134.17 million of net sales for the six months ended June 30,
2011, compared with a net loss of $24.93 million on $131.79
million of net sales for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $707.53
million in total assets, $456.97 million in total liabilities, and
$250.55 million in total equity.

"With a significant boost from the equipment business, UTStarcom
obtained our first profitable quarter after 24 consecutive
quarters of losses.  It is a very important milestone for the new
management team to achieve after a long process of restructuring
and reorganization.  I am happy that our efforts have started to
gain some traction," said Jack Lu, President and CEO of UTStarcom.
"However, there were significant items which had positive impact
on our results this quarter.  We understand that it will require
more discipline and more meaningful progress on the top line to
achieve sustainable profitability."

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/QEa3gR

                        About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

The Company reported a net loss of $65.29 million on $291.53
million of net sales for the year ended Dec. 31, 2010, compared
with a net loss of $225.70 million on $386.34 million of net sales
during the prior year.


VERENIUM CORP: Incurs $1.4 Million Net Loss in Second Quarter
-------------------------------------------------------------
Verenium Corporation reported a net loss attributed to Verenium of
$1.46 million on $15.13 million of total revenue for the three
months ended June 30, 2011, compared with a net loss attributed to
Verenium of $4.48 million on $13.68 million of total revenue for
the same period during the prior year.

The Company also reported net income attributed to Verenium $2.34
million on $28.53 million of total revenue for the six months
ended June 30, 2011, compared with a net loss attributed to
Verenium of $16.48 million on $25.90 million of total revenue for
the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $71.47
million in total assets, $65.12 million in total liabilities and
$6.35 million in stockholders' equity.

"I am very pleased with the progress we've made in terms of
product revenues and partnership negotiations in the first half of
the year," said James E. Levine, president and chief executive
officer at Verenium.  "In the second quarter we saw significant
growth and diversification of product revenues through our Grain
and Oilseed Processing products.  In addition, we entered into an
important collaboration with Novus International Inc. to develop
multiple products for the animal health and nutrition market,
demonstrating the value of Verenium's product development
capabilities in the large and growing global industrial enzymes
market."

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/A6FGey

                    About Verenium Corporation

Cambridge, Mass.-based Verenium Corporation (NASDAQ: VRNM) --
http://www.verenium.com/-- is a pioneer in the development and
commercialization of high-performance enzymes for use in
industrial processes.  Verenium currently sells enzymes developed
using its R&D capabilities to industrial customers globally for
use in markets including biofuels, animal health and oil seed
processing.

The Company reported a net loss of $5.35 million on $52.07 million
of total revenue for the year ended Dec. 31, 2010, compared with a
net loss of $56.24 million on $48.82 million of total revenue
during the prior year.

As reported in the Troubled Company Reporter on March 19, 2010,
Ernst & Young LLP, in San Diego, Calif., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
operating losses and accumulated deficit of $630.0 million at
Dec. 31, 2009.


VIEW SYSTEMS: Incurs $245,000 Net Loss in Second Quarter
--------------------------------------------------------
View Systems, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $245,317 on $74,272 of net revenues for the three months ended
June 30, 2011, compared with net income of $199,703 on $214,956 of
net revenues for the same period during the prior year.

The Company also reported a net loss of $351,364 on $191,296 of
net revenues for the six months ended June 30, 2011, compared with
a net loss of $258,602 on $478,947 of net revenues for the same
period a year ago.

The Company's balance sheet at June 30, 2011, showed $1.09 million
in total assets, $1.43 million in total liabilities and a $345,694
total stockholders' deficit.

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

                        http://is.gd/ICCZ9Z

                        About View Systems

Baltimore, Md.-based View Systems, Inc., develops, produces and
markets computer software and hardware systems for security and
surveillance applications.

As reported in the TCR on March 15, 2011, Robert L. White &
Associates, Inc., in Cincinnati, Ohio, expressed substantial doubt
about View Systems' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company had a net loss of $513,353 for the year
ended Dec. 31, 2010, and has an accumulated deficit of $22,837,787
at Dec. 31, 2010.


VITESSE SEMICONDUCTOR: Posts $6.5-Mil. Net Income in June 30 Qtr.
-----------------------------------------------------------------
Vitesse Semiconductor Corporation filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting net income of $6.55 million on $35.98 million of net
revenues for the three months ended June 30, 2011, compared with
net income of $33.03 million on $37.53 million of net revenues for
the same period during the prior year.

The Company also reported a net loss of $10.22 million on $110.62
million of of net revenues for the nine months ended June 30,
2011, compared with a net loss of $34.89 million on $123.09
million of net revenues for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $72.02
million in total assets, $96.49 million in total liabilities and a
$24.47 million total stockholders' deficit.

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

                        http://is.gd/ewdZlV

                           About Vitesse

Based in Camarillo, California, Vitesse Semiconductor Corporation
(Pink Sheets: VTSS.PK) -- http://www.vitesse.com/-- designs,
develops and markets a diverse portfolio of semiconductor
solutions for Carrier and Enterprise networks worldwide.

In October 2009, Vitesse completed a debt restructuring
transaction that resulted in the conversion of 96.7% of the
Company's 2024 Debentures into a combination of cash, common
stock, Series B Preferred Stock and 2014 Debentures.  With respect
to the remaining 3.3% of the 2024 Debentures, Vitesse settled its
obligations in cash.  Additionally, Vitesse repaid $5.0 million of
its $30.0 million Senior Term Loan, the terms of which were
amended as part of the debt restructuring transactions.

The Company reported a net loss of $7.73 million on $37.45 million
of net revenue for the three months ended Dec. 31, 2010, compared
with a net loss of $33.86 million on $41.65 million of net revenue
for the same period a year ago.


WAGSTAFF PROPERTIES: Hires Terra Properties as Real Estate Broker
-----------------------------------------------------------------
Wagstaff Properties LLC seeks permission from the U.S. Bankruptcy
Court District of Minnesota to employ Terra Properties as its real
estate broker with respect to the sale of certain unimproved
commercial real property (a vacant lot) consisting of 0.62 acres
located in Anderson, California (California Assessor's Parcel
Number: 201-620-084).

The Debtor has employed Terra since 2003 to manage the disposition
of the Property.  The Debtor has neither incurred nor paid any
fees or expenses to Terra in connection with the sale of the
Property to date.

Under the Sale Agreement, Terra will serve as the Debtor's real
estate broker in connection with the sale of the Property to the
Buyer for $250,000, and Terra will receive commission equal to
4 percent on the Purchase Price, in the amount of $10,000, due
upon closing.

The Debtor proposes that Terra's final fees be authorized in
conjunction with the approval of the Application, and that upon
the close of the sale of the Property, the Debtor shall be
authorized to immediately pay in full Terra's four percent
commission, and no further application for fees will be made by
Terra.

To the best of the Debtor's knowledge, information and belief, and
based entirely and in reliance upon the Declaration of Ronald R.
Munk: (i) Terra is a "disinterested person" within the meaning of
Sec 101(14) of the Bankruptcy Code and as required by Sec 327(a)
of the Bankruptcy Code and referenced by Sec 328(c) of the
Bankruptcy Code, (ii) Terra neither holds nor represents an
interest adverse to the Debtors' estates; and (iii) Terra has no
connection to the Debtors, their creditors, their shareholders, or
related parties herein except as disclosed in the Munk
Declaration.

                      About Wagstaff Properties

Hanford, California-based Wagstaff Properties LLC and its debtor-
affiliates filed for Chapter 11 protection (Bankr. D. Minn. Case
No. 11-43074) on April 30, 2011.

The cases are jointly administered with Wagstaff Minnesota Inc.
(Case No. 11-43073).  Bankruptcy Judge Nancy C. Dreher presides
over the cases.  Fredrikson & Byron, PA, and Peitzman Weg &
Kempinsky LLP represent the Debtors in their restructuring
efforts.  Wagstaff Properties estimated assets and liabilities at
$10 million to $50 million.

In May, Judge Robert J. Kressel granted the motion of Wagstaff
Properties and its debtor affiliates to pay the prepetition claims
of certain critical vendors.


WARNER MUSIC: Terminates Offerings of Securities Under Plan
-----------------------------------------------------------
Warner Music Group Corp. filed with the U.S. Securities and
Exchange Commission a Post-Effective Amendment No.1 relating to
Registration Statement on Form S-8, registering deferred
compensation obligations of the Company that may be offered under
the Warner Music Group Corp. Deferred Compensation Plan.

On May 6, 2011, the Company entered into an Agreement and Plan of
Merger with Airplanes Music LLC and Airplanes Merger Sub, Inc.
Pursuant to the Merger Agreement, Merger Sub merged with and into
the Company on July 20, 2011, with the Company surviving as a
wholly owned subsidiary of Parent.

As a result of the Merger, the Company has terminated all
offerings of its securities pursuant to its existing registration
statements.

                      About Warner Music Group

Based in New York, Warner Music Group Corp. (NYSE: WMG)
-- http://www.wmg.com/-- was formed by a private equity
consortium of investors on Nov. 21, 2003.  The Company is the
direct parent of WMG Holdings Corp., which is the direct parent of
WMG Acquisition Corp.  WMG Acquisition Corp. is one of the world's
major music-based content companies and the successor to
substantially all of the interests of the recorded music and music
publishing businesses of Time Warner Inc.

The Company classifies its business interests into two fundamental
operations: Recorded Music and Music Publishing.  The Company's
Recorded Music business primarily consists of the discovery and
development of artists and the related marketing, distribution and
licensing of recorded music produced by such artists.  The
Company's Music Publishing operations include Warner/Chappell, its
global Music Publishing company, headquartered in New York with
operations in over 50 countries through various subsidiaries,
affiliates and non-affiliated licensees.

Warner Music reported a net loss of $39 million on $682 million of
revenue for the three months ended March 31, 2011, compared with a
net loss of $28 million on $666 million of revenue for the same
period during the prior year.  The Company also reported a net
loss of $57 million on $1.47 billion of revenue for the six months
ended March 31, 2011, compared with a net loss of $44 million on
$1.58 billion of revenue for the same period during the prior
year.

The Company's balance sheet at June 30, 2011, showed $3.58 billion
in total assets, $3.87 billion in total liabilities and a $289
million total deficit.

                         *     *     *

In May 2011, Warner Music Group Corp. and Access Industries, the
U.S.-based industrial group, announced the execution of a
definitive merger agreement under which Access Industries will
acquire WMG in an all-cash transaction valued at $3.3 billion.
The purchase includes WMG's entire recorded music and music
publishing businesses.


WESTSIDE MEDICAL: Can Use Cash Collateral to Pay Fees
-----------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has approved the first amendment to the stipulation to use cash
collateral between Westside Medical Park, LLC, and Merlone Geier
Partners, L.P., which holds a senior security interest in all of
the Debtor's property, including cash collateral.

A key purpose of the First Amendment is to facilitate the payment
of a portion of professional fees, costs and expenses incurred by
the Debtor in relation to creditor negotiations from MGP's cash
collateral, while enabling MGP to receive an adequate protection
payment and receive other forms of adequate protection.

The principal terms of the First Amendment are:

  * The the Debtor will be authorized to pay up to $30,000 per
    month from the Cash Collateral Account for professional fees,
    costs and expenses incurred from and after May 15, 2011
    through Aug. 15, 2011,  totaling $90,000 in the aggregate, by
    professionals employed by the Debtor at the expense of the
    estate to the extent such fees, costs and expenses are
    payable.  Any portion of the Monthly Cap not used in a given
    month may be carried forward  to a future month.

  * The fees and expenses should have the written consent of MGP.

  * As adequate protection to MGP, the Debtor will not enter into
    any new leases, including renewals or modifications of
    Existing leases, of any of part of the Real Properties without
    MGP's prior written consent.

  * The Debtor will pay to its managing member, Stonebridge
    Holdings, Inc., a one-time supplemental management fee of
    $60,000 from the Cash Collateral Account.

  * The Debtor will pay to MGP a one-time adequate protection
    payment of $150,000 from the Cash Collateral Account.

                      About Westside Medical

Los Angeles, California-based Westside Medical Park, LLC, filed
for Chapter 11 bankruptcy protection on November 3, 2010 (Bankr.
C.D. Calif. Case No. 10-57457).  The Debtor tapped Peregrine
Realty Partners as appraiser.  The Debtor estimated assets and
debts at $50 million to $100 million as of the Chapter 11 filing.

On Dec. 28, 2010, Peter C. Anderson, the U.S. Trustee, appointed
these persons to serve in the Official Committee of Unsecured
Creditors in the Debtor's case:

  1. Dakota Communications
  2. Burnside & Associates, Inc.
  3. Argo Group US, Inc.
  4. A.C. Martin Partners, Inc.


WHITTON CORP: South Tech Wants To Use 1st Memphis Cash Collateral
-----------------------------------------------------------------
South Tech Simmons 3040C, LLC, a debtor-affiliate of Whitton
Corporation, asks the U.S. Bankruptcy Court for the District of
Nevada for authority to use the cash collateral of its lender,
First Memphis Company, LLC, as transferee of the Loan Documents of
JPMCC 2006-CIBC14 SIMMONS STREET, LLC.

Effective as of June 22, 2011, JPMCC sold, assigned and
transferred to First Memphis all of its right, title and interest
in and to a loan, all liens and collateral which secure the Loan
including the lien on the Property and assignment of rents.  First
Memphis is now the lender whose cash collateral Debtor seeks to
use.  The Debtor has been unable to enter a stipulation for
consensual continued use of Cash Collateral because no counsel has
yet to appear on behalf of First Memphis in this Chapter 11 Case.

The cash collateral will be used to fund ongoing expenses of
operation and maintenance of the property and will not be used to
fund the expenses and costs of administering Debtor's estate.
Absent sufficient funds to support Debtor's operation and
maintenance of the Property, the value of the property will
deteriorate substantially and any chance for a meaningful recovery
by Debtor's estate, creditors and equity interest holders would
be imperiled.

The Debtor will use all of its funds from the rent generated by
the Property to satisfy expenses provided for in the budget.  The
Debtor is authorized to pay expenses without exceeding in any
category 120% of the budgeted amounts for any item for the
applicable period.

The cash collateral will be used through November 30, 2011, or the
occurrence of one of these termination events:

     1. Entry of an order in this case granting relief from the
        automatic stay to allow a third party or third parties to
        proceed against any prepetition collateral or postpetition
        collateral;

     2. Conversion of this case to Chapter 7 or dismissal of this
        case.

As security for the payment of the Lender Adequate Protection
Claims, the Lender is granted replacement lens on all proceeds of
the Prepetition Collateral with the same validity as the liens
held by Lender in the Prepetition Collateral subordinate only to
all other valid liens of record, which are senior in priority to
the liens held by Lender.

The Lender claims will constitute allowed administrative expense
claims under Bankruptcy Code Sections 503(b)(1), 507(a) and 507(b)
and will be paid with priority over any administrative expenses
and
unsecured claims.

Henderson, Nevada-based Whitton Corporation filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 10-32680) on Dec.
5, 2010.  Hal L. Baume, Esq., Brett A. Axelrod, Esq., and Anne M.
Loraditch, Esq., at Fox Rothschild LLP, in Las Vegas, Nev., serve
as the Debtor's bankruptcy counsel.  The Debtor estimated its
assets and debts at $10 million to $50 million.

South Tech Simmons 3040C, LLC, filed a separate petition on
Dec. 8, 2010 (Bank. D. Nev. Case No. 10-32857).


WHITTON CORP: Can Use GSMS Cash Collateral Through Nov. 30
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada has approved
a stipulation between Whitton Corporation and its prepetition
lender GSMS 2004-GG2 Sparks Industrial, LLC, for the continued use
of cash collateral through and including Nov. 30, 2011.  The
stipulation also includes a modified the budget for the period
Sept. 1 to Nov. 30, 2011.

A copy of the revised cash collateral budget is available at:
http://bankrupt.com/misc/WHITTON_cashcollbudget.pdf

Henderson, Nevada-based Whitton Corporation filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 10-32680) on Dec.
5, 2010.  Hal L. Baume, Esq., Brett A. Axelrod, Esq., and Anne M.
Loraditch, Esq., at Fox Rothschild LLP, in Las Vegas, Nev., serve
as the Debtor's bankruptcy counsel.  The Debtor estimated its
assets and debts at $10 million to $50 million.

South Tech Simmons 3040C, LLC, filed a separate petition on
Dec. 8, 2010 (Bank. D. Nev. Case No. 10-32857).


YRC WORLDWIDE: S&P Reinstates CC Rating on Convertible PIK Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected and reinstated its
'CC' issue-level rating and '6' recovery rating on YRC Worldwide
Inc.'s (YRC) convertible senior secured PIK notes due 2015. On
Aug. 12, 2011, the rating on the notes was withdrawn due to a
nonanalytical administrative error.

"Our 'CCC' corporate credit rating and stable outlook on YRC
remain unchanged," S&P said.


ZURVITA HOLDINGS: Inks Oral Pact to Sell $1.5MM of Securities
-------------------------------------------------------------
Zurvita Holdings, Inc., entered into an oral agreement with an
accredited investor, subject to further negotiations, to sell to
the Investor certain securities, including but not limited to
convertible preferred stock and warrants to purchase common stock
of the Company.  The purchase price of the Private Placement
Securities is expected to be $1.5 million, which funds were
received from Investor on Aug. 8, 2011.  However, a Preferred
Stock purchase agreement and other related transaction documents
are in the process of being negotiated with Investor and,
accordingly, have not been executed at this time.  The Private
Placement Securities will be issued to Investor upon the execution
of the Transaction Documents.

                       About Zurvita Holdings

Based in Houston, Tex., Zurvita Holdings, Inc., is a direct sales
marketing company offering high-quality products and services
targeting individuals, families and small businesses.

The Company's balance sheet at April 30, 2011, showed $690,591 in
total assets, $4.41 million in total liabilities, $4.55 million in
redeemable preferred stock and a $8.27 million total stockholders'
deficit.

                             Liquidity

Since the Company's inception, the Company has primarily met its
operating cash requirements through equity contributions from The
Amacore Group, Inc., who was the Company's sole shareholder prior
to July 30, 2009.  Subsequent to July 30, 2009, the Company has
sold several series of preferred stock for gross proceeds of $6.8
million to another related party.  The Company is using the
proceeds from the sale of preferred stock to subsidize the
Company's operations as the Company's revenues and operating cash
flows are not currently sufficient to support the Company's
current operations.

At April 30, 2011, the Company had negative working capital of
approximately $1.7 million, an accumulated deficit of
approximately $18.3 million and negative cash flows from operating
activities of approximately $2.9 million.  Since the date of
inception, the Company has used approximately $9.2 million in
operations.

The Company believes that without the support of its related party
stockholders its cash resources would be insufficient to sustain
current planned operations for the next 12 months.  Additional
cash resources may be required should the Company not meet its
sales targets, exceed its projected operating costs, wish to
accelerate sales or complete one or more acquisitions or if
unanticipated expenses arise or are incurred.

The Company does not currently maintain a line of credit or term
loan with any commercial bank or other financial institution and
has not made any other arrangements to obtain additional
financing.  The Company can provide no assurance that it will not
require additional financing.  Likewise, the Company can provide
no assurance that if it needs additional financing that it will be
available in an amount or on terms acceptable to it, if at all.
If the Company is unable to obtain additional funds when they are
needed or if such funds cannot be obtained on terms favorable to
the Company, the Company may be unable to execute its business
plan or pay its costs and expenses as they are incurred, which
could have a material, adverse effect on the Company's business,
financial condition and results of operations.

These issues raise substantial doubt about the Company's ability
to continue as a going concern for a reasonable period.

Meeks International, LLC, in Tampa, Fla., expressed substantial
doubt about Zurvita Holdings' ability to continue as a going
concern, following the Company's results for the fiscal year ended
July 31, 2010.  The independent auditors noted that the Company
has suffered recurring losses from operations and has not
generated sufficient cash flows from operations to meet its needs.


* Fed Says Banks Eased Terms Amid More Lending Competition
----------------------------------------------------------
Bloomberg News reports that banks loosened credit standards on
most types of loans in the second quarter, with commercial and
industrial lenders citing "aggressive competition" as a reason for
the easier terms, according to a Federal Reserve survey.

"The July survey indicated that, on net, banks continued to ease
lending standards and most terms on all major types of loans other
than loans secured by real estate over the past three months," the
central bank said Aug. 15 in its quarterly survey of senior loan
officers.  The Fed survey of loan officers at 55 domestic banks
and 22 U.S. branches and agencies of foreign banks was conducted
from July 12 through July 26, the Fed said.  The report doesn't
identify respondents.

The report relates that, like the previous survey released in
early May, the new survey found that banks continued to ease terms
for business borrowers, including those seeking to take out
commercial and industrial loans.  More competition among lenders
was the most commonly cited reason for the loosened standards,
although "a more favorable or less uncertain economic outlook"
also factored into the decisions, the Fed survey found.


* LBO Loan Costs Soar to Highest in 2011 on Crisis, Bond Defaults
-----------------------------------------------------------------
Bloomberg News reports that the cost to finance leveraged buyouts
in the U.S. is the highest since December as Europe's debt crisis
and a weakening economy damp demand for high-yield, high-risk
loans. Average monthly interest rates on institutional leveraged
loans, or the debt used to finance LBOs, rose to 491 basis points
more than benchmarks in July, according to Standard & Poor's
Leveraged Commentary & Data.  Margins increased from a February
low of 378 basis points.  The difference equals an extra
$11.3 million in annual interest for every $1 billion borrowed.
Banks have committed almost $14 billion of financing, including
$10.3 billion of loans for buyouts such as Apax Partners LLP's
$6.3 billion LBO of Kinetic Concepts Inc., according to Barclays
Capital.  Investors pulled $1.36 billion from floating-rate funds
that buy loans in the week ended Aug. 10, a day after the Federal
Reserve pledged to keep its benchmark rate at a record lows until
at least mid-2013 as the economic recovery falters.  Elsewhere in
credit markets, the cost of protecting company bonds from default
in the U.S. declined for a second day and JPMorgan Chase & Co.
lowered its forecast for returns on high yield debt.


* Fitch Affirms Fannie and Freddie 'AAA' Ratings
------------------------------------------------
Fitch Ratings has affirmed the long-term Issuer Default Ratings
(IDRs) of Fannie Mae and Freddie Mac at 'AAA'.  The Rating Outlook
remains Stable. This action follows Fitch's affirmation earlier
today of the 'AAA' IDR and Stable Rating Outlook on the U.S.
Government.

The ratings of Fannie Mae and Freddie Mac are linked to the U.S.
Sovereign rating, as articulated in Fitch's report 'Rating
Linkages to the U.S. Sovereign Rating', dated July 18, 2011.  The
government sponsored entities (GSEs) remain regular issuers in the
capital markets, benefiting from their implicit guarantee and
ongoing explicit acts of meaningful financial support from the
U.S. government.

A key element of the explicit support is the guarantee by the U.S.
Treasury to inject funds into Fannie Mae and Freddie Mac, so that
each firm can avoid being considered technically insolvent by
their regulator.  Fitch believes continued material credit
expenses from each firm's legacy books of business and their
quarterly dividend obligation to the U.S. Treasury makes it highly
likely that one or both firms will continue to rely on capital
support from the U.S. Treasury for the foreseeable future.

Back in February 2011, the Obama Administration issued a report to
Congress titled 'Reforming America's Housing Finance Market.' In
this report, when referring to Fannie Mae and Freddie Mac, the
Administration stated:

'The government is committed to ensuring that Fannie Mae and
Freddie Mac have sufficient capital to perform under any
guarantees issued now or in the future and the ability to meet any
of their debt obligations.  The Administration will not pursue
policies or reforms in a way that would impair the ability of
Fannie Mae or Freddie Mac to honor their obligations.'

Fitch believes such a definitive statement by the Administration
confirms its on-going support to Fannie and Freddie, and as a
result, Fitch anticipates maintaining the equalization of the
long- and short-term IDRs and Rating Outlooks of these firms with
that of the U.S. Sovereign.

Fitch has also affirmed Fannie Mae and Freddie Mac's preferred
stock ratings at 'C/RR6', reflecting the ongoing deferral of
payments and very low prospects for recovery.

The rating actions were driven by the specific event of the
affirmation of the U.S. sovereign rating on Aug. 16, 2011.  Fitch
did not carry out a full review as described in its 'Global
Financial Institutions Rating Criteria', but limited its review to
an assessment of the impact of the event on the banks' ratings.

The ratings of both Fannie Mae and Freddie Mac were last reviewed
on Dec. 14, 2010; see the Fitch releases, 'Fitch Affirms Fannie
Mae's Ratings; Outlook Stable' and 'Fitch Affirms Freddie Mac's
Ratings; Outlook Stable', dated Dec. 14, 2010.

Fitch has affirmed the following ratings with a Stable Outlook:

Fannie Mae (Federal National Mortgage Association)

  -- Long-term IDR at 'AAA';
  -- Senior unsecured at 'AAA';
  -- Short-term IDR at 'F1+';
  -- Short-term debt at 'F1+';
  -- Subordinated debt at 'AA-';
  -- Preferred stock at 'C/RR6';
  -- Support rating at '1';
  -- Support floor at 'AAA'.

Freddie Mac (Federal Home Loan Mortgage Corporation)

  -- Long-term IDR at 'AAA';
  -- Senior unsecured at 'AAA';
  -- Short-term IDR at 'F1+';
  -- Short-term debt at 'F1+';
  -- Subordinated debt at 'AA-';
  -- Preferred stock at 'C/RR6';
  -- Support rating at '1';
  -- Support floor at 'AAA'.


* BOOK REVIEW: Leveraged Management Buyouts
-------------------------------------------
Edited by Yakov Amihud
Beard Books, Washington, D.C. 2002
(reprint of 1989 book published by Dow Jones-Irwin).
268+xiii pages. $34.95 trade paper, ISBN 1-58798-138-6.

The twelve papers were first presented at a 1988 conference
sponsored by the Salomon Brothers Center for the Study of
Financial Institutions held at the New York University Leonard N.
Stern School of Business.  The papers by leading business figures
were "intended to expand the understanding of the causes and
consequences of leveraged management buyouts and to contribute to
the debate on the appropriate public policy to be applied" [from
the editor Amihud's Preface].  This aim involved the analyses of
leveraged management buyouts [MBO] by businesspersons who had
participated in such transactions, review of the latest academic
research on the topic, and a critical look at the relevant
regulatory proposals.  The interest in policy--i. e., government
policy--on MBO's is emphasized by the presence of the notable
Edward J. Markey--at the time the chairman of the
Telecommunications and Finance Subcommitte of the U. S. House of
Representatives--to give a paper on "Legislative Views on
Management Buyouts."  The participaton of Joseph A. Grundfest of
the Securities and Exchange Commission adds to this emphasis.
Other participants are outstanding lawyers and professors in the
fields of corporate finance and buyouts and one participant from
Goldman, Sachs.

When the conference was held and the book published shortly
thereafter in the late 1980s, leveraged buyouts were occurring
across the United States business landscape in "unprecedented
levels, both in number and in size of transaction."  One recalls
that this was the latter years of the two Reagan presidential
terms during which entrepreneurialism, deregulation, mergers and
acquisitions, and other practices for new kinds of business growth
were officially encouraged.  The Reagan policies created a new
business environment.  MBOs were a part of this.

Resembling for the most part the leveraged buyouts (LBOs) which
were occurring widely at the time, MBOs were distinguished within
this activity in that "the incumbent management [of the firm being
bought out] acquires a substantially greater proportion of the
firms' equity than it previously had and the public firm is merged
into the privately owned firm that usually continues to operate
the acquired firm as an independent company."  Oftentimes
particular assets and sometimes whole divisions of the acquired
firm are sold off.  The firm acquiring a company is "normally a
group of investors [who formed] a shell holding corporation, whose
equity is privately held."  Such investors would have a great deal
more latitude in making acquisitions and in selling off parts of
an acquired company than in typical mergers-and-acquisitions
between companies for the purposes of symbiosis or efficiencies in
operations for example.  The managers of a company more or less
take this position toward their company in a leveraged management
buyout.

The concerns and questions raised especially by leveraged
management buyouts in the late 1980s are the same ones as today.
Then as now, MBOs "inspire the question of fairness and the
question of whether this form of restructuring has real economic
benefits."  The papers try to answer these questions though no
definitive answers can be given since questions of fairness and
economic benefits raise further questions about fairness and
benefits for whom; and also business conditions are continually
changing leading to new perspectives and assessments of leveraged
management buyouts.

The severe United States' recession with global repercussions
starting in 2008 once again raises such ethical and economic
questions.  The closing words of Roberta Romano of the Yale Law
School in her paper "Management Buyout Puzzles" still apply:
"Although we have learned a great deal about MBOs, in my
estimation, we are still groping in the dark." As in many matters,
there are no permanent answers or positions.  Some MBOs are right
and beneficial, while others are wrong and harmful.  The learned
papers of this collection help readers weigh which MBOs are which
type.

Yakov Amihud is the Ira Leon Rennett Professor of Entrepenurial
Finance at the NYU Stern School of Business who has written on
corporate finance, mergers and acquisitions, and securities'
trading.


                           *********

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
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related conferences are encouraged.  Send announcements to
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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
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

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

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